0001213900-24-068988 | 10-Q | XBRL Viewer | Greenland Technologies Holding Corp

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the U.S. Securities and Exchange Commission.

Principles of Consolidation

The unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries, which include Hong Kong-registered entities and PRC-registered entities directly or indirectly owned by the Company. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. The results of subsidiaries acquired or disposed of are recorded in the consolidated income statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.

A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meetings of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. Actual results could differ from those estimates. Significant estimates in the six months ended June 30, 2024 and 2023 include allowance for expected credit losses, reserve for inventories, fair value of warrant liability, useful life of property, plant and equipment, assumptions used in assessing impairment of long-term assets, estimates used in accounting for leases in accordance with FASB ASC 842, Leases and valuation of deferred tax assets and accruals for taxes due.

Non-controlling Interest

Non-controlling interests in the Company’s subsidiaries are recorded in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 810 Consolidation (“ASC 810”) and are reported as a component of equity, separate from the parent’s equity. Purchase or sale of equity interests that do not result in a change of control are accounted for as equity transactions. Results of operations attributable to the non-controlling interest are included in our consolidated results of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with any gain or loss recognized in earnings.

Foreign Currency Translation

Since the Company operates primarily in the PRC, the Company’s functional currency is the Renminbi (“RMB”). The Company’s financial statements have been translated into the reporting currency of the United States Dollar (“USD”, “US$” or “$”). Assets and liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at the historical exchange rate when the transaction occurs. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income (loss). Gains and losses resulting from the translation of foreign currency transactions and balances are reflected in the results of operations.

	As of
	June 30, 2024		December 31, 2023
Period end RMB: US$ exchange rate		7.2672		7.0999

	For the six months ended June 30,
	2024		2023
Period average RMB: US$ exchange rate		7.2150		6.8423

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations.

Cash and Cash Equivalents

For financial reporting purposes, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company maintains its bank accounts with various financial institutions primarily in mainland China and the U.S. The Company has not experienced any losses in bank accounts.

Restricted Cash

Restricted cash represents amounts held by a bank as security for bank acceptance bills, as well as the financial product secured for the short-term bank loan and therefore is not available for the Company’s use until such time as the bank acceptance notes and bank loans have been fulfilled or expired, normally within a twelve-month period.

Fair Value of Financial Instruments

The Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, to the financial instruments that are required to be carried at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-tier fair value hierarchy based upon observable and non-observable inputs that prioritizes the information used to develop our assumptions regarding fair value. Fair value measurements are separately disclosed by level within the fair value hierarchy.

●

Level 1—defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

●

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 in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company’s financial assets and liabilities, which include financial instruments as defined by FASB ASC 820, include cash, cash equivalents and restricted cash, short term investment, accounts receivable, notes receivables, due from related party, fixed deposit, short term bank loans, accounts payable, other payable, notes payable and warrant liability. As of June 30, 2024 and December 31, 2023, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, notes receivables, notes payables and accounts payable were approximation of their fair value due to the short-term nature. As of June 30, 2024 and December 31, 2023, fixed deposits and bank loans were measured at amortized cost.

The following table summarizes the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024:

(amount in absolute value)	Active Market for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Carrying Value
Short term investment	$	5,504,183		-		-	$	5,504,183
Warrants liability		-		1,180,281		-		1,180,281

Total	$	5,504,183		1,180,281		-	$	6,684,464

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are stated at the historical carrying amount net of allowance for expected credit losses.

The Company adopted ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” on January 1, 2023 using a modified retrospective approach. The Company also adopted this guidance to notes receivable and due from related parties.

To estimate expected credit losses, the Company has identified the relevant risk characteristics of its customers and the related receivables. The Company considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Company’s customer collection trends. The allowance for expected credit losses and corresponding receivables were written off when they are determined to be uncollectible.

Inventories

Inventories are stated at the lower of cost or net realizable value, which is based on estimated selling prices less any further costs expected to be incurred for completion and disposal. Cost of raw materials is calculated using the weighted average method and is based on purchase cost. Work-in-progress and finished goods costs are determined using the weighted average method and comprise direct materials, direct labor and an appropriate proportion of overhead.

Advance to Suppliers

Advance to suppliers represents interest-free cash paid in advance to suppliers for purchases of parts and/or raw materials. The balance of advance to suppliers was $0.64 million and $0.29 million as of June 30, 2024 and December 31, 2023, respectively.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost less accumulated depreciation, and include expenditure that substantially increases the useful lives of existing assets. Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred.

Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives are as follows:

Buildings		20 years
Machinery		2~10 years
Motor vehicles		4 years
Electronic equipment		3~5 years
Fixed assets decoration		5 years

When assets are sold or retired, their costs and accumulated depreciation are eliminated from the consolidated financial statements and any gain or loss resulting from their disposal is recognized in the period of disposition as an element of other income. The cost of maintenance and repairs is charged to income as incurred, whereas significant renewals and betterments are capitalized.

Construction in process

Property, plant, and equipment that are purchased or constructed which require a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these assets are ready for their intended use.

Land Use Rights

According to the PRC laws, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through land use rights granted by the Chinese government. The land use rights granted to the Company are being amortized using the straight-line method over the lease term of fifty years.

Impairment of Long-Lived Assets

Long-lived assets are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with FASB ASC 360, “Property, Plant and Equipment”.

In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future, undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell. There was no impairment loss recognized for the six months ended June 30, 2024 and 2023.

Lease

ASC 842 supersedes the lease requirements in ASC 840 “Leases,” and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. Leases that transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted for as finance leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases.

A sale-leaseback transaction occurs when an entity sells an asset it owns and immediately leases the asset back from the buyer. The seller then becomes the lessee and the buyer becomes the lessor. Under ASC 842, both parties must assess whether the buyer-lessor has obtained control of the asset and a sale has occurred.

The Company has leased premises for its assembly site under non-cancellable operating leases since June 2022. Operating lease payments are expensed over the term of lease using straight line method. The Company’s office leases have a 3-year term and the lease of its assembly site has a 5.5-year term. Usually within four months prior to the expiration date of a lease, the Company is required to notify the lessor and has a priority to continue renting the lease property if a lessor intends to lease property. The lease itself does not have restrictions or covenants. Any damage, if made by the lessee, to the property and equipment within the property has to been fixed or reimbursed by the lessee. The Company does not have any leases entered into that have not yet commenced. Under the terms of the lease agreements, the Company has no legal or contractual asset retirement obligations at the end of the leases.

Revenue Recognition

In accordance with ASC Topic 606, “Revenue from Contracts with Customers,” the Company recognizes revenues when goods or services are transferred to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. In determining when and how revenues are recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of contract with 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 revenues when (or as) the Company satisfies each performance obligation. The Company derives revenues from the processing, distribution and sale of its products. The Company recognizes its revenues net of value-added taxes (“VAT”). The Company is subject to VAT which had been levied at the rate of 17% on the invoiced value of sales until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019. Output VAT is borne by customers in addition to the invoiced value of sales and input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales.

Revenues are recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the performance obligation is fulfilled, usually at the time of customers’ acceptance or consumption, at the net sales price (transaction price) and each of the criteria under ASC 606 have been met. Contract terms may require the Company to deliver the finished goods to the customers’ location or the customer may pick up the finished goods at the Company’s factory. International sales are recognized when shipment clears customs and leaves the port. Payments due within two months after customers’ acceptance or consumption.

The Company adopted ASC 606 on January 1, 2018, using the transition method of Modified-Retrospective Method (“MRM”). The adoption of ASC 606 had no impact on the Company’s beginning balance of retained earnings.

The Company’s contracts are all short-term in nature with a contract term of one year or less. Receivables are recorded when the Company has an unconditional right to consideration.

Contracts do not offer any price protection but allow for the return of certain goods if there is a quality problem, which is standard warranty. The Company’s product returns and recorded reserve for sales returns were minimal for the six months ended June 30, 2024 and 2023. The total sales return amount accounted for around 0.04% and 0.05% of the total revenue of Greenland for the six months ended June 30, 2024 and 2023, respectively. The total warrants expenditures amount accounted for around 0.46% and 0.23% of the total revenue of Greenland for the six months ended June 30, 2024 and 2023, respectively.

The following table sets forth disaggregation of revenue:

	For the three months ended June 30,				For the six months ended June 30,
Major Products	2024		2023		2024		2023
Transmission boxes for Forklift	$	21,035,937	$	22,657,220	$	42,810,331	$	43,525,959
Transmission boxes for Non-Forklift (EV, etc.)		1,981,323		912,229		2,930,520		2,192,850
Total	$	23,017,260	$	23,569,449	$	45,740,851	$	45,718,809

Cost of Goods Sold

Cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the production of products. Write-down of inventory to lower of cost or net realizable value is also recorded in cost of goods sold.

Selling Expenses

Selling expenses include operating expenses such as payroll and traveling and transportation expenses.

General and Administrative Expenses

General and administrative expenses include management and office salaries and employee benefits, depreciation for office facility and office equipment, travel and entertainment, legal and accounting, consulting fees and other office expenses.

Research and Development

Research and development costs are expensed as incurred and totaled approximately $1.12 million and $1.43 million for the three months ended June 30, 2024 and 2023, respectively. Research and development costs are expensed as incurred and totaled approximately $2.11 million and $2.55 million for the six months ended June 30, 2024 and 2023, respectively. Research and development costs are incurred on a project specific basis.

Government Subsidies

Government subsidies are recognized when there is reasonable assurance that the subsidy will be received and all attaching conditions will be complied with. When the subsidy relates to an expense item, it is recognized as income over the periods necessary to match the subsidy on a systematic basis to the costs that it is intended to compensate. Where the subsidy relates to an asset, it is recognized as other long-term liabilities and is released to the statement of operations over the expected useful life in a consistent manner with the depreciation method for the relevant asset. Total government subsidies recorded in the other long-term liabilities were $1.38 million and $1.53 million as of June 30, 2024 and December 31, 2023, respectively.

Income Taxes

The Company accounts for income taxes following the liability method pursuant to FASB ASC 740 “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.

The Company also follows FASB ASC 740, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2024 and December 31, 2023, the Company did not have a liability for unrecognized tax benefits. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. The Company’s historical tax years will remain open for examination by the local authorities until the statute of limitations has passed.

Value-Added Tax

Enterprises or individuals, who sell commodities, engage in repair and maintenance or import or export goods in the PRC are subject to a value added tax in accordance with PRC Laws. The VAT standard rate had been 17% of the gross sale price until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019. A credit is available whereby VAT paid on the purchases of semi-finished products or raw materials used in the production of the Company’s finished products can be used to offset the VAT due on the sales of the finished products.

Statutory Reserve

In accordance with the PRC Regulations on Enterprises with Foreign Investment, an enterprise established in the PRC with foreign investment is required to provide for certain statutory reserves, namely (i) a General Reserve Fund, (ii) an Enterprise Expansion Fund and (iii) a Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A wholly owned foreign enterprise is required to allocate at least 10% of its annual after-tax profit to the General Reserve Fund until the balance of such fund has reached 50% of its respective registered capital. A non-wholly owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. Appropriations to the Enterprise Expansion Fund and Staff Welfare and Bonus Fund are at the discretion of the board of directors for all foreign invested enterprises. The reserves can only be used for specific purposes and are not distributable as cash dividends.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity during the year from transactions and other events, excluding the changes resulting from investments by owners and distributions to owners, and is not included in the computation of income tax expense or benefit. Accumulated comprehensive income consists of foreign currency translation. The Company presents comprehensive income (loss) in accordance with ASC Topic 220, “Comprehensive Income”.

Earnings per share

The Company calculates earnings per share in accordance with ASC Topic 260 “Earnings per Share.” Basic earnings per share is computed by dividing the net income(loss) attributable to Greenland Technologies Holding Corporation, by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional ordinary shares that would have been outstanding if the potential ordinary shares equivalents had been issued and if the additional ordinary shares were dilutive.

Segments and Related Information

ASC 280 “Segment reporting” establishes standards for reporting information on operating segments in interim and annual financial statements. All of the Company’s operations are considered by the chief operating decision maker to be aggregated in one reportable operating segment.

The Company is engaged in the business of manufacturing and selling various transmission boxes. The Company’s manufacturing process is essentially the same for the entire Company and is performed in-house at the Company’s facilities in the PRC. The Company’s customers primarily consist of entities in the automotive, construction machinery or warehousing equipment industries. The distribution of the Company’s products is consistent across the entire Company. In addition, the economic characteristics of each customer arrangement are similar in that the Company maintains policies at the corporate level.

Commitments and contingencies

In the normal course of business, the Company is subject to contingencies, including legal proceedings and environmental claims arising out of the normal course of businesses that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. The Company’s management has evaluated all such proceedings and claims that existed as of June 30, 2024 and December 31, 2023. Normal course of businesses that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. The Company’s management has evaluated all such proceedings and claims that existed as of June 30, 2024 and December 31, 2023.

Related Party

In general, related parties exist when there is a relationship that offers the potential for transactions at less than arm’s-length, favorable treatment, or the ability to influence the outcome of events different from that outcome which might result in the absence of that relationship. A related party may be any of the following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with another party; b) a principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family of management or principal owners; e) a parent company and its subsidiaries; f) other parties that have ability to significant influence the management or operating policies of the entity; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its or their own separate interests. The Company discloses all significant related party transactions.

Uncertainty and Risks

Political, Social and Economic Risks

A significant portion of the Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy.

The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

Currency Exchange Risk

The Company cannot guarantee that the current exchange rate will remain steady. Therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and yet, because of the fluctuating exchange rate, record higher or lower profit depending on exchange rate of RMB converted to U.S. dollars on the relevant dates. The exchange rate could fluctuate depending on changes in the political and economic environment without notice.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash in bank and accounts receivable.

