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Trade and Bills Receivable, Net | 12 Months Ended
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Dec. 31, 2024
Trade and Bills Receivable, Net [Abstract] |
Trade and Bills Receivable, net |
| 5. | Trade and Bills Receivable, net
Trade and bills receivable as of December 31, 2023 and 2024:
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2024 |
Trade receivable |  | $ | 29,368,296 |  |  | $ | 28,569,823 |
Less: Allowance for credit losses |  |  | (3,198,249 | ) |  |  | (2,841,728 | )
|  |  | 26,170,047 |  |  |  | 25,728,095 |
Bills receivable |  |  | 2,483,000 |  |  |  | 7,210,823 |
|  | $ | 28,653,047 |  |  | $ | 32,938,918 |
Included in trade and bills receivables are retention receivables of $65,162 and $71,207 as of December 31, 2023 and 2024. Retention receivables are interest-free and recoverable either at the end of the retention period of three to five years since the sales of the EV batteries or 200,000 km since the sales of the motor vehicles (whichever comes first). An analysis of the allowance for the credit losses are as follows:
Balance as at January 1, 2023 |  | $ | 2,274,513 |
Current period provision, net |  |  | 1,012,404 |
Reversal – recoveries by cash |  |  | (10,250 | )
Written-off |  |  | (14,661 | )
Foreign exchange adjustment |  |  | (63,757 | )
Balance as at December 31, 2023 |  | $ | 3,198,249 |
Current period provision, net |  |  | 512,123 |
Reversal – recoveries by cash |  |  | (653,568 | )
Written-off |  |  | (130,465 | )
Foreign exchange adjustment |  |  | (84,611 | )
Balance as at December 31, 2024 |  | $ | 2,841,728 |

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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