0001140361-24-046046 | 10-Q | XBRL Viewer

Principal

$ 624,236

Current portion

262,836

$ 0

Non-current portion

361,400

Bank of Multiple Promerica Republic Dominicana [Member]

662,836

$ 0

Repayment of bank loans

$ 38,600

$ 602,477

Frequency of periodic payment

Annual interest rate

^[1]

10.00%

Principal

^[1]

$ 461,400

Current portion

^[1]

100,000

Non-current portion

^[1]

$ 361,400

Term of debt

5 years

monthly

Repayment of bank loans

$ 38,600

Bank deposit

$ 500,000

Bank of Multiple Promerica Republic Dominicana Due on April 29, 2029 [Member]

^[1]

Apr. 30, 2024

^[1]

Apr. 29, 2029

Periodic payment, principal

$ 408,000

$ 6,800

Bank of Multiple Promerica Republic Dominicana Due on June 20, 2029 [Member]

^[1]

Jun. 21, 2024

^[1]

Jun. 20, 2029

Periodic payment, principal

$ 92,000

$ 1,533

Bank of Multiple Promerica Republic Dominicana [Member]

Bank Of Multiple Promerica Republic Dominicana Due on December 2024 [Member]

Annual interest rate

^[2]

10.00%

Principal

^[2]

$ 162,836

Current portion

^[2]

162,836

Non-current portion

^[2]

$ 0

Bank deposit

$ 200,000

^[2]

Jun. 30, 2024

^[2]

Dec. 31, 2024

Bank Of Multiple Promerica Republic Dominicana Due on January 2025 [Member]

$ 67,236

^[2]

Jul. 31, 2024

^[2]

Jan. 31, 2025

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

$ 95,600

[1]

On April 30, 2024 and June 21, 2024, the Company borrowed $408,000 and $92,000 from Bank of Multiple Promerica Republic Dominicana, with the interest of 10% and the due date of April 29, 2029 and June 20, 2029, respectively. The Company should repay the loan monthly in five years after the month the loans were borrowed, with monthly principal repayment of $6,800 and $1,533, respectively. As of September 30, 2024, principal amount of $38,600 was repaid. The loan was guaranteed by bank deposit of $500,000, which was due on October 30, 2024 and would extend to the maturity date of the loan.

[2]

In June 2024 and July 2024, the Company borrowed $67,236 and $95,600 from Bank of Multiple Promerica Republic Dominicana, with the interest of 10%, which were due in December 2024 and January 2025, respectively. The loan was guaranteed by bank deposit of $200,000, which was due on June 12, 2024 and would extend to the maturity date of the loan.

PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2024

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 9 - PROPERTY, PLANT AND EQUIPMENT, NET

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

	September 30, 2024 (Unaudited)			December 31, 2023
At cost:
Plant and building	$	11,688,542		$	11,549,755
Land		1,063,270			1,063,270
Machinery and equipment		3,738,564			3,437,783
Leasehold improvement		6,498,974			6,221,899
Office equipment		2,071,907			2,179,269
Motor vehicles		1,379,248			1,106,055
Construction in progress		641,626			531,248
Total		27,082,131			26,089,279
Less: accumulated depreciation		(5,924,180	)		(4,677,524	)
Impairment		(982,506	)		(1,010,234	)
Property, plant and equipment, net	$	20,175,445		$	20,401,521

Depreciation expenses for the nine months ended September 30, 2024 and 2023 were $1,289,126 and $1,128,261, respectively.

Impairment loss for the nine months ended September 30, 2024 and 2023 were $4,368 and $345,540, respectively.

INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Sep. 30, 2024

INTANGIBLE ASSETS, NET [Abstract]

Intangible Assets, Net

Intangible assets, net consisted of the following:

	September 30, 2024 (Unaudited)			December 31, 2023
At cost:
Land use right	$	5,649,538		$	5,584,050
Trademark		815,814			809,738
Technology		740,028			734,517
Software		119,728			118,350
Total		7,325,108			7,246,655
Less: accumulated amortization		(701,237	)		(372,874	)
Intangible assets, net	$	6,623,871		$	6,873,781

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accrued expenses and other current liabilities [Abstract]
Accrued litigation compensation	$ 1,763,231	$ 1,773,007
Other taxes payable	1,344,977	732,685
Accrued expenses	720,993	961,914
Interest-free loan to third parties	626,825	0
Returns payable	497,405	0
Employee payroll and welfare payables	161,628	621,605
Credit card payable	48,802	106,650
Accrued professional fees	0	36,505
Others	185,421	31,521
Total	$ 5,349,282	$ 4,263,887

INVENTORIES

9 Months Ended

Sep. 30, 2024

INVENTORIES [Abstract]

INVENTORIES

NOTE 5 - INVENTORIES

Inventories are summarized as follows:

	September 30, 2024 (Unaudited)			December 31, 2023
Raw material	$	11,919,839		$	11,568,791
Work-in-progress		1,957,184			1,494,441
Goods in transit		3,945,197			3,774,310
Finished goods		26,164,108			30,576,355
Inventories, gross		43,986,328			47,413,897
Less: Inventory valuation allowance		(8,103,892	)		(3,504,333	)
Inventories, net	$	35,882,436		$	43,909,564

The changes in inventory valuation allowance are as follows:

	For the Nine Months Ended September 30,
	2024			2023
	(Unaudited)			(Unaudited)
Balance at the beginning of the period	$	3,504,333		$	3,218,765
Addition during the period		5,684,056			-
Write-off⁽¹⁾		(1,081,060	)		(6,021	)
Foreign exchange		(3,437	)		(97,942	)
Balance at the end of the period	$	8,103,892		$	3,114,802

(1) As Cenntro Machinery was in the process of being deregistered as of September 30, 2024, inventories was disposed with the corresponding inventory valuation allowance written-off.

BUSINESS COMBINATION (Details)

3 Months Ended

9 Months Ended

May 08, 2024

USD ($)

May 08, 2024

CNY (¥)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

CNY (¥)

May 21, 2024

USD ($)

May 21, 2024

CNY (¥)

Apr. 30, 2024

Dec. 31, 2023

USD ($)

Jun. 23, 2021

USD ($)

Jun. 23, 2021

CNY (¥)

Loss from acquisition of equity interest

$ 2,244,174

$ 2,624,272

$ 0

149,872

$ 0

Assets Acquired and Liabilities Assumed [Abstract]

Goodwill

225,171

$ 223,494

Cash and cash equivalent

$ 156,237

Inventories

887,447

Other current assets

5,055

Hangzhou Hezhe Energy Technology Co., Ltd [Member]

Percentage of equity interests to be acquired

60.00%

Equity interest consideration

$ 527,860

¥ 3,704,307

Fair value of previously held equity interest

$ 170,546

¥ 1,234,769

Percentage of equity interest held

80.00%

Loss from acquisition of equity interest

$ 149,872

Assets Acquired and Liabilities Assumed [Abstract]

Current assets

^[1]

1,048,739

¥ 7,592,974

Property and equipment

191,102

1,383,600

Goodwill

6,701

48,514

Current liabilities

(389,871)

(2,822,703)

Deferred Tax Liabilities

(3,942)

(28,540)

Noncontrolling interest

(170,546)

(1,234,769)

Total

$ 682,183

¥ 4,939,076

Hangzhou Hezhe Energy Technology Co., Ltd [Member] | Minimum [Member]

Assets Acquired and Liabilities Assumed [Abstract]

Property and equipment, amortization period

3 years

Hangzhou Hezhe Energy Technology Co., Ltd [Member] | Maximum [Member]

Assets Acquired and Liabilities Assumed [Abstract]

Property and equipment, amortization period

10 years

Hangzhou Hezhe Energy Technology Co., Ltd [Member] | RMB [Member]

Hangzhou Hezhe Energy Technology Co., Ltd [Member]

