0001140361-24-016853 | 10-K | XBRL Viewer

$ 10,468

$ 716,372

Other income

26,746

Antric GmbH [Member]

Equity method investments, related party

^[1]

666,396

$ 2,674,500

€ 2,500,000

Percentage of equity interest acquired, related party

25.00%

Payment for capital investments

1,977,380

€ 1,868,750

Zhejiang RAP [Member]

Jiangsu Rongyuan [Member]

10,468

23,882

^[2]

23,194

Shanghai Hengyu [Member]

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

^[2]

$ 0

$ 2,900

[1]	The balance represented the capital injection payable to this related party. On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. For the year ended December 31, 2022, capital investment of EUR1,868,750 (approximately $1,977,380) was paid to Antric GmbH.
[2]	The balance represented the payable of purchase of raw material to Jiangsu Rongyuan and service fee payable to Shanghai Hengyu . In July 2023 and December 2023, Shanghai Hengyu and Jiangsu Rongyuan were deregistered, respectively. Thus the balance of these related parties was written off and other income of $26,746 was recognized for the year ended December 31, 2023.

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 10 – PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:

	December 31, 2023			December 31, 2022
At cost:
Plant and building	$	11,509,679		$	11,453,436
Land		1,063,270			-
Machinery and equipment		3,406,214			2,413,087
Leasehold improvement		6,103,786			2,956,515
Office equipment		1,693,588			1,192,443
Motor vehicles		771,259			352,972
Construction in progress		531,249			-
Total		25,079,045			18,368,453
Less: accumulated depreciation		(4,677,524	)		(3,405,862	)
Property, plant and equipment, net	$	20,401,521		$	14,962,591

Depreciation expenses for the years ended December 31, 2023 and 2022 were $1,456,984 and $907,739, respectively. Impairment loss for the years ended December 31, 2023 and 2022 were $431,319 and $550,402, respectively.

INVENTORIES (Details) - USD ($)	12 Months Ended
INVENTORIES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
INVENTORIES [Abstract]
Raw material	$ 10,209,773	$ 9,311,419
Work-in-progress	1,494,441	290,220
Goods in transit	3,774,310	2,364,136
Finished goods	28,431,040	19,877,596
Inventories	43,909,564	31,843,371
Impairment loss	$ 658,622	$ 2,155,400

Insider Trading	3 Months Ended
Insider Trading	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 29,375,727	$ 153,966,777
Restricted cash	196,170	130,024
Short-term investment	4,236,588	0
Accounts receivable, net	6,530,801	565,398
Inventories	43,909,564	31,843,371
Prepayment and other current assets	20,391,150	16,138,330
Amounts due from related parties - current	$ 287,439	$ 366,936
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Total current assets	$ 104,927,439	$ 203,010,836
Non-current assets:
long-term investments	4,685,984	5,325,741
Investment in equity securities	26,158,474	29,759,195
Property, plant and equipment, net	20,401,521	14,962,591
Goodwill	223,494	0
Intangible assets, net	6,873,781	4,563,792
Right-of-use assets	20,039,625	8,187,149
Other non-current assets, net	2,227,672	2,039,012
Total non-current assets	80,610,551	64,837,480
Total Assets	185,537,990	267,848,316
Current liabilities:
Accounts payable	6,797,852	3,383,021
Accrued expenses and other current liabilities	4,263,887	5,048,641
Contractual liabilities	3,394,044	2,388,480
Operating lease liabilities, current	4,741,599	1,313,334
Convertible promissory notes	9,956,000	57,372,827
contingent liabilities	26,669	0
Deferred government grant, current	108,717	26,533
Amounts due to related parties	$ 10,468	$ 716,372
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Total current liabilities	$ 29,299,236	$ 70,249,208
Non-current liabilities:
Contingent liabilities non-current	230,063	0
Deferred tax liabilities	228,086	0
Deferred government grant, non-current	1,929,733	497,484
Derivative liability - investor warrant	12,189,508	14,334,104
Derivative liability - placement agent warrant	3,456,578	3,456,404
Operating lease liabilities, non-current	16,339,619	7,421,582
Total non-current liabilities	34,373,587	25,709,574
Total Liabilities	63,672,823	95,958,782
Commitments and contingencies
EQUITY
Ordinary shares (No par value; 30,828,778 and 30,084,200 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	0	0
Additional paid in capital	402,337,393	397,497,817
Accumulated deficit	(274,023,501)	(219,824,176)
Accumulated other comprehensive loss	(6,444,485)	(5,306,972)
Total equity attributable to shareholders	121,869,407	172,366,669
Non-controlling interests	(4,240)	(477,135)
Total Equity	121,865,167	171,889,534
Total Liabilities and Equity	$ 185,537,990	$ 267,848,316

CONSOLIDATED 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, 2021

$ 0

$ 374,901,939

$ (109,735,935)

$ (1,392,699)

$ 263,773,305

$ 0

$ 263,773,305

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

26,125,625

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

Share-based compensation

$ 0

4,031,629

Exercise of warrants

$ 0

18,549,864

Exercise of warrants (in shares)

3,953,427

Exercise of share-based award

$ 0

14,385

Exercise of share-based award (in shares)

5,147

Net loss

$ 0

(110,088,241)

(2,057,022)

(112,145,263)

Acquisition of CAE's equity interests

1,555,320

Foreign currency translation adjustment

(3,914,273)

24,567

(3,889,706)

Ending balance at Dec. 31, 2022

$ 0

397,497,817

(219,824,176)

(5,306,972)

172,366,669

(477,135)

$ 171,889,534

Ending balance (in shares) at Dec. 31, 2022

30,084,199

30,084,200

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

Share-based compensation

$ 0

5,230,273

$ 5,230,273

Exercise of warrants

$ 0

2,168,185

Exercise of warrants (in shares)

360,710

Net loss

$ 0

(54,199,325)

(161,430)

(54,360,755)

Acquisition of CAE's equity interests

(2,558,882)

658,892

(1,899,990)

Fractional shares issued due to reverse stock split

$ 0

Fractional shares issued due to reverse stock split (in shares)

^[1]

383,869

Foreign currency translation adjustment

$ 0

(1,137,513)

(24,567)

(1,162,080)

Ending balance at Dec. 31, 2023

$ 0

$ 402,337,393

$ (274,023,501)

$ (6,444,485)

$ 121,869,407

$ (4,240)

$ 121,865,167

Ending balance (in shares) at Dec. 31, 2023

30,828,778

^[1]

30,828,778

[1]

On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023. The one-for-ten reverse stock split decreased the number of outstanding shares and increased net loss per common share. All per share and share amounts presented have been retroactively adjusted for the effect of this share consolidation for all periods presented.

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES [Abstract]

Summary of Lease Cost

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

	For the Years Ended December 31,
	2023		2022
Operating leases cost excluding short-term rental expense	$	4,745,560	$	1,616,853
Short-term lease cost		809,894		238,386
Total	$	5,555,454	$	1,855,239

Summary of Supplemental Information Related to Operating Leases

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

	December 31, 2023			December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities	$	4,012,410		$	1,108,721
Weighted average remaining lease term	6.13 years			8.36 years
Weighted average discount rate		6.33	%		4.27	%

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, 2023:

For the year ending December 31,	Operating Leases
2024	$	4,908,465
2025		4,127,389
2026		4,180,335
2027		4,221,505
2028		2,176,965
2029 and thereafter		5,784,794
Total lease payments		25,399,453
Less: imputed interest		4,318,235
Total	$	21,081,218
Less: current portion		4,741,599
Non-current portion		16,339,619

NET LOSS PER SHARE (Details)

12 Months Ended

Dec. 08, 2023

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Numerator [Abstract]

Net loss attributable to the Company's shareholders | $

$ (54,199,325)

$ (110,088,241)

Denominator [Abstract]

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

30,424,686

^[1]

26,332,324

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

30,424,686

^[1]

26,332,324

Basic net loss per share (in dollars per share) | $ / shares

$ (1.78)

$ (4.18)

Diluted net loss per share (in dollars per share) | $ / shares

$ (1.78)

$ (4.18)

Ordinary shares of anti-dilutive and excluded from diluted net loss per share (in shares)

Ordinary Shares [Member]

Denominator [Abstract]

Reverse stock split ratio

0.1

[1]

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET [Abstract]

INTANGIBLE ASSETS, NET

NOTE 11 – INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:

	December 31, 2023			December 31, 2022
At cost:
Land use right	$	5,584,050		$	4,605,738
Trademark		809,738			-
Technology		734,517			-
Software		118,350			119,550
Total		7,246,655			4,725,288
Less: accumulated amortization		(372,874	)		(161,496	)
Intangible assets, net	$	6,873,781		$	4,563,792

Amortization expenses for the years ended December 31, 2023 and 2022 were $213,996 and $46,133, respectively.

Impairment loss for the years ended December 31, 2023 and 2022 were $nil and $2,995,440, respectively.

INCOME TAXES, Net Deferred Tax Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets [Abstract]
Impairment loss	$ 3,561,625	$ 3,532,162
Change in fair value of financial instrument	(3,885,519)	912,340
Capitalization of research and experimental costs	943,938	369,687
Net operating loss carry forwards	42,229,598	28,818,841
Total deferred income tax assets	42,849,642	33,633,030
Valuation allowance	(42,849,642)	(33,633,030)	$ (14,659,415)
Deferred tax assets, net	0	0
Deferred Income Tax Liabilities [Abstract]
Intangible assets arising from acquisition	(228,086)	0
Total deferred tax liabilities	(228,086)	0
Net deferred tax liabilities	$ (228,086)	$ 0

SHORT-TERM INVESTMENTS (Details) - USD ($)

Dec. 31, 2023

Dec. 31, 2022

SHORT-TERM INVESTMENTS [Abstract]

Available-for-sale investment

^[1]

$ 4,227,947

$ 0

Cross-currency swap

^[2]

8,641

Total

$ 4,236,588

$ 0

[1]	Available-for-sale investment represented wealth management products purchased from banks, for which the contractual maturity dates are less than one year.
[2]	Cross-currency swap was bought by the Company to manage its exposures to movements in foreign exchange rates primarily related to the RMB.

CONCENTRATIONS (Details) - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

$ 22,079,905

$ 8,941,835

8,443,069

2,526,432

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

19,821,645

9,455,805

Accounts payable

6,797,852

3,383,021

$ 6,145,119

$ 1,341,968

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

27.00%

15.00%

$ 3,501,965

$ 0

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

16.00%

0.00%

$ 2,473,388

$ 36,999

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

11.00%

^[1]

$ 169,766

$ 1,304,969

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

^[1]

15.00%

47.00%

79.00%

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

$ 3,962,148

$ 2,002,704

32.00%

0.00%

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

$ 2,724,397

$ 0

15.00%

47.00%

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

$ 1,237,751

$ 1,197,023

0.00%

16.00%

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

$ 0

$ 410,321

0.00%

16.00%

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

$ 0

$ 395,360

41.00%

38.00%

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

$ 10,919,516

$ 9,395,756

29.00%

12.00%

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

$ 7,799,901

$ 2,885,202

12.00%

^[1]

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

$ 3,088,580

$ 432,475

^[1]

26.00%

Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier [Member]

$ 31,035

$ 6,078,079

0.00%

29.00%

Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier C [Member]

$ 969,837

$ 997,721

Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier D [Member]

^[1]

12.00%

Accounts payable

$ 402,425

$ 420,100

^[1]

17.00%

ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]

$ 567,412

$ 577,621

[1]	Indicates below 10%.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Foreign Currency Translation and Transaction (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2023
RMB [Member]
Foreign Currency Translation [Abstract]
Average USD: exchange rate	7.0809	6.729
Period end USD: exchange rate	7.0999	6.8972
EUR [Member]
Foreign Currency Translation [Abstract]
Average USD: exchange rate	1.0817	0.9493
Period end USD: exchange rate	1.1062	0.9348	1.0839

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2023

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, 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 (“CEGL”) on December 30, 2021, in connection with the closing of the Combination.

On March 25, 2022 and January 31, 2023, CEGL entered into Share Purchase Agreements to acquire 65% and 35% of the issued and outstanding shares in Cenntro Automotive Europe GmbH (“CAE”), formerly known as Tropos Motors Europe GmbH. For information of the Share Purchase Agreements, see Note 3 of this Annual Report, “Business Combination”.

CAC, CEG and CAG HK and its consolidated subsidiaries are collectively known as “Cenntro”; CEGL, Cenntro and its subsidiaries 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.

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.

As of December 31, 2023, CEGL’s subsidiaries are as follows:

Name	Date of Incorporation	Place of Incorporation	Percentage of direct or indirect economic interest
Cenntro Automotive Corporation (“CAC”)	March 22, 2013	Delaware, U.S.	100% owned by CEGL
Cenntro Electric Group, Inc. (“CEG”)	March 9, 2020	Delaware, U.S.	100% owned by CEGL
Cennatic Power, Inc. (“Cennatic Power”)	June 8, 2022	Delaware, U.S.	100% owned by CEGL
Teemak Power Corporation	January 31, 2023	Delaware, U.S.	100% owned by CEGL
Avantier Motors Corporation	November 27, 2017	Delaware, U.S.	100% owned by CEGL
Cenntro Electric CICS, SRL	November 30, 2022	Santo Domingo, Dominican Republic	99% owned by CEGL
Cennatic Energy S. de R.L. de C.V.	August 24, 2022	Monterrey, Mexico	100% owned by CEGL
Cenntro Automotive S.A.S.	January 16, 2023	Galapa, Colombia	100% owned by CEGL
Cenntro Electric Colombia S.A.S.	March 29, 2023	Atlántico, Colombia	100% owned by CEGL
Cenntro Automotive Group Limited (“CAG HK”)	February 15, 2016	Hong Kong	100% owned by CEGL
Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”)	June 5, 2017	PRC	100% owned by CEGL
Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”)	May 6, 2016	PRC	100% owned by CEGL
Zhejiang Cenntro Machinery Co., Limited	January 20, 2021	PRC	100% owned by CEGL
Jiangsu Tooniu Tech Co., Limited	December 19, 2018	PRC	100% owned by CEGL
Hangzhou Hengzhong Tech Co., Limited	December 16, 2014	PRC	100% owned by CEGL
Teemak Power (Hong Kong) Limited (HK)	May 17, 2023	Hong Kong	100% owned by CEGL
Avantier Motors (Hong Kong) Limited	March 13, 2023	Hong Kong	100% owned by CEGL
Cenntro Automotive Europe GmbH (“CAE”)	May 21, 2019	Herne, Germany	100% owned by CEGL
Cenntro Electric B.V.	December 12, 2022	Amsterdam, Netherlands	100% owned by CEGL
Cenntro Elektromobilite Araçlar A.Ş	February 21, 2023	Turkey	100% owned by CEGL
Cenntro Elecautomotiv, S.L.	July 5, 2022	Barcelona, Spain	100% owned by CEGL
Cenntro Electric Group (Europe) GmbH (“CEGE”)	January 13, 2022	Düsseldorf, Germany	100% owned by CEGL
Simachinery Equipment Limited (“Simachinery HK”)	June 2, 2011	Hong Kong	100% owned by CEGL
Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”)	June 16, 2011	PRC	100% owned by CEGL
Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”)	July 12, 2012	PRC	100% owned by CEGL
Cenntro EV Center Italy S.R.L.	May 8, 2023	Italy	100% owned by CEGL
Antric Gmbh	August 21, 2020	Germany	100% owned by CEGL
Pikka Electric Corporation	August 3, 2023	Delaware, U.S.	100% owned by CEGL
Centro Technology Corporation	August 24, 2023	California, U.S.	100% owned by CEGL

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

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 Years Ended December 31,
	2023			2022
Numerator:
Net loss attributable to the Company’s shareholders		(54,199,325	)		(110,088,241	)
Denominator:
Weighted average ordinary shares used in computing basic and diluted loss per share *		30,424,686			26,332,324
Basic and diluted net loss per share		(1.78	)		(4.18	)

* On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023. The one-for-ten reverse stock split decreased the number of outstanding shares and increased net loss per common share. All per share and share amounts presented have been retroactively adjusted for the effect of this share consolidation for all periods presented.

ORGANIZATION AND PRINCIPAL ACTIVITIES, Subsidiaries Combination (Details)	12 Months Ended
	Dec. 31, 2023
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%
Cennatic Power, Inc. (Cennatic Power) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 08, 2022
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100.00%
Teemak Power Corporation [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 31, 2023
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100.00%
Avantier Motors Corporation [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Nov. 27, 2017
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100.00%
Cenntro Electric CICS, SRL [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Nov. 30, 2022
Place of Incorporation	Santo Domingo, Dominican Republic
Percentage of direct or indirect economic interest	99.00%
Cennatic Energy S. de R.L. de C.V. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 24, 2022
Place of Incorporation	Monterrey, Mexico
Percentage of direct or indirect economic interest	100.00%
Cenntro Automotive S.A.S. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 16, 2023
Place of Incorporation	Galapa, Colombia
Percentage of direct or indirect economic interest	100.00%
Cenntro Electric Colombia S.A.S. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 29, 2023
Place of Incorporation	Atlántico, Colombia
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%
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 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%
Jiangsu 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 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%
Teemak Power (Hong Kong) Limited (HK) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 17, 2023
Place of Incorporation	Hong Kong
Percentage of direct or indirect economic interest	100.00%
Avantier Motors (Hong Kong) Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 13, 2023
Place of Incorporation	Hong Kong
Percentage of direct or indirect economic interest	100.00%
Cenntro Automotive Europe GmbH (CAE) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 21, 2019
Place of Incorporation	Herne, Germany
Percentage of direct or indirect economic interest	100.00%
Cenntro Electric B.V. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 12, 2022
Place of Incorporation	Amsterdam, Netherlands
Percentage of direct or indirect economic interest	100.00%
Cenntro Elektromobilite Araclar A.S [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Feb. 21, 2023
Place of Incorporation	Turkey
Percentage of direct or indirect economic interest	100.00%
Cenntro Elecautomotiv, S.L. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jul. 05, 2022
Place of Incorporation	Barcelona, Spain
Percentage of direct or indirect economic interest	100.00%
Cenntro Electric Group (Europe) GmbH (CEGE) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 13, 2022
Place of Incorporation	Düsseldorf, Germany
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 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%
Cenntro EV Center Italy S.R.L. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 08, 2023
Place of Incorporation	Italy
Percentage of direct or indirect economic interest	100.00%
Antric GmbH [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 21, 2020
Place of Incorporation	Germany
Percentage of direct or indirect economic interest	100.00%
Pikka Electric Corporation [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 03, 2023
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100.00%
Centro Technology Corporation [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 24, 2023
Place of Incorporation	California, U.S.
Percentage of direct or indirect economic interest	100.00%

BUSINESS COMBINATION (Tables)

12 Months Ended

Dec. 31, 2023

BUSNIESS COMBINATION [Abstract]

Assets Acquired and Liabilities Assumed

On the acquisition date August 31, 2023, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows (USD:EUR) exchange rate of 1.0839 as of August 31, 2023 was applied:

	Amount

Cash and Bank Balance	$	1,376
Accounts Receivable		54,606
Inventory		663,723
Fixed Assets		124,362
Intangible Assets		1,513,124
Other assets		72,825
Goodwill		218,991
Short Term Borrowing		(604,568	)
Trade and Service Liabilities		(319,472	)
Deferred Tax Liabilities		(239,452	)
Other Liabilities		(99,937	)
Net assets	$	1,385,578

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

NET LOSS PER SHARE [Abstract]

NET LOSS PER SHARE

NOTE 19 - NET LOSS PER SHARE

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

	For the Years Ended December 31,
	2023			2022
Numerator:
Net loss attributable to the Company’s shareholders		(54,199,325	)		(110,088,241	)
Denominator:
Weighted average ordinary shares used in computing basic and diluted loss per share *		30,424,686			26,332,324
Basic and diluted net loss per share		(1.78	)		(4.18	)

The Company incurred losses for the years ended December 31, 2023 and 2022, no potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company.

