China BAK Battery, Inc.: Form 10-Q - Filed by newsfilecorp.com

0001062993-16-007959.txt : 20160216 0001062993-16-007959.hdr.sgml : 20160215 20160216170316 ACCESSION NUMBER: 0001062993-16-007959 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 107 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160216 DATE AS OF CHANGE: 20160216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHINA BAK BATTERY INC CENTRAL INDEX KEY: 0001117171 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 880442833 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32898 FILM NUMBER: 161429996 BUSINESS ADDRESS: STREET 1: BAK INDUSTRIAL PARK, MEIGUI STREET STREET 2: HUAYUANKOU ECONOMIC ZONE CITY: DALIAN STATE: F4 ZIP: 116422 BUSINESS PHONE: (86)(411)6251-0619 MAIL ADDRESS: STREET 1: BAK INDUSTRIAL PARK, MEIGUI STREET STREET 2: HUAYUANKOU ECONOMIC ZONE CITY: DALIAN STATE: F4 ZIP: 116422 FORMER COMPANY: FORMER CONFORMED NAME: MEDINA COFFEE INC DATE OF NAME CHANGE: 20000626 10-Q 1 form10q.htm FORM 10-Q China BAK Battery, Inc.: Form 10-Q - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10−Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: December 31, 2015

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _____________

Commission File Number: 001-32898

CHINA BAK BATTERY, INC.
(Exact Name of Registrant as Specified in Its Charter)

Nevada	88-0442833
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

BAK Industrial Park, Meigui Street
Huayuankou Economic Zone
Dalian City, Liaoning Province,
China, 116422 People’s Republic of China
(Address of principal executive offices, Zip Code)

(86)(411)-3918-5985
(Registrant’s telephone number, including area code)

_____________________________________________________
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes[X] No[ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes[X] No[ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer [ ]	Accelerated filer [ ]
	Non-accelerated filer [ ] (Do not check if a smaller reporting company)	Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes[ ] No [X]

The number of shares outstanding of each of the issuer’s classes of common stock, as of February 12, 2016 is as follows:

Class of Securities		Shares Outstanding
Common Stock, $0.001 par value		17,145,493

CHINA BAK BATTERY, INC.

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION

Item 1.	Financial Statements.	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	8
Item 4.	Controls and Procedures.	8

PART II OTHER INFORMATION

Item 1.	Legal Proceedings	10
Item 1A.	Risk Factors.	10
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	10
Item 3.	Defaults Upon Senior Securities.	10
Item 4.	Mine Safety Disclosures.	10
Item 5.	Other Information.	10
Item 6.	Exhibits.	11

PART I
FINANCIAL INFORMATION

Item 1.

Financial Statements.

CHINA BAK BATTERY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED December 31, 2014 AND 2015

Contents		Page(s)

Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2015 (unaudited)		F-2

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three months ended December 31, 2014 and 2015 (unaudited)		F-3

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three months ended December 31, 2014 and 2015 (unaudited)		F-4

Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2014 and 2015 (unaudited)		F-5

Notes to the Condensed Consolidated Financial Statements (unaudited)		F-6-F-28

F-1

China BAK Battery, Inc. and Subsidiaries
Condensed consolidated balance sheets
As of September 30, 2015 and December 31, 2015
(In US$)

			September 30,			December 31,
	Note		2015			2015
						(Unaudited)
Assets
Current assets
Cash and cash equivalents		$	6,762,745		$	80,711
Pledged deposits	2		1,519,601			2,084,333
Trade accounts and bills receivable, net	3		4,771,958			4,746,231
Inventories	4		3,057,575			4,436,352
Prepayments and other receivables	5		2,552,658			3,308,600
Receivable from/ prepayment to former subsidiaries	6		686,514			5,176,799
Prepaid land use rights, current portion	9		176,764			172,987
Deferred tax assets, current portion	15		43,175			-

Total current assets			19,570,990			20,006,013

Property, plant and equipment, net	7		22,274,820			21,531,782
Construction in progress	8		13,039,373			14,486,799
Prepaid land use rights, non-current	9		8,455,231			8,231,299
Intangible assets, net	10		26,818			25,561
Deferred tax assets, non-current	15		-			-

Total assets		$	63,367,232		$	64,281,454
Liabilities
Current liabilities
Trade accounts and bills payable		$	4,910,717		$	9,958,633
Taxes payable			5,108,878			5,028,357
Short-term bank loans	11		12,585,740			12,316,787
Other short-term loans	12		184,755			182,944
Accrued expenses and other payables	13		11,569,981			8,948,999
Advance from a former subsidiary	6		-			1,285,195
Deferred government grants, current	14		181,510			177,631

Total current liabilities			34,541,581			37,898,546

Deferred government grants, non-current	14		7,014,114			6,819,818
Deferred tax liabilities, non-current	15		142,650			139,602

Total liabilities			41,698,345			44,857,966

Commitments and contingencies	19

Shareholders' equity
Common stock $0.001 par value; 500,000,000 authorized ; 12,856,301 issued and 12,712,095 outstanding as of September 30, 2015; 17,289,699 issued and 17,145,493 outstanding as of December 31, 2015			12,856			17,290
Donated shares			14,101,689			14,101,689
Additional paid-in capital			138,036,080			138,405,110
Statutory reserves			-			1,230,511
Accumulated deficit			(125,922,270	)		(129,285,454	)
Accumulated other comprehensive loss			(492,858	)		(979,048	)
			25,735,497			23,490,098
Less: Treasury shares			(4,066,610	)		(4,066,610	)

Total shareholders' equity			21,668,887			19,423,488

Total liabilities and shareholder's equity		$	63,367,232		$	64,281,454

See accompanying notes to the condensed consolidated financial statements.

F-2

China BAK Battery, Inc. and Subsidiaries
Condensed consolidated statements of operations and comprehensive (loss) income
For the three months ended December 31, 2014 and 2015
(Unaudited)
(In US$ except for number of shares)

			Three months ended December 31,
	Note		2014			2015
Net revenues	21	$	3,079,107		$	5,500,589
Cost of revenues			(2,671,908	)		(5,658,887	)
Gross profit (loss)			407,199			(158,298	)
Operating expenses:
Research and development expenses			(52,034	)		(747,537	)
Sales and marketing expenses			(19,348	)		(170,458	)
General and administrative expenses			(482,363	)		(1,029,711	)
Total operating expenses			(553,745	)		(1,947,706	)
Operating loss			(146,546	)		(2,106,004	)
Finance (cost) income, net			(59	)		2,006
Government grant income	14		23,380,264			-
Other income (expenses), net			-			43,392
Profit (loss) before income tax			23,233,659			(2,060,606	)
Income tax expenses	15		(5,845,066	)		(72,067	)
Net profit (loss)			17,388,593			(2,132,673	)
Other comprehensive loss
Foreign currency translation adjustment			(137,672	)		(486,190	)
Comprehensive (loss) income		$	17,250,921		$	(2,618,863	)

(Loss) earnings per share	17
– Basic and diluted		$	1.37		$	(0.12	)

Weighted average number of shares of common stock:	17
– Basic and diluted			12,719,597			17,171,953

See accompanying notes to the condensed consolidated financial statements.