Exchange rate

7.2401

Percentage of ownership interest, equity method investment

$ 284,998

¥ 2,000,000

20.00%

[1]	Current assets acquired primarily included cash and cash equivalent of $156,237, inventories of $887,447 and other current assets of $5,055.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 18 - 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 (approximately $2,358,611.88) 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 property of the 90 vehicles shall be reclaimed by CAE. In the meantime, SWOOPIN returned the vehicles to B-Moville. As of 14 May 2023, the insolvency court of Paris opened insolvency proceedings B-Moville. CAE has filed its claims in the insolvency proceedings. However, The liquidator has advised that there is no prospect of payment to unsecured creditors, including CAE, following its declaration of claims. The recovery of the outstanding amount owed to CAE is deemed highly unlikely. All Receivable of CAE related to the case has been written off. 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 this report, 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. Shengzhou requested motion to dismiss the arbitration without prejudice against Tropos, which was granted by arbitrator on August 26, 2024. 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-Q, there remains one ongoing civil litigation case 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 $583,813; and 3) to terminate all agreements between the parties, including the vehicle purchase orders which have not been fulfilled. Newlongma was dissatisfied with this third judgment and filed an appeal on March 21, 2024. The appeal was dismissed and the original judgment was upheld by the Court on July 2, 2024. On December 18, 2023, Zhejiang Sinomachinery Co., Ltd. filed a lawsuit against Tonghe County Tianxin Agricultural Machinery Co., Ltd. (“Tianxin”), requesting payment for total contract price of CNY461,800 (approximately US$ 65,104) and interest under a disputed contract of sale. On April 17, 2024, the court made the judgement supporting plaintiff’s primary claims, ruling Tianxin to pay Zhejiang Sinomachinery CNY461,800 (approximately US$ 65,104) plus interest and relevant legal expenses within 10 days. On July 3, 2024, the Court accepted Zhejiang Sinomachinery’s application for compulsory execution. 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 unpaid invoices and $3,289,500 for total contract invoices and milestone payments 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. On April 10, 2024, CEGL filed a lawsuit against MHP Americas, Inc. (“MHP”) for breach under the Master Consulting Services Agreement and SAP S/4HANA SOW by failure to properly implement the SAP S/4HANA globally as set forth in those contracts, and for breach of implied covenants of good faith and fair dealing, causing Cenntro to suffer significant damages; and demanded a jury trial on all issues which are triable. Under this claim, CEGL is seeking for a remittance of $512,226 paid to date and a recission of the remaining contract with MHP. On April 30, 2024, MHP filed a Notice of Removal of this action from the Superior Court of New Jersey to the U.S. District Court for the District of New Jersey. At the time of this report, the case remains active with parties performing required interrogatories and discovery. The matter is ongoing with outcomes anticipated in 4th quarter of 2025. On March 18, 2024, EastGroup Properties, LP filed a summons for eviction against Cenntro Automotive Group for default of rents on commercial leased property located in Duval County, Jacksonville, Florida. It is alleged that Cenntro was behind in rental payments to the landlord. As of the date of this report, both parties have reached a Settlement Agreement and General Release of All Claims. The matter is now closed. On March 20, 2024 BAL Freeway Associates, LLC filed an Unlawful Detainer against Cenntro Automotive Corporation alleging non-payment of rents for commercial leased property in San Bernadino County, Ontario, CA. Parties were able to come to terms through counsel via Stipulated Judgement for prescribed settlement of due rents. Said Stipulated Judgement was filed with the court in San Bernadino County on May 6, 2024. To date, all parties have honored stipulations and Cenntro continues to occupy premises. On April 22, 2024, BRI 2240 North Lane Avenue, LLC filed a summons for eviction against Cenntro Automotive Group for default of rents on commercial leased property located in Duval County, Jacksonville, Florida. It is alleged that Cenntro was behind in rental payments to the landlord. As of the date of this report, Cenntro has vacated the premises, the case remains open and is in the final stages of negotiating settlement between the parties. On May 6, 2024, 225 Willow Brook Rd, LLC filed a summons notice against Cenntro Automotive Corporation noting default of rents on commercial leased property located in Monmouth County, Freehold, New Jersey. It is alleged that Cenntro was behind in rent payments to the landlord. Cenntro has vacated the premises, turned in all keys and all other material items belonging to the landlord and in Cenntro’s possession at the time and notified the Landlord of the same. On June 7, 2024, the matter was dismissed by plaintiff noting Cenntro has no financial obligation associated with the dismissal of the matter. On June 24, 2024, EWI Worldwide, Inc through representation sent a Demand for Arbitration regarding contract dispute with Cenntro Automotive Corporation. It is alleged that an outstanding balance is owed in the amount of $271,255.79, excluding legal and filing fees associated therewith. Said breach of contract involves the lease and set-up of tradeshow display equipment. As of the date of this report, the parties have completed Arbitration. Accompanied by satisfaction of the amount outstanding, a Settlement Agreement and Mutual Release of all Claims filing has been recorded. And the matter is now closed. CAE has filed an action in court Landgericht Bochum against Delivrium s.r.o., a company in Louny, Czech Republic (“Delivrium”) for a claim arising from a purchase contract by and between Delivrium and CAE for a dispute of € 956,760 under which CAE is requesting payment and acceptance of vehicles previously ordered by Delivrium . Currently CAE is waiting for a statement or notification from the court in Louny (Czech Republic). As it was not possible to deliver the claim neither to the Company nor to the Managing Director CAE files now for a public display in the court of Louny. After a period of 1 Month the claim will be handled by the court in Louny.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Sep. 30, 2024	May 08, 2024
Hangzhou Hezhe [Member]
Noncontrolling Interest [Abstract]
Acquisition equity interests	60.00%	60.00%

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2024

INCOME TAXES [Abstract]

Components of Losses Before Income Taxes

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

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
PRC	$	10,352,769	$	5,953,627
Europe		9,407,782		10,832,103
US		4,861,383		12,622,663
Australia		1,705,205		10,830,171
Others		1,125,615		1,030,694
Total	$	27,452,754	$	41,269,258

INVESTMENT IN EQUITY SECURITIES (Details)	3 Months Ended		9 Months Ended
INVESTMENT IN EQUITY SECURITIES (Details)	Sep. 30, 2024 USD ($) Investment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Investment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
INVESTMENT IN EQUITY SECURITIES [Abstract]
Number of equity investments \| Investment	2		2
Investment Income, Net [Abstract]
Investment in equity securities	$ 26,341,901		$ 26,341,901		$ 26,158,474
Equity investment redeemed			73,441	$ 0
Interest on equity investments			500,000	0
Changes in fair value of equity investment	262,417	$ (1,879,593)	756,868	$ (1,166,125)
Investment on Partnership Shares [Member]
Investment Income, Net [Abstract]
Investment in equity securities	26,341,901		26,341,901		26,060,355
Investment on Participating Shares [Member]
Investment Income, Net [Abstract]
Investment in equity securities	$ 0		$ 0		$ 98,119

ACCOUNTS RECEIVABLE, NET (Tables)

9 Months Ended

Sep. 30, 2024

ACCOUNTS RECEIVABLE, NET [Abstract]

Accounts Receivable

Accounts receivable, net is summarized as follows:

	September 30, 2024 (Unaudited)			December 31, 2023
Accounts receivable	$	6,306,003		$	8,443,069
Less: allowance for credit losses		(1,749,146	)		(1,912,268	)
Accounts receivable, net	$	4,556,857		$	6,530,801

The changes in the allowance for credit losses are as follows:

	For the Nine Months Ended September 30,
	2024			2023
	(Unaudited)			(Unaudited)
Balance at the beginning of the period	$	1,912,268		$	1,961,034
Write-off		(179,430	)		(104,583	)
Foreign exchange		16,308			2,682
Balance at the end of the period	$	1,749,146		$	1,859,133

SHORT-TERM AND LONG-TERM BANK LOANS (Tables)

9 Months Ended

Sep. 30, 2024

SHORT-TERM AND LONG-TERM BANK LOANS [Abstract]

Short-Term and Long-Term Bank Loans

									As of September 30, 2024 (Unaudited)				As of December 31, 2023
Bank and other financial institution		Annual Interest Rate			Start	Maturity	Principal		Current portion		Non- current portion		Current portion		Non- current portion
Bank of Multiple Promerica Republic Dominicana	(1)		10.00	%	April and June 2024	April and June 2029		461,400		100,000		361,400		-		-
Bank of Multiple Promerica Republic Dominicana	(2)		10.00	%	June and July 2024	December 2024 and January 2025		162,836		162,836		-		-		-
Total								624,236		262,836		361,400		-		-

(1)

(2)

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

RELATED PARTY TRANSACTIONS

NOTE 19 - 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
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary
Hangzhou Hezhe		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary as of December 31, 2023. On May 8, 2024, Hangzhou Hezhe become a subsidiary of the Company.
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 nine months ended September 30, 2024 and 2023, the Company had the following material related party transactions.