COMMITMENTS AND CONTINGENCIES (Details)							1 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Mar. 05, 2024 USD ($)	Jul. 27, 2023 USD ($) PurchaseOrder	Feb. 06, 2023 USD ($)	Jul. 22, 2022 USD ($) Complaint Contract Claim	Mar. 25, 2022 USD ($)	Aug. 23, 2021 EUR (€)	Oct. 31, 2021 USD ($) PurchaseOrder	Dec. 31, 2023 Vehicle Case	Dec. 31, 2022 EUR (€)	Jan. 02, 2024 USD ($)	Dec. 18, 2023 USD ($)	Dec. 18, 2023 CNY (¥)	Nov. 30, 2023 Trademark	Feb. 02, 2023 EUR (€)	Jul. 31, 2022 Trademark	Jun. 30, 2022 DistributionPartners
Litigation [Abstract]
Total damages				$ 19,000,000
Number of european union trademarks cancellation request filed \| Trademark															2
Number of european union trademarks cancelled \| Trademark													2
Number of complaint causes in contract and tort against defendants \| Complaint				11
Number of contract claims \| Contract				4
Number of tort claims \| Claim				7
Period to amend complaint by plaintiff								30 days
Number of civil litigation cases withdrawn \| Case								2
Subsequent Event [Member]
Litigation [Abstract]
Payment for outstanding amount										$ 1,767,516.91
BELGIUM
Litigation [Abstract]
Penalty amount \| €														€ 20,000
Other infringement fine \| €														5,000
Shengzhou Machinery [Member]
Litigation [Abstract]
Payment for outstanding invoices					$ 1,126,640
LEIE [Member] \| BELGIUM \| Maximum [Member]
Litigation [Abstract]
Penalty amount \| €														500,000
CAE [Member]
Litigation [Abstract]
Number of vehicles \| Vehicle								90
Retention of title and instalment payment agreement price \| €						€ 2,185,721.32
Contingency settlement of amount \| €									€ 58,787.33
Settlement owed amount \| €									2,126,933.99
Instalment agreement amount \| €									€ 548,244.11
Number of distribution partners \| DistributionPartners																2
CAE [Member] \| BELGIUM \| Maximum [Member]
Litigation [Abstract]
Penalty amount \| €														€ 1,000,000
Ronda [Member]
Litigation [Abstract]
Number of ongoing civil litigation cases \| Case								1
Ronda [Member] \| Damages from Product Defects [Member]
Litigation [Abstract]
Recovery of advance payments			$ 438,702
Compensation for damages			$ 453,290
Ronda [Member] \| Damages from Product Defects [Member] \| Subsequent Event [Member]
Litigation [Abstract]
Total damages	$ 869,702
Payment for outstanding invoices	$ 583,813
Percentage of advance payments for damage	100.00%
Zhejiang Sinomachinery Co., Limited [Member]
Litigation [Abstract]
Claim filed for payment of contract price											$ 65,104	¥ 461,800
Sevic Lawsuit [Member] \| Damages from Product Defects [Member]
Litigation [Abstract]
Number of signed purchase orders terminated \| PurchaseOrder		2					2
Money awarded for cost of goods awarded		$ 13,908					$ 465,400
Total damages		$ 3,429					$ 628,109

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:

	December 31, 2023			December 31, 2022
At cost:
Plant and building	$	11,509,679		$	11,453,436
Land		1,063,270			-
Machinery and equipment		3,406,214			2,413,087
Leasehold improvement		6,103,786			2,956,515
Office equipment		1,693,588			1,192,443
Motor vehicles		771,259			352,972
Construction in progress		531,249			-
Total		25,079,045			18,368,453
Less: accumulated depreciation		(4,677,524	)		(3,405,862	)
Property, plant and equipment, net	$	20,401,521		$	14,962,591

INVESTMENT IN EQUITY SECURITIES (Details)

1 Months Ended

12 Months Ended

Oct. 12, 2022

USD ($)

Aug. 11, 2022

USD ($)

Nov. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Investment

Dec. 31, 2022

USD ($)

INVESTMENT IN EQUITY SECURITIES [Abstract]

Number of equity investments | Investment

Investment Income, Net [Abstract]

Purchase of equity investment

$ 26,158,474

$ 29,759,195

880,932

4,256,276

Changes in fair value of equity investment

(2,600,721)

(240,805)

Investment on Partnership Shares [Member]

Investment Income, Net [Abstract]

Purchase of equity investment

^[1]

$ 26,060,355

25,019,244

$ 25,000,000

Percentage of limited partnership equity

100.00%

Percentage of fixed return on investment

5.00%

Notice period for sale of partnership interest

10 days

Changes in fair value of equity investment

$ 1,041,111

19,244

Investment on Participating Shares [Member]

Investment Income, Net [Abstract]

Purchase of equity investment

^[2]

98,119

4,739,951

$ 5,000,000

Percentage of limited partnership equity

59.00%

Number of participating shares purchased (in shares) | shares

4,454.37

Equity investment redeemed

$ 1,000,000

Loss on equity investment redeemed

$ 1,361,713

Changes in fair value of equity investment

$ (2,280,119)

$ (260,049)

[1]

On October 12, 2022, the Company entered into a subscription agreement with MineOne Partners Limited, a partnership incorporated in the British Virgin Islands, for purchase of $25 million partnership shares in MineOne Fix Income Investment I LP (“MineOne”), over which MineOne Partners Limited is the General Partner. The Company holds 100% of the limited partnership equity of MineOne andis entitled to a fixed return of 5% per annum on the investment amount, and has the rights to sell all or any portion of its partnership interest after the second anniversary of the investment if the Company gives at least ten business days’ prior notice to the General Partner and receives the consent of General Partner. MineOne focuses on private credit loans, convertible bridge, and personal factoring. The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The private equity fund is measured at fair value with gains and losses recognized in earnings. As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of the Fund. For the year ended December 31, 2023 and 2022, the Company recorded upward adjustments for changes in fair value of this equity investment of $1,041,111 and $19,244, respectively.

[2]

On August 11, 2022, the Company invested $5 million in Micro Money Fund SPC, for purchase of 4,454.37 of participating, redeemable, non-voting shares attributable to Micro Money Fund SPII (“the Fund”), a segregated portfolio of Micro Money Fund SPC. The Company holds 59% of the limited partnership equity of the Fund, andhas the rights to redeem the investment at the option of the Company, but a redemption gate may be setup to limit the redemption amount if redemption on redemption day in excess of such percentage of the NAV of the relevant portfolio by Micro Money Fund SPC. The Fund focuses on investments in convertible securities, publicly traded debt and stock, and combination options and futures trading. The investment was classified as an equity security because the investment represented the ownership interest in the Fund. The private equity fund is measured at fair value with gains and losses recognized in earnings. As a practical expedient, the Company uses NAV to measure the fair value of the Fund. In November 2023, the Company redeemed investment of $1,000,000 and recognized loss of the redemption part of $1,361,713. For the year ended December 31, 2023 and 2022, the Company recorded downward adjustments for changes in fair value of this remaining equity investment of $2,280,119 and $260,049, respectively.

RELATED PARTY TRANSACTIONS, Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Material Related Party Transactions [Abstract]
Interest Income, Operating, Related Party, Type [Extensible Enumeration]	Interest income from a related party	Interest income from a related party
Interest expense on loans provided by related parties	$ (402,414)	$ 844,231
Interest Expense, Related Party, Type [Extensible Enumeration]	Interest expense on loans provided by related parties	Interest expense on loans provided by related parties
Zhejiang RAP [Member]
Material Related Party Transactions [Abstract]
Interest income from a related party	$ 12,767	$ 13,434
Bendon Limited [Member]
Material Related Party Transactions [Abstract]
Interest income from a related party	0	113,021
Hangzhou Hezhe [Member]
Material Related Party Transactions [Abstract]
Purchase of raw materials from related parties	233,536	1,413,262
Payment on the purchase of the raw materials	54,617	1,015,036
Shanghai Hengyu [Member]
Material Related Party Transactions [Abstract]
Service provided by a related party	0	5,053
Zhejiang Zhongchai [Member]
Material Related Party Transactions [Abstract]
Service provided by a related party	0	119,963
Repayment of the advance operating fund from a related party	0	276,266
Billy Rafael Romero Del Rosario [Member]
Material Related Party Transactions [Abstract]
Prepayment of operating fund to a related party	113,560	0
Shenzhen Yuanzheng [Member]
Material Related Party Transactions [Abstract]
Repayment of interest-bearing Loan from a related party	0	395,523
Mr. Yeung Heung Yeung [Member]
Material Related Party Transactions [Abstract]
Repayment of interest-bearing Loan from a related party	0	1,331,091
Interest expense on loans provided by related parties	0	2,532
Others [Member]
Material Related Party Transactions [Abstract]
Interest expense on loans provided by related parties	$ 0	$ 1,075

CONVERTIBLE PROMISSORY NOTE AND WARRANT, Warrant (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Warrant $ / shares shares	Dec. 31, 2022
Warrant [Abstract]
Issued warrants (in shares) \| shares	24,733,336
Exercise price (in dollars per share) \| $ / shares	$ 1.61
Warrants exercisable issuance term	5 years
Number of warrants \| Warrant	2
Investor Warrants [Member]
Movement of Warrants [Roll Forward]
Beginning balance	$ 14,334,104
Warrants issued during the year	0
Exercise of warrants	(1,939,282)
Fair value change recognized	(205,314)
Ending balance	$ 12,189,508
Placement Agent Warrants [Member]
Warrant [Abstract]
Issued warrants (in shares) \| shares	2,473,334
Exercise price (in dollars per share) \| $ / shares	$ 1.77
Movement of Warrants [Roll Forward]
Beginning balance	$ 3,456,404
Warrants issued during the year	0
Exercise of warrants	0
Fair value change recognized	174
Ending balance	$ 3,456,578
Expected Term [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	3.55	4.55
Volatility [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	0.7211	0.7772
Risk Free Rate [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	0.0391	0.0413

CONVERTIBLE PROMISSORY NOTE AND WARRANT

12 Months Ended

Dec. 31, 2023

CONVERTIBLE PROMISSORY NOTE AND WARRANT [Abstract]

CONVERTIBLE PROMISSORY NOTE AND WARRANT

NOTE 16 - CONVERTIBLE PROMISSORY NOTE AND WARRANT

Convertible Promissory Note

On July 20, 2022, the Company issued to investors convertible promissory note (“Note”) in the aggregate principal amount of $61,215,000 due on July 19, 2023, unless earlier repurchased, converted or redeemed. The Note bears interest at a rate of 8% per annum, and the net proceed after deducting issuance expenses was $54,069,000.

The main terms of the Note are summarized as follows:

Conversion feature

At any time after the issue date until the Note is no longer outstanding, this Note shall be convertible, in whole or in part, into ordinary shares at the option of the holder, at any time and from time to time.

Redemption feature

If the Company shall carry out one or more subsequent financings in excess of US$25,000,000 in gross proceeds, the holder shall have the right to (i) require the Company to first use up to 10% of the gross proceeds of such subsequent financing if the aggregate outstanding principal amount of the Note is in excess of US$30,000,000 and (ii) require the Company to first use up to 20% of the gross proceeds of such subsequent financing if the outstanding principal amount of the Note is US$30,000,000 or less to redeem all or a portion of this Note for an amount in cash equal to the Mandatory Redemption Amount equal to 1.08 multiplied by the sum of principal amount subject to the mandatory redemption, plus accrued but unpaid interest, plus liquidated damages, if any, and any other amounts.

In addition, if the closing price of the ordinary shares on the principal trading market is below the floor price of $1.00 per share for a period of ten consecutive trading days, the holder shall have the right to require the Company to redeem the sum of principal amount plus accrued but unpaid interest under the Note.

Contingent interest feature

The Note is subject to certain customary events of default. If any event of default occurs, the outstanding principal amount, plus accrued but unpaid interest, liquidated damages and other amounts owing, shall become immediately due and payable, and at the holder’s election, in cash at the mandatory default amount or in ordinary shares at the mandatory default amount at a conversion price equal to 85% of the 10-day volume weighted average price. Commencing 5 days after the occurrence of any event of default, the interest shall accrue at an interest rate equal to the lesser of 10% per annum or the maximum rate permitted under applicable law.

The financial liability was initially measured at its issue-date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The remaining estimated fair value adjustment is presented as other income (expense) in the consolidated statement of operations, change in fair value of convertible notes.

The movement of Note during the year ended December 31, 2023 are as follows:

	Liability component
As of December 31, 2022	$	57,372,827
Convertible promissory notes issued during the year		-
Redemption of convertible promissory notes		(47,546,626	)
Fair value change recognized		129,799
As of December 31, 2023	$	9,956,000

The estimated fair value of the Note as of December 31, 2023 and 2022 was computed using a Monte Carlo Simulation Model, which incorporates significant inputs that are not observable in the market, and thus represents a Level 3 measurement. The unobservable inputs utilized for measuring the fair value of the Note reflects our assumptions about the assumptions that market participants would use in valuing the Note as of the issuance date and subsequent reporting period.

We determined the fair value by using the following key inputs to the Monte Carlo Simulation Model:

Fair Value Assumptions - Convertible Promissory Note	December 31, 2023			December 31, 2022
Face value principal payable		9,953,381			57,488,000
Original conversion price		1.2375			1.2375
Interest Rate		8.00	%		8.00	%
Expected term (years)		1.05			0.55
Volatility		53.46	%		75.13	%
Market yield (range)		13.93	%		18.02	%
Risk free rate		4.69	%		4.69	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	January 19, 2025			July 19, 2023

Warrant

Accompany with the Note, the Company issued to the same investor warrants to purchase up to 24,733,336 ordinary shares of the Company, with an exercise price of $1.61 per share, which may be exercised by the holders on a cashless basis by using Black-Scholes model to determine the net settlement shares.

Additionally, after the Company completed the above Note financing, the Company issued to the placement agent warrants to purchase 2,473,334 ordinary shares of the Company at a same day, as part of the underwriter’s commission. The warrants were issued with an exercise price of $1.77 per share.

Both warrants are exercisable from the date of issuance and have a term of five years from the date of issuance. They were presented as liabilities on the consolidated balance sheet at fair value in accordance with ASC 480 “Distinguishing Liabilities from Equity”. The liabilities then, will be remeasured every reporting period with any change to fair value recorded as other income (expense) in the consolidated statement of operations.

The movement of warrants during the year ended December 31, 2023 are as follows:

	Investor warrants component			Placement agent warrants component
As of December 31, 2022	$	14,334,104		$	3,456,404
Warrants issued during the year		-			-
Exercise of warrants		(1,939,282	)		-
Fair value change recognized		(205,314	)		174
As of December 31, 2023	$	12,189,508		$	3,456,578

The fair value for these two warrants were computed using the Binomial model with the following assumptions:

Fair Value Assumptions – Warrants	December 31, 2023			December 31, 2022
Expected term (years)		3.55			4.55
Volatility		72.11	%		77.72	%
Risk free rate		3.91	%		4.13	%

INTANGIBLE ASSETS, NET (Details) - USD ($)	12 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets [Abstract]
Total	$ 7,246,655	$ 4,725,288
Less: accumulated amortization	(372,874)	(161,496)
Intangible assets, net	6,873,781	4,563,792
Amortization expenses	213,996	46,133
Impairment loss	0	(2,995,440)
Land Use Right [Member]
Intangible Assets [Abstract]
Total	5,584,050	4,605,738
Trademark [Member]
Intangible Assets [Abstract]
Total	809,738	0
Technology [Member]
Intangible Assets [Abstract]
Total	734,517	0
Software [Member]
Intangible Assets [Abstract]
Total	$ 118,350	$ 119,550

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)	Basis of presentation

The consolidated 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, the Company is subject to the Corporations Act 2001 (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 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.

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 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 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, goodwill, valuation allowance for deferred tax assets and fair value measurement for share-based compensation expense, convertible promissory notes and warrants. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates.

(c)	Fair value measurement

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 not reported at fair value 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, goodwill and other current assets, accounts payable, accrued expenses and other current liabilities and amount due from and due to related party, current were 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.

Available-for-sale investments and currency-cross swap were classified within Level 1 of the fair value hierarchy because they were valued using quoted prices in active markets. Our debt security investments are classified within Level 3 of the fair value hierarchy. As the Issuer is not yet listed and there are no similar companies in the market at the same stage of development for comparison, the Issuer is difficult to value, and the valuation is not considered reliable. Therefore, the Company develop own assumption by future cash flow forecast, which contains principle paid and interests accrued.

The fair value option provides an election that allows a company to irrevocably elect to record certain financial assets and liabilities at fair value on an instrument-by-instrument basis at initial recognition. The Company has elected to apply the fair value option to: i) convertible promissory notes payable due to the complexity of the various conversion and settlement options available to notes holders; ii) convertible loan receivable, which was recognized as debt security in long-term investments, and iii) cross-currency swap, which was recognized as short-term investments.

The convertible promissory notes payable accounted for under the fair value option election are each a debt host financial instrument containing embedded features that would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements in accordance with GAAP. Notwithstanding, when the fair value option election is applied to financial liabilities, bifurcation of an embedded derivative is not required, and the financial liability is initially measured at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis as of each reporting period date.

The portion of the change in fair value attributed to a change in the instrument-specific credit risk is recognized as a component of other comprehensive income and the remaining amount of the fair value adjustment is recognized as changes in fair value of convertible promissory notes and derivative liabilities in the Company’s consolidated statement of operations. The estimated fair value adjustment is presented in a respective single line item within other expense in the consolidated statement of operations because the change in fair value of the convertible notes was not attributable to instrument-specific credit risk.

In connection with the issuances of convertible promissory notes, the Company issued investor warrants and placement agent warrants to purchase ordinary shares of the Company. The Company utilizes a Binomial model to estimate the fair value of the warrants and are considered a Level 3 fair value measurement. The warrants are measured at each reporting period, with changes in fair value recognized in the statement of operations.

As a practical expedient, the Company uses Net Asset Value (“NAV”) or its equivalent to measure the fair value of its certain fund investment. The Company’s investments valued at NAV as a practical expedient are: i) private equity funds, which represent the investment in equity securities on the consolidated balance sheet; ii) wealth management products purchased from banks, which represents the available-for-sale investments in short-term investments on the consolidated balance sheet.

