0001213900-23-088730 | 10-Q | XBRL Viewer | Greenland Technologies Holding Corp

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Summary of Significant Accounting Policies (Details) - Schedule of Gain or Loss on Foreign Currency Transaction	Sep. 30, 2023	Sep. 30, 2022
PRC [Member]
Gain or Loss on Foreign Currency Transaction [Line Items]
Period average RMB: US$ exchange rate	7.0343	6.6369

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

LEASES

NOTE 15 – LEASES

The Company leases its corporate offices and assembly site under operating leases, with initial terms of 3 years and 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 cash flow information related to leases for the nine months ended September 30, 2023 is as follows:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	443,676
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		-

Supplemental balance sheet information related to leases as of September 30, 2023 is as follows:

Operating leases:
Operating lease right-of-use assets	$	2,253,162

Current portion of operating lease liabilities	$	485,207
Long-term operating lease liabilities		1,807,408
Total operating lease liabilities	$	2,292,615

The following table summarizes the maturity of lease liabilities under operating leases as of September 30, 2023:

For the years ending September 30,	Operating Leases
2024	$	590,350
2025		585,084
2026		602,020
2027		619,552
Thereafter		157,878
Total lease payments	$	2,554,884

Other Long-Term Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Other Longterm Liabilities Disclosure [Abstract]
Grant income decreased	$ 240

Organization and Principal Activities (Details) - Schedule of Subsidiary Included Unaudited Consolidated Financial Statements	9 Months Ended
	Sep. 30, 2023 USD ($)
Zhongchai Holding (Hong Kong) Limited [Member]
Schedule of Subsidiary Included Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	Hong Kong April 23, 2009
Paid-in Capital	$ 10,000
Percentage of Effective Ownership	100.00%
Principal Activities	Holding
Paid-in Capital, Currency	HKD
Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Schedule of Subsidiary Included Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	PRC November 21, 2005
Paid-in Capital	$ 25,000,000
Percentage of Effective Ownership	71.576%
Principal Activities	Manufacture, sale of various transmission boxes
Paid-in Capital, Currency	RMB
Hangzhou Greenland Energy Technologies Co., Ltd. [Member]
Schedule of Subsidiary Included Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	PRC August 8, 2020
Paid-in Capital	$ 7,224,922
Percentage of Effective Ownership	100.00%
Principal Activities	Trading
Paid-in Capital, Currency	RMB
HEVI Corp. [Member]
Schedule of Subsidiary Included Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	Delaware January 14, 2020
Paid-in Capital	$ 6,363,557
Percentage of Effective Ownership	100.00%
Principal Activities	U.S. operation and distribution of electric industrial vehicles for North American market
Paid-in Capital, Currency	USD
Hengyu Capital, Ltd. [Member]
Schedule of Subsidiary Included Unaudited Consolidated Financial Statements [Line Items]
Domicile and Date of Incorporation	Hong Kong August 16, 2022
Paid-in Capital	$ 10,000
Percentage of Effective Ownership	62.50%
Principal Activities	Investment management and consulting services
Paid-in Capital, Currency	HKD

Short Term Bank Loans (Details)	9 Months Ended
Short Term Bank Loans (Details)	Sep. 30, 2023	Sep. 30, 2022
Short Term Bank Loans [Line Items]
Short term debt loan repayable duration	1 year
Interest rate [Member]
Short Term Bank Loans [Line Items]
Average annual interest rate	3.683%	4.248%

Income Taxes (Details) - USD ($)	9 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax [Line Items]
Effective tax rate income before income taxes	20.93%	15.85%
PRC tax rate percentage	25.00%	25.00%
Unrecognized tax benefits (in Dollars)	$ 0		$ 0

Concentration on Revenues and Cost of Goods Sold (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Concentration on Revenues and Cost of Goods Sold (Details) [Line Items]
Concentration risk, percentage	29.28%		40.72%
Supplier [Member] \| Accounts Payable [Member]
Concentration on Revenues and Cost of Goods Sold (Details) [Line Items]
Concentration risk, percentage	10.00%	10.00%

Notes Receivable

9 Months Ended

Sep. 30, 2023

Notes Receivable [Abstract]

NOTES RECEIVABLE

NOTE 7 – NOTES RECEIVABLE

	As of
	September 30, 2023		December 31, 2022
Bank notes receivable:	$	31,728,933	$	26,713,919
Commercial notes receivable		674,284		2,034,960
Total	$	32,403,217	$	28,748,879

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 September 30, 2023, the Company pledged notes receivable for an aggregate amount of $21.62 million to Bank of Ningbo and Bank of Hangzhou as a means of security for issuance of bank acceptance notes for an aggregate amount of $20.98 million. As of December 31, 2022, the Company pledged notes receivable for an aggregate amount of $15.51 million to Bank of Hangzhou as a means of security for issuance of bank acceptance notes in an aggregate amount of $13.27 million. The Company expects to collect notes receivable within 6 months.

Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2023

Notes Receivable [Abstract]

Schedule of Notes Receivable

	As of
	September 30, 2023		December 31, 2022
Bank notes receivable:	$	31,728,933	$	26,713,919
Commercial notes receivable		674,284		2,034,960
Total	$	32,403,217	$	28,748,879

Summary of Significant Accounting Policies (Details) - Schedule of Sets Forth Disaggregation of Revenue - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Major Product	$ 21,836,761	$ 21,786,862	$ 67,555,570	$ 71,696,324
Transmission boxes for Forklift [Member]
Disaggregation of Revenue [Line Items]
Major Product	21,005,937	19,928,629	64,531,896	63,632,555
Transmission boxes for Non-Forklift (EV, etc.) and parts of transmission boxes [Member]
Disaggregation of Revenue [Line Items]
Major Product	$ 830,824	$ 1,858,233	$ 3,023,674	$ 8,063,769

- 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) - Schedule of Due to Related Parties - USD ($)

Sep. 30, 2023

Dec. 31, 2022

Due to related parties:

Due to related parties

$ 4,080,627

$ 1,693,315

Zhejiang Zhonggong Machinery Co., Ltd [Member] | Related Party [Member]

Due to related parties:

Due to related parties

^[1]

61,034

64,563

Cenntro Smart Manufacturing Tech. Co., Ltd [Member] | Related Party [Member]

Due to related parties:

Due to related parties

^[2]

2,536

2,683

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

Due to related parties:

Due to related parties

^[3]

94,442

Cenntro Holding Limited [Member] | Related Party [Member]

Due to related parties:

Due to related parties

^[4]

1,339,654

1,341,627

Hangzhou Jiuru Economic Information Consulting Co. Ltd [Member] | Related Party [Member]

Due to related parties:

Due to related parties

^[4]

190,000

Peter Zuguang Wang [Member] | Related Party [Member]

Due to related parties:

Due to related parties

^[4]

$ 2,392,961

[1]	Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;
[2]	Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.
[3]	Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership); and
[4]	Borrowings from related parties.

Inventories (Details) - Schedule of Inventories - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Inventories [Abstract]
Raw materials	$ 7,923,025	$ 7,975,097
Revolving material	1,102,485	1,122,313
Consigned processing material	51,869	15,056
Work-in-progress	2,418,252	2,255,453
Finished goods	9,467,606	12,104,309
Less: inventory impairment	(465,071)	(375,846)
Inventories, net	$ 20,498,166	$ 23,096,382

Related Party Transactions (Details) - Schedule of Names and Relationship of Related Parties	9 Months Ended
	Sep. 30, 2023
Sinomachinery Holding Limited [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Cenntro Holding Limited [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Zhejiang Kangchen Biotechnology Co., Ltd. [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd. [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Xinchang County Jiuxin Investment Management Partnership (LP) [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Hangzhou Cenntro Autotech Co., Limited [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Peter Zuguang Wang [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Chairman of the Company
Greenland Asset Management Corporation [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Shareholder of the Company
Hangzhou Jiuru Economic Information Consulting Co. Ltd [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	One of the directors of Hengyu
Xinchang County Jiuhe Investment Management Partnership (LP) [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai/NCI of Zhejiang Zhongchai
Cenntro Automotive Corporation [Member]
Schedule of Names and Relationship of Related Parties [Abstract]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang

Inventories

9 Months Ended

Sep. 30, 2023

Inventories [Abstract]

INVENTORIES

NOTE 6 – INVENTORIES

	As of
	September 30, 2023			December 31, 2022
Raw materials	$	7,923,025		$	7,975,097
Revolving material		1,102,485			1,122,313
Consigned processing material		51,869			15,056
Work-in-progress		2,418,252			2,255,453
Finished goods		9,467,606			12,104,309
Less: inventory impairment		(465,071	)		(375,846	)
Inventories, net	$	20,498,166		$	23,096,382

Changes in the inventory reserves are as follows:

	As of
	September 30, 2023			December 31, 2022
Beginning balance	$	375,846		$	23,793
(Release of) inventory write-downs		108,723			359,534
Effect of FX change		(19,498	)		(7,481	)
Ending balance	$	465,071		$	375,846

Concentration on Revenues and Cost of Goods Sold (Details) - Schedule of Concentration of Major Customers and Suppliers - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Concentration Risk [Line Items]
Total Revenues	$ 18,593,084	$ 23,103,292
Customer percentage	27.52%	32.22%
Company A [Member]
Concentration Risk [Line Items]
Total Revenues	$ 10,900,747	$ 13,521,896
Customer percentage	16.14%	18.86%
Company B [Member]
Concentration Risk [Line Items]
Total Revenues	$ 7,692,337	$ 9,581,396
Customer percentage	11.38%	13.36%

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,593,653	$ 7,392,417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,632,430	1,849,467
Amortization of deferred subsidy	(141,748)	(884,806)
Loss on disposal of property and equipment	443	695
Increase in allowance for doubtful accounts	387,053	4,967
Increase(Decrease) in provision for inventory	108,723	(22,846)
Deferred tax assets	(74,533)
Non-cash lease expenses	463,483	198,586
Loss on disposal of short term investment	25,325
Accrued interest income derived from loan to RP	(5,332)
Accrued expense	818,840
Decrease (Increase) In:
Accounts receivable	(7,929,905)	(4,385,421)
Notes receivable	(5,420,169)	2,179,528
Inventories	1,335,565	1,342,340
Advance to suppliers	(1,298,963)	(307,852)
Other current and noncurrent assets	2,682,550	(11,438,398)
Increase (Decrease) In:
Accounts payable	2,339,606	(2,231,682)
Customer deposits	91,344	(162,262)
Other current liabilities	396,751	776,504
Income tax payable	(118,429)	(103,755)
Due to related parties		21,435
Long-term payables-Unamortized deferred financing costs		(190,033)
Lease liabilities	(445,232)	(160,119)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	441,455	(6,121,235)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of long term assets	(592,412)	(363,543)
Loan lend to third parties	(426,482)
Repayment of loans lend to third parties	1,848,087
Proceeds from government grants for construction		719,628
Proceeds from sale of short term investment	444,155
Investment in a joint venture	(50,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	1,223,348	356,085
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans	6,766,842	10,848,438
Repayments of short-term bank loans	(8,811,111)	(9,918,787)
Notes payable	4,134,691	(4,279,261)
Proceeds from related parties		210,942
Repayment of loans from related parties		(1,908,456)
Dividend paid	(703,595)
Payment of principal on financing lease obligation		(188,341)
Proceeds from equity and debt financing		9,196,563
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1,386,827	3,961,098
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	3,051,630	(1,804,052)
Effect of exchange rate changes on cash	1,567,033	(969,309)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	19,729,056	17,800,892
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	24,347,719	15,027,531
Bank balances and cash	21,543,963	11,306,600
Bank balances and cash included in assets classified as restricted cash	2,803,756	3,720,931
Supplemental Disclosure of Cash Flow Information
Income taxes paid	797,593	615,632
Interest paid	$ 215,487	$ 320,526

