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Construction in Progress

12 Months Ended

Dec. 31, 2024

Construction in Progress

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

	*December 31,*		*December 31,*
	*2023*		*2024*
Construction in progress	$	24,876,463	$	29,819,111
Prepayment for acquisition of property, plant and equipment		12,921,399		12,707,748
Carrying amount	$	37,797,862	$	42,526,859

Construction in progress as of December 31, 2023 and 2024 mainly comprised capital expenditures for the construction of the facilities and production lines of CBAK Power, Nanjing CBAK and Hitrans.

For the years ended December 31, 2023 and 2024, the Company capitalized interest of $870,670 and $854,395, respectively, to the cost of construction in progress.