(d)	Business combination

The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill.

(e)	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 restricted as to withdrawal or use. Such restricted cash relates to certain credit card and lease guarantees.

(f)	Accounts receivable and provision for doubtful accounts

Accounts receivable are recognized and carried at net realizable value.

The Company adopted ASC 326 Financial Instruments – Credit Losses using the modified retrospective approach through a cumulative-effect adjustment to accumulated deficit from January 1, 2023 and interim periods therein. Management used an expected credit loss model for the impairment of accounts receivable as of period ends. Management believes the aging of accounts receivable is a reasonable parameter to estimate expected credit loss, and determines expected credit losses for accounts receivables using an aging schedule as of period ends. The expected credit loss rates under each aging schedule were developed on basis of the average historical loss rates from previous years, and adjusted to reflect the effects of those differences in current conditions and forecasted changes. Management measured the expected credit losses of accounts receivable on a collective basis. When an accounts receivable does not share risk characteristics with other accounts receivables, management will evaluate such accounts receivable for expected credit loss on an individual basis. Doubtful accounts balances are written off and deducted from allowance, when receivables are deemed uncollectible, after all collection efforts have been exhausted and the potential for recovery is considered remote.

(g)	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 statements of operations and comprehensive loss.

(h)	Available-for-sale investments and Debt Security investments

The Company’s available-for-sale investment consist of wealth management products purchased from banks and convertible loans. The Company’s short-term available-for-sale investment are classified as short-term investments on the consolidated balance sheets based on the contractual maturity date which is less than one year. The wealth management products purchased from banks are stated at the net asset value

The Company’s debt security investments consist of convertible loan. At any time on or after the maturity date, the convertible loan will convert into shares equal to the quotient obtained by dividing the outstanding principal balance and unpaid accrued interest of the convertible loan as of the date of such conversion by the applicable conversion price. The convertible loans are stated at fair value.

The Company reviews its investments for other-than-temporary impairment (“OTTI”) based on the specific identification method. The Company considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. If the cost of an investment exceeds the investment’s fair value, the Company considers, among other factors, general market conditions, expected future performance of the investees, the duration and the extent to which the fair value of the investment is less than the cost, and the Company’s intent and ability to hold the investment. OTTI is recognized as a loss in the statement of operations. There is no OTTI recognized during the years ended December 31, 2023 and 2022.

(i)	Cross-currency swap

The Company used cross-currency swap contracts to manage its exposures to movements in foreign exchange rates primarily related to the RMB or Renminbi. The use of these cross-currency swap modifies the Company’s exposure to these risks with the goal of reducing the risk or cost to the Company. The Company does not use derivatives for trading purposes and is not a party to leveraged derivative contracts.

Depending on the nature of the underlying risk being hedged, these cross-currency swap are accounted for either as cash flow, net investment or mark to market hedges against changes in the value of the hedged item. Derivatives are recorded in the Consolidated Balance Sheets at fair value. The fair value is based upon either market quotes for actively traded instruments or independent bids for nonexchange traded instruments. The accounting for changes in fair value of a derivative instrument depends on whether the instrument has been designated and qualifies as part of a hedging relationship. The Company determines whether a derivative instrument meets the criteria for cash flow or net investment hedge accounting treatment on the date the derivative is executed. Derivatives accounted for as mark to market hedges are not designated as hedges for accounting purposes.

Economic Hedges

A derivative instrument whose change in fair value is used to hedge against changes in the value of a hedged item, but which is not designated as a hedge under ASC815 “Derivative Instruments and Hedging Activities”, is accounted for as an economic hedge. These derivatives are recorded at fair value in the Consolidated Balance Sheets when the hedged item is recorded as an asset or liability and then are revalued each accounting period. Changes in the fair value of derivatives accounted for as economic hedges are reported in the “Gain from cross-currency swaps” lines under “Other expense” in the Consolidated Statements of Operations. Cash flows from derivatives not designated as hedges are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. For the year ended December 31, 2023, all of the cross-currency swap contracts were accounted for as economic hedges.

(j)	Investment in equity securities

For investments in equity securities with a variable interest rate indexed to the performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in fair values are reflected in the consolidated statements of operations and comprehensive loss.

The Company determines the appropriate classification of its investments in equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The private equity funds are measured at fair value with gains and losses recognized in earnings. As a practical expedient, the Company uses Net Asset Value (“NAV”) or its equivalent to measure the fair value of the Fund.

The Company evaluates whether an investment is other-than-temporarily impaired based on the specific facts and circumstances. Factors that are considered in determining whether an other-than-temporary decline in value has occurred include the market value of the security in relation to its cost basis, the financial condition of the investee, and the intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment.

(k)	Property, plant and equipment, net

Property, plant 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:

Buildings	20 years
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 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 property including recodifications and improvement of its office buildings and plant. Depreciation is recorded at the time assets are ready for the intended use.

(l)	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
Land use rights	45.75-50 years
Software	3 years
Technology	5 years
Trademark	5 years

(m)	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 assets’ 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. Impairment loss for long-lived assets of $431,319 and $3,917,537 were recorded in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022, respectively.

(n)

Goodwill

Goodwill represents the future economic benefits arising from other assets acquired in a business combination. Goodwill acquired in a business combination is tested for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Company performs impairment analysis on goodwill as of December 31 every year either beginning with a qualitative assessment, or starting with the quantitative assessment instead. The quantitative goodwill impairment test compares the fair values of each reporting unit to its carrying amount, including goodwill. A reporting unit constitutes a business for which discrete profit and loss financial information is available. The fair value of each reporting unit is established using a combination of expected present value of future cash flows. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

In applying the goodwill impairment assessment, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, economic, market and industry conditions, cost factors and overall financial performance of the reporting unit. If after assessing these qualitative factors, the Company determines it is “more-likely-than not” that the fair value is less than the carrying value, a quantitative assessment of goodwill is required.

The quantitative impairment test requires significant management judgments, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

Impairment loss for goodwill of $nil and $11,111,886 were recorded for the years ended December 31, 2023 and 2022, respectively.

(o)	Long-term investment

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 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.

Equity investments without readily determinable fair values

For investments in an investee over which the Company does not have significant influence, the Company carries the investment at cost and recognizes income as any dividends declared from distribution of investee’s earnings. The Company reviews the equity investments without readily determinable fair values for impairment whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. An impairment loss is recognized in earnings equal to the difference between the investment’s carrying amount and its fair value at the balance sheet date of the reporting period for which the assessment is made. All equity investments, except those accounted for under the equity method of accounting or those resulting in the consolidation of the investee, be accounted for at fair value with all fair value changes recognized in income. For equity investments that do not have readily determinable fair values the Company measures the equity investment at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the Company.

Impairment for long-term investment

The Company reviews its long-term 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 long-term 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.

(p)	Revenue recognition

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 or services. 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. Revenue is recognized net of return allowance and any taxes collected from customers, which are subsequently remitted to governmental authorities. Significant judgement is required to estimate return allowances. The Company reasonably estimate the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized.

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, 2023 and 2022:

	For the Years Ended December 31,
	2023		2022
Vehicles sales	$	20,344,889	$	8,235,053
Spare-parts sales		1,554,311		304,506
Other service income		180,705		402,276
Net revenues	$	22,079,905	$	8,941,835

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

	For the Years Ended December 31,
	2023		2022
Primary geographical markets
Europe	$	16,218,398	$	7,052,452
Asia		4,805,312		1,191,931
America		1,056,195		697,452
Total	$	22,079,905	$	8,941,835

Contract Balances

Timing of revenue recognition was once the Company has determined that the customer has obtained control over the product. 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.

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. For the years ended December 31, 2023 and 2022, the Company recognized $464,636 and $1,105,076 revenue that was included in contractual liabilities as of January 1, 2023 and 2022, respectively.

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

	December 31, 2023		December 31, 2022
Accounts receivable, net	$	6,530,801	$	565,398
Contractual liabilities	$	3,394,044	$	2,388,480

(q)	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 property, plant and equipment, manufacturing waste treatment processing fees and inventory write-downs.

(r)	Government grants

The Company’s PRC based subsidiaries received government subsidies from certain local governments. The Company’s government subsidies consist of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as land fulfillment costs. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Company, receipt of such subsidy income is not contingent upon any further actions or performance of the Company and the amounts do not have to be refunded under any circumstances.

Specific subsidies relating to land use rights are accounted for as an income with the subsidy benefit reflected over the related asset useful life. Other subsidies are recognized as other income upon receipt as further performance by the Company is not required.

(s)	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 and its Germany, Hong Kong and PRC subsidiaries are subject to examination by the relevant local tax authorities. The standard period in which Australian Taxation Office can amend an assessment is four years and there is no statute of limitation in the case of fraud or evasion. The statutory limitation period in Germany for the issue or correction of assessments is four years from the end of the year in which the return was filed. In the case of fraud and willful evasion, the investigation is extended to cover ten years of assessment. 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 2015 through 2023. For the years ended December 31, 2023 and 2022, 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, 2023 or 2022. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

(t)	Foreign currency translation and transaction

The consolidated 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 CAE, CEGE and Antric Gmbh is the EUR, and CEGL and its other subsidiaries in US is the USD. The functional currency of Cenntro Electric CICS, SRL was DOP. The functional currency of Cenntro Automotive S.A.S. and Cenntro Electric Colombia S.A.S. was COP. The functional currency of Cenntro Elektromobilite Araçlar A.Ş was TRY.

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 financial statements are translated into USD from RMB, EUR, DOP, COP and TRY at their historical exchange rates when the capital transactions occurred. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of accumulated other comprehensive loss in the balance sheets. The rates are obtained from H.10 statistical release of the U.S. Federal Reserve Board.

	For the Years Ended December 31,
	2023		2022
Period end USD: RMB exchange rate		7.0999		6.8972
Average USD: RMB exchange rate		7.0809		6.7290
Period end USD: EUR exchange rate		1.1062		0.9348
Average USD: EUR exchange rate		1.0817		0.9493

Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from re-measurement at year-end are recognized in foreign currency exchange gain/loss, net on the consolidated statement of operations.

(u)	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.

(v)

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 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, 2023 and 2022.

Long-lived assets

	December 31,
	2023		2022
PRC	$	19,900,770	$	18,018,954
US		19,730,650		9,125,535
Mexico		4,238,942		-
Dominican		808,346		469,740
Others		2,636,219		99,303
Total	$	47,314,927	$	27,713,532

(w)	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.

(x)	Convertible promissory notes

The Company has elected the fair value option to account for its convertible promissory notes issued during 2022. In accordance with ASC 825, the convertible promissory notes are marked-to-market at each reporting date with changes in fair value recorded as a component of other income (expense), in the consolidated statements of operations and comprehensive loss. We disclose the nature and terms, the income statement effects, the valuation methods and assumptions of the convertible promissory notes in Note 15 to our consolidated financial statements.

(y)	Derivative liability

Warrants recorded as liabilities at fair value in accordance with ASC 480 “Distinguishing Liabilities from Equity”. The liability remeasured every reporting period with any change to fair value recorded in the consolidated statements of operations.

(z)	Operating lease

The Company accounts for its lease under ASC 842 Leases, and identifies lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. For all operating leases except for short-term leases, the Company recognizes operating right-of-use assets and operating lease liabilities. Leases with an initial term of 12 months or less are short-term lease and not recognized as right-of-use assets and lease liabilities on the consolidated balance sheet. The Company recognizes lease expense for short-term leases on a straight-line basis over the lease term. The operating lease liabilities are recognized based on the present value of the lease payments not yet paid, discounted using the Company’s incremental borrowing rate over a similar term of the lease payments at lease commencement. Some of the Company’s lease agreements contain renewal options; however, the Company do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that the Company is reasonably certain of renewing the lease at inception or when a triggering event occurs. The right-of-use assets consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

(aa)	Non-controlling Interest

A non-controlling interest in subsidiaries represents the portion of the equity (net assets) in the subsidiaries not directly or indirectly attributable to the Company’s shareholders. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and consolidated statements of operations and other comprehensive loss are attributed to controlling and non-controlling interests.

(ab)	Recently issued accounting standards pronouncements

In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method”. The new accounting rules allow entities to expand the use of the portfolio layer method to all financial assets and designate multiple hedged layers within a single closed portfolio. The new accounting rules also clarify guidance related to hedge basis adjustments and the related disclosures for these adjustments. The new accounting rules were effective for the Company starting January 1, 2023. As the Company does not currently have any fair value hedging programs that leverage the portfolio layer method, the adoption of the new accounting rules did not have any impact on the Company’s financial condition, results of operations, cash flows or disclosures.

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
At Cost [Abstract]
Property, plant and equipment, gross	$ 25,079,045	$ 18,368,453
Less: accumulated depreciation	(4,677,524)	(3,405,862)
Property, plant and equipment, net	20,401,521	14,962,591
Depreciation expenses	1,456,984	907,739
Impairment loss	(431,319)	(550,402)
Plant and Building [Member]
At Cost [Abstract]
Property, plant and equipment, gross	11,509,679	11,453,436
Land [Member]
At Cost [Abstract]
Property, plant and equipment, gross	1,063,270	0
Machinery and Equipment [Member]
At Cost [Abstract]
Property, plant and equipment, gross	3,406,214	2,413,087
Leasehold Improvement [Member]
At Cost [Abstract]
Property, plant and equipment, gross	6,103,786	2,956,515
Office Equipment [Member]
At Cost [Abstract]
Property, plant and equipment, gross	1,693,588	1,192,443
Motor Vehicles [Member]
At Cost [Abstract]
Property, plant and equipment, gross	771,259	352,972
Construction in Progress [Member]
At Cost [Abstract]
Property, plant and equipment, gross	$ 531,249	$ 0

PREPAYMENT AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Prepayment and Other Current Assets

Prepayment and other current assets consisted of the following:

	December 31, 2023		December 31, 2022
Advance to suppliers	$	12,579,554	$	9,877,337
Deductible input value added tax		6,238,040		4,097,162
Receivable from a third party ₍₁₎		1,000,000		-
Loans to a third party ₍₂₎		-		1,044,181
Receivable from third parties		-		678,887
Others		573,556		440,763
Prepayment and other current assets	$	20,391,150	$	16,138,330

(1)	Receivable from a third party represented the redemption receivable of equity investment in Micro Money Fund SPC. The Company redeemed the investment of $1,000,000 in November 2023 and received the payment subsequently in January 2024.

(2)

Loans to a third party represented an interest-bearing loan to HW Electro Co., Ltd. with principal amount of $1,000,000 as of December 31, 2022, with the annual interest rate of 5.00%, which will be due on February 7, 2023. On January 31, 2023, the Company entered into a debt conversion agreement with HW Electro Co., Ltd., to convert the loan principal of $1,000,000 for 1,143,860 shares of HW Electro Co., Ltd.’s common stock totaling 3.00% of its equity interest. The interest of the loan was repaid in February 2023.

ORDINARY SHARES AND RESTRICTED NET ASSETS (Details)

12 Months Ended

Dec. 08, 2023

Dec. 31, 2023

USD ($)

Vote

Dec. 31, 2022

Dec. 31, 2021

Dec. 29, 2021

Ordinary shares issued (in shares)

30,828,778

30,084,200

Ordinary shares outstanding (in shares)

30,828,778

30,084,200

Number of votes entitled for each share of ordinary share | Vote

Restricted Net Assets [Abstract]

Restricted net assets of PRC subsidiaries | $

$ 0

Ordinary Shares [Member]

Ordinary shares outstanding (in shares)

30,828,778

^[1]

30,084,199

26,125,625

Exercised (in shares)

(5,147)

Exercise of warrants (in shares)

360,710

3,953,427

Reverse stock split ratio

0.1

Shares issued due to reverse stock split (in shares)

383,868

383,869

^[1]

2016 Plan [Member] | Ordinary Shares [Member]

Exercised (in shares)

(5,147)

NBG [Member]

Ordinary shares issued (in shares)

8,640,271

Ordinary shares outstanding (in shares)

8,640,271

CAG Cayman [Member] | CEGL [Member]

Number of common stock shares issued in business consideration (in shares)

17,485,355

[1]

ORGANIZATION AND PRINCIPAL ACTIVITIES, Historical and Principal Activities (Details)	Jan. 31, 2023	Mar. 25, 2022
Cenntro Automotive Europe GmbH (CAE) [Member] \| Tropos Motors Europe GmbH [Member]
Historical and Principal Activities [Abstract]
Percentage of issued and outstanding shares acquired	35.00%	65.00%

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023		December 31, 2022
Accrued litigation compensation	$	1,773,007	$	1,590,484
Accrued expenses		961,914		797,969
Other taxes payable		732,685		118,469
Employee payroll and welfare payables		621,605		452,904
Accrued professional fees		36,505		919,525
Payable for purchasing the factory		-		588,645
Interest expense of convertible loans		-		383,250
Credit card payable		106,650		22,908
Others		31,521		174,487
Total	$	4,263,887	$	5,048,641

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

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
Bendon Limited		Controlled by Mr. Justin Davis-Rice, a director of CEGL. As for the resignation of Mr. Justin Davis-Rice in 2022, it was not a related party as of December 31, 2022.
Zhejiang Zhongchai Machinery Co., Ltd (“Zhejiang Zhongchai”)		Ultimately controlled by Mr. Peter Wang
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Jiangsu Rongyuan		An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Hangzhou Hezhe Energy Technology Co., Ltd (“Hangzhou Hezhe”)		An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Shenzhen Yuanzheng Investment Development Co. Ltd (“Shenzhen Yuanzheng“)		Controlled by Mr. Yeung Heung Yeung
Shanghai Hengyu Enterprise Management Consulting Co., Ltd (“Shanghai Hengyu”)		Ultimately controlled by Mr. Peter Wang
Antric GmbH		Invested by the Company, then it became the CEGL’s wholly-owned subsidiaries on August 31, 2023
Billy Rafael Romero Del Rosario		A shareholder who owns 1% equity interest of Cenntro Electric CICS, SRL and was the CEO of Cenntro Electric CICS, SRL

Related party transactions

During the years ended December 31, 2023 and 2022, the Company had the following material related party transactions.

	For the Years Ended December 31,
	2023		2022
Interest income from a related party
Zhejiang RAP	$	12,767	$	13,434
Bendon Limited		-		113,021

Purchase of raw materials from related parties
Hangzhou Hezhe		233,536		1,413,262

Service provided by a related party
Shanghai Hengyu		-		5,053
Zhejiang Zhongchai		-		119,963

Payment on the purchase of the raw materials
Hangzhou Hezhe		54,617		1,015,036

Prepayment of operating fund to a related party
Billy Rafael Romero Del Rosario		113,560		-

Repayment of the advance operating fund from a related party
Zhejiang Zhongchai		-		276,266

Repayment of interest-bearing Loan from a related party
Shenzhen Yuanzheng		-		395,523
Mr. Yeung Heung Yeung		-		1,331,091

Interest expense on loans provided by related parties
Mr. Yeung Heung Yeung		-		2,532
Others		-		1,075

Amounts due from Related Parties

The following table presents amounts due from related parties as of December 31, 2023 and 2022.

