0001140361-22-028314 | 20-F/A | XBRL Viewer | Cenntro Electric Group LTD

Less: net loss attributable to non-controlling interests

(16,421,807)

(5,196,931)

(19,505,470)

(31,039)

(39,455)

Net loss attributable to the Company's shareholders

(16,421,807)

(5,165,892)

(19,466,015)

OTHER COMPREHENSIVE LOSS

Less: total comprehensive loss attributable to non-controlling interests

512,140

1,290,855

431,153

Total comprehensive loss

(15,909,667)

(3,906,076)

(19,074,317)

(39,210)

(38,393)

Total comprehensive loss to the Company's shareholders

$ (15,909,667)

$ (3,866,866)

$ (19,035,924)

Weighted average number of shares outstanding, basic (in shares)

^[1]

175,090,266

174,853,546

Weighted average number of shares outstanding, diluted (in shares)

^[1]

175,090,266

174,853,546

Loss per share, basic (in dollars per share)

^[1]

$ (0.09)

$ (0.03)

$ (0.11)

Loss per share, diluted (in dollars per share)

^[1]

$ (0.09)

$ (0.03)

$ (0.11)

[1]

The share numbers are retroactively stated for purposes of calculating weighted average number of shares outstanding for loss per share to reflect the outstanding shares of CEGL as if the equity structure of Cenntro (the accounting acquirer) was stated to reflect the number of shares of CEGL (the accounting acquiree) issued in the Combination.

COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($)

Ordinary Shares [Member]

Additional Paid in Capital [Member]

Accumulated Deficit [Member]

Accumulated Other Comprehensive Loss [Member]

Total Shareholders' Equity [Member]

Non-controlling Interest [Member]

Total

Beginning balance at Dec. 31, 2018

$ 0

$ 94,656,067

$ (68,682,221)

$ (3,633,955)

$ 22,339,891

$ 48,964

$ 22,388,855

Beginning balance (in shares) at Dec. 31, 2018

^[1]

174,853,546

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Contribution from principal shareholder

$ 0

170,000

Share-based compensation

4,923,509

(19,466,015)

(39,455)

(19,505,470)

Ending balance at Dec. 31, 2019

430,090

1,063

431,153

$ 0

99,749,576

(88,148,236)

(3,203,865)

8,397,475

10,572

8,408,047

Ending balance (in shares) at Dec. 31, 2019

^[1]

174,853,546

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation

$ 0

3,364,217

(5,165,892)

(31,039)

(5,196,931)

Ending balance at Dec. 31, 2020

1,299,026

(8,171)

1,290,855

$ 0

103,113,793

(93,314,128)

(1,904,839)

7,894,826

(28,638)

$ 7,866,188

Ending balance (in shares) at Dec. 31, 2020

174,853,546

^[1]

174,853,546

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation

$ 0

1,128,325

$ 1,128,325

Exemption of debt due from shareholders

(426,781)

Reduction of capital investment

(16,421,807)

(13,930,000)

Reverse recapitalization transaction with Naked Brand Group Limited, net of transaction cost

$ 0

285,016,602

Reverse recapitalization transaction with Naked Brand Group Limited, net of transaction cost (in shares)

^[1]

86,402,708

Liquidation of subsidiary

$ 0

28,638

Ending balance at Dec. 31, 2021

512,140

$ 0

$ 374,901,939

$ (109,735,935)

$ (1,392,699)

$ 263,773,305

$ 0

$ 263,773,305

Ending balance (in shares) at Dec. 31, 2021

261,256,254

^[1]

261,256,254

[1]	The share numbers are retroactively stated to reflect the outstanding shares of CEGL issued in the Combination.

COMBINED STATEMENTS OF CASH FLOW - USD ($)	12 Months Ended
COMBINED STATEMENTS OF CASH FLOW - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (16,421,807)	$ (5,196,931)	$ (19,505,470)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	632,256	1,840,980	2,071,269
Amortization of operating lease right-of-use asset	636,921	198,103	416,160
Impairment of plant and equipment	6,215	58,760	0
Written-down of inventories	1,265,890	719,608	959,334
Provision for doubtful accounts	469,702	319,816	3,598,506
Impairment of long-term investments	0	0	444,911
Foreign currency exchange loss, net	14,212	74,851	29,857
Share-based compensation expense	1,128,325	3,364,217	4,923,509
Government grants of federal loan forgiven	(53,619)	0	0
Gain from disposal of land use rights and properties	0	(7,005,446)	0
(Gain) loss from disposal of plant and equipment	(55,087)	(1,817)	48,156
Gain from disposal of long-term investment	(508,156)	0	(794,624)
Equity pickup of the investment	(15,167)	330,103	790,395
Changes in operating assets and liabilities:
Accounts receivable	(2,002,919)	(342,689)	2,415,642
Inventories	(5,087,563)	1,944,683	84,142
Prepayment and other assets	(2,687,994)	(659,277)	(237,864)
Amounts due from/to related parties	(128,640)	643,903	1,065,614
Accounts payable	(128,508)	(3,726,929)	(3,368,185)
Accrued expense and other current liabilities	1,376,950	106,623	1,352,210
Contractual liabilities	286,499	(267,038)	1,313,792
Long-term payable	700,000	0	0
Operating lease liabilities	(903,096)	(276,274)	(277,722)
Net cash used in operating activities	(21,475,586)	(7,874,754)	(4,670,368)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equity investment	(310,038)	0	0
Proceeds from disposal of long-term investment	465,941	0	86,855
Cash payment for long-term investment payable	(909,808)	0	0
Purchase of plants and equipment	(756,269)	(77,012)	(56,273)
Purchase of intangible assets	0		(118,531)
Proceeds from disposal of land use rights and properties	7,812,967	27,027,065	0
Proceeds from disposal of property, plant and equipment	75,934	0	63,330
Loans provided to related parties	(232,529)	(2,827,645)	(5,270,406)
Repayment of loans from related parties	1,088,441	2,344,897	6,826,680
Net cash provided by investing activities	7,234,639	26,467,305	1,531,655
CASH FLOWS FROM FINANCING ACTIVITIES:
Contribution from principal shareholder	0	0	170,000
Loans proceeds from related parties	5,020,218	3,462,725	4,475,727
Repayment of loans to related parties	(6,493,707)	(6,115,534)	(2,738,750)
Loans proceed from third parties	0	2,882,576	1,751,595
Repayment of loans to third parties	(3,928,380)	(227,066)	(665,881)
Proceeds from bank loans	53,619	10,862,968	15,503,451
Repayments of bank loans	0	(26,375,287)	(17,327,386)
Cash proceed from reversed recapitalization	247,382,859	0	0
Loan proceeds from Naked Brand Group Limited	30,000,000	0	0
Payment of expense for the reverse recapitalization	(883,300)	0	0
Net cash provided by (used in) financing activities	271,151,309	(15,509,618)	1,168,756
Effect of exchange rate changes on cash	205,566	237,395	(24,613)
Net increase in cash, cash equivalents and restricted cash	257,115,928	3,320,328	(1,994,570)
Cash, cash equivalents at beginning of year	4,549,034	1,228,706	3,223,276
Cash, cash equivalents at end of year	261,664,962	4,549,034	1,228,706
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Income tax paid	0	0	0
Interest paid	(830,837)	(829,168)	(814,777)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Disposal funds of equity method investment deducted to capital injection to Zhejiang RAP	0	0	849,722
Right of use asset financed by lease liabilities	1,206,244	0	972,207
Exemption of debt due from shareholders	426,781	0	0
Direct cost related to reverse recapitalization payable	904,843	0	0
Reduction of capital investment recorded as due to related parties	$ 13,930,000	$ 0	$ 0

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2021

ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES

Historical and principal activities

Cenntro Automotive Group Limited (“CAG Cayman”) was formed in the Cayman Islands on August 22, 2014. CAG Cayman was the former parent of Cenntro (as defined below), prior to the closing of the Combination (as defined below).

Cenntro Automotive Corporation (“CAC”) was incorporated in the state of Delaware on March 22, 2013. CAC became CAG Cayman’s wholly owned company on May 26, 2016.CAC’s operations include corporate affairs, administrative, human resources, global marketing and sales, after-market support, homologation, and quality assurance. CAC also leases and operates facilities in Freehold, New Jersey, including the Company’s corporate headquarters, and Jacksonville, Florida facility.

Cenntro Automotive Group Limited (“CAG HK”) was established by CAG Cayman on February 15, 2016 in Hong Kong. CAG HK is a non-operating, investment holding company, which conducts business through its subsidiaries in mainland China and Hong Kong.

Cenntro Electric Group, Inc. (“CEG”) was incorporated in the state of Delaware by CAG Cayman on March 9, 2020.

Cenntro Electric Group Limited ACN 619 054 938 (“CEGL”), formerly known as Naked Brand Group Limited (“NBG”), was incorporated in Australia on May 11, 2017, and is the parent company of Cenntro. NBG changed its name to Cenntro Electric Group Limited on December 30, 2021, in connection with the closing of the Combination.

CAC, CEG and CAG HK and its consolidated subsidiaries are collectively known as “Cenntro”; CEGL and Cenntro are collectively known as the “Company”. The Company designs and manufactures purpose–built, electric commercial vehicles (“ECVs”) used primarily in last mile delivery and industrial applications.

Reverse recapitalization

On December 30, 2021, the Company consummated a stock purchase transaction (the “Combination”) pursuant to that certain stock purchase agreement, dated as of November 5, 2021 (the “Acquisition Agreement”) by and among CEGL (at the time, NBG), CAG Cayman, CAC, CEG and CAG HK, whereby CEGL purchased from CAG Cayman (i) all of the issued and outstanding ordinary shares of CAG HK, (ii) all of the issued and outstanding shares of common stock, par value US$0.001 per share, of CAC, and (iii) all of the issued and outstanding shares of common stock, par value US$0.01 per share, of CEG, in exchange for an aggregate purchase price of (i) 174,853,546 newly issuing ordinary shares of CEGL and (ii) the assumption of options to purchase an aggregate of 9,225,271 ordinary shares under the Cenntro Electric Group Limited Amended & Restated 2016 Incentive Stock Option Plan (the “Amended 2016 Plan”). The Combination closed on December 30, 2021. Immediately prior to the consummation of the Combination, there were 86,402,708 ordinary shares of NBG issued and outstanding. In connection with the closing of the Combination, CEGL changed its name from “Naked Brand Group Limited” to “Cenntro Electric Group Limited”.

Promptly following the closing of the Combination, CAG Cayman distributed the Acquisition Shares to the holders of its capital stock in accordance with (i) the distribution described in the Acquisition Agreement and (ii) CAG Cayman’s Third Amended and Restated Memorandum and Articles of Association. Pursuant to the Acquisition Agreement, at the closing of the Combination, NBG assumed the Amended 2016 Plan and each CAG Cayman employee stock option outstanding immediately prior to the closing of the Combination under the Amended 2016 Plan was converted into an option to purchase a number of ordinary shares equal to the aggregate number of CAG Cayman shares for which such stock option was exercisable immediately prior to the closing of the Combination multiplied by the exchange ratio of 0.71536 (the “Exchange Ratio”), as determined in accordance with the Acquisition Agreement, at an option exercise price equal to the exercise price per share of such stock option immediately prior to the closing of the Combination divided by the Exchange Ratio.

Cenntro was deemed to be the accounting acquirer given Cenntro effectively controlled the consolidated entity after the Combination. Under U.S. generally accepted accounting principles, the Combination is accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by Cenntro for the net monetary assets of CEGL, accompanied by a recapitalization. Cenntro is deemed to be the predecessor for accounting purposes and the historical financial statements of Cenntro became CEGL’s historical financial statements, with retrospective adjustments to give effect to the reverse recapitalization. The financial statements for periods prior to the consummation of the reverse recapitalization are the combined financial statements of CAC, CEG and CAG HK and its consolidated subsidiaries.

The following table shows the net cash proceeds from the reverse recapitalization:

	Reverse recapitalization
Cash - NBG	$	247,382,859
Less: transaction costs		(883,300	)
Net cash contributions from reverse recapitalization	$	246,499,559

As of December 31, 2021, the Company’s subsidiaries are as follows giving effect to the Combination:

Name	Date of Incorporation	Place of Incorporation	Percentage of direct or indirect economic interest
Naked Brand Group, Inc. (“NBGI”)	July 27, 2012	Nevada, U.S.	100%
Naked Inc.	May 17, 2005	Nevada, U.S.	100% owned by NBGI
Cenntro Automotive Corporation (“CAC”)	March 22, 2013	Delaware, U.S.	100%
Cenntro Electric Group, Inc. (“CEG”)	March 9, 2020	Delaware, U.S.	100%
Cenntro Automotive Group Limited (“CAG HK”)	February 15, 2016	Hong Kong	100%
Simachinery Equipment Limited (“Simachinery HK”)	June 2, 2011	Hong Kong	100% owned by CAG HK
Zhejiang Cenntro Machinery Co., Limited	January 20, 2021	PRC	100% owned by CAG HK
Zhejiang Tooniu Tech Co., Limited	December 19, 2018	PRC	100% owned by CAG HK
Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”)	June 5, 2017	PRC	100% owned by CAG HK
Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”)	May 6, 2016	PRC	100% owned by CAG HK
Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”)	June 16, 2011	PRC	100% owned by Simachinery HK
Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”)	July 12, 2012	PRC	100% owned by Cenntro Hangzhou
Hangzhou Hengzhong Tech Co., Limited	December 16, 2014	PRC	100% owned by Cenntro Hangzhou
Zhejiang Xbean Tech Co., Limited	December 28, 2016	PRC	100% owned by Sinomachinery Zhejiang

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)	Basis of presentation

The consolidated and combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As an Australian public limited company, we are subject to the Corporations Act 2001 (Ctn) (the “Corporations Act”), which requires financial statements be prepared and audited in accordance with Australian Auditing Standards (“AAS”) and International Financial Reporting Standards (“IFRS”). The consolidated and combined financial statements are not financial statements for the purposes of the Corporations Act and are considered “non-IFRS financial information” under the Australian Securities and Investment Commission’s Regulatory guide 230: ‘Disclosing non-IFRS financial information.’ Such non-IFRS financial information may not be comparable to similarly titled information presented by other entities and should not be construed as an alternative to other financial information prepared in accordance with AAS or IFRS.

The combined financial statements include the combined financial statements of Cenntro from the dates they were acquired or incorporated, which includes (a) the combined balance sheet as of December 31, 2020; and (b) combined statements of operations and comprehensive loss, changes in equity and cash flows for the periods from January 1, 2021 to December 30, 2021, and for the years ended December 31, 2020 and 2019. The consolidated financial statements include (a) the consolidated balance sheet as of December 31, 2021; and (b) consolidated statements of operations and comprehensive loss, changes in equity and cash flows for the day of December 31, 2021. All intercompany balances and transactions have been eliminated in consolidation and combination.

(b)	Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Significant accounting estimates reflected in the Company’s consolidated and combined financial statements include, but are not limited to, estimates and judgments applied in determination of provision for doubtful accounts, lower of cost and net realizable value of inventories, impairment losses for long-lived assets and investments, valuation allowance for deferred tax assets and fair value measurement for share-based compensation expense. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates.

