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Prepayments and Other Receivables
 12 Months Ended
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.