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Property, Plant and Equipment, net | 12 Months Ended
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Dec. 31, 2021
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment, net | 7. Property, Plant and Equipment, net Property, plant and equipment as of December 31, 2020 and 2021 consisted of the following:
|  | December 31, 2020 |  |  | December 31, 2021 |
Buildings |  | $ | 28,150,137 |  |  | $ | 48,418,782 |
Leasehold improvements |  |  | - |  |  |  | 5,543,792 |
Machinery and equipment |  |  | 32,753,952 |  |  |  | 58,899,248 |
Office equipment |  |  | 258,458 |  |  |  | 1,200,758 |
Motor vehicles |  |  | 197,790 |  |  |  | 486,570 |
|  |  | 61,360,337 |  |  |  | 114,549,150 |
Impairment |  |  | (8,980,020 | ) |  |  | (9,194,132 | )
Accumulated depreciation |  |  | (11,339,947 | ) |  |  | (15,312,245 | )
Carrying amount |  | $ | 41,040,370 |  |  | $ | 90,042,773 |
During the years ended December 31, 2020 and 2021, the Company incurred depreciation expense of $2,677,238 and $3,664,917, respectively. The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $24,611,468 as of December 31, 2020. The Company has obtained the property ownership certificates of the buildings on October 22, 2021. During the course of the Company’s strategic review of its operations in the years ended December 31, 2020 and 2021, the Company assessed the recoverability of the carrying value of certain property, plant and equipment which resulted in impairment losses of approximately $4.3 million and nil, respectively. The impairment charge represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated fair value of the Company’s production facilities in Dalian primarily for the production of high-power lithium batteries.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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