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Payables to Former Subsidiaries, Net

9 Months Ended

Sep. 30, 2020

Payables to Former Subsidiaries [Abstract]

6.	Payables to Former Subsidiaries, net

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

	December 31,		September 30,
	2019		2020
BAK Tianjin	$	-	$	44,762
Shenzhen BAK		-		-
BAK Shenzhen		1,483,352		1,631,571
	$	1,483,352	$	1,676,333

Balance as of December 31, 2019 and September 30, 2020 consisted of payables for purchase of inventories from BAK Tianjin and BAK Shenzhen. From time to time, to meet the needs of its customers, the Company purchased products from these former subsidiaries that it 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).