F-3

China BAK Battery, Inc. and Subsidiaries
Condensed consolidated statements of changes in shareholders’ equity
For the three months ended December 31, 2014 and 2015
(Unaudited)
(In US$ except for number of shares)

															Accumulated
	Common stock issued						Additional								other		Treasury shares						Total
	Number				Donated		paid-in			Statutory		Accumulated			comprehensive		Number						shareholders’
	of shares		Amount		Shares		capital			reserves (Note)		deficit			income		of shares			Amount			equity
Balance as of October 1, 2014	12,763,803	$	12,763	$	14,101,689	$	127,438,362		$	-	$	(141,796,196	)	$	(25,631	)	(144,206	)	$	(4,066,610	)	$	(4,335,623	)

Net profit	-		-		-		-			-		17,388,593			-		-			-			17,388,593

Foreign currency translation adjustment	-		-		-		-			-		-			(137,672	)	-			-			(137,672	)

Balance as of December 31, 2014	12,763,803	$	12,763	$	14,101,689	$	127,438,362		$	-	$	(124,407,603	)	$	(163,303	)	(144,206	)	$	(4,066,610	)	$	12,915,298

Balance as of October 1, 2015	12,856,301	$	12,856	$	14,101,689	$	138,036,080		$	-	$	(125,922,270	)	$	(492,858	)	(144,206	)	$	(4,066,610	)	$	21,668,887

Net loss	-		-		-		-			-		(2,132,673	)		-		-			-			(2,132,673	)

Transfer to statutory reserves	-		-		-		-			1,230,511		(1,230,511	)		-		-			-			-

Common stock issued to employee for stock award	56,667		57		-		(57	)		-		-			-		-			-			-

Common stock issued to new investors	4,376,731		4,377		-		(4,377	)		-		-			-		-			-			-

Share-based compensation for employee and director stock awards	-		-		-		373,464			-		-			-		-			-			373,464

Foreign currency translation adjustment	-		-		-		-			-		-			(486,190	)	-			-			(486,190	)

Balance as of December 31, 2015	17,289,699	$	17,290	$	14,101,689	$	138,405,110		$	1,230,511	$	(129,285,454	)	$	(979,048	)	(144,206	)	$	(4,066,610	)	$	19,423,488

Note

In accordance with the relevant regulations applicable in the PRC, subsidiaries established in the PRC are required to transfer a certain percentage of their statutory annual profits after tax (after offsetting any prior years' losses), if any, to the statutory reserve until the balance of the reserve reaches 50% of their respective registered capital. Subject to certain restrictions as set out in the relevant PRC regulations, the statutory reserve may be used to offset against accumulated losses of the respective PRC subsidiaries. The amount of the transfer is subject to the approval of the board of directors of the respective PRC subsidiaries.

On December 31, 2015 the board of directors of Dalian BAK Power approved the transfer of $1,230,511, representing 10% of Dalian BAK Power’s profits after tax for the calendar year ended December 31, 2015, to the statutory reserve.

See accompanying notes to the condensed consolidated financial statements.

F-4

China BAK Battery, Inc. and subsidiaries
Condensed consolidated statements of cash flows
For the three months ended December 31, 2014 and 2015
(Unaudited)
(In US$)

		Three months ended December 31,
		2014			2015
Cash flows from operating activities
Net profit (loss)	$	17,388,593		$	(2,132,673	)
Adjustments to reconcile net profit (loss) to net cash used in operating activities:
Depreciation and amortization		75,038			285,873
Provision for doubtful accounts		-			46,687
Write-down of inventories		-			142,125
Share-based compensation		-			373,464
Deferred government grants		(23,330,177	)		-
Deferred tax assets		5,845,066			72,067
Exchange (gain) loss		(120,711	)		107,271
Changes in operating assets and liabilities:
Trade accounts receivable		(3,086,721	)		(124,184	)
Inventories		1,730,249			(1,609,877	)
Prepayments and other receivables		668,310			(823,758	)
Trade accounts and bills payable		-			5,237,197
Accrued expenses and other payables		263,827			379,903
Trade receivable and payable from former subsidiaries		-			(3,287,802	)
Net cash used in operating activities		(566,526	)		(1,333,707	)

Cash flows from investing activities
Increase in pledged deposits		-			(606,979	)
Deferred government grant		7,435,180			-
Purchases of property, plant and equipment and construction in progress		(3,376,446	)		(4,596,853	)
Net cash provided by (used in) investing activities		4,058,734			(5,203,832	)

Cash flows from financing activities
Borrowings from related party		197,677			-
Borrowings from unrelated parties		81,322			-
Repayment of borrowings from unrelated parties		(4,729,686	)		-
Net cash used in financing activities		(4,450,687	)		-

Effect of exchange rate changes on cash and cash equivalents		1,980			(144,495	)
Net decrease in cash and cash equivalents		(956,499	)		(6,682,304	)
Cash and cash equivalents at the beginning of period		991,519			6,762,745
Cash and cash equivalents at the end of period	$	35,020		$	80,711

Non-cash transactions:
Purchase of inventories offset against receivables from former subsidiaries	$	780,377		$	-
Purchase of property, plant and equipment (inclusive of VAT) offset against receivables from former subsidiaries	$	6,055,605		$	-
Cash paid during the period for:
Income taxes	$	-		$	-
Interest, net of amounts capitalized	$	-		$	-

See accompanying notes to the condensed consolidated financial statements.

F-5

China BAK Battery, Inc. and subsidiaries
Notes to the condensed consolidated financial statements
For the three months ended December 31, 2014 and 2015
(In US$ except for number of shares)
(Unaudited)

1.	Principal Activities, Basis of Presentation and Organization

Principal Activities

China BAK Battery, Inc. (“China BAK”) is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. China BAK and its subsidiaries (hereinafter, collectively referred to as the “Company”) are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion (known as "Li-ion" or "Li-ion cell") high power rechargeable batteries. Prior to the disposal of BAK International Limited (“BAK International”) and its subsidiaries (see below), the batteries produced by the Company were for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric vehicles, and general industrial applications. After the disposal of BAK International and its subsidiaries on June 30, 2014, the Company focused on the manufacture, commercialization and distribution of high power lithium ion rechargeable batteries for use in cordless power tools, light electric vehicles, hybrid electric vehicles, electric cars, electric busses, uninterruptable power supplies and other high power applications.

The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on The NASDAQ Global Market, and trading commenced that same date under the symbol "CBAK".

Basis of Presentation and Organization

On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd (“Shenzhen BAK”), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK.

On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the “reverse acquisition” of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among China BAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts.

Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company (“Mr. Li”), agreed to place 435,910 shares of the Company's common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the “Escrow Agreement”). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target.

Under accounting principles generally accepted in the United States of America (“US GAAP”), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved.

F-6

1.	Principal Activities, Basis of Presentation and Organization (continued)

Basis of Presentation and Organization (continued)

While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August 21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October 22, 2007 (the “Li Settlement Agreement”), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006.

At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders’ equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders’ equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders’ equity.

In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company’s January 2005 private placement in order to achieve a complete settlement of BAK International’s obligations (and the Company’s obligations to the extent it has any) under the applicable agreements with such investors.

Beginning on March 13, 2008, the Company entered into settlement agreements (the “2008 Settlement Agreements”) with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them.

Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company’s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of December 31, 2015 amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008.