The Company places its cash with financial institutions in the PRC and the U.S. Balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB500,000 (USD70,000) per bank. As of June 30, 2024 and December 31, 2023, the Company’s bank account balance in the PRC was $23,313,985 and $33,033,191, respectively, exceeding PRC deposit insurance of RMB500,000 (USD70,000) as of each year end. To date, the Company has not experienced any losses in such accounts.

The Company’s bank deposits in the U.S. are insured to the maximum extent permitted by the Deposit Insurance Fund in the U.S. Dodd-Frank permanently increased the maximum amount of deposit insurance to $250,000 per depositor, per insured institution for each account ownership category. Federal Deposit Insurance Corporation (“FDIC”) insurance is backed by the full faith and credit of the United States government. As of June 30, 2024 and December 31, 2023, the Company’s bank account balance in the United States was $93,754 and $3,797,076, respectively, exceeding FDIC insurance of $250,000 as of each year end. To date, the Company has not experienced any losses in such accounts.

The Company conducts credit evaluations of customers, and generally does not require collateral or other security from its customers. The Company establishes an allowance for expected credit losses primarily based upon the factors surrounding the credit risk of specific customers.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in the ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). Management’s assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period-end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, they are recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, they are recorded as warrant liability at their initial fair value on the date of issuance and subject to remeasurement each balance sheet date with changes in the estimated fair value of the warrants to be recognized as a non-cash gain or loss in the statement of operations.

Recently Issued Accounting Pronouncements

Recent accounting pronouncements that the Company has adopted or may be required to adopt in the future are summarized below:

In June 2016, the FASB issued ASU 2016-13, Credit Losses, Measurement of Credit Losses on Financial Instruments. This ASU provides more useful information about expected credit losses to financial statement users and changes how entities will measure credit losses on financial instruments and timing of when such losses should be recognized. This ASU is effective for annual and interim periods beginning after December 15, 2019 for issuers and December 15, 2020 for non-issuers. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. In May 2019, the FASB issued ASU 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief. This update adds optional transition relief for entities to elect the fair value option for certain financial assets previously measured at amortized cost basis to increase comparability of similar financial assets. The updates should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified retrospective approach). On November 19, 2019, the FASB issued ASU 2019-10 to amend the effective date for ASU 2016-13 to be fiscal years beginning after December 15, 2022 and interim periods therein. The Company adopted this guidance on January 1, 2023, and the adoption did not have a material impact on its consolidated financial statements.

In March 2023, the FASB issued an ASU to amend certain provisions of ASC 842 that apply to arrangements between related parties under common control. The ASU amends the accounting for the amortization period of leasehold improvements in common-control leases for all entities and requires certain disclosures when the lease term is shorter than the useful life of the asset. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the application of this ASU to have a material impact on our consolidated financial statements or financial disclosures.

In November 2023, Accounting Standards Update (“ASU”) 2023-07, “Improvements to Reportable Segment Disclosures” was issued. ASU 2023-07 requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This aims to provide more decision-useful information to stakeholders by giving a clearer picture of the costs incurred by each reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. We are assessing the impact of this guidance on our disclosures.

In December 2023, ASU 2023-09, “Improvements to Income Tax Disclosures” was issued. ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. We are assessing the impact of this guidance on our disclosures.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its consolidated financial condition, results of operations, cash flows or disclosures.

Notes Payable-Bank Acceptance Notes

6 Months Ended

Jun. 30, 2024

Notes Payable [Abstract]

NOTES PAYABLE-BANK ACCEPTANCE NOTES

NOTE 11 – NOTES PAYABLE-BANK ACCEPTANCE NOTES

	As of
	June 30, 2024		December 31, 2023
Bank acceptance notes	$	31,407,248	$	36,712,562
Total	$	31,407,248	$	36,712,562

The interest-free notes payable, ranging from six months to one year from the date of issuance, were secured by $3.91 million and $5.21 million restricted cash, and $20.52 million and $21.85 million notes receivable, as of June 30, 2024 and December 31, 2023, respectively.

All the notes payable are subject to bank charges of 0.05% of the principal amount as commission, included in the financial expenses in the statement of operations, on each loan transaction. The interest charge of notes payable is free.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Gain and Losses on Foreign Currency Transactions and Balances	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Schedule of Gain and Losses on Foreign Currency Transaction [Line Items]
Period end RMB: US$ exchange rate	7.2672	7.0999
Period average RMB: US$ exchange rate	7.215		6.8423

Property, Plant and Equipment and Construction in Progress (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment and Construction in Progress [Abstract]

Schedule of Property, Plant and Equipment

(a) As of June 30, 2024 and December 31, 2023, property, plant and equipment consisted of the following:

	As of
	June 30, 2024			December 31, 2023
Buildings	$	11,181,430		$	11,444,906
Machinery		21,824,680			20,974,546
Motor vehicles		328,934			336,541
Electronic equipment		218,086			246,207
Total property plant and equipment, at cost		33,553,130			33,002,200

Less: accumulated depreciation		(19,844,051	)		(19,325,844	)
Property, plant and equipment, net	$	13,709,079		$	13,676,356
Construction in process		5,912			22,641
Total	$	13,714,991		$	13,698,997

Schedule of Restricted Assets

Restricted assets consist of the following:

	As of
	June 30, 2024		December 31, 2023
Buildings, net	$	1,914,212	$	2,024,994
Total		1,914,212		2,024,994

Unaudited Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 17,119,889	$ 22,981,324
Restricted cash	3,906,138	5,208,063
Short Term Investment	5,504,183	2,818,068
Notes receivable	30,962,280	27,135,249
Accounts receivable, net	21,882,869	16,483,533
Inventories, net	20,251,335	24,596,795
Advance to suppliers	637,836	288,578
Prepayments and other current assets	1,944,925	53,204
Total Current Assets	102,437,766	99,790,741
Non-current asset
Property, plant, equipment and construction in progress, net	13,714,991	13,698,997
Land use rights, net	3,326,779	3,448,505
Other intangible assets	137,806	189,620
Deferred tax assets	452,248	256,556
Right-of-use assets	1,871,826	2,125,542
Fixed deposit	4,342,574	9,916,308
Other non-current assets	475,140	1,050,698
Total non-current assets	24,321,364	30,686,226
TOTAL ASSETS	126,759,130	130,476,967
Current Liabilities
Short-term bank loans		3,042,296
Notes payable-bank acceptance notes	31,407,248	36,712,562
Accounts payable	24,793,173	25,272,528
Taxes payables	740,850	758,307
Customer deposits	491,582	137,985
Other current liabilities	2,221,355	2,281,507
Lease liabilities	495,693	487,695
Total current liabilities	63,981,477	72,524,516
Non-current liabilities
Lease liabilities	1,432,987	1,684,614
Deferred revenue	1,381,686	1,529,831
Warrant liability	1,180,281	4,084,605
Total non-current liabilities	3,994,954	7,299,050
TOTAL LIABILITIES	67,976,431	79,823,566
COMMITMENTS AND CONTINGENCIES
Shareholders’ equity
Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and 13,594,530 shares issued and outstanding as of June 30, 2024 and December 31, 2023.
Additional paid-in capital	30,286,560	30,286,560
Statutory reserves	3,842,331	3,842,331
Retained earnings	25,688,246	18,535,133
Accumulated other comprehensive loss	(3,534,987)	(2,583,794)
Total shareholders’ equity	56,282,150	50,080,230
Non-controlling interest	2,500,549	573,171
TOTAL SHAREHOLDERS’ EQUITY	58,782,699	50,653,401
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	126,759,130	130,476,967
Related Party
Current assets
Due from related parties-current, net	228,311	225,927
Current Liabilities
Due to related parties	$ 3,831,576	$ 3,831,636

Geographical Sales and Segments (Details) - Schedule of Sales by Geographical Area - Continuing and Discontinued Operations [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Sales by Geographical Area [Line Items]
Sales by geographical area	$ 23,017,260	$ 23,569,449	$ 45,740,851	$ 45,718,809
Domestic Sales [Member]
Schedule of Sales by Geographical Area [Line Items]
Sales by geographical area	21,528,513	23,145,468	44,052,573	45,274,690
International Sales [Member]
Schedule of Sales by Geographical Area [Line Items]
Sales by geographical area	$ 1,488,747	$ 423,981	$ 1,688,278	$ 444,119

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Property, Plant and Equipment and Construction in Progress (Details) - Schedule of Property, Plant and Equipment - Property, Plant and Equipment [Member] - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Property, Plant and Equipment [Line Items]
Buildings	$ 11,181,430	$ 11,444,906
Machinery	21,824,680	20,974,546
Motor vehicles	328,934	336,541
Electronic equipment	218,086	246,207
Total property plant and equipment, at cost	33,553,130	33,002,200
Less: accumulated depreciation	(19,844,051)	(19,325,844)
Property, plant and equipment, net	13,709,079	13,676,356
Construction in process	5,912	22,641
Total	$ 13,714,991	$ 13,698,997

Deferred Revenue (Details) $ in Thousands	6 Months Ended
Deferred Revenue (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Deferred Revenue [Abstract]
Grant income	$ 150

Summary of Significant Accounting Policies (Details) - Schedule of Sets Forth Disaggregation of Revenue - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Sets Forth Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 23,017,260	$ 23,569,449	$ 45,740,851	$ 45,718,809
Transmission boxes for Forklift [Member]
Schedule of Sets Forth Disaggregation of Revenue [Line Items]
Disaggregation of revenue	21,035,937	22,657,220	42,810,331	43,525,959
Transmission boxes for Non-Forklift (EV, etc.) [Member]
Schedule of Sets Forth Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 1,981,323	$ 912,229	$ 2,930,520	$ 2,192,850

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Short Term Bank Loans

6 Months Ended

Jun. 30, 2024

Short Term Bank Loans [Abstract]

SHORT TERM BANK LOANS

NOTE 13 – SHORT TERM BANK LOANS

Short-term loans are summarized as follow:

	As of
	June 30, 2024		December 31, 2023
Collateralized bank loans	$	-	$	2,760,602
Unsecured bank loans		-		281,694
Total	$	-	$	3,042,296

Short-term loans as of December 31, 2023 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2023
July 22, 2024	Operating Loans	Bank of Zheshang		3.60	$	1,352,132
July 25, 2024	Operating Loans	Bank of Hangzhou		3.55		1,408,470
February 22, 2024	Operating Loans	Industrial and Commercial Bank of Xinchang		3.45	$	281,694
Total					$	3,042,296

All short-term bank loans were obtained from local banks in the PRC and are repayable within one year.

On June 27, 2022, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Bank of Communications Co. LTD., pledging its land use rights and property ownership as security, for a loan facility with a maximum principal amount of US$8.28 million (RMB60.01 million) during the period from June 27, 2022 to June 26, 2027.

The average annual interest rate of the short-term bank loans was 3.122% and 3.805% for the six months ended June 30, 2024 and 2023, respectively. The Company was in compliance with its loan financial covenants as of June 30, 2024 and December 31, 2023, respectively.

Notes Payable-Bank Acceptance Notes (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Notes Payable [Line Items]
Restricted cash	$ 3,910	$ 5,210
Note receivable	$ 20,520	$ 21,850
Notes Payable [Member]
Notes Payable [Line Items]
Principal amount as commission percentage	0.05%
Minimum [Member]
Notes Payable [Line Items]
Interest-free notes payable	6 years
Maximum [Member]
Notes Payable [Line Items]
Interest-free notes payable	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Accounts Receivable (Details) - Schedule of Changes in the Allowance for Expected Credit Losses - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Changes in the Allowance for Expected Credit Losses [Line Items]
Beginning balance	$ 867,865	$ 762,325
Additional provision charged to expense	568,744	127,646
Effect of foreign exchange change	(24,064)	(22,106)
Ending balance	$ 1,412,545	$ 867,865

Short Term Investment

6 Months Ended

Jun. 30, 2024

Short Term Investment [Abstract]

SHORT TERM INVESTMENT

NOTE 3 – SHORT TERM INVESTMENT

As of June 30, 2024 and December 31, 2023, the Company’s short term investment amounted to $5,504,183 and $2,818,068, respectively. In the six months ended June 30, 2024, the Company purchased bank management products in a total amount of $5,544,006 (RMB40,000,000). As of June 30, 2024, the fair value of the Company’s bank management products was $5,504,183 (RMB40,000,000).

