6. INVENTORIES
As of December 31, 2024 and 2023, inventories consisted of the following:
SCHEDULE
OF INVENTORY
| | |
December 31,2024 | | |
December 31,2023 | |
| | |
As of | |
| | |
December 31,2024 | | |
December 31,2023 | |
| Finished goods(1) | |
$ | 5,018,907 | | |
$ | 3,287,637 | |
| Raw materials(2) | |
| 3,573,860 | | |
| 2,426,168 | |
| WIP(3) | |
| - | | |
| 23,976 | |
| Total Inventory | |
$ | 8,592,767 | | |
$ | 5,737,781 | |
| (1) |
Finished goods includes electric vehicles and accessories. |
| |
|
| (2) |
Raw materials mainly include parts, and battery cells. |
| |
|
| (3) |
Work-in-process includes cost incurred to build prototypes with customized software. |
Based on historical observations, the write-downs were immaterial to be
recognized for the inventories for the years ended December 31, 2024 and 2023.
|