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
Interest income from a related party
Zhejiang RAP		22,220		9,639

Purchase of raw materials from related parties
Hangzhou Hezhe ⁽¹⁾		3,759		196,603

Payment on the purchase of the raw materials
Hangzhou Hezhe ⁽¹⁾		-		54,979

Refund on the purchase of the raw materials
Hangzhou Hezhe ⁽¹⁾		69,397		-

Prepayment of operating fund to a related party
Billy Rafael Romero Del Rosario		413,437		-

(1)

The transaction for the nine months ended September 30, 2024 of this related party consisted of transaction only before it become a subsidiary of the Company, which was from January to April, 2024.

Amounts due from related parties

The following table presents amounts due from related parties as of September 30, 2024 and December 31, 2023.

	September 30, 2024 (Unaudited)		December 31, 2023
Billy Rafael Romero Del Rosario ⁽¹⁾	$	512,691	$	109,420
Zhejiang RAP		12,201		-
Hangzhou Hezhe		-	$	178,019
Total	$	524,892	$	287,439

(1)

The balance represented the payment of operating fund to this related party.

Amounts due to a related party

The following table presents amounts due to related parties as of September 30, 2024 and December 31, 2023.

	September 30, 2024 (Unaudited)		December 31, 2023
Zhejiang RAP	$	-	$	10,468
Total	$	-	$	10,468

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.

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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

BUSINESS COMBINATION

9 Months Ended

Sep. 30, 2024

BUSNIESS COMBINATION [Abstract]

BUSNIESS COMBINATION

NOTE 3 – BUSINESS COMBINATION

Acquisition of Hangzhou Hezhe’s equity interest

On June 23, 2021, the Company invested RMB2,000,000 (approximately $284,998) in Hangzhou Hezhe to acquire 20% of its equity interest. On May 8, 2024, the Company entered into a new equity investing agreement to acquire another 60% of Hangzhou Hezhe’s equity interest, with the cash consideration amounted to RMB3,704,307 (approximately $527,860), and the share transfer was completed on May 21, 2024. The fair value of previously held equity interest is RMB1,234,769 (approximately $170,546) at the acquisition date. As of September 30, 2024, the Company held 80% of equity interest in Hangzhou Hezhe in total.

The transaction constitutes a business combination for accounting purposes and is accounted for using the acquisition method under ASC 805. Cenntro Inc. is deemed to be the accounting acquirer and the assets and liabilities of Hangzhou Hezhe are recorded at the fair value as of the date of the closing. Loss of $149,872 from this acquisition was recognized for the nine-month ended September 30, 2024 due to the difference between the carrying value of the equity method investment and its fair value as at the closing date.

The following is a summary of the fair values of the assets acquired and liabilities assumed. RMB: USD exchange rate of 7.2401 as of April 30, 2024 was applied:

	As of May 21 2024
	RMB			USD			Amortization Period
Current assets (1)		7,592,974			1,048,739
Property and equipment		1,383,600			191,102			3 - 10 years
Goodwill		48,514			6,701
Current liabilities		(2,822,703	)		(389,871	)
Deferred tax liabilities		(28,540	)		(3,942	)
Noncontrolling interest		(1,234,769	)		(170,546	)
Total		4,939,076			682,183

(1)

Current assets acquired primarily included cash and cash equivalent of $156,237, inventories of $887,447 and other current assets of $5,055.

As the acquire is a unlisted company, the fair vale measurements for the noncontrolling interest and previously held equity interest are estimated with reference to the purchase price per share as of the acquisition date.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2024

Basis of presentation

(a)	Basis of presentation

The accompanying consolidated balance sheet as of December 31, 2023, which has been derived from audited financial statements, and the unaudited condensed consolidated financial statements as of September 30, 2024 and for the nine months ended September 30, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Certain information and disclosures, which are normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), have been condensed or omitted pursuant to such rules and regulations. Management believes that the disclosures made are adequate to provide a fair presentation. The interim financial information should be read in conjunction with the financial statements and the notes for the fiscal year ended December 31, 2023. The results of operations for the nine months ended September 30, 2024 are not necessarily indicative of the results for the full year or any future periods.

Use of estimates

(b)	Use of estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include allowance for credit losses, lower of cost and net realizable value of inventories, impairment losses for long-lived assets and investments, valuation allowance for deferred tax assets and fair value of convertible promissory notes and warrants. Changes in facts and circumstances may result in revised estimates. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.

Fair value measurement

(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 and other current assets, accounts payable, accrued expenses and other current liabilities, bank loans 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) currency-cross swap, which was recognized as derivative financial instruments in 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 warrant 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 condensed consolidated balance sheet; ii) wealth management products purchased from banks, which represents the available-for-sale investments in short-term investments on the condensed consolidated balance sheet.

Revenue recognition

(d)	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 nine months ended September 30, 2024 and 2023:

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
Vehicles sales	$	25,483,836	$	12,732,639
Spare-parts sales		2,783,954		586,632
Other service income		176,041		151,624
Net revenues	$	28,443,831	$	13,470,895

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

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
Primary geographical markets
America	$	17,071,721	$	451,848
Europe		7,260,544		10,035,492
Asia		4,080,473		2,983,555
Others		31,093		-
Total	$	28,443,831	$	13,470,895

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 nine months ended September 30, 2024 and 2023, the Company recognized $946,071 and $484,477 revenue that was included in contractual liabilities as of December 31, 2023 and 2022, respectively.

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

	September 30, 2024 (Unaudited)		December 31, 2023
Accounts receivable, net	$	4,556,857	$	6,530,801
Contractual liabilities	$	4,958,315	$	3,394,044

Recently issued accounting standards pronouncement

(e)	Recently issued accounting standards pronouncement

Except for the ASUs (“Accounting Standards Updates”) issued but not yet adopted disclosed in “Note 2 (ab) Recently issued accounting standards pronouncements” of the Company 2023 Form 10-K, there is no ASU issued by the FASB that is expected to have a material impact on the Company’s unaudited condensed consolidated results of operations or financial position.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Customer and Purchase Concentration Risks

CONCENTRATIONS (Tables)

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024 and 2023.

	Nine Months ended					Nine Months ended
	September 30, 2024, (Unaudited)					September 30, 2023, (Unaudited)
Customer	Amount			% of Total		Amount			% of Total
A		$	669,263		*		$	2,219,933		16	%
Total		$	669,263		-		$	2,219,933		16	%

*	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 September 30, 2024 and December 31, 2023.

	As of September 30, 2024, (Unaudited)					As of December 31, 2023,
Customer	Amount		% of Total			Amount		% of Total
A	$	1,389,401		22	%	$	723,636	*
B		1,247,038		20	%		1,237,751		15	%
C		53,113		*			2,724,397		32	%
Total	$	2,689,552		42	%	$	4,685,785		47	%

*	Indicates below 10%.

The following table sets forth information as to each customer that accounted for 10% or more of advance from customers as of September 30, 2024 and December 31, 2023.

	As of September 30, 2024, (Unaudited)					As of December 31, 2023,
Customer	Amount		% of Total			Amount		% of Total
A	$	823,858		17	%	$	821,806		24	%
D		841,433		17	%		855,240		25	%
E		323,856		*			901,343		27	%
Total	$	1,989,147		34	%	$	2,578,389		76	%

(b)

Suppliers

For the nine months ended September 30, 2024 and 2023, the Company’s material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows:

	Nine Months ended September 30, 2024, (Unaudited)					Nine Months ended September 30, 2023, (Unaudited)
Supplier	Amount		% of Total			Amount		% of Total
A	$	9,645,436		54	%	$	5,593,765		26	%
B		1,929,796		11	%		1,922,570		*
C		349,786		*			3,078,975		14	%
Total	$	11,925,018		65	%	$	10,595,310		40	%

*	Indicates below 10%.

The following table sets forth information as to each supplier that accounted for 10% or more of advance to suppliers as of September 30, 2024 and December 31, 2023.