Deferred Revenue

6 Months Ended

Jun. 30, 2024

Deferred Revenue [Abstract]

DEFERRED REVENUE

NOTE 15 – DEFERRED REVENUE

Deferred revenue is summarized as follow:

	As of
	June 30, 2024		December 31, 2023
Subsidy		1,381,686		1,529,831
Total	$	1,381,686	$	1,529,831

Subsidy mainly consists of an incentive granted by the Chinese government to encourage transformation of fixed assets in China and other miscellaneous subsidy from the Chinese government. As of June 30, 2024, grant income decreased by $0.15 million, as compared to December 31, 2023. The change was mainly due to timing of incurring qualifying expenses.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

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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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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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
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Earnings Per Share (Details) - shares	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Shares underlying outstanding	4,530,000	4,530,000

Accounts Receivable (Details) - Schedule of Accounts Receivable is Net of Allowance for Expected Credit Losses - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Accounts Receivable is Net of Allowance for Expected Credit Losses [Line Items]
Accounts receivable	$ 23,295,414	$ 17,351,398
Less: allowance for expected credit losses	(1,412,545)	(867,865)
Accounts receivable, net	$ 21,882,869	$ 16,483,533

Related Party Transactions (Details) - Schedule of Names and Relationship of Related Parties	6 Months Ended
	Jun. 30, 2024
Cenntro Holding Limited [Member]
Schedule of Names and Relationship of Related Parties [Line Items]
Existing Relationship with the Company	Controlling shareholder of the Company
Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]
Schedule of Names and Relationship of Related Parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]
Schedule of Names and Relationship of Related Parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Peter Zuguang Wang [Member]
Schedule of Names and Relationship of Related Parties [Line Items]
Existing Relationship with the Company	Chairman of the Board of Directors of the Company

Related Party Transactions (Details) - Schedule of Due from Related Parties - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]
Due from related parties-current, net:
Due from related parties-noncurrent	$ 228,311	$ 225,927
Due from related parties-noncurrent [Member]
Due from related parties-current, net:
Due from related parties-noncurrent	$ 228,311	$ 225,927

Unaudited Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,442,432	$ 5,398,770
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,092,484	1,066,325
Amortization of deferred revenue	(113,743)	87,035
Property, plant and equipment written off	(556)	239
Increase in allowance for credit losses	568,744	397,304
Increase(Decrease) in provision for inventory	(120,097)	55,037
Change in fair value of warrant liability	(2,904,324)
Deferred tax assets	(203,057)	(71,923)
Non-cash lease expenses	308,146
Accrued interest income derived from loan to related parties	(2,385)
Accrued expense	905,066
Decrease (Increase) In:
Accounts receivable	(6,380,475)	(8,007,656)
Notes receivable	(4,483,926)	(4,208,864)
Inventories	3,963,162	1,778,487
Advance to suppliers	(353,208)	(707,627)
Other current and noncurrent assets	1,968,116	3,096,994
Increase (Decrease) In:
Accounts payable	103,191	1,442,661
Customer deposits	358,073	1,411
Other current liabilities	(735,426)	(436,370)
Income tax payable		(191,614)
Due to related parties	(190,000)	82,145
Lease liabilities	(298,059)
Other non-current liabilities		(174,070)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	2,924,158	(391,716)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of long-term assets	(1,282,177)	(277,696)
Loan payment to third parties	(693,001)
Investment in a joint venture		(50,000)
NET CASH USED IN INVESTING ACTIVITIES	(1,975,178)	(327,696)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans	5,544,006	2,598,040
Repayments of short-term bank loans	(8,537,769)	(3,894,173)
Notes payable	(4,492,414)	1,286,200
Proceeds from related parties		214,245
Proceeds from third parties		1,876,362
Repayment of loans from third parties		(433,007)
Dividend paid		(703,595)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(7,486,177)	944,072
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(6,537,197)	224,660
Effect of exchange rate changes on cash	(626,163)	(905,766)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	28,189,387	19,729,056
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	21,026,027	19,047,950
Bank balances and cash	17,119,889	15,232,289
Bank balances and cash included in assets classified as restricted cash	3,906,138	3,815,661
Supplemental Disclosure of Cash Flow Information
Income taxes paid	1,236,359	548,034
Interest paid	$ 50,283	$ 152,462

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Names and Relationship of Related Parties

(a) Names and Relationship of Related Parties:

		Existing Relationship with the Company
Cenntro Holding Limited		Controlling shareholder of the Company
Cenntro Smart Manufacturing Tech. Co., Ltd.		Under common control of Peter Zuguang Wang
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		Under common control of Peter Zuguang Wang
Peter Zuguang Wang		Chairman of the Board of Directors of the Company

Schedule of Due to Related Parties

(b) Summary of Balances with Related Parties:

	As of
	June 30, 2024		December 31, 2023
Due to related parties:
Cenntro Smart Manufacturing Tech. Co., Ltd.¹	$	2,546	$	2,606
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)²		94,442		94,442
Cenntro Holding Limited³		1,341,627		1,341,627
Peter Zuguang Wang⁴		2,392,961		2,392,961
Total	$	3,831,576	$	3,831,636

1	Employee wages paid by Cenntro Smart Manufacturing Tech. Co., Ltd. on the Company’s behalf;

2	Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership);

3	Total dividend payment of $7.6 million declared by Zhongchai Holding to Cenntro Holding Limited. As of December 31, 2019, the balance was $1.34 million, and no further payments had been made since then;

4	Payable to Peter Zuguang Wang for capital reduction due to the dissolution of Shanghai Hengyu Business Management Consulting Co., Ltd. on July 10, 2023.

Schedule of Due from Related Parties

	As of
	June 30,		December 31,
	2024		2023
Due from related parties-current, net:
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		228,311		225,927
Total	$	228,311	$	225,927

Schedule of Dividend Payment to Related Parties

A summary of dividend payment declared by Zhejiang Zhongchai to related parties for the six months ended June 30, 2024 and 2023 are listed below:

	For the six months ended June 30,
	2024		2023
Dividend payment to related parties:
Xinchang County Jiuxin Investment Management Partnership (LP)		-		208,524
Xinchang County Jiuhe Investment Management Partnership (LP)		-		495,071

Accounts Receivable

6 Months Ended

Jun. 30, 2024

Accounts Receivable [Abstract]

ACCOUNTS RECEIVABLE

NOTE 5 – ACCOUNTS RECEIVABLE

Accounts receivable is net of allowance for expected credit losses.

	As of
	June 30, 2024			December 31, 2023
Accounts receivable	$	23,295,414		$	17,351,398
Less: allowance for expected credit losses		(1,412,545	)		(867,865	)
Accounts receivable, net	$	21,882,869		$	16,483,533

Changes in the allowance for expected credit losses are as follows:

	As of
	June 30, 2024			December 31, 2023
Beginning balance	$	867,865		$	762,325
Additional provision charged to expense		568,744			127,646
Effect of foreign exchange change		(24,064	)		(22,106	)
Ending balance	$	1,412,545		$	867,865

Income Taxes (Details) - USD ($)	6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Taxes [Line Items]
Unrecognized benefit (in Dollars)
Maximum [Member]
Income Taxes [Line Items]
Corporate tax rate	4.98%	10.03%
Minimum [Member]
Income Taxes [Line Items]
Corporate tax rate	25.00%	25.00%

Land Use Rights, Net (Details) - Schedule of Land Use Rights - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Land Use Rights [Abstract]
Land use rights, cost	$ 4,233,626	$ 4,333,386
Less: Accumulated amortization	(906,847)	(884,881)
Land use rights, net	$ 3,326,779	$ 3,448,505

Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives	Jun. 30, 2024
Buildings [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	20 years
Motor vehicles [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	4 years
Fixed assets decoration [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	5 years
Minimum [Member] \| Machinery [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	2 years
Minimum [Member] \| Electronic equipment [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	3 years
Maximum [Member] \| Machinery [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	10 years
Maximum [Member] \| Electronic equipment [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	5 years

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet

Supplemental balance sheet information related to leases as of June 30, 2024 and December 31, 2023 is as follows:

	As of
	June 30, 2024		December 31, 2023
Assets:
Right-of-use assets	$	1,871,826	$	2,125,542
Liabilities:
Lease liabilities	$	495,693	$	487,695
Lease liabilities		1,432,987		1,684,614
Total operating lease liabilities	$	1,928,680	$	2,172,309
Lease term and discount rate
Weighted average remaining lease term (in years)		3.42		2.09
Weighted average discount rate		4.27		4.5

Schedule of Components of Lease Expense

The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases:

	For the six months ended June 30,
	2024		2023
Components of lease expense:
Operating lease expense	$	308,146	$	308,407
Total lease expense	$	308,146	$	308,407

Schedule of Maturity of Lease Liabilities under Operating Leases

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

For the years ending June 30,	Operating Leases
2025	$	580,899
2026		597,688
2027		615,067
2028		315,756
Total lease payments	$	2,109,410
Less: imputed interest		(180,730	)
Present value of lease liabilities		1,928,680

Related Party Transactions (Details) - Schedule of Dividend Payment to Related Parties - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Xinchang County Jiuxin Investment Management Partnership (LP) [Member]
Dividend payment to related parties:
Dividend payment to related parties		$ 208,524
Xinchang County Jiuhe Investment Management Partnership (LP) [Member]
Dividend payment to related parties:
Dividend payment to related parties		$ 495,071

Related Party Transactions (Details) - Schedule of Due to Related Parties - Related Party [Member] - USD ($)

Jun. 30, 2024

Dec. 31, 2023

Schedule of Due to Related Parties [Line Items]

Due to related parties

$ 3,831,576

$ 3,831,636

Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]

Schedule of Due to Related Parties [Line Items]

Due to related parties

^[1]

2,546

2,606

Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]

Schedule of Due to Related Parties [Line Items]

Due to related parties

^[2]

94,442

Cenntro Holding Limited [Member]

Schedule of Due to Related Parties [Line Items]

Due to related parties

^[3]

1,341,627

Peter Zuguang Wang [Member]

Schedule of Due to Related Parties [Line Items]

Due to related parties

^[4]

$ 2,392,961

[1]	Employee wages paid by Cenntro Smart Manufacturing Tech. Co., Ltd. on the Company’s behalf;
[2]	Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership);
[3]	Total dividend payment of $7.6 million declared by Zhongchai Holding to Cenntro Holding Limited. As of December 31, 2019, the balance was $1.34 million, and no further payments had been made since then;
[4]	Payable to Peter Zuguang Wang for capital reduction due to the dissolution of Shanghai Hengyu Business Management Consulting Co., Ltd. on July 10, 2023.

Short Term Investment (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Dec. 31, 2023 USD ($)
Short Term Investment [Abstract]
Short term investment	$ 5,504,183		$ 2,818,068
Bank management products purchased	5,544,006	¥ 40,000,000
Fair value of bank management products	$ 5,504,183	¥ 40,000,000

- Definition

Cost of the investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
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-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
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-Publisher FASB
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+ Details

- Definition

Fair value of investment in security owned.

+ References

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+ Details

Notes Receivable

6 Months Ended

Jun. 30, 2024

Notes Receivable [Abstract]

NOTES RECEIVABLE

NOTE 7 – NOTES RECEIVABLE

	As of
	June 30, 2024		December 31, 2023
Bank notes receivable:	$	28,844,085	$	27,135,249
Commercial notes receivable		2,118,195		-
Total	$	30,962,280	$	27,135,249

Bank notes and commercial notes are means of payment from customers for the purchase of the Company’s products and are issued by financial institutions or business entities, respectively, that entitle the Company to receive the full nominal amount from the issuers at maturity, which bear no interest and generally range from three to six months from the date of issuance. As of June 30, 2024, the Company pledged notes receivable for an aggregate amount of $20.52 million to Bank of Hangzhou as a means of security for issuance of bank acceptance notes in an aggregate amount of $17.42 million. As of December 31, 2023, the Company pledged notes receivable for an aggregate amount of $21.85 million to Bank of Hangzhou as a means of security for issuance of bank acceptance notes in an aggregate amount of $19.35 million. The Company expects to collect notes receivable within 6 months after the issuance date of bank acceptance notes.

Due to the short term, high-quality credit rating of these commercial banks and no losses have occurred in history, for the six months ended June 30, 2024 and 2023, the Company had no allowance for expected credit losses for notes receivable.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 14, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Information [Line Items]
Entity Registrant Name	GREENLAND TECHNOLOGIES HOLDING CORPORATION
Entity Central Index Key	0001735041
Entity File Number	001-38605
Entity Tax Identification Number	01-0038605
Entity Incorporation, State or Country Code	D8
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	50 Millstone Road
Entity Address, Address Line Two	Building 400 Suite 130
Entity Address, City or Town	East Windsor
Entity Address, State or Province	NJ
Entity Address, Country	US
Entity Address, Postal Zip Code	08512
Entity Phone Fax Numbers [Line Items]
City Area Code	1 (888)
Local Phone Number	827-4832
Entity Listings [Line Items]
Title of 12(b) Security	Ordinary shares, no par value
Trading Symbol	GTEC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		13,594,530

Short Term Bank Loans (Tables)

6 Months Ended

Jun. 30, 2024

Short Term Bank Loans [Abstract]

Schedule of Short-Term Loans

Short-term loans are summarized as follow:

	As of
	June 30, 2024		December 31, 2023
Collateralized bank loans	$	-	$	2,760,602
Unsecured bank loans		-		281,694
Total	$	-	$	3,042,296

Schedule of Short-Term Loans

Short-term loans as of December 31, 2023 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2023
July 22, 2024	Operating Loans	Bank of Zheshang		3.60	$	1,352,132
July 25, 2024	Operating Loans	Bank of Hangzhou		3.55		1,408,470
February 22, 2024	Operating Loans	Industrial and Commercial Bank of Xinchang		3.45	$	281,694
Total					$	3,042,296

Geographical Sales and Segments (Tables)

6 Months Ended

Jun. 30, 2024

Geographical Sales and Segments [Abstract]

Schedule of Sales by Geographical Area

Information for the Company’s sales by geographical area for the three and six months ended June 30, 2024 and 2023 are as follows:

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Domestic Sales	$	21,528,513	$	23,145,468	$	44,052,573	$	45,274,690
International Sales		1,488,747		423,981		1,688,278		444,119
Total	$	23,017,260	$	23,569,449	$	45,740,851	$	45,718,809

Inventories, Net (Details) - Schedule of Inventory Reserve - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Inventory Reserve [Abstract]
Beginning balance	$ 638,932	$ 375,846
(Reversal of) inventory write-downs	(120,097)	271,233
Effect of foreign exchange change	(7,402)	(8,147)
Ending balance	$ 511,433	$ 638,932

Earnings Per Share (Details) - Schedule of Basic and Diluted (Loss) Earnings Per Share Computation (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Basic and Diluted Earnings Per Share Computation [Abstract]
Diluted net income per share	$ 0.34	$ 0.18	$ 0.53	$ 0.30

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Diluted	$ 0.34	$ 0.18	$ 0.53	$ 0.30

- Definition

+ References

+ Details

Concentration on Revenues and Cost of Goods Sold (Details) - Schedule of Major Customers of Accounts Receivable - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	$ 9,703,755	$ 8,451,944
Company A [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	2,303,134	2,143,828
Company B [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	2,277,049	1,582,994
Company C [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	1,385,357	1,415,116
Company D [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	1,318,489	1,370,447
Company E [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	1,238,557	1,192,684
Company F [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	$ 1,181,169	$ 746,874
Customer Concentration Risk [Member] \| Major Customers [Member] \| Accounts Receivable [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Percentage of revenues	44.35%	48.71%
Customer Concentration Risk [Member] \| Major Customers [Member] \| Accounts Receivable [Member] \| Company A [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Percentage of revenues	10.52%	12.36%
Customer Concentration Risk [Member] \| Major Customers [Member] \| Accounts Receivable [Member] \| Company B [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Percentage of revenues	10.41%	9.12%
Customer Concentration Risk [Member] \| Major Customers [Member] \| Accounts Receivable [Member] \| Company C [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Percentage of revenues	6.33%	8.16%
Customer Concentration Risk [Member] \| Major Customers [Member] \| Accounts Receivable [Member] \| Company D [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Percentage of revenues	6.03%	7.90%
Customer Concentration Risk [Member] \| Major Customers [Member] \| Accounts Receivable [Member] \| Company E [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Percentage of revenues	5.66%	6.87%
Customer Concentration Risk [Member] \| Major Customers [Member] \| Accounts Receivable [Member] \| Company F [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Percentage of revenues	5.40%	4.30%

Warrant Liability (Details) - Schedule of Warrants Outstanding and Fair Values - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Warrants Outstanding and Fair Values [Abstract]
Number of ordinary share warrants	4,530,000	4,530,000
Fair value of the warrants	$ 1,180,281	$ 4,084,605

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 19 – EARNINGS PER SHARE

The Company reports earnings per share in accordance with the provisions of the FASB’s related accounting standard. This standard requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution, but includes vested restricted stocks and is computed by dividing income available to shareholders by the weighted average ordinary shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares.