	As of December 31,
	2023		2022
Hangzhou Hezhe (1)	$	178,019	$	366,936
Billy Rafael Romero Del Rosario (2)		109,420		-
Total	$	287,439	$	366,936

(1)

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

(2)

The balance mainly represents the prepayment of operating fund to the related party.

Amounts due to Related Parties - current

The following table presents amounts due to related parties as of December 31, 2023 and 2022.

	As of December 31,
	2023		2022
Antric GmbH (1)	$	-	$	666,396
Zhejiang RAP		10,468		23,882
Jiangsu Rongyuan (2)		-		23,194
Shanghai Hengyu (2)		-		2,900
Total	$	10,468	$	716,372

(1)

The balance represented the capital injection payable to this related party. On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. For the year ended December 31, 2022, capital investment of EUR1,868,750 (approximately $1,977,380) was paid to Antric GmbH.

(2)

The balance represented the payable of purchase of raw material to Jiangsu Rongyuan and service fee payable to Shanghai Hengyu . In July 2023 and December 2023, Shanghai Hengyu and Jiangsu Rongyuan were deregistered, respectively. Thus the balance of these related parties was written off and other income of $26,746 was recognized for the year ended December 31, 2023.

LEASES

12 Months Ended

Dec. 31, 2023

LEASES [Abstract]

LEASES

NOTE 15 - 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 statements of operations and comprehensive loss is as follows:

	For the Years Ended December 31,
	2023		2022
Operating leases cost excluding short-term rental expense	$	4,745,560	$	1,616,853
Short-term lease cost		809,894		238,386
Total	$	5,555,454	$	1,855,239

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

	December 31, 2023			December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities	$	4,012,410		$	1,108,721
Weighted average remaining lease term	6.13 years			8.36 years
Weighted average discount rate		6.33	%		4.27	%

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 following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2023:

For the year ending December 31,	Operating Leases
2024	$	4,908,465
2025		4,127,389
2026		4,180,335
2027		4,221,505
2028		2,176,965
2029 and thereafter		5,784,794
Total lease payments		25,399,453
Less: imputed interest		4,318,235
Total	$	21,081,218
Less: current portion		4,741,599
Non-current portion		16,339,619

INCOME TAXES, Statutory Income Tax Rate to Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statutory Income Tax Rate to Income Before Income Taxes [Abstract]
Loss before provision for income tax	$ (54,351,767)	$ (112,145,263)
PRC statutory income tax rate	25.00%	25.00%
Income tax expense at the PRC statutory rate	$ (13,587,942)	$ (28,036,316)
Effect of preferential tax rate	1,535,761	161,592
Effect of international tax rates	123,766	(2,255,963)
Effect of non-deductible expenses	569,327	1,069,009
Effect of research and development deduction	(1,261,231)	(568,446)
Fair value change of warrant liability	60,799	3,912,074
Impairment loss of goodwill	0	2,777,972
Effect of valuation allowance	12,584,439	22,940,078
Total income tax expense - current	$ 24,919	$ 0
Effective income tax rate	0.00%	0.00%
PRC [Member]
Statutory Income Tax Rate to Income Before Income Taxes [Abstract]
Loss before provision for income tax	$ (8,291,573)	$ (7,386,251)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)
Income Tax Expense [Abstract]
Interest or penalties associated with tax position	$ 0		$ 0
Unrecognized tax positions	$ 0		$ 0
Australian Taxation Office [Member]
Income Tax Expense [Abstract]
Period of tax assessment years from investigation	4 years
Germany [Member]
Income Tax Expense [Abstract]
Period of tax assessment years for issue or correction from investigation	4 years
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	2015 2016 2017 2018 2019 2020 2021 2022 2023

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	Dec. 31, 2023	Dec. 31, 2022
Cenntro Automotive Europe GmbH [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition CAE's equity interests	35.00%	65.00%

OTHER NON-CURRENT ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

OTHER NON-CURRENT ASSETS, NET [Abstract]

Other Non-Current Assets, Net

	December 31, 2023		December 31, 2022
Loan to the third party ₍₁₎	$	-	$	4,591,717
Deferred cost ₍₂₎		203,083		-
Deposit ₍₃₎		1,071,974		758,038
Long-term prepayment ₍₄₎		952,615		1,280,974
Total		2,227,672		6,630,729
Less: provision for loan to the third party and receivable from a third party		-		(4,591,717	)
Other non-current assets, net	$	2,227,672	$	2,039,012

(1)

The balance represents a 5-year loan in the aggregate principal amount of $4,439,400 (New Zealand Dollar 7,000,000) to the related party, bearing interest of 2.5% annually and maturing in August 2026. As for the resignation of Mr. Justin Davis-Rice in 2022, the controller of Bendon Limited and the former director of CEGL, Bendon Limited was not a related party as of December 31, 2022. Full provision was made as of December 31, 2022, and the balance was written off as of December 31, 2023.

(2)

Since May 2022, the Company entered a series of agreement with Jiangxi ZC Automobile Co., Ltd. (“Jiangxi ZC”) to cooperate on mold development. The agreement stipulated that the mold development fee shall be borne by the Company and Jiangxi ZC, with each bearing 50%, and that Jiangxi ZC would share the ownership of the mold assets with the Company upon completion of the payment. The Company recognized deferred cost borne by Jiangxi ZC before it met the cost reorganization criteria.

(3)	The balance mainly consisted of the rental deposit.

(4)	The balance mainly represented a six-year period liability insurance for the existing officers and directors in connection with the closing of the Combination.

INCOME TAXES, Income Tax Provision (Details) - USD ($)	12 Months Ended
INCOME TAXES, Income Tax Provision (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES [Abstract]
Current	$ 24,919	$ 0
Deferred	(15,931)	0
Total income tax expense	$ 8,988	$ 0

ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]

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

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Intangible Assets, Net (Details)	Dec. 31, 2023
Land Use Rights [Member] \| Minimum [Member]
Intangible Assets, Net, Useful Lives [Abstract]
Intangible asset, estimated useful life	45 years 9 months
Land Use Rights [Member] \| Maximum [Member]
Intangible Assets, Net, Useful Lives [Abstract]
Intangible asset, estimated useful life	50 years
Software [Member]
Intangible Assets, Net, Useful Lives [Abstract]
Intangible asset, estimated useful life	3 years
Technology [Member]
Intangible Assets, Net, Useful Lives [Abstract]
Intangible asset, estimated useful life	5 years
Trademark [Member]
Intangible Assets, Net, Useful Lives [Abstract]
Intangible asset, estimated useful life	5 years

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accrued expenses and other current liabilities [Abstract]
Accrued litigation compensation	$ 1,773,007	$ 1,590,484
Accrued expenses	961,914	797,969
Other taxes payable	732,685	118,469
Employee payroll and welfare payables	621,605	452,904
Accrued professional fees	36,505	919,525
Payable for purchasing the factory	0	588,645
Interest expense of convertible loans	0	383,250
Credit card payable	106,650	22,908
Others	31,521	174,487
Total	$ 4,263,887	$ 5,048,641

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Available-for-Sale Investments and Debt Security Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale investments and Debt Security investments [Abstract]
Other-than-temporary impairment loss has been recognized in statement of operations	$ 0	$ 0

BUSINESS COMBINATION

12 Months Ended

Dec. 31, 2023

BUSNIESS COMBINATION [Abstract]

BUSNIESS COMBINATION

NOTE 3 – BUSINESS COMBINATION

Acquisition of CAE’s equity interests

On March 5, 2022, CEGL entered into a Share and Loan Purchase Agreement (the “Purchase Agreement I”) 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 CEGL (i) 65% of the issued and outstanding shares (the “TME Shares”) in Cenntro Automotive Europe GmbH, previously known as Tropos Motors Europe GmbH, a German limited liability company (“CAE”), and (ii) 100% of the shareholder loan (the “Shareholder Loan”) which Mosolf previously provided to CAE (the “CAE Transaction”). CAE was one of Cenntro’s private label channel partners and has been one of Cenntro’s largest customers since 2019.

The CAE Transaction closed on March 25, 2022. At closing of the CAE Transaction, CEGL paid Mosolf EUR3,250,000 (or approximately USD$3.6 million) for the purchase of the TME Shares and EUR11,900,000 (or approximately USD$13.0 million) for the purchase of the Shareholder Loan, for total aggregate consideration of EUR15,150,000 (or approximately USD$16.6 million). An aggregate of EUR3,000,000 (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 I.

The transaction constitutes a business combination for accounting purposes and is accounted for using the acquisition method under ASC 805. CEGL is deemed to be the accounting acquirer and the assets and liabilities of CAE are recorded at the fair value as of the date of the closing.

On December 13, 2022, CEGL entered into another Share Purchase Agreement (the “Purchase Agreement II”) with Mosolf, pursuant to which Mosolf agreed to sell to CEGL its remaining 35% of the issued and outstanding shares in CAE in exchange for a purchase price of EUR1,750,000 (or approximately USD$1.86 million) (the “Transaction”).

The Transaction was closed on January 31, 2023, as a result, CAE became a wholly-owned subsidiary of CEGL. This transaction was accounted for as equity transactions, no gain or loss was recognized in the consolidated statement of operations. The difference between the fair value of the consideration paid and the amount by which the noncontrolling interest was adjusted was recognized in equity attributable to the Company.

Acquisition of Antric GmbH’s equity interests

On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH, a German company with limited liability, to acquire 25% of its equity interest, and the investment was accounted for under the equity method.

The Company entered into an agreement with Moritz Heibrock and Eric Diederich (the “Founder”) to acquire the remaining 75% equity interest of Antric GmbH (“Antric Transaction”), which was closed on August 31, 2023. The payment terms consisted of (i) purchasing 75% of the equity interest on the cash consideration of one euro (EUR 1); (ii) two hundred euros (EUR 200) for every Antric Unit (as defined by the agreement) sold by the Company for a period of ten years from August 31, 2023, subject to those terms and conditions under that Deed of Sale; (iii) a cash injection of five hundred thousand euros (EUR 500,000) into Antric GmbH by the Company; and (iv) a loan issued by the Company to Antric for seven hundred thousand euros (EUR 700,000) with interest payable to the Company at a rate of 6.5% per annum for a term of sixty (60) months.

After the transaction, Antric GmbH became a wholly-owned subsidiary of the Company. The transaction constitutes a business combination for accounting purposes and is accounted for using the acquisition method under ASC 805. The Company is deemed to be the accounting acquirer and the assets and liabilities of Antric GmbH are recorded at the fair value as of the date of the closing.

On the acquisition date August 31, 2023, total consideration of the transaction was EUR1,278,327(approximately $1,385,578), which was consisted of: (1) 25% equity Interest of Antric previously held by the Company fair valued at EUR1,042,221 (approximately $1,129,663) (Loss associated with the "step-acquisition" was recognized in other expenses (see Note 8 (a) (1)), (2) a cash consideration amounted to EUR 1 (approximately $1), and (3) an earn-out consideration amounted to EUR 236,106 (approximately $255,319). The excess of the purchase price over the net assets acquired was recorded as goodwill, which was $223,494 as of December 31, 2023. Contingent liabilities of $256,732 for earn-out price was recognized as of December 31, 2023.

Fair value of net assets acquired and liabilities assumed

	Amount

Cash and Bank Balance	$	1,376
Accounts Receivable		54,606
Inventory		663,723
Fixed Assets		124,362
Intangible Assets		1,513,124
Other assets		72,825
Goodwill		218,991
Short Term Borrowing		(604,568	)
Trade and Service Liabilities		(319,472	)
Deferred Tax Liabilities		(239,452	)
Other Liabilities		(99,937	)
Net assets	$	1,385,578

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

Significant Subsidiaries of Company

As of December 31, 2023, CEGL’s subsidiaries are as follows:

Name	Date of Incorporation	Place of Incorporation	Percentage of direct or indirect economic interest
Cenntro Automotive Corporation (“CAC”)	March 22, 2013	Delaware, U.S.	100% owned by CEGL
Cenntro Electric Group, Inc. (“CEG”)	March 9, 2020	Delaware, U.S.	100% owned by CEGL
Cennatic Power, Inc. (“Cennatic Power”)	June 8, 2022	Delaware, U.S.	100% owned by CEGL
Teemak Power Corporation	January 31, 2023	Delaware, U.S.	100% owned by CEGL
Avantier Motors Corporation	November 27, 2017	Delaware, U.S.	100% owned by CEGL
Cenntro Electric CICS, SRL	November 30, 2022	Santo Domingo, Dominican Republic	99% owned by CEGL
Cennatic Energy S. de R.L. de C.V.	August 24, 2022	Monterrey, Mexico	100% owned by CEGL
Cenntro Automotive S.A.S.	January 16, 2023	Galapa, Colombia	100% owned by CEGL
Cenntro Electric Colombia S.A.S.	March 29, 2023	Atlántico, Colombia	100% owned by CEGL
Cenntro Automotive Group Limited (“CAG HK”)	February 15, 2016	Hong Kong	100% owned by CEGL
Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”)	June 5, 2017	PRC	100% owned by CEGL
Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”)	May 6, 2016	PRC	100% owned by CEGL
Zhejiang Cenntro Machinery Co., Limited	January 20, 2021	PRC	100% owned by CEGL
Jiangsu Tooniu Tech Co., Limited	December 19, 2018	PRC	100% owned by CEGL
Hangzhou Hengzhong Tech Co., Limited	December 16, 2014	PRC	100% owned by CEGL
Teemak Power (Hong Kong) Limited (HK)	May 17, 2023	Hong Kong	100% owned by CEGL
Avantier Motors (Hong Kong) Limited	March 13, 2023	Hong Kong	100% owned by CEGL
Cenntro Automotive Europe GmbH (“CAE”)	May 21, 2019	Herne, Germany	100% owned by CEGL
Cenntro Electric B.V.	December 12, 2022	Amsterdam, Netherlands	100% owned by CEGL
Cenntro Elektromobilite Araçlar A.Ş	February 21, 2023	Turkey	100% owned by CEGL
Cenntro Elecautomotiv, S.L.	July 5, 2022	Barcelona, Spain	100% owned by CEGL
Cenntro Electric Group (Europe) GmbH (“CEGE”)	January 13, 2022	Düsseldorf, Germany	100% owned by CEGL
Simachinery Equipment Limited (“Simachinery HK”)	June 2, 2011	Hong Kong	100% owned by CEGL
Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”)	June 16, 2011	PRC	100% owned by CEGL
Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”)	July 12, 2012	PRC	100% owned by CEGL
Cenntro EV Center Italy S.R.L.	May 8, 2023	Italy	100% owned by CEGL
Antric Gmbh	August 21, 2020	Germany	100% owned by CEGL
Pikka Electric Corporation	August 3, 2023	Delaware, U.S.	100% owned by CEGL
Centro Technology Corporation	August 24, 2023	California, U.S.	100% owned by CEGL

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2023
SUBSEQUENT EVENT [Abstract]
SUBSEQUENT EVENT	NOTE 23 - SUBSEQUENT EVENT On February 16, 2024, CEGL issued a press release announcing the Supreme Court of New South Wales, Australia (the “Court”) made orders to approve CEGL’s proposed scheme of arrangement in relation to which CEGL will redomicile from Australia to the United States (the “Scheme”). Under the Scheme, CEGL will become a subsidiary of Cenntro Inc. (the “HoldCo”), a United States company incorporated in accordance with the laws of the State of Nevada for the purpose of effecting CEGL group’s redomiciliation to the United States. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements, there were no other subsequent events with material financial impact on the consolidated financial statements.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES [Abstract]

Income Tax Provision

The components of the income tax provision are as follows:

	For the Years Ended December 31,
	2023			2022
Current	$	24,919		$	-
Deferred		(15,931	)		-
Total	$	8,988		$	-

Components of Losses Before Income Taxes

The components of losses before income taxes are summarized as follows:

	For the Years Ended December 31,
	2023			2022
PRC	$	(8,291,573	)	$	(7,386,251	)
US		(14,349,845	)		(17,254,945	)
Europe		(10,839,504	)		(20,130,854	)
Australia		(19,225,749	)		(67,392,512	)
Others		(1,645,096	)		19,300
Total	$	(54,351,767	)	$	(112,145,263	)

Income Tax Expenses

As the main business operations were concentrated in China, and other losses except for PRC losses are caused by non-operating activities, PRC statutory income tax rate was applied. The actual income tax expense reported in the consolidated statements of operations and comprehensive loss for years ended December 31, 2023 and 2022 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,
	2023			2022
Loss before provision for income tax	$	(54,351,767	)	$	(112,145,263	)
PRC statutory income tax rate		25	%		25	%
Income tax expense at the PRC statutory rate		(13,587,942	)		(28,036,316	)
Effect of preferential tax rate		1,535,761			161,592
Effect of international tax rates		123,766			(2,255,963	)
Effect of non-deductible expenses		569,327			1,069,009
Effect of research and development deduction		(1,261,231	)		(568,446	)
Fair value change of warrant liability		60,799			3,912,074
Impairment loss of goodwill		-			2,777,972
Effect of valuation allowance		12,584,439			22,940,078
Total income tax expense - current		24,919			-
Effective income tax rate		0	%		0	%

Net Deferred Tax Liabilities

The tax effects of temporary differences that give rise to the net deferred tax liabilities balances as of December 31, 2023 and 2022 are as follows:

	December 31, 2023			December 31, 2022
Deferred tax assets:
Impairment loss	$	3,561,625		$	3,532,162
Change in fair value of financial instrument		(3,885,519	)		912,340
Capitalization of research and experimental costs		943,938			369,687
Net operating loss carry forwards		42,229,598			28,818,841
Total deferred income tax assets		42,849,642			33,633,030
Valuation allowance		(42,849,642	)		(33,633,030	)
Deferred tax assets, net	$	-		$	-

Deferred income tax liabilities:
Intangible assets arising from acquisition		(228,086	)		-
Total deferred tax liabilities		(228,086	)		-

Net deferred tax liabilities		(228,086	)		-

Changes Related to Valuation Allowance

The changes related to valuation allowance are as follows:

	For the Years Ended December 31,
	2023			2022

Balance at the beginning of the year	$	33,633,030		$	14,659,415
Additions during the year		12,584,439			22,940,078
Expire of NOL		(3,165,660	)		(1,318,979	)
Change in tax rate		96,387			(91,423	)
Exchange rate effect		(298,554	)		(2,556,061	)
Balance at the end of the year	$	42,849,642		$	33,633,030

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of presentation

(a)	Basis of presentation

All intercompany balances and transactions have been eliminated in consolidation and combination.

Use of estimates

(b)	Use of estimates

Fair value measurement

(c)	Fair value measurement

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.

Business combination

(d)	Business combination

Cash and cash equivalents and restricted cash

(e)	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 restricted as to withdrawal or use. Such restricted cash relates to certain credit card and lease guarantees.

Accounts receivable and provision for doubtful accounts

(f)	Accounts receivable and provision for doubtful accounts

Accounts receivable are recognized and carried at net realizable value.

Inventories

(g)	Inventories

Available-for-sale investments and Debt security investments

(h)	Available-for-sale investments and Debt Security investments

Cross-currency swap

(i)	Cross-currency swap

Economic Hedges

Property, plant and equipment, net

(j)	Investment in equity securities

(k)	Property, plant and equipment, net

Buildings	20 years
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 constructs certain of its property including recodifications and improvement of its office buildings and plant. Depreciation is recorded at the time assets are ready for the intended use.

