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Other Short-term Loans
 3 Months Ended
Mar. 31, 2017
Other Short-term Loans [Text Block]
12.

Other Short-term Loans

   
 

Other short-term loans as of December 31, 2016 and March 31, 2017 consisted of the following:

 

 

       December 31,     March 31,  
 

 

 Note     2016     2017  
 

Advance from related parties

                
 

—      Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”)

 (a)   $ 9,252,127   $ 11,197,068  
 

—      Mr. Xiangqian Li, the Company’s Former CEO

 (b)     100,000     100,000  
 

—      Shareholders (note 1)

 (c)     -     2,032,313  
 

 

       9,352,127     13,329,381  
 

Advances from unrelated third party

                
 

–      Mr. Guozhu Liang

 (d)     14,399     14,517  
 

–      Mr. Wenwu Yu

 (d)     145,410     146,592  
 

–      Mr. Mingzhe Li

 (d)     796,850     1,892,067  
 

–      Ms. Longqian Peng

 (d)     215,992     653,244  
 

 

       1,172,651     2,706,420  
 

 

                
 

 

     $ 10,524,778   $ 16,035,801  

  (a)

The Company received advances from Tianjin New Energy, a related company under the control of Mr. Xiangqian Li, the Company’s former CEO, which was unsecured, non-interest bearing and repayable on demand. On November 1, 2016, Mr. Xiangqian Li ceased to be a shareholder but remained as a general manager of Tianjin New Energy. As of December 31, 2016 and March 31, 2017, the payable to Tianjin New Energy of $20,384 and $0, respectively, was included in trade accounts and bills payable.

     
  (b)

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

The refundable deposits paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand.
     
  (d)

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