Notes Payable

9 Months Ended

Sep. 30, 2023

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 10 – NOTES PAYABLE

	As of
	September 30, 2023		December 31, 2022
Bank acceptance notes	$	30,713,480	$	28,272,472
Total	$	30,713,480	$	28,272,472

The interest-free notes payable, ranging from six months to one year from the date of issuance, were secured by $2.80 million and $3.43 million restricted cash, $21.62 million and $15.51 million notes receivable, and $3.38 million and $3.64million land use rights, as of September 30, 2023 and December 31, 2022, 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.

Organization and Principal Activities (Tables)

9 Months Ended

Sep. 30, 2023

Organization and Principal Activities [Abstract]

Schedule of Subsidiary Included Unaudited Consolidated Financial Statements

Details of the Company’s subsidiaries, which are included in these unaudited consolidated financial statements as of September 30, 2023, are as follows:

Name

Domicile
and Date of Incorporation

Paid-in
Capital

Percentage of
Effective
Ownership

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

7,224,922

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

Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share Computation - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Basic and Diluted Earnings Per Share Computation [Abstract]
Net income(loss) attributable to the Greenland Technologies Holding Corporation and subsidiaries	$ (887,420)	$ 1,277,964	$ 2,958,693	$ 4,552,280
Weighted average shares used in basic computation	13,594,530	12,222,387	13,307,954	11,628,243
Diluted effect of stock options and warrants
Weighted average shares used in diluted computation	13,594,530	12,222,387	13,307,954	11,628,243
Basic net income per share	$ (0.07)	$ 0.1	$ 0.22	$ 0.39

- Definition

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

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- Definition

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+ Details

Concentration on Revenues and Cost of Goods Sold

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30,
	2023				2022
Major customers representing more than 10% of the Company’s revenues
Company A	$	10,900,747	16.14	%	$	13,521,896	18.86	%
Company B		7,692,337	11.38	%		9,581,396	13.36
Total Revenues	$	18,593,084	27.52	%	$	23,103,292	32.22	%

	As of
	September 30, 2023				December 31, 2022
Major customers of the Company’s accounts receivable, net
Company A		2,322,581	11.15	%		2,266,095	15.81	%
Company B		2,242,511	10.77	%		2,140,591	14.93	%
Company C		1,532,978	7.36	%		1,430,298	9.98	%
Total	$	6,098,070	29.28	%	$	5,836,984	40.72	%

Accounts receivable from the Company’s major customers accounted for 29.28% and 40.72% of total accounts receivable balances as of September 30, 2023 and December 31, 2022, respectively.

There were no suppliers representing more than 10% of the Company’s total purchases for the nine months ended September 30, 2023 and 2022, respectively.

Accounts Receivable (Details) - Schedule of Accounts Receivable Net of Allowance for Doubtful Accounts - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Accounts Receivable Net of Allowance for Doubtful Accounts [Abstract]
Accounts receivable	$ 21,920,180	$ 15,100,085
Less: allowance for doubtful accounts	(1,093,826)	(762,325)
Accounts receivable, net	$ 20,826,354	$ 14,337,760

Consolidated Statements of Shareholders’ Equity (Unaudited) - 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, 2021		$ 23,759,364	$ 1,014,399	$ 3,842,331	$ 33,668,696	$ 12,559,876	$ 74,844,666
Balance (in Shares) at Dec. 31, 2021	11,329,530
Sale of shares and warrants		77,069					77,069
Net income					1,787,052	1,127,746	2,914,798
Foreign currency translation adjustment			248,082			125,828	373,910
Balance at Mar. 31, 2022		23,836,433	1,262,481	3,842,331	35,455,748	13,813,450	78,210,443
Balance (in Shares) at Mar. 31, 2022	11,329,530
Balance at Dec. 31, 2021		23,759,364	1,014,399	3,842,331	33,668,696	12,559,876	74,844,666
Balance (in Shares) at Dec. 31, 2021	11,329,530
Net income							7,392,417
Balance at Sep. 30, 2022		32,955,927	(4,432,076)	3,842,331	38,220,976	12,703,921	83,291,079
Balance (in Shares) at Sep. 30, 2022	12,579,530
Balance at Mar. 31, 2022		23,836,433	1,262,481	3,842,331	35,455,748	13,813,450	78,210,443
Balance (in Shares) at Mar. 31, 2022	11,329,530
Net income					1,487,264	892,162	2,379,426
Foreign currency translation adjustment			(2,720,040)			(1,355,412)	(4,075,452)
Balance at Jun. 30, 2022		23,836,433	(1,457,559)	3,842,331	36,943,012	13,350,200	76,514,417
Balance (in Shares) at Jun. 30, 2022	11,329,530
Sale of shares and warrants		9,119,494					9,119,494
Sale of shares and warrants (in Shares)	1,250,000
Net income					1,277,964	820,229	2,098,193
Foreign currency translation adjustment			(2,974,517)			(1,466,508)	(4,441,025)
Balance at Sep. 30, 2022		32,955,927	(4,432,076)	3,842,331	38,220,976	12,703,921	83,291,079
Balance (in Shares) at Sep. 30, 2022	12,579,530
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							5,593,653
Balance at Sep. 30, 2023		32,955,927	(3,552,846)	3,842,331	40,186,954	11,955,755	85,388,121
Balance (in Shares) at Sep. 30, 2023	13,594,530
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
Net income					(887,420)	1,082,303	194,883
Cancellation of subsidiary						(3,902,544)	(3,902,544)
Cashless excercise of stock warrants
Cashless excercise of stock warrants (in Shares)	616,026
Foreign currency translation adjustment			2,251,583			1,505,060	3,756,643
Balance at Sep. 30, 2023		$ 32,955,927	$ (3,552,846)	$ 3,842,331	$ 40,186,954	$ 11,955,755	$ 85,388,121
Balance (in Shares) at Sep. 30, 2023	13,594,530

Other Long-Term Liabilities (Details) - Schedule of Other Long-Term Liabilities - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of other long-term liabilities [Abstract]
Subsidy	$ 1,577,010	$ 1,812,759
Total	$ 1,577,010	$ 1,812,759

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 17 – 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 common 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. On October 24, 2019, the Company completed a reverse merger with Zhongchai Holding. The recapitalization of the number of ordinary shares attributable to the purchase of Zhongchai Holding in connection with the Business Combination is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods presented.

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

	For the three months ended September 30,					For the nine months ended September 30,
	2023			2022		2023		2022
Net income(loss) attributable to the Greenland Technologies Holding Corporation and subsidiaries	$	(887,420	)	$	1,277,964	$	2,958,693	$	4,552,280
Weighted average basic and diluted computation shares outstanding:
Weighted average shares used in basic computation		13,594,530			12,222,387		13,307,954		11,628,243
Diluted effect of stock options and warrants		—			—		—		—
Weighted average shares used in diluted computation		13,594,530			12,222,387		13,307,954		11,628,243
Basic and diluted net income per share	$	(0.07	)	$	0.10		0.22		0.39

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30,					For the nine months ended September 30,
	2023			2022		2023		2022
Net income(loss) attributable to the Greenland Technologies Holding Corporation and subsidiaries	$	(887,420	)	$	1,277,964	$	2,958,693	$	4,552,280
Weighted average basic and diluted computation shares outstanding:
Weighted average shares used in basic computation		13,594,530			12,222,387		13,307,954		11,628,243
Diluted effect of stock options and warrants		—			—		—		—
Weighted average shares used in diluted computation		13,594,530			12,222,387		13,307,954		11,628,243
Basic and diluted net income per share	$	(0.07	)	$	0.10		0.22		0.39

Organization and Principal Activities

9 Months Ended

Sep. 30, 2023

Organization and Principal Activities [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

Greenland Technologies Holding Corporation (the “Company” or “Greenland”) was incorporated on December 28, 2017 as a British Virgin Islands company with limited liability. The Company was incorporated as a blank check company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more target businesses. 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.

Greenland serves as the parent company of Zhongchai Holding (Hong Kong) Limited, a holding company formed under the laws of 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., an operating company formed under the laws of the PRC in 2019, and Hengyu Capital Ltd. (“Hengyu Capital”), a company formed under the laws of Hong Kong Special Administrative Region (“Hong Kong”) on August 16, 2022. Through Zhongchai Holding and its subsidiaries, Greenland develops and manufactures traditional transmission products for material handling machineries in the PRC.

HEVI Corp. (“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.

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 revenue decreased from approximately $71.70 million for the nine months ended September 30, 2022 to $67.56 million for the nine months ended September 30, 2023. The decrease in revenue was primarily due to logistical and supply chain challenges due to the initial wave of COVID-19 cases following the lifting of China’s zero COVID policies in the first quarter of calendar year 2023. Nevertheless, based on the revenues for the nine months ended September 30, 2023 and 2022, Greenland believes that it is one of the major developers and manufacturers of transmission products for small and medium-sized forklift trucks in China.

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. For the nine months ended September 30, 2023 and 2022, Greenland sold an aggregate of 112,414 and 102,144 sets of transmission products, respectively, to more than 100 forklift manufacturers in the PRC.

There is increasing demand for electric industrial vehicles powered by sustainable energy in order to reduce air pollution and lower carbon emissions. In December 2020, Greenland launched a new division to focus on the production and sale of electric industrial vehicles—a division that Greenland intends to develop to diversify its product offerings. Greenland’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. 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.

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. For the nine months ended September 30, 2023 and 2022, we experienced rising material costs due to the pandemic. Chinese industries have gradually resumed businesses since December 2022 when the Chinese government lifted its COVID-19 protocols and measures. However, we remain cautious and prudent when assessing the future impact of COVID-19 on our business due to the current ongoing global pandemic.