	As of September 30, 2024, (Unaudited)					As of December 31, 2023,
Supplier	Amount		% of Total			Amount		% of Total
A	$	3,582,162		25	%	$	1,280,302		10	%
B		293,159		*			2,492,312		20	%
C		3,173,880		22	%		2,880,875		23	%
D		2,564,979		18	%		2,535,247		20	%
Total	$	9,614,180		65	%	$	9,188,736		73	%

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

9 Months Ended

Aug. 05, 2024

USD ($)

Jul. 12, 2023

USD ($)

Model

Jan. 31, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Equity Investment without Readily Determinable Fair Value [Abstract]

Equity investment without readily determinable fair value

$ 1,200,000

$ 1,450,000

Loan principal converted

$ 1,000,000

Robostreet Inc. [Member]

Equity Investment without Readily Determinable Fair Value [Abstract]

Equity investment without readily determinable fair value

^[1]

200,000

450,000

Percentage of equity interest

7.24%

14.97%

Number of shares acquired (in shares) | shares

176

Cash consideration

$ 200,000

Number of programmable smart chassis models | Model

Aggregate value 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

^[2]

$ 1,000,000

Loan principal converted

$ 1,000,000

Shares in debt conversion (in shares) | shares

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. On August 5, 2024, the two parties entered into an amendment to share sale and purchase agreement, by revising the total purchase consideration to a cash payment of $200,000 only, which is 78 shares for a total of 7.24% of its equity interest.

[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 held 1,143,860 shares of HW Electro Co., Ltd.’s for a total of 3.00% of its equity interest.

INCOME TAXES

9 Months Ended

Sep. 30, 2024

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 13 - 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. On December 22, 2017, the “Tax Cuts and Jobs Act” (“The 2017 Tax Act”) was enacted in the United States. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. The 2017 Tax Act imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits.

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

The Company’s PRC subsidiaries are subject to the PRC Enterprise Income Tax Law (“EIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified.

Income tax benefit for the nine months ended September 30, 2024 was $47,149 and income tax expenses for the nine months ended September 30, 2023 was $25,084.

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

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
PRC	$	10,352,769	$	5,953,627
Europe		9,407,782		10,832,103
US		4,861,383		12,622,663
Australia		1,705,205		10,830,171
Others		1,125,615		1,030,694
Total	$	27,452,754	$	41,269,258

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)	Dec. 08, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]
Reverse stock split ratio	0.1

ORGANIZATION AND PRINCIPAL ACTIVITIES, Subsidiaries Combination (Details)

9 Months Ended

Sep. 30, 2024

Cenntro Electric Group Pty Limited (CEGL) [Member]

1.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

May 11, 2017

Australia

Cenntro Automotive Corporation (CAC) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Mar. 22, 2013

Delaware, U.S.

Cenntro Electric Group, Inc. (CEG) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Mar. 09, 2020

Delaware, U.S.

Cennatic Power, Inc. (Cennatic Power) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jun. 08, 2022

Delaware, U.S.

Cenntro Electric Group (Europe) GmbH [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jan. 13, 2022

Frankfurt, Germany

Teemak Power Corporation [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jan. 31, 2023

Delaware, U.S.

Avantier Motors Corporation [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Nov. 17, 2017

Delaware, U.S.

Cenntro Electric CICS, SRL [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Nov. 30, 2022

Santo Domingo, Dominican Republic

Cennatic Energy S. de R.L. de C.V. [Member]

99.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Aug. 24, 2022

Monterrey, Mexico

Cenntro Automotive S.A.S. [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jan. 16, 2023

Galapa, Colombia

Cenntro Electric Colombia S.A.S. [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Mar. 29, 2023

Atlántico, Colombia

Cenntro Automotive Group Limited (CAG HK) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Feb. 15, 2016

Hong Kong

Hangzhou Ronda Tech Co., Limited (Hangzhou Ronda) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jun. 05, 2017

PRC

Hangzhou Cenntro Autotech Co., Limited (Cenntro Hangzhou) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

May 06, 2016

PRC

Zhejiang Cenntro Machinery Co., Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jan. 20, 2021

PRC

Jiangsu Tooniu Tech Co., Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dec. 19, 2018

PRC

Hangzhou Hengzhong Tech Co., Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dec. 16, 2014

PRC

Teemak Power (Hong Kong) Limited (HK) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

May 17, 2023

Hong Kong

Avantier Motors (Hong Kong) Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Mar. 13, 2023

Hong Kong

Cenntro Automotive Europe GmbH (CAE) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

May 21, 2019

Herne, Germany

Cenntro Electric B.V. [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dec. 12, 2022

Amsterdam, Netherlands

Cenntro Elektromobilite Araclar A.S [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Feb. 21, 2023

Turkey

Cenntro Elecautomotiv, S.L. [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jul. 05, 2022

Barcelona, Spain

Cenntro Electric Group (Europe) GmbH (CEGE) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jan. 13, 2022

Düsseldorf, Germany

Simachinery Equipment Limited (Simachinery HK) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jun. 02, 2011

Hong Kong

Zhejiang Sinomachinery Co., Limited (Sinomachinery Zhejiang) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jun. 16, 2011

^[1]

PRC

^[1]

Shengzhou Cenntro Machinery Co., Limited (Cenntro Machinery) [Member]

100.00%

^[1]

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jul. 12, 2012

^[1]

PRC

^[1]

Cenntro EV Center Italy S.R.L. [Member]

100.00%

^[1]

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

May 08, 2023

Italy

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

100.00%

Antric GmbH [Member]

Aug. 21, 2020

Herne, Germany

Pikka Electric Corporation [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Aug. 03, 2023

Delaware, U.S.

Centro Technology Corporation [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Aug. 24, 2023

California, U.S.

Hangzhou Hezhe Energy Technology Co., Ltd. [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jul. 01, 2021

PRC

Share-based Compensation Expenses

80.00%

[1]	As of the issuance date of this report on Form 10-Q, Sinomachinery Zhejiang and Cenntro Machinery were in the process of being deregistered.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 21,822,485	$ 29,375,727
Restricted cash	1,009,263	196,170
Short-term investment	9,647	4,236,588
Accounts receivable, net	4,556,857	6,530,801
Inventories	35,882,436	43,909,564
Prepayment and other current assets	20,971,578	20,391,150
Amounts due from related parties - current	$ 524,892	$ 287,439
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Total current assets	$ 84,777,158	$ 104,927,439
Non-current assets:
Long-term investment, net	4,078,386	4,685,984
Investment in equity securities	26,341,901	26,158,474
Property, plant and equipment, net	20,175,445	20,401,521
Goodwill	225,171	223,494
Intangible assets, net	6,623,871	6,873,781
Right-of-use assets	16,049,893	20,039,625
Other non-current assets, net	1,563,361	2,227,672
Total non-current assets	75,058,028	80,610,551
Total Assets	159,835,186	185,537,990
Current liabilities:
Accounts payable	6,164,060	6,797,852
Short-term loans and current portion of long-term loans	262,836	0
Accrued expenses and other current liabilities	5,349,282	4,263,887
Contractual liabilities	4,958,315	3,394,044
Operating lease liabilities, current	4,605,336	4,741,599
Convertible promissory notes	9,952,000	9,956,000
Contingent liabilities	45,333	26,669
Deferred government grant, current	104,076	108,717
Amounts due to related parties	$ 0	$ 10,468
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Total current liabilities	$ 31,441,238	$ 29,299,236
Non-current liabilities:
Long-term loans	361,400	0
Contingent liabilities, non-current	213,326	230,063
Deferred tax liabilities	196,887	228,086
Deferred government grant, non-current	1,875,786	1,929,733
Derivative liability - investor warrant	12,141,241	12,189,508
Derivative liability - placement agent warrant	3,457,052	3,456,578
Operating lease liabilities, non-current	13,288,324	16,339,619
Total non-current liabilities	31,534,016	34,373,587
Total Liabilities	62,975,254	63,672,823
Commitments and contingencies
EQUITY
Common stock (No par value;30,866,614 and 30,828,778 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)	0	0
Additional paid in capital	405,029,683	402,337,393
Accumulated deficit	(301,408,251)	(274,023,501)
Accumulated other comprehensive loss	(6,913,396)	(6,444,485)
Total equity attributable to shareholders	96,708,036	121,869,407
Non-controlling interests	151,896	(4,240)
Total Equity	96,859,932	121,865,167
Total Liabilities and Equity	$ 159,835,186	$ 185,537,990

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2024

SHARE-BASED COMPENSATION [Abstract]

For the nine months ended September 30, 2024 and 2023, the total share-based compensation expenses were comprised of the following:

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
General and administrative expenses	$	2,234,708	$	3,700,403
Selling and marketing expenses		145,455		546,064
Research and development expenses		263,051		318,534
Total	$	2,643,214	$	4,565,001

Share Options Activity

A summary of share options activity for the nine months ended September 30, 2024 and 2023 is as follows:

	Number of Share Options			Weighted Average Exercise Price US$		Weighted Average Remaining Contractual Years		Aggregate Intrinsic Value US$
Outstanding at December 31, 2022(After the “Share Consolidation”) *		2,160,337			14.38		5.99		721,210
Granted		-			-
Exercised		-			-
Forfeited		(24,875	)		16.80
Expired		(14,735	)		11.99
Outstanding at September 30, 2023(Unaudited, after the “Share Consolidation”)*		2,120,727			14.37		5.22		-

Outstanding at December 31, 2023 (After the “Share Consolidation”)*		2,025,115			14.26		4.81		-
Granted		-			-
Exercised		-			-
Forfeited		(85,335	)		16.99
Expired		(161,363	)		16.96
Outstanding at September 30, 2024 (unaudited)		1,778,417			13.88		3.89		-
Expected to vest at September 30, 2024 (unaudited)		334,081			17.16		7.32		-
Exercisable as of September 30, 2024 (unaudited)		1,444,336			13.09		3.09		-

*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 common stock 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 Nine Months Ended September 30,
	2024	2023
Expected volatility	83.41%-86.57%	83.41%-86.57%
Expected dividends yield	0%	0%
Risk-free interest rate per annum	2.97%~3.01%	2.97%~3.01%
The fair value of underlying common stock (per share)	$16.80	$1.68

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2024

ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]

Significant Subsidiaries of Company

As of September 30, 2024, Cenntro Inc.’s subsidiaries are as follows:

Name	Date of Incorporation	Place of Incorporation	Percentage of direct or indirect economic interest
Cenntro Electric Group Pty Limited (“CEGL”)	May 11, 2017	Australia	100% owned by Cenntro Inc.
Cenntro Automotive Corporation (“CAC”)	March 22, 2013	Delaware, U.S.	100% owned by Cenntro Inc.
Cenntro Electric Group, Inc. (“CEG”)	March 9, 2020	Delaware, U.S.	100% owned by Cenntro Inc.
Cennatic Power, Inc. (“Cennatic Power”)	June 8, 2022	Delaware, U.S.	100% owned by Cenntro Inc.
Cenntro Electric Group (Europe) GmbH	January 13, 2022	Frankfurt, Germany	100% owned by Cenntro Inc.
Teemak Power Corporation	January 31, 2023	Delaware, U.S.	100% owned by Cenntro Inc.
Avantier Motors Corporation	November 17, 2017	Delaware, U.S.	100% owned by Cenntro Inc.
Cenntro Electric CICS, SRL	November 30, 2022	Santo Domingo, Dominican Republic	99% owned by Cenntro Inc.
Cennatic Energy S. de R.L. de C.V.	August 24, 2022	Monterrey, Mexico	100% owned by Cenntro Inc.
Cenntro Automotive S.A.S.	January 16, 2023	Galapa, Colombia	100% owned by Cenntro Inc.
Cenntro Electric Colombia S.A.S.	March 29, 2023	Atlántico, Colombia	100% owned by Cenntro Inc.
Cenntro Automotive Group Limited (“CAG HK”)	February 15, 2016	Hong Kong	100% owned by Cenntro Inc.
Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”)	June 5, 2017	PRC	100% owned by Cenntro Inc.
Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”)	May 6, 2016	PRC	100% owned by Cenntro Inc.
Zhejiang Cenntro Machinery Co., Limited	January 20, 2021	PRC	100% owned by Cenntro Inc.
Jiangsu Tooniu Tech Co., Limited	December 19, 2018	PRC	100% owned by Cenntro Inc.
Hangzhou Hengzhong Tech Co., Limited	December 16, 2014	PRC	100% owned by Cenntro Inc.
Teemak Power (Hong Kong) Limited (HK)	May 17, 2023	Hong Kong	100% owned by Cenntro Inc.
Avantier Motors (Hong Kong) Limited	March 13, 2023	Hong Kong	100% owned by Cenntro Inc.
Cenntro Automotive Europe GmbH (“CAE”)	May 21, 2019	Herne, Germany	100% owned by Cenntro Inc.
Cenntro Electric B.V.	December 12, 2022	Amsterdam, Netherlands	100% owned by Cenntro Inc.
Cenntro Elektromobilite Araçlar A.Ş	February 21, 2023	Turkey	100% owned by Cenntro Inc.
Cenntro Elecautomotiv, S.L.	July 5, 2022	Barcelona, Spain	100% owned by Cenntro Inc.
Cenntro Electric Group (Europe) GmbH (“CEGE”)	January 13, 2022	Düsseldorf, Germany	100% owned by Cenntro Inc.
Simachinery Equipment Limited (“Simachinery HK”)	June 2, 2011	Hong Kong	100% owned by Cenntro Inc.
Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”) *	June 16, 2011	PRC	100% owned by Cenntro Inc.
Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”) *	July 12, 2012	PRC	100% owned by Cenntro Inc.
Cenntro EV Center Italy S.R.L.	May 8, 2023	Italy	100% owned by Cenntro Inc.
Antric Gmbh	August 21, 2020	Herne, Germany	100% owned by Cenntro Inc.
Pikka Electric Corporation	August 3, 2023	Delaware, U.S.	100% owned by Cenntro Inc.
Centro Technology Corporation	August 24, 2023	California, U.S.	100% owned by Cenntro Inc.
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”)	July 1, 2021	PRC	80% owned by Cenntro Inc.

* As of the issuance date of this report on Form 10-Q, Sinomachinery Zhejiang and Cenntro Machinery were in the process of being deregistered.

INTANGIBLE ASSETS, NET (Details) - USD ($)	9 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Intangible Assets [Abstract]
Intangible assets, gross	$ 7,325,108		$ 7,246,655
Less: accumulated amortization	(701,237)		(372,874)
Intangible assets, net	6,623,871		6,873,781
Amortization expenses	316,388	$ 83,367
Land Use Right [Member]
Intangible Assets [Abstract]
Intangible assets, gross	5,649,538		5,584,050
Trademark [Member]
Intangible Assets [Abstract]
Intangible assets, gross	815,814		809,738
Technology [Member]
Intangible Assets [Abstract]
Intangible assets, gross	740,028		734,517
Software [Member]
Intangible Assets [Abstract]
Intangible assets, gross	$ 119,728		$ 118,350

PREPAYMENT AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

PREPAYMENT AND OTHER CURRENT ASSETS [Abstract]

Prepayment and Other Current Assets

Prepayment and other current assets consisted of the following:

	September 30, 2024 (Unaudited)		December 31, 2023
Advance to suppliers	$	14,468,196	$	12,579,554
Deductible input value added tax		5,109,877		6,238,040
Receivable from third parties		-		1,000,000
Others		1,393,505		573,556
Prepayment and other current assets	$	20,971,578	$	20,391,150

CONVERTIBLE PROMISSORY NOTE AND WARRANT, Warrant (Details)		9 Months Ended
	Dec. 08, 2023	Sep. 30, 2024 USD ($) Warrant $ / shares shares	Dec. 31, 2023
Warrant [Abstract]
Issued warrants (in shares)		2,473,334
Exercise price (in dollars per share) \| $ / shares		$ 1.61
Warrants exercisable issuance term		5 years
Reverse stock split ratio	0.1
Number of warrants \| Warrant		2
Fair Value Assumptions - Warrants [Abstract]
Expected Expiry Date		Jul. 19, 2027	Jul. 19, 2027
Investor Warrants [Member]
Movement of Warrants [Roll Forward]
Beginning balance (in shares)		873,810
Exercise of warrants (in shares)		(3,583)
Fair value change recognized (in shares)		0
Ending balance (in shares)		870,227
Beginning balance \| $		$ 12,189,508
Exercise of warrants \| $		(49,986)
Fair value change recognized \| $		1,719
Ending balance \| $		$ 12,141,241
Placement Agent Warrants [Member]
Warrant [Abstract]
Issued warrants (in shares)		247,333
Exercise price (in dollars per share) \| $ / shares		$ 1.77
Movement of Warrants [Roll Forward]
Beginning balance (in shares)		247,333
Exercise of warrants (in shares)		0
Fair value change recognized (in shares)		0
Ending balance (in shares)		247,333
Beginning balance \| $		$ 3,456,578
Exercise of warrants \| $		0
Fair value change recognized \| $		474
Ending balance \| $		$ 3,457,052
Expected Term [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input		2.8	3.55
Volatility [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input		0.6664	0.7211
Risk Free Rate [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input		0.0357	0.0391

