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Construction in Progress

9 Months Ended

Sep. 30, 2021

9.	Construction in Progress

Construction in progress as of December 31, 2020 and September 30, 2021 consisted of the following:

	December 31,		September 30,
	2020		2021
Construction in progress	$	27,070,916	$	45,917,555
Prepayment for acquisition of property, plant and equipment		3,122,393		3,328,560
Carrying amount	$	30,193,309	$	49,246,115

Construction in progress as of December 31, 2020 and September 30, 2021 was mainly comprised of capital expenditures for the construction of the facilities and production lines of CBAK Power and Nanjing CBAK.

For the three months ended September 30, 2020 and 2021, the Company capitalized interest of $315,177 and $19, respectively, to the cost of construction in progress.

For the nine months ended September 30, 2020 and 2021, the Company capitalized interest of $935,399 and $306,514, respectively, to the cost of construction in progress.