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Property, Plant and Equipment, Net | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment, Net [Abstract] |
Property, Plant and Equipment, net | 7. Property, Plant and Equipment, net Property, plant and equipment as of December 31, 2022 and 2023 consisted of the following:
|  | December 31, 2022 |  |  | December 31, 2023 |
Buildings |  | $ | 47,086,680 |  |  | $ | 45,843,428 |
Leasehold improvements |  |  | 5,156,705 |  |  |  | 7,214,436 |
Machinery and equipment |  |  | 71,665,842 |  |  |  | 83,625,645 |
Office equipment |  |  | 1,545,026 |  |  |  | 1,983,601 |
Motor vehicles |  |  | 507,882 |  |  |  | 727,452 |
|  |  | 125,962,135 |  |  |  | 139,394,562 |
Impairment |  |  | (13,025,161 | ) |  |  | (17,358,096 | )
Accumulated depreciation |  |  | (22,932,447 | ) |  |  | (30,407,634 | )
Carrying amount |  | $ | 90,004,527 |  |  | $ | 91,628,832 |
During the years ended December 31, 2022 and 2023, the Company incurred depreciation expense of $9,414,421 and $10,422,306, respectively. The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $7,360,242 as of December 31, 2022. 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. The Company has obtained the remaining property ownership certificates on July 6, 2023. During the course of the Company’s strategic review of its operations in the years ended December 31, 2022 and 2023, the Company assessed the recoverability of the carrying value of certain property, plant and equipment which resulted in impairment losses of approximately $4,831,708 and $7,070,236, 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, 2022 and 2023.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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