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LONG-TERM INVESTMENT, NET (Tables) | 6 Months Ended
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Jun. 30, 2023
LONG-TERM INVESTMENT, NET [Abstract] |
Equity Method Investment | The Company had the following equity method investments:
|  | June 30, 2023 |  |  | December 31, 2022 |
Antric GmbH (1) |  | $ | 1,414,402 |  |  | $ | 2,674,500 |
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) (2) |  |  | 2,082,664 |  |  |  | 2,189,570 |
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) (3) |  |  | 372,301 |  |  |  | 367,272 |
Able 2rent GmbH (DEU) (4) |  |  | 90,402 |  |  |  | 94,399 |
Total |  | $ | 3,959,769 |  |  | $ | 5,325,741 |
(1) | On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,730,000) in Antric GmbH to acquire 25% of its equity interest. The Company accounts for the investment under the equity method because the Company controls 25% of voting interests, and has the ability to exercise significant influence over Antric GmbH. For the six months ended June 30, 2023, the Company recorded impairment on investment of Antric GmbH of $1,154,666.
(2) | On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,123,757) in Entropy Yu to acquire 99.355% of the partnership entity’s equity interest. The Company accounts for the investment under the equity method because the Company controls 50% of voting interests in partnership matters and material matters must be agreed upon by all partners. The Company has the ability to exercise significant influence over Entropy Yu.
(3) | On June 23, 2021, the Company invested RMB2,000,000 (approximately $275,813 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.
(4) | On March 22, 2022, CAE invested EUR100,000 (approximately $109,200 in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method because it does not have control over Able 2rent GmbH (DEU) as the Company does not participate in its operation and does not serve as member of board of director.
Equity Investment without Readily Determinable Fair Value | The Company had the following equity investment without readily determinable fair value:
|  | June 30, 2023 |  |  | December 31, 2022 |
HW Electro Co., Ltd. (1) |  | $ | 1,000,000 |  |  | $ | - |
Total |  | $ | 1,000,000 |  |  | $ | - |
(1) | On January 31, 2023, the Company entered into a debt convention agreement with HW Electro Co., Ltd., to convert the loan principal of $1,000,000 into 571,930 shares of HW Electro Co., Ltd.’s for a total of 3.40% of its equity interest.

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- Definition Tabular disclosure of equity method investments including, without readily determinable fair value. + References No definition available. + Details
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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://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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- References No definition available. + Details
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