F-7

1.	Principal Activities, Basis of Presentation and Organization (continued)

Basis of Presentation and Organization (continued)

Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company’s January 2005 private placement relating to the escrow shares.

As of December 31, 2015, the Company had not received any claim from the other investors who have not been covered by the “2008 Settlement Agreements” in the January 2005 private placement.

As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and we also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the “2008 Settlement Agreements” with us in fiscal year 2008, pursuant to “Li Settlement Agreement” and “2008 Settlement Agreements”, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company’s January 2005 private placement relating to the escrow shares.

On August 14, 2013, Dalian BAK Trading Co., Ltd (“Dalian BAK Trading”) was established as a wholly owned subsidiary of China BAK Asia Holding Limited (“BAK Asia”) with a registered capital of $500,000 (Note 19(i)). Pursuant to Dalian BAK Trading’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to Dalian BAK Trading on or before August 14, 2015. Up to the date of this report, the Company has contributed $100,000 to Dalian BAK Trading in cash.

On December 27, 2013, Dalian BAK Power Battery Co., Ltd (“Dalian BAK Power”) was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000 (Note 19(i)). Pursuant to Dalian BAK Power’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to Dalian BAK Power on or before December 27, 2015. Up to the date of this report, the Company has contributed $14,846,344 to Dalian BAK Power through injection of a series of patents and cash of $9,846,344.

The Company’s condensed consolidated financial statements have been prepared under US GAAP.

These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of September 30, 2015, which was derived from the Company’s audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended September 30, 2015.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company’s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying condensed consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company's subsidiaries to present them in conformity with US GAAP.

F-8

1.	Principal Activities, Basis of Presentation and Organization (continued)

Basis of Presentation and Organization (continued)

The equity interest of BAK International and its wholly owned subsidiaries, namely Shenzhen BAK, BAK Battery (Shenzhen) Co., Ltd. (“BAK Battery”), BAK International (Tianjin) Ltd. (“BAK Tianjin”), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014,“Tianjin Chenhao”), BAK Battery Canada Ltd. (“BAK Canada”), BAK Europe GmbH (“BAK Europe”) and BAK Telecom India Private Limited (“BAK India”) (collectively the “Disposal Group”) was disposed of effective on June 30, 2014 as a result of the foreclosure by Mr. Jinghui Wang (“Mr. Wang”), an unrelated third party, after Shenzhen BAK failed to repay the loans to Mr. Wang on March 31, 2014. The consolidated financial statements were consolidated up to the date of disposal.

After the disposal of BAK International Limited and its subsidiaries effective on June 30, 2014, and as of September 30, 2015 and December 31, 2015, the Company’s subsidiaries consisted of: i) China BAK Asia Holdings Limited (“BAK Asia”), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian BAK Trading Co., Ltd. (“Dalian BAK Trading”), a wholly owned limited company established on August 14, 2013 in the PRC; and iii) Dalian BAK Power Battery Co., Ltd. (“Dalian BAK Power”), a wholly owned limited liability company established on December 27, 2013 in the PRC.

The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin, a former subsidiary before the completion of construction and operation of its facility in Dalian. BAK Tianjin is a supplier of the Company and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin except the normal risk with any major supplier.

Pursuant to a memorandum of understanding with the buyer of the Company’s former subsidiaries dated August 20, 2014, Mr. Xiangqian Li remains as a director of BAK International, Shenzhen BAK, BAK Battery and BAK Tianjin until Shenzhen BAK’s full settlement of its bank loans of $58.6 million expiring on various dates through March 2015. Shenzhen BAK renewed the banking loans with Agricultural Bank of China of $64.6 million (RMB420 million) expiring on April 14, 2016. On May 20, 2015, BAK Asia New Energy Holding Limited (formerly known as “Asia Zhi Li New Energy Holding Limited”), the shareholder of BAK International Limited agreed to indemnify Mr. Li from any loss as a result of the default of repayment of bank loans by Shenzhen BAK.

The Company had a working capital deficiency, accumulated deficit from recurring net losses incurred for prior years and current period and short-term debt obligations as of September 30 and December 31, 2015. These factors raise substantial doubts about the Company’s ability to continue as a going concern.

In June and July 2015, the Company received advances of approximately $9.8 million from the following potential investors, who are independent from the Company and independent from each other:

Mr. Shibin Mao	$	2,227,148
Mr. Dawei Li		1,499,967
Mr. Ping Shen		1,499,967
Mr. Shangdong Liu		1,599,968
Ms. Lijuan Wang		1,500,000
Mr. Jiping Zhou		1,520,594
	$	9,847,644

Pursuant to the loan agreements with the investors executed on September 29, 2015, the loans were interest bearing at 20% per annum and secured by all the assets of Dalian BAK Power in China. Advances of $9,466,985 were repayable by September 30, 2015 and an advance of $380,659 was repayable by December 7, 2015.

F-9

1.	Principal Activities, Basis of Presentation and Organization (continued)

Basis of Presentation and Organization (continued)

On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company (“the Shares”) at a conversion price of $2.25 per share. The closing price as of September 29, 2015 was $2.22, which was slightly lower than the conversion price of $2.25. There was no expense associated with the conversion.

Pursuant to supplemental agreements also executed on September 29, 2015, if the loans were converted into equity before October 30, 2015, the investors will waive their entitlements to all the interest accruing on the loans.

Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. The amount of $9,847,644 was classified as shares to be issued under additional paid-in capital as of September 30, 2015.

As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement.

On June 22, 2015, Dalian BAK Power entered into a banking facility letter with Bank of Dandong to provide a maximum loan amount of $18.5 million (RMB120 million) to June 22, 2016. The banking facilities include $12.3 million (RMB80 million) short term loans and $6.2 million (RMB40 million) bank acceptance. The banking facilities were guaranteed by Shenzhen BAK, Mr. Li, and his wife, Ms. Xiaoqiu Yu. The facilities were also secured by Dalian BAK Power’s buildings, construction in progress, prepaid land use rights and machineries and pledged deposits. On June 25, 2015, the Company borrowed $7.7 million (RMB50 million) from Bank of Dandong for a period from June 25, 2015 to June 22, 2016, bearing fixed interest at 7.84% per annum. The Company borrowed another loan of $4.6 million (RMB30 million) with a fixed interest rate at 7.84% per annum for the period from August 18, 2015 to June 10, 2016. In September 2015, the Company applied to Bank of Dandong to revise the bank acceptance facilities of $6.2 million (RMB40 million) into $3.1 million (RMB20 million) bank acceptance and $1.9 million (RMB12 million) letter of credit. During the first quarter of fiscal 2016, the Company applied to Bank of Dandong to revise the bank acceptance into $4.0 million (RMB26 million) and letter of credit of $1.3 million (RMB8.4 million). As of December 31, 2015, the Company had unutilized committed banking facilities of $0.8 million. The Company plans to raise additional funds through bank borrowings and equity financing in the future to meet its daily cash demands if required.

However, there can be no assurance that the Company will be successful in obtaining further financing. The Company believes that with the significant reduction of liabilities and disposal of traditionally low margin battery business after the foreclosure of BAK International Limited, it can continue as a going concern and return to profitability.

The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern.