Intangible assets, net

(l)	Intangible assets, net

Category	Estimated useful life
Land use rights	45.75-50 years
Software	3 years
Technology	5 years
Trademark	5 years

Impairment of long-lived assets

(m)	Impairment of long-lived assets

Goodwill

(n)

Goodwill

Impairment loss for goodwill of $nil and $11,111,886 were recorded for the years ended December 31, 2023 and 2022, respectively.

Long-term investment

(o)	Long-term investment

Equity method investments

Equity investments without readily determinable fair values

Impairment for long-term investment

Revenue recognition

(p)	Revenue recognition

The following table disaggregates the Company’s revenues by product line for the years ended December 31, 2023 and 2022:

	For the Years Ended December 31,
	2023		2022
Vehicles sales	$	20,344,889	$	8,235,053
Spare-parts sales		1,554,311		304,506
Other service income		180,705		402,276
Net revenues	$	22,079,905	$	8,941,835

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

	For the Years Ended December 31,
	2023		2022
Primary geographical markets
Europe	$	16,218,398	$	7,052,452
Asia		4,805,312		1,191,931
America		1,056,195		697,452
Total	$	22,079,905	$	8,941,835

Contract Balances

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

	December 31, 2023		December 31, 2022
Accounts receivable, net	$	6,530,801	$	565,398
Contractual liabilities	$	3,394,044	$	2,388,480

Cost of goods sold

(q)	Cost of goods sold

Government grants

(r)	Government grants

Income taxes

(s)	Income taxes

Foreign currency translation and transaction

(t)	Foreign currency translation and transaction

	For the Years Ended December 31,
	2023		2022
Period end USD: RMB exchange rate		7.0999		6.8972
Average USD: RMB exchange rate		7.0809		6.7290
Period end USD: EUR exchange rate		1.1062		0.9348
Average USD: EUR exchange rate		1.0817		0.9493

Comprehensive loss

(u)	Comprehensive loss

Segments

(v)

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, 2023 and 2022.

Long-lived assets

	December 31,
	2023		2022
PRC	$	19,900,770	$	18,018,954
US		19,730,650		9,125,535
Mexico		4,238,942		-
Dominican		808,346		469,740
Others		2,636,219		99,303
Total	$	47,314,927	$	27,713,532

Share-based compensation expenses

(w)	Share-based compensation expenses

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

Convertible promissory notes

(x)	Convertible promissory notes

Derivative liability

(y)	Derivative liability

Operating lease

(z)	Operating lease

Non-controlling Interest

(aa)	Non-controlling Interest

Recently issued accounting standards pronouncements

(ab)	Recently issued accounting standards pronouncements

INVESTMENT IN EQUITY SECURITIES

12 Months Ended

Dec. 31, 2023

INVESTMENT IN EQUITY SECURITIES [Abstract]

INVESTMENT IN EQUITY SECURITIES

NOTE 9 – INVESTMENT IN EQUITY SECURITIES

As of December 31, 2023, the balance consisted of the following two equity investments:

	December 31, 2023		December 31, 2022
MineOne Fix Income Investment I L.P ₍₁₎	$	26,060,355	$	25,019,244
Micro Money Fund SPC ₍₂₎		98,119		4,739,951
Total	$	26,158,474	$	29,759,195

(1)

On October 12, 2022, the Company entered into a subscription agreement with MineOne Partners Limited, a partnership incorporated in the British Virgin Islands, for purchase of $25 million partnership shares in MineOne Fix Income Investment I LP (“MineOne”), over which MineOne Partners Limited is the General Partner. The Company holds 100% of the limited partnership equity of MineOne and is entitled to a fixed return of 5% per annum on the investment amount, and has the rights to sell all or any portion of its partnership interest after the second anniversary of the investment if the Company gives at least ten business days’ prior notice to the General Partner and receives the consent of General Partner. MineOne focuses on private credit loans, convertible bridge, and personal factoring. The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The private equity fund is measured at fair value with gains and losses recognized in earnings. As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of the Fund. For the year ended December 31, 2023 and 2022, the Company recorded upward adjustments for changes in fair value of this equity investment of $1,041,111 and $19,244, respectively.

(2)

On August 11, 2022, the Company invested $5 million in Micro Money Fund SPC, for purchase of 4,454.37 of participating, redeemable, non-voting shares attributable to Micro Money Fund SPII (“the Fund”), a segregated portfolio of Micro Money Fund SPC. The Company holds 59% of the limited partnership equity of the Fund, and has the rights to redeem the investment at the option of the Company, but a redemption gate may be setup to limit the redemption amount if redemption on redemption day in excess of such percentage of the NAV of the relevant portfolio by Micro Money Fund SPC. The Fund focuses on investments in convertible securities, publicly traded debt and stock, and combination options and futures trading. The investment was classified as an equity security because the investment represented the ownership interest in the Fund. The private equity fund is measured at fair value with gains and losses recognized in earnings. As a practical expedient, the Company uses NAV to measure the fair value of the Fund. In November 2023, the Company redeemed investment of $1,000,000 and recognized loss of the redemption part of $1,361,713. For the year ended December 31, 2023 and 2022, the Company recorded downward adjustments for changes in fair value of this remaining equity investment of $2,280,119 and $260,049, respectively.

The Company has neither control nor significant influence over MineOne or Micro Money Fund, the Company does not have the power to direct the activities that most significantly affect their economic performance, and there is no kick-off rights or right to dissolve the funds.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Abstract]
Impairment loss for goodwill	$ 0	$ 11,111,886

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)	Dec. 08, 2023
Ordinary Shares [Member]
Reverse stock split ratio	0.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Impairment of Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Impairment of long lived assets [Abstract]
Impairment loss for long-lived assets	$ 431,319	$ 3,917,537

SHARE-BASED COMPENSATION, Share Options Activity (Details) - Stock Options [Member]

12 Months Ended

Dec. 08, 2023

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Number of Share Options [Roll Forward]

Outstanding, beginning balance (in shares) | shares

21,603,366

9,225,271

Granted (in shares) | shares

12,797,063

Exercised (in shares) | shares

(51,468)

Forfeited (in shares) | shares

(116,125)

(334,167)

Expired (in shares) | shares

(19,111)

(33,333)

Outstanding, ending balance (in shares) | shares

2,025,115

21,603,366

9,225,271

Outstanding, beginning balance after share consolidation (in shares) | shares

^[1]

2,160,351

Expected to vest, period end (in shares) | shares

591,600

Exercisable, period end (in shares) | shares

1,433,515

Weighted Average Exercise Price [Abstract]

Outstanding, beginning balance (in dollars per share) | $ / shares

$ 1.44

$ 1.1

Granted (in dollars per share) | $ / shares

1.68

Exercised (in dollars per share) | $ / shares

0.28

Forfeited (in dollars per share) | $ / shares

16.8

1.68

Expired (in dollars per share) | $ / shares

13.09

1.68

Outstanding, ending balance (in dollars per share) | $ / shares

14.26

$ 1.44

$ 1.1

Outstanding, beginning balance after share consolidation (in dollars per share) | $ / shares

^[1]

14.38

Expected to vest, period end (in dollars per share) | $ / shares

17.05

Exercisable, period end (in dollars per share) | $ / shares

$ 13.1

Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value [Abstract]

Outstanding, weighted average remaining contractual term

4 years 9 months 21 days

5 years 11 months 26 days

^[1]

2 years 7 months 6 days

Expected to vest, weighted average remaining contractual term

8 years 1 month 17 days

Exercisable, weighted average remaining contractual term

3 years 5 months 8 days

Outstanding, aggregate intrinsic value | $

$ 0

$ 721,210

^[1]

$ 42,799,081

Expected to vest, aggregate intrinsic value | $

Exercisable, aggregate intrinsic value | $

$ 0

Share consolidation

0.1

[1]

On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023 (the “Share Consolidation”). The one-for-ten reverse stock split decreased the number of outstanding shares and increased net loss per common share. All per share and share amounts presented have been retroactively adjusted for the effect of this share consolidation for all periods presented.

INVESTMENT IN EQUITY SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

INVESTMENT IN EQUITY SECURITIES [Abstract]

Investments in Equity Securities

As of December 31, 2023, the balance consisted of the following two equity investments:

	December 31, 2023		December 31, 2022
MineOne Fix Income Investment I L.P ₍₁₎	$	26,060,355	$	25,019,244
Micro Money Fund SPC ₍₂₎		98,119		4,739,951
Total	$	26,158,474	$	29,759,195

(1)

On October 12, 2022, the Company entered into a subscription agreement with MineOne Partners Limited, a partnership incorporated in the British Virgin Islands, for purchase of $25 million partnership shares in MineOne Fix Income Investment I LP (“MineOne”), over which MineOne Partners Limited is the General Partner. The Company holds 100% of the limited partnership equity of MineOne and is entitled to a fixed return of 5% per annum on the investment amount, and has the rights to sell all or any portion of its partnership interest after the second anniversary of the investment if the Company gives at least ten business days’ prior notice to the General Partner and receives the consent of General Partner. MineOne focuses on private credit loans, convertible bridge, and personal factoring. The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The private equity fund is measured at fair value with gains and losses recognized in earnings. As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of the Fund. For the year ended December 31, 2023 and 2022, the Company recorded upward adjustments for changes in fair value of this equity investment of $1,041,111 and $19,244, respectively.

(2)

On August 11, 2022, the Company invested $5 million in Micro Money Fund SPC, for purchase of 4,454.37 of participating, redeemable, non-voting shares attributable to Micro Money Fund SPII (“the Fund”), a segregated portfolio of Micro Money Fund SPC. The Company holds 59% of the limited partnership equity of the Fund, and has the rights to redeem the investment at the option of the Company, but a redemption gate may be setup to limit the redemption amount if redemption on redemption day in excess of such percentage of the NAV of the relevant portfolio by Micro Money Fund SPC. The Fund focuses on investments in convertible securities, publicly traded debt and stock, and combination options and futures trading. The investment was classified as an equity security because the investment represented the ownership interest in the Fund. The private equity fund is measured at fair value with gains and losses recognized in earnings. As a practical expedient, the Company uses NAV to measure the fair value of the Fund. In November 2023, the Company redeemed investment of $1,000,000 and recognized loss of the redemption part of $1,361,713. For the year ended December 31, 2023 and 2022, the Company recorded downward adjustments for changes in fair value of this remaining equity investment of $2,280,119 and $260,049, respectively.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

NOTE 22 - 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
Bendon Limited		Controlled by Mr. Justin Davis-Rice, a director of CEGL. As for the resignation of Mr. Justin Davis-Rice in 2022, it was not a related party as of December 31, 2022.
Zhejiang Zhongchai Machinery Co., Ltd (“Zhejiang Zhongchai”)		Ultimately controlled by Mr. Peter Wang
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Jiangsu Rongyuan		An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Hangzhou Hezhe Energy Technology Co., Ltd (“Hangzhou Hezhe”)		An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Shenzhen Yuanzheng Investment Development Co. Ltd (“Shenzhen Yuanzheng“)		Controlled by Mr. Yeung Heung Yeung
Shanghai Hengyu Enterprise Management Consulting Co., Ltd (“Shanghai Hengyu”)		Ultimately controlled by Mr. Peter Wang
Antric GmbH		Invested by the Company, then it became the CEGL’s wholly-owned subsidiaries on August 31, 2023
Billy Rafael Romero Del Rosario		A shareholder who owns 1% equity interest of Cenntro Electric CICS, SRL and was the CEO of Cenntro Electric CICS, SRL

Related party transactions

During the years ended December 31, 2023 and 2022, the Company had the following material related party transactions.

	For the Years Ended December 31,
	2023		2022
Interest income from a related party
Zhejiang RAP	$	12,767	$	13,434
Bendon Limited		-		113,021

Purchase of raw materials from related parties
Hangzhou Hezhe		233,536		1,413,262

Service provided by a related party
Shanghai Hengyu		-		5,053
Zhejiang Zhongchai		-		119,963

Payment on the purchase of the raw materials
Hangzhou Hezhe		54,617		1,015,036

Prepayment of operating fund to a related party
Billy Rafael Romero Del Rosario		113,560		-

Repayment of the advance operating fund from a related party
Zhejiang Zhongchai		-		276,266

Repayment of interest-bearing Loan from a related party
Shenzhen Yuanzheng		-		395,523
Mr. Yeung Heung Yeung		-		1,331,091

Interest expense on loans provided by related parties
Mr. Yeung Heung Yeung		-		2,532
Others		-		1,075

Amounts due from Related Parties

The following table presents amounts due from related parties as of December 31, 2023 and 2022.

	As of December 31,
	2023		2022
Hangzhou Hezhe (1)	$	178,019	$	366,936
Billy Rafael Romero Del Rosario (2)		109,420		-
Total	$	287,439	$	366,936

(1)

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

(2)

The balance mainly represents the prepayment of operating fund to the related party.

Amounts due to Related Parties - current

The following table presents amounts due to related parties as of December 31, 2023 and 2022.

	As of December 31,
	2023		2022
Antric GmbH (1)	$	-	$	666,396
Zhejiang RAP		10,468		23,882
Jiangsu Rongyuan (2)		-		23,194
Shanghai Hengyu (2)		-		2,900
Total	$	10,468	$	716,372

(1)

(2)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

CONCENTRATIONS

12 Months Ended

Dec. 31, 2023

CONCENTRATIONS [Abstract]

CONCENTRATIONS

NOTE 20 - 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, 2023 and 2022.

	Year ended December 31, 2023					Year ended December 31, 2022
Customer	Amount		% of Total			Amount		% of Total
A		3,501,965		16	%		-		-
B		2,473,388		11	%		36,999		*
C		169,766		*			1,304,969		15	%
Total	$	6,145,119		27	%	$	1,341,968		15	%

*	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, 2023 and 2022.

	As of December 31, 2023						As of December 31, 2022
Customer	Amount			% of Total			Amount			% of Total
A		$	2,724,397		32	%		$	-		-
D			1,237,751		15	%			1,197,023		47	%
E			-		-				410,321		16	%
F			-		-				395,360		16	%
Total		$	3,962,148		47	%		$	2,002,704		79	%

(b)

Suppliers

For the years ended December 31, 2023 and 2022, 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, 2023					Year ended December 31, 2022
Supplier	Amount		% of Total			Amount		% of Total
A	$	7,799,901		29	%	$	2,885,202		12	%
B		3,088,580		12	%		432,475		*
C		31,035		*			6,078,079		26	%
Total	$	10,919,516		41	%	$	9,395,756		38	%

*	Indicates below 10%.

The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable as of December 31, 2023 and 2022.

	As of December 31, 2023				As of December 31, 2022
Supplier	Amount		% of Total		Amount		% of Total
D	$	567,412		*	$	577,621		17	%
C		402,425		*		420,100		12	%
Total	$	969,837		-	$	997,721		29	%

*	Indicates below 10%.

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (54,360,755)	$ (112,145,263)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,670,980	953,872
Amortization and interest of operating lease right-of-use asset	4,495,244	1,616,853
Impairment of property, plant and equipment	431,319	550,402
Impairment of intangible assets	0	2,995,440
Reversal of deferred tax liabilities	0	(898,632)
Impairment of right-of-use assets	0	371,695
Impairment of goodwill	0	11,111,886
Written-down of inventories	658,622	2,155,400
Provision for doubtful accounts	0	5,986,308
Convertible promissory notes issuance costs	0	5,589,336
Gain (Loss) on redemption of convertible promissory notes	(12,507)	7,435
Loss on exercise of warrants	228,903	0
Changes in fair value of convertible promissory notes and derivative liabilities	(75,341)	37,774,928
Changes in fair value of equity securities	2,600,721	240,805
Foreign currency exchange loss, net	1,527,077	409,207
Share-based compensation expense	5,230,273	4,031,629
Loss (Gain) from disposal of plant and equipment	55,391	(10,334)
Loss from long-term investments	1,377,760	12,651
Income from short-term investment	(22,918)	0
Loss from acquisition of Antric	136,302	0
Deferred income taxes	(15,930)	0
Changes in operating assets and liabilities:
Accounts receivable	(5,871,181)	233,570
Inventories	(12,178,463)	(20,483,127)
Prepayment and other assets	(4,624,170)	(6,753,851)
Amounts due from/to related parties	11,799	(1,190,573)
Accounts payable	3,100,835	(2,144,725)
Accrued expense and other current liabilities	(1,325,504)	1,358,858
Contractual liabilities	2,516,789	633,825
Long-term payable	0	(700,000)
Operating lease assets and liabilities	(4,012,410)	(1,108,721)
Net cash used in operating activities	(58,457,164)	(69,401,126)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equity investment	(880,932)	(4,256,276)
Purchase of convertible note from Acton	(600,000)	0
Purchase of wealth management products purchased from banks	(4,236,740)	0
Purchase of land, plant and equipment	(7,636,020)	(3,285,072)
Purchase of land use rights and property	(1,114,943)	(16,456,355)
Payment of expense for acquisition of CAE's equity interests	0	(348,987)
Purchase of equity securities	0	(30,000,000)
Proceeds from disposal of property, plant and equipment	3,661	309
Loans provided to third parties	0	(1,323,671)
Repayment of loans from related parties	0	1,280,672
Net cash (used in) provided by investing activities	(16,388,156)	(56,883,397)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of loans to related parties	0	(1,726,614)
Repayment of loans to third parties	0	(1,113,692)
Repayments of bank loans	(601,476)	0
Purchase of CAE's loan	0	(13,228,101)
Reduction of capital	0	(13,930,000)
Proceed from issuance of convertible promissory notes	0	54,069,000
Redemption of convertible promissory notes	(47,534,119)	(3,727,500)
Proceed from exercise of share-based awards	0	14,386
Payment of expense for the reverse recapitalization	0	(904,843)
Net cash provided by financing activities	(48,135,595)	19,452,636
Effect of exchange rate changes on cash	(1,543,989)	(736,274)
Net (decrease) increase in cash, cash equivalents and restricted cash	(124,524,904)	(107,568,161)
Cash, cash equivalents and restricted cash at beginning of year	154,096,801	261,664,962
Cash, cash equivalents and restricted cash at end of year	29,571,897	154,096,801
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	1,468,397	369,410
Income tax paid	4,797	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cashless exercise of warrants	2,168,185	18,549,864
Non-cash capital injection to Robostreet by i-Chassis	250,000	0
Convention from debt to equity interest of HW Electro Co., Ltd.	1,000,000	0
Non-cash recognition of new leases	14,947,878	0
CAE [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of CAE's equity interests	(1,924,557)	(3,612,717)
Cash acquired from acquisition of CAE	0	1,118,700
Acquisition of Antric Gmbh's equity interests	(1,924,557)	(3,612,717)
Cash acquired from acquisition of Antric Gmbh	0	1,118,700
Antric GmbH [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of CAE's equity interests	(1)	0
Cash acquired from acquisition of CAE	1,376	0
Acquisition of Antric Gmbh's equity interests	(1)	0
Cash acquired from acquisition of Antric Gmbh	$ 1,376	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Investment in Equity Investees (Details) - Investee Companies [Member]	Dec. 31, 2023
Minimum [Member]
Equity Method Investment [Abstract]
Ownership interest	20.00%
Maximum [Member]
Equity Method Investment [Abstract]
Ownership interest	50.00%