(c)	Fair value of financial instruments

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include:

Level 1—defined as observable inputs such as quoted prices in active markets;

Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3—defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash, accounts receivable, prepayments and other current assets, amount due from and due to related parties, accounts payable and accrued expenses and other current liabilities.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, prepayment and other current assets, accounts payable, accrued expenses and other current liabilities and amount due from and due to related party, current approximate fair value because of the short-term nature of these items. The estimated fair values of loan from third party, and amount due from related party, non-current were not materially different from their carrying value as presented due to the brief maturities and because the interest rates on these borrowings approximate those that would have been available for loans of similar remaining maturities and risk profiles. As the carrying amounts are reasonable estimates of fair value, these financial instruments are classified within Level 1 of the fair value hierarchy. No financial instruments are classified within Level 2 and Level 3 of the fair value hierarchy.

(d)	Cash and cash equivalents and restricted cash

The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Restricted cash consists of cash equivalents restricted as to withdrawal or use. Such restricted cash relates to (i) a pending legal proceeding and (ii) certain credit card and lease guarantees.

(e)	Accounts receivable and provision for doubtful accounts

Accounts receivable are recognized and carried at net realizable value. Provision for doubtful accounts is recorded for periods in which the Company determines a loss is probable, based on its assessment of specific factors, such as troubled collections, historical experience, accounts aging, ongoing business relations and other factors. Account balances are charged off against the provision after all means of collection have been exhausted and the potential for recovery is considered remote.

(f)	Inventories

Inventories are stated at the lower of cost or net realizable value. The cost of raw materials is determined on the basis of weighted average. The cost of finished goods is determined on the basis of weighted average and comprises direct materials, direct labor cost and an appropriate proportion of overhead.

Net realizable value is based on estimated selling prices less selling expenses and any further costs of completion. Adjustments to reduce the cost of inventory to net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. Write-downs are recorded in the consolidated and combined statements of operations and comprehensive loss.

(g)	Plants and equipment, net

Plants and equipment are carried at cost less accumulated depreciation and any impairment. Depreciation is calculated over the asset’s estimated useful life, using the straight-line method. Leasehold improvements are amortized over the life of the asset or the term of the lease, whichever is shorter. 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

The Company reassesses the reasonableness of the estimates of useful lives and residual values of long-lived assets when events or changes in circumstances indicate that the useful lives and residual values of a major asset or a major category of assets may not be reasonable. Factors that the Company considers in deciding when to perform an analysis of useful lives and residual values of long-lived assets include, but are not limited to, significant variance of a business or product line in relation to expectations, significant deviation from industry or economic trends, and significant changes or planned changes in the use of the assets. The analysis will be performed at the asset or asset category with the reference to the assets’ conditions, current technologies, market, and future plan of usage and the useful lives of major competitors.

The costs and related accumulated depreciation of assets sold or otherwise retired are eliminated from the Company’s accounts and any gain or loss is included in the consolidated and combined statements of operations and comprehensive loss. The cost of maintenance and repair is charged to expenses as incurred, whereas significant renewals and betterments are capitalized.

The Company constructs certain of its properties including recodifications and improvement of its office buildings and plants. Depreciation is recorded at the time assets are ready for the intended use.

(h)	Intangible assets, net

Intangible assets are carried at cost less accumulated amortization and any recorded impairment. 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

(i)	Impairment of long-lived assets

The Company evaluates the recoverability of long-lived assets or asset group with determinable useful lives whenever events or changes in circumstances indicate that an asset or a group of asset’s carrying amount may not be recoverable. The Company measures the carrying amount of long-lived asset against the estimated undiscounted future cash flows expected to result from the use of the assets or asset group and their eventual disposition. The carrying amount of the long-lived asset or asset group is not recoverable when the sum of the undiscounted expected future net cash flows is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets or asset group, when the market prices are not readily available. The adjusted carrying amount of the assets become new cost basis and are depreciated over the assets’ remaining useful lives. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The impairment test is performed at the asset group level.

(j)	Equity method investments

Investee companies over which the Company has the ability to exercise significant influence but does not have a controlling interest through investment in common shares or in substance common shares are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate.

Under the equity method, the Company initially records its investment at cost and subsequently recognizes the Company’s proportionate share of each equity investee’s net income or loss after the date of investment into the consolidated and combined statements of operations and comprehensive loss and accordingly adjusts the carrying amount of the investment. When the Company’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee.

The Company reviews its equity method investments for impairment whenever an event or circumstance indicates that other-than-temporary impairment has occurred. The Company considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The adjusted carrying amount of the assets become new cost basis.

(k)	Revenue recognition

The Company adopted ASC Topic 606 Revenue from Contracts with Customers with a date of the initial application of January 1, 2018 using the modified retrospective method.

The Company recognizes revenue when goods or services are transferred to customers in an amount that reflects the consideration which it expects to receive in exchange for those goods. In determining when and how revenue is recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of a contract with the customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company generates revenue primarily through sales of light-duty ECVs, sales of ECV parts, and sales of off-road electric vehicles. Revenue is recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the performance obligation is fulfilled, usually at the time of delivery, at the net sales price (transaction price). Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods are accounted for as fulfilment costs rather than separate performance obligations and recorded as sales and marketing expenses.

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

Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has an unconditional right to the payment. Under Topic 606, the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer is recognized as a contract asset. The Company has no contract assets as of December 31, 2021 and 2020.

Contractual liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received consideration. The consideration received remains a contractual liability until goods or services have been provided to the customer.

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

(l)	Cost of goods sold

Cost of goods sold mainly consists of production related costs including costs of raw materials, consumables, direct labor, overhead costs, depreciation of plants and equipment, manufacturing waste treatment processing fees and inventory write-downs.

(m)	Income taxes

The Company accounts for income tax using an asset and liability approach, which allows for the recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted tax rates in effect for the years in which the differences are expected to reverse. The accounting for deferred tax calculation represents management’s best estimate of the most likely future tax consequences of events that have been recognized in our financial statements or tax returns and related future anticipation. A valuation allowance is recorded to reduce the deferred tax assets to an amount that is more likely than not to be realized after considering all available evidence, both positive and negative.

Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of preparing financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Net operating losses are carried forward and credited by applying enacted statutory tax rates applicable to future years when the reported amounts of the asset or liability are expected to be recovered or settled, respectively. Deferred tax assets are reduced by a valuation allowance when, based upon the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as non-current. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.

As required by applicable tax law, interest on non-payment of income taxes and penalties associated with tax positions when a tax position does not meet the minimum statutory threshold to avoid payment of penalties recognized, if any, will be classified as a component of the provisions for income taxes. The tax returns of the Company’s Hong Kong and PRC subsidiaries are subject to examination by the relevant local tax authorities. According to the Departmental Interpretation and Practice Notes No.11 (Revised) of the Hong Kong Inland Revenue Ordinance (the “HK tax laws”), an investigation normally covers the six years of the assessment prior to the year of the assessment in which the investigation commences. In the case of fraud and willful evasion, the investigation is extended to cover ten years of assessment. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. U.S. federal tax matters are open to examination for years 2013 through 2021. For the years ended December 31, 2021 and 2020, the Company did not have any material interest or penalties associated with tax positions. The Company did not have any significant unrecognized uncertain tax positions as of December 31, 2021 or 2020. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

(n)	Foreign currency translation

The consolidated and combined financial statements are presented in United States dollars (“USD” or “$”). The functional currency of certain of CEGL’s PRC subsidiaries is the Renminbi (“RMB”). The functional currency of CEGL and its subsidiaries outside of PRC is the USD.

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

(o)	Comprehensive loss

Comprehensive loss includes all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive loss are required to be reported in a financial statement that is presented with the same prominence as other financial statements. For the years presented, comprehensive loss includes net loss and the foreign currency translation changes.

(p)

Segments

In accordance with ASC 280-10, Segment Reporting, the Company’s chief operating decision maker (“CODM”), identified as the Company’s Chief Executive Officer, relies upon the consolidated and combined results of operations as a whole when making decisions about allocating resources and assessing the performance of the Company. As a result of the assessment made by CODM, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting.

The Company’s long-lived assets are substantially located in the PRC and United States. 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

(q)	Share-based compensation expenses

The Company’s share-based compensation expenses are recorded in accordance with ASC 718 and ASC 710.

Share-based awards to employees are measured based on the grant date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in capital.

The estimate of forfeiture rate will be adjusted over the requisite service period to the extent that the actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate will be recognized through a cumulative catch-up adjustment in the period of change.

(r)	Operating lease

The Company adopted the new lease accounting standard, ASC Topic 842, Leases (“ASC 842”) as of January 1, 2019, using the non-comparative transition option pursuant to ASU 2018-11. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things (i) allowed the Company to carry forward the historical lease classification; (ii) did not require the Company to reassess whether any expired or existing contracts are or contain leases and (iii) did not require the Company to reassess initial direct costs for any existing leases. Therefore, the Company did not consider its existing land use right that was not previously accounted for as leases under Topic 840. For all operating leases except for short-term leases, the Company recognized operating right-of-use assets and operating lease liabilities. Leases with an initial term of 12 months or less were short-term leases and not recognized as right-of-use assets and lease liabilities on the consolidated and combined balance sheets.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, determined by class of underlying asset, to discount the lease payments. The operating lease right-of-use assets also include lease payments made before commencement and exclude lease incentives. Some of the Company’s lease agreements contained renewal options; however, the Company did not recognize right-of-use assets or lease liabilities for renewal periods unless it was determined that the Company was reasonably certain of renewing the lease at inception or when a triggering event occurred. The Company’s lease agreements did not contain any material residual value guarantees or material restrictive covenants.

(s)	Non-controlling Interest

A non-controlling interest in a subsidiary of CAG HK represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to CAG HK. Non-controlling interests are presented as a separate component of equity on the consolidated and combined balance sheets and statements of operations and other comprehensive loss are attributed to controlling and non-controlling interests. As of December 31, 2021, all subsidiaries are 100% owned by CEGL.

(t)	COVID-19 Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company's financial position and results of its operations, the specific impact is not readily determinable as of the date of these financial statements.

Recently issued accounting standards pronouncements

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2016-13”). ASU 2016-13 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. Originally, ASU 2016-13 was effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. In November 2019, FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842).” ASU 2019-10 deferred the effective date of ASU 2016-13 for all other companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. In addition, the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) provides that emerging growth companies (“EGC”) can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company currently qualifies as an EGC as defined in the JOBS Act, and is planning to adopt this standard beginning on January 1, 2023. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-13 on its consolidated financial statements, particularly its recognition of provision for accounts receivable.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted the new standard effective January 1, 2022 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Other accounting pronouncements that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2021

ACCOUNTS RECEIVABLE, NET [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 3 - ACCOUNTS RECEIVABLE, NET

Accounts receivable, net is summarized as follows:

	December 31, 2021			December 31, 2020
Accounts receivable	$	3,523,543		$	1,584,448
Less: provision for doubtful accounts		(1,475,983	)		(1,121,115	)
Accounts receivable, net	$	2,047,560		$	463,333

The changes in the provision for doubtful accounts are as follows:

	For the Years Ended December 31,
	2021			2020		2019
Balance at the beginning of the year	$	1,121,115		$	874,355	$	-
Additions		391,189			92,009		946,590
Write-off		(86,170	)		-		(51,418	)
Foreign exchange		49,849			154,751		(20,817	)
Balance at the end of the year	$	1,475,983		$	1,121,115	$	874,355

INVENTORIES

12 Months Ended

Dec. 31, 2021

INVENTORIES [Abstract]

INVENTORIES

NOTE 4 - INVENTORIES

Inventories are summarized as follows:

	December 31, 2021		December 31, 2020
Raw material	$	2,055,844	$	1,713,761
Work-in-progress		1,110,469		931,249
Finished goods		4,973,503		1,562,980
Inventories	$	8,139,816	$	4,207,990

For the years ended December 31, 2021, 2020 and 2019, the impairment loss recognized by the Company for slow-moving inventory with cost lower than net realizable value was $1,265,890, $719,608 and $959,334, respectively.

PREPAYMENT AND OTHER CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2021

PREPAYMENT AND OTHER CURRENT ASSETS, NET [Abstract]

PREPAYMENT AND OTHER CURRENT ASSETS, NET

NOTE 5 - PREPAYMENT AND OTHER CURRENT ASSETS, NET

Prepayment and other current assets, net consisted of the following:

	December 31, 2021		December 31, 2020
Receivable from third parties (1)	$	348,773	$	805,382
Advance to suppliers		3,686,708		814,322
Deductible input value added tax		1,196,186		903,715
Refund for goods and services tax (“GST”) (2)		2,488,528		-
Others		269,412		178,187
Total		7,989,607		2,701,606
Less: provision for receivable from third parties (3)		-		(613,850	)
Prepayment and other current assets, net	$	7,989,607	$	2,087,756

(1)

In 2021, the Company entered into an agreement with Fujian Xinlongma Automobile Co., Ltd.(“Xinlongma”) pursuant to which the Company agreed to provide spare-parts to Xinlongma and Xinlongma would develop electric vehicles. The Company intends to use the receivable in the amount of $301,486 to settle amounts payable to Xinlongma for the Company’s purchase of electric vehicles in the future.

In December 2020, Hangzhou Ronda signed an agreement with Wuhu Baoqi Automobile Co., Ltd. (“Wuhu Baoqi”) to net out receivables owed to Hangzhou Ronda with payable balances owed to Wuhu Baoqi at a net receivable of $612,278 (RMB3,995,117) as of December 31, 2020. As Wuhu Baoqi has had financial difficulties since 2018 and went into bankruptcy in late 2020, the Company recorded a full provision for this net receivable in 2018. The receivable was written off in year 2021.

The Company recognized a receivable of $47,077 (RMB300,000) from Hangzhou Magic Shadow Venture Capital Partnership (“Hangzhou Magic”). Hangzhou Magic was deregistered in 2021 and, as a result, the receivable was written off during the fiscal year ended December 31, 2021.

(2)	GST is a value-added tax levied on goods and services sold for consumption in Australia. The balance as of December 31, 2021 is excess GST, which is refundable in the future.

(3)

The Company recorded provision for receivable from third parties and advance to suppliers of $157,445, nil and $268,458 for the years ended December 31, 2021, 2020 and 2019 respectively. The Company has written off all provision for receivables from third parties and advances to suppliers during the year ended December 31, 2021.

EQUITY METHOD INVESTMENTS

12 Months Ended

Dec. 31, 2021

EQUITY METHOD INVESTMENTS [Abstract]

EQUITY METHOD INVESTMENTS

NOTE 6 – EQUITY METHOD INVESTMENTS

	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.

Investment before January 1, 2021

(1)

In 2014, Cenntro established Zhejiang Doohan Tech. Co. Ltd. (“Douha”). With the shareholding in Douha below 20% and as a passive investor, Cenntro accounted for the shareholdings of Douha under the cost method of accounting. Following asset impairment testing for the year ended December 31, 2017, Cenntro recognized a full impairment on the investment in Douha. On March 31, 2021, Cenntro transferred its equity interest in Douha for consideration of $508,156 in total and recognized gain of $508,156 from disposal of the investment. Cenntro received payment of $465,941 in November 2021.