The Company’s Shareholders

As of September 30, 2023, Cenntro Holding Limited owned 47.86% 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, the wholly-owned subsidiary of the Company, owned 71.576% of Zhejiang Zhongchai Machinery Co., Ltd. (“Zhejiang Zhongchai”), 100% of Hangzhou Greenland Energy Technologies Co., Ltd Co., Ltd (“Hangzhou Greenland”), 100% of HEVI (formerly known as Greenland Technologies Corp.) and 62.5% of Hengyu Capital, Ltd. (“Hengyu Capital”).

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 75.47% equity interest of Zhejiang Zhongchai. On December 16, 2009, Usunco agreed to transfer its 75.47% interest in Zhejiang Zhongchai to Zhongchai Holding. On April 26, 2010, Xinchang County Keyi Machinery Co., Ltd. transferred 24.528% 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, closed its investment of approximately RMB31,590,000 in Zhejiang Zhongchai for 10.53% of its 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, closed its investment of approximately RMB34,300,000 in Zhejiang Zhongchai for 20.00% of its interest. As of September 30, 2023, 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.

Details of the Company’s subsidiaries, which are included in these unaudited consolidated financial statements as of September 30, 2023, are as follows:

Name

Domicile
and Date of Incorporation

Paid-in
Capital

Percentage of
Effective
Ownership

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

7,224,922

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

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventories [Abstract]

Schedule of Inventories

	As of
	September 30, 2023			December 31, 2022
Raw materials	$	7,923,025		$	7,975,097
Revolving material		1,102,485			1,122,313
Consigned processing material		51,869			15,056
Work-in-progress		2,418,252			2,255,453
Finished goods		9,467,606			12,104,309
Less: inventory impairment		(465,071	)		(375,846	)
Inventories, net	$	20,498,166		$	23,096,382

Schedule of Inventory Reserve

Changes in the inventory reserves are as follows:

	As of
	September 30, 2023			December 31, 2022
Beginning balance	$	375,846		$	23,793
(Release of) inventory write-downs		108,723			359,534
Effect of FX change		(19,498	)		(7,481	)
Ending balance	$	465,071		$	375,846

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2023

Notes Payable (Tables) [Line Items]

Schedule of Notes Payable

	As of
	September 30, 2023		December 31, 2022
Bank acceptance notes	$	30,713,480	$	28,272,472
Total	$	30,713,480	$	28,272,472

Land Use Rights

9 Months Ended

Sep. 30, 2023

Land Use Rights [Abstract]

LAND USE RIGHTS

NOTE 9 – LAND USE RIGHTS

Land use rights consisted of the following:

	As of
	September 30, 2023			December 31, 2022
Land use rights, cost	$	4,216,914		$	4,460,738
Less: Accumulated amortization		(840,013	)		(821,671	)
Land use rights, net	$	3,376,901		$	3,639,067

As of September 30, 2023, the Company had land use rights with net book value of $3.38 million, which were pledged as collateral for the Company’s short-term bank loans. As of December 31, 2022, the Company had land use rights with net book value of $3.64 million, which were pledged as collateral for the Company’s short-term bank loans.

Estimated future amortization expense is as follows as of September 30, 2023:

Years ending September 30,	Amortization expense
2024	$	87,476
2025		87,476
2026		87,476
2027		87,476
2028		87,476
Thereafter		2,939,521
Total	$	3,376,901

Land Use Rights (Details) - Schedule of Estimated Future Amortization Expense	Sep. 30, 2023 USD ($)
Schedule of Estimated Future Amortization Expense [Abstract]
2024	$ 87,476
2025	87,476
2026	87,476
2027	87,476
2028	87,476
Thereafter	2,939,521
Total	$ 3,376,901

Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Other receivables	$ 34,460	$ 36,460

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Oct. 24, 2019	Apr. 01, 2019	Apr. 30, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies [Line Items]
Allowance of doubtful accounts (in Dollars)	$ 1,090,000.00		$ 1,090,000.00		$ 760,000
Advance to suppliers (in Dollars)	$ 1,690,000		$ 1,690,000		410,000
Straight-line method lease term			50 years
Implicit interest rate			5.00%
Total sales return amount	0.09%	0.08%	0.09%	0.08%
Total warrants expenditures amount			0.19%	0.55%
Research and development costs (in Dollars)	$ 1,245,646	$ 1,023,443	$ 3,790,931	$ 2,968,572
Other long-term liabilities (in Dollars)	$ 1,580,000		$ 1,580,000		$ 1,810,000
Income tax rate			50.00%
Owned foreign enterprise percentage			10.00%
Registered capital percentage			50.00%
Number of reporting segments			1
Ownership percentage			10.00%
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Office leases term			3 years
Interest rate percentage							13.00%	16.00%
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Office leases term			5 years 6 months
Interest rate percentage								17.00%
PRC [Member] \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Interest rate percentage							13.00%	16.00%
PRC [Member] \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Interest rate percentage								17.00%
Zhongchai Holding [Member]
Summary of Significant Accounting Policies [Line Items]
Shares received (in Shares)						7,500,000			7,500,000

Leases (Details)	Sep. 30, 2023
Minimum [Member]
Operating Leased Assets [Line Items]
Operating leases, initial terms	3 years
Maximum [Member]
Operating Leased Assets [Line Items]
Operating leases, initial terms	5 years 6 months 29 days

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet

Supplemental cash flow information related to leases for the nine months ended September 30, 2023 is as follows:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	443,676
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		-

Schedule of Supplemental Balance Sheet

Supplemental balance sheet information related to leases as of September 30, 2023 is as follows:

Operating leases:
Operating lease right-of-use assets	$	2,253,162

Current portion of operating lease liabilities	$	485,207
Long-term operating lease liabilities		1,807,408
Total operating lease liabilities	$	2,292,615

Schedule of Lease Liabilities under Operating Leases

The following table summarizes the maturity of lease liabilities under operating leases as of September 30, 2023:

For the years ending September 30,	Operating Leases
2024	$	590,350
2025		585,084
2026		602,020
2027		619,552
Thereafter		157,878
Total lease payments	$	2,554,884

Short Term Bank Loans (Details) - Schedule of Short Term Loans - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Short Term Bank Loans [Line Items]
Maturity Date
Short-term loans	$ 6,524,123	$ 8,986,255
Operating Loans [Member]
Short Term Bank Loans [Line Items]
Maturity Date	July 22, 2024	August 29, 2023
Bank Name	Bank of Zheshang	Agricultural Bank of PRC
Interest Rate per Annum (%)	4.00%	3.85%
Short-term loans	$ 1,315,790	$ 2,609,755
Operating Loans One [Member]
Short Term Bank Loans [Line Items]
Maturity Date	July 25, 2024	June 29, 2023
Bank Name	Bank of Hangzhou	Bank of Communications
Interest Rate per Annum (%)	3.55%	3.85%
Short-term loans	$ 1,370,614	$ 1,449,864
Operating Loans Two [Member]
Short Term Bank Loans [Line Items]
Maturity Date	June 28, 2024	January 30, 2023
Bank Name	Bank of Communications	Bank of Ningbo
Interest Rate per Annum (%)	3.45%	1.12%
Short-term loans	$ 1,370,614	$ 1,012,005
Operating Loans Three [Member]
Short Term Bank Loans [Line Items]
Maturity Date	August 16, 2024	August 23, 2023
Bank Name	Rural Commercial Bank of Xinchang	Rural Commercial Bank of Xinchang
Interest Rate per Annum (%)	3.45%	3.85%
Short-term loans	$ 1,370,614	$ 2,464,768
Operating Loans Four [Member]
Short Term Bank Loans [Line Items]
Maturity Date	February 22, 2024	February 23, 2023
Bank Name	Industrial and Commercial Bank of Xinchang	Industrial and Commercial Bank of Xinchang
Interest Rate per Annum (%)	4.05%	4.05%
Short-term loans	$ 1,096,491	$ 1,449,863

Leases (Details) - Schedule of Supplemental Balance Sheet - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Operating leases:
Operating lease right-of-use assets	$ 2,253,162	$ 2,627,110
Current portion of operating lease liabilities	485,207	472,182
Long-term operating lease liabilities	1,807,408	$ 2,176,130
Total operating lease liabilities	$ 2,292,615

Leases (Details) - Schedule of Lease Liabilities under Operating Leases - Operating Lease [Member]	Sep. 30, 2023 USD ($)
Schedule of Lease Liabilities under Operating Leases [Abstract]
2024	$ 590,350
2025	585,084
2026	602,020
2027	619,552
Thereafter	157,878
Total lease payments	$ 2,554,884

Land Use Rights (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Land Use Rights [Abstract]
Land use rights, net	$ 3,380	$ 3,640

Related Party Transactions

9 Months Ended

Sep. 30, 2023

RELATED PARTY TRANSACTIONS

NOTE 21 – RELATED PARTY TRANSACTIONS

(a) Names and Relationship of Related Parties:

		Existing Relationship with the Company
Sinomachinery Holding Limited		Under common control of Peter Zuguang Wang
Cenntro Holding Limited		Under common control of Peter Zuguang Wang
Zhejiang Kangchen Biotechnology Co., Ltd.		Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd.		Under common control of Peter Zuguang Wang
Xinchang County Jiuxin Investment Management Partnership (LP)		Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		Under common control of Peter Zuguang Wang
Hangzhou Cenntro Autotech Co., Limited		Under common control of Peter Zuguang Wang
Peter Zuguang Wang		Chairman of the Company
Greenland Asset Management Corporation		Shareholder of the Company
Hangzhou Jiuru Economic Information Consulting Co. Ltd		One of the directors of Hengyu
Xinchang County Jiuhe Investment Management Partnership (LP)		Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai/NCI of Zhejiang Zhongchai
Cenntro Automotive Corporation		Under common control of Peter Zuguang Wang

(b) Summary of Balances with Related Parties:

	As of
	September 30, 2023		December 31, 2022
Due to related parties:
Zhejiang Zhonggong Machinery Co., Ltd.¹	$	61,034	$	64,563
Cenntro Smart Manufacturing Tech. Co., Ltd.²		2,536		2,683
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)³		94,442		94,442
Cenntro Holding Limited⁴		1,339,654		1,341,627
Hangzhou Jiuru Economic Information Consulting Co. Ltd⁴		190,000		190,000
Peter Zuguang Wang⁴		2,392,961		-
Total	$	4,080,627	$	1,693,315

The balance of due to related parties as of September 30, 2023 and December 31, 2022 consisted of:

1	Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;

2	Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.

