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Construction in Progress
 12 Months Ended
Dec. 31, 2022
Construction in Progress [Abstract]  
Construction in Progress

8. Construction in Progress

 

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

 

   December 31,   December 31, 
   2021   2022 
Construction in progress  $21,619,522   $7,828,975 
Prepayment for acquisition of property, plant and equipment   5,723,570    2,125,227 
Carrying amount  $27,343,092   $9,954,202 

 

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

 

For the years ended December 31, 2021 and 2022, the Company capitalized interest of $307,426 and $162,052, respectively, to the cost of construction in progress.