v3.25.2
REVENUES AND COST OF REVENUES
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES AND COST OF REVENUES

3. REVENUES AND COST OF REVENUES

 

The following table identifies the disaggregation of the Company’s revenues for the years ended December 31, 2024 and 2023, respectively:

 

   December 31,2024   December 31,2023   December 31,2022 
Revenues               
Electric vehicles and accessories sales  $21,132,121   $14,298,967   $16,930,201 
                
Software royalties   344    236,005    376,868 
Software development and design services   56,141    939,946    991,496 
                
Software royalties and development and design subtotal   56,485    1,175,951    1,368,364 
                
Total revenues accounted for under ASC Topic 606  $21,188,606   $15,474,918   $18,298,565 

 

The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year.

 

Cost of electric vehicles and accessories revenues consist primarily of cost of products, labor cost, and other overhead expenses. Cost of Software development and design revenues consist primarily of raw material cost, outsourced development cost, and amortization cost of the intangible assets. The following table identifies the disaggregation of the Company’s cost of revenues for the years ended December 31, 2024 and 2023, respectively:

 

   December 31,2024   December 31,2023   December 31,2023 
Cost of revenues               
Electric vehicles and accessories  $18,160,407   $12,561,601   $14,689,913 
Software development and design services   571,588    705,220    583,268 
                
Total cost of revenues  $18,731,995   $13,266,821   $15,273,181