CONCENTRATIONS (Details) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Revenue

$ 16,731,340

$ 5,762,831

$ 28,443,831

$ 13,470,895

6,306,003

$ 8,443,069

4,958,315

3,394,044

12,688,393

$ 5,045,364

23,161,743

11,411,439

Accounts payable

6,164,060

6,797,852

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

14,468,196

$ 12,579,554

Revenue

$ 669,263

$ 2,219,933

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

0.00%

16.00%

Revenue

$ 669,263

$ 2,219,933

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

^[1]

16.00%

42.00%

47.00%

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

2,689,552

$ 2,689,552

$ 4,685,785

22.00%

^[1]

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

1,389,401

$ 1,389,401

$ 723,636

20.00%

15.00%

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

1,247,038

$ 1,247,038

$ 1,237,751

^[1]

32.00%

Advance from Customers [Member] | Customer Concentration Risk [Member] | Customer [Member]

53,113

$ 53,113

$ 2,724,397

34.00%

76.00%

Advance from Customers [Member] | Customer Concentration Risk [Member] | Customer A [Member]

1,989,147

$ 1,989,147

$ 2,578,389

17.00%

24.00%

Advance from Customers [Member] | Customer Concentration Risk [Member] | Customer D [Member]

823,858

$ 823,858

$ 821,806

17.00%

25.00%

Advance from Customers [Member] | Customer Concentration Risk [Member] | Customer E [Member]

841,433

$ 841,433

$ 855,240

^[1]

27.00%

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

323,856

$ 323,856

$ 901,343

65.00%

40.00%

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

$ 11,925,018

$ 10,595,310

54.00%

26.00%

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

$ 9,645,436

$ 5,593,765

11.00%

^[1]

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

$ 1,929,796

$ 1,922,570

^[1]

14.00%

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

$ 349,786

$ 3,078,975

Advance to Suppliers [Member] | Supplier Concentration Risk [Member] | Supplier [Member]

Accounts payable

$ 0

65.00%

73.00%

Advance to Suppliers [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]

9,614,180

$ 9,614,180

$ 9,188,736

25.00%

10.00%

Advance to Suppliers [Member] | Supplier Concentration Risk [Member] | Supplier B [Member]

3,582,162

$ 3,582,162

$ 1,280,302

^[1]

20.00%

Advance to Suppliers [Member] | Supplier Concentration Risk [Member] | Supplier C [Member]

293,159

$ 293,159

$ 2,492,312

22.00%

23.00%

Advance to Suppliers [Member] | Supplier Concentration Risk [Member] | Supplier D [Member]

3,173,880

$ 3,173,880

$ 2,880,875

18.00%

20.00%

SHORT-TERM AND LONG-TERM BANK LOANS [Abstract]

$ 2,564,979

$ 2,535,247

[1]	Indicates below 10%.

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%

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,866,614

SHORT-TERM AND LONG-TERM BANK LOANS

9 Months Ended

Sep. 30, 2024

SHORT-TERM AND LONG-TERM BANK LOANS

NOTE 11 –SHORT-TERM AND LONG-TERM BANK LOANS

									As of September 30, 2024 (Unaudited)				As of December 31, 2023
Bank and other financial institution		Annual Interest Rate			Start	Maturity	Principal		Current portion		Non- current portion		Current portion		Non- current portion
Bank of Multiple Promerica Republic Dominicana	(1)		10.00	%	April and June 2024	April and June 2029		461,400		100,000		361,400		-		-
Bank of Multiple Promerica Republic Dominicana	(2)		10.00	%	June and July 2024	December 2024 and January 2025		162,836		162,836		-		-		-
Total								624,236		262,836		361,400		-		-

(1)

(2)

SHARE-BASED COMPENSATION, Share Options (Details)				4 Months Ended	8 Months Ended	9 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	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Feb. 10, 2016 shares
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $						$ 2,643,214	$ 4,565,001
General and Administrative Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $						2,234,708	3,700,403
Selling and Marketing Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $						145,455	546,064
Research and Development Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses \| $						$ 263,051	$ 318,534
Amended 2016 Plan [Member]
Share-Based Compensation [Abstract]
Option 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)			2,462,416
Number of additional shares available for issuance (in shares)			1,048,480
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)								1,413,936
Options expiration period						8 years
Employees and Directors [Member] \| 2022 Plan [Member]
Share-Based Compensation [Abstract]
Option 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 \| $	$ 18,243,489
Employees and Directors [Member] \| 2022 Plan [Member] \| Contractual Term of Option One [Member]
Share-Based Compensation [Abstract]
Option 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]
Option 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	$ 11.064
Employees and Directors [Member] \| 2022 Plan [Member] \| Maximum [Member]
Share-Based Compensation [Abstract]
Shares authorized (in shares)	2,596,523
Fair value of option grant (in dollars per share) \| $ / shares	$ 14.332

LONG-TERM INVESTMENT, NET

9 Months Ended

Sep. 30, 2024

LONG-TERM INVESTMENT, NET [Abstract]

LONG-TERM INVESTMENT, NET

NOTE 7 - LONG-TERM INVESTMENT, NET

Equity method investments, net

The Company had the following equity method investments:

	September 30, 2024 (Unaudited)		December 31, 2023
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) ⁽¹⁾	$	2,152,000	$	2,127,062
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) ⁽²⁾		-		407,778
Able 2rent GmbH (DEU) ⁽³⁾		92,174		89,432
Total	$	2,244,174	$	2,624,272

(1)

On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,194,482) 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.

(2)

On June 23, 2021, the Company invested RMB2,000,000 (approximately $284,998) in Hangzhou Hezhe to acquire 20% of its equity interest. On May 8, 2024, the Company entered an agreement to acquire 60% of Hangzhou Hezhe’s equity interest, with the consideration of RMB3,704,307 (approximately $527,860). As of September 30, 2024, Hangzhou Hezhe become a subsidiary of the Company.

(3)	On March 22, 2022, CAE invested EUR100,000 (approximately $111,450) in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method.

Equity investment without readily determinable fair value

The Company had the following equity investment without readily determinable fair value:

	September 30, 2024 (Unaudited)		December 31, 2023
HW Electro Co., Ltd. ⁽¹⁾	$	1,000,000	$	1,000,000
Robostreet Inc. ⁽²⁾		200,000		450,000
Total	$	1,200,000	$	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 held 1,143,860 shares of HW Electro Co., Ltd.’s for a total of 3.00% of its equity interest.

(2)

Debt Security Investments

On July 24, 2023 the Company purchased a $1,000,000 convertible note (the “Convertible Note”) from third party Acton, Inc. (the “Issuer”). In July and August, 2023, the Company has paid total amount of $600,000 to the Issuer. The balance of debt investments was $634,212 and $611,712, respectively, as of September 30, 2024 and December 31, 2023. 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.

LEASES

9 Months Ended

Sep. 30, 2024

LEASES [Abstract]

LEASES

NOTE 14 - 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 Nine Months Ended September 30,
	2024			2023
	(Unaudited)			(Unaudited)
Operating leases cost excluding short-term rental expense		$	3,681,557		$	3,415,206
Short-term lease cost			588,329			637,353
Total		$	4,269,886		$	4,052,559

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

	September 30, 2024				September 30, 2023
	(Unaudited)				(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities		$	2,668,166			$	2,836,188
Weighted average remaining lease term	5.54 years				6.34 years
Weighted average discount rate			6.26	%			6.23	%

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 September 30, 2024:

	Operating Leases
For the remaining of 2024	$	1,892,740
Years ended December 31,
2025		3,792,727
2026		3,864,253
2027		3,900,075
2028		1,986,439
2029 and thereafter		5,659,333
Total lease payments		21,095,567
Less: imputed interest		3,201,907
Total		17,893,660
Less: current portion		4,605,336
Non-current portion	$	13,288,324

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

Sep. 30, 2024

Dec. 31, 2023

Billy Rafael Romero Del Rosario [Member]

$ 524,892

$ 287,439

^[1]

512,691

109,420

Zhejiang RAP [Member]

12,201

Hangzhou Hezhe [Member]

Balance at the beginning of the period

$ 0

$ 178,019

[1]	The balance represented the payment of operating fund to this related party.

