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Property, Plant and Equipment, net | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment, net | 7. Property, Plant and Equipment, net Property, plant and equipment as of December 31, 2021 and 2022 consisted of the following:
|  | December 31, 2021 |  |  | December 31, 2022 |
Buildings |  | $ | 48,418,782 |  |  | $ | 47,086,680 |
Leasehold improvements |  |  | 5,543,792 |  |  |  | 5,156,705 |
Machinery and equipment |  |  | 58,899,248 |  |  |  | 71,665,842 |
Office equipment |  |  | 1,200,758 |  |  |  | 1,545,026 |
Motor vehicles |  |  | 486,570 |  |  |  | 507,882 |
|  |  | 114,549,150 |  |  |  | 125,962,135 |
Impairment |  |  | (9,194,132 | ) |  |  | (13,025,161 | )
Accumulated depreciation |  |  | (15,312,245 | ) |  |  | (22,932,447 | )
Carrying amount |  | $ | 90,042,773 |  |  | $ | 90,004,527 |
During the years ended December 31, 2021 and 2022, the Company incurred depreciation expense of $3,664,917 and $9,414,421, respectively. The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $7,548,239 and $7,360,242 as of December 31, 2021 and 2022, respectively. The Company built its facilities on the land for which it had already obtained the related land use right. The Company has submitted applications to the Chinese government for the ownership certificates on the completed buildings located on these lands. However, the application process takes longer than the Company expected and it has not obtained the certificates as of the date of this report. However, since the Company has obtained the land use right in relation to the land, the management believe the Company has legal title to the buildings thereon albeit the lack of ownership certificates. During the course of the Company’s strategic review of its operations in the years ended December 31, 2021 and 2022, the Company assessed the recoverability of the carrying value of certain property, plant and equipment which resulted in impairment losses of approximately nil and $4,831,708, 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 Hitrans primarily for the production of materials used in manufacturing of lithium batteries due to underperformance of Hitrans reporting unit. No impairment charge was recorded on the Company’s production facilities in Dalian and Nanjing in the years ended December 31, 2021 and 2022.

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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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