(2)

In March 2018, Cenntro invested in Zhejiang RAP Smartcar Corporation (“Zhejiang RAP”) with the initial investment cost of $1,927,133. As of January 1, 2019, Cenntro’s investment accounted for 33.4% of Zhejiang RAP’s equity interest. The Company accounts for the investment under the equity method because the Company has the ability to exercise significant influence but does not have control over Zhejiang RAP. For the years ended December 31, 2020 and 2019, Cenntro recognized investment loss of $330,103 and $650,253, respectively, based on its proportionate share of equity interests in Zhejiang RAP. On March 18, 2019, Cenntro disposed 6% of equity interest in Zhejiang RAP to a third party for the consideration of $955,400, with disposal gain of $794,624 recognized for the year ended December 31, 2019. After such disposal, Cenntro held 27.4% of equity interest in Zhejiang RAP with net carrying value of zero as of December 31, 2021 and 2020 due to recurring losses of Zhejiang RAP.

(3)

On June 28, 2017, Cenntro invested RMB4,500,000 (approximately $0.65 million) in Jiangsu Rongyuan Auto Co., Ltd. (“Jiangsu Rongyuan”) to acquire 15% of its equity interest. The Company accounts for the investment under the equity method because the Company’s representation on the board exceeds 33% and therefore the Company has the ability to exercise significant influence but does not have control over Jiangsu Rongyuan. For the year ended December 31, 2019, Cenntro recognized investment loss of $140,142 based on its proportionate share of equity interests in Jiangsu Rongyuan. Since the business conditions of Jiangsu Rongyuan deteriorated, Cenntro recognized impairment of $444,911 for the year ended December 31, 2019, reducing the cost to zero.

PLANTS AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

PLANTS AND EQUIPMENT, NET [Abstract]

PLANTS AND EQUIPMENT, NET

NOTE 7 –PLANTS AND EQUIPMENT, NET

Plants and equipment, net consisted of the following:

	December 31, 2021			December 31, 2020
At cost:
Machinery and equipment	$	2,068,056		$	1,972,035
Leasehold improvement		899,538			652,520
Office equipment		818,703			950,106
Motor vehicles		301,079			315,550
Total		4,087,376			3,890,211
Less: accumulated depreciation		(2,786,150	)		(2,851,020	)
Plants and equipment, net	$	1,301,226		$	1,039,191

Amortization of land use rights for the years ended December 31, 2020 and 2019 were $420,834 and $458,829, respectively. On November 9, 2020, the Company disposed its land use rights and buildings to a third party for total consideration of $34,326,979, with disposal gain of $7,005,446 recognized.

Depreciation expenses for the years ended December 31, 2021, 2020 and 2019 were $589,576, $1,350,922 and $1,544,900, respectively.

Impairment loss for the years ended December 31, 2021, 2020 and 2019 were $6,215, $58,760 and nil, respectively.

OTHER NON-CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2021

OTHER NON-CURRENT ASSETS, NET [Abstract]

OTHER NON-CURRENT ASSETS, NET

NOTE 8 – OTHER NON-CURRENT ASSETS, NET

	December 31, 2021			December 31, 2020
Deposit	$	564,007		$	113,719
Deferred offering cost		-			1,003,929
Long-term prepayment (1)		1,587,693			-
Receivable from a third party (2)		2,353,827			2,298,851
Total		4,505,527			3,416,499
Less: provision for receivable from a third party (2)		(2,353,827	)		(2,298,851	)
Other non-current assets, net	$	2,151,700		$	1,117,648

(1)	In 2021, NBG purchased a six-year prepaid officers’ and directors’ liability insurance policy for the then existing officers and directors in connection with the closing of the Combination.

(2)

In 2018, Cenntro signed an agreement with Anhua Automotive Co. Ltd., (“Anhua”) and paid an initial non-refundable deposit to participate in Anhua’s bankruptcy recombination process to develop further production capacity in China. However, due to the irrecoverable deterioration of Anhua’s business and Cenntro’s focus on Europe and America markets, Cenntro declined to further participate in the recombination process. Therefore, Cenntro recorded full provision for the deposit for the year ended December 31, 2019. The difference between the provision for receivable from a third party as of December 31, 2021 and 2020 was due to changes in the exchange rate between USD and RMB.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2021

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 9 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities are summarized as follow:

	December 31, 2021		December 31, 2020
Loans from third parties (1)	$	419,642	$	4,073,856
Accrued professional fees (2)		2,429,843		370,555
Credit card payable (3)		510,151		-
Employee payroll and welfare payables		561,469		973,637
Other taxes payable		48,672		6,576
Others		213,486		318,699
Total	$	4,183,263	$	5,743,323

(1)

Loans from third parties represented a combined aggregate interest-free loans of nil and $65,900 as of December 31, 2021 and 2020, respectively, and combined aggregate interest-bearing loans of $419,642 and $4,007,956 as of December 31, 2021 and 2020, respectively, with the weighted average annual interest rate of 11.17% and 13.59%, respectively. The balance was due on demand and has since been repaid.

The Company is not subject to any material financial or restrictive covenants under the loan agreements with third parties. Each of these loans are unsecured obligations of the Company and rank equally with each other, and any future unsecured and unsubordinated indebtedness.

(2)	Accrued professional fees represent Combination related fees and expenses payable of $904,843, consulting fees payable of $1,200,000 and Nasdaq listing fees payable of $325,000.

(3)	Credit card expense represented the credit card payments payable to the issuing financial institution, which was fully repaid in January 2022.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 10 - INCOME TAXES

Australia

CEGL is subject to a tax rate of 30%.

United States

CAC, CEG, NBGI and Naked Inc. are subject to a federal tax rate of 21%.

Hong Kong

In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. Effective from April 1, 2018, a two-tier corporate income tax system was officially implemented in Hong Kong, which is 8.25% for the first HK$2.0 million profits, and 16.5% for the subsequent profits. Under the HK tax laws, Hong Kong registered companies are exempt from Hong Kong income tax on its foreign-derived income. The Company’s subsidiaries, CAG HK and Sinomachinery HK, are registered in Hong Kong as intermediate holding companies, subject to an income tax rate of 16.5% for taxable income earned in Hong Kong. Payments of dividends from Hong Kong subsidiaries to CEGL are not subject to any Hong Kong withholding tax.

PRC

Pursuant to the tax laws and regulations of the PRC, the Company’s applicable enterprise income tax (“EIT”) rate is 25%.

(1)	Income taxes

Income tax expenses for the years ended December 31, 2021, 2020 and 2019 are nil.

The components of (loss) profit before income taxes are summarized as follows:

	For the Years Ended December 31,
	2021			2020			2019
PRC	$	(5,477,857	)	$	108,221		$	(13,779,840	)
Non-PRC		(10,943,950	)		(5,305,152	)		(5,725,630	)
Total	$	(16,421,807	)	$	(5,196,931	)	$	(19,505,470	)

The actual income tax expense reported in the consolidated and combined statements of operations and comprehensive loss for years ended December 31, 2021, 2020 and 2019 differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes due to the following:

	For the Years Ended December 31,
	2021			2020			2019
Loss before provision for income tax	$	(16,421,807	)	$	(5,196,931	)	$	(19,505,470	)
PRC statutory income tax rate		25	%		25	%		25	%
Income tax expense at the PRC statutory rate		(4,105,452	)		(1,299,233	)		(4,876,368	)
Effect of differing tax rates		700,336			91,397			33,047
Effect of non-deductible expenses		396,826			95,659			36,694
Effect of research and development deduction		(204,807	)		(147,155	)		(232,963	)
Effect of valuation allowance		3,213,097			1,259,332			5,039,590
Total income tax expense		-			-			-
Effective income tax rate		0	%		0	%		0	%

(2)	Deferred taxes assets, net

The tax effects of temporary differences that give rise to the deferred income tax assets balances as of December 31, 2021 and 2020 are as follows:

	December 31, 2021			December 31, 2020
Deferred income tax assets:
Employee share option plan expense*	$	-		$	4,981,854
Impairment loss		2,013,232			1,993,546
Tax loss carry forwards		12,646,183			12,097,336
Total deferred income tax assets		14,659,415			19,072,736
Valuation allowance		(14,659,415	)		(19,072,736	)
Deferred income tax assets, net	$	-		$	-

* In connection with the closing of the Combination, each employee stock option outstanding under the Amended 2016 Plan immediately prior to the closing was automatically converted into an option to purchase a number of ordinary shares of CEGL. The Company does not intend to take a tax deduction for the share-based compensation in Australia as the options were granted primarily to China and US employees. Therefore, the related expense was non-deductible for the year ended December 31, 2021, and the prior year deferred income tax asset balance was written off as of December 31, 2021.

The 2020 deferred tax amounts reflect an update in presentation.

The changes related to valuation allowance are as follows:

	For the Years Ended December 31,
	2021			2020		2019

Balance at the beginning of the year	$	19,072,736		$	16,969,593	$	12,020,484
Additions during the year		3,213,097			1,350,729		5,072,637
Expire of NOL		(1,243,653	)		-		-
Write-off of employee stock ownership plans deferred tax asset		(4,981,854	)		-		-
Change in tax rate		(959,106	)		-		-
Company deregistration		(708,266	)		-		-
Exchange rate effect		266,461			752,414		(123,528	)
Balance at the end of the year	$	14,659,415		$	19,072,736	$	16,969,593

The valuation allowance as of December 31, 2021 was provided for the deferred income tax assets of certain subsidiaries, which were at cumulative loss positions. In assessing the realization of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilizable.

For entities incorporated in Hong Kong, net losses of $976,786 can be carried forward indefinitely.

For entities incorporated in the U.S., federal net operating losses of $13,357,248 can be carried forward indefinitely subject to a limitation in utilization against 80% of annual taxable income. Federal net operating losses of $3,740,688 and $1,430,246 will expire if unused by 2035 and 2036 respectively.

For entities incorporated in the PRC, net losses can be carried forward for five years. PRC net losses of $41,251,350 were available to offset future taxable income. Net losses of $7,973,456, $15,541,874, $7,556,351, $3,362,995, $6,816,673 will expire, if unused, by 2022, 2023, 2024, 2025, and 2026 respectively.

Internal Revenue Code of 1986, as amended (“IRC”), Section 382 provides that, after an ownership change, the amount of a loss corporation’s taxable income for any post-change year that may be offset by pre-change losses shall not exceed the IRC Section 382 limitation for that year. The IRC Section 382 limitation generally equals the fair market value of the old loss corporation multiplied by the long-term tax-exempt rate. A loss corporation is any corporation that has a net operating loss, a net operating loss carryforward, or a net unrealized built-in loss for the taxable year in which the ownership change occurs. An ownership change is a greater than 50-percentage point increase in ownership by five-percent shareholders.

The Company has not yet performed an IRC Section 382 analysis to determine whether an ownership change has occurred and whether any tax attributes are limited. The Company has recorded a full valuation allowance against its deferred tax assets and does not expect to utilize its tax attributes. Once the Company utilizes its tax attributes, a complete IRC Section 382 analysis will be performed.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2021 and 2020, the Company did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefits. The Company does not believe that its uncertain tax benefits position will materially change over the next twelve months.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
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-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (b)
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COMMITMENTS AND CONTINGENCIES [Abstract]

LEASES

12 Months Ended

Dec. 31, 2021

LEASES [Abstract]

LEASES

NOTE 11 - LEASES

The Company leases offices space under non-cancellable operating leases. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheets.

The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

A summary of lease cost recognized in the Company’s consolidated and combined statements of operations and comprehensive loss is as follows:

	For the Years Ended December 31,
	2021			2020			2019
Operating leases cost excluding short-term rental expense		$	682,616		$	232,758	$	446,260
Short-term lease cost			4,974		16,717			30,063
Total		$	687,590		$	249,475	$	476,323

A summary of supplemental information related to operating leases is as follows:

	December 31, 2021		December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities	$	879,788	$	310,931	$	246,668
Weighted average remaining lease term	2.00 years		2.08 years		3.02 years
Weighted average discount rate	3.80%		4.75%		4.75%

The Company’s lease agreements do not have a discount rate that is readily determinable. The incremental borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and an amount equal to the lease payments in a similar economic environment. The weighted-average discount rate was calculated using the discount rate for the lease that was used to calculate the lease liability balance for each lease and the remaining balance of the lease payments for each lease as of December 31, 2021, 2020 and 2019.

The weighted-average remaining lease terms were calculated using the remaining lease term and the lease liability balance for each lease as of December 31, 2021, 2020 and 2019.

The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2021:

For the year ending December 31,	Operating Leases
2022	$	858,478
2023		525,690
Total lease payments		1,384,168
Less: imputed interest		54,841
Total		1,329,327
Less: current portion		839,330
Non-current portion	$	489,997

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 12 - SHARE-BASED COMPENSATION

Share based compensation expenses for periods prior to the consummation of the Combination relate to the share options granted by CAG Cayman to the employees and directors of Cenntro. For the years ended December 31, 2021, 2020 and 2019, total share-based compensation expenses allocated from CAG Cayman were $1,128,325, $3,364,217 and $4,923,509, respectively.

Share options granted by CAG Cayman to employees of the Company

On February 10, 2016, CAG Cayman adopted the 2016 Share Incentive Option Plan (the “2016 Plan”), which allowed CAG Cayman to grant options to the employees and directors of Cenntro to purchase up to 14,139,360 ordinary shares of CAG Cayman subject to vesting requirements. On April 17, 2018, CAG Cayman expanded the share reserve under the 2016 Plan, increasing the number of ordinary shares available for issuance under the 2016 Plan by an additional 10,484,797 ordinary shares for a total 24,624,157 ordinary shares. Generally, the options granted under the 2016 Plan became exercisable during the term of the optionee’s service with CAG Cayman in five equal annual instalments of 20% each. The expiration dates of the options are between six and eight years from the respective grant dates as stated in the option grant letters.

On March 7 and May 31, 2016, CAG Cayman granted 12,169,840 options and 650,000 options to the employees and directors of the Company to purchase CAG Cayman’s ordinary shares at exercise prices ranging from $0.2000 to $1.2092 per share. The options have a contractual term ranging from six years to eight years.

On August 1 and December 31, 2017, CAG Cayman granted 6,300,000 options and 2,580,000 to the employees and directors of the Company to purchase CAG Cayman’s ordinary shares at exercise prices ranging from $1.6500 to $1.8792 per share.

Modification of share options

In connection with the Combination, CAG Cayman amended and restated the 2016 Plan, adopting the Amended 2016 Plan. In connection with the closing of the Combination, each employee stock option outstanding under the Amended 2016 Plan immediately prior to the closing of the Combination was converted into an option to purchase a number of ordinary shares equal to the aggregate number of shares for which such stock option was exercisable immediately prior to the closing of the Combination multiplied by the Exchange Ratio of 0.71563. As a result, the 12,891,130 options granted by CAG Cayman prior to the closing of the Combination under the 2016 Plan were converted into 9,225,271 options of CEGL. The exercise price of such options modified to equal the exercise price per share of such stock option immediately prior to the closing of the Combination divided by the Exchange Ratio.

The conversion of the incentive stock options of CAG Cayman under the Amended 2016 Plan into incentive stock options of CEGL was deemed a modification at closing of the Combination, which is the modification date. There were, no incremental fair value recorded immediately before and after the modification date.

