SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Estimated Useful Lives

Estimated useful lives are as follows:

Land	Infinite
Plant and building	20 years
Machinery and equipment	5-10 years
Office equipment	5 years
Motor vehicles	3-5 years
Leasehold improvement	Over the shorter of the lease term or estimated useful lives

Estimated Useful Lives of Intangible Assets

Intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows:

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

Disaggregation of Revenue

The following table disaggregated the Company’s revenues by product line for the years ended December 31, 2024 and 2023:

		For the Years Ended December 31,
		2024				2023
Vehicles sales		$	31,658,358			$	20,344,889
Spare-parts sales			2,977,323				1,554,311
Other service income			428,129				180,705
Net revenues			35,063,810				22,079,905
Less: Net revenues, discontinued operation			(3,766,417	)			(11,654,246	)
Net revenues, continuing operation		$	31,297,393			$	10,425,659

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

	For the Years Ended December 31,
	2024			2023
Primary geographical markets
America	$	20,888,931		$	1,056,195
Europe		9,485,770			16,218,398
Asia		4,579,104			4,805,312
Others		110,005			-
Net revenues		35,063,810			22,079,905
Less: Net revenues, discontinued operation		(3,766,417	)		(11,654,246	)
Net revenues, continuing operation	$	31,297,393		$	10,425,659

Receivables and Contractual Liabilities from Contracts with Customers

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

	December 31, 2024			December 31, 2023
Accounts receivable, net	$	4,688,322		$	6,530,801
Less: accounts receivable, net, held for discontinued operation		(1,406,457	)		(4,031,557	)
Accounts receivable, net, held for continuing operation		3,281,865			2,499,244
Contractual liabilities	$	4,202,001		$	3,394,044
Less: contractual liabilities, held for discontinued operation		(80,696	)		(945,543	)
Contractual liabilities, held for continuing operation		4,121,305			2,448,501

Foreign Currency Translation Rates

Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the reporting period. Capital accounts of the consolidated financial statements are translated into USD from RMB, EUR, DOP, COP, TRY and PESO at their historical exchange rates when the capital transactions occurred. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of accumulated other comprehensive loss in the balance sheets. The rates are obtained from H.10 statistical release of the U.S. Federal Reserve Board.

		For the Years Ended December 31,
		2024				2023
Period end USD: RMB exchange rate			7.2993				7.0999
Average USD: RMB exchange rate			7.1957				7.0809
Period end USD: EUR exchange rate			1.0351				1.1062
Average USD: EUR exchange rate			1.0820				1.0817

Long-lived Assets by Geographic Segment

The following table presents long-lived assets by geographic segment as of December 31, 2024 and 2023.

Long-lived assets

	December 31,
	2024		2023
PRC	$	18,870,911	$	19,900,770
US		8,544,239		19,730,650
Mexico		3,792,146		4,238,942
Europe		1,971,381		2,616,727
Dominican		395,569		808,346
Others		893		19,492
Total long-lived assets		33,575,139		47,314,927
Less: long-lived assets, held for discontinued operation		-		(387,475	)
Long-lived assets, held for continuing operation	$	33,575,139	$	46,927,452