The following is a reconciliation of the basic and diluted earnings per share computation:

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Net income attributable to the Greenland Technologies Holding Corporation and subsidiaries	$	4,650,910	$	2,399,138	$	7,153,113	$	3,846,113
Weighted average basic and diluted computation shares outstanding:
Weighted average shares used in basic computation		13,594,530		12,978,504		13,594,530		12,978,504
Diluted effect of stock options and warrants		—		—		—		—
Weighted average shares used in diluted computation		13,594,530		12,978,504		13,594,530		12,978,504
Basic and diluted net income per share	$	0.34	$	0.18		0.53		0.30

For the six months ended June 30, 2024 and 2023, 4,530,000 shares underlying outstanding warrants to an investor were excluded from the calculation of diluted loss per share as the warrants were anti-dilutive. The exercise price of the warrants is higher than the average price of ordinary shares during the periods, so the warrants is “out-of-the-money” and result in an anti-dilutive effect on earnings per share.

Accounts Payable

6 Months Ended

Jun. 30, 2024

Accounts Payable [Abstract]

ACCOUNTS PAYABLE

NOTE 12 – ACCOUNTS PAYABLE

Accounts payable are summarized as follow:

	As of
	June 30, 2024		December 31, 2023
Procurement of Materials	$	24,421,350	$	25,011,515
Infrastructure& Equipment		233,445		43,530
Freight fee		138,378		217,483
Total	$	24,793,173	$	25,272,528

Related Party Transactions

6 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS

NOTE 23 – RELATED PARTY TRANSACTIONS

(a) Names and Relationship of Related Parties:

		Existing Relationship with the Company
Cenntro Holding Limited		Controlling shareholder of the Company
Cenntro Smart Manufacturing Tech. Co., Ltd.		Under common control of Peter Zuguang Wang
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		Under common control of Peter Zuguang Wang
Peter Zuguang Wang		Chairman of the Board of Directors of the Company

(b) Summary of Balances with Related Parties:

	As of
	June 30, 2024		December 31, 2023
Due to related parties:
Cenntro Smart Manufacturing Tech. Co., Ltd.¹	$	2,546	$	2,606
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)²		94,442		94,442
Cenntro Holding Limited³		1,341,627		1,341,627
Peter Zuguang Wang⁴		2,392,961		2,392,961
Total	$	3,831,576	$	3,831,636

All balances of due to related parties as of June 30, 2024 and December 31, 2023 were unsecured, interest-free and had no fixed terms of repayments.

The balance of due to related parties as of June 30, 2024 and December 31, 2023 consisted of:

1	Employee wages paid by Cenntro Smart Manufacturing Tech. Co., Ltd. on the Company’s behalf;

2	Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership);

3	Total dividend payment of $7.6 million declared by Zhongchai Holding to Cenntro Holding Limited. As of December 31, 2019, the balance was $1.34 million, and no further payments had been made since then;

4	Payable to Peter Zuguang Wang for capital reduction due to the dissolution of Shanghai Hengyu Business Management Consulting Co., Ltd. on July 10, 2023.

	As of
	June 30,		December 31,
	2024		2023
Due from related parties-current, net:
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		228,311		225,927
Total	$	228,311	$	225,927

The balance of due from related parties as of June 30, 2024 and December 31, 2023 consisted of:

Other receivable from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) was $0.23 million and $0.23 million as of June 30, 2024 and December 31, 2023, respectively. It’s a loan with annual interest rate of 4.785%.

(c) Summary of Related Party dividend payment:

A summary of dividend payment declared by Zhejiang Zhongchai to related parties for the six months ended June 30, 2024 and 2023 are listed below:

	For the six months ended June 30,
	2024		2023
Dividend payment to related parties:
Xinchang County Jiuxin Investment Management Partnership (LP)		-		208,524
Xinchang County Jiuhe Investment Management Partnership (LP)		-		495,071

- Definition

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

+ References

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

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+ Details

Deferred Revenue (Details) - Schedule of Deferred Revenue - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Deferred Revenue [Abstract]
Subsidy	$ 1,381,686	$ 1,529,831
Total	$ 1,381,686	$ 1,529,831

Shareholder’s Equity (Details) - USD ($)			6 Months Ended	12 Months Ended
Shareholder’s Equity (Details) - USD ($)	Jan. 27, 2023	Jul. 25, 2022	Jun. 30, 2024	Dec. 31, 2023	Jul. 27, 2022	Mar. 31, 2021	Jul. 27, 2018
Shareholder’s Equity [Line Items]
Preferred shares designated
Ordinary shares, par value (in Dollars per share)
Ordinary shares issued			13,594,530	13,594,530
Ordinary shares outstanding			13,594,530	13,594,530
Warrants expire year			5 years
Per warrant (in Dollars per share)			$ 0.01
Exceeds per share (in Dollars per share)			$ 16.5
Warrants underlying					4,530,000
Warrant expire date	Jan. 26, 2028
Warrants outstanding			4,530,000	4,530,000
Cash payment (in Dollars)			$ 100
Piggy Back [Member]
Shareholder’s Equity [Line Items]
Grant term			7 years
Chardan Capital Markets, LLC [Member]
Shareholder’s Equity [Line Items]
Warrants underlying						120,000
Sale of unit purchase option price (in Dollars)							$ 100
Option to purchase shares exercisable							240,000
Common stock price share (in Dollars per share)							$ 11.5
Aggregate exercise price (in Dollars)							$ 2,760,000
CEDE & CO [Member]
Shareholder’s Equity [Line Items]
Warrants outstanding			4,705,312
Warrant [Member]
Shareholder’s Equity [Line Items]
Number of units						120,000
Warrant to purchase ordinary shares		4,530,000
Ordinary shares, exercise price (in Dollars per share)		$ 4.49
Preferred Stock [Member]
Shareholder’s Equity [Line Items]
Preferred shares par value (in Dollars per share)
Preferred shares issued
Preferred shares outstanding
Ordinary Shares [Member]
Shareholder’s Equity [Line Items]
Ordinary shares, par value (in Dollars per share)
Voting rights			one
Ordinary shares issued			13,594,530	13,594,530
Ordinary shares outstanding			13,594,530	13,594,530
Sponsor [Member]
Shareholder’s Equity [Line Items]
Warrants underlying			282,000
Warrants outstanding			260,000
Private Warrants [Member] \| Chardan Capital Markets, LLC [Member]
Shareholder’s Equity [Line Items]
Warrants outstanding			142,000
Private Warrants [Member] \| CEDE & CO [Member]
Shareholder’s Equity [Line Items]
Warrants outstanding			4,303,312
IPO [Member] \| Piggy Back [Member]
Shareholder’s Equity [Line Items]
Grant term			5 years

Warrant Liability (Details) - USD ($)			6 Months Ended
Warrant Liability (Details) - USD ($)	Jan. 27, 2023	Jul. 27, 2022	Jun. 30, 2024	Dec. 31, 2023
Warrant Liability [Abstract]
Warrant to purchase ordinary shares (in Shares)		4,530,000
Exercise price (in Dollars per share)		$ 4.49
Warrant expire date	Jan. 26, 2028
Fair value of the warrants			$ 1,180,281	$ 4,084,605
Gain on investor warrant recognized			$ (2,904,324)

Inventories, Net (Details) - Schedule of Inventories - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Inventories [Abstract]
Raw materials	$ 7,379,602	$ 9,337,110
Revolving material	1,121,164	1,143,558
Consigned processing material	32,026	60,754
Work-in-progress	2,591,658	2,501,368
Finished goods	9,638,318	12,192,937
Less: inventory impairment	(511,433)	(638,932)
Inventories, net	$ 20,251,335	$ 24,596,795

Geographical Sales and Segments

6 Months Ended

Jun. 30, 2024

Geographical Sales and Segments [Abstract]

GEOGRAPHICAL SALES AND SEGMENTS

NOTE 20 – GEOGRAPHICAL SALES AND SEGMENTS

All of the Company’s operations are considered by the chief operating decision maker to be aggregated in one reportable operating segment.

Information for the Company’s sales by geographical area for the three and six months ended June 30, 2024 and 2023 are as follows:

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Domestic Sales	$	21,528,513	$	23,145,468	$	44,052,573	$	45,274,690
International Sales		1,488,747		423,981		1,688,278		444,119
Total	$	23,017,260	$	23,569,449	$	45,740,851	$	45,718,809

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Leases (Details)	Jun. 30, 2024
Maximum [Member]
Leases [Line Items]
Operating leases, initial terms	5 years 6 months 29 days

Concentration on Revenues and Cost of Goods Sold (Tables)

6 Months Ended

Jun. 30, 2024

Concentration on Revenues and Cost of Goods Sold [Abstract]

Schedule of Concentration of Major Customers and Suppliers

Concentration of major customers and suppliers:

	For the six months ended June 30,
	2024				2023
Major customers representing more than 10% of the Company’s revenues
Company A	$	6,750,913	14.76	%	$	7,583,367	16.59	%
Company B		5,424,577	11.86	%		4,934,803	10.79
Total Revenues	$	12,175,490	26.62	%	$	12,518,170	27.38	%

Schedule of Major Customers of Accounts Receivable

	As of
	June 30, 2024				December 31, 2023
Major customers of the Company’s accounts receivable, net
Company A		2,303,134	10.52	%		2,143,828	12.36	%
Company B		2,277,049	10.41	%		1,582,994	9.12	%
Company C		1,385,357	6.33	%		1,415,116	8.16	%
Company D		1,318,489	6.03	%		1,370,447	7.90	%
Company E		1,238,557	5.66	%		1,192,684	6.87	%
Company F		1,181,169	5.40	%		746,874	4.30	%
Total	$	9,703,755	44.35	%	$	8,451,944	48.71	%

Leases (Details) - Schedule of Supplemental Balance Sheet - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets:
Right-of-use assets	$ 1,871,826	$ 2,125,542
Liabilities:
Lease liabilities	495,693	487,695
Lease liabilities	1,432,987	1,684,614
Total operating lease liabilities	$ 1,928,680	$ 2,172,309
Lease term and discount rate
Weighted average remaining lease term (in years)	3 years 5 months 1 day	2 years 1 month 2 days
Weighted average discount rate	4.27%	4.50%

Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2024

Inventories, Net [Abstract]

Schedule of Inventories

As of June 30, 2024 and December 31, 2023, inventories consisted of the following

	As of
	June 30, 2024			December 31, 2023
Raw materials	$	7,379,602		$	9,337,110
Revolving material		1,121,164			1,143,558
Consigned processing material		32,026			60,754
Work-in-progress		2,591,658			2,501,368
Finished goods		9,638,318			12,192,937
Less: inventory impairment		(511,433	)		(638,932	)
Inventories, net	$	20,251,335		$	24,596,795

Schedule of Inventory Reserve

Changes in the inventory reserves are as follows: As of June 30, 2024 December 31, 2023 Beginning balance $638,932 $375,846 (Reversal of) inventory write-downs (120,097) 271,233 Effect of foreign exchange change (7,402) (8,147) Ending balance $511,433 $638,932

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,650,910	$ 2,399,138	$ 7,153,113	$ 3,846,113

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Notes Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Notes Receivable [Line Items]
Aggregate amount	$ 20,520	$ 21,850
Bank acceptance amount	$ 17,420	$ 19,350
Notes receivables [Member]
Notes Receivable [Line Items]
Maturity months	6 months

Land Use Rights, Net

6 Months Ended

Jun. 30, 2024

Land Use Rights [Abstract]

LAND USE RIGHTS, NET

NOTE 9 – LAND USE RIGHTS, NET

Land use rights consisted of the following:

	As of
	June 30, 2024			December 31, 2023
Land use rights, cost	$	4,233,626		$	4,333,386
Less: Accumulated amortization		(906,847	)		(884,881	)
Land use rights, net	$	3,326,779		$	3,448,505

As of June 30, 2024, the Company had land use rights with net book value of $1.10 million, which were pledged as collateral for the Company’s short-term bank loans. As of December 31, 2023, the Company had land use rights with net book value of $1.14 million, which were pledged as collateral for the Company’s short-term bank loans.

