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Construction in Progress

6 Months Ended

Jun. 30, 2024

Construction in Progress

Construction in progress as of December 31, 2023 and June 30, 2024 consisted of the following:

	December 31,		June 30,
	2023		2024
Construction in progress	$	24,876,463	$	25,580,152
Prepayment for acquisition of property, plant and equipment		12,921,399		10,506,636
Carrying amount	$	37,797,862	$	36,086,788

Construction in progress as of December 31, 2023 and June 30, 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 June 30, 2023 and 2024, the Company capitalized interest of $142,306 and $276,501 respectively to the cost of construction in progress.

For the six months ended June 30, 2023 and 2024, the Company capitalized interest of $254,580 and $471,779, respectively, to the cost of construction in progress.