INVENTORIES, Inventory Valuation Allowance (Details) - Inventory Valuation Allowance [Member] - USD ($)

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Valuation Allowance [Roll Forward]

$ 3,504,333

$ 3,218,765

Addition during the period

5,684,056

Write-off

^[1]

(1,081,060)

(6,021)

Foreign exchange

(3,437)

(97,942)

Balance at the end of the period

$ 8,103,892

$ 3,114,802

[1]	As Cenntro Machinery was in the process of being deregistered as of September 30, 2024, inventories was disposed with the corresponding inventory valuation allowance written-off.

INCOME TAXES, Federal Tax Rate (Details)		9 Months Ended
INCOME TAXES, Federal Tax Rate (Details)	Dec. 22, 2017	Sep. 30, 2024
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	34.00%	21.00%
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%
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%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Parenthetical)	Sep. 30, 2023
CAE [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition equity interests	35.00%

RELATED PARTY TRANSACTIONS, Related Parties (Details)	9 Months Ended
RELATED PARTY TRANSACTIONS, Related Parties (Details)	Sep. 30, 2024
Related Parties [Abstract]
Percentage of equity interests	1.00%
Zhejiang RAP [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary
Hangzhou Hezhe Energy Technology Co., Ltd. [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary as of December 31, 2023. On May 8, 2024, Hangzhou Hezhe become a subsidiary of the Company.
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

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

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
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary
Hangzhou Hezhe		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary as of December 31, 2023. On May 8, 2024, Hangzhou Hezhe become a subsidiary of the Company.
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 nine months ended September 30, 2024 and 2023, the Company had the following material related party transactions.

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
Interest income from a related party
Zhejiang RAP		22,220		9,639

Purchase of raw materials from related parties
Hangzhou Hezhe ⁽¹⁾		3,759		196,603

Payment on the purchase of the raw materials
Hangzhou Hezhe ⁽¹⁾		-		54,979

Refund on the purchase of the raw materials
Hangzhou Hezhe ⁽¹⁾		69,397		-

Prepayment of operating fund to a related party
Billy Rafael Romero Del Rosario		413,437		-

(1)

The transaction for the nine months ended September 30, 2024 of this related party consisted of transaction only before it become a subsidiary of the Company, which was from January to April, 2024.

Amounts due from related parties

The following table presents amounts due from related parties as of September 30, 2024 and December 31, 2023.

	September 30, 2024 (Unaudited)		December 31, 2023
Billy Rafael Romero Del Rosario ⁽¹⁾	$	512,691	$	109,420
Zhejiang RAP		12,201		-
Hangzhou Hezhe		-	$	178,019
Total	$	524,892	$	287,439

(1)

The balance represented the payment of operating fund to this related party.

Amounts due to a related party

The following table presents amounts due to related parties as of September 30, 2024 and December 31, 2023.

	September 30, 2024 (Unaudited)		December 31, 2023
Zhejiang RAP	$	-	$	10,468
Total	$	-	$	10,468

PREPAYMENT AND OTHER CURRENT ASSETS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
PREPAYMENT AND OTHER CURRENT ASSETS [Abstract]
Advance to suppliers	$ 14,468,196	$ 12,579,554
Deductible input value added tax	5,109,877	6,238,040
Receivable from third parties	0	1,000,000
Others	1,393,505	573,556
Prepayment and other current assets	$ 20,971,578	$ 20,391,150

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

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 Nine Months Ended September 30,
	2024			2023
	(Unaudited)			(Unaudited)
Operating leases cost excluding short-term rental expense		$	3,681,557		$	3,415,206
Short-term lease cost			588,329			637,353
Total		$	4,269,886		$	4,052,559

Summary of Supplemental Information Related to Operating Leases

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

	September 30, 2024				September 30, 2023
	(Unaudited)				(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities		$	2,668,166			$	2,836,188
Weighted average remaining lease term	5.54 years				6.34 years
Weighted average discount rate			6.26	%			6.23	%

Summary of Maturity of Lease Liabilities Under Operating Leases

The following table summarizes the maturity of lease liabilities under operating leases as of September 30, 2024:

	Operating Leases
For the remaining of 2024	$	1,892,740
Years ended December 31,
2025		3,792,727
2026		3,864,253
2027		3,900,075
2028		1,986,439
2029 and thereafter		5,659,333
Total lease payments		21,095,567
Less: imputed interest		3,201,907
Total		17,893,660
Less: current portion		4,605,336
Non-current portion	$	13,288,324

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2024

INVENTORIES [Abstract]

Inventories

Inventories are summarized as follows:

	September 30, 2024 (Unaudited)			December 31, 2023
Raw material	$	11,919,839		$	11,568,791
Work-in-progress		1,957,184			1,494,441
Goods in transit		3,945,197			3,774,310
Finished goods		26,164,108			30,576,355
Inventories, gross		43,986,328			47,413,897
Less: Inventory valuation allowance		(8,103,892	)		(3,504,333	)
Inventories, net	$	35,882,436		$	43,909,564

Inventory Valuation Allowance

The changes in inventory valuation allowance are as follows:

	For the Nine Months Ended September 30,
	2024			2023
	(Unaudited)			(Unaudited)
Balance at the beginning of the period	$	3,504,333		$	3,218,765
Addition during the period		5,684,056			-
Write-off⁽¹⁾		(1,081,060	)		(6,021	)
Foreign exchange		(3,437	)		(97,942	)
Balance at the end of the period	$	8,103,892		$	3,114,802

(1) As Cenntro Machinery was in the process of being deregistered as of September 30, 2024, inventories was disposed with the corresponding inventory valuation allowance written-off.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Disaggregation of Revenue

The following table disaggregates the Company’s revenues by product line for the nine months ended September 30, 2024 and 2023:

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
Vehicles sales	$	25,483,836	$	12,732,639
Spare-parts sales		2,783,954		586,632
Other service income		176,041		151,624
Net revenues	$	28,443,831	$	13,470,895

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

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
Primary geographical markets
America	$	17,071,721	$	451,848
Europe		7,260,544		10,035,492
Asia		4,080,473		2,983,555
Others		31,093		-
Total	$	28,443,831	$	13,470,895

Receivables and Contractual Liabilities from Contracts with Customers

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

	September 30, 2024 (Unaudited)		December 31, 2023
Accounts receivable, net	$	4,556,857	$	6,530,801
Contractual liabilities	$	4,958,315	$	3,394,044

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]

Net revenues

$ 16,731,340

$ 5,762,831

$ 28,443,831

$ 13,470,895

Cost of goods sold

(12,688,393)

(5,045,364)

(23,161,743)

(11,411,439)

Gross profit

4,042,947

717,467

5,282,088

2,059,456

OPERATING EXPENSES:

Selling and marketing expenses

(5,027,864)

(2,626,829)

(7,651,305)

(7,238,563)

General and administrative expenses

(7,934,755)

(9,071,910)

(21,945,891)

(25,715,387)

Research and development expenses

(1,476,684)

(1,634,796)

(4,292,153)

(5,347,785)

Total operating expenses

(14,439,303)

(13,333,535)

(33,889,349)

(38,301,735)

Loss from operations

(10,396,356)

(12,616,068)

(28,607,261)

(36,242,279)

OTHER EXPENSE:

Interest expense, net

(34,198)

(84,573)

(58,744)

(137,726)

Loss from long-term investment

(11,152)

(107,069)

(28,262)

(236,672)

Loss from acquisition of Antric Gmbh

(1,316,772)

Loss from acquisition of Hezhe

(149,872)

Impairment of long-term investment

(2,668)

(1,157,334)

Gain on redemption of convertible promissory notes

966

865

Gain/(Loss) on exercise of warrants

910

(1,134)

910

(228,749)

Change in fair value of convertible promissory notes and derivative liability

(6,724)

15,143

1,807

88,568

Change in fair value of equity securities

262,417

(1,879,593)

756,868

(1,166,125)

Foreign currency exchange gain (loss), net

1,838,505

(311,204)

1,108,826

(1,667,475)

(Loss)/ Gain from cross-currency swaps

(705)