F-10

1.	Principal Activities, Basis of Presentation and Organization (continued)

Basis of Presentation and Organization (continued)

Recently Issued Accounting Standards

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" which clarifies and improves the principles for recognizing revenue and develops a common revenue standard for United States generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) that among other things, improves comparability of revenue recognition practices and provides more useful information to users of financial statements through improved disclosure requirements. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods with that reporting period. The Company is currently reviewing the effect of this guidance on its revenue recognition.

In June 2014, the FASB issued ASU 2014-12, "Compensation - Stock Compensation (Topic 718)" which provides explicit guidance on the treatment of awards with performance targets that could be achieved after the requisite service period. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company does not expect that the adoption will have a material impact on its consolidated financial statements.

In June 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect that the adoption will have a material impact on its consolidated financial statements.

In November 2014, FASB issued Accounting Standards Update No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force).The amendments permit the use of the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate, or OIS) as a benchmark interest rate for hedge accounting purposes. Public business entities are required to implement the new requirements in fiscal years (and interim periods within those fiscal years) beginning after December 15, 2015. All other types of entities are required to implement the new requirements in fiscal years beginning after December 15, 2015, and interim periods beginning after December 15, 2016. The Company does not expect the adoption of ASU 2014-16 to have a material impact on its consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on its consolidated financial statements.

F-11

In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, which changes the presentation of debt issuance costs in the financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted for financial statements that have been issued. The guidance will be applied retrospectively to each period presented. The adoption of this standard update is not expected to have any impact on the Company's financial statements.

F-12

1.	Principal Activities, Basis of Presentation and Organization (continued)

Basis of Presentation and Organization (continued)

Recently Issued Accounting Standards

In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact on its consolidated financial statements.

In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” To simplify the presentation of deferred income taxes, the amendments in this update require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in ASU 2015-17 are effective for public business entities for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company does not expect that the adoption will have a material impact on its consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The amendments in ASU 2016-01 are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not expect that the adoption will have a material impact on its consolidated financial statements.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.

2.	Pledged Deposits

Pledged deposits as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Pledged deposits with bank for:
Bills payable	$	1,461,757	$	1,872,235
Letters of credit		57,844		212,098
	$	1,519,601	$	2,084,333

3.	Trade Accounts and Bills Receivable, net

Trade accounts and bills receivables, net as of September 30 and December 31, 2015 consisted of the following:

		September 30,			December 31,
		2015			2015
Trade accounts receivable	$	4,792,416		$	4,903,974
Less: Allowance for doubtful accounts		(122,115	)		(165,441	)
		4,670,301			4,738,533
Bills receivable		101,657			7,698
	$	4,771,958		$	4,746,231

F-13

3.	Trade Accounts and Bills Receivable, net (continued)

An analysis of the allowance for doubtful accounts is as follows:

		December 31, 2014		December 31, 2015
Balance at beginning of period	$	-	$	122,115
Provision for the period		-		46,687
Foreign exchange adjustment		-		(3,361	)
Balance at end of period	$	-	$	165,441

4.	Inventories

Inventories as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Raw materials	$	712,713	$	1,394,127
Work in progress		1,441,368		2,165,868
Finished goods		903,494		876,357
	$	3,057,575	$	4,436,352

During the three months ended December 31, 2014 and 2015, write-downs of obsolete inventories to lower of cost or market of nil and $142,125, respectively, were charged to cost of revenues.

5.	Prepayments and Other Receivables

Prepayments and other receivables as of September 30 and December 31, 2015 consisted of the following:

		September 30,			December 31,
		2015			2015
Value added tax recoverable	$	1,719,062		$	2,344,611
Prepayments to suppliers		447,430			577,090
Deposits		154,892			130,257
Staff advances		42,718			35,160
Prepaid operating expenses		195,556			228,329
Others		-			153
		2,559,658			3,315,600
Less: Allowance for doubtful accounts		(7,000	)		(7,000	)
	$	2,552,658		$	3,308,600

F-14

6.	Balances with Former Subsidiaries

Receivable from/ prepayment to former subsidiaries as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Shenzhen BAK	$	62,963	$	-
BAK Tianjin		623,551		5,176,799
	$	686,514	$	5,176,799

These amounts are interest-free, unsecured and repayable on demand.

In October 2015, the Company made an advance of approximately RMB40 million ($6.2 million) to BAK Tianjin, with the approval by the board of directors, to source battery cells for its customers. As of December 31, 2015, the Company received approximately RMB20 million (approximately $3.1 million) of cells. Subsequent to December 31, 2015, the Company was refunded a total of RMB26 million (approximately $4.0 million) in cash from BAK Tianjin.

Advance from a former subsidiary as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Shenzhen BAK	$	-	$	1,285,195

This advance is interest-free, unsecured and repayable on demand.

7.	Property, Plant and Equipment, net

Property, plant and equipment as of September 30 and December 31, 2015 consisted of the following:

		September 30,			December 31,
		2015			2015
Buildings	$	18,440,000		$	18,045,944
Machinery and equipment		4,020,238			3,945,547
Office equipment		37,050			39,749
Motor vehicles		147,197			144,052
		22,644,485			22,175,292
Accumulated depreciation		(369,665	)		(643,510	)
Carrying amount	$	22,274,820		$	21,531,782

Depreciation expense for the three months ended December 31, 2014 and 2015 is included in the condensed consolidated statements of operations as follows:

		Three months ended December 31,
		2014		2015
Cost of revenues	$	-	$	268,925
Research and development expenses		-		448
General and administrative expenses		6,509		16,983
	$	6,509	$	286,356

F-15

7.	Property, Plant and Equipment, net (continued)

The Company has not yet obtained the property ownership of the buildings in its Dalian manufacture facilities with a carrying amount of $18,318,313 and $17,804,599 as of September 30 and December 31, 2015, respectively. The management expects that they will obtain the property ownership rights by March 2016.

During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company’s production facilities. The Company believes that there was no impairment of its property, plant and equipment for the quarters ended December 31, 2014 and 2015.

8.	Construction in Progress

Construction in progress as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Construction in progress	$	13,009,922	$	13,533,829
Prepayment for acquisition of property, plant and equipment		29,451		952,970
Carrying amount	$	13,039,373	$	14,486,799

Construction in progress as of September 30 and December 31, 2015 is mainly comprised of capital expenditures for the construction of the facilities and production lines of Dalian BAK Power.

For the three months ended December 31, 2014 and 2015, the Company capitalized interest of $97,261 and $248,092, respectively, to the cost of construction in progress.

9.	Prepaid Land Use Rights, net

Prepaid land use rights as of September 30 and December 31, 2015 consisted of the followings:

		September 30,			December 31,
		2015			2015
Prepaid land use rights	$	8,838,220		$	8,649,351
Accumulated amortization		(206,225	)		(245,065	)
	$	8,631,995		$	8,404,286
Less: Classified as current assets		(176,764	)		(172,987	)
	$	8,455,231		$	8,231,299

Pursuant to a land use rights acquisition agreement dated August 10, 2014, the Company acquired the rights to use a piece of land with an area of 153,832 m² in Dalian Economic Zone for 50 years up to August 9, 2064, at a total consideration of $8,170,000 (RMB53.1 million). Other incidental costs incurred totaled $477,000 (RMB3.1 million).

Amortization expenses of prepaid land use rights were $68,529 and $43,955 for the three months ended December 31, 2014 and 2015.

F-16

10.

Intangible Assets, net

Intangible assets as of September 30 and December 31, 2015 consisted of the followings:

		September 30,			December 31,
		2015			2015
Computer software at cost	$	27,984		$	27,386
Accumulated amortization		(1,166	)		(1,825	)
	$	26,818		$	25,561

Amortization expenses were nil and $697 for the three months ended December 31, 2014 and 2015, respectively.

11.

Short-term Bank Loans

As of September 30 and December 31, 2015, the Company had short term bank borrowings of $12,585,740 and $12,316,787, respectively.

Under the banking facilities granted by Bank of Dandong on June 22, 2015 (Note 1), the Company borrowed a loan of $7,697,992 (RMB50 million) from Bank of Dandong for a period from June 25, 2015 to June 22, 2016, bearing fixed interest at 7.84% per annum. On August 18, 2015, the Company borrowed another loan of $4,618,795 (RMB30 million) with a fixed interest rate at 7.84% per annum for the period from August 18, 2015 to June 10, 2016.

The banking facilities were guaranteed by Mr. Xiangqian Li, the Company’s CEO and his wife, Ms. Xiaoqiu Yu, and Shenzhen BAK, a former subsidiary of the Company. The facilities were also secured by the Company’s assets with the following carrying amount:

		September 30,		December 31,
		2015		2015
Pledged deposits (note 2)	$	1,519,601	$	2,084,333
Prepaid land use rights (note 9)		8,631,995		8,404,286
Buildings		13,120,083		12,700,715
Machinery and equipment		3,831,790		3,641,932
Construction in progress		6,228,371		6,095,293
	$	33,331,840	$	32,926,559

As of December 31, 2015, the Company had unutilized committed banking facilities of $0.8 million.

During the three months ended December 31, 2014 and 2015, interest of $97,261 and $248,092, respectively, was incurred on the Company's bank borrowings.

F-17

12.

Other Short-term Loans

Other short-term loans as of September 30 and December 31, 2015 consisted of the following:

			September 30,		December 31,
	Note		2015		2015
Advance from related parties
– Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”)	(a)	$	6,094	$	5,964
– Mr. Xiangqian Li, the Company’s CEO	(b)		100,000		100,000
			106,094		105,964
Advances from unrelated third party
– Mr. Yunfei Li	(c)		78,661		76,980

		$	184,755	$	182,944

	(a)	The Company received an advance from Tianjin New Energy, a related company under the common control of Mr. Xiangqian Li, the Company’s CEO, which was unsecured, non-interest bearing and repayable on demand. As of September 30, 2015 and December 31, 2015, $453,087 and $443,404 payable to Tianjin New Energy was included in trade accounts and bills payable.

	(b)	Advance from Mr. Xiangqian Li, the Company’s CEO, was unsecured, non- interest bearing and repayable on demand.

	(c)	Advance from an unrelated third party was unsecured, non-interest bearing and repayable on demand.

13.

Accrued Expenses and Other Payables

Accrued expenses and other payables as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Construction costs payable	$	8,625,828	$	5,494,504
Liquidated damages (note a)		1,210,119		1,210,119
Equipment purchase payable		611,833		763,711
Customer deposits		260,015		316,132
Accrued staff costs		444,249		613,478
Product warranty (note b)		-		62,481
Other payables and accruals		417,937		488,574
	$	11,569,981	$	8,948,999

(a)

On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10- K for the year ended September 30, 2006 (the “2006 Form 10- K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of September 30 and December 31, 2015, no liquidated damages relating to both events have been paid.

F-18

13.

Accrued Expenses and Other Payables (continued)

On November 9, 2007, the Company completed a private placement for the gross proceeds to the Company of $13,650,000 by selling 3,500,000 shares of common stock at the price of $3.90 per share. Roth Capital Partners, LLC acted as the Company’s exclusive financial advisor and placement agent in connection with the private placement and received a cash fee of $819,000. The Company may have become liable for liquidated damages to certain shareholders whose shares were included in a resale registration statement on Form S-3 that the Company filed pursuant to a registration rights agreement that the Company entered into with such shareholders in November 2007. Under the registration rights agreement, among other things, if a registration statement filed pursuant thereto was not declared effective by the SEC by the 100th calendar day after the closing of the Company’s private placement on November 9, 2007, or the “Effectiveness Deadline”, then the Company would be liable to pay partial liquidated damages to each such investor of (a) 1.5% of the aggregate purchase price paid by such investor for the shares it purchased on the one month anniversary of the Effectiveness Deadline; (b) an additional 1.5% of the aggregate purchase price paid by such investor every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until the earliest of the effectiveness of the registration statement, the ten-month anniversary of the Effectiveness Deadline and the time that the Company is no longer required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations; and (c) 0.5% of the aggregate purchase price paid by such investor for the shares it purchased in our November 2007 private placement on each of the following dates: the ten-month anniversary of the Effectiveness Deadline and every thirtieth day thereafter (prorated for periods totaling less than thirty days), until the earlier of the effectiveness of the registration statement and the time that the Company no longer is required to keep such resale registration statement effective because either such shareholders have sold all of their shares or such shareholders may sell their shares pursuant to Rule 144 without volume limitations. Such liquidated damages would bear interest at the rate of 1% per month (prorated for partial months) until paid in full.

On December 21, 2007, pursuant to the registration rights agreement, the Company filed a registration statement on Form S-3, which was declared effective by the SEC on May 7, 2008. As a result, the Company estimated liquidated damages amounting to $561,174 for the November 2007 registration rights agreement. As of September 30 and December 31, 2015, the Company had settled the liquidated damages with all the investors and the remaining provision of approximately $159,000 was included in other payables and accruals.

(b)

The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary. The Company recognized warranty expenses amounting to approximately nil and $63,504 for the three months ended December 31, 2014 and 2015, respectively, which are included in its selling expenses.

F-19

14.

Deferred Government Grants

Deferred government grants as of September 30 and December 31, 2015 consist of the following:

		September 30,			December 31,
		2015			2015
Total government grants	$	7,195,624		$	6,997,449
Less: Current portion		(181,510	)		(177,631	)
Non-current portion	$	7,014,114		$	6,819,818

In September 2013, the Management Committee of Dalian Economic Zone Management Committee (the “Management Committee”) provided a subsidy of RMB150 million to finance the costs incurred in moving our facilities to Dalian, including the loss of sales while the new facilities were being constructed. During the three months ended December 31, 2014, the Company recognized $23,380,264 as income after offset of the related removal expenditures of $1,016,327. No such income or offset was recognized in fiscal 2016.

On October 17, 2014, the Company received a subsidy of RMB46.2 million ($7.1 million) pursuant to an agreement with the Management Committee dated July 2, 2013 for costs of land use rights and to be used to construct the new manufacturing site in Dalian. Part of the facilities had been completed and commenced to operate in July 2015 and the Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon. The Company expects that the remaining facilities will be completed and put into operation by June 2016. For the three months ended December 31, 2014 and 2015, the Company offset government grants of nil and $45,135 against depreciation expenses of the Dalian facilities, respectively.

15.

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities

(a)

Income taxes in the condensed consolidated statements of comprehensive loss(income)

The Company’s provision for income taxes consisted of:

		Three months ended December 31,
		2014		2015
PRC income tax:
Current	$	-	$	-
Deferred		5,845,066		72,067
	$	5,845,066	$	72,067

United States Tax

China BAK is subject to a statutory tax rate of 35% under United States of America tax law. No provision for income taxes in the United States or elsewhere has been made as China BAK had no taxable income for the three months ended December 31, 2014 and 2015.

Hong Kong Tax

BAK Asia is subject to Hong Kong profits tax rate of 16.5% and did not have any assessable profits arising in or derived from Hong Kong for the three months ended December 31, 2014 and 2015 and accordingly no provision for Hong Kong profits tax was made in these periods.

PRC Tax

The Company’s subsidiaries in China are subject to enterprise income tax at 25% for the three months ended December 31, 2014 and 2015.

F-20

15.

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (continued)

(a)

Income taxes in the condensed consolidated statements of comprehensive loss(income)(continued)

A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company's income taxes is as follows:

		Three months ended December 31,
		2014			2015
Profit (loss) before income tax	$	23,233,659		$	(2,060,606	)
United States federal corporate income tax rate		35%			35%
Income tax computed at United States statutory corporate income tax rate		8,131,781			(721,212	)
Reconciling items:
Valuation allowance on deferred tax assets		675			499,600
Rate differential for PRC earnings		(2,339,961	)		163,796
Non-deductible expenses		58,084			14,786
Share based payments		-			130,712
Others		(5,513	)		(15,615	)
Income tax expenses	$	5,845,066		$	72,067


	(b)	Deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of September 30 and December 31, 2015 are presented below:

		September 30,			December 31,
		2015			2015
Deferred tax assets
Trade accounts receivable	$	32,979		$	43,810
Inventories		54,127			87,930
Property, plant and equipment		5,976			5,848
Valuation allowance		(49,907	)		(137,588	)
Deferred tax assets, current portion	$	43,175		$	-

Net operating loss carried forward		12,470,938			12,880,407
Valuation allowance		(12,470,938	)		(12,880,407	)
Deferred tax assets, non-current	$	-		$	-

Deferred tax liabilities, non-current
Property, plant and equipment	$	142,650		$	139,602

F-21

15.

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (continued)

As of September 30, 2015 and December 31, 2015, the Company’s U.S. entity had net operating loss carry forwards of $35,318,443, of which $102,293 was available to reduce future taxable income which will expire in various years through 2035 and $35,216,150 was available to offset capital gains recognized through 2020 and the Company’s PRC subsidiaries had net operating loss carry forwards of $437,933 and $2,075,807, respectively, which will expire in various years through 2020. Management believes it is more likely than not that the Company will not realize these potential tax benefits as these operations will not generate any operating profits in the foreseeable future. As a result, a valuation allowance was provided against the full amount of the potential tax benefits.

The Company did not provide for deferred income taxes and foreign withholding taxes on the cumulative undistributed earnings of foreign subsidiaries as of September 30, 2015 and December 31, 2015 of approximately of $14.2 million and $12.5 million, respectively. The cumulative undistributed earnings of foreign subsidiaries were included in accumulated deficit and will continue to be indefinitely reinvested in international operations. Accordingly, no provision has been made for U.S. deferred taxes or applicable withholding taxes, related to future repatriation of these earnings, nor is it practicable to estimate the amount of income taxes that would have to be provided if management concluded that such earnings will be remitted in the future.

As of September 30, 2015 and December 31, 2015, the Company had no material unrecognized tax benefits which would favorably affect the effective income tax rates in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the three months ended December 31, 2014 and 2015, and no provision for interest and penalties is deemed necessary as of September 30, 2015 and December 31, 2015.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.

F-22

16.

Share-based Compensation

(i)

Options

The Company grants share options to officers and employees and restricted shares of common stock to its non-employee directors as rewards for their services.

Stock Option Plan

In May 2005, the Board of Directors adopted the China BAK Battery, Inc. 2005 Stock Option Plan (the “Plan”). The Plan originally authorized the issuance of up to 800,000 shares of the Company’s common stock, pursuant to stock options granted under the Plan, or as grants of restricted stock. The exercise price of options granted pursuant to the Plan must be at least equal to the fair market value of the Company’s common stock at the date of the grant. Fair market value is determined at the discretion of the designated committee on the basis of reported sales prices for the Company’s common stock over a ten-business-day period ending on the grant date. The Plan will terminate on May 16, 2055. On July 28, 2008, the Company’s stockholders approved certain amendments to the Plan, including an amendment increasing the total number of shares available for issuance under the Plan to 1,600,000. On June 17, 2015, the Company’s stockholders approved an amendment to Section 1.7 of the Plan that if an option terminates without being wholly exercised, new options or restricted stock may be granted hereunder covering the number of shares to which such option termination relates. Section 1.7 of the Plan currently provides that only new options may be granted in this case.

On June 22, 2009, the Compensation Committee of the Company’s Board of Directors recommended and approved the grant of options to purchase 385,640 shares of the Company’s common stock to certain key employees, officers and consultants with an exercise price of $14.05 per share and a contractual life of 7 years. In accordance with the vesting provisions of the grants, the options will become vested and exercisable over five years in twenty equal quarterly installments on the first day of each fiscal quarter beginning on October 1, 2009.

A summary of share option plan activity for these options as of September 30, 2015 and December 31, 2015 is presented below:

			Weighted
			average	Weighted average		Aggregate
	Number of		exercise price	remaining		intrinsic
	shares		per share	contractual term		value ⁽¹⁾
Outstanding as of October 1, 2015	4,200	$	14.05	0.7 years
Exercised	-
Cancelled	-
Forfeited	-

Outstanding as of December 31, 2015	4,200	$	14.05	0.45 years	$	-

Exercisable as of December 31, 2015	4,200	$	14.05	0.45 years	$	-

⁽¹⁾

The intrinsic values of option at December 31, 2015 was zero since the share market value of common stock of $ 2.81 was lower than the exercise price of the option of $14.05 per share.

As of September 30 and December 31, 2015, there were no unrecognized compensation costs related to the above non-vested share options.

F-23

16.

Share-based Compensation (continued)

(ii)

Restricted Shares

Restricted shares granted on June 22, 2009

Pursuant to the Plan and in accordance with the China BAK Battery, Inc. Compensation Plan for Non-Employee Directors, the Compensation Committee of the Company’s Board of Directors recommended and approved the grant of 100,000 restricted shares to the Chief Executive Officer, Mr. Xiangqian Li with a fair value of $14.05 per share on June 22, 2009. In accordance with the vesting schedule of the grant, the restricted shares will vest in twenty equal quarterly installments on the first day of each fiscal quarter beginning on October 1, 2009.

As of September 30 and December 31, 2015, there was no unrecognized stock-based compensation associated with the restricted shares granted to Mr. Xiangqian Li on June 22, 2009.

Restricted shares granted on June 30, 2015

On June 12, 2015, the Board of Director approved the China BAK Battery, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) for Employees, Directors and Consultants of the Company and its Affiliates. The maximum aggregate number of Shares that may be issued under the Plan is ten million (10,000,000) Shares.

