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Balances with Former Subsidiaries

3 Months Ended

Dec. 31, 2015

Balances with Former Subsidiaries [Text Block]

6.	Balances with Former Subsidiaries

Receivable from/prepayment to former subsidiaries as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Shenzhen BAK	$	62,963	$	-
BAK Tianjin		623,551		5,176,799
	$	686,514	$	5,176,799

These amounts are interest-free, unsecured and repayable on demand.

In October 2015, the Company made an advance of approximately RMB40 million ($6.2 million) to BAK Tianjin, with the approval by the board of directors, to source battery cells for its customers. As of December 31, 2015, the Company received approximately RMB20 million (approximately $3.1 million) of cells. Subsequent to December 31, 2015, the Company was refunded a total of RMB26 million (approximately $4.0 million) in cash from BAK Tianjin.

Advance from a former subsidiary as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Shenzhen BAK	$	-	$	1,285,195

This advance is interest-free, unsecured and repayable on demand.