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Payables to Former Subsidiaries, Net
 12 Months Ended
Dec. 31, 2020
Payables to Former Subsidiaries [Abstract]  
Payables to Former Subsidiaries, net
7. Payables to former subsidiaries, net

 

Payables to former subsidiaries as of December 31, 2019 and 2020 consisted of the following:

 

   December 31,   December 31, 
   2019   2020 
BAK Tianjin  $-   $29,852 
BAK Shenzhen   1,483,352    597,138 
   $1,483,352   $626,990 

 

Balance as of December 31, 2019 and December 31, 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). 

 

The above balance is unsecured and non-interest bearing and repayable on demand.