A summary of share options activity for the years ended December 31, 2021, 2020 and 2019 is as follows:

	Number of Share Options			Weighted Average Exercise Price US$		Weighted Average Remaining Contractual Years		Aggregate Intrinsic Value US$
Outstanding at January 1, 2019		21,036,130			1.03		5.60		27,246,206
Granted		580,000			2.21
Exercised		-			-
Forfeited		-			-
Expired		-			-
Outstanding at December 31, 2019		21,616,130			1.07		4.69		28,639,946
Granted		-			-
Exercised		-			-
Forfeited		(2,640,000	)		1.66
Expired		-			-
Outstanding at December 31, 2020		18,976,130			0.98		3.56		24,410,306
Granted		-			-
Exercised		-			-
Forfeited		(5,492,000	)		1.42
Expired		(593,000	)		1.19
Outstanding at December 31, 2021		12,891,130			0.79
Modification of option as of 30/12/2021		9,225,271			1.10
Outstanding at December 31, 2021		9,225,271			1.10		2.60		42,799,081
Expected to vest at December 31, 2021		486,623			2.86		5.02		1,399,353
Exercisable as of December 31, 2021		8,738,648			1.00		2.46		41,399,727

No option was exercised for the years ended December 31, 2021, 2020 and 2019.

The Company calculated the fair value of the share options on the grant date and modification date using the Black-Scholes option-pricing valuation model. The assumptions used in the valuation model are summarized in the following table.

	For the Year Ended December 31,
	2021		2020	2019
	Modification	Before Modification
Expected volatility	58.09%-91.85%	82.33%-93.48%	82.33%-93.48%	82.33%-93.48%
Expected dividends yield	0%	0%	0%	0%
Risk-free interest rate per annum	0.06%-1.36%	1.84%-2.40%	1.84%-2.40%	1.84%-2.40%
The fair value of underlying ordinary shares (per share)	US$5.74	US$1.21-US$2.92	US$1.21-US$2.92	US$1.21-US$2.92

The expected volatility is calculated based on the annualized standard deviation of the daily return embedded in historical share prices of comparable companies. The risk-free interest rate is estimated based on the yield to maturity of US treasury bonds based on the expected term of the incentive shares.

As of December 31, 2021, there was approximately $2,189,201 of total unrecognized compensation cost related to unvested share options. The unrecognized compensation costs are expected to be recognized over a weighted average period of approximately 2.05 years.

ORDINARY SHARES AND RESTRICTED NET ASSETS	12 Months Ended
ORDINARY SHARES AND RESTRICTED NET ASSETS	Dec. 31, 2021
ORDINARY SHARES AND RESTRICTED NET ASSETS [Abstract]
ORDINARY SHARES AND RESTRICTED NET ASSETS	NOTE 13 - ORDINARY SHARES AND RESTRICTED NET ASSETS Ordinary shares Immediately prior to the consummation of the Combination, there were 86,402,708 ordinary shares of NBG issued and outstanding. In connection with the closing of the combination, CEGL issued 174,853,546 shares to CAG Cayman as consideration for the Combination. As of December 31, 2021, the issued and outstanding ordinary shares are 261,256,254. The holders of ordinary shares are entitled to participate in dividends and the proceeds on winding up of CEGL. Each holder of ordinary shares has one vote in person or by proxy, and upon a poll each share is entitled to one vote. Restricted net assets A significant portion of the Company’s operations are conducted through its PRC (excluding Hong Kong) subsidiaries. Due to restrictions on the distribution of share capital from the Company’s subsidiaries in PRC, total restrictions placed on the distribution of the Company’s PRC subsidiaries’ net assets were $37,383,696, or 14% of the Company’s total consolidated net assets as of December 31, 2021.

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2021

NET LOSS PER SHARE [Abstract]

NET LOSS PER SHARE

NOTE 14 - NET LOSS PER SHARE

For the years ended December 31, 2021, 2020 and 2019, for the purpose of calculating net loss per share as a result of the reverse recapitalization as described in Note 1, the weighted-average number of shares used in the calculation reflects the outstanding shares of CEGL as if the equity structure of Cenntro (the accounting acquirer) was retroactively stated to reflect the number of shares of CEGL (the accounting acquiree) issued in the Combination.

Basic and diluted net loss per share for each of the year presented were calculated as follows:

	For the Year Ended December 31,
	2021			2020			2019

Numerator:
Net loss attributable to the Company’s shareholders		(16,421,807	)		(5,165,892	)		(19,466,015	)
Denominator:
Weighted average ordinary shares used in computing basic and diluted loss per share		175,090,266			174,853,546			174,853,546
Basic and diluted net loss per share		(0.09	)		(0.03	)		(0.11	)

CONCENTRATIONS

12 Months Ended

Dec. 31, 2021

CONCENTRATIONS [Abstract]

CONCENTRATIONS

NOTE 15 - CONCENTRATIONS

(a)

Customers

The following table sets forth information as to each customer that accounted for 10% or more of net revenue for the years ended December 31, 2021, 2020 and 2019.

	Year ended				Year ended				Year ended
	December 31, 2021,				December 31, 2020,				December 31, 2019,
Customer	Amount		% of Total		Amount		% of Total		Amount		% of Total
A	$	3,543,423	41	%	$	3,168,204	58	%	$	990,225	28	%
B		2,556,537	30	%		583,406	11	%		-	-
C		848,399	10	%		-	-			-	-
D		230,537	*			717,460	13	%		886,396	25	%
E		-	*			14,460	*			697,880	20	%
Total	$	7,178,896	81	%	$	4,483,530	82	%	$	2,574,501	73	%

*	Indicates below 10%.

The following table sets forth information as to each customer that accounted for 10% or more of total gross accounts receivable as of December 31, 2021 and 2020.

	As of December 31, 2021,						As of December 31, 2020,
Customer	Amount			% of Total			Amount			% of Total
A		$	2,084,879		59	%		$	422,367		27	%
E			864,106		25	%			843,923		53	%
Total		$	2,948,985		84	%		$	1,266,290		80	%

(b)

Suppliers

For the years ended December 31, 2021, 2020 and 2019, the Company’s material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows:

	Year ended December 31, 2021,					Year ended December 31, 2020,					Year ended December 31, 2019,
Supplier	Amount		% of Total			Amount		% of Total			Amount		% of Total
A	$	2,219,792		21	%	$	-		-		$	-		-
B		171,908		*			175,605		12	%		923,025		31	%
C		-		-			-		-			560,117		19	%
D		-		-			-		-			393,275		13	%
Total	$	2,391,700		21	%	$	175,605		12	%	$	1,876,417		63	%

*	Indicates below 10%.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

NOTE 16 - COMMITMENTS AND CONTINGENCIES

Litigation

The Company may be involved in various legal proceedings, claims and other disputes arising from the commercial operations, projects, employees and other matters which, in general, are subject to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the outcomes of these legal proceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity.

In October 2021, Sevic Systems SE (“Sevic”), a former channel partner, commenced a lawsuit against Shengzhou Machinery, one of Cenntro’s wholly owned subsidiaries, relating to a breach of contract for the sale of goods (the “Sevic Lawsuit”). Sevic filed its complaint with the People’s Court of Keqiao District, Shaoxing City, Light Textile City (the “People’s Court”). In the Sevic Lawsuit, Sevic alleges that the Shengzhou Machinery provided it with certain unmarketable goods and requests that the People’s Court (i) terminate two signed purchase orders under its contract with Shengzhou Machinery and (ii) award Sevic money damages for the cost of goods of $465,400, as well as interest and incidental losses, including freight and storage costs, for total damages of approximately $628,109. Sevic applied to the People’s Court to freeze certain assets of Shengzhou Machinery, which request was granted, resulting in the Company having restricted cash of $465,524 on its balance sheet as of December 31, 2021. The Company does not believe that Sevic’s claims have any merit and intends to vigorously defend against such claims.

Commitment for operating leases not included in operating lease liability as of December 31, 2021

Lease of Dusseldorf Facility

On December 4, 2021, the Company entered into an entrustment agreement (the “Entrustment Agreement”) with Cedar Europe GmbH, a company organized under the laws of Germany (“Cedar”) pursuant to which the Company entrusted Cedar to, in Cedar’s name, obtain a lease agreement for facilities in Germany and operate such lease facility under Cedar’s name in exchange for Cenntro’s responsibility for all expenditures and costs of the lease. On December 24, 2021, Cedar entered into a lease agreement for an approximately 27,220 square feet facility in Dusseldorf, Germany, where the Company now houses its European Operations Facility. The lease period began on January 1, 2022 and ends on December 31, 2024. The annual rent is approximately $210,991.

Lease of Jacksonville Facility

On January 20, 2022, the Company entered into an operating lease agreement (the “Jacksonville Lease”) between CAC, as tenant, the Company, as guarantor, and JAX Industrial One, LTD., as landlord, for a facility of approximately 100,000 square feet in Jacksonville, Florida. The lease period commenced on January 20, 2022 and ends 120 months following a five-month rent abatement period. Pursuant to the Jacksonville Lease, minimum annual rent is approximately $695,000, $722,800, and $751,710, for the first three years, sequentially, and rising thereafter.

Future minimum lease payment under non-cancellable operating lease agreement was as follows:

For the year ending December 31,	Operating Leases
2022	$	615,991
2023		937,141
2024 and thereafter		7,498,835
Total	$	9,051,967

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

NOTE 17 - RELATED PARTY TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Company:

Name of related parties:		Relationship with the Company
Mr. Peter Wang		Chairman, Chief Executive Officer, and principal shareholder of the Company
Mr. Yeung Heung Yeung		A principal shareholder of the Company, director of CAG Cayman and former director of CEG
Ms. Yan Yinjing		Immediate family of Mr. David Ming He, the former acting Chief Financial Officer of Cenntro until November 2020
Mr. Zhong Wei		Chief Technology Officer of the Company
Ms. Xu Cheng		Immediate family of Mr. Chris Xiongjian Chen, former Chief Operating Officer of CAG Cayman
CAG Cayman		Mr. Peter Wang is a principal shareholder
Devirra Corporation Limited and its subsidiaries (Collectively referred to the “Devirra Group”)		Entities controlled by CAG Cayman
Cenntro Holding Limited		Ultimately controlled by Mr. Peter Wang
Zhejiang Zhongchai Machinery Co., Ltd (“Zhejiang Zhongchai”)		Ultimately controlled by Mr. Peter Wang
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Jiangsu Rongyuan		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Hangzhou Hezhe Energy Technology Co., Ltd		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Zhuhai Hengzhong Industrial Investment Fund (Limited Partner) (“Zhuhai Hengzhong”)		Mr. Peter Wang served as General Partner
Shenzhen Yuanzheng Investment Development Co. Ltd (“Shenzhen Yuanzheng“)		Controlled by Mr. Yeung Heung Yeung
Bendon Limited		Controlled by Mr. Justin Davis-Rice, a director of CEGL
Shanghai Hengyu Enterprise Management Consulting Co., Ltd (“Shanghai Hengyu”)		Ultimately controlled by Mr. Peter Wang

Related party transactions

During the years ended December 31, 2021, 2020 and 2019, the Company had the following material related party transactions.

	For the Years Ended December 31,
	2021		2020		2019
Interest income from a related party
Zhejiang RAP	$	23,114	$	69,523	$	53,093

Purchase of raw materials from related parties
Devirra Group		-		-		1,002,086
Zhejiang Zhongchai		-		-		393,277
Jiangsu Rongyuan		24,799		-		560,120
Hangzhou Hezhe Energy Technology Co., Ltd		1,219,621		-	-

Consulting service provided by a related party
Shanghai Hengyu		29,919		107,905		121,596

Interest expense on loans provided by related parties
Mr. Yeung Heung Yeung		132,000		96,559		-
Mr. Zhong Wei		6,039		109,726		71,019
Others		40,005		72,483		52,466

Reclassification of loan payable from due to a related party to other current liabilities
Yan Yinjing⁽¹⁾		-		143,153		-

(1)	Yan Yinjing is the immediate family of Mr. David Ming He, former acting Chief Financial Officer of Cenntro until November 2020. Therefore, the loan payable to Ms. Yan Yinjing has been reclassified to accrued expense and other current liabilities as of December 31, 2020.

Amounts due from Related Parties – current

The following table presents amounts due from related parties as of December 31, 2021 and 2020.

	As of December 31,
	2021			2020
Hangzhou Hezhe⁽¹⁾		817,640			-
Zhejiang Zhongchai ⁽²⁾		412,797			464,066
Shanghai Hengyu		2,197			-
Jiangsu Rongyuan⁽³⁾		166,911			241,046
Devirra Group⁽⁴⁾		-		$	637,078
Total		1,399,545			1,342,190
Less: provision for receivable from a related party ⁽²⁾		(166,911	)		(241,046	)
Amounts due from related parties, net	$	1,232,634		$	1,101,144

(1)

The balance mainly represents the prepayment for raw material to the related party.

(2)

The balances mainly represent accounts receivable relating to the sale of industrial equipment of $340,770 and advances to Zhejiang Zhongchai for daily operational purposes of $72,027 as of December 31, 2021.

(3)

The balances mainly represent advances to related parties for daily operational purposes. The business conditions of Jiangsu Rongyuan deteriorated and, as a result, the Company recognized provision for receivables of nil, $227,807 and $206,187 for the years ended December 31, 2021, 2020 and 2019, respectively. For the year ended December 31, 2020, the Company wrote off the balance of provision that it recognized in 2019. The Company reversed the provision of $78,931 for the year ended December 31, 2021 due to the repayment from the related party.

(4)

The balance represented the advances to related parties for daily operational purposes, which was due on demand. For the year ended December 31, 2021, $210,297 was collected and remaining $426,781 was forgiven.

Amounts due from Related Parties – non-current

	As of December 31,
	2021		2020
Bendon Limited ⁽¹⁾	$	4,834,973	$	-
Total		4,834,973		-
Less: provision for receivable from a related party		-		-
Amounts due from related parties -noncurrent	$	4,834,973	$	-

(1)

The balance represents a 5-year loan in the aggregate principal amount of $4,787,300 (New Zealand Dollar 7,000,000) to the related party, bearing interest of 2.5% annually and maturing in August 2026.

Amounts due to Related Parties

The following table presents amounts due to related parties as of December 31, 2021 and 2020.

	As of December 31,
	2021		2020
CAG Cayman ⁽¹⁾	$	13,945,823	$	226,549
Mr. Yeung Heung Yeung ⁽²⁾		1,328,559		1,196,559
Shenzhen Yuanzheng ⁽²⁾		416,509		370,906
Zhejiang RAP ⁽³⁾		40,034		215,054
Jiangsu Rongyuan ⁽⁴⁾		25,103		-
Mr. Zhong Wei ⁽²⁾		-		923,751
Cenntro Holding Limited⁽⁵⁾		-		1,951
Mr. Peter Wang ⁽²⁾		-		81,496
Zhuhai Hengzhong ⁽⁵⁾		-		210,774
Ms. Xu Cheng ⁽²⁾		-		21,737
Total	$	15,756,028	$	3,248,777

(1)

CAG Cayman was the parent company of Cenntro before the closing of the Combination. The balance represented (i) operating funds from CAG Cayman with no interest of $15,823 and (ii) a reduction of capital from Cenntro by CAG Cayman of $13,930,000 prior to the closing of the Combination. The payment by Cenntro of $13,930,000 was made to CAG Cayman in February 2022.

(2)	The balance represented the interest-bearing loan provided by related parties to the Company. The weighted average annual interest rates for the loans were 12% and 17.31% as of December 31, 2021 and 2020, respectively. The balance is due on demand.

