SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Disaggregation of Revenue

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

	For the Three Months Ended March 31,
	2023		2022
Vehicles sales	$	2,840,963	$	1,718,371
Spare-parts sales		598,036		101,424
Other service income		31,545		10,838
Net revenues	$	3,470,544	$	1,830,633

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

	For the Three Months Ended March 31,
	2023		2022
Primary geographical markets
Europe	$	3,061,998	$	617,601
Asia		276,500		795,549
America		32,046		417,483
Total	$	3,470,544	$	1,830,633

Receivables and Contractual Liabilities from Contracts with Customers

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

	March 31, 2023		December 31, 2022
Accounts receivable, net	$	2,732,834	$	565,398
Contractual liabilities	$	2,656,151	$	2,388,480