Estimated future amortization expense is as follows as of June 30, 2024:

Years ending June 30,	Amortization expense
2025	$	85,285
2026		85,285
2027		85,285
2028		85,285
2029		85,285
Thereafter		2,900,354
Total	$	3,326,779

Organization and Principal Activities (Details)					6 Months Ended
Organization and Principal Activities (Details)	Dec. 29, 2021 CNY (¥)	Nov. 01, 2017 CNY (¥)	Apr. 26, 2010 USD ($)	Apr. 05, 2007 USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 16, 2009
Organization and Principal Activities [Line Items]
Transmission product sale of sets					80,496	75,097
Electric industrial vehicles, description					HEVI’s electric industrial vehicle products currently include GEF-series electric forklifts, a series of lithium powered forklifts with three models ranging in size from 1.8 tons to 3.5 tons, GEL-1800, a 1.8 ton rated load lithium powered electric wheeled front loader, GEX-8000, an all-electric 8.0 ton rated load lithium powered wheeled excavator, and GEL-5000, an all-electric 5.0 ton rated load lithium wheeled front loader. In addition, HEVI introduced a line of mobile DC battery chargers that support DC powered EV applications in the North America market. These products are available for purchase in the United States (“U.S.”) market. In August 2022, Greenland launched a 54,000 square foot industrial electric vehicle assembly site in Baltimore, Maryland to support local services, assembly and distribution of its electric industrial heavy equipment products line.
Percentage of outstanding ordinary shares					45.69%
Percentage of equity interest				75.4717%
Consideration value (in Dollars)			$ 2,600,000
Jiuxin [Member]
Organization and Principal Activities [Line Items]
Percentage of equity interest					8.424%
Jiuhe [Member]
Organization and Principal Activities [Line Items]
Percentage of equity interest					20.00%
Xinchang County Keyi Machinery Co., Ltd. [Member]
Organization and Principal Activities [Line Items]
Percentage of equity interest transferred			24.5283%				75.4717%
Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Organization and Principal Activities [Line Items]
Percentage of outstanding ordinary shares					71.576%
Hangzhou Greenland Energy Technologies Co., Ltd [Member]
Organization and Principal Activities [Line Items]
Percentage of outstanding ordinary shares					100.00%
Hengyu Capital, Ltd. [Member]
Organization and Principal Activities [Line Items]
Percentage of outstanding ordinary shares					62.50%
Zhejiang Zhongchai [Member]
Organization and Principal Activities [Line Items]
Purchase of equity	¥ 34,300,000	¥ 31,590,000		$ 8,000,000
Percentage of equity interest	20.00%	10.53%
Zhongchai Holding [Member]
Organization and Principal Activities [Line Items]
Percentage of equity interest					71.576%

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

NOTE 16 – LEASES

The Company leases its corporate offices and assembly site under operating leases, with initial terms of 5.58 years, respectively. Usually within four months prior to the expiration date of a lease, the Company is required to notify the lessor and has a priority to continue renting the lease property if a lessor intends to lease property. The lease itself does not have restrictions or covenants. Any damage, if made by the lessee, to the property and equipment within the property has to been fixed or reimbursed by the lessee.

Supplemental balance sheet information related to leases as of June 30, 2024 and December 31, 2023 is as follows:

	As of
	June 30, 2024		December 31, 2023
Assets:
Right-of-use assets	$	1,871,826	$	2,125,542
Liabilities:
Lease liabilities	$	495,693	$	487,695
Lease liabilities		1,432,987		1,684,614
Total operating lease liabilities	$	1,928,680	$	2,172,309
Lease term and discount rate
Weighted average remaining lease term (in years)		3.42		2.09
Weighted average discount rate		4.27		4.5

The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases:

	For the six months ended June 30,
	2024		2023
Components of lease expense:
Operating lease expense	$	308,146	$	308,407
Total lease expense	$	308,146	$	308,407

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

For the years ending June 30,	Operating Leases
2025	$	580,899
2026		597,688
2027		615,067
2028		315,756
Total lease payments	$	2,109,410
Less: imputed interest		(180,730	)
Present value of lease liabilities		1,928,680

Accounts Payable (Details) - Schedule of Accounts Payable - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Accounts Payable [Line Items]
Total accounts payable	$ 24,793,173	$ 25,272,528
Procurement of Materials [Member]
Schedule of Accounts Payable [Line Items]
Total accounts payable	24,421,350	25,011,515
Infrastructure& Equipment [Member]
Schedule of Accounts Payable [Line Items]
Total accounts payable	233,445	43,530
Freight fee [Member]
Schedule of Accounts Payable [Line Items]
Total accounts payable	$ 138,378	$ 217,483

Commitments and Contingencies (Details) - Schedule of Non-Cancellable Future Minimum Lease Payments	Jun. 30, 2024 USD ($)
Schedule of Non-Cancellable Future Minimum Lease Payments [Abstract]
2025	$ 34,460
Total lease payments	$ 34,460

Notes Payable-Bank Acceptance Notes (Tables)

6 Months Ended

Jun. 30, 2024

Notes Payable [Abstract]

Schedule of Notes Payable-Bank Acceptance Notes

	As of
	June 30, 2024		December 31, 2023
Bank acceptance notes	$	31,407,248	$	36,712,562
Total	$	31,407,248	$	36,712,562

Property, Plant and Equipment and Construction in Progress (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 CNY (¥)
Property, Plant and Equipment and Construction in Progress [Line Items]
Depreciation expense	$ 1,000	$ 1,070
Cost of revenue	610	600
Loan facility with maximum exposure (in Yuan Renminbi) \| ¥			¥ 60,010
Construction in Progress [Member]
Property, Plant and Equipment and Construction in Progress [Line Items]
Construction in progress	400
Buildings [Member]
Property, Plant and Equipment and Construction in Progress [Line Items]
Buildings for book value	$ 1,910		¥ 13,910

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

Warrant Liability

6 Months Ended

Jun. 30, 2024

Warrant Liability [Abstract]

WARRANT LIABILITY

NOTE 17 – WARRANT LIABILITY

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASBASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations.

In connection with the registered direct offering closed on July 27, 2022, the Company issued to an investor a warrant to purchase up to 4,530,000 ordinary shares at an exercise price of $4.49 per share. The warrant became exercisable on January 27, 2023 and will expire on January 26, 2028.

The warrants meet the definition of a derivative under FASB ASC 815, as the Company cannot avoid a net cash settlement under certain circumstances. The fair value of the warrant liabilities was measured using a Black–Scholes model. Significant inputs into the model as of the reporting period begin remeasurement dates, and as of the reporting period end remeasurement dates are as follows:

	Ordinary Share Warrants			Ordinary Share Warrants
	June 30, 2024			December 31, 2023

Share price	$	1.40		$	2.79
Exercise price	$	4.49		$	4.49
Expected term (years)		1.79			2.04
Risk-free interest rate		4.8	%		4.2	%
Expected volatility		90.00	%		80.00	%

The warrants outstanding and fair values at each of the respective valuation dates are summarized below:

	As of
	June 30, 2024		December 31, 2023
Number of ordinary share warrants		4,530,000		4,530,000
Fair value of the warrants	$	1,180,281	$	4,084,605

The fair value of the warrants was classified as a liability of $4,084,605 as of December 31, 2023. For the six months ended June 30, 2024, the Company recognized a gain of $2,904,324 for the investor warrant from the change in fair value of the warrant liability. As a result, the warrant liability is carried on the consolidated balance sheets at the fair value of $1,180,281 for the investor warrant, collectively, as of June 30, 2024.

Organization and Principal Activities (Details) - Schedule of Subsidiary Included in these Unaudited Consolidated Financial Statements - Greenland Holding Enterprises Inc. [Member]	6 Months Ended
	Jun. 30, 2024 USD ($)
HKD [Member] \| Zhongchai Holding (Hong Kong) Limited [Member]
Schedule of Subsidiary Included in these Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	Hong Kong April 23, 2009
Principal Activities	Holding
Paid-in Capital	$ 10,000
Ownership Percentage	100.00%
HKD [Member] \| Hengyu Capital, Ltd [Member]
Schedule of Subsidiary Included in these Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	Hong Kong August 16, 2022
Principal Activities	Investment management and consulting services
Paid-in Capital	$ 10,000
Ownership Percentage	62.50%
RMB [Member] \| Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Schedule of Subsidiary Included in these Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	PRC November 21, 2005
Principal Activities	Manufacture, sale of various transmission boxes
Paid-in Capital	$ 25,000,000
Ownership Percentage	71.576%
RMB [Member] \| Hangzhou Greenland Energy Technologies Co., Ltd. [Member]
Schedule of Subsidiary Included in these Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	PRC August 8, 2020
Principal Activities	Trading
Paid-in Capital	$ 8,669,482
Ownership Percentage	100.00%
USD [Member] \| HEVI Corp. [Member]
Schedule of Subsidiary Included in these Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	Delaware January 14, 2020
Principal Activities	U.S. operation and distribution of electric industrial vehicles for North American market
Paid-in Capital	$ 6,363,557
Ownership Percentage	100.00%
USD [Member] \| Greenland Holding Enterprises Inc. [Member]
Schedule of Subsidiary Included in these Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	Delaware August 28, 2023
Principal Activities	Holding
Paid-in Capital	$ 1
Ownership Percentage	100.00%

Short Term Bank Loans (Details) ¥ in Thousands, $ in Thousands			6 Months Ended
	Jun. 27, 2022 USD ($)	Jun. 27, 2022 CNY (¥)	Jun. 30, 2024	Jun. 30, 2023
Short Term Bank Loans [Abstract]
Short term debt, term			1 year
Principal amount	$ 8,280	¥ 60,010
Annual interest rate, percentage			3.122%	3.805%

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Accounts Receivable [Abstract]

Schedule of Accounts Receivable is Net of Allowance for Expected Credit Losses

Accounts receivable is net of allowance for expected credit losses.

	As of
	June 30, 2024			December 31, 2023
Accounts receivable	$	23,295,414		$	17,351,398
Less: allowance for expected credit losses		(1,412,545	)		(867,865	)
Accounts receivable, net	$	21,882,869		$	16,483,533

Schedule of Changes in the Allowance for Expected Credit Losses

Changes in the allowance for expected credit losses are as follows:

	As of
	June 30, 2024			December 31, 2023
Beginning balance	$	867,865		$	762,325
Additional provision charged to expense		568,744			127,646
Effect of foreign exchange change		(24,064	)		(22,106	)
Ending balance	$	1,412,545		$	867,865

Inventories, Net

6 Months Ended

Jun. 30, 2024

Inventories, Net [Abstract]

INVENTORIES, NET

NOTE 6 – INVENTORIES, NET

As of June 30, 2024 and December 31, 2023, inventories consisted of the following

	As of
	June 30, 2024			December 31, 2023
Raw materials	$	7,379,602		$	9,337,110
Revolving material		1,121,164			1,143,558
Consigned processing material		32,026			60,754
Work-in-progress		2,591,658			2,501,368
Finished goods		9,638,318			12,192,937
Less: inventory impairment		(511,433	)		(638,932	)
Inventories, net	$	20,251,335		$	24,596,795

Changes in the inventory reserves are as follows:

	As of
	June 30, 2024			December 31, 2023
Beginning balance	$	638,932		$	375,846
(Reversal of) inventory write-downs		(120,097	)		271,233
Effect of foreign exchange change		(7,402	)		(8,147	)
Ending balance	$	511,433		$	638,932

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Schedule of Gain and Losses on Foreign Currency Transactions and Balances

The resulting translation adjustments are reported under other comprehensive income (loss). Gains and losses resulting from the translation of foreign currency transactions and balances are reflected in the results of operations.

	As of
	June 30, 2024		December 31, 2023
Period end RMB: US$ exchange rate		7.2672		7.0999

	For the six months ended June 30,
	2024		2023
Period average RMB: US$ exchange rate		7.2150		6.8423

Schedule of Fair Value Measurements of Assets and Liabilities that are Measured at Recurring Basis

The following table summarizes the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024:

(amount in absolute value)	Active Market for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Carrying Value
Short term investment	$	5,504,183		-		-	$	5,504,183
Warrants liability		-		1,180,281		-		1,180,281

Total	$	5,504,183		1,180,281		-	$	6,684,464

Schedule of Estimated Useful Lives

Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives are as follows:

Buildings		20 years
Machinery		2~10 years
Motor vehicles		4 years
Electronic equipment		3~5 years
Fixed assets decoration		5 years

Schedule of Sets Forth Disaggregation of Revenue

The following table sets forth disaggregation of revenue:

	For the three months ended June 30,				For the six months ended June 30,
Major Products	2024		2023		2024		2023
Transmission boxes for Forklift	$	21,035,937	$	22,657,220	$	42,810,331	$	43,525,959
Transmission boxes for Non-Forklift (EV, etc.)		1,981,323		912,229		2,930,520		2,192,850
Total	$	23,017,260	$	23,569,449	$	45,740,851	$	45,718,809

Leases (Details) - Schedule of Components of Lease Expense - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Components of lease expense:
Operating lease expense	$ 308,146	$ 308,407
Total lease expense	$ 308,146	$ 308,407

Notes Receivable (Details) - Schedule of Notes Receivable - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Notes Receivable [Line Items]
Note receivable	$ 30,962,280	$ 27,135,249
Bank Notes Receivable [Member]
Schedule of Notes Receivable [Line Items]
Note receivable	28,844,085	27,135,249
Commercial Notes Receivable [Member]
Schedule of Notes Receivable [Line Items]
Note receivable	$ 2,118,195

Organization and Principal Activities (Tables)

6 Months Ended

Jun. 30, 2024

Organization and Principal Activities [Abstract]

Schedule of Subsidiary Included in these Unaudited Consolidated Financial Statements

Details of the Company’s subsidiaries, which are included in these unaudited consolidated financial statements as of June 30, 2024, are as follows:

Name

Domicile and
Date of Incorporation

Paid-in
Capital

Ownership
Percentage

Principal Activities

Zhongchai Holding (Hong Kong) Limited

Hong Kong
April 23, 2009

HKD

10,000

100

Holding

Zhejiang Zhongchai Machinery Co., Ltd.

