XML 82 R16.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Short-term Bank Loans | 9 Months Ended
--- | ---
Jun. 30, 2015
Short-term Bank Loans [Text Block] |
9. | Short-term Bank Loans
As of September 30, 2014 and June 30, 2015, the Company had short term bank borrowings of $4,887,426 and $12,905,724, respectively. On August 13, 2014, the Company borrowed $4,839,645 (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. On August 18, 2015, the Company repaid the bank loan and borrowed a new loan of $4,839,645 (RMB30 million) under the banking facilities letter dated June 22, 2015 from Bank of Dandong for a period from August 18, 2015 to June 22, 2015, bearing interest at 7.84% per annum. On June 22, 2015, the Company entered into a banking facilities letter with Bank of Dandong to provide a maximum loan amount of $19,358,585 (RMB120,000,000) up to June 2016. The banking facilities were guaranteed by Mr. Xiangqian Li, the Company’s CEO and his wife, Ms. Xiaoqiu Yu, and Shenzhen BAK, a former subsidiary of the Company. The facilities were also secured by the Company’s assets with the following carrying amount:
|  |  | September 30, |  |  | June 30, |
|  |  | 2014 |  |  | 2015 |
| Prepaid land use rights (note 8) | $ | - |  | $ | 8,904,324 |
| Buildings |  | - |  |  | 7,232,594 |
| Machinery and equipment |  | - |  |  | 3,522,249 |
| Construction in progress |  | - |  |  | 14,675,149 |
|  |  | - |  |  | 34,334,316 |
The Company borrowed another loan of $8,066,077 (RMB50 million) from Bank of Dandong for a period from June 25, 2015 to June 22, 2016, bearing interest at 7.84% per annum. As of June 30, 2015, the Company had $12,905,724 outstanding on the banking facilities, and $6,452,861 available for borrowing. During the three months ended June 30, 2014 and 2015, interest of $1,101,889 and $103,023, respectively, was incurred on the Company's bank borrowings. During the nine months ended June 30, 2014 and 2015, interest of $5,693,738 and $294,064, respectively, was incurred on the Company's bank borrowings.

X
- Definition The entire disclosure for short-term debt. + References Reference 1: 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 2: 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 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration