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Short-term Bank Loans | 12 Months Ended
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Sep. 30, 2014
Short-term Bank Loans [Text Block] |
11. | Short-term Bank Loans
As of the September 30, 2014, the Company borrowed $4,887,216 (RMB30 million) from Bank of Dandong for a period from August 19, 2014 to August 18, 2015, bearing interest at 7.8% per annum. The loan was guaranteed by Mr. Xiangqian Li, the Company’s CEO and Shenzhen BAK, a former subsidiary of the Company. As of September 30, 2013, the Company had several short-term bank loans with aggregate outstanding balances of $151,404,677. The loans were primarily obtained for general working capital, carried at interest rates ranging from 4.44% to 15. 0% per annum, and had maturity dates ranging from 9 to 12 months. The loans were guaranteed by Mr. Xiangqian Li, the Company’s CEO, and Ms. Xiaoqiu Yu, the wife of the CEO, who did not receive any compensation for acting as a guarantor. The loans were also guaranteed by Shenzhen BAK, Tianjin New Energy, BAK Tianjin and BAK International. These facilities were secured by the Company’s assets with the following carrying values:
|  |  | 2013 |  |  | 2014 |
| Inventories | $ | 24,505,399 |  | $ | - |
| Accounts receivable, net |  | 31,392,774 |  |  | - |
| Machinery and equipment, net |  | 12,211,038 |  |  | - |
| Land use rights, buildings and construction in progress of BAK Industrial Park |  | 87,763,440 |  |  | - |
| Land use rights and buildings of Research and Development Test Centre |  | 43,143,525 |  |  | - |
| Land use rights #1 and buildings of Tianjin Industrial Park Zone |  | 17,857,940 |  |  | - |
|  | $ | 216,874,116 |  | $ | - |
During the years ended September 30, 2013 and 2014, interest expenses of $12,720,653 and $5,737,093, respectively, was incurred on the Company's bank borrowings.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 + Details
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