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Construction in Progress

9 Months Ended

Sep. 30, 2023

7. Construction in Progress

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

	December 31,		September 30,
	2022		2023
Construction in progress	$	7,828,975	$	23,331,167
Prepayment for acquisition of property, plant and equipment		2,125,227		12,274,159
Carrying amount	$	9,954,202	$	35,605,326

Construction in progress as of December 31, 2022 and September 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 September 30, 2022 and 2023, the Company capitalized interest of nil and $191,917, respectively, to the cost of construction in progress.

For the nine months ended September 30, 2022 and 2023, the Company capitalized interest of nil and $586,198, respectively, to the cost of construction in progress.