v3.25.1
Trade and Bills Payable
 3 Months Ended
Mar. 31, 2025
Trade and Bills Payable [Abstract]  
Trade and Bills Payable
14. Trade and Bills Payable

 

Trade and bills payable as of December 31, 2024 and March 31, 2025 consisted of the followings:

 

   December 31,   March 31, 
   2024   2025 
Trade payable  $26,317,312   $35,298,012 
Bills payable          
– Bank acceptance bills   57,297,394    56,985,326 
– Letter of credit   1,109,680    1,115,610 
   $84,724,386   $93,398,948 

 

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 pledged deposits (Note 2) and term deposits (Note 3) ;

 

  (ii) $1.4 million and $8.4 million of the Company’s bills receivable as of December 31, 2024 and March 31, 2025, respectively (Note 4).