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EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2021
EQUITY METHOD INVESTMENTS [Abstract] |
Equity Method Investment |
|  | December 31, 2021 |  |  | December 31, 2020 |
Equity method investment |  |  |  |  |  |
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) (1) |  | $ | 329,197 |  |  | $ | - |
Total |  | $ | 329,197 |  |  | $ | - |
(1) | On June 23, 2021, Cenntro invested RMB2,000,000 (approximately $314,030) in Hangzhou Hezhe to acquire 20% of its equity interest. The Company accounts for the investment under the equity method because the Company controls 33% of voting interests in board of directors, and has the ability to exercise significant influence over Hangzhou Hezhe. For the year ended December 31, 2021, the Company recognized investment gain of $15,167 based on its proportionate share of equity interest.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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