On June 30, 2015, pursuant to the 2015 Plan, the Compensation Committee of the Company’s Board of Directors granted an aggregate of 690,000 restricted shares of the Company’s common stock, par value $0.001, to certain employees, officers and directors of the Company with a fair value of $3.24 per share on June 30, 2015. In accordance with the vesting schedule of the grant, the restricted shares will vest in twelve equal quarterly installments on the last day of each fiscal quarter beginning on June 30, 2015 (i.e. last vesting period: quarter ended March 31, 2018).

The Company recorded non-cash share-based compensation expense of $373,464 for the three months ended December 31, 2015, in respect of the restricted shares granted on June 30, 2015, of which $305,807, $43,300 and $24,357 were allocated to general and administrative expenses, research and development expenses and sales and marketing expenses, respectively. As of December 31, 2015, 172,500 shares were vested and to be issued to the Company’s employees and directors, and there was unrecognized stock-based compensation of $1,111,969 associated with the above restricted shares. As of December 31, 2015, 89,165 vested shares were issued.

As the Company itself is an investment holding company which is not expected to generate operating profits to realize the tax benefits arising from its net operating loss carried forward, no income tax benefits were recognized for such stock-based compensation cost under the stock option plan for the three months ended December 31, 2014 and 2015.

F-24

17.

(Loss) Earnings Per Share

The following is the calculation of (loss) earnings per share:

		Three months ended December 31,
		2014		2015
Net profit (loss)	$	17,388,593	$	(2,132,673	)

Weighted average shares used in basic and diluted computation (note)		12,719,597		17,171,953

Profit (loss) per share	$	1.37	$	(0.12	)

Note:

Including nil and 83,335 vested restricted shares granted pursuant to the 2015 Plan not yet issued as of December 31, 2014 and 2015, respectively.

For the three months ended December 31, 2014 and 2015, the outstanding 4,200 stock options were anti-dilutive and excluded from diluted earnings per share.

For the three months ended December 31, 2015, the outstanding 517,500 unvested restricted shares were anti-dilutive and excluded from diluted loss per share.

18.

Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:

	•	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	•	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
	•	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, pledged deposits, trade accounts and bills receivable, other receivables, balances with former subsidiaries, trade and bills payables, short-term loans and other payables approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.

F-25

19.

Commitments and Contingencies

(i)

Capital Commitments

As of September 30, 2015 and December 31, 2015, the Company had the following contracted capital commitments:

		September 30,		December 31,
		2015		2015
For construction of buildings	$	1,819,977	$	1,781,856
For purchases of equipment		68,718		67,250
Capital injection to Dalian BAK Power and Dalian BAK Trading^Note		15,553,656		15,553,656
	$	17,442,351	$	17,402,762

Note

Initially, BAK Asia was required to pay the remaining capital within two years, of the date of issuance of the subsidiary’s business license according to PRC registration capital management rules. According to the revised PRC Companies Law which became effective on March 2014, the time requirement of the registered capital contribution has been abolished. As such, BAK Asia has its discretion to consider the timing of the registered capital contributions.

(ii)

Litigation

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these, or other matters, may arise from time to time that may harm our business. Other than the legal proceeding set forth below, the Company is currently not aware of any such legal proceedings or claims that the Company believe will have an adverse effect on our business, financial condition or operating results.

An individual named Steven R. Ruth filed suit against China BAK Battery, Inc. in United States District Court for the Western District of Texas in 2013 alleging breach of contract. The Company did not receive notice of this lawsuit and the plaintiff sought a default judgment, which the court granted in January 2014. Accordingly, the court entered judgment in favor of Mr. Ruth in the amount of $553,774 inclusive of costs and attorneys’ fees (the “First Judgment”).

Subsequent to the entry of the First Judgment, Mr. Ruth has made efforts to have the judgment enforced in Canada. On September 19, 2014, Mr. Ruth also filed a second complaint in the United States District Court for the Western District of Texas. On November 12, 2014, a second default judgment was entered against the Company in the amount of $553,774 for the First Judgment plus an additional $7,550 in attorneys’ fees. The second judgment is inclusive of the amounts ordered in the First Judgment. BAK International thereafter agreed to indemnify the Company from any expenses, losses and damages that were incurred and will be incurred by the Company due to the lawsuit filed by Mr. Ruth.

F-26

20.

Concentrations and Credit Risk

(a)

Concentrations

The Company had two and three customers that individually comprised 10% or more of net revenue for the three months ended December 31, 2014 and 2015, respectively, as follows:

			Three months ended December 31,
		2014				2015
Shandong Tangjun Electric Co., Ltd	$	*	*		$	2,436,471	44.29%
Pingxiang Anyuan Tourist Bus Co., Ltd		*	*			1,202,286	21.86%
Sichuan Pisen Electronics Co., Ltd		1,440,041	46.77%	*		947,653	17.23%
Guangdong Pisen Electronics Co., Ltd.		1,379,626	44.81%	*		*	*

* Comprised less than 10% of net revenue for the respective period.

The Company had two and three customers that individually comprised 10% or more of accounts receivable as of September 30, 2015 and December 31, 2015, respectively, as follows:

		September 30,			December 31,
		2015			2015
Shandong Tangjun Electric Co., Ltd	$	*	*	$	2,113,022	44.52%
Pingxiang Anyuan Tourist Bus Co., Ltd		*	*		1,306,657	27.53%
Sichuan Pisen Electronics Co., Ltd.		3,146,177	65.93%		553,255	11.66%
Guangdong Pisen Electronics Co., Ltd.		763,738	16.01%		*	*

* Comprised less than 10% of accounts receivable for the respective period.

For the three months ended December 31, 2014 and 2015, the Company purchased inventories of $1.7 million and $3.0 million from BAK Tianjin and nil and $5,344 from Shenzhen BAK, respectively. Also, the Company generated revenue of nil and $0.3 million from BAK Tianjin and $21,442 and $0.6 million from Shenzhen BAK for the three months ended December 31, 2014 and 2015, respectively.

(b)

Credit Risk

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of September 30, 2015 and December 31, 2015, substantially all of the Company’s cash and cash equivalents and pledged deposits were held by major financial institutions located in the PRC, which management believes are of high credit quality.

For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management’s expectations.

F-27

21.

Segment Information

The Company engages in one business segment, the manufacture, commercialization and distribution of a wide variety of standard and customized rechargeable batteries for use in a wide array of applications. The Company used to manufacture five types of Li-ion rechargeable batteries: aluminum-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company’s products were sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. After the disposal of BAK International, the Company focused on producing high-power lithium battery cells. Net revenues for the three months ended December 31, 2014 and 2015 were as follows:

Net revenues by product:

		Three months ended December 31,
		2014		2015
High power lithium batteries used in:
Electric vehicles	$	-	$	3,664,924
Light electric vehicles		-		91,724
Uninterruptable power supplies		3,079,107		1,743,941
	$	3,079,107	$	5,500,589

Net revenues by geographic area:

		Three months ended December 31,
		2014		2015
PRC Mainland	$	3,079,107	$	5,390,127
PRC Taiwan		-		109,468
Others		-		994
	$	3,079,107	$	5,500,589

Substantially all of the Company’s long-lived assets are located in the PRC.

F-28

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following management’s discussion and analysis should be read in conjunction with our financial statements and the notes thereto and the other financial information appearing elsewhere in this report. Our financial statements are prepared in U.S. dollars and in accordance with U.S. GAAP.