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

4	Borrowings from related parties.

	As of
	September 30,		December 31,
	2023		2022
Due from related parties-current:
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		221,550		214,245
Cenntro Holding Limited	$	34,462,992	$	36,455,662
Total	$	34,684,542	$	36,669,907

The balance of due from related parties as of September 30, 2023 and December 31, 2022 consisted of:

Other receivable from Cenntro Holding Limited in the amount of $34.46 million and $36.46 million as of September 30, 2023 and December 31, 2022, respectively.

(c) Summary of Related Party Funds Lending:

A summary of funds lending with related parties for the nine months ended September 30, 2023 and 2022 are listed below:

	For the nine months ended September 30,
	2023		2022
Withdraw funds from related parties:
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		-		210,942

	For the nine months ended September 30,
	2023		2022
Deposit funds with related parties:
Zhejiang Zhonggong Machinery Co., Ltd.	$	-	$	401,728
Xinchang County Jiuxin Investment Management Partnership (LP)		-		1,506,728

(d) Summary of Related Party dividend payment:

A summary of dividend payment declared by Zhejiang Zhongchai to related parties for the nine months ended September 30, 2023 and 2022 are listed below:

	For the nine months ended September 30,
	2023		2022
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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+ Details

Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share Computation (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Basic and Diluted Earnings Per Share Computation [Abstract]
Diluted net income per share	$ (0.07)	$ 0.10	$ 0.22	$ 0.39

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Diluted weighted average ordinary shares outstanding	13,594,530	12,222,387	13,307,954	11,628,243
Diluted net income per ordinary share	$ (0.07)	$ 0.10	$ 0.22	$ 0.39

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

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

For the years ending September 30,	Operating Leases
2024	$	590,350
2025		585,084
2026		602,020
2027		619,552
Thereafter		157,878
Total lease payments	$	2,554,884

Consolidated Balance Sheets ¥ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Current assets
Cash and cash equivalents	$ 21,543,963	$ 16,295,695
Restricted cash	2,803,756	3,433,361
Short Term Investment	4,393,777	7,800,723
Notes receivable	32,403,217	28,748,879
Accounts receivable, net of allowance for doubtful accounts of $1,093,826 and $762,325, respectively	20,826,354	14,337,760
Inventories	20,498,166	23,096,382
Advance to suppliers	1,687,939	412,766
Prepayments and other current assets	90,732	1,568,687
Total Current Assets	138,932,446	132,364,160
Non-current asset
Property, plant, equipment and construction in progress, net	13,730,136	15,585,214
Land use rights, net	3,376,901	3,639,067
Other intangible assets	208,154	147,465
Long term investment	300,000	250,000
Deferred tax assets	279,085	219,207
Operating lease right-of-use assets	2,253,162	2,627,110
Other non-current assets	253,760	283,118
Total non-current assets	20,401,198	22,751,181
TOTAL ASSETS	159,333,644	155,115,341
Current Liabilities
Short-term bank loans	6,524,123	8,986,255
Notes payable-bank acceptance notes	30,713,480	28,272,472
Accounts payable	25,731,835	24,817,165
Taxes payables	67,776	192,478
Customer deposits	303,122	227,432
Due to related parties	4,080,627	1,693,315
Other current liabilities	2,654,935	1,547,390
Current portion of operating lease liabilities	485,207	472,182
Total current liabilities	70,561,105	66,208,689
Long-term liabilities
Long term operating lease liabilities	1,807,408	2,176,130
Other long-term liabilities	1,577,010	1,812,759
Total long-term liabilities	3,384,418	3,988,889
TOTAL LIABILITIES	73,945,523	70,197,578
COMMITMENTS AND CONTINGENCIES
EQUITY
Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and 12,978,504 shares issued and outstanding as of September 30, 2023 and December 31, 2022.
Additional paid-in capital	32,955,927	32,955,927
Statutory reserves	3,842,331	3,842,331
Retained earnings	40,186,954	37,228,261
Accumulated other comprehensive income (loss)	(3,552,846)	(2,831,419)
Total shareholders’ equity	73,432,366	71,195,100
Non-controlling interest	11,955,755	13,722,663
TOTAL EQUITY	85,388,121	84,917,763
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	159,333,644	155,115,341
Related Parties
Current assets
Due from related parties-current	$ 34,684,542	$ 36,669,907

Geographical Sales and Segments (Details) - Schedule of Sales by Geographical Area - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Sales by Geographical Area [Abstract]
Revenue	$ 21,836,761	$ 21,786,862	$ 67,555,570	$ 71,696,324
Domestic Sales [Member]
Schedule of Sales by Geographical Area [Abstract]
Revenue	21,707,665	21,715,711	66,982,355	71,187,124
International Sales [Member]
Schedule of Sales by Geographical Area [Abstract]
Revenue	$ 129,096	$ 71,151	$ 573,215	$ 509,200

- 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).

+ References

+ Details

Concentration on Revenues and Cost of Goods Sold (Tables)

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30,
	2023				2022
Major customers representing more than 10% of the Company’s revenues
Company A	$	10,900,747	16.14	%	$	13,521,896	18.86	%
Company B		7,692,337	11.38	%		9,581,396	13.36
Total Revenues	$	18,593,084	27.52	%	$	23,103,292	32.22	%

Schedule of Major Customers of Accounts Receivable

Accounts receivable from the Company’s major customers accounted for 29.28% and 40.72% of total accounts receivable balances as of September 30, 2023 and December 31, 2022, respectively.

	As of
	September 30, 2023				December 31, 2022
Major customers of the Company’s accounts receivable, net
Company A		2,322,581	11.15	%		2,266,095	15.81	%
Company B		2,242,511	10.77	%		2,140,591	14.93	%
Company C		1,532,978	7.36	%		1,430,298	9.98	%
Total	$	6,098,070	29.28	%	$	5,836,984	40.72	%

Geographical Sales and Segments (Details)	9 Months Ended
Geographical Sales and Segments (Details)	Sep. 30, 2023
Geographical Sales and Segments [Abstract]
Reportable segment	1

Summary of Significant Accounting Policies (Details) - Schedule of Gain or Loss on Foreign Currency Transaction	Sep. 30, 2023	Dec. 31, 2022
Schedule of Gain or Loss on Foreign Currency Transaction [Abstract]
Period end RMB: US$ exchange rate	7.296	6.8972

Related Party Transactions (Details) - Schedule of Due from Related Parties - Related Party [Member] - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Due from related parties-current:
Total	$ 34,684,542	$ 36,669,907
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]
Due from related parties-current:
Total	221,550	214,245
Cenntro Holding Limited [Member]
Due from related parties-current:
Total	$ 34,462,992	$ 36,455,662

Short Term Investment (Details)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CNY (¥)	Mar. 27, 2023 USD ($)	Mar. 27, 2023 CNY (¥)	Dec. 31, 2022 USD ($)
Short Term Investment Details [Abstract]
Short term investment	$ 4,393,777				$ 7,800,723
Contributed total	500,000
Contract terminated return back amount			$ 493,943	¥ 3,400,005
Purchased bank management products total amount	4,358,553	¥ 31,800,000
Debt instrument fair value	$ 4,393,777	¥ 32,057,000

Inventories (Details) - Schedule of Inventory Reserve - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Inventory Reserve [Abstract]
Beginning balance	$ 375,846	$ 23,793
(Release of) inventory write-downs	108,723	359,534
Effect of FX change	(19,498)	(7,481)
Ending balance	$ 465,071	$ 375,846

Notes Payable (Details) - Schedule of Notes Payable - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Notes Payable [Line Items]
Bank acceptance notes	$ 30,713,480	$ 28,272,472
Total	$ 30,713,480	$ 28,272,472

Geographical Sales and Segments (Tables)

9 Months Ended

Sep. 30, 2023

Geographical Sales and Segments [Abstract]

Schedule of Sales by Geographical Area

Information for the Company’s sales by geographical area for the three and nine months ended September 30, 2023 and 2022 are as follows:

	For the three months ended September 30,				For the nine months ended September 30,
	2023		2022		2023		2022
Domestic Sales	$	21,707,665	$	21,715,711	$	66,982,355	$	71,187,124
International Sales		129,096		71,151		573,215		509,200
Total	$	21,836,761	$	21,786,862	$	67,555,570	$	71,696,324

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

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”). The unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Greenland Technologies Holding Corporation and its subsidiaries and have been prepared in accordance with U.S. GAAP. Intercompany accounts and transactions have been eliminated upon consolidation. Certain reclassifications to previously reported financial information have been made to conform to the current period presentation.

The Business Combination was accounted for as a reverse recapitalization (the “Recapitalization Transaction”) in accordance with Accounting Standard Codification (“ASC”) 805, Business Combinations. For accounting and financial reporting purposes, Zhongchai Holding is considered the acquirer based on facts and circumstances, including the following:

●

Zhongchai Holding’s operations comprise the ongoing operations of the combined entity;

●

The officers of the newly combined company consist of Zhongchai Holding’s executives, including the Chief Executive Officer, Chief Financial Officer and General Counsel; and

●

The former shareholders of Zhongchai Holding own a majority voting interest in the combined entity.

As a result of Zhongchai Holding being the accounting acquirer, the financial reports filed with the SEC by the Company subsequent to the Business Combination are prepared “as if” Zhongchai Holding is the predecessor and legal successor to the Company. The historical operations of Zhongchai Holding are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of Zhongchai Holding prior to the Business Combination; (ii) the combined results of the Company and Zhongchai Holding following the Business Combination in October 24, 2019; (iii) the assets and liabilities of Zhongchai Holding at their historical cost, and (iv) Greenland’s equity structure for all periods presented. Zhongchai Holding received 7,500,000 shares of Greenland in exchange for all the share capital, which is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods. No step-up basis of intangible assets or goodwill was recorded in the Business Combination transaction consistent with the treatment of the transaction as a reverse capitalization of Zhongchai Holding.

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 nine months ended September 30, 2023 and 2022 include allowance for doubtful accounts, reserve for inventories, useful life of property, plant and equipment, assumptions used in assessing impairment of long-term assets 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

The accompanying consolidated financial statements are presented in United States dollars (“US$” or “$”). The functional currency of the Company is Renminbi (“RMB”). Transactions in foreign currencies are initially recorded at the functional currency rate then-in-effect at the date of the transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of operations.

	As of
	September 30, 2023		December 31, 2022
Period end RMB: US$ exchange rate		7.2960		6.8972

	For the nine months ended September 30,
	2023		2022
Period average RMB: US$ exchange rate		7.0343		6.6369

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 in the U.S., the PRC and Hong Kong. Balances at financial institutions or state-owned banks within the PRC and Hong Kong are not covered by insurance.