(3)	As of December 31, 2021, the balances represented the net balance of equity investment payable of $373,631 and interest-bearing loan and interest receivable from Zhejiang RAP of $333,597, which is due on demand.

(4)	The balance represented the payable for purchase of raw material from this related party.

(5)	The balance represented the advance funds from related parties for daily operational purposes. The funds are interests-free, and repayable upon demand.

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2021
SUBSEQUENT EVENT [Abstract]
SUBSEQUENT EVENT	NOTE 18 - SUBSEQUENT EVENT Acquisition of TME On March 5, 2022, the Company entered into a Share and Loan Purchase Agreement (the “Purchase Agreement”) with Mosolf SE & Co. KG, a limited liability partnership incorporated under the laws of Germany (“Seller” or “Mosolf” and, together with CEGL and CEG, the “Parties”), pursuant to which Mosolf agreed to sell to the Company (i) 65% of the issued and outstanding shares (the “TME Shares”) in Tropos Motors Europe GmbH, a German limited liability company (“TME”), and (ii) 100% of the shareholder loan (the “Shareholder Loan”) which Mosolf previously provided to TME (the “TME Transaction”). TME is one of Cenntro’s private label channel partners and has been one of Cenntro’s largest customers since 2019. The TME Transaction closed on March 25, 2022. At closing of the TME Transaction, the Company paid Mosolf €3,250,000 (or approximately USD$3.6 million) for the purchase of the TME Shares and €11,900,000 (or approximately USD$13.0 million) for the purchase of the Shareholder Loan, for total aggregate consideration of €15,150,000 (or approximately USD$16.6 million). An aggregate of €3,000,000 (or approximately USD$3.3 million) of the purchase price is held in escrow to satisfy amounts payable to any of the buyer indemnified parties in accordance with the terms of the Purchase Agreement. The Company has evaluated subsequent events through the date of issuance of the consolidated and combined financial statements, and there were no other subsequent events occurred that would require recognition or disclosure in the consolidated and combined financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of presentation

(a)	Basis of presentation

Use of estimates

(b)	Use of estimates

Fair value of financial instruments

(c)	Fair value of financial instruments

Level 1—defined as observable inputs such as quoted prices in active markets;

Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3—defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Cash and cash equivalents and restricted cash

(d)	Cash and cash equivalents and restricted cash

The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Restricted cash consists of cash equivalents restricted as to withdrawal or use. Such restricted cash relates to (i) a pending legal proceeding and (ii) certain credit card and lease guarantees.

Accounts receivable and provision for doubtful accounts

(e)	Accounts receivable and provision for doubtful accounts

Inventories

(f)	Inventories

Plants and equipment, net

(g)	Plants and equipment, net

Machinery and equipment	5-10 years
Office equipment	5 years
Motor vehicles	3-5 years
Leasehold improvement	3-10 years
Others	3 years

Intangible assets, net

(h)	Intangible assets, net

Category	Estimated useful life
Software	3 years

Impairment of long-lived assets

(i)	Impairment of long-lived assets

Equity method investments

(j)	Equity method investments

Revenue recognition

(k)	Revenue recognition

The Company adopted ASC Topic 606 Revenue from Contracts with Customers with a date of the initial application of January 1, 2018 using the modified retrospective method.

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

Contract Balances

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

Cost of goods sold

(l)	Cost of goods sold

Income taxes

(m)	Income taxes

Foreign currency translation

(n)	Foreign currency translation

	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

Comprehensive loss

(o)	Comprehensive loss

Segments

(p)

Segments

The Company’s long-lived assets are substantially located in the PRC and United States. 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

Share-based compensation expenses

(q)	Share-based compensation expenses

The Company’s share-based compensation expenses are recorded in accordance with ASC 718 and ASC 710.

Operating lease

(r)	Operating lease

Non-controlling Interest

(s)	Non-controlling Interest

COVID-19 Risks and Uncertainties

(t)	COVID-19 Risks and Uncertainties

Recently issued accounting standards pronouncements

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2021

ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]

Net Cash Proceeds from Reverse Recapitalization

The following table shows the net cash proceeds from the reverse recapitalization:

	Reverse recapitalization
Cash - NBG	$	247,382,859
Less: transaction costs		(883,300	)
Net cash contributions from reverse recapitalization	$	246,499,559

Significant Subsidiaries of Company

As of December 31, 2021, the Company’s subsidiaries are as follows giving effect to the Combination:

Name	Date of Incorporation	Place of Incorporation	Percentage of direct or indirect economic interest
Naked Brand Group, Inc. (“NBGI”)	July 27, 2012	Nevada, U.S.	100%
Naked Inc.	May 17, 2005	Nevada, U.S.	100% owned by NBGI
Cenntro Automotive Corporation (“CAC”)	March 22, 2013	Delaware, U.S.	100%
Cenntro Electric Group, Inc. (“CEG”)	March 9, 2020	Delaware, U.S.	100%
Cenntro Automotive Group Limited (“CAG HK”)	February 15, 2016	Hong Kong	100%
Simachinery Equipment Limited (“Simachinery HK”)	June 2, 2011	Hong Kong	100% owned by CAG HK
Zhejiang Cenntro Machinery Co., Limited	January 20, 2021	PRC	100% owned by CAG HK
Zhejiang Tooniu Tech Co., Limited	December 19, 2018	PRC	100% owned by CAG HK
Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”)	June 5, 2017	PRC	100% owned by CAG HK
Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”)	May 6, 2016	PRC	100% owned by CAG HK
Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”)	June 16, 2011	PRC	100% owned by Simachinery HK
Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”)	July 12, 2012	PRC	100% owned by Cenntro Hangzhou
Hangzhou Hengzhong Tech Co., Limited	December 16, 2014	PRC	100% owned by Cenntro Hangzhou
Zhejiang Xbean Tech Co., Limited	December 28, 2016	PRC	100% owned by Sinomachinery Zhejiang

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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

	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

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2021

ACCOUNTS RECEIVABLE, NET [Abstract]

Accounts Receivable

Accounts receivable, net is summarized as follows:

	December 31, 2021			December 31, 2020
Accounts receivable	$	3,523,543		$	1,584,448
Less: provision for doubtful accounts		(1,475,983	)		(1,121,115	)
Accounts receivable, net	$	2,047,560		$	463,333

The changes in the provision for doubtful accounts are as follows:

	For the Years Ended December 31,
	2021			2020		2019
Balance at the beginning of the year	$	1,121,115		$	874,355	$	-
Additions		391,189			92,009		946,590
Write-off		(86,170	)		-		(51,418	)
Foreign exchange		49,849			154,751		(20,817	)
Balance at the end of the year	$	1,475,983		$	1,121,115	$	874,355

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2021

INVENTORIES [Abstract]

Inventories

Inventories are summarized as follows:

	December 31, 2021		December 31, 2020
Raw material	$	2,055,844	$	1,713,761
Work-in-progress		1,110,469		931,249
Finished goods		4,973,503		1,562,980
Inventories	$	8,139,816	$	4,207,990

PREPAYMENT AND OTHER CURRENT ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2021

PREPAYMENT AND OTHER CURRENT ASSETS, NET [Abstract]

Prepayment and Other Current Assets, Net

Prepayment and other current assets, net consisted of the following:

	December 31, 2021		December 31, 2020
Receivable from third parties (1)	$	348,773	$	805,382
Advance to suppliers		3,686,708		814,322
Deductible input value added tax		1,196,186		903,715
Refund for goods and services tax (“GST”) (2)		2,488,528		-
Others		269,412		178,187
Total		7,989,607		2,701,606
Less: provision for receivable from third parties (3)		-		(613,850	)
Prepayment and other current assets, net	$	7,989,607	$	2,087,756

(1)

(2)	GST is a value-added tax levied on goods and services sold for consumption in Australia. The balance as of December 31, 2021 is excess GST, which is refundable in the future.

(3)

EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

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)

PLANTS AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2021

PLANTS AND EQUIPMENT, NET [Abstract]

Plants and Equipment, Net

Plants and equipment, net consisted of the following:

	December 31, 2021			December 31, 2020
At cost:
Machinery and equipment	$	2,068,056		$	1,972,035
Leasehold improvement		899,538			652,520
Office equipment		818,703			950,106
Motor vehicles		301,079			315,550
Total		4,087,376			3,890,211
Less: accumulated depreciation		(2,786,150	)		(2,851,020	)
Plants and equipment, net	$	1,301,226		$	1,039,191

OTHER NON-CURRENT ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2021

OTHER NON-CURRENT ASSETS, NET [Abstract]

Other Non-Current Assets, Net

	December 31, 2021			December 31, 2020
Deposit	$	564,007		$	113,719
Deferred offering cost		-			1,003,929
Long-term prepayment (1)		1,587,693			-
Receivable from a third party (2)		2,353,827			2,298,851
Total		4,505,527			3,416,499
Less: provision for receivable from a third party (2)		(2,353,827	)		(2,298,851	)
Other non-current assets, net	$	2,151,700		$	1,117,648

(1)	In 2021, NBG purchased a six-year prepaid officers’ and directors’ liability insurance policy for the then existing officers and directors in connection with the closing of the Combination.

(2)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are summarized as follow:

	December 31, 2021		December 31, 2020
Loans from third parties (1)	$	419,642	$	4,073,856
Accrued professional fees (2)		2,429,843		370,555
Credit card payable (3)		510,151		-
Employee payroll and welfare payables		561,469		973,637
Other taxes payable		48,672		6,576
Others		213,486		318,699
Total	$	4,183,263	$	5,743,323

(1)

(2)	Accrued professional fees represent Combination related fees and expenses payable of $904,843, consulting fees payable of $1,200,000 and Nasdaq listing fees payable of $325,000.

(3)	Credit card expense represented the credit card payments payable to the issuing financial institution, which was fully repaid in January 2022.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES [Abstract]

Components of (Loss) Profit Before Income Taxes

The components of (loss) profit before income taxes are summarized as follows:

	For the Years Ended December 31,
	2021			2020			2019
PRC	$	(5,477,857	)	$	108,221		$	(13,779,840	)
Non-PRC		(10,943,950	)		(5,305,152	)		(5,725,630	)
Total	$	(16,421,807	)	$	(5,196,931	)	$	(19,505,470	)

Income Tax Expenses

	For the Years Ended December 31,
	2021			2020			2019
Loss before provision for income tax	$	(16,421,807	)	$	(5,196,931	)	$	(19,505,470	)
PRC statutory income tax rate		25	%		25	%		25	%
Income tax expense at the PRC statutory rate		(4,105,452	)		(1,299,233	)		(4,876,368	)
Effect of differing tax rates		700,336			91,397			33,047
Effect of non-deductible expenses		396,826			95,659			36,694
Effect of research and development deduction		(204,807	)		(147,155	)		(232,963	)
Effect of valuation allowance		3,213,097			1,259,332			5,039,590
Total income tax expense		-			-			-
Effective income tax rate		0	%		0	%		0	%

Deferred Income Tax Assets

The tax effects of temporary differences that give rise to the deferred income tax assets balances as of December 31, 2021 and 2020 are as follows:

	December 31, 2021			December 31, 2020
Deferred income tax assets:
Employee share option plan expense*	$	-		$	4,981,854
Impairment loss		2,013,232			1,993,546
Tax loss carry forwards		12,646,183			12,097,336
Total deferred income tax assets		14,659,415			19,072,736
Valuation allowance		(14,659,415	)		(19,072,736	)
Deferred income tax assets, net	$	-		$	-

Changes Related to Valuation Allowance

The changes related to valuation allowance are as follows:

	For the Years Ended December 31,
	2021			2020		2019

Balance at the beginning of the year	$	19,072,736		$	16,969,593	$	12,020,484
Additions during the year		3,213,097			1,350,729		5,072,637
Expire of NOL		(1,243,653	)		-		-
Write-off of employee stock ownership plans deferred tax asset		(4,981,854	)		-		-
Change in tax rate		(959,106	)		-		-
Company deregistration		(708,266	)		-		-
Exchange rate effect		266,461			752,414		(123,528	)
Balance at the end of the year	$	14,659,415		$	19,072,736	$	16,969,593

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

LEASES [Abstract]

Summary of Lease Cost

A summary of lease cost recognized in the Company’s consolidated and combined statements of operations and comprehensive loss is as follows:

	For the Years Ended December 31,
	2021			2020			2019
Operating leases cost excluding short-term rental expense		$	682,616		$	232,758	$	446,260
Short-term lease cost			4,974		16,717			30,063
Total		$	687,590		$	249,475	$	476,323

Summary of Supplemental Information Related to Operating Leases

A summary of supplemental information related to operating leases is as follows:

	December 31, 2021		December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities	$	879,788	$	310,931	$	246,668
Weighted average remaining lease term	2.00 years		2.08 years		3.02 years
Weighted average discount rate	3.80%		4.75%		4.75%

Summary of Maturity of Lease Liabilities Under Operating Leases

The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2021:

For the year ending December 31,	Operating Leases
2022	$	858,478
2023		525,690
Total lease payments		1,384,168
Less: imputed interest		54,841
Total		1,329,327
Less: current portion		839,330
Non-current portion	$	489,997

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

SHARE-BASED COMPENSATION [Abstract]

Share Options Activity

A summary of share options activity for the years ended December 31, 2021, 2020 and 2019 is as follows:

	Number of Share Options			Weighted Average Exercise Price US$		Weighted Average Remaining Contractual Years		Aggregate Intrinsic Value US$
Outstanding at January 1, 2019		21,036,130			1.03		5.60		27,246,206
Granted		580,000			2.21
Exercised		-			-
Forfeited		-			-
Expired		-			-
Outstanding at December 31, 2019		21,616,130			1.07		4.69		28,639,946
Granted		-			-
Exercised		-			-
Forfeited		(2,640,000	)		1.66
Expired		-			-
Outstanding at December 31, 2020		18,976,130			0.98		3.56		24,410,306
Granted		-			-
Exercised		-			-
Forfeited		(5,492,000	)		1.42
Expired		(593,000	)		1.19
Outstanding at December 31, 2021		12,891,130			0.79
Modification of option as of 30/12/2021		9,225,271			1.10
Outstanding at December 31, 2021		9,225,271			1.10		2.60		42,799,081
Expected to vest at December 31, 2021		486,623			2.86		5.02		1,399,353
Exercisable as of December 31, 2021		8,738,648			1.00		2.46		41,399,727

Fair Value Assumptions

The assumptions used in the valuation model are summarized in the following table.

	For the Year Ended December 31,
	2021		2020	2019
	Modification	Before Modification
Expected volatility	58.09%-91.85%	82.33%-93.48%	82.33%-93.48%	82.33%-93.48%
Expected dividends yield	0%	0%	0%	0%
Risk-free interest rate per annum	0.06%-1.36%	1.84%-2.40%	1.84%-2.40%	1.84%-2.40%
The fair value of underlying ordinary shares (per share)	US$5.74	US$1.21-US$2.92	US$1.21-US$2.92	US$1.21-US$2.92

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

NET LOSS PER SHARE [Abstract]

Calculation of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share for each of the year presented were calculated as follows:

	For the Year Ended December 31,
	2021			2020			2019

Numerator:
Net loss attributable to the Company’s shareholders		(16,421,807	)		(5,165,892	)		(19,466,015	)
Denominator:
Weighted average ordinary shares used in computing basic and diluted loss per share		175,090,266			174,853,546			174,853,546
Basic and diluted net loss per share		(0.09	)		(0.03	)		(0.11	)

CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2021

CONCENTRATIONS [Abstract]

Customer and Purchase Concentration Risks

(a)

Customers

The following table sets forth information as to each customer that accounted for 10% or more of net revenue for the years ended December 31, 2021, 2020 and 2019.

	Year ended				Year ended				Year ended
	December 31, 2021,				December 31, 2020,				December 31, 2019,
Customer	Amount		% of Total		Amount		% of Total		Amount		% of Total
A	$	3,543,423	41	%	$	3,168,204	58	%	$	990,225	28	%
B		2,556,537	30	%		583,406	11	%		-	-
C		848,399	10	%		-	-			-	-
D		230,537	*			717,460	13	%		886,396	25	%
E		-	*			14,460	*			697,880	20	%
Total	$	7,178,896	81	%	$	4,483,530	82	%	$	2,574,501	73	%

*	Indicates below 10%.

The following table sets forth information as to each customer that accounted for 10% or more of total gross accounts receivable as of December 31, 2021 and 2020.

	As of December 31, 2021,						As of December 31, 2020,
Customer	Amount			% of Total			Amount			% of Total
A		$	2,084,879		59	%		$	422,367		27	%
E			864,106		25	%			843,923		53	%
Total		$	2,948,985		84	%		$	1,266,290		80	%

(b)

Suppliers

For the years ended December 31, 2021, 2020 and 2019, the Company’s material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows:

	Year ended December 31, 2021,					Year ended December 31, 2020,					Year ended December 31, 2019,
Supplier	Amount		% of Total			Amount		% of Total			Amount		% of Total
A	$	2,219,792		21	%	$	-		-		$	-		-
B		171,908		*			175,605		12	%		923,025		31	%
C		-		-			-		-			560,117		19	%
D		-		-			-		-			393,275		13	%
Total	$	2,391,700		21	%	$	175,605		12	%	$	1,876,417		63	%

*	Indicates below 10%.

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES [Abstract]

Future Minimum Lease Payment Under Non-cancellable Operating Lease

Future minimum lease payment under non-cancellable operating lease agreement was as follows:

For the year ending December 31,	Operating Leases
2022	$	615,991
2023		937,141
2024 and thereafter		7,498,835
Total	$	9,051,967

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Related Party Transactions and Balances

The table below sets forth the major related parties and their relationships with the Company:

Name of related parties:		Relationship with the Company
Mr. Peter Wang		Chairman, Chief Executive Officer, and principal shareholder of the Company
Mr. Yeung Heung Yeung		A principal shareholder of the Company, director of CAG Cayman and former director of CEG
Ms. Yan Yinjing		Immediate family of Mr. David Ming He, the former acting Chief Financial Officer of Cenntro until November 2020
Mr. Zhong Wei		Chief Technology Officer of the Company
Ms. Xu Cheng		Immediate family of Mr. Chris Xiongjian Chen, former Chief Operating Officer of CAG Cayman
CAG Cayman		Mr. Peter Wang is a principal shareholder
Devirra Corporation Limited and its subsidiaries (Collectively referred to the “Devirra Group”)		Entities controlled by CAG Cayman
Cenntro Holding Limited		Ultimately controlled by Mr. Peter Wang
Zhejiang Zhongchai Machinery Co., Ltd (“Zhejiang Zhongchai”)		Ultimately controlled by Mr. Peter Wang
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Jiangsu Rongyuan		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Hangzhou Hezhe Energy Technology Co., Ltd		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Zhuhai Hengzhong Industrial Investment Fund (Limited Partner) (“Zhuhai Hengzhong”)		Mr. Peter Wang served as General Partner
Shenzhen Yuanzheng Investment Development Co. Ltd (“Shenzhen Yuanzheng“)		Controlled by Mr. Yeung Heung Yeung
Bendon Limited		Controlled by Mr. Justin Davis-Rice, a director of CEGL
Shanghai Hengyu Enterprise Management Consulting Co., Ltd (“Shanghai Hengyu”)		Ultimately controlled by Mr. Peter Wang

Related party transactions

During the years ended December 31, 2021, 2020 and 2019, the Company had the following material related party transactions.

	For the Years Ended December 31,
	2021		2020		2019
Interest income from a related party
Zhejiang RAP	$	23,114	$	69,523	$	53,093

Purchase of raw materials from related parties
Devirra Group		-		-		1,002,086
Zhejiang Zhongchai		-		-		393,277
Jiangsu Rongyuan		24,799		-		560,120
Hangzhou Hezhe Energy Technology Co., Ltd		1,219,621		-	-

Consulting service provided by a related party
Shanghai Hengyu		29,919		107,905		121,596

Interest expense on loans provided by related parties
Mr. Yeung Heung Yeung		132,000		96,559		-
Mr. Zhong Wei		6,039		109,726		71,019
Others		40,005		72,483		52,466

Reclassification of loan payable from due to a related party to other current liabilities
Yan Yinjing⁽¹⁾		-		143,153		-

(1)	Yan Yinjing is the immediate family of Mr. David Ming He, former acting Chief Financial Officer of Cenntro until November 2020. Therefore, the loan payable to Ms. Yan Yinjing has been reclassified to accrued expense and other current liabilities as of December 31, 2020.

Amounts due from Related Parties – current

The following table presents amounts due from related parties as of December 31, 2021 and 2020.

	As of December 31,
	2021			2020
Hangzhou Hezhe⁽¹⁾		817,640			-
Zhejiang Zhongchai ⁽²⁾		412,797			464,066
Shanghai Hengyu		2,197			-
Jiangsu Rongyuan⁽³⁾		166,911			241,046
Devirra Group⁽⁴⁾		-		$	637,078
Total		1,399,545			1,342,190
Less: provision for receivable from a related party ⁽²⁾		(166,911	)		(241,046	)
Amounts due from related parties, net	$	1,232,634		$	1,101,144

(1)

The balance mainly represents the prepayment for raw material to the related party.

(2)

(3)

(4)

Amounts due from Related Parties – non-current

	As of December 31,
	2021		2020
Bendon Limited ⁽¹⁾	$	4,834,973	$	-
Total		4,834,973		-
Less: provision for receivable from a related party		-		-
Amounts due from related parties -noncurrent	$	4,834,973	$	-

(1)

Amounts due to Related Parties

The following table presents amounts due to related parties as of December 31, 2021 and 2020.

	As of December 31,
	2021		2020
CAG Cayman ⁽¹⁾	$	13,945,823	$	226,549
Mr. Yeung Heung Yeung ⁽²⁾		1,328,559		1,196,559
Shenzhen Yuanzheng ⁽²⁾		416,509		370,906
Zhejiang RAP ⁽³⁾		40,034		215,054
Jiangsu Rongyuan ⁽⁴⁾		25,103		-
Mr. Zhong Wei ⁽²⁾		-		923,751
Cenntro Holding Limited⁽⁵⁾		-		1,951
Mr. Peter Wang ⁽²⁾		-		81,496
Zhuhai Hengzhong ⁽⁵⁾		-		210,774
Ms. Xu Cheng ⁽²⁾		-		21,737
Total	$	15,756,028	$	3,248,777

(1)

(2)	The balance represented the interest-bearing loan provided by related parties to the Company. The weighted average annual interest rates for the loans were 12% and 17.31% as of December 31, 2021 and 2020, respectively. The balance is due on demand.

(3)	As of December 31, 2021, the balances represented the net balance of equity investment payable of $373,631 and interest-bearing loan and interest receivable from Zhejiang RAP of $333,597, which is due on demand.

(4)	The balance represented the payable for purchase of raw material from this related party.

(5)	The balance represented the advance funds from related parties for daily operational purposes. The funds are interests-free, and repayable upon demand.

ORGANIZATION AND PRINCIPAL ACTIVITIES, Reverse, Recapitalization (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 29, 2021 shares
Reverse Recapitalization [Abstract]
Shares issued (in shares)	174,853,546
Ordinary shares issued (in shares)	261,256,254	174,853,546
Ordinary shares outstanding (in shares)	261,256,254	174,853,546
Cash - NBG \| $	$ 247,382,859	$ 0	$ 0
Less: transaction costs \| $	(883,300)
Net cash contributions from reverse recapitalization \| $	$ 246,499,559
Amended 2016 Plan [Member]
Reverse Recapitalization [Abstract]
Ordinary shares, option to purchase (in shares)	9,225,271
Exchange ratio	0.71536
CAC [Member]
Reverse Recapitalization [Abstract]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
CEG [Member]
Reverse Recapitalization [Abstract]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
NBG [Member]
Reverse Recapitalization [Abstract]
Ordinary shares issued (in shares)	86,402,708			86,402,708
Ordinary shares outstanding (in shares)	86,402,708			86,402,708

ORGANIZATION AND PRINCIPAL ACTIVITIES, Subsidiaries Combination (Details)	12 Months Ended
	Dec. 31, 2021
Naked Brand Group, Inc. (NBGI) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jul. 27, 2012
Place of Incorporation	Nevada, U.S.
Percentage of direct or indirect economic interest	100.00%
Naked Inc. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 17, 2005
Place of Incorporation	Nevada, U.S.
Percentage of direct or indirect economic interest	100.00%
Cenntro Automotive Corporation (CAC) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 22, 2013
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100.00%
Cenntro Electric Group, Inc. (CEG) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 09, 2020
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100.00%
Cenntro Automotive Group Limited (CAG HK) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Feb. 15, 2016
Place of Incorporation	Hong Kong
Percentage of direct or indirect economic interest	100.00%
Simachinery Equipment Limited (Simachinery HK) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 02, 2011
Place of Incorporation	Hong Kong
Percentage of direct or indirect economic interest	100.00%
Zhejiang Cenntro Machinery Co., Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 20, 2021
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100.00%
Zhejiang Tooniu Tech Co., Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 19, 2018
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100.00%
Hangzhou Ronda Tech Co., Limited (Hangzhou Ronda) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 05, 2017
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100.00%
Hangzhou Cenntro Autotech Co., Limited (Cenntro Hangzhou) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 06, 2016
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100.00%
Zhejiang Sinomachinery Co., Limited (Sinomachinery Zhejiang) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 16, 2011
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100.00%
Shengzhou Cenntro Machinery Co., Limited (Cenntro Machinery) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jul. 12, 2012
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100.00%
Hangzhou Hengzhong Tech Co., Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 16, 2014
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100.00%
Zhejiang Xbean Tech Co., Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 28, 2016
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Plants and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2021
Machinery and Equipment [Member] \| Minimum [Member]
Property and Equipment [Abstract]
Useful lives	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property and Equipment [Abstract]
Useful lives	10 years
Office Equipment [Member]
Property and Equipment [Abstract]
Useful lives	5 years
Motor Vehicles [Member] \| Minimum [Member]
Property and Equipment [Abstract]
Useful lives	3 years
Motor Vehicles [Member] \| Maximum [Member]
Property and Equipment [Abstract]
Useful lives	5 years
Leasehold Improvements [Member] \| Minimum [Member]
Property and Equipment [Abstract]
Useful lives	3 years
Leasehold Improvements [Member] \| Maximum [Member]
Property and Equipment [Abstract]
Useful lives	10 years
Others [Member]
Property and Equipment [Abstract]
Useful lives	3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Intangible Assets, Net (Details)	12 Months Ended
	Dec. 31, 2021
Software [Member]
Intangible Assets, Net, Useful Lives [Abstract]
Intangible asset, estimated useful life	3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Equity Method Investments (Details)	Dec. 31, 2021
Minimum [Member]
Equity Method Investment [Abstract]
Ownership interest	20.00%
Maximum [Member]
Equity Method Investment [Abstract]
Ownership interest	50.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregated Revenue Information [Abstract]
Revenue	$ 8,576,832	$ 5,460,003	$ 3,575,887
Receivables and Contractual Liabilities from Contracts with Customers [Abstract]
Trade receivable (included in accounts receivable, net)	2,047,560	463,333
Contractual liabilities	1,943,623	1,690,837
Europe [Member]
Disaggregated Revenue Information [Abstract]
Revenue	4,380,752	4,008,763	2,859,779
America [Member]
Disaggregated Revenue Information [Abstract]
Revenue	3,420,636	734,206	383,718
Asia [Member]
Disaggregated Revenue Information [Abstract]
Revenue	729,868	717,034	332,390
Oceania [Member]
Disaggregated Revenue Information [Abstract]
Revenue	45,576	0	0
Vehicles Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue	7,287,478	5,037,454	3,224,794
Spare-Parts Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue	195,350	163,142	257,303
Other Service Income [Member]
Disaggregated Revenue Information [Abstract]
Revenue	$ 1,094,004	$ 259,407	$ 93,790

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 USD ($)
Income Tax Expense [Abstract]
Interest or penalties associated with tax position	$ 0		$ 0
Unrecognized tax positions	$ 0		$ 0
Hong Kong [Member]
Income Tax Expense [Abstract]
Period of prior tax assessment years from investigation	6 years
Extended period of prior tax assessment years from investigation	10 years
PRC [Member]
Income Tax Expense [Abstract]
Statute of limitations related to income tax examinations	3 years
Statute of limitations related to income tax examinations, under special circumstance	5 years
Statute of limitations related to income tax examinations, underpayment of taxes \| ¥		¥ 100,000
Statute of limitations related to income tax examinations, transfer pricing issues	10 years
U.S. Federal [Member]
Income Tax Expense [Abstract]
Open tax examination years	2013 2014 2015 2016 2017 2018 2019 2020 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Foreign Currency Translation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Foreign Currency Translation [Abstract]
Period end USD: RMB exchange rate	6.3726	6.5250	6.9618
Average USD: RMB exchange rate	6.4508	6.9042	6.9081

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segments (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Number of reportable segments \| Segment	1
Long-lived assets	$ 1,301,226	$ 1,039,191
PRC [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	848,827	1,005,680
US [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	351,852	33,511
Others [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	$ 100,547	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Non-controlling Interest (Details)	Dec. 31, 2021
CEGL [Member]
Non-controlling Interest [Abstract]
Percentage of ownership interest of subsidiaries	100.00%

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	12 Months Ended
ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable [Abstract]
Accounts receivable	$ 3,523,543	$ 1,584,448
Less: provision for doubtful accounts	(1,475,983)	(1,121,115)
Accounts receivable, net	2,047,560	463,333
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the year	1,121,115	874,355	$ 0
Additions	391,189	92,009	946,590
Write-off	(86,170)	0	(51,418)
Foreign exchange	49,849	154,751	(20,817)
Balance at the end of the year	$ 1,475,983	$ 1,121,115	$ 874,355

INVENTORIES (Details) - USD ($)	12 Months Ended
INVENTORIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVENTORIES [Abstract]
Raw material	$ 2,055,844	$ 1,713,761
Work-in-progress	1,110,469	931,249
Finished goods	4,973,503	1,562,980
Inventories	8,139,816	4,207,990
Impairment loss	$ 1,265,890	$ 719,608	$ 959,334

PREPAYMENT AND OTHER CURRENT ASSETS, NET (Details)

12 Months Ended

Dec. 31, 2021

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

USD ($)

Dec. 31, 2020

CNY (¥)

Dec. 31, 2019

USD ($)

PREPAYMENT AND OTHER CURRENT ASSETS, NET [Abstract]

Receivable from third parties

^[1]

$ 348,773

$ 805,382

Advance to suppliers

3,686,708

814,322

Deductible input value added tax

1,196,186

903,715

Refund for goods and services tax ("GST")

^[2]

2,488,528

Others

269,412

178,187

Total

7,989,607

2,701,606

Less: provision for receivable from third parties

^[3]

(613,850)

Prepayment and other current assets, net

7,989,607

2,087,756

Additional Information of Prepaid Expense And Other Assets Current [Abstract]

Receivable from third parties and advance to suppliers

157,445

$ 268,458

Xinlongma [Member]

Additional Information of Prepaid Expense And Other Assets Current [Abstract]

Receivable from agreement to provide spare-parts

301,486

Wuhu Baoqi [Member]

Additional Information of Prepaid Expense And Other Assets Current [Abstract]

Net receivable

$ 612,278

¥ 3,995,117

Hangzhou Magic [Member]

Additional Information of Prepaid Expense And Other Assets Current [Abstract]

Receivable recognized

$ 47,077

¥ 300,000

[1]	In 2021, the Company entered into an agreement with Fujian Xinlongma Automobile Co., Ltd.(“Xinlongma”) pursuant to which the Company agreed to provide spare-parts to Xinlongma and Xinlongma would develop electric vehicles. The Company intends to use the receivable in the amount of $301,486 to settle amounts payable to Xinlongma for the Company’s purchase of electric vehicles in the future.
[2]	GST is a value-added tax levied on goods and services sold for consumption in Australia. The balance as of December 31, 2021 is excess GST, which is refundable in the future.
[3]	The Company recorded provision for receivable from third parties and advance to suppliers of $157,445, nil and $268,458 for the years ended December 31, 2021, 2020 and 2019 respectively. The Company has written off all provision for receivables from third parties and advances to suppliers during the year ended December 31, 2021.

EQUITY METHOD INVESTMENTS (Details)

12 Months Ended

Nov. 30, 2021

USD ($)

Mar. 31, 2021

USD ($)

Mar. 18, 2019

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Jun. 23, 2021

USD ($)

Jun. 23, 2021

CNY (¥)

Dec. 31, 2018

Mar. 31, 2018

USD ($)

Jun. 28, 2017

USD ($)

Jun. 28, 2017

CNY (¥)

Dec. 31, 2014

$ 329,197

$ 0

$ 15,167

(330,103)

$ (1,235,306)

Maximum [Member]

Percentage of ownership interest, equity method investment

50.00%

Minimum [Member]

Percentage of ownership interest, equity method investment

20.00%

Hangzhou Hezhe [Member]

Percentage of ownership interest, equity method investment

$ 329,197

^[1]

$ 0

^[1]

$ 314,030

¥ 2,000,000

20.00%

Percentage of voting interests

33.00%

$ 15,167

Douha [Member]

Consideration for transferred equity interest, cost method investment

$ 508,156

Consideration for transferred equity interest, cost method investment

$ 508,156

Proceeds from sale of cost method investments

$ 465,941

Douha [Member] | Maximum [Member]

Percentage of ownership interest, cost method investment

20.00%

Zhejiang RAP [Member]

Percentage of ownership interest, equity method investment

$ 1,927,133

27.40%

33.40%

Consideration for transferred equity interest, equity method investment

$ 330,103

650,253

$ 955,400

Equity method investment, realized gain (loss) on disposal

794,624

Percentage of equity interests sold

6.00%

Percentage of ownership interest, equity method investment

$ 650,000

¥ 4,500,000

15.00%

Recognized impairment on equity method investment

140,142

$ 444,911

Jiangsu Rongyuan [Member] | Minimum [Member]

Percentage of voting interests

33.00%

[1]

PLANTS AND EQUIPMENT, NET (Details) - USD ($)		12 Months Ended
PLANTS AND EQUIPMENT, NET (Details) - USD ($)	Nov. 09, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
At Cost [Abstract]
Plants and equipment, gross		$ 4,087,376	$ 3,890,211
Less: accumulated depreciation		(2,786,150)	(2,851,020)
Plants and equipment, net		1,301,226	1,039,191
Amortization of land use rights			420,834	$ 458,829
Disposed land use rights and buildings for consideration	$ 34,326,979
Gain from disposal of plant and equipment	$ 7,005,446	0	7,005,446	0
Depreciation expenses		589,576	1,350,922	1,544,900
Impairment loss		6,215	58,760	$ 0
Machinery and Equipment [Member]
At Cost [Abstract]
Plants and equipment, gross		2,068,056	1,972,035
Leasehold Improvement [Member]
At Cost [Abstract]
Plants and equipment, gross		899,538	652,520
Office Equipment [Member]
At Cost [Abstract]
Plants and equipment, gross		818,703	950,106
Motor Vehicles [Member]
At Cost [Abstract]
Plants and equipment, gross		$ 301,079	$ 315,550

OTHER NON-CURRENT ASSETS, NET (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Other Non-current Assets, Net [Abstract]

Deposit

$ 564,007

$ 113,719

Deferred offering cost

1,003,929

Long-term prepayment

1,587,693

^[1]

Receivable from a third party

^[2]

2,353,827

2,298,851

Total

4,505,527

3,416,499

Less: provision for receivable from a third party

^[2]

(2,353,827)

(2,298,851)

Other non-current assets, net

$ 2,151,700

$ 1,117,648

Purchased a prepaid insurance policy for existing officers and directors

6 years

[1]

In 2021, NBG purchased a six-year prepaid officers’ and directors’ liability insurance policy for the then existing officers and directors in connection with the closing of the Combination.

[2]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)

Dec. 31, 2021

Dec. 31, 2020

Accrued expenses and other current liabilities [Abstract]

Loans from third parties

^[1]

$ 419,642

$ 4,073,856

Accrued professional fees

^[2]

2,429,843

370,555

Credit card payable

510,151

^[3]

Employee payroll and welfare payables

561,469

973,637

Other taxes payable

48,672

6,576

Others

213,486

318,699

Total

4,183,263

5,743,323

Interest-free loans

65,900

Interest-bearing loans

$ 419,642

$ 4,007,956

Weighted average annual interest rate

11.17%

13.59%

Fees and expenses payable

$ 904,843

Consulting fees payable

1,200,000

Nasdaq listing fees payable

$ 325,000

[1]	Loans from third parties represented a combined aggregate interest-free loans of nil and $65,900 as of December 31, 2021 and 2020, respectively, and combined aggregate interest-bearing loans of $419,642 and $4,007,956 as of December 31, 2021 and 2020, respectively, with the weighted average annual interest rate of 11.17% and 13.59%, respectively. The balance was due on demand and has since been repaid.
[2]	Accrued professional fees represent Combination related fees and expenses payable of $904,843, consulting fees payable of $1,200,000 and Nasdaq listing fees payable of $325,000.
[3]	Credit card expense represented the credit card payments payable to the issuing financial institution, which was fully repaid in January 2022.

INCOME TAXES, Federal Tax Rate (Details)	12 Months Ended
INCOME TAXES, Federal Tax Rate (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Australia [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	30.00%
United States [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	21.00%
Hong Kong [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate for below HK$2.0 million	8.25%
Federal tax rate for above HK$2.0 million	16.50%
PRC [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25.00%	25.00%	25.00%

INCOME TAXES, Components of (Loss) Profit Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES [Abstract]
Income tax expenses	$ 0	$ 0	$ 0
Components of (Loss) Profit Before Income Taxes [Abstract]
Loss before income taxes	(16,421,807)	(5,196,931)	(19,505,470)
PRC [Member]
Components of (Loss) Profit Before Income Taxes [Abstract]
Loss before income taxes	(5,477,857)	108,221	(13,779,840)
Non-PRC [Member]
Components of (Loss) Profit Before Income Taxes [Abstract]
Loss before income taxes	$ (10,943,950)	$ (5,305,152)	$ (5,725,630)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Employee share option plan expense

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES, Stautory Income Tax Rate to Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statutory Income Tax Rate to Income Before Income Taxes [Abstract]
Loss before provision for income tax	$ (16,421,807)	$ (5,196,931)	$ (19,505,470)
Effect of differing tax rates	700,336	91,397	33,047
Effect of non-deductible expenses	396,826	95,659	36,694
Effect of research and development deduction	(204,807)	(147,155)	(232,963)
Effect of valuation allowance	3,213,097	1,259,332	5,039,590
Total income tax expense	$ 0	$ 0	$ 0
Effective income tax rate	0.00%	0.00%	0.00%
PRC [Member]
Statutory Income Tax Rate to Income Before Income Taxes [Abstract]
Loss before provision for income tax	$ (5,477,857)	$ 108,221	$ (13,779,840)
Statutory income tax rate	25.00%	25.00%	25.00%
Income tax expense at the statutory rate	$ (4,105,452)	$ (1,299,233)	$ (4,876,368)

INCOME TAXES, Deferred Taxes Assets, Net (Details) - USD ($)

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Deferred Tax Assets [Abstract]

^[1]

$ 0

$ 4,981,854

Impairment loss

2,013,232

1,993,546

Tax loss carry forwards

12,646,183

12,097,336

Total deferred income tax assets

14,659,415

19,072,736

Valuation allowance

(14,659,415)

(19,072,736)

$ (16,969,593)

$ (12,020,484)

Deferred income tax assets, net

$ 0

[1]

In connection with the closing of the Combination, each employee stock option outstanding under the Amended 2016 Plan immediately prior to the closing was automatically converted into an option to purchase a number of ordinary shares of CEGL. The Company does not intend to take a tax deduction for the share-based compensation in Australia as the options were granted primarily to China and US employees. Therefore, the related expense was non-deductible for the year ended December 31, 2021, and the prior year deferred income tax asset balance was written off as of December 31, 2021.

INCOME TAXES, Valuation Allowance (Details) - USD ($)	12 Months Ended
INCOME TAXES, Valuation Allowance (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation Allowance [Roll Forward]
Balance at the beginning of the year	$ 19,072,736	$ 16,969,593	$ 12,020,484
Additions during the year	3,213,097	1,350,729	5,072,637
Expire of NOL	(1,243,653)	0	0
Write-off of employee stock ownership plans deferred tax asset	(4,981,854)	0	0
Change in tax rate	(959,106)	0	0
Company deregistration	(708,266)	0	0
Exchange rate effect	266,461	752,414	(123,528)
Balance at the end of the year	14,659,415	19,072,736	$ 16,969,593
Unrecognized uncertain tax positions	0	0
Unrecognized liabilities, interest or penalties	0	$ 0
Hong Kong [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	976,786
United States [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 13,357,248
Percentage of annual taxable income	80.00%
United States [Member] \| 2035 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 3,740,688
United States [Member] \| 2036 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	1,430,246
PRC [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	41,251,350
PRC [Member] \| 2022 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	7,973,456
PRC [Member] \| 2023 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	15,541,874
PRC [Member] \| 2024 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	7,556,351
PRC [Member] \| 2025 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	3,362,995
PRC [Member] \| 2026 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 6,816,673

LEASES (Details) - USD ($)	12 Months Ended
LEASES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease Cost [Abstract]
Operating leases cost excluding short-term rental expense	$ 682,616	$ 232,758	$ 446,260
Short-term lease cost	4,974	16,717	30,063
Total	687,590	249,475	476,323
Supplemental Information Related to Operating Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 879,788	$ 310,931	$ 246,668
Weighted average remaining lease term	2 years	2 years 29 days	3 years 7 days
Weighted average discount rate	3.80%	4.75%	4.75%
Maturity of Lease Liabilities [Abstract]
2022	$ 858,478
2023	525,690
Total lease payments	1,384,168
Less: imputed interest	54,841
Total	1,329,327
Less: current portion	$ 839,330	$ 131,014
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Less: current portion
Non-current portion	$ 489,997	$ 356,143
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Non-current portion

SHARE-BASED COMPENSATION, Share Options (Details)							12 Months Ended
SHARE-BASED COMPENSATION, Share Options (Details)	Dec. 30, 2021 shares	Apr. 17, 2018 Installment shares	Dec. 31, 2017 $ / shares shares	Aug. 01, 2017 $ / shares shares	May 31, 2016 $ / shares shares	Mar. 07, 2016 $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Feb. 10, 2016 shares
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $							$ 1,128,325	$ 3,364,217	$ 4,923,509
Amended 2016 Plan [Member]
Share-Based Compensation [Abstract]
Options granted (in shares)	12,891,130
Exchange ratio	0.71563
Options converted (in shares)	9,225,271
Employees and Directors [Member] \| 2016 Plan [Member]
Share-Based Compensation [Abstract]
Shares authorized (in shares)		24,624,157
Number of additional shares available for issuance (in shares)		10,484,797
Number of equal annual instalments \| Installment		5
Percentage of each equal annual instalments		20.00%
Options granted (in shares)			2,580,000	6,300,000	650,000	12,169,840
Exercise price range, lower range limit (in dollars per share) \| $ / shares			$ 1.6500	$ 1.6500	$ 0.2000	$ 0.2000
Exercise price range, upper range limit (in dollars per share) \| $ / shares			$ 1.8792	$ 1.8792	$ 1.2092	$ 1.2092
Employees and Directors [Member] \| 2016 Plan [Member] \| Minimum [Member]
Share-Based Compensation [Abstract]
Options expiration period							6 years
Options contractual term							6 years
Employees and Directors [Member] \| 2016 Plan [Member] \| Maximum [Member]
Share-Based Compensation [Abstract]
Shares authorized (in shares)										14,139,360
Options expiration period							8 years
Options contractual term							8 years

SHARE-BASED COMPENSATION, Share Options Activity (Details) - Stock Options [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 30, 2021
Number of Share Options [Roll Forward]
Outstanding, beginning balance (in shares)	18,976,130	21,616,130	21,036,130
Granted (in shares)	0	0	580,000
Exercised (in shares)	0	0	0
Forfeited (in shares)	(5,492,000)	(2,640,000)	0
Expired (in shares)	(593,000)	0	0
Outstanding, ending balance (in shares)	12,891,130	18,976,130	21,616,130	21,036,130
Modification of option (in shares)					9,225,271
Outstanding modification of option (in shares)	9,225,271
Expected to vest, period end (in shares)	486,623
Exercisable, period end (in shares)	8,738,648
Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 0.98	$ 1.07	$ 1.03
Granted (in dollars per share)	0	0	2.21
Exercised (in dollars per share)	0	0	0
Forfeited (in dollars per share)	1.42	1.66	0
Expired (in dollars per share)	1.19	0	0
Outstanding, ending balance (in dollars per share)	0.79	$ 0.98	$ 1.07	$ 1.03
Modification of option (in dollars per share)					$ 1.10
Outstanding modification of option (in dollars per share)	1.10
Expected to vest, period end (in dollars per share)	2.86
Exercisable, period end (in dollars per share)	$ 1.00
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value [Abstract]
Outstanding, weighted average remaining contractual term	2 years 7 months 6 days	3 years 6 months 21 days	4 years 8 months 8 days	5 years 7 months 6 days
Expected to vest, weighted average remaining contractual term	5 years 7 days
Exercisable, weighted average remaining contractual term	2 years 5 months 15 days
Outstanding, aggregate intrinsic value	$ 42,799,081	$ 24,410,306	$ 28,639,946	$ 27,246,206
Expected to vest, aggregate intrinsic value	1,399,353
Exercisable, aggregate intrinsic value	$ 41,399,727

