| 13. |
Trade and Bills Payable |
Trade and bills payable as of December 31, 2025
and March 31, 2026 consisted of the followings:
| | |
December 31, | | |
March 31, | |
| | |
2025 | | |
2026 | |
| Trade payable | |
$ | 60,046,427 | | |
$ | 86,325,946 | |
| Bills payable | |
| | | |
| | |
| – Bank acceptance bills | |
| 91,161,622 | | |
| 114,525,647 | |
| – Letter of credit | |
| 2,137,696 | | |
| 2,169,856 | |
| | |
$ | 153,345,745 | | |
$ | 203,021,449 | |
All the bills payable are of trading nature and will mature within
one year from the issue date.
The bills payable were secured by:
| (i) | the Company’s pledged
deposits (Note 2); |
| (ii) | $1.4 million and $6.7 million
of the Company’s bills receivable as of December 31, 2025 and March 31, 2026 (Note 3). |
| (iii) | the Company’s buildings
(Note 6) and prepaid land use rights (Note 9) |
|