v3.26.1
Trade and Bills Receivable, Net
 3 Months Ended
Mar. 31, 2026
Trade and Bills Receivable, Net [Abstract]  
Trade and Bills Receivable, net
3. Trade and Bills Receivable, net

 

Trade and bills receivable as of December 31, 2025 and March 31, 2026:

 

   December 31,   March 31, 
   2025   2026 
Trade receivable  $28,884,493   $34,365,447 
Less: Allowance for credit losses   (1,062,148)   (1,127,894)
    27,822,345    33,237,553 
Bills receivable   10,583,053    13,261,599 
   $38,405,398   $46,499,152 

Included in trade and bills receivables are retention receivables of $51,392 and $40,694 as of December 31, 2025 and March 31, 2026. 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, 2026  $1,062,148 
Current period provision, net   49,665 
Foreign exchange adjustment   16,081 
Balance as at March 31, 2026  $1,127,894