882

Other (expense) income, net

(646,718)

199,389

(477,908)

794,441

Loss before income taxes

(8,994,021)

(16,103,583)

(27,452,754)

(41,269,258)

Income tax benefit (expense)

12,434

384

47,149

(25,084)

Net loss

(8,981,587)

(16,103,199)

(27,405,605)

(41,294,342)

Less: net loss attributable to non-controlling interests

(9,815)

(534)

(20,855)

(159,244)

Net loss attributable to the Company's shareholders

(8,971,772)

(16,102,665)

(27,384,750)

(41,135,098)

OTHER COMPREHENSIVE LOSS

Foreign currency translation adjustment

916,164

(931,345)

(461,126)

(3,419,038)

Total comprehensive loss

(8,065,423)

(17,034,544)

(27,866,731)

(44,713,380)

Less: total comprehensive loss attributable to non-controlling interests

(5,226)

(534)

(13,070)

(183,812)

Total comprehensive loss to the Company's shareholders

$ (8,060,197)

$ (17,034,010)

$ (27,853,661)

$ (44,529,568)

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

^[1]

30,841,106

30,444,909

30,832,928

30,400,293

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

^[1]

30,841,106

30,444,909

30,832,928

30,400,293

Loss per share, basic (in dollars per share)

^[1]

$ (0.29)

$ (0.53)

$ (0.89)

$ (1.35)

Loss per share, diluted (in dollars per share)

^[1]

$ (0.29)

$ (0.53)

$ (0.89)

$ (1.35)

[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 common stock 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.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are summarized as follow:

	September 30, 2024 (Unaudited)		December 31, 2023
Accrued litigation compensation	$	1,763,231	$	1,773,007
Other taxes payable		1,344,977		732,685
Accrued expenses		720,993		961,914
Interest-free loan provided by third parties		626,825		-
Returns payable		497,405		-
Employee payroll and welfare payables		161,628		621,605
Credit card payable		48,802		106,650
Accrued professional fees		-		36,505
Others		185,421		31,521
Total	$	5,349,282	$	4,263,887

LONG-TERM INVESTMENT, NET (Tables)

9 Months Ended

Sep. 30, 2024

LONG-TERM INVESTMENT, NET [Abstract]

Equity Method Investment

The Company had the following equity method investments:

	September 30, 2024 (Unaudited)		December 31, 2023
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) ⁽¹⁾	$	2,152,000	$	2,127,062
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) ⁽²⁾		-		407,778
Able 2rent GmbH (DEU) ⁽³⁾		92,174		89,432
Total	$	2,244,174	$	2,624,272

(1)

(2)

(3)	On March 22, 2022, CAE invested EUR100,000 (approximately $111,450) in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method.

Equity Investment without Readily Determinable Fair Value

Equity investment without readily determinable fair value

The Company had the following equity investment without readily determinable fair value:

	September 30, 2024 (Unaudited)		December 31, 2023
HW Electro Co., Ltd. ⁽¹⁾	$	1,000,000	$	1,000,000
Robostreet Inc. ⁽²⁾		200,000		450,000
Total	$	1,200,000	$	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 held 1,143,860 shares of HW Electro Co., Ltd.’s for a total of 3.00% of its equity interest.

(2)

INCOME TAXES, Components of Losses Before Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES [Abstract]
Income tax benefit (expense)	$ 12,434	$ 384	$ 47,149	$ (25,084)
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	$ 8,994,021	$ 16,103,583	27,452,754	41,269,258
PRC [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			10,352,769	5,953,627
Europe [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			9,407,782	10,832,103
US [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			4,861,383	12,622,663
Australia [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			1,705,205	10,830,171
Others [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			$ 1,125,615	$ 1,030,694

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

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

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Convertible Promissory Note [Member]

CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables)

9 Months Ended

Sep. 30, 2024

Short-Term Debt [Line Items]

Movement of Note

The movement of Note during the nine months ended September 30, 2024 are as follows:

	Liability component
As of December 31, 2023	$	9,956,000
Convertible promissory notes issued during the year		-
Redemption of convertible promissory notes		-
Fair value change recognized		(4,000	)
As of September 30, 2024 (Unaudited)		9,952,000

Movement of Warrants

The movement of warrants during the nine months ended September 30, 2024 are as follows:

	Investor warrants component						Placement agent warrants component
	Shares			Amount			Shares		Amount
As of December 31, 2023		873,810		$	12,189,508			247,333	$	3,456,578
Exercise of warrants		(3,583	)		(49,986	)		-		-
Fair value change recognized		-			1,719			-		474
As of September 30, 2024 (Unaudited)		870,227			12,141,241			247,333		3,457,052

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	September 30, 2024			December 31, 2023
Expected term (years)		2.80			3.55
Volatility		66.64	%		72.11	%
Risk free rate		3.57	%		3.91	%
Expected expiry date		July 19, 2027			July 19, 2027

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	September 30, 2024			December 31, 2023
Face value principal payable		9,953,381			9,953,381
Original conversion price		12.375			12.375
Interest Rate		8.00	%		8.00	%
Expected term (years)		0.30			1.05
Volatility		60.09	%		53.46	%
Market yield (range)		12.47	%		13.93	%
Risk free rate		4.13	%		4.69	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	January 19, 2025			January 19, 2025

ACCOUNTS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2024

ACCOUNTS RECEIVABLE, NET [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 4 - ACCOUNTS RECEIVABLE, NET

Accounts receivable, net is summarized as follows:

	September 30, 2024 (Unaudited)			December 31, 2023
Accounts receivable	$	6,306,003		$	8,443,069
Less: allowance for credit losses		(1,749,146	)		(1,912,268	)
Accounts receivable, net	$	4,556,857		$	6,530,801

The changes in the allowance for credit losses are as follows:

	For the Nine Months Ended September 30,
	2024			2023
	(Unaudited)			(Unaudited)
Balance at the beginning of the period	$	1,912,268		$	1,961,034
Write-off		(179,430	)		(104,583	)
Foreign exchange		16,308			2,682
Balance at the end of the period	$	1,749,146		$	1,859,133

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregated Revenue Information [Abstract]
Revenue	$ 16,731,340	$ 5,762,831	$ 28,443,831	$ 13,470,895
Contract with customer, liability, revenue recognized			946,071	484,477
Receivables and Contractual Liabilities from Contracts with Customers [Abstract]
Accounts receivable, net	4,556,857		4,556,857		$ 6,530,801
Contractual liabilities	$ 4,958,315		4,958,315		$ 3,394,044
America [Member]
Disaggregated Revenue Information [Abstract]
Revenue			17,071,721	451,848
Europe [Member]
Disaggregated Revenue Information [Abstract]
Revenue			7,260,544	10,035,492
Asia [Member]
Disaggregated Revenue Information [Abstract]
Revenue			4,080,473	2,983,555
Others [Member]
Disaggregated Revenue Information [Abstract]
Revenue			31,093	0
Vehicles Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue			25,483,836	12,732,639
Spare-Parts Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue			2,783,954	586,632
Other Service Income [Member]
Disaggregated Revenue Information [Abstract]
Revenue			$ 176,041	$ 151,624

LONG-TERM INVESTMENT, NET, Equity Method Investments, Net (Details)

May 08, 2024

USD ($)

May 08, 2024

CNY (¥)

Sep. 30, 2024

USD ($)

Dec. 31, 2023

USD ($)

Sep. 25, 2022

USD ($)

Sep. 25, 2022

CNY (¥)

Mar. 22, 2022

USD ($)

Mar. 22, 2022

EUR (€)

Jun. 23, 2021

USD ($)

Jun. 23, 2021

CNY (¥)

Hangzhou Hezhe Energy Technology Co., Ltd. [Member]

$ 2,244,174

$ 2,624,272

Percentage of equity interests to be acquired

$ 0

^[1]

407,778

^[1]

$ 284,998

¥ 2,000,000

60.00%

Equity interest consideration

$ 527,860

¥ 3,704,307

Hangzhou Hezhe Energy Technology Co., Ltd. [Member]

Percentage of ownership interest, equity method investment

$ 284,998

¥ 2,000,000

20.00%

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

Percentage of ownership interest, equity method investment

$ 2,152,000

^[2]

2,127,062

^[2]

$ 2,194,482

¥ 15,400,000

99.355%

Percentage of voting interests

50.00%

Able 2rent GmbH [Member]