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 instruments primarily consist of cash and cash equivalents, restricted cash, accounts receivable, notes receivable, accounts payable, other payables and accrued liabilities, short-term bank loans, and notes payable.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other current assets and liabilities approximate fair value because of the short-term nature of these items. The estimated fair values of short-term bank loans were not materially different from their carrying value as presented due to the short maturities and that the interest rates on the borrowing approximate those that would have been available for loans of similar remaining maturity and risk profile. As the carrying amounts are reasonable estimates of the fair value, these financial instruments are classified within Level 1 of the fair value hierarchy.

Accounts Receivable

Accounts receivable are carried at net realizable value. The Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, customer’s historical payment history, its current creditworthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. The Company only grants credit terms to established customers who are deemed to be financially responsible. Credit periods to customers are within 60 days after customers received the purchased goods. If accounts receivable are to be provided for, or written off, they would be recognized in the consolidated statement of operations within operating expenses. Balance of allowance of doubtful accounts was $1.09 million and $0.76 million as of September 30, 2023 and December 31, 2022, respectively.

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. The Company records inventory reserves for excess or obsolete inventories based upon assumptions about its current and future demand forecasts.

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 $1.69 million and $0.41 million as of September 30, 2023 and December 31, 2022, 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:

Plant, buildings and improvements		20 years
Machinery and equipment		2~10 years
Motor vehicles		4 years
Office equipment		3~5 years
Fixtures and decorations		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.

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 nine months ended September 30, 2023 and 2022.

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 determined that the leaseback transaction that it entered in 2019 fails to qualify as a sale because control is not transferred to the buyer-lessor. Therefore, the Company has classified the lease portion of the transaction as a finance lease whereby the Company continues to depreciate the assets and recorded a financing obligation for the consideration received from the buyer-lessor, with an implicit interest rate of 5.0%.

The Company has leased premises for its offices under non-cancellable operating leases since May 2021 and 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.

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 nine months ended September 30, 2023 and 2022. The total sales return amount accounted for around 0.09% and 0.08% of the total revenue of Greenland for the nine months ended September 30, 2023 and 2022.The total warrants expenditures amount accounted for around 0.19% and 0.55% of the total revenue of Greenland for the nine months ended September 30, 2023 and 2022..

The following table sets forth disaggregation of revenue:

	For the three months ended September 30,				For the nine months ended September 30,
Major Product	2023		2022		2023		2022
Transmission boxes for Forklift		21,005,937		19,928,629		64,531,896		63,632,555
Transmission boxes for Non-Forklift (EV, etc.) and parts of transmission boxes		830,824		1,858,233		3,023,674		8,063,769
Total	$	21,836,761	$	21,786,862	$	67,555,570	$	71,696,324

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 $ 1,245,646 and $1,023,443 for the three months ended September 30, 2023 and 2022, respectively. Research and development costs are expensed as incurred and totaled approximately $3,790,931 and $2,968,572 for the nine months ended September 30, 2023 and 2022, 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 $1.58 million and $1.81 million as of September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, 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 aforementioned 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 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. On October 24, 2019, the Company completed its Business Combination whereby Zhongchai Holding received 7,500,000 shares in exchange for all the share capital of Zhongchai Holding, which is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods. The per share amounts have been updated to show the effect of the exchange on earnings per share as if the exchange occurred at the beginning of both years for the annual financial statements of the Company. The impact of the stock exchange is also shown on the Company’s Statements of Shareholders’ Equity.

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 September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022.

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; and f) other parties that have ability to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions.

Economic and Political 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.

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. The Company’s cash is maintained with banks within the U.S., the PRC and Hong Kong, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts. A portion of the Company’s sales are credit sales which are primarily to customers whose abilities to pay are dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to trade accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk.

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.

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 March 2020, the FASB issued ASU No 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. ASU 2020-04 is effective beginning on March 12, 2020, and the Company elected to apply the amendments prospectively through December 31, 2022. The Company adopted ASU 2020-04, which did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may have on its unaudited condensed consolidated financial statements and related disclosures.

Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Notes Payable [Line Items]
Restricted cash	$ 2,800	$ 3,430
Notes receivable	21,620	15,510
Land use rights	$ 3,380	$ 3,000
Percentage of bank charges	0.05%
Minimum [Member]
Notes Payable [Line Items]
Interest-free notes payable, term	6 years
Maximum [Member]
Notes Payable [Line Items]
Interest-free notes payable, term	1 year

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Names and Relationship of Related Parties

(a) Names and Relationship of Related Parties:

		Existing Relationship with the Company
Sinomachinery Holding Limited		Under common control of Peter Zuguang Wang
Cenntro Holding Limited		Under common control of Peter Zuguang Wang
Zhejiang Kangchen Biotechnology Co., Ltd.		Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd.		Under common control of Peter Zuguang Wang
Xinchang County Jiuxin Investment Management Partnership (LP)		Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		Under common control of Peter Zuguang Wang
Hangzhou Cenntro Autotech Co., Limited		Under common control of Peter Zuguang Wang
Peter Zuguang Wang		Chairman of the Company
Greenland Asset Management Corporation		Shareholder of the Company
Hangzhou Jiuru Economic Information Consulting Co. Ltd		One of the directors of Hengyu
Xinchang County Jiuhe Investment Management Partnership (LP)		Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai/NCI of Zhejiang Zhongchai
Cenntro Automotive Corporation		Under common control of Peter Zuguang Wang

Schedule of Due to Related Parties

(b) Summary of Balances with Related Parties:

	As of
	September 30, 2023		December 31, 2022
Due to related parties:
Zhejiang Zhonggong Machinery Co., Ltd.¹	$	61,034	$	64,563
Cenntro Smart Manufacturing Tech. Co., Ltd.²		2,536		2,683
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)³		94,442		94,442
Cenntro Holding Limited⁴		1,339,654		1,341,627
Hangzhou Jiuru Economic Information Consulting Co. Ltd⁴		190,000		190,000
Peter Zuguang Wang⁴		2,392,961		-
Total	$	4,080,627	$	1,693,315

1	Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;

2	Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.

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

4	Borrowings from related parties.

Schedule of Due from Related Parties

	As of
	September 30,		December 31,
	2023		2022
Due from related parties-current:
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		221,550		214,245
Cenntro Holding Limited	$	34,462,992	$	36,455,662
Total	$	34,684,542	$	36,669,907

Schedule of Related Party Funds Lending

A summary of funds lending with related parties for the nine months ended September 30, 2023 and 2022 are listed below:

	For the nine months ended September 30,
	2023		2022
Withdraw funds from related parties:
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		-		210,942

	For the nine months ended September 30,
	2023		2022
Deposit funds with related parties:
Zhejiang Zhonggong Machinery Co., Ltd.	$	-	$	401,728
Xinchang County Jiuxin Investment Management Partnership (LP)		-		1,506,728

Schedule of Dividend Payment to Related Parties

A summary of dividend payment declared by Zhejiang Zhongchai to related parties for the nine months ended September 30, 2023 and 2022 are listed below:

	For the nine months ended September 30,
	2023		2022
Dividend payment to related parties:
Xinchang County Jiuxin Investment Management Partnership (LP)		208,524		-
Xinchang County Jiuhe Investment Management Partnership (LP)		495,071

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Accounts Receivable

9 Months Ended

Sep. 30, 2023

Accounts Receivable [Abstract]

ACCOUNTS RECEIVABLE

NOTE 5 – ACCOUNTS RECEIVABLE

Accounts receivable is net of allowance for doubtful accounts.

	As of
	September 30, 2023			December 31, 2022
Accounts receivable	$	21,920,180		$	15,100,085
Less: allowance for doubtful accounts		(1,093,826	)		(762,325	)
Accounts receivable, net	$	20,826,354		$	14,337,760

Changes in the allowance for doubtful accounts are as follows:

	As of
	September 30, 2023			December 31, 2022
Beginning balance	$	762,325		$	859,319
Provision for doubtful accounts		387,053			(32,316	)
Effect of FX change		(55,552	)		(64,678	)
Ending balance	$	1,093,826		$	762,325

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 23 – SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date that the financial statements were available to be issued, which is November 20, 2023. All subsequent events requiring recognition as of September 30, 2023 have been incorporated into these financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855.

Commitments and Contingencies (Details) - Schedule of Non-Cancellable Future Minimum Lease Payments	Sep. 30, 2023 USD ($)
Schedule of Non Cancellable Future Minimum Lease Payments [Abstract]
2024	$ 590,350
2025	585,084
2026	602,020
2027	619,552
Thereafter	157,878
Total lease payments	$ 2,554,884

Short Term Bank Loans (Tables)

9 Months Ended

Sep. 30, 2023

Short Term Bank Loans [Abstract]

Schedule of Short Term Bank Loans

Short-term loans are summarized as follow

	As of
	September 30, 2023		December 31, 2022
Collateralized bank loans	$	5,427,632	$	7,536,392
Unsecured bank loans		1,096,491		1,449,863
Total	$	6,524,123	$	8,986,255

Schedule of Short Term Loans

Short-term loans as of September 30, 2023 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		September 30, 2023
July 22, 2024	Operating Loans	Bank of Zheshang		4.00	$	1,315,790
July 25, 2024	Operating Loans	Bank of Hangzhou		3.55		1,370,614
June 28, 2024	Operating Loans	Bank of Communications		3.45	$	1,370,614
August 16, 2024	Operating Loans	Rural Commercial Bank of Xinchang		3.45	$	1,370,614
February 22, 2024	Operating Loans	Industrial and Commercial Bank of Xinchang		4.05	$	1,096,491
Total					$	6,524,123

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2022
August 29, 2023	Operating Loans	Agricultural Bank of PRC		3.85	$	2,609,755
June 29, 2023	Operating Loans	Bank of Communications		3.85	$	1,449,864
January 30, 2023	Operating Loans	Bank of Ningbo		1.12	$	1,012,005
August 23, 2023	Operating Loans	Rural Commercial Bank of Xinchang		3.85	$	2,464,768
February 23, 2023	Operating Loans	Industrial and Commercial Bank of Xinchang		4.05	$	1,449,863
Total					$	8,986,255

Accounts Payable

9 Months Ended

Sep. 30, 2023

Accounts Payable [Abstract]

ACCOUNTS PAYABLE

NOTE 11 – ACCOUNTS PAYABLE

Accounts payable are summarized as follow:

	As of
	September 30, 2023		December 31, 2022
Procurement of Materials	$	25,026,693	$	24,541,774
Infrastructure& Equipment		596,763		207,587
Freight fee		108,379		67,804
Total	$	25,731,835	$	24,817,165

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

●

Zhongchai Holding’s operations comprise the ongoing operations of the combined entity;

●

The officers of the newly combined company consist of Zhongchai Holding’s executives, including the Chief Executive Officer, Chief Financial Officer and General Counsel; and

●

The former shareholders of Zhongchai Holding own a majority voting interest in the combined entity.

