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Prepayments and Other Receivables
 3 Months Ended
Mar. 31, 2021
Prepayments And Other Receivables And Recoverable From Loan Guarantee [Abstract]  
Prepayments and Other Receivables
5.Prepayments and Other Receivables

Prepayments and other receivables as of December 31, 2020 and March 31, 2021 consisted of the following:


   December 31,   March 31, 
   2020   2021 
Value added tax recoverable  $4,524,475   $4,287,428 
Loan receivables (note)   1,358,637    - 
Prepayments to suppliers   424,311    1,193,669 
Deposits   17,385    23,929 
Staff advances   67,867    111,948 
Prepaid operating expenses   529,401    1,223,344 
Others   524,468    1,025,265 
    7,446,544    7,865,583 
Less: Allowance for doubtful accounts   (7,000)   (7,000)
   $7,439,544   $7,858,583 

Note : 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.