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Pledged Deposits | 6 Months Ended
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Jun. 30, 2020
Pledged Deposits [Abstract] |
Pledged deposits |
2. | Pledged deposits
Pledged deposits as of December 31, 2019 and June 30, 2020 consisted of the following:
|  | December 31, |  |  | June 30, |
|  | 2019 |  |  | 2020 |
Pledged deposits with banks for: |  |  |  |  |  |
Bills payable |  | $ | 4,021,255 |  |  | $ | 4,622,244 |
Others* |  |  | 1,499,736 |  |  |  | 1,392,933 |
|  | $ | 5,520,991 |  |  | $ | 6,015,177 |
* | On July 7, 2016, Shenzhen Huijie Purification System Engineering Co., Ltd ("Shenzhen Huijie"), one of the Company's contractors, filed a lawsuit against CBAK Power in the Peoples' Court of Zhuanghe City, Dalian for the failure to pay pursuant to the terms of the contract and entrusted part of the project of the contract to a third party without their prior consent. The plaintiff sought a total amount of $1,193,301 (RMB8,430,792), including construction costs of $0.9 million (RMB6.1 million), interest of $28,308 (RMB0.2 million) and compensation of $0.3 million (RMB1.9 million), which we already accrued for as of September 30, 2016. On September 7, 2016, upon the request of Shenzhen Huijie, the Court froze CBAK Power's bank deposits totaling $1,193,301 (RMB8,430,792) for a period of one year. Further on September 1, 2017, upon the request of Shenzhen Huijie, the Court froze the bank deposits for another one year until August 31, 2018. The Court froze the bank deposits for another one year until August 27, 2019 upon the request of Shenzhen Huijie on August 27, 2018. On August 27, 2019, the Court again froze the bank deposits for another year until August 27, 2020, upon the request of Shenzhen Huijie. On June 28, 2020, the Court of Dalian entered the final judgement and the bank deposit was released in July 2020. On July 25, 2019, CBAK Power received notice from Shenzhen Court of International Arbitration that Shenzhen Xinjiatuo Automobile Technology Co., Ltd filed arbitration against the Company for the failure to pay pursuant to the terms of the contract. The plaintiff sought a total amount of $0.16 million (RMB1,112,269), including equipment cost of $0.14 million (RMB976,000) and interest of $0.02 million (RMB136,269). As of June 30, 2020, the Company has accrued for the equipment cost of $0.14 million (RMB976,000). On August 9, 2019, upon the request of Shenzhen Xinjiatuo Automobile Technology Co., Ltd, Shenzhen Court of International Arbitration froze CBAK Power's bank deposits totaling $0.16 million (RMB1,117,269) for a period of one year to August 2020. In early September 2019, several employees of CBAK Suzhou files arbitration with Suzhou Industrial Park Labor Disputes Arbitration Commission against CBAK Suzhou for failure to pay their salaries in time. The employees seek for a payment including salaries of $90,354 (RMB638,359) and compensation of $76,857 (RMB543,000), totaling $0.17 million (RMB1,181,359). In addition, upon the request of the employees, the court of Suzhou Industrial Park ruled that bank deposits of CBAK Suzhou totaling $0.17 million (RMB 1,181,359) should be frozen for a period of one year. In February 2020, the Company has fully repaid the salaries and compensation. As of June 30, 2020, $6 (RMB43) was frozen by bank. In early July 2020, Shenzhen Court of International Arbitration made arbitration award dismissing the plaintiff's claim and the bank deposits was released in early August 2020. In November 2019, CBAK Suzhou received notice from Court of Suzhou city that Suzhou Industrial Park Security Service Co., Ltd ("Suzhou Security") filed a lawsuit against CBAK Suzhou for the failure to pay pursuant to the terms of the sales contract. Suzhou Security sought a total amount of $19,775 (RMB139,713), including services expenses amount of $19,661 (RMB138,908) and interest of $114 (RMB805). Upon the request of Suzhou Security for property preservation, the Court of Suzhou froze CBAK Suzhou's bank deposits totaling $0.02 million (RMB150,000) for a period of one year. As of June 30, 2020, $4,664 (RMB32,955) was frozen by bank and the Company had accrued the service cost of $19,775 (RMB139,713).
In December 2019, CBAK Power received notice from Court of Zhuanghe that Dalian Construction Electrical Installation Engineering Co., Ltd. ("Dalian Construction") filed a lawsuit against CBAK Power for the failure to pay pursuant to the terms of the construction contract. Dalian Construction sought a total amount of $97,817 (RMB691,086) and interest $1,831 (RMB12,934). As of December 31, 2019, the Company has accrued the construction cost of $97,817 (RMB691,086). Upon the request of Dalian Construction for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power's bank deposits totaling $99,648 (RMB704,020) for a period of one year to December 2020. As of December 31, 2019, $93,592 (RMB661,240) was frozen by bank. In January 2020, CBAK Power and Dalian Construction have come to a settlement, and the bank deposit was then released. In February 2020, CBAK Power received notice from Court of Zhuanghe that Dongguan Shanshan Battery Material Co., Ltd ("Dongguan Shanshan") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Dongguan Shanshan sought a total amount of $0.6 million (RMB 4,434,209), which was already accrued for as of December 31, 2019. Upon the request of Dongguan Shanshan for property preservation, the Court of Zhuanghe ordered to freeze CBAK Power's bank deposits totaling $0.6 million (RMB4,434,209) for a period of one year to December 17, 2020. As of June 30, 2020, $34,190 (RMB241,554) was frozen by bank. On March 20, 2020, CBAK Power received notice from Court of Nanpi County, Hebei Province that Cangzhou Huibang Engineering Manufacturing Co., Ltd ("Cangzhou Huibang") filed lawsuit against CBAK Power for the failure to pay pursuant to the terms of the purchase contract. Cangzhou Huibang sought a total amount of $0.3 million (RMB2,029,594), including materials purchase cost of $0.3 million (RMB1,932,947), and interest of $13,679 (RMB96,647). As of June 30, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947). Upon the request of Cangzhou Huibang for property preservation, the Court of Nanpi ordered to freeze CBAK Power's bank deposits totaling $0.3 million (RMB2,029,594) for a period of one year to March 3, 2021. As of June 30, 2020, the Company has accrued materials purchase cost of $0.3 million (RMB1,932,947). As of June 30, 2020, $2,629 (RMB18,575) was frozen by bank.

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