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Construction in Progress

3 Months Ended

Mar. 31, 2024

Construction in Progress

Construction in progress as of December 31, 2023 and March 31, 2024 consisted of the following:

	December 31,		March 31,
	2023		2024
Construction in progress	$	24,876,463	$	24,322,291
Prepayment for acquisition of property, plant and equipment		12,921,399		13,331,999
Carrying amount	$	37,797,862	$	37,654,290

Construction in progress as of December 31, 2023 and March 31, 2024 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 March 31, 2023 and 2024, the Company capitalized interest of $112,274 and $195,278 respectively to the cost of construction in progress.