XML 33 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
Other Short-term Loans
 12 Months Ended
Sep. 30, 2015
Other Short-term Loans [Text Block]
12.

Other Short-term Loans

Other short-term loans as of September 30, 2014 and 2015 consisted of the following:

        Note     2014     2015  
  Advance from related parties                    
  – Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”)     (a)   $ 651,657   $ 6,094  
  – Mr. Xiangqian Li, the Company’s CEO     (b)     -     100,000  
                651,657     106,094  
  Advances from unrelated third parties     (c)              
  – Ms. Longqian Peng           162,915     -  
  – Mr. Mingzhe Li           382,848     -  
  – Mr. Shengdan Qiu           4,354,697     -  
  – Mr. Yunfei Li           -     78,661  
                4,900,460     78,661  
              $ 5,552,117   $ 184,755  

  (a)

The Company received an advance from Tianjin New Energy, a related company under the common control of Mr. Xiangqian Li, the Company’s CEO, which was unsecured, non-interest bearing and repayable on demand. For the years ended September 30, 2014 and 2015, the Company generated revenue of nil and $298,983 from Tianjin New Energy, and the related trade receivables was offset against the advance from Tianjin New Energy as of September 30, 2015.

     
  (b)

Advances from Mr. Xiangqian Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.
     
  (c)

Advances from unrelated third parties was unsecured, non-interest bearing and repayable on demand.

During the years ended September 30, 2014 and 2015, interest of $11,452,109 and nil, respectively, was incurred on the Company’s other short-term loans.