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Deferred Government Grants
 9 Months Ended
Jun. 30, 2014
Deferred Government Grants [Text Block]

12. Deferred Government Grants

Other long-term payables as of September 30, 2013 and June 30, 2014 consist of the following:

 

   September 30, 2013     June 30, 2014  

Advances from the Management Committee of Dalian Economic Zone (the “Management Committee”)(note)

 $ 24,505,399   $ 24,176,781  

Government subsidies received for:-

            

–   Automated high-power lithium battery project from the National Development and Reform Commission and Ministry of Industry and Information Technology

   8,145,594     -  

–   New energy innovation project from the Ministry of Finance

   340,217     -  

–   Various lithium battery related projects from various government authorities

   14,448,005     -  

Others

   32,252     -  

 

 $ 47,471,467   $ 24,176,781  

Less: Current portion

   (24,525,004 )   (24,176,781 )

 

 $ 22,946,463   $   -  

Note:

The Management Committee provided a subsidy of RMB150 million to finance the removal of the Company's production facilities from Tianjin to Dalian. The Company expects that the removal will be completed before December 2014.

The Company will recognize these grants as income or offset against related expenditures when there are no present or future obligations for the subsidized projects.