v3.26.1
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

6. PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consisted of the following:

 

    March 31,
2026		     December 31,
2025		  
Construction in progress   $ 7,197,431     $ 8,386,394  
Machinery     176,170,583       172,767,448  
Building     85,250,223       83,343,942  
Leasehold improvement     6,060,439       6,060,439  
Office equipment     4,955,074       4,121,355  
Vehicle     597,148       401,024  
Total property and equipment     280,230,898       275,080,602  
Less: accumulated depreciation     (66,851,646 )     (54,432,453 )
Total property and equipment, net   $ 213,379,252     $ 220,648,149  

Depreciation expense was $12,643,752 and $4,778,459, respectively for the three months ended March 31, 2026 and 2025.

 

As of March 31, 2026, the Company collateralized all of its buildings in TOYO Solar with carrying value of $16,641,605, and machinery with carrying amount of $28,631,472 for the long-term bank credit facility from BIDV (Note 9). As of December 31, 2025, the Company collateralized all of its buildings in TOYO Solar with carrying value of $17,213,790, and machinery with carrying amount of $31,324,354 for the long-term bank credit facility from BIDV (Note 9). As of March 31, 2026, the Company has drawn down loans of $1,361,334 from the long-term bank credit facility from BIDV. As of the date of this report, the Company fully repaid the outstanding balance to BIDV.