PRC
November 21, 2005

RMB

25,000,000

71.576

Manufacture, sale of various transmission boxes

Hangzhou Greenland Energy Technologies Co., Ltd.

PRC
August 8, 2020

RMB

8,669,482

100

Trading

HEVI Corp.

Delaware
January 14, 2020

USD

6,363,557

100

U.S. operation and distribution of electric industrial vehicles for North American market

Hengyu Capital, Ltd

Hong Kong
August 16, 2022

HKD

10,000

62.5

Investment management and consulting services

Greenland Holding Enterprises Inc.

Delaware
August 28, 2023

USD

100

Holding

Warrant Liability (Details) - Schedule of Fair Value of Warrant Liabilities - Warrant Liability [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Fair Value of Warrant Liabilities [Line Items]
Share price	$ 1.4	$ 2.79
Exercise price	$ 4.49	$ 4.49
Expected term (years)	1 year 9 months 14 days	2 years 14 days
Risk-free interest rate	4.80%	4.20%
Expected volatility	90.00%	80.00%

Leases (Details) - Schedule of Maturity of Lease Liabilities Under Operating Leases - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Maturity of Lease Liabilities Under Operating Leases [Abstract]
2025	$ 580,899
2026	597,688
2027	615,067
2028	315,756
Total lease payments	2,109,410
Less: imputed interest	(180,730)
Present value of lease liabilities	$ 1,928,680	$ 2,172,309

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Other Current Liabilities [Abstract]

Schedule of Other Current Liabilities

Other current liabilities are summarized as follow:

	As of
	June 30, 2024		December 31, 2023
Employee payables		111,858		807,615
Other tax payables		262,458		507,464
Other payable		108,624		115,443
Accrued expenses		1,548,415		660,985
Total	$	2,031,355	$	2,091,507

Notes Payable-Bank Acceptance Notes (Details) - Schedule of Notes Payable-Bank Acceptance Notes - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Notes Payable [Abstract]
Bank acceptance notes	$ 31,407,248	$ 36,712,562
Total	$ 31,407,248	$ 36,712,562

Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value (in Dollars per share)
Ordinary shares, authorized	Unlimited	Unlimited
Ordinary shares, issued	13,594,530	13,594,530
Ordinary shares, outstanding	13,594,530	13,594,530

Short Term Bank Loans (Details) - Schedule of Short-Term Loans - USD ($)	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Short Term Bank Loans [Line Items]
Short-term loans	$ 3,042,296
Bank of Zheshang [Member]
Short Term Bank Loans [Line Items]
Maturity Date	Jul. 22, 2024
Type	Operating Loans
Bank Name	Bank of Zheshang
Interest Rate per Annum (%)	3.60%
Short-term loans	$ 1,352,132
Bank of Hangzhou [Member]
Short Term Bank Loans [Line Items]
Maturity Date	Jul. 25, 2024
Type	Operating Loans
Bank Name	Bank of Hangzhou
Interest Rate per Annum (%)	3.55%
Short-term loans	$ 1,408,470
Industrial and Commercial Bank of Xinchang [Member]
Short Term Bank Loans [Line Items]
Maturity Date	Feb. 22, 2024
Type	Operating Loans
Bank Name	Industrial and Commercial Bank of Xinchang
Interest Rate per Annum (%)	3.45%
Short-term loans	$ 281,694

Unaudited Consolidated Statements of Shareholders’ Equity - USD ($)	Ordinary Shares No Par Value	Additional Paid-in Capital	Accumulated Other Comprehensive Income/(loss)	Statutory Reserve	Retained Earnings	Non- controlling Interest	Total
Balance at Dec. 31, 2022		$ 32,955,927	$ (2,831,419)	$ 3,842,331	$ 37,228,261	$ 13,722,663	$ 84,917,763
Balance (in Shares) at Dec. 31, 2022	12,978,504
Net income					1,446,975	1,011,599	2,458,574
Foreign currency translation adjustment			212,352			104,980	317,332
Balance at Mar. 31, 2023		32,955,927	(2,619,067)	3,842,331	38,675,236	14,839,242	87,693,669
Balance (in Shares) at Mar. 31, 2023	12,978,504
Balance at Dec. 31, 2022		32,955,927	(2,831,419)	3,842,331	37,228,261	13,722,663	84,917,763
Balance (in Shares) at Dec. 31, 2022	12,978,504
Net income							5,398,770
Balance at Jun. 30, 2023		32,955,927	(5,804,429)	3,842,331	41,074,374	13,270,936	85,339,139
Balance (in Shares) at Jun. 30, 2023	12,978,504
Balance at Mar. 31, 2023		32,955,927	(2,619,067)	3,842,331	38,675,236	14,839,242	87,693,669
Balance (in Shares) at Mar. 31, 2023	12,978,504
Net income					2,399,138	541,058	2,940,196
Dividend						(703,595)	(703,595)
Foreign currency translation adjustment			(3,185,362)			(1,405,769)	(4,591,131)
Balance at Jun. 30, 2023		32,955,927	(5,804,429)	3,842,331	41,074,374	13,270,936	85,339,139
Balance (in Shares) at Jun. 30, 2023	12,978,504
Balance at Dec. 31, 2023		30,286,560	(2,583,794)	3,842,331	18,535,133	573,171	50,653,401
Balance (in Shares) at Dec. 31, 2023	13,594,530
Net income					2,502,203	1,067,045	3,569,248
Foreign currency translation adjustment			(653,808)			(254,954)	(908,762)
Balance at Mar. 31, 2024		30,286,560	(3,237,602)	3,842,331	21,037,336	1,385,262	53,313,887
Balance (in Shares) at Mar. 31, 2024	13,594,530
Balance at Dec. 31, 2023		30,286,560	(2,583,794)	3,842,331	18,535,133	573,171	50,653,401
Balance (in Shares) at Dec. 31, 2023	13,594,530
Net income							9,442,432
Balance at Jun. 30, 2024		30,286,560	(3,534,987)	3,842,331	25,688,246	2,500,549	58,782,699
Balance (in Shares) at Jun. 30, 2024	13,594,530
Balance at Mar. 31, 2024		30,286,560	(3,237,602)	3,842,331	21,037,336	1,385,262	53,313,887
Balance (in Shares) at Mar. 31, 2024	13,594,530
Net income					4,650,910	1,222,274	5,873,184
Foreign currency translation adjustment			(297,385)			(106,987)	(404,372)
Balance at Jun. 30, 2024		$ 30,286,560	$ (3,534,987)	$ 3,842,331	$ 25,688,246	$ 2,500,549	$ 58,782,699
Balance (in Shares) at Jun. 30, 2024	13,594,530

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Concentration on Revenues and Cost of Goods Sold

6 Months Ended

Jun. 30, 2024

Concentration on Revenues and Cost of Goods Sold [Abstract]

CONCENTRATION ON REVENUES AND COST OF GOODS SOLD

NOTE 4 – CONCENTRATION ON REVENUES AND COST OF GOODS SOLD

Concentration of major customers and suppliers:

	For the six months ended June 30,
	2024				2023
Major customers representing more than 10% of the Company’s revenues
Company A	$	6,750,913	14.76	%	$	7,583,367	16.59	%
Company B		5,424,577	11.86	%		4,934,803	10.79
Total Revenues	$	12,175,490	26.62	%	$	12,518,170	27.38	%

	As of
	June 30, 2024				December 31, 2023
Major customers of the Company’s accounts receivable, net
Company A		2,303,134	10.52	%		2,143,828	12.36	%
Company B		2,277,049	10.41	%		1,582,994	9.12	%
Company C		1,385,357	6.33	%		1,415,116	8.16	%
Company D		1,318,489	6.03	%		1,370,447	7.90	%
Company E		1,238,557	5.66	%		1,192,684	6.87	%
Company F		1,181,169	5.40	%		746,874	4.30	%
Total	$	9,703,755	44.35	%	$	8,451,944	48.71	%

Accounts receivable from the Company’s major customers accounted for 44.35% and 48.71% of total accounts receivable balances as of June 30, 2024 and December 31, 2023, respectively.

There were no suppliers representing more than 10% of the Company’s total purchases for the six months ended June 30, 2024 and 2023, respectively.

Shareholder’s Equity

6 Months Ended

Jun. 30, 2024

Shareholder’s Equity [Abstract]

SHAREHOLDER’S EQUITY

NOTE 18 – SHAREHOLDER’S EQUITY

Preferred Shares — The Company is authorized to issue an unlimited number of no par value preferred shares, divided into five classes, Class A through Class E, each with such designation, rights and preferences as may be determined by a resolution of the Company’s board of directors to amend the Memorandum and Articles of Association to create such designations, rights and preferences. The Company has five classes of preferred shares to give the Company flexibility as to the terms on which each class is issued. All shares of a single class must be issued with the same rights and obligations. Accordingly, starting with five classes of preferred shares will allow the Company to issue shares at different times on different terms. As of June 30, 2024 and December 31, 2023, there were no preferred shares designated, issued or outstanding.

Ordinary Shares — The Company is authorized to issue an unlimited number of no par value ordinary shares. Holders of the Company’s ordinary shares are entitled to one vote for each share. As of June 30, 2024 and December 31, 2023, there were 13,594,530 and 13,594,530 ordinary shares issued and outstanding.

Warrants — Redeemable warrants sold as part of the units in the Company’s initial public offering, or the Public Warrants (together with the Private Warrants (as defined below), the “Warrants”) may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants have been exercisable since October 24, 2019. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public Warrants is not effective within 90 days from the consummation of a Business Combination, the holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise the Public Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act of 1933, as amended. If an exemption from registration is not available, holders will not be able to exercise their Public Warrants on a cashless basis. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

The Company may call the warrants for redemption (excluding the Private Warrants (as defined below)), in whole and not in part, at a price of $0.01 per warrant:

●

At any time while the Public Warrants are exercisable,

●

Upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder,

●

If, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and

●

If, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. Accordingly, the warrants may expire worthless.

Private warrants include (i) the 282,000 warrants underlying the units issued to Greenland Asset Management Corporation (the “Sponsor”) and Chardan Capital Markets, LLC (“Chardan”) in a private placement in connection with our initial public offering (“Private Unit Warrants”), and (ii) 120,000 warrants held by Chardan upon the exercise of its unit purchase option to purchase 120,000 units in March 2021 (“Option Warrants,” together with Private Unit Warrants, the “Private Warrants”). The Private Warrants are identical to the Public Warrants underlying the units sold in the Initial Public Offering, except that the Private Warrants and the ordinary shares issuable upon the exercise of the Private Warrants are not transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

On July 25, 2022, the Company issued to an investor a warrant to purchase up to 4,530,000 ordinary shares at an exercise price of $4.49 per share. The warrant became exercisable on January 27, 2023 and will expire on January 26, 2028.

As of June 30, 2024, there were a total of 4,705,312 Warrants outstanding, including 4,303,312 Public Warrants held by CEDE & CO, and 142,000 and 260,000 Private Warrants held by Chardan and the Sponsor, respectively.

Unit Purchase Option

On July 27, 2018, the Company sold to Chardan (and its designees), for $100, an option to purchase up to 240,000 units exercisable at $11.50 per unit (or an aggregate exercise price of $2,760,000), commencing on the consummation of the Business Combination. The unit purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expired on July 24, 2023. The units issuable upon exercise of the option are identical to those offered in the initial public offering. The Company accounted for the unit purchase option, inclusive of the receipt of $100 cash payment, as an expense of the initial public offering resulting in a charge directly to shareholders’ equity. The option and such units purchased pursuant to the option, as well as the ordinary shares underlying such units, the rights included in such units, the ordinary shares that are issuable for the rights included in such units, the warrants included in such units, and the shares underlying such warrants, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g) (1) of FINRA’s Nasdaq Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day period) following the date of initial public offering except to any underwriter and selected dealer participating in the initial public offering and their bona fide officers or partners. The option grants to holders demand and “piggy back” rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of 1933, as amended, of the securities directly and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of ordinary shares at a price below its exercise price. As of June 30, 2024, the unit purchase option had expired and no unit purchase option exercisable by Chardan is outstanding.

- Definition

The entire disclosure for equity.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/505/tableOfContent

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
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

Land Use Rights, Net (Tables)

6 Months Ended

Jun. 30, 2024

Land Use Rights [Abstract]

Schedule of Land Use Rights

Land use rights consisted of the following:

	As of
	June 30, 2024			December 31, 2023
Land use rights, cost	$	4,233,626		$	4,333,386
Less: Accumulated amortization		(906,847	)		(884,881	)
Land use rights, net	$	3,326,779		$	3,448,505

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows as of June 30, 2024:

Years ending June 30,	Amortization expense
2025	$	85,285
2026		85,285
2027		85,285
2028		85,285
2029		85,285
Thereafter		2,900,354
Total	$	3,326,779

Property, Plant and Equipment and Construction in Progress

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment and Construction in Progress [Abstract]

PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION IN PROGRESS

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION IN PROGRESS

(a) As of June 30, 2024 and December 31, 2023, property, plant and equipment consisted of the following:

	As of
	June 30, 2024			December 31, 2023
Buildings	$	11,181,430		$	11,444,906
Machinery		21,824,680			20,974,546
Motor vehicles		328,934			336,541
Electronic equipment		218,086			246,207
Total property plant and equipment, at cost		33,553,130			33,002,200

Less: accumulated depreciation		(19,844,051	)		(19,325,844	)
Property, plant and equipment, net	$	13,709,079		$	13,676,356
Construction in process		5,912			22,641
Total	$	13,714,991		$	13,698,997

For the six months ended June 30, 2024 and 2023, depreciation expense amounted to $1.00 million and $1.07 million, respectively, of which $0.61 million and $0.60 million, respectively, was included in cost of revenue and inventories, and the remainder was included in general and administrative expense and research and development expenses, respectively.

