INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2024

INVENTORIES [Abstract]

Inventories

Inventories were summarized as follows:

	December 31, 2024			December 31, 2023
Raw material	$	10,071,694		$	11,568,791
Work-in-progress		1,395,282			1,494,441
Goods in transit		129,821			3,774,310
Finished goods		25,655,019			30,576,355
Inventories, gross		37,251,816			47,413,897
Less: Inventory valuation allowance		(8,255,880	)		(3,504,333	)
Total inventories, net		28,995,936			43,909,564
Less: inventories, net, held for discontinued operations		(4,983,432	)		(14,728,894	)
Inventories, net, held for continuing operations	$	24,012,504		$	29,180,670

Inventory Valuation Allowance

The changes in inventory valuation allowance were as follows:

	For the Years Ended December 31,
	2024			2023
Balance at the beginning of the year	$	3,504,333		$	3,218,765
Addition during the year		6,462,514			658,622
Write-off (1)		(1,626,613	)		(316,274	)
Foreign exchange		(84,354	)		(56,780	)
Balance at the end of the year	$	8,255,880		$	3,504,333

(1) As Cenntro Machinery was in the process of being deregistered as of December 31, 2024, inventories was disposed with the corresponding inventory valuation allowance written-off.