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Property, Plant and Equipment, Net | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment, Net [Abstract] |
Property, Plant and Equipment, net |
| 8. | Property, Plant and Equipment, net
Property, plant and equipment as of December 31, 2023 and 2024 consisted of the following:
|  | December 31, 2023 |  |  | December 31, 2024 |
Buildings |  | $ | 45,843,428 |  |  | $ | 44,590,499 |
Leasehold improvements |  |  | 7,214,436 |  |  |  | 8,058,360 |
Machinery and equipment |  |  | 83,625,645 |  |  |  | 84,267,956 |
Office equipment |  |  | 1,983,601 |  |  |  | 2,235,605 |
Motor vehicles |  |  | 727,452 |  |  |  | 803,560 |
|  |  | 139,394,562 |  |  |  | 139,955,980 |
Impairment |  |  | (17,358,096 | ) |  |  | (16,755,682 | )
Accumulated depreciation |  |  | (30,407,634 | ) |  |  | (37,713,469 | )
Carrying amount |  | $ | 91,628,832 |  |  | $ | 85,486,829 |
During the years ended December 31, 2023 and 2024, the Company incurred depreciation expense of $10,422,306 and $7,757,226, respectively. During the course of the Company’s strategic review of its operations in the years ended December 31, 2023 and 2024, the Company assessed the recoverability of the carrying value of certain property, plant and equipment which resulted in impairment losses of approximately $7,070,236 and $475,220, 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, Nanjing and Shangqiu in the years ended December 31, 2023 and 2024.

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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/1943274/2147477798/958-360-50-6 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/1943274/2147477798/958-360-50-1 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/1943274/2147477798/958-360-50-7 + Details
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