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Prepayments and Other Receivables | 12 Months Ended
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Dec. 31, 2020
Prepayments and Other Receivables [Abstract] |
Prepayments and Other Receivables |
6. | Prepayments and Other Receivables
Prepayments and other receivables as of December 31, 2019 and 2020 consisted of the following:
|  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2020 |
Value added tax recoverable |  | $ | 4,124,624 |  |  | $ | 4,524,475 |
Loan receivables |  |  | - |  |  |  | 1,358,637 |
Prepayments to suppliers |  |  | 60,090 |  |  |  | 424,311 |
Deposits |  |  | 63,184 |  |  |  | 17,385 |
Staff advances |  |  | 53,731 |  |  |  | 67,867 |
Prepaid operating expenses |  |  | 317,151 |  |  |  | 529,401 |
Others |  |  | 124,133 |  |  |  | 524,468 |
|  |  | 4,742,913 |  |  |  | 7,446,544 |
Less: Allowance for doubtful accounts |  |  | (7,000 | ) |  |  | (7,000 | )
|  | $ | 4,735,913 |  |  | $ | 7,439,544 |
Nanjing CBAK entered into a loan agreement with Shen Zhen Asian Plastics Technology Co., Ltd (SZ Asian Plastics), to loan SZ Asian Plastics a total amount of $1.4 million (RMB8,870,000) for a period of 6 months from December 1, 2020 to May 31, 2021. The loan is unsecured and bears fixed interest at 6% per annum. The Company's shareholder Mr. Jiping Zhao, holding 2.39% equity interest in the Company, at the same time held 79.13% equity interests in SZ Asian Plastics. In March 2021, SZ Asian Plastics has fully repaid the loan principal.

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