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Payables to Former Subsidiaries, net
 6 Months Ended
Jun. 30, 2020
Payables to Former Subsidiaries [Abstract]  
Payables to Former Subsidiaries, net

6. Payables to Former Subsidiaries, net

 

Payable to former subsidiaries as of December 31, 2019 and June 30, 2020 consisted of the following:

 

   December 31,   June 30, 
   2019   2020 
BAK Tianjin  $-   $10,936 
Shenzhen BAK   -    - 
BAK Shenzhen   1,483,352    1,497,587 
   $1,483,352   $1,508,523 

 

Balance as of December 31, 2019 and June 30, 2020 consisted of payables for purchase of inventories from BAK Tianjin and Shenzhen BAK. From time to time, the Company purchased products from these former subsidiaries that they did not produce to meet the needs of its customers.

 

On April 10, 2020, each of Mr. Yunfei Li, Mr. Ping Shen and Asia EVK entered into an agreement with CBAK Power and Shenzhen BAK, whereby Shenzhen BAK assigned its rights to the unpaid inventories cost owed by CBAK Power of approximately $1.0 million (RMB7,000,000), $2.3 million (RMB16,000,000) and $1.0 million (RMB7,300,000) (collectively $4.3 million, the "Sixth Debt") to Mr. Yunfei Li, Mr. Ping Shen and Asia EVK, respectively (see Note 1).