Use of Estimates

Use of Estimates

Non-controlling Interest

Non-controlling Interest

Foreign Currency Translation

Foreign Currency Translation

	As of
	September 30, 2023		December 31, 2022
Period end RMB: US$ exchange rate		7.2960		6.8972

	For the nine months ended September 30,
	2023		2022
Period average RMB: US$ exchange rate		7.0343		6.6369

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.

Accounts Receivable

Accounts Receivable

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:

Plant, buildings and improvements		20 years
Machinery and equipment		2~10 years
Motor vehicles		4 years
Office equipment		3~5 years
Fixtures and decorations		5 years

Land Use Rights

Land Use Rights

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

There was no impairment loss recognized for the nine months ended September 30, 2023 and 2022.

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 September 30,				For the nine months ended September 30,
Major Product	2023		2022		2023		2022
Transmission boxes for Forklift		21,005,937		19,928,629		64,531,896		63,632,555
Transmission boxes for Non-Forklift (EV, etc.) and parts of transmission boxes		830,824		1,858,233		3,023,674		8,063,769
Total	$	21,836,761	$	21,786,862	$	67,555,570	$	71,696,324

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

Economic and Political Risks

Economic and Political Risks

Exchange Risk

Exchange Risk

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:

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 20 – COMMITMENTS AND CONTINGENCIES

Guarantees and pledged collateral for bank loans to other parties:

Pledged collateral for bank loans

On December 23, 2020, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with ABC Xinchang, pledging its land use rights and property ownership as security to ABC Xinchang, for a loan facility with a maximum principal amount of US$9.62 million (RMB69.77 million) during the period from November 17, 2020 to November 16, 2023. As of September 30, 2023 and December 31, 2022, the outstanding amount of the short-term bank loan under this pledge contract was US$0.00 million and US$2.61 million (RMB18.00 million), respectively.

On September 21, 2020, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Rural Commercial Bank of PRC Co., Ltd., pledging its land use rights and property ownership as security, for a loan facility with a maximum principal amount of US$5.23 million (RMB37.95 million) during the period from September 21, 2020 to September 20, 2026. As of September 30, 2023 and December 31, 2022, the outstanding amount of the short-term bank loan under this pledge contract was US$1.37 million (RMB10.00 million) and US$2.46 million (RMB17.00 million), respectively.

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. As of September 30, 2023 and December 31, 2022, the outstanding amount of the short-term bank loan under this pledge contract was US$1.37 million (RMB10.00 million) and US$1.45 million (RMB10.00 million), respectively.

Facility 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 September 30, 2023:

For the years ending September 30,	Operating Leases
2024	$	590,350
2025		585,084
2026		602,020
2027		619,552
Thereafter		157,878
Total lease payments	$	2,554,884

Related Party Transactions (Details) - Schedule of Dividend Payment to Related Parties - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Xinchang County Jiuxin Investment Management Partnership (LP) [Member]
Dividend payment to related parties:
Dividend payment to related parties, total	$ 208,524
Xinchang County Jiuhe Investment Management Partnership (LP) [Member]
Dividend payment to related parties:
Dividend payment to related parties, total	$ 495,071

Short Term Bank Loans (Details) - Schedule of Short Term Bank Loans - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Short Term Bank Loans [Abstract]
Collateralized bank loans	$ 5,427,632	$ 7,536,392
Unsecured bank loans	1,096,491	1,449,863
Total	$ 6,524,123	$ 8,986,255

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Gain or Loss on Foreign Currency Transaction

Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of operations.

	As of
	September 30, 2023		December 31, 2022
Period end RMB: US$ exchange rate		7.2960		6.8972

Schedule of Gain or Loss on Foreign Currency Transaction

Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of operations.

	For the nine months ended September 30,
	2023		2022
Period average RMB: US$ exchange rate		7.0343		6.6369

Schedule of Estimated Useful Lives

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

Plant, buildings and improvements		20 years
Machinery and equipment		2~10 years
Motor vehicles		4 years
Office equipment		3~5 years
Fixtures and decorations		5 years

Schedule of Sets Forth Disaggregation of Revenue

The following table sets forth disaggregation of revenue:

	For the three months ended September 30,				For the nine months ended September 30,
Major Product	2023		2022		2023		2022
Transmission boxes for Forklift		21,005,937		19,928,629		64,531,896		63,632,555
Transmission boxes for Non-Forklift (EV, etc.) and parts of transmission boxes		830,824		1,858,233		3,023,674		8,063,769
Total	$	21,836,761	$	21,786,862	$	67,555,570	$	71,696,324

Consolidated Balance Sheets (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Financial Statement Reclassification [Abstract]
Accounts receivable, net of allowance for doubtful accounts (in Dollars)	$ 1,093,826	$ 762,325
Ordinary shares, par value (in Dollars per share)
Ordinary shares, authorized	Unlimited	Unlimited
Ordinary shares, issued	13,594,530	12,978,504
Ordinary shares, outstanding	13,594,530	12,978,504

Geographical Sales and Segments

9 Months Ended

Sep. 30, 2023

Geographical Sales and Segments [Abstract]

GEOGRAPHICAL SALES AND SEGMENTS

NOTE 18 – 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 nine months ended September 30, 2023 and 2022 are as follows:

	For the three months ended September 30,				For the nine months ended September 30,
	2023		2022		2023		2022
Domestic Sales	$	21,707,665	$	21,715,711	$	66,982,355	$	71,187,124
International Sales		129,096		71,151		573,215		509,200
Total	$	21,836,761	$	21,786,862	$	67,555,570	$	71,696,324

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Notes Receivable (Details) - Schedule of Notes Receivable - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Notes Receivable [Abstract]
Bank notes receivable:	$ 31,728,933	$ 26,713,919
Commercial notes receivable	674,284	2,034,960
Total	$ 32,403,217	$ 28,748,879

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2023

Accounts Receivable [Abstract]

Schedule of Accounts Receivable Net of Allowance for Doubtful Accounts

Accounts receivable is net of allowance for doubtful accounts.

	As of
	September 30, 2023			December 31, 2022
Accounts receivable	$	21,920,180		$	15,100,085
Less: allowance for doubtful accounts		(1,093,826	)		(762,325	)
Accounts receivable, net	$	20,826,354		$	14,337,760

Schedule of Changes in Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts are as follows:

	As of
	September 30, 2023			December 31, 2022
Beginning balance	$	762,325		$	859,319
Provision for doubtful accounts		387,053			(32,316	)
Effect of FX change		(55,552	)		(64,678	)
Ending balance	$	1,093,826		$	762,325

Other Long-Term Liabilities

9 Months Ended

Sep. 30, 2023

Other Long-Term Liabilities [Abstract]

OTHER LONG-TERM LIABILITIES

NOTE 14 – OTHER LONG-TERM LIABILITIES

Other long-term liabilities are summarized as follow:

	As of
	September 30, 2023		December 31, 2022
Subsidy		1,577,010		1,812,759
Total	$	1,577,010	$	1,812,759

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 September 30, 2023, grant income decreased by $0.24 million, as compared to December 31, 2022. The change was mainly due to timing of incurring qualifying expenses.

Accounts Payable (Details) - Schedule of Accounts Payable - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Accounts Payable [Line Items]
Accounts payable	$ 25,731,835	$ 24,817,165
Procurement of Materials [Member]
Schedule of Accounts Payable [Line Items]
Accounts payable	25,026,693	24,541,774
Infrastructure& Equipment [Member]
Schedule of Accounts Payable [Line Items]
Accounts payable	596,763	207,587
Freight fee [Member]
Schedule of Accounts Payable [Line Items]
Accounts payable	$ 108,379	$ 67,804

Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Current Liabilities [Abstract]

Schedule of Other Current Liabilities

Other current liabilities are summarized as follow:

	As of
	September 30, 2023		December 31, 2022
Employee payables		158,368		747,923
Other tax payables		1,087,535		141,772
Other payable		71,685		88,403
Accrued expenses		1,337,347		569,292
Total	$	2,654,935	$	1,547,390

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Taxes [Abstract]

INCOME TAXES

NOTE 19 – 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 nine months ended September 30, 2023 was 20.93%. The effective tax rate for the nine months ended September 30, 2023 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 nine months ended September 30, 2022 was 15.85%. The effective tax rate for the nine months ended September 30, 2022 was lower than the PRC tax rate of 25.0% primarily due to the China Super R&D deduction.

The Company has recorded $0 unrecognized benefit as of September 30, 2023 and December 31, 2022, 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 taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

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 740
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property, Plant and Equipment and Construction in Progress (Details) - Schedule of Property, Plant and Equipment - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Buildings	$ 11,303,276	$ 11,781,256
Machinery	20,142,720	21,010,613
Motor vehicles	322,288	315,708
Electronic equipment	237,043	223,806
Fixed assets decoration
Total property plant and equipment, at cost	32,005,327	33,331,383
Less: accumulated depreciation	(18,291,335)	(17,763,247)
Property, plant and equipment, net	13,713,992	15,568,136
Construction in process	16,144	17,078
Total	$ 13,730,136	$ 15,585,214

Property, Plant and Equipment and Construction in Progress

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022, property, plant and equipment consisted of the following:

	As of
	September 30, 2023			December 31, 2022
Buildings	$	11,303,276		$	11,781,256
Machinery		20,142,720			21,010,613
Motor vehicles		322,288			315,708
Electronic equipment		237,043			223,806
Fixed assets decoration		-			-
Total property plant and equipment, at cost		32,005,327			33,331,383

Less: accumulated depreciation		(18,291,335	)		(17,763,247	)
Property, plant and equipment, net	$	13,713,992		$	15,568,136
Construction in process		16,144			17,078
Total	$	13,730,136		$	15,585,214

For the nine months ended September 30, 2023 and 2022, depreciation expense amounted to $1.52 million and $1.77 million, respectively, of which $0.86 million and $1.12 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 nine months ended September 30, 2023 and 2022, $0 and $0.30 of construction-in-progress was converted into fixed assets.

Restricted assets consist of the following:

	As of
	September 30, 2023		December 31, 2022
Buildings, net	$	8,753,950	$	9,599,313
Machinery, net		-		-
Total		8,753,950		9,599,313

As of September 30, 2023, the Company pledged its ownership interests in certain buildings for book value of RMB63.89 million ($8.75 million) as security with Agricultural Bank of PRC Co., Ltd. Xinchang County Sub-Branch (“ABC Xinchang”) and Rural Commercial Bank of Xinchang, for its loan facility with maximum exposure of RMB167.73 million.

Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Other Current Liabilities [Abstract]

OTHER CURRENT LIABILITIES

NOTE 13 – OTHER CURRENT LIABILITIES

Other current liabilities are summarized as follow:

	As of
	September 30, 2023		December 31, 2022
Employee payables		158,368		747,923
Other tax payables		1,087,535		141,772
Other payable		71,685		88,403
Accrued expenses		1,337,347		569,292
Total	$	2,654,935	$	1,547,390

Concentration on Revenues and Cost of Goods Sold (Details) - Schedule of Major Customers of Accounts Receivable - Customer Concentration Risk [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	$ 6,098,070	$ 5,836,984
Percentage of revenues	29.28%	40.72%
Company A [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	$ 2,322,581	$ 2,266,095
Percentage of revenues	11.15%	15.81%
Company B [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	$ 2,242,511	$ 2,140,591
Percentage of revenues	10.77%	14.93%
Company C [Member]
Schedule of Major Customers of Accounts Receivable [Line Items]
Accounts receivable, net	$ 1,532,978	$ 1,430,298
Percentage of revenues	7.36%	9.98%

Other Long-Term Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Long-Term Liabilities [Abstract]

Schedule of Other Long-Term Liabilities

Other long-term liabilities are summarized as follow:

	As of
	September 30, 2023		December 31, 2022
Subsidy		1,577,010		1,812,759
Total	$	1,577,010	$	1,812,759

Short Term Investment

9 Months Ended

Sep. 30, 2023

Short Term Investment [Abstract]

SHORT TERM INVESTMENT

NOTE 3 – SHORT TERM INVESTMENT

As of September 30, 2023 and December 31, 2022, the Company’s short-term investment amounted to $4,393,777 and $7,800,723, respectively. On July 1, 2021, the Company entered into a financial management agreement with Zhejiang Jilin Electronic Technology Co., LTD, pursuant to which Zhejiang Jilin Electronic Technology Co., LTD agreed to make short-term investments with the amount contributed by the Company during the period from July 1, 2021 to June 30, 2023. The Company contributed a total amount of $500,000 under this agreement. On March 27, 2023, the contract was terminated early, and the Company got back a total amount of $493,943 (RMB3,400,005). For the nine months ended September 30, 2023, the Company purchased bank management products in a total amount of $4,358,553 (RMB31,800,000). As of September 30, 2023, the fair value of the Company’s bank management products was $4,393,777 (RMB32,057,000). The Company has recognized and measured these short-term investments as Level 2 assets based on the fair value hierarchy framework.

Leases (Details) - Schedule of Lease to the Property and Equipment	9 Months Ended
	Sep. 30, 2023 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$ 443,676
Right-of-use assets obtained in exchange for lease obligations:
Operating leases

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

9 Months Ended

Sep. 30, 2023

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

Schedule of Restricted Assets

(a) As of September 30, 2023 and December 31, 2022, property, plant and equipment consisted of the following:

	As of
	September 30, 2023			December 31, 2022
Buildings	$	11,303,276		$	11,781,256
Machinery		20,142,720			21,010,613
Motor vehicles		322,288			315,708
Electronic equipment		237,043			223,806
Fixed assets decoration		-			-
Total property plant and equipment, at cost		32,005,327			33,331,383

Less: accumulated depreciation		(18,291,335	)		(17,763,247	)
Property, plant and equipment, net	$	13,713,992		$	15,568,136
Construction in process		16,144			17,078
Total	$	13,730,136		$	15,585,214

Schedule of Restricted Assets

Restricted assets consist of the following:

	As of
	September 30, 2023		December 31, 2022
Buildings, net	$	8,753,950	$	9,599,313
Machinery, net		-		-
Total		8,753,950		9,599,313

Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives	Sep. 30, 2023
Plant, buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Machinery and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Machinery and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	4 years
Office equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Office equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Fixtures and decorations [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Nov. 20, 2023
Document Information Line Items
Entity Registrant Name	GREENLAND TECHNOLOGIES HOLDING CORPORATION
Trading Symbol	GTEC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		13,594,530
Amendment Flag	false
Entity Central Index Key	0001735041
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38605
Entity Incorporation, State or Country Code	D8
Entity Tax Identification Number	00-0000000
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, Postal Zip Code	08512
City Area Code	1 (888)
Local Phone Number	827-4832
Title of 12(b) Security	Ordinary shares, no par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Property, Plant and Equipment and Construction in Progress (Details) ¥ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 CNY (¥)
Property, Plant and Equipment and Construction in Progress (Details) [Line Items]
Cost of revenue and inventories		$ 1,120,000
Ownership of buildings for net book value	$ 8,750,000		¥ 63,890
Loan facility with maximum exposure (in Yuan Renminbi) \| ¥			¥ 167,730
Property, Plant and Equipment [Member]
Property, Plant and Equipment and Construction in Progress (Details) [Line Items]
Depreciation expense amount	1,520,000	1,770,000
Cost of revenue and inventories	860,000
Construction in progress	$ 0	$ 0.3

Commitments and Contingencies (Details) ¥ in Thousands	Dec. 23, 2023 USD ($)	Dec. 23, 2023 CNY (¥)	Jun. 27, 2022 USD ($)	Jun. 27, 2022 CNY (¥)	Sep. 21, 2021 USD ($)	Sep. 21, 2021 CNY (¥)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)
Commitments and Contingencies [Line Items]
Principal amount \| $	$ 9,620,000		$ 8,280,000		$ 5,230,000
Maximum principal amount		¥ 69,770
Short-term bank loan							$ 6,524,123		$ 8,986,255	¥ 10,000
ABC Xinchang [Member]
Commitments and Contingencies [Line Items]
Short-term bank loan							0	¥ 18,000	$ 2,610,000	18,000
Pledge Contract with Bank of Communications Co. LTD [Member]
Commitments and Contingencies [Line Items]
Short-term bank loan \| $							1,450,000
Short-Term Bank Loan [Member]
Commitments and Contingencies [Line Items]
Short-term bank loan							2,460,000			17,000
Short-Term Bank Loan [Member] \| Rural Commercial Bank of PRC Co., Ltd. [Member]
Commitments and Contingencies [Line Items]
Short-term bank loan							1,370,000	¥ 10,000
Short-Term Bank Loan [Member] \| Pledge Contract with Bank of Communications Co. LTD [Member]
Commitments and Contingencies [Line Items]
Short-term bank loan							$ 1,370,000			¥ 10,000
Rural Commercial Bank of PRC Co., Ltd. [Member]
Commitments and Contingencies [Line Items]
Principal amount						¥ 37,950
Pledge Contract with Bank of Communications Co. LTD [Member]
Commitments and Contingencies [Line Items]
Principal amount				¥ 60,010

Financial Statement Reclassification

9 Months Ended

Sep. 30, 2023

Financial Statement Reclassification [Abstract]

FINANCIAL STATEMENT RECLASSIFICATION

NOTE 22 –FINANCIAL STATEMENT RECLASSIFICATION

Certain balances in the prior period consolidated financial statements have been reclassified for comparison purposes to conform to the presentation in the current period consolidated financial statements. These reclassifications had no effect on the reported results of operations or financial position.

Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Other Current Liabilities [Abstract]
Employee payables	$ 158,368	$ 747,923
Other tax payables	1,087,535	141,772
Other payable	71,685	88,403
Accrued expenses	1,337,347	569,292
Total	$ 2,654,935	$ 1,547,390

Land Use Rights (Tables)

9 Months Ended

Sep. 30, 2023

Land Use Rights [Abstract]

Schedule of Land Use Rights

Land use rights consisted of the following:

	As of
	September 30, 2023			December 31, 2022
Land use rights, cost	$	4,216,914		$	4,460,738
Less: Accumulated amortization		(840,013	)		(821,671	)
Land use rights, net	$	3,376,901		$	3,639,067

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows as of September 30, 2023:

Years ending September 30,	Amortization expense
2024	$	87,476
2025		87,476
2026		87,476
2027		87,476
2028		87,476
Thereafter		2,939,521
Total	$	3,376,901

Shareholder’s Equity (Details) - USD ($)			1 Months Ended				3 Months Ended	9 Months Ended	12 Months Ended
Shareholder’s Equity (Details) - USD ($)	May 08, 2023	Jul. 12, 2019	Aug. 26, 2022	Jul. 27, 2022	May 29, 2019	Jul. 27, 2018	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2019	Dec. 31, 2022
Shareholder’s Equity [Line Items]
Ordinary shares, no par value (in Dollars per share)
Ordinary shares issued							13,594,530	13,594,530		12,978,504
Ordinary shares outstanding							13,594,530	13,594,530		12,978,504
Redeemed shares									3,875,458
Converted ordinary shares									81,400
Ordinary shares left outstanding									1,906,542
Converted ordinary share							468,200	468,200
Commitment offering ordinary shares				1,250,000
Pre-funded warrants shares				398,974
Warrant price (in Dollars per share)			$ 4.17	$ 4.17
Pre-funded warrant price (in Dollars per share)				$ 4.169
Gross proceeds (in Dollars)				$ 6,876,222
Warrants expire year								5 years
Private warrants, description								Private warrants include (i) the 282,000 warrants underlying the units issued to the Sponsor and 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”).
Warrants outstanding							4,705,312	4,705,312
Private placement warrant	616,026		616,026
Cash payment (in Dollars)								$ 100
Purchase option outstanding								120,000
IPO [Member]
Shareholder’s Equity [Line Items]
Initial public offering units						4,400,000
Over-allotment option amount						400,000
Private Warrants [Member]
Shareholder’s Equity [Line Items]
Description of warrant redemption								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.
Warrants outstanding							260,000	260,000
Ordinary Shares [Member]
Shareholder’s Equity [Line Items]
Voting rights								one
Existing ordinary shares were converted								468,200
Private placement warrant							616,026
Piggy Back [Member]
Shareholder’s Equity [Line Items]
Grant term								7 years
Piggy Back [Member] \| IPO [Member]
Shareholder’s Equity [Line Items]
Grant term								5 years
Greenland Asset Management Corporation [Member]
Shareholder’s Equity [Line Items]
Private placement units								282,000
Zhongchai Holding [Member]
Shareholder’s Equity [Line Items]
Newly issued ordinary shares		7,500,000
Zhou Hanyi [Member]
Shareholder’s Equity [Line Items]
Newly issued ordinary shares					50,000
CEDE & CO [Member] \| Private Warrants [Member]
Shareholder’s Equity [Line Items]
Warrants outstanding							4,303,312	4,303,312
Chardan Capital Markets, LLC [Member]
Shareholder’s Equity [Line Items]
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
Chardan Capital Markets, LLC [Member] \| Private Warrants [Member]
Shareholder’s Equity [Line Items]
Warrants outstanding							142,000	142,000

Short Term Bank Loans

9 Months Ended

Sep. 30, 2023

Short Term Bank Loans [Abstract]

SHORT TERM BANK LOANS

NOTE 12 – SHORT TERM BANK LOANS

Short-term loans are summarized as follow:

	As of
	September 30, 2023		December 31, 2022
Collateralized bank loans	$	5,427,632	$	7,536,392
Unsecured bank loans		1,096,491		1,449,863
Total	$	6,524,123	$	8,986,255

Short-term loans as of September 30, 2023 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		September 30, 2023
July 22, 2024	Operating Loans	Bank of Zheshang		4.00	$	1,315,790
July 25, 2024	Operating Loans	Bank of Hangzhou		3.55		1,370,614
June 28, 2024	Operating Loans	Bank of Communications		3.45	$	1,370,614
August 16, 2024	Operating Loans	Rural Commercial Bank of Xinchang		3.45	$	1,370,614
February 22, 2024	Operating Loans	Industrial and Commercial Bank of Xinchang		4.05	$	1,096,491
Total					$	6,524,123

Short-term loans as of December 31, 2022 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2022
August 29, 2023	Operating Loans	Agricultural Bank of PRC		3.85	$	2,609,755
June 29, 2023	Operating Loans	Bank of Communications		3.85	$	1,449,864
January 30, 2023	Operating Loans	Bank of Ningbo		1.12	$	1,012,005
August 23, 2023	Operating Loans	Rural Commercial Bank of Xinchang		3.85	$	2,464,768
February 23, 2023	Operating Loans	Industrial and Commercial Bank of Xinchang		4.05	$	1,449,863
Total					$	8,986,255

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

The average annual interest rate of the short-term bank loans was 3.683% and 4.248% for the nine months ended September 30, 2023 and 2022, respectively. The Company was in compliance with its loan financial covenants as of September 30, 2023 and December 31, 2022, respectively.

