Construction in Progress

3 Months Ended

Mar. 31, 2023

Construction in Progress [Abstract]

Construction in Progress

7. Construction in Progress

Construction in progress as of December 31, 2022 and March 31, 2023 consisted of the following:

	December 31,		March 31,
	2022		2023
Construction in progress	$	7,828,975	$	9,681,515
Prepayment for acquisition of property, plant and equipment		2,125,227		5,492,674
Carrying amount	$	9,954,202	$	15,174,189

Construction in progress as of December 31, 2022 and March 31, 2023 mainly comprised capital expenditures for the construction of the facilities and production lines of CBAK Power, Nanjing CBAK and Hitrans.

For the three months ended March 31, 2022 and 2023, the Company capitalized interest of nil and $112,274 respectively to the cost of construction in progress.