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Construction in Progress

6 Months Ended

Jun. 30, 2023

7. Construction in Progress

Construction in progress as of December 31, 2022 and June 30, 2023 consisted of the following:

	December 31,		June 30,
	2022		2023
Construction in progress	$	7,828,975	$	16,622,073
Prepayment for acquisition of property, plant and equipment		2,125,227		9,323,564
Carrying amount	$	9,954,202	$	25,945,637

Construction in progress as of December 31, 2022 and June 30, 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 June 30, 2022 and 2023, the Company capitalized interest of nil and $142,306, respectively, to the cost of construction in progress.

For the six months ended June 30, 2022 and 2023, the Company capitalized interest of nil and $254,580, respectively, to the cost of construction in progress.