For the six months ended June 30, 2024 and 2023, $0.40 million and nil of construction-in-progress was converted into fixed assets.

Restricted assets consist of the following:

	As of
	June 30, 2024		December 31, 2023
Buildings, net	$	1,914,212	$	2,024,994
Total		1,914,212		2,024,994

As of June 30, 2024, the Company pledged its ownership interests in certain buildings for book value of RMB13.91 million ($1.91 million) as security with Communications Bank of PRC for its loan facility with maximum exposure of RMB60.01 million.

Short Term Bank Loans (Details) - Schedule of Short-Term Loans Summarized - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Short-term loans		$ 3,042,296
Collateralized Bank Loans [Member]
Short-Term Debt [Line Items]
Short-term loans		2,760,602
Unsecured Bank Loans [Member]
Short-Term Debt [Line Items]
Short-term loans		$ 281,694

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Apr. 01, 2019	Apr. 30, 2018
Summary of Significant Accounting Policies [Line Items]
Percentage of voting power			50.00%	50.00%
Advance to suppliers	$ 640,000		$ 640,000			$ 290,000
Straight-line method lease term			50 years	50 years
Total sales return amount	0.04%	0.05%	0.04%		0.05%
Total warrants expenditures amount			0.46%	0.46%	0.23%
Research and development costs	$ 1,120,000	$ 1,430,000	$ 2,110,000		$ 2,550,000
Other long-term liabilities	1,380,000		$ 1,380,000			1,530,000
Income tax rate			50.00%	50.00%
Owned foreign enterprise percentage			10.00%	10.00%
Registered capital percentage			50.00%	50.00%
Number of reporting segments			1	1
Ownership percentage			10.00%	10.00%
Insurance			$ 70,000	¥ 500,000
Bank account balance	93,754		93,754			3,797,076
Deposit insurance	250,000		250,000
Exceeding FDIC insurance	250,000		250,000
PRC [Member]
Summary of Significant Accounting Policies [Line Items]
Insurance			70,000	¥ 500,000
Bank account balance	$ 23,313,985		$ 23,313,985			$ 33,033,191
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Office leases term			3 years	3 years
Interest rate percentage							13.00%	16.00%
Minimum [Member] \| PRC [Member]
Summary of Significant Accounting Policies [Line Items]
Interest rate percentage							13.00%	16.00%
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Office leases term			5 years 6 months	5 years 6 months
Interest rate percentage								17.00%
Maximum [Member] \| PRC [Member]
Summary of Significant Accounting Policies [Line Items]
Interest rate percentage								17.00%

Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Other Current Liabilities [Abstract]

OTHER CURRENT LIABILITIES

NOTE 14 – OTHER CURRENT LIABILITIES

Other current liabilities are summarized as follow:

	As of
	June 30, 2024		December 31, 2023
Employee payables		111,858		807,615
Other tax payables		262,458		507,464
Other payable		108,624		115,443
Accrued expenses		1,548,415		660,985
Total	$	2,031,355	$	2,091,507

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share Computation

The following is a reconciliation of the basic and diluted earnings per share computation:

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Net income attributable to the Greenland Technologies Holding Corporation and subsidiaries	$	4,650,910	$	2,399,138	$	7,153,113	$	3,846,113
Weighted average basic and diluted computation shares outstanding:
Weighted average shares used in basic computation		13,594,530		12,978,504		13,594,530		12,978,504
Diluted effect of stock options and warrants		—		—		—		—
Weighted average shares used in diluted computation		13,594,530		12,978,504		13,594,530		12,978,504
Basic and diluted net income per share	$	0.34	$	0.18		0.53		0.30

Land Use Rights, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Land Use Rights [Abstract]
Land use rights, net	$ 1,100	$ 1,140

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 24 – SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date that the financial statements were available to be issued, which is August 14, 2024. All subsequent events requiring recognition as of June 30, 2024 have been incorporated into these financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855.

Fixed Deposit (Tables)

6 Months Ended

Jun. 30, 2024

Fixed Deposit [Abstract]

Schedule of Fixed Deposit

As of June 30, 2024 and December 31, 2023, fixed deposit consisted of the following:

	As of
	June 30, 2024		December 31, 2023
Three-year bank deposit	$	4,342,574	$	9,916,308
Total	$	4,342,574	$	9,916,308

Geographical Sales and Segments (Details)	6 Months Ended
Geographical Sales and Segments (Details)	Jun. 30, 2024
Geographical Sales and Segments [Abstract]
Reportable operating segment	1

Earnings Per Share (Details) - Schedule of Basic and Diluted (Loss) Earnings Per Share Computation - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Basic and Diluted Earnings Per Share Computation [Abstract]
Net income attributable to the Greenland Technologies Holding Corporation and subsidiaries (in Dollars)	$ 4,650,910	$ 2,399,138	$ 7,153,113	$ 3,846,113
Weighted average basic and diluted computation shares outstanding:
Weighted average shares used in basic computation	13,594,530	12,978,504	13,594,530	12,978,504
Diluted effect of stock options and warrants
Weighted average shares used in diluted computation	13,594,530	12,978,504	13,594,530	12,978,504
Basic net income per share (in Dollars per share)	$ 0.34	$ 0.18	$ 0.53	$ 0.3

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 22 – COMMITMENTS AND CONTINGENCIES

Guarantees and pledged collateral for bank loans to other parties:

Pledged collateral for bank loans

Facility Leases

The Company has leased premises for its assembly site under non-cancellable operating leases since June 2022. See further discussion in NOTE 16 – LEASES.

Rent expense is recognized on a straight-line basis over the terms of the operating leases accordingly and the Company records the difference between cash rent payments and the recognition of rent expense as a deferred rent liability.

The following are the aggregate non-cancellable future minimum lease payments under operating and financing leases as of June 30, 2024:

For the years ending June 30,	Operating Leases
2025	$	34,460
Total lease payments	$	34,460

Organization and Principal Activities

6 Months Ended

Jun. 30, 2024

Organization and Principal Activities [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

Greenland Technologies Holding Corporation (the “Company” or “Greenland”) designs, develops, manufactures and sells components and products for the global material handling industries.

Through its PRC subsidiaries, Greenland offers transmission products, which are key components for forklift trucks used in manufacturing and logistic applications, such as factories, workshops, warehouses, fulfilment centers, shipyards, and seaports. Forklifts play an important role in the logistic systems of many companies across different industries in China and globally. Generally, industries with the largest demand for forklifts include the transportation, warehousing logistics, electrical machinery, and automobile industries.

Greenland’s transmission products are used in 1-ton to 15-tons forklift trucks, some with mechanical shift and some with automatic shift. Greenland sells these transmission products directly to forklift-truck manufacturers. In the six months ended June 30, 2024 and 2023, Greenland sold an aggregate of 80,496 and 75,097 sets of transmission products, respectively, to more than 100 forklift manufacturers in the PRC.

In January 2020, Greenland launched HEVI Corp. (“HEVI”), formerly known as Greenland Technologies Corp. to focus on the production and sale of electric industrial vehicles to meet the increasing demand for electric industrial vehicles and machinery powered by sustainable energy in order to reduce air pollution and lower carbon emissions. HEVI is a wholly owned subsidiary of Greenland incorporated under the laws of the State of Delaware. HEVI’s electric industrial vehicle products currently include GEF-series electric forklifts, a series of lithium powered forklifts with three models ranging in size from 1.8 tons to 3.5 tons, GEL-1800, a 1.8 ton rated load lithium powered electric wheeled front loader, GEX-8000, an all-electric 8.0 ton rated load lithium powered wheeled excavator, and GEL-5000, an all-electric 5.0 ton rated load lithium wheeled front loader. In addition, HEVI introduced a line of mobile DC battery chargers that support DC powered EV applications in the North America market. These products are available for purchase in the United States (“U.S.”) market. In August 2022, Greenland launched a 54,000 square foot industrial electric vehicle assembly site in Baltimore, Maryland to support local services, assembly and distribution of its electric industrial heavy equipment products line. In July 2024, HEVI announced a partnership with Lonking Holdings Limited to develop and distribute heavy electric machinery and related technology specialized for the US market.

Greenland serves as the parent company of Zhongchai Holding (Hong Kong) Limited, a holding company formed under the laws of the Hong Kong Special Administrative Region (“Hong Kong”) on April 23, 2009 (“Zhongchai Holding”). Zhongchai Holding’s subsidiaries include Zhejiang Zhongchai Machinery Co. Ltd., an operating company formed under the laws of the People’s Republic of China (the “PRC” or “China”) in 2005, Hangzhou Greenland Energy Technologies Co., Ltd. (“Hangzhou Greenland”), an operating company formed under the laws of the PRC in 2019, and Hengyu Capital Limited, a company formed in Hong Kong on August 16, 2022 (“Hengyu Capital”). Through Zhongchai Holding and its subsidiaries, Greenland develops and manufactures traditional transmission products for material handling machineries in the PRC.

Greenland was incorporated on December 28, 2017 as a British Virgin Islands company with limited liability. Following the Business Combination (as described and defined below) in October 2019, the Company changed its name from Greenland Acquisition Corporation to Greenland Technologies Holding Corporation.

The COVID-19 pandemic has significantly affected business and manufacturing activities within China, including travel restrictions, widespread mandatory quarantines, and suspension of business activities within China. Chinese industries have gradually resumed businesses since the Chinese government lifted its COVID-19 protocols and measures in December 2022. Currently, the COVID-19 pandemic has no significant impact on our operations.

The Company’s Shareholders

As of June 30, 2024, Cenntro Holding Limited owned 45.69% of Greenland’s outstanding ordinary shares. Cenntro Holding Limited is controlled and beneficially owned by Mr. Peter Zuguang Wang, the chairman of the board of directors of the Company.

The Company’s Subsidiaries

Zhongchai Holding, an indirect wholly owned subsidiary of the Company, owns 71.576% of the equity interests in Zhejiang Zhongchai Machinery Co., Ltd. (“Zhejiang Zhongchai”), 100% of the equity interests in Hangzhou Greenland Energy Technologies Co., Ltd Co., Ltd (“Hangzhou Greenland”), and 62.5% of the equity interests in Hengyu Capital, Ltd. (“Hengyu Capital”). HEVI (formerly known as Greenland Technologies Corp.) is a wholly owned subsidiary of Greenland and Greenland Holding Enterprises Inc. is a wholly owned subsidiary of Greenland.

Zhejiang Zhongchai

Zhejiang Zhongchai, a limited liability company registered on November 21, 2005, is the direct operating subsidiary of Zhongchai Holding in the PRC. On April 5, 2007, Usunco Automotive Limited (“Usunco”), a British Virgin Islands limited liability company, invested US$8,000,000 for purchasing approximately a 75.4717% equity interest of Zhejiang Zhongchai. On December 16, 2009, Usunco agreed to transfer its 75.4717% interest in Zhejiang Zhongchai to Zhongchai Holding. On April 26, 2010, Xinchang County Keyi Machinery Co., Ltd. transferred 24.5283% equity interest it owned in Zhejiang Zhongchai to Zhongchai Holding in exchange for a consideration of US$2.6 million. On November 1, 2017, Xinchang County Jiuxin Investment Management Partnership (LP) (“Jiuxin”), an entity controlled and beneficially owned by Mr. He Mengxing, president of Zhejiang Zhongchai, completed its investment of approximately RMB31,590,000 in Zhejiang Zhongchai for a 10.53% equity interest. On December 29, 2021, Xinchang County Jiuhe Investment Management Partnership (LP) (“Jiuhe”), an entity controlled and beneficially owned by Mr. He Mengxing, president of Zhejiang Zhongchai, completed its investment of approximately RMB34,300,000 in Zhejiang Zhongchai for a 20.00% equity interest. As of June 30, 2024, Zhongchai Holding owned approximately 71.576% of the equity interests, Jiuxin owned approximately 8.424% of the equity interests, and Jiuhe owned approximately 20.00% of the equity interests in Zhejiang Zhongchai.

Through Zhejiang Zhongchai, the Company has been engaging in the manufacturing and sales of transmission systems mainly for forklift trucks since 2006. These forklift trucks are used in manufacturing and logistics applications, such as factory, workshop, warehouse, fulfilment centers, shipyards and seaports. The transmission systems are the key components for forklift trucks. The Company supplies transmission systems to forklift truck manufacturers. Its transmission systems fit for forklift trucks ranging from 1 to 15 tons, with either mechanical shift or automatic shift. All the products are currently manufactured at the Company’s facility in Xinchang, Zhejiang Province, the PRC and are sold to both domestic and oversea markets.

Hangzhou Greenland

Hangzhou Greenland is a limited liability company registered on August 9, 2019 in Hangzhou Sunking Plaza, Zhejiang, the PRC. Hangzhou Greenland engages in the business of trading construction engineering machinery, electronic components, hardware, and others.

HEVI

HEVI, formerly known as Greenland Technologies Corp. prior to May 2022, was incorporated on January 14, 2020 under the laws of the State of Delaware. HEVI is a wholly owned subsidiary of Greenland and promotes sales of sustainable alternative products for the heavy industrial equipment industry, including electric industrial vehicles, in the North American market.

Hengyu Capital

Hengyu Capital is a limited liability company registered on August 16, 2022 in Hong Kong. The main business of Hengyu Capital is to engage in investment management and consulting services.

Greenland Holding Enterprises Inc.

