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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Disaggregation of Revenue

The following table disaggregates the Company’s revenues by product line for the six months ended June 30, 2023 and 2022:

		For the Six Months Ended June 30,
		2023				2022
Vehicles sales		$	7,226,049			$	4,852,930
Spare-parts sales			344,702				84,626
Other service income			137,313				97,766
Net revenues		$	7,708,064			$	5,035,322

The Company’s revenues are derived from Europe, Asia and America. The following table sets forth disaggregation of revenue by customer location.

		For the Six Months Ended June 30,
		2023				2022
Primary geographical markets
Europe		$	5,531,486			$	2,963,630
Asia			2,079,876				1,644,209
America			96,702				427,483
Total		$	7,708,064			$	5,035,322

Receivables and Contractual Liabilities from Contracts with Customers

The following table provides information about receivables and contractual liabilities from contracts with customers:

		June 30, 2023				December 31, 2022
Accounts receivable, net		$	2,646,333			$	565,398
Contractual liabilities		$	3,314,661			$	2,388,480

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- References

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- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

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