Related Party Transactions (Details) - Schedule of Related Party Funds Lending - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]
Withdraw funds from related parties:
Withdraw funds from related parties, total		$ 210,942
Zhejiang Zhonggong Machinery Co., Ltd. [Member]
Deposit funds with related parties:
Deposit funds with related parties, total		401,728
Xinchang County Jiuxin Investment Management Partnership (LP) [Member]
Deposit funds with related parties:
Deposit funds with related parties, total		$ 1,506,728

Land Use Rights (Details) - Schedule of Land Use Rights - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Land Use Rights [Abstract]
Land use rights, cost	$ 4,216,914	$ 4,460,738
Less: Accumulated amortization	(840,013)	(821,671)
Land use rights, net	$ 3,376,901	$ 3,639,067

Property, Plant and Equipment and Construction in Progress (Details) - Schedule of Restricted Assets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Restricted Assets [Abstract]
Buildings, net	$ 8,753,950	$ 9,599,313
Machinery, net
Total	$ 8,753,950	$ 9,599,313

Shareholder’s Equity

9 Months Ended

Sep. 30, 2023

Shareholders’ Equity [Abstract]

SHAREHOLDER’S EQUITY

NOTE 16 – 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, there were 13,594,530 and 12,978,504 ordinary shares issued and outstanding.

On July 27, 2018, the Company consummated its initial public offering of 4,400,000 units, including a partial exercise by the underwriters of their over-allotment option in the amount of 400,000 units. Each unit consists of one ordinary share, no par value, one warrant to purchase one-half of one ordinary share and one right to receive one-tenth of one ordinary share upon the consummation of its initial business combination.

Simultaneously with the consummation of its initial public offering, the Company completed a private placement of 282,000 units, issued to Greenland Asset Management Corporation (the “Sponsor”) and Chardan Capital Markets, LLC (“Chardan”).

In 2019, in connection with the Business Combination 3,875,458 shares were redeemed, 81,400 shares were converted into ordinary shares, and 1,906,542 ordinary shares were left outstanding upon consummation of the reverse recapitalization.

Pursuant to the Share Exchange Agreement dated as of July 12, 2019 by and among (i) Greenland, (ii) Zhongchai Holding, (iii) the Sponsor in the capacity as the purchaser representative, and (iv) Cenntro Holding Limited, the sole member of Zhongchai Holding (the “Share Exchange Agreement”), Greenland acquired from Cenntro Holding Limited all of the issued and outstanding equity interests of Zhongchai Holding in exchange for 7,500,000 newly issued ordinary shares, no par value of Greenland, to be issued to Cenntro Holding Limited (the “Exchange Shares”). As a result, Cenntro Holding Limited became the then controlling shareholder of Greenland, and Zhongchai Holding became a directly and wholly owned subsidiary of Greenland. The Business Combination was accounted for as a reverse merger effected by a share exchange, wherein Zhongchai Holding is considered the acquirer for accounting and financial reporting purposes. The recapitalization of the number of ordinary shares attributable to the purchase of Zhongchai Holding in connection with the Business Combination is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods presented. The impact of the stock exchange is also shown on the Company’s Statements of Shareholders’ Equity.

Pursuant to that certain Finder Agreement with Hanyi Zhou, dated May 29, 2019, 50,000 newly issued ordinary shares were issued to Zhou Hanyi as a finder’s fee for the Business Combination.

In connection with the Business Combination, all the outstanding rights of the Company were converted into 468,200 ordinary shares on a one-tenth (1/10) ordinary share per right basis if holders of the rights elected to convert their rights into underlying ordinary shares.

On July 27, 2022, the Company closed a firm commitment offering of 1,250,000 ordinary shares and 398,974 pre-funded warrants at $4.17 per share and $4.169 per pre-funded warrant with gross proceeds of $6,876,222 under its effective shelf registration statement.

Rights — Each holder of a right was entitled to receive one-tenth (1/10) of one ordinary share upon consummation of the Business Combination.

As of September 30, 2023, all of the existing Rights had been converted into 468,200 ordinary shares as a result of the Business Combination.

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 the Sponsor and 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.

As of September 30, 2023, 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.

On August 26, 2022, the Company issued to investors in a private placement warrants to purchase up to 616,026 shares of ordinary shares at an exercise price of $4.17. The warrant became exercisable on January 27, 2023 and valid for sixty months. On May 8, 2023, the investors chose to cashless exercise all their warrants for a total of 616,026 ordinary shares.

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 expires 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 September 30, 2023, an option exercisable by Chardan for 120,000 units is outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Payable (Tables)

9 Months Ended

Sep. 30, 2023

Accounts Payable [Abstract]

Schedule of Accounts Payable

Accounts payable are summarized as follow:

	As of
	September 30, 2023		December 31, 2022
Procurement of Materials	$	25,026,693	$	24,541,774
Infrastructure& Equipment		596,763		207,587
Freight fee		108,379		67,804
Total	$	25,731,835	$	24,817,165

Organization and Principal Activities (Details)					9 Months Ended
Organization and Principal Activities (Details)	Dec. 29, 2021 CNY (¥)	Nov. 01, 2017 CNY (¥)	Apr. 26, 2010 USD ($)	Apr. 05, 2007 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 16, 2009
Organization and Principal Activities [Line Items]
Revenue amount (in Dollars)					$ 67,560,000
Transmission product sale of sets					112,414	102,144
Electric industrial vehicles, description					Greenland’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. 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					47.86%
Percentage of equity interest				75.47%
Consideration value (in Dollars)			$ 2,600,000
Greenland Technologies Corporation [Member]
Organization and Principal Activities [Line Items]
Revenue amount (in Dollars)						$ 71,700,000
Percentage of outstanding ordinary shares					100.00%
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%
Shanghai Hengyu Business Management Consulting Co., 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%
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%
Zhongchai Holding [Member]
Organization and Principal Activities [Line Items]
Percentage of equity interest transferred							75.47%
Xinchang County Keyi Machinery Co., Ltd. [Member]
Organization and Principal Activities [Line Items]
Percentage of equity interest transferred			24.528%

Accounts Receivable (Details) - Schedule of Changes in Allowance for Doubtful Accounts - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Changes in Allowance for Doubtful Accounts [Abstract]
Beginning balance	$ 762,325	$ 859,319
Provision for doubtful accounts	387,053	(32,316)
Effect of FX change	(55,552)	(64,678)
Ending balance	$ 1,093,826	$ 762,325

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
REVENUES	$ 21,836,761	$ 21,786,862	$ 67,555,570	$ 71,696,324
COST OF GOODS SOLD	15,568,224	16,974,566	48,835,766	55,676,893
GROSS PROFIT	6,268,537	4,812,296	18,719,804	16,019,431
Selling expenses	606,649	521,865	1,568,174	1,679,600
General and administrative expenses	1,610,100	1,192,210	4,771,568	3,716,590
Research and development expenses	1,245,646	1,023,443	3,790,931	2,968,572
Total operating expenses	3,462,395	2,737,518	10,130,673	8,364,762
INCOME FROM OPERATIONS	2,806,142	2,074,778	8,589,131	7,654,669
Interest income	4,242	12,790	79,318	35,239
Interest expense	(72,952)	(125,981)	(218,949)	(322,641)
Loss on disposal of property and equipment	(204)	(301)	(443)	(695)
Other income(expense)	(1,663,423)	655,838	(1,374,809)	1,418,580
INCOME BEFORE INCOME TAX	1,073,805	2,617,124	7,074,248	8,785,152
INCOME TAX	878,922	518,931	1,480,595	1,392,735
NET INCOME	194,883	2,098,193	5,593,653	7,392,417
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	1,082,303	820,229	2,634,960	2,840,137
NET INCOME(LOSS) ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES	(887,420)	1,277,964	2,958,693	4,552,280
OTHER COMPREHENSIVE INCOME (LOSS):	3,756,643	(4,441,025)	(517,156)	(8,142,567)
Unrealized foreign currency translation income (loss) attributable to Greenland Technologies Holding Corporation and subsidiaries	2,251,583	(2,974,517)	(721,427)	(5,446,475)
Unrealized foreign currency translation income (loss) attributable to Noncontrolling interest	1,505,060	(1,466,508)	204,271	(2,696,092)
Comprehensive income (loss) attributable to Greenland Technologies Holding Corporation and subsidiaries	1,364,163	(1,696,553)	2,237,266	(894,195)
Noncontrolling interest	$ 2,587,363	$ (646,279)	$ 2,839,231	$ 144,045
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:
Basic and diluted (in Shares)	13,594,530	12,222,387	13,307,954	11,628,243
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:
Basic and diluted (in Dollars per share)	$ (0.07)	$ 0.1	$ 0.22	$ 0.39

Notes Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
Notes Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Notes Receivable [Line Items]
Note receivables	$ 21,620	$ 15,510
Proceeds from issuance of bank acceptance notes	$ 20,980	$ 13,270
Minimum [Member]
Notes Receivable [Line Items]
Maturity of nominal amount	3 months
Notes receivable term	6 years
Maximum [Member]
Notes Receivable [Line Items]
Maturity of nominal amount	6 months
Notes receivable term	1 year
Notes Receivable [Member]
Notes Receivable [Line Items]
Notes receivable term	6 months