Construction in Progress

9 Months Ended

Sep. 30, 2022

Construction in Progress [Abstract]

Construction in Progress

7. Construction in Progress

Construction in progress as of December 31, 2021 and September 30, 2022 consisted of the following:

	December 31,		September 30,
	2021		2022
Construction in progress	$	21,619,522	$	11,901,590
Prepayment for acquisition of property, plant and equipment		5,723,570		3,937,601
Carrying amount	$	27,343,092	$	15,839,191

Construction in progress as of December 31, 2021 and September 30, 2022 was mainly comprised of capital expenditures for the construction of the facilities and production lines of CBAK Power, Nanjing CBAK and Hitrans.

For the three months ended September 30, 2021 and 2022, the Company capitalized interest of $19 and nil, respectively, to the cost of construction in progress.

For the nine months ended September 30, 2021 and 2022, the Company capitalized interest of $306,514 and nil, respectively, to the cost of construction in progress.