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Other Short-term Loans
 9 Months Ended
Jun. 30, 2016
Other Short-term Loans [Text Block]
12.

Other Short-term Loans

Other short-term loans as of September 30, 2015 and June 30, 2016 consisted of the following:

            September 30,     June 30,  
      Note     2015     2016  
  Advance from related parties                  
  –     Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”)   (a)  

$

 6,094   $ 1,067,688  
  –     Mr. Xiangqian Li, the Company’s Former CEO   (b)     100,000     100,000  
            106,094     1,167,688  
  Advances from unrelated third party   (c)              
  –     Mr. Mingzhe Li         -     782,108  
  –     Mr. Wenwu Yu         -     2,683,231  
  –     Mr. Yunfei Li (CEO of the Company since March 1, 2016)         78,661     -  
            78,661     3,465,339  
  Advances from equity investors   (d)              
  –     Mr. Jiping Zhou (Note 1)         -     829,967  
  –     Mr. Dawei Li (Note 1)         -     2,029,934  
            -     2,859,901  
                     
          $ 184,755   $ 7,492,928  

  (a)

The Company received an advance from Tianjin New Energy, a related company under the common control of Mr. Xiangqian Li, the Company’s former CEO, which was unsecured, non-interest bearing and repayable on demand. As of September 30, 2015 and June 30, 2016, the payable to Tianjin New Energy of $453,087 and $280,968, respectively, was included in trade accounts and bills payable.

  (b)

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

Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. The Company has fully repaid the advance to Mr. Wenwu Yu in July 2016.
  (d)

The Company received advances from these investors who are independent from each other. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2016, the Company received further advance of $2,656,698 from Mr. Jiping Zhou. On July 28, 2016, the Company entered into a securities purchase agreement with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of common stock of the Company at $2.5 per share, for an aggregate consideration approximately of $5.52 million. On August 17, 2016, the Company issued these shares to the investors.