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 21 - 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. Subject to retention of title and an instalment payment agreement, CAE sold 90 vehicles for a total price of EUR 2,185,721.32 to the French company B-Moville under a contract dated August 23，2021. B-MOVILLE had already settled an amount of EUR 58,787.33 by the end of 2022 and, therefore, still owed CAE an amount of EUR 2,126,933.99, of which EUR 548,244.11 was owed by the end of 2022 under the instalment agreement. B-Moville had withheld instalment payments due to alleged defects of the vehicles, without specifying the amount of the claims for reduction of the purchase price. B-Moville had handed over the cars to its parent company SWOOPIN. SWOOPIN is insolvent and has been in judicial liquidation since November 2, 2022. The vehicles held by SWOOPIN were prevented from becoming part of the insolvency estate and being realized by the insolvency administrator. Due to the retention of title clause, the 90 vehicles remain the property of CAE. In the meantime, SWOOPIN returned the vehicles to B-Moville. CAE and B-Moville are currently negotiating the amount of the mutual claims. In October 2021, Sevic Systems SE (“Sevic”), a former channel partner, commenced a lawsuit against Zhangzhou 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 signed on July 22, 2019 under its sales contract with Shengzhou Machinery signed on August 13, 2019 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. The parties entered into mediation and on July 27, 2023, the People’s Court issued a civil mediation letter stating that i) both Sevic and Shengzhou Machinery agreed to terminate (x) two purchase orders signed on July 22, 2019 and (y) the sales contract signed on August 13, 2019; ii) Shengzhou Machinery shall pay Sevic a sum of approximately $13,908 by August 7, 2023; iii) Sevic voluntarily waived all other claims; and iv) Sevic shall pay the case acceptance fee and the property preservation application fee totaling approximately $3,429. After the completion of the meditation, no other disputes were outstanding between the two parties. On March 25, 2022, Shengzhou Hengzhong Machinery Co., Ltd. (“Shengzhou”), an affiliate of Cenntro Automotive Corporation, filed a demand for arbitration against Tropos Technologies, Inc. with the American Arbitration Association (“AAA”), asserting claims for breach of contract and unjust enrichment. Shengzhou is seeking payment of $1,126,640 (exclusive of interest, costs, and attorneys’ fees) for outstanding invoices owed by Tropos Technologies, Inc. to Shengzhou. As of the date of, Tropos Technologies, Inc. has not yet formally responded to the demand. On February 16, 2023, AAA appointed an arbitrator and both parties are waiting for further proceedings under the arbitration process. On April 25, 2023, Tropos Technologies, Inc. filed a motion to dismiss the arbitration demand. On May 23, 2023, Shengzhou Machinery filed a response in opposition to the motion to dismiss the arbitration demand. On January 29, 2024, the arbitrator issued his opinion and order denying Tropos’ Motion to dismiss. In June 2022, Sevic Systems SE (“Sevic”) filed for injunctive relief in a corporate court in Brussels, Belgium, alleging CAE infringement of Sevic’s intellectual property (“IP”) rights. The injunctive action was also directed against LEIE Center SRL (“LEIE”) and Cedar Europe GmbH (“Cedar”), two distribution partners of CAE. There, Sevic claims it acquired all IP rights to an electric vehicle, the so-called CITELEC model (“CITELEC”), fully and exclusively from the French company SH2M Sarl (“SH2M”) under Mr. Pierre Millet. Sevic claims these rights were acquired under a 2019 IP transfer agreement. According to Sevic, the METRO model (“METRO”) produced by Cenntro Electro Group Ltd. (“Cenntro”) and distributed by CAE derives directly from the CITELEC. The distribution of the METRO, therefore, allegedly infringes on Sevic’s IP rights. In its action, Sevic relies on (Belgian) copyright law and unfair business practices. On February 2, 2023, the president of the commercial court of Brussels rendered a judgment, declaring i) the claim against Cedar was inadmissible and ii) The main claim against CAE and LEIE was founded. According to the president’s opinion the CITELEC-model can enjoy copyright protection and determined it was sufficiently proven that Sevic acquired the copyrights of the CITELEC-model. The president then concluded that the distribution of the METRO-model in Belgium constituted a violation of article XI. 165 §1 of the Belgian Code of Economic Law and thereby ordered the cessation of the distribution of the METRO-model, a penalty in the form of a fine of EUR20,000.00 per sold vehicle in Belgium and EUR5,000.00 for each other infringement in Belgium after the judgement was served with a maximum fine of EUR500,000.00 for LEIE and EUR1,000,000.00 fine for CAE. Because CAE has not sold any METRO-models in Belgium, the Company believes the judgement is incorrect but has accrued the related liability according to the judgement made. On April 17, 2023 CAE filed a writ of appeal. The introductory hearing was scheduled for May 22, 2023. The judge did not give any legal assessment at the hearing. All parties have been granted deadlines for written pleadings. The receipt of the final writ has been planned for September 2, 2024. As of now, it is not possible to determine what the outcome of these proceedings will be. In July 2022, Cenntro filed a request for the cancellation of two European Union mark (“EU mark”) which belongs to a third party with European Union Intellectual Property Office (“EUIPO”). EUIPO decided in favor of Cenntro in November 2023. The two trademarks in question were cancelled and the costs of the cancellation proceedings were borne by the other party. On July 22, 2022, Xiongjian Chen filed a complaint against Cenntro Electric Group Limited (“CENN”), Cenntro Automotive Group Limited (“CAG”), Cenntro Enterprise Limited (“CEL”) and Peter Z. Wang (“Wang,” together with CENN, CAG and CEL, the “Defendants”) in the United States District Court for the District of New Jersey. The complaint alleges eleven causes of action sounding in contract and tort against the Defendants, all pertaining to stock options issued to Mr. Chen pursuant to his employment as Chief Operating Officer of CAG. With respect to the four contract claims, Plaintiff alleges breach of contract claims pertaining to an employment agreement between Plaintiff and CAG and a purported letter agreement between Plaintiff and CEL. With respect to the seven tort claims, Plaintiff alleges claims regarding purported misrepresentations and promises made concerning the treatment of Plaintiff’s stock options upon a corporate transaction, including claims for tortious interference, fraud, promissory estoppel, negligent misrepresentation, unjust enrichment and conversion. The complaint seeks, among other things, money damages (including compensatory and consequential damages) in the amount of $19 million, plus interest, attorneys’ fees and expenses. Defendants moved to dismiss the complaint against all Defendants for failure to state a claim and for lack of personal jurisdiction over defendants CAG and CEL. On April 30, 2023, the District Court dismissed the claims against CAG and CEL for lack of personal jurisdiction. In addition, the District Court dismissed all the claims against Wang and CENN without prejudice and permitted the Plaintiff to amend his complaint within 30 days to address the deficiencies in his claims against Wang and CENN. On May 28, 2023, Plaintiff filed an amended complaint. On July 20, 2023 the Defendants filed a motion seeking the dismissal of that amended complaint. On September 22, 2023, the Plaintiff filed to oppose our Motion to Dismiss and Motion to Strike. The Defendants filed our reply briefs by the deadline on November 9, 2023. On January 25, 2024, the Magistrate Judge entered an Order granting Plaintiff’s Motion to Amend and denying our Motion to Strike as moot. As of the issuance date of this report on Form 10-K, there remains one ongoing civil litigation cases between Hangzhou Ronda Tech Co., Limited (“Ronda”), one of Cenntro’s wholly owned subsidiaries, and Fujian Newlongma Automotive Co., Ltd. (“Newlongma”), one of Ronda’s suppliers; and the other two cases have been withdrawn: On February 6, 2023, Hangzhou Ronda Tech Co., Limited (“Ronda”), one of Cenntro’s wholly owned subsidiaries, commenced a lawsuit against Fujian Newlongma Automotive Co., Ltd. (“Newlongma”), one of Ronda’s suppliers, in the Hangzhou Yuhang District People's Court, under which Ronda plead for (i) the termination of the vehicle purchase orders that Ronda placed with Newlongma on February 26, 2022; (ii) recovery of advance payments for total amount of approximately $438,702; and (iii) compensation for damages caused equal to approximately $453,290. The case mediation date was March 3, 2023 and was subsequently docketed on July 3, 2023. Since then, Newlongma filed a jurisdictional objection, and the Court dismissed that jurisdictional objection. Subsequently Newlongma filed a counterclaim and the Court hosted an exchange of evidence between the parties on 17 October 2023, and discovery was also organized on November 14, 2023 and January 16, 2024. On March 5, 2024, the first instance judgment was made, ruling: 1) Newlongma to fully return advance payments plus 100% damage totaling $869,702; 2) Ronda to pay for outstanding invoices totaling $583,813; and 3) to terminate all agreements between the parties, including the vehicle purchase orders which have not been fulfilled. Newlongma is dissatisfied with this third judgment and filed an appeal on March 21, 2024. We will prepare relevant defense materials. On December 18, 2023, Zhejiang Sinomachinery Co., Ltd. filed a lawsuit against Tonghe County Tianxin Agricultural Machinery Co., Ltd. (“Tianxin”), requesting payment for total contract price of CNY461,800 (approximately US$ 65,104) and interest under a disputed contract of sale. As of today the case is in the first instance proceedings. On January 2, 2024, MHP Americas, Inc. (“MHP”), through counsel, sent a letter to Cenntro Electric Group Limited (“Cenntro”) demanding payment allegedly owed by Cenntro to MHP in the amount of $1,767,516.91 for alleged breaches in connection with the parties’ August 8, 2022, Master Consulting Services Agreement and/or March 9, 2023, Statement of Work. On January 12, 2024, Cenntro, through counsel, responded to the letter denying any breach and disputing the amounts claimed. No lawsuit has been filed yet.

SHARE-BASED COMPENSATION, Share Options (Details)				4 Months Ended	8 Months Ended	12 Months Ended
SHARE-BASED COMPENSATION, Share Options (Details)	May 03, 2022 USD ($) $ / shares shares	Dec. 30, 2021 shares	Apr. 17, 2018 Installment shares	Dec. 31, 2023	Aug. 20, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 10, 2016 shares
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $						$ 5,230,272	$ 4,031,629
General and Administrative Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $						4,630,230	3,242,625
Selling and Marketing Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $						193,939	504,199
Research and Development Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $						$ 406,103	$ 284,805
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 expiration period				10 years	8 years
Employees and Directors [Member] \| 2016 Plan [Member] \| Minimum [Member]
Share-Based Compensation [Abstract]
Options expiration period						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
Employees and Directors [Member] \| 2022 Plan [Member]
Share-Based Compensation [Abstract]
Options granted (in shares)	12,797,063
Exercise price range, lower range limit (in dollars per share) \| $ / shares	$ 1.68
Exercise price range, upper range limit (in dollars per share) \| $ / shares	$ 1.848
Fair value of options granted \| $	$ 18,217,956
Employees and Directors [Member] \| 2022 Plan [Member] \| Contractual Term of Option One [Member]
Share-Based Compensation [Abstract]
Options granted (in shares)	297,615
Options contractual term	5 years
Employees and Directors [Member] \| 2022 Plan [Member] \| Contractual Term of Option Two [Member]
Share-Based Compensation [Abstract]
Options granted (in shares)	12,499,448
Options contractual term	10 years
Employees and Directors [Member] \| 2022 Plan [Member] \| Minimum [Member]
Share-Based Compensation [Abstract]
Fair value of option grant (in dollars per share) \| $ / shares	$ 1.113
Employees and Directors [Member] \| 2022 Plan [Member] \| Maximum [Member]
Share-Based Compensation [Abstract]
Shares authorized (in shares)	25,965,234
Fair value of option grant (in dollars per share) \| $ / shares	$ 1.431

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 13 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities are summarized as follow:

	December 31, 2023		December 31, 2022
Accrued litigation compensation	$	1,773,007	$	1,590,484
Accrued expenses		961,914		797,969
Other taxes payable		732,685		118,469
Employee payroll and welfare payables		621,605		452,904
Accrued professional fees		36,505		919,525
Payable for purchasing the factory		-		588,645
Interest expense of convertible loans		-		383,250
Credit card payable		106,650		22,908
Others		31,521		174,487
Total	$	4,263,887	$	5,048,641

OTHER NON-CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2023

OTHER NON-CURRENT ASSETS, NET [Abstract]

OTHER NON-CURRENT ASSETS, NET

NOTE 12 – OTHER NON-CURRENT ASSETS, NET

	December 31, 2023		December 31, 2022
Loan to the third party ₍₁₎	$	-	$	4,591,717
Deferred cost ₍₂₎		203,083		-
Deposit ₍₃₎		1,071,974		758,038
Long-term prepayment ₍₄₎		952,615		1,280,974
Total		2,227,672		6,630,729
Less: provision for loan to the third party and receivable from a third party		-		(4,591,717	)
Other non-current assets, net	$	2,227,672	$	2,039,012

(1)

(2)

(3)	The balance mainly consisted of the rental deposit.

(4)	The balance mainly represented a six-year period liability insurance for the existing officers and directors in connection with the closing of the Combination.

SHARE-BASED COMPENSATION, Assumptions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Compensation Cost [Abstract]
Total unrecognized compensation cost	$ 8,734,833
Unrecognized compensation cost, recognition period	2 years 1 month 28 days
Stock Options [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected dividends yield	0.00%	0.00%
The fair value of underlying ordinary shares (in dollars per share)	$ 16.8	$ 1.68
Stock Options [Member] \| Minimum [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility	83.41%	86.28%
Risk-free interest rate per annum	2.97%	2.97%
Stock Options [Member] \| Maximum [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility	86.57%	83.96%
Risk-free interest rate per annum	3.01%	3.01%

LONG-TERM INVESTMENTS, Equity Investment Without Readily Determinable Fair Value (Details)

12 Months Ended

Jul. 12, 2023

USD ($)

Model

Jan. 31, 2023

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Equity Investment without Readily Determinable Fair Value [Abstract]

Equity investment without readily determinable fair value

$ 1,450,000

$ 0

Equity Investment without Readily Determinable Fair Value [Abstract]

1,000,000

Robostreet Inc. [Member]

Equity investment without readily determinable fair value

450,000

^[1]

Percentage of ownership interest, equity method investment

14.97%

Number of shares acquired (in shares) | shares

176

Number of programmable smart chassis models | Model

Cash consideration

$ 200,000

Aggregate value of programmable smart chassis

$ 250,000

HW Electro Co., Ltd. [Member]

Equity Investment without Readily Determinable Fair Value [Abstract]

Equity investment without readily determinable fair value

$ 1,000,000

^[2]

$ 0

Shares in debt conversion (in shares) | shares

$ 1,000,000

1,143,860

Percentage of equity interest

3.00%

[1]	On July 12, 2023, the Company entered into a share sale and purchase agreement with Robostreet Inc., to acquire 176 shares of Robostreet Inc.’s for a total of 14.97% of its equity interest with a consideration of cash of $200,000 and three models of programmable smart chassis for an aggregate value of $250,000.
[2]	On January 31, 2023, the Company entered into a debt convention agreement with HW Electro Co., Ltd., to convert the loan principal of $1,000,000 into HW Electro Co., Ltd.’s shares. The Company is holding 1,143,860 shares of HW Electro Co., Ltd.’s for a total of 3.00% of its equity interest as of December 31, 2023.

PREPAYMENT AND OTHER CURRENT ASSETS (Details) - USD ($)

1 Months Ended

12 Months Ended

Jan. 31, 2023

Jan. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Deductible input value added tax

Advance to suppliers

$ 12,579,554

$ 9,877,337

6,238,040

4,097,162

Receivable from a third party

1,000,000

^[1]

Loans to a third party

^[2]

1,044,181

Receivable from third parties

678,887

Others

573,556

440,763

Prepayment and other current assets

20,391,150

16,138,330

Subsequent Event [Member]

$ 1,000,000

Proceeds from third party

$ 1,000,000

HW Electro Co., Ltd. [Member]

Aggregate principal amount

$ 1,000,000

Annual interest rate

5.00%

Maturity period

Feb. 07, 2023

Conversion shares (in shares)

$ 1,000,000

1,143,860

Percentage of equity interest

3.00%

[1]

Receivable from a third party represented the redemption receivable of equity investment in Micro Money Fund SPC. The Company redeemed the investment of $1,000,000 in November 2023 and received the payment subsequently in January 2024.

[2]

OTHER NON-CURRENT ASSETS, NET (Details)

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2023

NZD ($)

Dec. 31, 2022

USD ($)

Other Non-current Assets, Net [Abstract]

Loan to the third party

^[1]

$ 0

$ 4,591,717

Deferred cost

^[2]

203,083

Deposit

^[3]

1,071,974

758,038

Long-term prepayment

^[4]

952,615

1,280,974

Total

2,227,672

6,630,729

Less: provision for loan to the third party and receivable from a third party

(4,591,717)

Other non-current assets, net

$ 2,227,672

$ 2,039,012

Debt Instrument [Line Items]

Percentage of mold development fee

50.00%

Period of liability insurance policy for existing officers and directors

6 years

Loan to Third Party [Member]

Debt Instrument [Line Items]

Debt instrument term

5 years

Aggregate principal amount

$ 4,439,400

$ 7,000,000

Interest rate

2.50%

[1]	The balance represents a 5-year loan in the aggregate principal amount of $4,439,400 (New Zealand Dollar 7,000,000) to the related party, bearing interest of 2.5% annually and maturing in August 2026. As for the resignation of Mr. Justin Davis-Rice in 2022, the controller of Bendon Limited and the former director of CEGL, Bendon Limited was not a related party as of December 31, 2022. Full provision was made as of December 31, 2022, and the balance was written off as of December 31, 2023.
[2]	Since May 2022, the Company entered a series of agreement with Jiangxi ZC Automobile Co., Ltd. (“Jiangxi ZC”) to cooperate on mold development. The agreement stipulated that the mold development fee shall be borne by the Company and Jiangxi ZC, with each bearing 50%, and that Jiangxi ZC would share the ownership of the mold assets with the Company upon completion of the payment. The Company recognized deferred cost borne by Jiangxi ZC before it met the cost reorganization criteria.
[3]	The balance mainly consisted of the rental deposit.
[4]	The balance mainly represented a six-year period liability insurance for the existing officers and directors in connection with the closing of the Combination.

