XML 26 R14.htm IDEA: XBRL DOCUMENT v3.24.3
Construction in Progress
 9 Months Ended
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.