Greenland Holding Enterprises Inc. is a holding company registered on August 28, 2023 in the State of Delaware with no operations.

Details of the Company’s subsidiaries, which are included in these unaudited consolidated financial statements as of June 30, 2024, are as follows:

Name

Domicile and
Date of Incorporation

Paid-in
Capital

Ownership
Percentage

Principal Activities

Zhongchai Holding (Hong Kong) Limited

Hong Kong
April 23, 2009

HKD

10,000

100

Holding

Zhejiang Zhongchai Machinery Co., Ltd.

PRC
November 21, 2005

RMB

25,000,000

71.576

Manufacture, sale of various transmission boxes

Hangzhou Greenland Energy Technologies Co., Ltd.

PRC
August 8, 2020

RMB

8,669,482

100

Trading

HEVI Corp.

Delaware
January 14, 2020

USD

6,363,557

100

U.S. operation and distribution of electric industrial vehicles for North American market

Hengyu Capital, Ltd

Hong Kong
August 16, 2022

HKD

10,000

62.5

Investment management and consulting services

Greenland Holding Enterprises Inc.

Delaware
August 28, 2023

USD

100

Holding

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

Use of Estimates

Use of Estimates

Non-controlling Interest

Non-controlling Interest

Foreign Currency Translation

Foreign Currency Translation

	As of
	June 30, 2024		December 31, 2023
Period end RMB: US$ exchange rate		7.2672		7.0999

	For the six months ended June 30,
	2024		2023
Period average RMB: US$ exchange rate		7.2150		6.8423

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Fair Value of Financial Instruments

Fair Value of Financial Instruments

●

Level 1—defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

●

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 in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table summarizes the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024:

(amount in absolute value)	Active Market for Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Carrying Value
Short term investment	$	5,504,183		-		-	$	5,504,183
Warrants liability		-		1,180,281		-		1,180,281

Total	$	5,504,183		1,180,281		-	$	6,684,464

Accounts Receivable and Allowance for Expected Credit Losses

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are stated at the historical carrying amount net of allowance for expected credit losses.

Inventories

Inventories

Advance to Suppliers

Advance to Suppliers

Property, Plant, and Equipment

Property, Plant, and Equipment

Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives are as follows:

Buildings		20 years
Machinery		2~10 years
Motor vehicles		4 years
Electronic equipment		3~5 years
Fixed assets decoration		5 years

Construction in process

Construction in process

Land Use Rights

Land Use Rights

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Lease

Lease

Revenue Recognition

Revenue Recognition

The Company’s contracts are all short-term in nature with a contract term of one year or less. Receivables are recorded when the Company has an unconditional right to consideration.

The following table sets forth disaggregation of revenue:

	For the three months ended June 30,				For the six months ended June 30,
Major Products	2024		2023		2024		2023
Transmission boxes for Forklift	$	21,035,937	$	22,657,220	$	42,810,331	$	43,525,959
Transmission boxes for Non-Forklift (EV, etc.)		1,981,323		912,229		2,930,520		2,192,850
Total	$	23,017,260	$	23,569,449	$	45,740,851	$	45,718,809

Cost of Goods Sold

Cost of Goods Sold

Selling Expenses

Selling Expenses

Selling expenses include operating expenses such as payroll and traveling and transportation expenses.

General and Administrative Expenses

General and Administrative Expenses

Research and Development

Research and Development

Government Subsidies

Government Subsidies

Income Taxes

Income Taxes

Value-Added Tax

Value-Added Tax

Statutory Reserve

Statutory Reserve

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Earnings per share

Earnings per share

Segments and Related Information

Segments and Related Information

Commitments and contingencies

Commitments and contingencies

Related Party

Related Party

Uncertainty and Risks

Uncertainty and Risks

Political, Social and Economic Risks

Currency Exchange Risk

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash in bank and accounts receivable.

Warrants

Warrants

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recent accounting pronouncements that the Company has adopted or may be required to adopt in the future are summarized below:

Fixed Deposit (Details) - Schedule of Fixed Deposit - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Fixed Deposit [Line Items]
Total	$ 4,342,574	$ 9,916,308
Three-year bank deposit [Member]
Schedule of Fixed Deposit [Line Items]
Total	$ 4,342,574	$ 9,916,308

Fixed Deposit

6 Months Ended

Jun. 30, 2024

Fixed Deposit [Abstract]

FIXED DEPOSIT

NOTE 10 – FIXED DEPOSIT

As of June 30, 2024 and December 31, 2023, fixed deposit consisted of the following:

	As of
	June 30, 2024		December 31, 2023
Three-year bank deposit	$	4,342,574	$	9,916,308
Total	$	4,342,574	$	9,916,308

All fixed deposit were deposited in local banks in the PRC and the deposit term is three years. Fixed deposits will expire in 2026.

Concentration on Revenues and Cost of Goods Sold (Details) - Schedule of Concentration of Major Customers and Suppliers - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Company A [Member]
Concentration Risk [Line Items]
Total Revenues	$ 6,750,913	$ 7,583,367
Company B [Member]
Concentration Risk [Line Items]
Total Revenues	5,424,577	4,934,803
Total Major customers [Member]
Concentration Risk [Line Items]
Total Revenues	$ 12,175,490	$ 12,518,170
Customer Concentration Risk [Member] \| Company A [Member] \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Customer percentage	14.76%	16.59%
Customer Concentration Risk [Member] \| Company B [Member] \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Customer percentage	11.86%	10.79%
Customer Concentration Risk [Member] \| Total Major customers [Member] \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Customer percentage	26.62%	27.38%

Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Other Current Liabilities [Abstract]
Employee payables	$ 111,858	$ 807,615
Other tax payables	262,458	507,464
Other payable	108,624	115,443
Accrued expenses	1,548,415	660,985
Total	$ 2,031,355	$ 2,091,507

Summary of Significant Accounting Policies (Details) - Schedule of Fair Value Measurements of Assets and Liabilities that are Measured at Recurring Basis - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Fair Value Measurements of Assets and Liabilities that are Measured at Recurring Basis [Line Items]
Short term investment	$ 5,504,183	$ 2,818,068
Warrants liability	1,180,281
Total	6,684,464
Active Market for Identical Assets (Level 1) [Member]
Schedule of Fair Value Measurements of Assets and Liabilities that are Measured at Recurring Basis [Line Items]
Short term investment	5,504,183
Warrants liability
Total	5,504,183
Observable Inputs (Level 2) [Member]
Schedule of Fair Value Measurements of Assets and Liabilities that are Measured at Recurring Basis [Line Items]
Short term investment
Warrants liability	1,180,281
Total	1,180,281
Unobservable Inputs (Level 3) [Member]
Schedule of Fair Value Measurements of Assets and Liabilities that are Measured at Recurring Basis [Line Items]
Short term investment
Warrants liability
Total

Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Revenue [Abstract]

Schedule of Deferred Revenue

Deferred revenue is summarized as follow:

	As of
	June 30, 2024		December 31, 2023
Subsidy		1,381,686		1,529,831
Total	$	1,381,686	$	1,529,831

Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Notes Receivable [Abstract]

Schedule of Notes Receivable

	As of
	June 30, 2024		December 31, 2023
Bank notes receivable:	$	28,844,085	$	27,135,249
Commercial notes receivable		2,118,195		-
Total	$	30,962,280	$	27,135,249

Commitments and Contingencies (Details) ¥ in Thousands, $ in Thousands			6 Months Ended
	Jun. 27, 2022 USD ($)	Jun. 27, 2022 CNY (¥)	Jun. 30, 2024 USD ($)
Commitments and Contingencies [Line Items]
Maximum principal amount
Zhejiang Zhongchai [Member]
Commitments and Contingencies [Line Items]
Maximum principal amount	$ 8,280	¥ 60,010

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2019
Related Party Transactions [Line Items]
Dividend payment	$ 7,600		$ 1,340
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]
Related Party Transactions [Line Items]
Other receivables	$ 230	$ 230
Annual interest rate	4.785%

Land Use Rights, Net (Details) - Schedule of Estimated Future Amortization Expense	Jun. 30, 2024 USD ($)
Schedule of Estimated Future Amortization Expense [Abstract]
2025	$ 85,285
2026	85,285
2027	85,285
2028	85,285
2029	85,285
Thereafter	2,900,354
Total	$ 3,326,779

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

INCOME TAXES

NOTE 21 – INCOME TAXES

Income tax expense includes a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to the Company and its subsidiaries, adjusted for items which are considered discrete to the period.

The effective tax rates on income before income taxes for the six months ended June 30, 2024 was 4.98%. The effective tax rate for the six months ended June 30, 2024 was lower than the PRC tax rate of 25.0% primarily due to the China Super R&D deduction.

The effective tax rates on income before income taxes for the six months ended June 30, 2023 was 10.03%. The effective tax rate for the six months ended June 30, 2023 was lower than the PRC tax rate of 25.0% primarily due to the China Super R&D deduction.

The Company has recorded nil unrecognized benefit as of June 30, 2024 and December 31, 2023, respectively. On the information currently available, the Company does not anticipate a significant increase or decrease to its unrecognized benefit within the next 12 months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 231
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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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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-Name Accounting Standards Codification
-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fixed Deposit (Details)	6 Months Ended
Fixed Deposit (Details)	Jun. 30, 2024
Fixed Deposit [Abstract]
Deposit term	3 years
Fixed deposit, description	Fixed deposits will expire in 2026.

Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 23,017,260	$ 23,569,449	$ 45,740,851	$ 45,718,809
Cost of goods sold	16,243,205	16,641,612	33,319,727	33,267,542
Gross profit	6,774,055	6,927,837	12,421,124	12,451,267
Selling expenses	465,146	574,040	1,014,642	961,525
General and administrative expenses	1,199,492	1,519,564	3,382,921	3,161,468
Research and development expenses	1,123,063	1,425,394	2,110,787	2,545,285
Total operating expenses	2,787,701	3,518,998	6,508,350	6,668,278
INCOME FROM OPERATIONS	3,986,354	3,408,839	5,912,774	5,782,989
Interest income	215,732	44,683	384,945	75,076
Interest expense	(36,008)	(79,504)	(79,848)	(145,997)
Change in fair value of the warrant liability	1,869,018		2,904,324
Loss on disposal of property, plant and equipment	556	(239)	556	(239)
Other income (loss)	518,333	(128,768)	814,481	288,614
INCOME BEFORE INCOME TAX	6,553,985	3,245,011	9,937,232	6,000,443
INCOME TAX EXPENSE	680,801	304,815	494,800	601,673
NET INCOME	5,873,184	2,940,196	9,442,432	5,398,770
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	1,222,274	541,058	2,289,319	1,552,657
NET INCOME ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES	4,650,910	2,399,138	7,153,113	3,846,113
OTHER COMPREHENSIVE LOSS:	(404,372)	(4,591,131)	(1,313,134)	(4,273,799)
Unrealized foreign currency translation loss attributable to Greenland Technologies Holding Corporation and subsidiaries	(297,385)	(3,185,362)	(951,193)	(2,973,010)
Unrealized foreign currency translation loss attributable to non-controlling interest	(106,987)	(1,405,769)	(361,941)	(1,300,789)
Total comprehensive income (loss) attributable to Greenland technologies holding corporation and subsidiaries	4,353,525	(786,224)	6,201,920	873,103
Total comprehensive income (loss) attributable to noncontrolling interest	$ 1,115,287	$ (864,711)	$ 1,927,378	$ 251,868
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: (in Shares)	13,594,530	12,978,504	13,594,530	12,978,504
Basic (in Dollars per share)	$ 0.34	$ 0.18	$ 0.53	$ 0.3

Accounts Payable (Tables)

6 Months Ended

Jun. 30, 2024

Accounts Payable [Abstract]

Schedule of Accounts Payable

Accounts payable are summarized as follow:

	As of
	June 30, 2024		December 31, 2023
Procurement of Materials	$	24,421,350	$	25,011,515
Infrastructure& Equipment		233,445		43,530
Freight fee		138,378		217,483
Total	$	24,793,173	$	25,272,528

Concentration on Revenues and Cost of Goods Sold (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Customer Concentration Risk [Member] \| Major Customers [Member] \| Accounts Receivable [Member]
Concentration on Revenues and Cost of Goods Sold [Line Items]
Concentration risk percentage	44.35%	48.71%

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies [Abstract]

Schedule of Non-Cancellable Future Minimum Lease Payments

The following are the aggregate non-cancellable future minimum lease payments under operating and financing leases as of June 30, 2024:

For the years ending June 30,	Operating Leases
2025	$	34,460
Total lease payments	$	34,460

Warrant Liability (Tables)

6 Months Ended

Jun. 30, 2024

Warrant Liability [Abstract]

Schedule of Fair Value of Warrant Liabilities

The fair value of the warrant liabilities was measured using a Black–Scholes model. Significant inputs into the model as of the reporting period begin remeasurement dates, and as of the reporting period end remeasurement dates are as follows:

	Ordinary Share Warrants			Ordinary Share Warrants
	June 30, 2024			December 31, 2023

Share price	$	1.40		$	2.79
Exercise price	$	4.49		$	4.49
Expected term (years)		1.79			2.04
Risk-free interest rate		4.8	%		4.2	%
Expected volatility		90.00	%		80.00	%

Schedule of Warrants Outstanding and Fair Values

The warrants outstanding and fair values at each of the respective valuation dates are summarized below:

	As of
	June 30, 2024		December 31, 2023
Number of ordinary share warrants		4,530,000		4,530,000
Fair value of the warrants	$	1,180,281	$	4,084,605

Property, Plant and Equipment and Construction in Progress (Details) - Schedule of Restricted Assets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Restricted Assets [Line Items]
Restricted assets	$ 1,914,212	$ 2,024,994
Buildings, net [Member]
Schedule of Restricted Assets [Line Items]
Restricted assets	$ 1,914,212	$ 2,024,994