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	12 Months Ended
ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable [Abstract]
Accounts receivable	$ 8,443,069	$ 2,526,432
Less: provision for doubtful accounts	(1,912,268)	(1,961,034)
Accounts receivable, net	6,530,801	565,398
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the period	1,961,034	1,475,983
Additions	0	1,394,591
Write-off	(108,288)	(922,632)
Foreign exchange	59,522	13,092
Balance at the end of the period	$ 1,912,268	$ 1,961,034

RELATED PARTY TRANSACTIONS, Related Parties (Details)	12 Months Ended
RELATED PARTY TRANSACTIONS, Related Parties (Details)	Dec. 31, 2023
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
Bendon Limited [Member]
Related Parties [Abstract]
Relationship with the Company	Controlled by Mr. Justin Davis-Rice, a director of CEGL. As for the resignation of Mr. Justin Davis-Rice in 2022, it was not a related party as of December 31, 2022.
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, CEGL’s subsidiary
Jiangsu Rongyuan [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Hangzhou Hezhe Energy Technology Co., Ltd ("Hangzhou Hezhe") [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Shenzhen Yuanzheng Investment Development Co. Ltd ("Shenzhen Yuanzheng") [Member]
Related Parties [Abstract]
Relationship with the Company	Controlled by Mr. Yeung Heung Yeung
Shanghai Hengyu Enterprise Management Consulting Co., Ltd ("Shanghai Hengyu") [Member]
Related Parties [Abstract]
Relationship with the Company	Ultimately controlled by Mr. Peter Wang
Antric GmbH [Member]
Related Parties [Abstract]
Relationship with the Company	Invested by the Company, then it became the CEGL’s wholly-owned subsidiaries on August 31, 2023
Billy Rafael Romero Del Rosario [Member]
Related Parties [Abstract]
Relationship with the Company	A shareholder who owns 1% equity interest of Cenntro Electric CICS, SRL and was the CEO of Cenntro Electric CICS, SRL
Percentage of equity interests	1.00%

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-38544
Entity Registrant Name	CENNTRO INC.
Entity Central Index Key	0001707919
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	501 Okerson Road
Entity Address, City or Town	Freehold
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07728
City Area Code	732
Local Phone Number	820-6757
Title of 12(b) Security	Common Stock
Trading Symbol	CENN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,828,795
Entity Public Float			$ 67,270,474
Auditor Firm ID	2729
Auditor Name	GGF CPA LTD
Auditor Location	Guangzhou, People's Republic of China

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2023

INVENTORIES [Abstract]

Inventories

Inventories are summarized as follows:

	December 31, 2023		December 31, 2022
Raw material	$	10,209,773	$	9,311,419
Work-in-progress		1,494,441		290,220
Goods in transit		3,774,310		2,364,136
Finished goods		28,431,040		19,877,596
Inventories	$	43,909,564	$	31,843,371

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
EQUITY
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, shares issued (in shares)	30,828,778	30,084,200
Ordinary shares, shares outstanding (in shares)	30,828,778	30,084,200

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET [Abstract]

Intangible Assets, Net

Intangible assets, net consisted of the following:

	December 31, 2023			December 31, 2022
At cost:
Land use right	$	5,584,050		$	4,605,738
Trademark		809,738			-
Technology		734,517			-
Software		118,350			119,550
Total		7,246,655			4,725,288
Less: accumulated amortization		(372,874	)		(161,496	)
Intangible assets, net	$	6,873,781		$	4,563,792

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]

Net revenues

$ 22,079,905

$ 8,941,835

Cost of goods sold

(19,821,645)

(9,455,805)

Gross profit (loss)

2,258,260

(513,970)

OPERATING EXPENSES:

Selling and marketing expenses

(7,868,773)

(6,525,255)

General and administrative expenses

(35,768,786)

(32,822,709)

Research and development expenses

(8,469,241)

(6,362,770)

Provision for doubtful accounts

(5,986,308)

Impairment loss of right-of-use assets

(371,695)

Impairment loss of intangible assets

(2,995,440)

Reverse of deferred tax liabilities

898,632

Impairment loss of property, plant and equipment

(431,319)

(550,402)

Total operating expenses

(52,538,119)

(54,715,947)

Loss from operations

(50,279,859)

(55,229,917)

OTHER EXPENSE:

Interest (income)/expense, net

402,414

(844,231)

Gain (Loss) on redemption of convertible promissory notes

12,507

(7,435)

(Loss) income from long-term investments

(1,377,760)

(12,651)

Change in fair value of convertible promissory notes and derivative liability

75,341

(37,774,928)

Change in fair value of equity securities

(2,600,721)

(240,805)

Convertible bond issuance cost

(5,589,336)

Foreign currency exchange loss, net

(848,781)

(409,207)

Impairment loss of goodwill

(11,111,886)

Loss from acquisition of Antric

(136,302)

Loss on exercise of warrants

(228,903)

Gain from cross-currency swaps

8,664

Other income/(expense), net

621,633

(924,867)

Loss before income taxes

(54,351,767)

(112,145,263)

Income tax expense

(8,988)

Net loss

(54,360,755)

(112,145,263)

Less: net loss attributable to non-controlling interests

(161,430)

(2,057,022)

Net loss attributable to the Company's shareholders

(54,199,325)

(110,088,241)

OTHER COMPREHENSIVE LOSS

Foreign currency translation adjustment

(1,162,080)

(3,889,706)

Total comprehensive loss

(55,522,835)

(116,034,969)

Less: total comprehensive loss attributable to non-controlling interests

(185,997)

(2,032,455)

Total comprehensive loss to the Company's shareholders

$ (55,336,838)

$ (114,002,514)

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

30,424,686

^[1]

26,332,324

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

30,424,686

^[1]

26,332,324

Loss per share, basic (in dollars per share)

$ (1.78)

$ (4.18)

Loss per share, diluted (in dollars per share)

$ (1.78)

$ (4.18)

[1]

LONG-TERM INVESTMENTS, Debt Security Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jul. 24, 2023
Debt Security Investments [Abstract]
Purchase of convertible note	$ 600,000	$ 0
Acton [Member]
Debt Security Investments [Abstract]
Convertible notes debt investment face amount			$ 1,000,000
Purchase of convertible note	600,000
Convertible note debt investments	$ 611,712

INCOME TAXES, Valuation Allowance (Details) - USD ($)	12 Months Ended
INCOME TAXES, Valuation Allowance (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Roll Forward]
Balance at the beginning of the year	$ 33,633,030	$ 14,659,415
Additions during the year	12,584,439	22,940,078
Expire of NOL	(3,165,660)	(1,318,979)
Change in tax rate	96,387	(91,423)
Exchange rate effect	(298,554)	(2,556,061)
Balance at the end of the year	42,849,642	33,633,030
Unrecognized uncertain tax positions	0	0
Unrecognized liabilities, interest or penalties	0	$ 0
Hong Kong [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	1,173,034
United States [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 38,730,970
Percentage of annual taxable income	80.00%
United States [Member] \| 2035 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 3,740,668
United States [Member] \| 2036 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	1,430,246
United States [Member] \| 2037 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	744,848
United States [Member] \| 2038 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	1,512,798
PRC [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	37,266,136
PRC [Member] \| 2024 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	5,413,592
PRC [Member] \| 2025 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	2,210,756
PRC [Member] \| 2026 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	5,989,640
PRC [Member] \| 2027 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	10,479,727
PRC [Member] \| 2028 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	13,172,422
Germany [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	26,565,271
Australia [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 61,911,565

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION [Abstract]

Share-based Compensation Expenses

For the year ended December 31, 2023 and 2022, the total share-based compensation expenses were comprised of the following:

	For the Years Ended December 31,
	2023		2022
General and administrative expenses	$	4,630,230	$	3,242,625
Selling and marketing expenses		193,939		504,199
Research and development expenses		406,103		284,805
Total	$	5,230,272	$	4,031,629

Share Options Activity

A summary of share options activity for the years ended December 31, 2023 and 2022 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, 2022		9,225,271			1.10		2.60		42,799,081
Granted		12,797,063			1.68
Exercised		(51,468	)		0.28
Forfeited		(334,167	)		1.68
Expired		(33,333	)		1.68
Outstanding at December 31, 2022		21,603,366			1.44		5.99		721,210
Outstanding at December 31, 2022(After the “Share Consolidation”)*		2,160,351			14.38		5.99		721,210
Granted		-			-
Exercised		-			-
Forfeited		(116,125	)		16.80
Expired		(19,111	)		13.09
Outstanding at December 31, 2023		2,025,115			14.26		4.81		-
Expected to vest at December 31, 2023		591,600			17.05		8.13		-
Exercisable as of December 31, 2023		1,433,515			13.10		3.44		-

*On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023 (the “Share Consolidation”). The one-for-ten reverse stock split decreased the number of outstanding shares and increased net loss per common share. All per share and share amounts presented have been retroactively adjusted for the effect of this share consolidation for all periods presented.

Fair Value Assumptions

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

	For the Years Ended December 31,
	2023	2022
Expected volatility	83.41%~86.57%	86.28%-83.96%
Expected dividends yield	0%	0%
Risk-free interest rate per annum	2.97%~3.01%	2.97%-3.01%
The fair value of underlying ordinary shares (per share)	$16.80	$1.68

LONG-TERM INVESTMENTS, Equity Method Investments, Net (Details)

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Aug. 31, 2023

Dec. 16, 2022

USD ($)

Dec. 16, 2022

EUR (€)

Sep. 25, 2022

USD ($)

Sep. 25, 2022

CNY (¥)

Mar. 22, 2022

USD ($)

Mar. 22, 2022

EUR (€)

Jun. 23, 2021

USD ($)

Jun. 23, 2021

CNY (¥)

$ 2,624,272

$ 5,325,741

(1,377,760)

(12,651)

Antric GmbH [Member]

Percentage of ownership interest, equity method investment

^[1]

2,674,500

^[1]

$ 2,674,500

€ 2,500,000

75.00%

25.00%

Percentage of voting interests

25.00%

Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) [Member]

(136,302)

Percentage of ownership interest, equity method investment

2,127,062

^[2]

2,189,570

^[2]

$ 2,169,045

¥ 15,400,000

99.355%

Percentage of voting interests

50.00%

Hangzhou Hezhe Energy Technology Co., Ltd ("Hangzhou Hezhe") [Member]

(44,301)

Percentage of ownership interest, equity method investment

407,778

^[3]

367,272

^[3]

$ 281,694

¥ 2,000,000

20.00%

Percentage of voting interests

33.00%

50,991

44,039

Able 2rent GmbH [Member]

Percentage of ownership interest, equity method investment

89,432

^[4]

94,399

^[4]

$ 110,620

€ 100,000

50.00%

Customer and Purchase Concentration Risks

$ (7,998)

$ (12,389)

[1]	On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. The Company accounts for the investment under the equity method because the Company controls 25% of voting interests, and has the ability to exercise significant influence over Antric GmbH. On August 31, 2023, the Company acquired the remaining 75% of its equity interest and Antric GmbH was became a wholly-owned subsidiary of CEGL. For the year ended December 31, 2023, loss of $136,302 from the acquisition of Antric GmbH was recorded.
[2]	On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,169,045) in Entropy Yu to acquire 99.355% of the partnership entity’s equity interest. The Company accounts for the investment under the equity method because the Company controls 50% of voting interests in partnership matters and material matters must be agreed upon by all partners. The Company has the ability to exercise significant influence over Entropy Yu. For the years ended December 31, 2023 and 2022, the Company recognized investment gain of $4 and investment loss of $44,301, based on its proportionate share of equity interest.
[3]	On June 23, 2021, the Company invested RMB2,000,000 (approximately $281,694) 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 years ended December 31, 2023 and 2022, the Company recognized investment gain of $50,991 and $44,039 respectively, based on its proportionate share of equity interest.
[4]	On March 22, 2022, CAE invested EUR100,000 (approximately $110,620) in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method because it does not have control over Able 2rent GmbH (DEU) as the Company does not participate in its operation and does not serve as member of board of director. For the years ended December 31, 2023 and 2022, the Company recognized investment loss of $7,998 and $12,389 respectively, based on its proportionate share of equity interest.

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2023

SHORT-TERM INVESTMENTS [Abstract]

SHORT-TERM INVESTMENTS

NOTE 4 – SHORT-TERM INVESTMENTS

	December 31, 2023		December 31, 2022
Available-for-sale investment (1)	$	4,227,947	$	-
Cross-currency swap (2)		8,641		-
Total	$	4,236,588	$	-

(1)	Available-for-sale investment represented wealth management products purchased from banks, for which the contractual maturity dates are less than one year.

(2)	Cross-currency swap was bought by the Company to manage its exposures to movements in foreign exchange rates primarily related to the RMB.

CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2023

CONCENTRATIONS [Abstract]

(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, 2023 and 2022.

	Year ended December 31, 2023					Year ended December 31, 2022
Customer	Amount		% of Total			Amount		% of Total
A		3,501,965		16	%		-		-
B		2,473,388		11	%		36,999		*
C		169,766		*			1,304,969		15	%
Total	$	6,145,119		27	%	$	1,341,968		15	%

*	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, 2023 and 2022.

	As of December 31, 2023						As of December 31, 2022
Customer	Amount			% of Total			Amount			% of Total
A		$	2,724,397		32	%		$	-		-
D			1,237,751		15	%			1,197,023		47	%
E			-		-				410,321		16	%
F			-		-				395,360		16	%
Total		$	3,962,148		47	%		$	2,002,704		79	%

(b)

Suppliers

For the years ended December 31, 2023 and 2022, 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, 2023					Year ended December 31, 2022
Supplier	Amount		% of Total			Amount		% of Total
A	$	7,799,901		29	%	$	2,885,202		12	%
B		3,088,580		12	%		432,475		*
C		31,035		*			6,078,079		26	%
Total	$	10,919,516		41	%	$	9,395,756		38	%

*	Indicates below 10%.

The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable as of December 31, 2023 and 2022.

	As of December 31, 2023				As of December 31, 2022
Supplier	Amount		% of Total		Amount		% of Total
D	$	567,412		*	$	577,621		17	%
C		402,425		*		420,100		12	%
Total	$	969,837		-	$	997,721		29	%

*	Indicates below 10%.

BUSINESS COMBINATION (Details)

12 Months Ended

Aug. 31, 2023

USD ($)

Aug. 31, 2023

EUR (€)

Dec. 13, 2022

USD ($)

Dec. 13, 2022

EUR (€)

Mar. 25, 2022

USD ($)

Mar. 25, 2022

EUR (€)

Dec. 31, 2023

USD ($)

Aug. 31, 2023

EUR (€)

Dec. 31, 2022

USD ($)

Dec. 16, 2022

USD ($)

Dec. 16, 2022

EUR (€)

Mar. 05, 2022

Assets Acquired and Liabilities Assumed [Abstract]

$ 2,624,272

$ 5,325,741

Goodwill

$ 223,494

$ 0

EUR [Member]

USD:EUR exchange rate

1.0839

1.1062

1.0839

0.9348

Antric GmbH [Member]

Purchase consideration of stock acquired | €

€ 500,000

Consideration of acquisition | €

Percentage of ownership interest, equity method investment

$ 0

^[1]

$ 2,674,500

^[1]

$ 2,674,500

€ 2,500,000

75.00%

25.00%

Equity interest consideration | €

200

Total equity interest consideration

$ 1,385,578

1,278,327

Step acquisition, fair value

1,129,663

1,042,221

Cash consideration

Earn-out consideration

$ 255,319

€ 236,106

Period of equity interest sold

10 years

Loans issued amount | €

€ 700,000

Interest payable rate

6.50%

Debt instrument term

60 months

Contingent liabilities

$ 256,732

Assets Acquired and Liabilities Assumed [Abstract]

Cash and Bank Balance

$ 1,376

54,606

663,723

124,362

1,513,124

72,825

218,991

(604,568)

Trade and Service Liabilities

(319,472)

Deferred Tax Liabilities

(239,452)

Other Liabilities

(99,937)

Net assets

$ 1,385,578

Mosolf SE & Co [Member]

Purchase consideration of stock acquired

$ 1,860,000

€ 1,750,000

Tropos Motors Europe GmbH [Member] | Mosolf SE & Co [Member]

Percentage of issued and outstanding shares acquired

35.00%

65.00%

Purchase consideration of stock acquired

$ 3,600,000

€ 3,250,000

Consideration of acquisition

16,600,000

15,150,000

Shareholder Loan [Member] | Mosolf SE & Co [Member]

Percentage of shareholder loan acquired

100.00%

Purchase consideration of stock acquired

13,000,000

11,900,000

Purchase price is held in escrow account

$ 3,300,000

€ 3,000,000

[1]

On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. The Company accounts for the investment under the equity method because the Company controls 25% of voting interests, and has the ability to exercise significant influence over Antric GmbH. On August 31, 2023, the Company acquired the remaining 75% of its equity interest and Antric GmbH was became a wholly-owned subsidiary of CEGL. For the year ended December 31, 2023, loss of $136,302 from the acquisition of Antric GmbH was recorded.

LEASES (Details) - USD ($)	12 Months Ended
LEASES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Lease Cost [Abstract]
Operating leases cost excluding short-term rental expense	$ 4,745,560	$ 1,616,853
Short-term lease cost	809,894	238,386
Total	5,555,454	1,855,239
Supplemental Information Related to Operating Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 4,012,410	$ 1,108,721
Weighted average remaining lease term	6 years 1 month 17 days	8 years 4 months 9 days
Weighted average discount rate	6.33%	4.27%
Maturity of Lease Liabilities [Abstract]
2024	$ 4,908,465
2025	4,127,389
2026	4,180,335
2027	4,221,505
2028	2,176,965
2029 and thereafter	5,784,794
Total lease payments	25,399,453
Less: imputed interest	4,318,235
Total	21,081,218
Less: current portion	$ 4,741,599	$ 1,313,334
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Less: current portion
Non-current portion	$ 16,339,619	$ 7,421,582
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Non-current portion

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2023

LONG-TERM INVESTMENTS [Abstract]

LONG-TERM INVESTMENTS

NOTE 8 – LONG-TERM INVESTMENTS

(a)	Equity method investment, net

Equity method investments consisted of the following:

	December 31, 2023		December 31, 2022
Antric GmbH ₍₁₎	$	-	$	2,674,500
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) ₍₂₎		2,127,062		2,189,570
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) ₍₃₎		407,778		367,272
Able 2rent GmbH (DEU) ₍₄₎		89,432		94,399
Total	$	2,624,272	$	5,325,741

(1)

(2)

On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,169,045) in Entropy Yu to acquire 99.355% of the partnership entity’s equity interest. The Company accounts for the investment under the equity method because the Company controls 50% of voting interests in partnership matters and material matters must be agreed upon by all partners. The Company has the ability to exercise significant influence over Entropy Yu. For the years ended December 31, 2023 and 2022, the Company recognized investment gain of $4 and investment loss of $44,301, based on its proportionate share of equity interest.

(3)

On June 23, 2021, the Company invested RMB2,000,000 (approximately $281,694) 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 years ended December 31, 2023 and 2022, the Company recognized investment gain of $50,991 and $44,039 respectively, based on its proportionate share of equity interest.

(4)

On March 22, 2022, CAE invested EUR100,000 (approximately $110,620) in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method because it does not have control over Able 2rent GmbH (DEU) as the Company does not participate in its operation and does not serve as member of board of director. For the years ended December 31, 2023 and 2022, the Company recognized investment loss of $7,998 and $12,389 respectively, based on its proportionate share of equity interest.

