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Prepayments and Other Receivables | 6 Months Ended
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Jun. 30, 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 June 30, 2021 consisted of the following:
|  | December 31, |  |  | June 30, |
|  | 2020 |  |  | 2021 |
Value added tax recoverable |  | $ | 4,524,475 |  |  | $ | 5,221,575 |
Loan receivables |  |  | 1,358,637 |  |  |  | - |
Prepayments to suppliers |  |  | 424,311 |  |  |  | 902,942 |
Deposits |  |  | 17,385 |  |  |  | 123,319 |
Staff advances |  |  | 67,867 |  |  |  | 124,473 |
Prepaid operating expenses |  |  | 529,401 |  |  |  | 1,034,922 |
Others |  |  | 524,468 |  |  |  | 1,004,212 |
|  |  | 7,446,544 |  |  |  | 8,411,443 |
Less: Allowance for doubtful accounts |  |  | (7,000 | ) |  |  | (7,000 | )
|  | $ | 7,439,544 |  |  | $ | 8,404,443 |
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 was unsecured and bearing 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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