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Construction in Progress | 9 Months Ended
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Sep. 30, 2024
Construction in Progress [Abstract] |
Construction in Progress |
| 8. | Construction in Progress
Construction in progress as of December 31, 2023 and September 30, 2024 consisted of the following:
|  | December 31, |  |  | September 30, |
|  | 2023 |  |  | 2024 |
Construction in progress |  | $ | 24,876,463 |  |  | $ | 28,164,152 |
Prepayment for acquisition of property, plant and equipment |  |  | 12,921,399 |  |  |  | 10,829,466 |
Carrying amount |  | $ | 37,797,862 |  |  | $ | 38,993,618 |
Construction in progress as of December 31, 2023 and September 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 September 30, 2023 and 2024, the Company capitalized interest of $191,917 and $169,159 respectively to the cost of construction in progress. For the nine months ended September 30, 2023 and 2024, the Company capitalized interest of $586,198 and $640,938, respectively, to the cost of construction in progress.

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