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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
Estimated Useful Lives | Estimated useful lives are as follows:
Machinery and equipment | 5-10 years
Office equipment | 5 years
Motor vehicles | 3-5 years
Leasehold improvement | 3-10 years
Others | 3 years
Estimated Useful Lives of Intangible Assets | Intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows:
Category | Estimated useful life
Software | 3 years
Disaggregation of Revenue | The following table disaggregates the Company’s revenues by product line for the years ended December 31, 2021, 2020 and 2019:
|  | For the years ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Vehicles sales |  | $ | 7,287,478 |  |  | $ | 5,037,454 |  |  | $ | 3,224,794 |
Spare-parts sales |  |  | 195,350 |  |  |  | 163,142 |  |  |  | 257,303 |
Other service income |  |  | 1,094,004 |  |  |  | 259,407 |  |  |  | 93,790 |
Net revenues |  | $ | 8,576,832 |  |  | $ | 5,460,003 |  |  | $ | 3,575,887 |
The Company’s revenues are primarily derived from Europe, America and Asia. The following table sets forth disaggregation of revenue:
|  | For the Years Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Primary geographical markets |  |  |  |  |  |  |
Europe |  | $ | 4,380,752 |  |  | $ | 4,008,763 |  |  | $ | 2,859,779 |
America |  |  | 3,420,636 |  |  |  | 734,206 |  |  |  | 383,718 |
Asia |  |  | 729,868 |  |  |  | 717,034 |  |  |  | 332,390 |
Oceania |  |  | 45,576 |  |  |  | - |  |  |  | - |
Total |  | $ | 8,576,832 |  |  | $ | 5,460,003 |  |  | $ | 3,575,887 |
Receivables and Contractual Liabilities from Contracts with Customers | The following table provides information about receivables and contractual liabilities from contracts with customers:
|  | December 31, 2021 |  |  | December 31, 2020 |
Trade receivable (included in accounts receivable, net) |  | $ | 2,047,560 |  |  | $ | 463,333 |
Contractual liabilities |  | $ | 1,943,623 |  |  | $ | 1,690,837 |
Foreign Currency Translation Rates | Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the reporting period. Capital accounts of the consolidated and combined financial statements are translated into USD from RMB at their historical exchange rates when the capital transactions occurred. The rates are obtained from H.10 statistical release of the U.S. Federal Reserve Board.
|  | Years ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Period end USD: RMB exchange rate |  |  | 6.3726 |  |  |  | 6.5250 |  |  |  | 6.9618 |
Average USD: RMB exchange rate |  |  | 6.4508 |  |  |  | 6.9042 |  |  |  | 6.9081 |
Long-lived Assets by Geographic Segment | The following table presents long-lived assets by geographic segment as of December 31, 2021 and 2020. Long-lived assets
|  | December 31, |
|  | 2021 |  | 2020 |
PRC |  | $ | 848,827 |  |  | $ | 1,005,680 |
US |  |  | 351,852 |  |  |  | 33,511 |
Others |  |  | 100,547 |  |  |  | - |
Total |  | $ | 1,301,226 |  |  | $ | 1,039,191 |

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