SHARE-BASED COMPENSATION, Assumptions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unrecognized Compensation Cost [Abstract]
Total unrecognized compensation cost	$ 2,189,201
Unrecognized compensation cost, recognition period	2 years 18 days
Stock Options [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected dividends yield		0.00%	0.00%
Stock Options [Member] \| Modification [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected dividends yield	0.00%
The fair value of underlying ordinary shares (in dollars per share)	$ 5.74
Stock Options [Member] \| Before Modification [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected dividends yield	0.00%
Stock Options [Member] \| Minimum [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility		82.33%	82.33%
Risk-free interest rate per annum		1.84%	1.84%
The fair value of underlying ordinary shares (in dollars per share)		$ 1.21	$ 1.21
Stock Options [Member] \| Minimum [Member] \| Modification [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility	58.09%
Risk-free interest rate per annum	0.06%
Stock Options [Member] \| Minimum [Member] \| Before Modification [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility	82.33%
Risk-free interest rate per annum	1.84%
The fair value of underlying ordinary shares (in dollars per share)	$ 1.21
Stock Options [Member] \| Maximum [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility		93.48%	93.48%
Risk-free interest rate per annum		2.40%	2.40%
The fair value of underlying ordinary shares (in dollars per share)		$ 2.92	$ 2.92
Stock Options [Member] \| Maximum [Member] \| Modification [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility	91.85%
Risk-free interest rate per annum	1.36%
Stock Options [Member] \| Maximum [Member] \| Before Modification [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility	93.48%
Risk-free interest rate per annum	2.40%
The fair value of underlying ordinary shares (in dollars per share)	$ 2.92

ORDINARY SHARES AND RESTRICTED NET ASSETS (Details)	12 Months Ended
ORDINARY SHARES AND RESTRICTED NET ASSETS (Details)	Dec. 31, 2021 USD ($) Vote shares	Dec. 29, 2021 shares	Dec. 31, 2020 shares
Ordinary Shares [Abstract]
Ordinary shares issued (in shares)	261,256,254		174,853,546
Ordinary shares outstanding (in shares)	261,256,254		174,853,546
Number of votes entitled for each share of ordinary share \| Vote	1
Restricted Net Assets [Abstract]
Restricted net assets of PRC subsidiaries \| $	$ 37,383,696
Percentage of consolidated net assets of PRC subsidiaries	14.00%
NBG [Member]
Ordinary Shares [Abstract]
Ordinary shares issued (in shares)	86,402,708	86,402,708
Ordinary shares outstanding (in shares)	86,402,708	86,402,708
CAG Cayman [Member] \| CEGL [Member]
Ordinary Shares [Abstract]
Number of common stock shares issued in business consideration (in shares)	174,853,546

NET LOSS PER SHARE (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Numerator [Abstract]

Net loss attributable to the Company's shareholders

$ (16,421,807)

$ (5,165,892)

$ (19,466,015)

Denominator [Abstract]

Weighted average ordinary shares used in computing basic loss per share (in shares)

^[1]

175,090,266

174,853,546

Weighted average ordinary shares used in computing diluted loss per share (in shares)

^[1]

175,090,266

174,853,546

Basic net loss per share (in dollars per share)

^[1]

$ (0.09)

$ (0.03)

$ (0.11)

Diluted net loss per share (in dollars per share)

^[1]

$ (0.09)

$ (0.03)

$ (0.11)

[1]

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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CONCENTRATIONS (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

$ 8,576,832

$ 5,460,003

$ 3,575,887

3,523,543

1,584,448

Revenue [Member] | Customer Concentration Risk [Member] | Customer [Member]

7,073,391

4,889,850

3,699,741

$ 7,178,896

$ 4,483,530

$ 2,574,501

Revenue [Member] | Customer Concentration Risk [Member] | Customer A [Member]

81.00%

82.00%

73.00%

$ 3,543,423

$ 3,168,204

$ 990,225

Revenue [Member] | Customer Concentration Risk [Member] | Customer B [Member]

41.00%

58.00%

28.00%

$ 2,556,537

$ 583,406

$ 0

Revenue [Member] | Customer Concentration Risk [Member] | Customer C [Member]

30.00%

11.00%

0.00%

$ 848,399

$ 0

Revenue [Member] | Customer Concentration Risk [Member] | Customer D [Member]

10.00%

0.00%

$ 230,537

$ 717,460

$ 886,396

Revenue [Member] | Customer Concentration Risk [Member] | Customer E [Member]

^[1]

13.00%

25.00%

$ 0

$ 14,460

$ 697,880

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member]

^[1]

20.00%

84.00%

80.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member]

$ 2,948,985

$ 1,266,290

59.00%

27.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member]

$ 2,084,879

$ 422,367

25.00%

53.00%

Purchases [Member] | Supplier Concentration Risk [Member] | Supplier [Member]

$ 864,106

$ 843,923

21.00%

12.00%

63.00%

Purchases [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]

$ 2,391,700

$ 175,605

$ 1,876,417

21.00%

0.00%

Purchases [Member] | Supplier Concentration Risk [Member] | Supplier B [Member]

$ 2,219,792

$ 0

^[1]

12.00%

31.00%

Purchases [Member] | Supplier Concentration Risk [Member] | Supplier C [Member]

$ 171,908

$ 175,605

$ 923,025

0.00%

19.00%

Purchases [Member] | Supplier Concentration Risk [Member] | Supplier D [Member]

$ 0

$ 560,117

0.00%

13.00%

Interest income from a related party

$ 0

$ 393,275

[1]	Indicates below 10%.

COMMITMENTS AND CONTINGENCIES, Litigation (Details) - Sevic Lawsuit [Member] - Damages from Product Defects [Member]	1 Months Ended
	Oct. 31, 2021 USD ($) PurchaseOrder	Dec. 31, 2021 USD ($)
Litigation [Abstract]
Number of signed purchase orders terminated \| PurchaseOrder	2
Money awarded for cost of goods awarded	$ 465,400
Total damages	$ 628,109
Restricted cash		$ 465,524

COMMITMENTS AND CONTINGENCIES, Commitment for Operating Leases not Included in Operating Lease Liability (Details)	Jan. 20, 2022 USD ($) ft²	Dec. 24, 2021 USD ($) ft²	Dec. 31, 2021 USD ($)
Commitment for Operating Leases not Included in Operating Lease Liability [Abstract]
Annual rent, first year			$ 858,478
Annual rent, second year			$ 525,690
Dusseldorf Facility [Member]
Commitment for Operating Leases not Included in Operating Lease Liability [Abstract]
Area in lease facility (in square feet) \| ft²		27,220
Lease expiration date		Dec. 31, 2024
Lease facility annual rent		$ 210,991
Jacksonville Facility [Member] \| Subsequent Event [Member]
Commitment for Operating Leases not Included in Operating Lease Liability [Abstract]
Area in lease facility (in square feet) \| ft²	100,000
Lease termination term	120 months
Rent abatement period	5 months
Annual rent, first year	$ 695,000
Annual rent, second year	722,800
Annual rent, third year	$ 751,710

COMMITMENTS AND CONTINGENCIES, Future Minimum Lease Payment (Details)	Dec. 31, 2021 USD ($)
Future Minimum Lease Payment [Abstract]
2022	$ 858,478
2023	525,690
Total lease payments	1,384,168
Non-cancellable Operating Lease Agreement [Member]
Future Minimum Lease Payment [Abstract]
2022	615,991
2023	937,141
2024 and thereafter	7,498,835
Total lease payments	$ 9,051,967

RELATED PARTY TRANSACTIONS, Related Parties (Details)	12 Months Ended
RELATED PARTY TRANSACTIONS, Related Parties (Details)	Dec. 31, 2021
Mr. Peter Wang [Member]
Related Parties [Abstract]
Relationship with the Company	Chairman, Chief Executive Officer, and principal shareholder of the Company
Mr. Yeung Heung Yeung [Member]
Related Parties [Abstract]
Relationship with the Company	A principal shareholder of the Company, director of CAG Cayman and former director of CEG
Yan Yinjing [Member]
Related Parties [Abstract]
Relationship with the Company	Immediate family of Mr. David Ming He, the former acting Chief Financial Officer of Cenntro until November 2020
Mr. Zhong Wei [Member]
Related Parties [Abstract]
Relationship with the Company	Chief Technology Officer of the Company
Ms. Xu Cheng [Member]
Related Parties [Abstract]
Relationship with the Company	Immediate family of Mr. Chris Xiongjian Chen, former Chief Operating Officer of CAG Cayman
CAG Cayman [Member]
Related Parties [Abstract]
Relationship with the Company	Mr. Peter Wang is a principal shareholder
Devirra Corporation Limited and its Subsidiaries (Collectively referred to the "Devirra Group") [Member]
Related Parties [Abstract]
Relationship with the Company	Entities controlled by CAG Cayman
Cenntro Holding Limited [Member]
Related Parties [Abstract]
Relationship with the Company	Ultimately controlled by Mr. Peter Wang
Zhejiang Zhongchai Machinery Co., Ltd ("Zhejiang Zhongchai") [Member]
Related Parties [Abstract]
Relationship with the Company	Ultimately controlled by Mr. Peter Wang
Zhejiang RAP [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Jiangsu Rongyuan [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Hangzhou Hezhe Energy Technology Co., Ltd [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Zhuhai Hengzhong Industrial Investment Fund (Limited Partner) ("Zhuhai Hengzhong") [Member]
Related Parties [Abstract]
Relationship with the Company	Mr. Peter Wang served as General Partner
Shenzhen Yuanzheng Investment Development Co. Ltd ("Shenzhen Yuanzheng") [Member]
Related Parties [Abstract]
Relationship with the Company	Controlled by Mr. Yeung Heung Yeung
Bendon Limited [Member]
Related Parties [Abstract]
Relationship with the Company	Controlled by Mr. Justin Davis-Rice, a director of CEGL
Shanghai Hengyu Enterprise Management Consulting Co., Ltd ("Shanghai Hengyu") [Member]
Related Parties [Abstract]
Relationship with the Company	Ultimately controlled by Mr. Peter Wang

RELATED PARTY TRANSACTIONS, Transactions (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Zhejiang RAP [Member]

$ 23,114

$ 69,523

$ 53,093

Devirra Group [Member]

Zhejiang Zhongchai [Member]

1,002,086

393,277

Hangzhou Hezhe Energy Technology Co., Ltd [Member]

24,799

560,120

Consulting service provided by a related party

1,219,621

Shanghai Hengyu [Member]

29,919

107,905

121,596

Mr. Yeung Heung Yeung [Member]

Interest expense on loans provided by related parties

132,000

96,559

Mr. Zhong Wei [Member]

Interest expense on loans provided by related parties

6,039

109,726

71,019

Others [Member]

Interest expense on loans provided by related parties

40,005

72,483

52,466

Yan Yinjing [Member]

Reclassification of loan payable from due to a related party to other current liabilities

^[1]

$ 0

$ 143,153

$ 0

[1]	Yan Yinjing is the immediate family of Mr. David Ming He, former acting Chief Financial Officer of Cenntro until November 2020. Therefore, the loan payable to Ms. Yan Yinjing has been reclassified to accrued expense and other current liabilities as of December 31, 2020.

RELATED PARTY TRANSACTIONS, Due from Related Parties (Details)

12 Months Ended

Dec. 31, 2021

USD ($)

Dec. 31, 2021

NZD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

$ 1,399,545

$ 1,342,190

Less: provision for receivable from a related party

^[1]

(166,911)

(241,046)

Amounts due from related parties, net

1,232,634

1,101,144

Accounts receivable relating to the sale of industrial equipment

^[2]

348,773

805,382

Amount due from Related Parties, Noncurrent [Abstract]

Amounts due from related parties before provision for receivable

4,834,973

Less: provision for receivable from a related party

Amounts due from related parties -noncurrent

$ 4,834,973

5 - Year Loan [Member]

Amount due from Related Parties, Noncurrent [Abstract]

Loan term (in years)

5 years

Aggregate principal amount

$ 4,787,300

$ 7,000,000

Bearing interest rate

2.50%

Maturity period

Aug. 31, 2026

Hangzhou Hezhe [Member]

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

^[3]

$ 817,640

Zhejiang Zhongchai [Member]

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

^[1]

412,797

464,066

Accounts receivable relating to the sale of industrial equipment

340,770

Advances to related party

72,027

Shanghai Hengyu [Member]

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

2,197

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

^[4]

166,911

241,046

Provision for receivable from advances to related party

227,807

$ 206,187

Reversal of provision for receivable from related party

78,931

Devirra Group [Member]

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

^[5]

637,078

Proceeds from related party current

210,297

Forgiven related party due

426,781

Bendon Limited [Member]

Amount due from Related Parties, Noncurrent [Abstract]

Amounts due from related parties before provision for receivable

^[6]

$ 4,834,973

$ 0

[1]	The balances mainly represent accounts receivable relating to the sale of industrial equipment of $340,770 and advances to Zhejiang Zhongchai for daily operational purposes of $72,027 as of December 31, 2021.
[2]	In 2021, the Company entered into an agreement with Fujian Xinlongma Automobile Co., Ltd.(“Xinlongma”) pursuant to which the Company agreed to provide spare-parts to Xinlongma and Xinlongma would develop electric vehicles. The Company intends to use the receivable in the amount of $301,486 to settle amounts payable to Xinlongma for the Company’s purchase of electric vehicles in the future.
[3]	The balance mainly represents the prepayment for raw material to the related party.
[4]	The balances mainly represent advances to related parties for daily operational purposes. The business conditions of Jiangsu Rongyuan deteriorated and, as a result, the Company recognized provision for receivables of nil, $227,807 and $206,187 for the years ended December 31, 2021, 2020 and 2019, respectively. For the year ended December 31, 2020, the Company wrote off the balance of provision that it recognized in 2019. The Company reversed the provision of $78,931 for the year ended December 31, 2021 due to the repayment from the related party.
[5]	The balance represented the advances to related parties for daily operational purposes, which was due on demand. For the year ended December 31, 2021, $210,297 was collected and remaining $426,781 was forgiven.
[6]	The balance represents a 5-year loan in the aggregate principal amount of $4,787,300 (New Zealand Dollar 7,000,000) to the related party, bearing interest of 2.5% annually and maturing in August 2026.

RELATED PARTY TRANSACTIONS, Due to Related Parties (Details) - USD ($)

1 Months Ended

12 Months Ended

Feb. 28, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Reduction of capital investment

$ 15,756,028

$ 3,248,777

13,930,000

$ 0

CAG Cayman [Member]

Reduction of capital investment

^[1]

13,945,823

226,549

Operating funds

15,823

13,930,000

CAG Cayman [Member] | Subsequent Event [Member]

Repayment to related party funds

$ 13,930,000

Mr. Yeung Heung Yeung [Member]

Shenzhen Yuanzheng [Member]

^[2]

1,328,559

1,196,559

Weighted average annual interest rates

^[2]

$ 416,509

$ 370,906

12.00%

17.31%

Zhejiang RAP [Member]

Equity investment payable

^[3]

$ 40,034

$ 215,054

373,631

Interest-bearing loan and interest receivable

333,597

^[4]

25,103

Mr. Zhong Wei [Member]

Cenntro Holding Limited [Member]

^[2]

923,751

^[5]

1,951

Mr. Peter Wang [Member]

Zhuhai Hengzhong [Member]

^[2]

81,496

^[5]

210,774

Ms. Xu Cheng [Member]