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Trade and Bills Payable
 12 Months Ended
Dec. 31, 2024
Trade and Bills Payable [Abstract]  
Trade and Bills Payable
15.Trade and Bills Payable

 

Trade and bills payable as of December 31, 2023 and 2024 consisted of the followings:

 

   December 31,   December 31, 
   2023   2024 
Trade payable  $26,764,807   $26,317,312 
Bills payable          
– Bank acceptance bills   55,664,768    57,297,394 
– Letter of credit   -    1,109,680 
   $82,429,575   $84,724,386 

 

All the bills payable are of trading nature and will mature within one year from the issue date.

 

The bank acceptance bills were pledged by:

 

  (i) the Company’s bank deposits (Note 3);

 

  (ii) $0.3 million and $1.4 million of the Company’s bills receivable as of December 31, 2023 and 2024, respectively (Note 5).

 

  (iii) the Company’s prepaid land use rights (Note 11)