XML 76 R64.htm IDEA: XBRL DOCUMENT v3.21.2
Prepayments and Other Receivables (Details) - Schedule of prepayments and other receivables - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Schedule of prepayments and other receivables [Abstract]    
Value added tax recoverable $ 5,016,628 $ 4,524,475
Loan receivables [1] 1,358,637
Prepayments to suppliers 2,831,442 424,311
Deposits 3,226 17,385
Staff advances 79,380 67,867
Prepaid operating expenses 766,274 529,401
Others 1,025,628 524,468
Prepayments and other receivables, gross 9,722,578 7,446,544
Less: Allowance for doubtful accounts (7,000) (7,000)
Prepayments and other receivables, net $ 9,715,578 $ 7,439,544
[1] 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.