(b)	Equity investment without readily determinable fair values, net

Equity investments without readily determinable fair values, net consisted of the following:

	December 31, 2023		December 31, 2022
HW Electro Co., Ltd. ₍₁₎	$	1,000,000	$	-
Robostreet Inc. ₍₂₎		450,000		-
Total	$	1,450,000	$	-

(1)

On January 31, 2023, the Company entered into a debt convention agreement with HW Electro Co., Ltd., to convert the loan principal of $1,000,000 into HW Electro Co., Ltd.’s shares. The Company is holding 1,143,860 shares of HW Electro Co., Ltd.’s for a total of 3.00% of its equity interest as of December 31, 2023.

(2)

On July 12, 2023, the Company entered into a share sale and purchase agreement with Robostreet Inc., to acquire 176 shares of Robostreet Inc.’s for a total of 14.97% of its equity interest with a consideration of cash of $200,000 and three models of programmable smart chassis for an aggregate value of $250,000.

(c)	Debt security investments

On July 24, 2023 the Company purchased a $1,000,000 convertible note (the “Convertible Note”) from Acton (the “Issuer”). As of December 31, 2023, the Company has paid $600,000 to the Issuer, the balance of debt investments was $611,712. At any time on or after the maturity date, the convertible loan will convert into shares equal to the quotient obtained by dividing the outstanding principal balance and unpaid accrued interest of the convertible loan as of the date of such conversion by the applicable conversion price.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment, Net (Details)	Dec. 31, 2023
Building [Member]
Property and Equipment [Abstract]
Useful lives	20 years
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, Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregated Revenue Information [Abstract]
Revenue	$ 22,079,905	$ 8,941,835
Contract with Customer, Liability, Revenue Recognized	464,636	1,105,076
Receivables and Contractual Liabilities from Contracts with Customers [Abstract]
Accounts receivable, net	6,530,801	565,398
Contractual liabilities	3,394,044	2,388,480
Europe [Member]
Disaggregated Revenue Information [Abstract]
Revenue	16,218,398	7,052,452
Asia [Member]
Disaggregated Revenue Information [Abstract]
Revenue	4,805,312	1,191,931
America [Member]
Disaggregated Revenue Information [Abstract]
Revenue	1,056,195	697,452
Vehicles Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue	20,344,889	8,235,053
Spare-Parts Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue	1,554,311	304,506
Other Service Income [Member]
Disaggregated Revenue Information [Abstract]
Revenue	$ 180,705	$ 402,276

ORDINARY SHARES AND RESTRICTED NET ASSETS	12 Months Ended
ORDINARY SHARES AND RESTRICTED NET ASSETS	Dec. 31, 2023
ORDINARY SHARES AND RESTRICTED NET ASSETS [Abstract]
ORDINARY SHARES AND RESTRICTED NET ASSETS	NOTE 18 - ORDINARY SHARES AND RESTRICTED NET ASSETS Ordinary shares Immediately prior to the consummation of the Combination, there were 8,640,271 ordinary shares of NBG issued and outstanding. In connection with the closing of the Combination, CEGL issued 17,485,355 shares to CAG Cayman as consideration for the Combination. In 2022, 5,147 ordinary shares were exercised under the 2016 Share Incentive Option Plan, and 3,953,427 ordinary shares were issued for exercise of the investor warrants. As of December 31, 2022, the issued and outstanding ordinary shares are 30,084,200. During the year ended December 31, 2023, investor warrants were exercised via cashless option by the investors for 360,710 ordinary shares of the Company. On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023. 383,868 ordinary shares were issued during the shares consolidation. As of December 31, 2023, the issued and outstanding ordinary shares are 30,828,778. 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 $nil as of December 31, 2023.

INCOME TAXES, Components of Losses Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	$ (54,351,767)	$ (112,145,263)
PRC [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(8,291,573)	(7,386,251)
US [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(14,349,845)	(17,254,945)
Europe [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(10,839,504)	(20,130,854)
Australia [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(19,225,749)	(67,392,512)
Others [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	$ (1,645,096)	$ 19,300

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

SHORT-TERM INVESTMENTS [Abstract]

Short-term Investments

	December 31, 2023		December 31, 2022
Available-for-sale investment (1)	$	4,227,947	$	-
Cross-currency swap (2)		8,641		-
Total	$	4,236,588	$	-

INCOME TAXES, Federal Tax Rate (Details)	12 Months Ended
INCOME TAXES, Federal Tax Rate (Details)	Dec. 31, 2023
Zhejiang Tooniu Tech Co., Limited [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	5.00%
Hangzhou Hengzhong Tech Co., Limited [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	5.00%
Zhejiang Xbean Tech Co., Limited [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	5.00%
Australia [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25.00%
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%
Germany [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	15.80%
Spain [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25.00%
Italy [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	24.00%
Netherlands [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	19.00%
Turkey [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25.00%

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2023

ACCOUNTS RECEIVABLE, NET [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 5 - ACCOUNTS RECEIVABLE, NET

Accounts receivable, net is summarized as follows:

	December 31, 2023			December 31, 2022
Accounts receivable	$	8,443,069		$	2,526,432
Less: provision for doubtful accounts		(1,912,268	)		(1,961,034	)
Accounts receivable, net	$	6,530,801		$	565,398

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

	For the Years Ended December 31,
	2023			2022
Balance at the beginning of the year	$	1,961,034		$	1,475,983
Additions		-			1,394,591
Write-off		(108,288	)		(922,632	)
Foreign exchange		59,522			13,092
Balance at the end of the year	$	1,912,268		$	1,961,034

INVENTORIES

12 Months Ended

Dec. 31, 2023

INVENTORIES [Abstract]

INVENTORIES

NOTE 6 - INVENTORIES

Inventories are summarized as follows:

	December 31, 2023		December 31, 2022
Raw material	$	10,209,773	$	9,311,419
Work-in-progress		1,494,441		290,220
Goods in transit		3,774,310		2,364,136
Finished goods		28,431,040		19,877,596
Inventories	$	43,909,564	$	31,843,371

For the years ended December 31, 2023 and 2022, the impairment loss recognized by the Company for slow-moving inventory with cost lower than net realizable value was $658,622 and $2,155,400, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 14 - INCOME TAXES

Australia

CEGL is subject to a tax rate of 25%.

United States

U.S. subsidiaries are subject to a federal tax rate of 21% and respective state tax rate.

Europe

Subsidiaries in Germany, Spain, Italy, Netherlands and Turkey are subject to a tax rate of 15.8%, 25%, 24%, 19% and 25%, respectively.

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, it is exempted from the Hong Kong income tax on its foreign-derived income. CEG’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 CEG 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%. Zhejiang Tooniu Tech Co., Ltd, Hangzhou Hengzhong Tech Co., Ltd and. Zhejiang Xbean Tech Co., Ltd qualify as Small and micro enterprises in the PRC, and are entitled to pay a reduced income tax rate of 5% in 2023.

(1)	Income taxes

Income tax expenses for the years ended December 31, 2023 and 2022 are $8,988 and nil.

The components of the income tax provision are as follows:

	For the Years Ended December 31,
	2023			2022
Current	$	24,919		$	-
Deferred		(15,931	)		-
Total	$	8,988		$	-

The components of losses before income taxes are summarized as follows:

	For the Years Ended December 31,
	2023			2022
PRC	$	(8,291,573	)	$	(7,386,251	)
US		(14,349,845	)		(17,254,945	)
Europe		(10,839,504	)		(20,130,854	)
Australia		(19,225,749	)		(67,392,512	)
Others		(1,645,096	)		19,300
Total	$	(54,351,767	)	$	(112,145,263	)

	For the Years Ended December 31,
	2023			2022
Loss before provision for income tax	$	(54,351,767	)	$	(112,145,263	)
PRC statutory income tax rate		25	%		25	%
Income tax expense at the PRC statutory rate		(13,587,942	)		(28,036,316	)
Effect of preferential tax rate		1,535,761			161,592
Effect of international tax rates		123,766			(2,255,963	)
Effect of non-deductible expenses		569,327			1,069,009
Effect of research and development deduction		(1,261,231	)		(568,446	)
Fair value change of warrant liability		60,799			3,912,074
Impairment loss of goodwill		-			2,777,972
Effect of valuation allowance		12,584,439			22,940,078
Total income tax expense - current		24,919			-
Effective income tax rate		0	%		0	%

(2)	Deferred taxes assets/(liabilities)

The tax effects of temporary differences that give rise to the net deferred tax liabilities balances as of December 31, 2023 and 2022 are as follows:

	December 31, 2023			December 31, 2022
Deferred tax assets:
Impairment loss	$	3,561,625		$	3,532,162
Change in fair value of financial instrument		(3,885,519	)		912,340
Capitalization of research and experimental costs		943,938			369,687
Net operating loss carry forwards		42,229,598			28,818,841
Total deferred income tax assets		42,849,642			33,633,030
Valuation allowance		(42,849,642	)		(33,633,030	)
Deferred tax assets, net	$	-		$	-

Deferred income tax liabilities:
Intangible assets arising from acquisition		(228,086	)		-
Total deferred tax liabilities		(228,086	)		-

Net deferred tax liabilities		(228,086	)		-

The changes related to valuation allowance are as follows:

	For the Years Ended December 31,
	2023			2022

Balance at the beginning of the year	$	33,633,030		$	14,659,415
Additions during the year		12,584,439			22,940,078
Expire of NOL		(3,165,660	)		(1,318,979	)
Change in tax rate		96,387			(91,423	)
Exchange rate effect		(298,554	)		(2,556,061	)
Balance at the end of the year	$	42,849,642		$	33,633,030

The valuation allowances as of December 31, 2023 and 2022 were 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 $1,173,034 can be carried forward indefinitely.

For entities incorporated in the U.S., federal net operating losses of $38,730,970 can be carried forward indefinitely subject to a limitation in utilization against 80% of annual taxable income. Federal net operating losses of $3,740,668, $1,430,246, $744,848, and $1,512,798 will expire if unused by 2035, 2036, 2037 and 2038, respectively.

For entities incorporated in the PRC, net losses can be carried forward for five years. PRC net losses of $37,266,136 were available to offset future taxable income. Net losses of $5,413,592, $2,210,756, $5,989,640, $10,479,727 and $13,172,422 will expire, if unused, by 2024, 2025, 2026, 2027 and 2028 respectively.

For entities incorporated in German, net losses of $26,565,271 can be carried forward indefinitely.

For entities incorporated in Australia, net losses of $61,911,565 can be carried forward indefinitely.

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. CAE GmbH was not yet subject to a tax audit, but a tax audit for 2019 has been recently announced. As of December 31, 2023 and 2022, 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.

Convertible Promissory Note [Member]

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables)

12 Months Ended

Dec. 31, 2023

Short-Term Debt [Line Items]

Movement of Note

The movement of Note during the year ended December 31, 2023 are as follows:

	Liability component
As of December 31, 2022	$	57,372,827
Convertible promissory notes issued during the year		-
Redemption of convertible promissory notes		(47,546,626	)
Fair value change recognized		129,799
As of December 31, 2023	$	9,956,000

Movement of Warrants

The movement of warrants during the year ended December 31, 2023 are as follows:

	Investor warrants component			Placement agent warrants component
As of December 31, 2022	$	14,334,104		$	3,456,404
Warrants issued during the year		-			-
Exercise of warrants		(1,939,282	)		-
Fair value change recognized		(205,314	)		174
As of December 31, 2023	$	12,189,508		$	3,456,578

Warrant [Member]

Short-Term Debt [Line Items]

Fair Value Assumptions

The fair value for these two warrants were computed using the Binomial model with the following assumptions:

Fair Value Assumptions – Warrants	December 31, 2023			December 31, 2022
Expected term (years)		3.55			4.55
Volatility		72.11	%		77.72	%
Risk free rate		3.91	%		4.13	%

Short-Term Debt [Line Items]

Fair Value Assumptions

We determined the fair value by using the following key inputs to the Monte Carlo Simulation Model:

Fair Value Assumptions - Convertible Promissory Note	December 31, 2023			December 31, 2022
Face value principal payable		9,953,381			57,488,000
Original conversion price		1.2375			1.2375
Interest Rate		8.00	%		8.00	%
Expected term (years)		1.05			0.55
Volatility		53.46	%		75.13	%
Market yield (range)		13.93	%		18.02	%
Risk free rate		4.69	%		4.69	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	January 19, 2025			July 19, 2023

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

Dec. 31, 2023

Dec. 31, 2022

Amount due from Related Parties [Abstract]

Amounts due from related parties - current

$ 287,439

$ 366,936

Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]

us-gaap:RelatedPartyMember

Hangzhou Hezhe [Member]

Amount due from Related Parties [Abstract]

Amounts due from related parties - current

^[1]

$ 178,019

$ 366,936

Billy Rafael Romero Del Rosario [Member]

Amount due from Related Parties [Abstract]

Amounts due from related parties - current

^[2]

$ 109,420

$ 0

[1]	The balance mainly represents the prepayment for raw material to the related party.
[2]	The balance mainly represents the prepayment of operating fund to the related party.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segments (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Number of reportable segments \| Segment	1
Long-lived assets	$ 47,314,927	$ 27,713,532
PRC [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	19,900,770	18,018,954
US [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	19,730,650	9,125,535
Mexico [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	4,238,942	0
Dominican [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	808,346	469,740
Others [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	$ 2,636,219	$ 99,303

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 17 - 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.

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.

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.

On August 21, 2023, the Company extended the term and expiration date of each 2016 Option Agreement from eight (8) years to ten (10) years from the date of grant pursuant to the terms of the 2016 Plan .

Share options granted by CEGL to employees of the Company

On May 3, 2022, CEGL adopted the 2022 Share Incentive Plan (the “2022 Plan”), which allowed CEGL to grant options to the employees and directors of the Company to purchase up to 25,965,234 ordinary shares of CEGL subject to vesting requirement.

On May 3, 2022, CEGL granted 12,797,063 options to the directors of the Company to purchase CEGL’s ordinary shares at exercise prices ranging from $1.680 to $1.848 per share. Among them, 297,615 options have a contractual term of five years, 12,499,448 options have a contractual term of ten years.

The fair value of option per share grant on May 3, 2022 varied from $1.1130 to $1.4310. The aggregate grant date fair value of the options grant was $18,217,956.

For the year ended December 31, 2023 and 2022, the total share-based compensation expenses were comprised of the following:

	For the Years Ended December 31,
	2023		2022
General and administrative expenses	$	4,630,230	$	3,242,625
Selling and marketing expenses		193,939		504,199
Research and development expenses		406,103		284,805
Total	$	5,230,272	$	4,031,629

A summary of share options activity for the years ended December 31, 2023 and 2022 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, 2022		9,225,271			1.10		2.60		42,799,081
Granted		12,797,063			1.68
Exercised		(51,468	)		0.28
Forfeited		(334,167	)		1.68
Expired		(33,333	)		1.68
Outstanding at December 31, 2022		21,603,366			1.44		5.99		721,210
Outstanding at December 31, 2022(After the “Share Consolidation”)*		2,160,351			14.38		5.99		721,210
Granted		-			-
Exercised		-			-
Forfeited		(116,125	)		16.80
Expired		(19,111	)		13.09
Outstanding at December 31, 2023		2,025,115			14.26		4.81		-
Expected to vest at December 31, 2023		591,600			17.05		8.13		-
Exercisable as of December 31, 2023		1,433,515			13.10		3.44		-

*On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023 (the “Share Consolidation”). The one-for-ten reverse stock split decreased the number of outstanding shares and increased net loss per common share. All per share and share amounts presented have been retroactively adjusted for the effect of this share consolidation for all periods presented.

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 Years Ended December 31,
	2023	2022
Expected volatility	83.41%~86.57%	86.28%-83.96%
Expected dividends yield	0%	0%
Risk-free interest rate per annum	2.97%~3.01%	2.97%-3.01%
The fair value of underlying ordinary shares (per share)	$16.80	$1.68

The expected volatility is calculated based on the annualized standard deviation of the daily return embedded in historical share prices of the Company. 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, 2023, there was approximately $8,734,833 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 2.16 years.

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM INVESTMENTS [Abstract]

Equity Method Investment

Equity method investments consisted of the following:

	December 31, 2023		December 31, 2022
Antric GmbH ₍₁₎	$	-	$	2,674,500
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) ₍₂₎		2,127,062		2,189,570
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) ₍₃₎		407,778		367,272
Able 2rent GmbH (DEU) ₍₄₎		89,432		94,399
Total	$	2,624,272	$	5,325,741

(1)

(2)

(3)

(4)

Equity Investment without Readily Determinable Fair Value [Table Text Block]

(b)	Equity investment without readily determinable fair values, net

Equity investments without readily determinable fair values, net consisted of the following:

	December 31, 2023		December 31, 2022
HW Electro Co., Ltd. ₍₁₎	$	1,000,000	$	-
Robostreet Inc. ₍₂₎		450,000		-
Total	$	1,450,000	$	-

(1)

(2)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Estimated Useful Lives

Estimated useful lives are as follows:

Buildings	20 years
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
Land use rights	45.75-50 years
Software	3 years
Technology	5 years
Trademark	5 years

Disaggregation of Revenue

The following table disaggregates the Company’s revenues by product line for the years ended December 31, 2023 and 2022:

	For the Years Ended December 31,
	2023		2022
Vehicles sales	$	20,344,889	$	8,235,053
Spare-parts sales		1,554,311		304,506
Other service income		180,705		402,276
Net revenues	$	22,079,905	$	8,941,835

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

	For the Years Ended December 31,
	2023		2022
Primary geographical markets
Europe	$	16,218,398	$	7,052,452
Asia		4,805,312		1,191,931
America		1,056,195		697,452
Total	$	22,079,905	$	8,941,835

Receivables and Contractual Liabilities from Contracts with Customers

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

	December 31, 2023		December 31, 2022
Accounts receivable, net	$	6,530,801	$	565,398
Contractual liabilities	$	3,394,044	$	2,388,480

Foreign Currency Translation Rates

	For the Years Ended December 31,
	2023		2022
Period end USD: RMB exchange rate		7.0999		6.8972
Average USD: RMB exchange rate		7.0809		6.7290
Period end USD: EUR exchange rate		1.1062		0.9348
Average USD: EUR exchange rate		1.0817		0.9493

Long-lived Assets by Geographic Segment

The following table presents long-lived assets by geographic segment as of December 31, 2023 and 2022.

Long-lived assets

	December 31,
	2023		2022
PRC	$	19,900,770	$	18,018,954
US		19,730,650		9,125,535
Mexico		4,238,942		-
Dominican		808,346		469,740
Others		2,636,219		99,303
Total	$	47,314,927	$	27,713,532

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2023

ACCOUNTS RECEIVABLE, NET [Abstract]

Accounts Receivable

Accounts receivable, net is summarized as follows:

	December 31, 2023			December 31, 2022
Accounts receivable	$	8,443,069		$	2,526,432
Less: provision for doubtful accounts		(1,912,268	)		(1,961,034	)
Accounts receivable, net	$	6,530,801		$	565,398

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

	For the Years Ended December 31,
	2023			2022
Balance at the beginning of the year	$	1,961,034		$	1,475,983
Additions		-			1,394,591
Write-off		(108,288	)		(922,632	)
Foreign exchange		59,522			13,092
Balance at the end of the year	$	1,912,268		$	1,961,034

PREPAYMENT AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2023