Special Note Regarding Forward Looking Statements

In addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We use words such as “believe,” “expect,” “anticipate,” “project,” “target,” “plan,” “optimistic,” “intend,” “aim,” “will” or similar expressions which are intended to identify forward-looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those identified in Item 1A, “Risk Factors” described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements.

Readers are urged to carefully review and consider the various disclosures made by us in this report and our other filings with the SEC. These reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of operations and prospects. The forward-looking statements made in this report speak only as of the date hereof and we disclaim any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations or future events.

Use of Terms

Except as otherwise indicated by the context and for the purposes of this report only, references in this report to:

	•	“Company”, “we”, “us” and “our” are to the combined business of China BAK Battery, Inc., a Nevada corporation, and its consolidated subsidiaries;

	•	“BAK Asia” are to our Hong Kong subsidiary, China BAK Asia Holdings Limited;

	•	“Dalian BAK Trading” are to our PRC subsidiary, Dalian BAK Trading Co., Ltd.;

	•	“Dalian BAK Power” are to our PRC subsidiary, Dalian BAK Power Battery Co., Ltd;

	•	“China” and “PRC” are to the People’s Republic of China;

	•	“RMB” are to Renminbi, the legal currency of China;

	•	“U.S. dollar”, “$” and “US$” are to the legal currency of the United States;

	•	“SEC” are to the United States Securities and Exchange Commission;

	•	“Securities Act” are to the Securities Act of 1933, as amended; and

	•	“Exchange Act” are to the Securities Exchange Act of 1934, as amended.

Overview

Our Dalian manufacturing facilities began partial commercial operations in July 2015. As a result, we are engaged in the business of developing, manufacturing and selling new energy high power lithium batteries, which are mainly used in the following applications:

	•	Electric vehicles (“EV”), such as electric cars, electric buses, hybrid electric cars and buses;
	•	Light electric vehicles (“LEV”), such as electric bicycles, electric motors, sight-seeing cars; and
	•	Electric tools, energy storage, uninterruptible power supply, and other high power applications.

We have completed the construction of a power battery manufacturing plant and a power battery packing plant pf our Dalian facilities which started commercial production in July 2015. We have received most of the operating assets, including customers, employees, patents and technologies of our former subsidiary, BAK International (Tianjin) Ltd. (“BAK Tianjin”). Such assets were acquired in exchange for a reduction in receivables from our former subsidiaries that were disposed in June 2014. We have outsourced and will continue to outsource our production to BAK Tianjin or other manufacturers until our Dalian manufacturing facility can fulfill our customers’ needs. For the three months ended December 31, 2015, Dalian BAK Power purchased batteries of approximately of $3.0 million from BAK Tianjin.

We generated revenues of $5.5 million and $3.1 million for the three months ended December 31, 2015 and 2014, respectively. During the three months ended December 31, 2015, we recorded a net loss of $2.1 million while during the same period in 2014, we recorded a net profit of $17.4 million, including a one-time government subsidy of $23.4 million to finance the projected operating loss incurred during the move and construction of our new facilities in Dalian. As of December 31, 2015, we had an accumulated deficit of $129.3 million and net assets of $19.4 million. We had a working capital deficiency and accumulated deficit from recurring net losses in prior years and short-term debt obligations maturing in less than one year as of December 31, 2015.

As of December 31, 2015, we received banking facilities from Bank of Dandong to provide a maximum loan amount of $12.3 million and bank acceptance and letters of credit of $5.3 million to June 2016. The banking facilities were guaranteed by Shenzhen BAK Battery Co., Ltd., our former subsidiary (“Shenzhen BAK”), Mr. Xiangqian Li (“Mr. Li”), our CEO, and Ms. Xiaoqiu Yu, Mr Li’s wife. The facilities were also secured by our Dalian site’s prepaid land use rights, buildings, construction in progress, machinery and equipment and pledged deposits. Under the banking facilities, on June 25, 2015 we borrowed a one-year term bank loan of RMB50 million (approximately $7.7 million), bearing fixed interest at 7.84% per annum. On August 18, 2015, we borrowed a new one-year term loan of RMB30 million ($4.6 million) bearing fixed interest at 7.84% per annum. As of December 31, 2015, we had unutilized committed banking facilities of $0.8 million. We plan to renew these loans upon maturity, and intend to raise additional funds through bank borrowings and equity financing in the future to meet our daily cash demands, if required.

In the meanwhile, due to the growing environmental pollution problem, the Chinese government is currently providing vigorous support to the new energy facilities and vehicles. It is expected that we will be able to secure more potential orders from the new energy market, especially from the electric car market. We believe with that the booming market demand in high power lithium ion products, we can continue as a going concern and return to profitability.

First Quarter Financial Performance Highlights

The following are some financial highlights for the first quarter of our fiscal year 2016:

	•	*Net revenues*: Net revenues increased by $2.4 million, or 78.7%, to $5.5 million for the three months ended December 31, 2015, from $3.1 million for the same period in 2014.

	•	*Gross (loss) profit*: Gross loss was $0.2 million, representing a decrease of $0.6 million, for the three months ended December 31, 2015, from gross profit of $0.4 million for the same period in 2014.

	•	*Operating loss*: Operating loss was $ 2.1 million for the three months ended December 31, 2015, reflecting an increase of $2.0 million from an operating loss of $0.1 million for the same period in 2014.

	•	*Net (loss) profit :*Net loss was $2.1 million for the three months ended December 31, 2015, as compared to a net profit of $17.4 million for the same period in 2014.

	•	*Fully diluted (loss) earnings per share*: Fully diluted loss per share was $ 0.12 for the three months ended December 31, 2015, as compared to fully diluted earnings per share of $1.37 for the same period in 2014.

Financial Statement Presentation

Net revenues. Our net revenues represent the invoiced value of our products sold, net of value added taxes, or VAT, sales returns, trade discounts and allowances. We are subject to VAT, which is levied on most of our products at the rate of 17% on the invoiced value of our products. Provision for sales returns are recorded as a reduction of revenue in the same period that revenue is recognized. The provision for sales returns represents our best estimate of the amount of goods that will be returned from our customers based on historical sales return data.

Pursuant to the Provisional Regulation of China on Value Added Tax and its implementing rules, all entities and individuals that are engaged in the sale of goods, the provision of repairs and replacement services and the importation of goods in China are generally required to pay VAT at a rate of 17% of the gross sales proceeds received, less any deductible VAT already paid or borne by the taxpayer. Further, when exporting goods, the exporter is entitled to some or all of the refund of VAT that it has already paid or borne. Our imported raw materials that are used for manufacturing exported products and deposited in bonded warehouses are exempt from import VAT.

Cost of revenues. Cost of revenues consists primarily of material costs, employee remuneration for staff engaged in production activity, share-based compensation, depreciation and related expenses that are directly attributable to the production of products. Cost of revenues also includes write-downs of inventory to lower of cost or market. Cost of revenues from the sales of battery packs includes the fees we pay to pack manufacturers for assembling our prismatic cells into battery packs.

Research and development expenses. Research and development expenses primarily consist of remuneration for R&D staff, share-based compensation, depreciation and maintenance expenses relating to R&D equipment, and R&D material costs. For the three months ended December 31, 3014 and 2015, we recorded research and development expenses of $52,034 and $747,537, respectively.

Sales and marketing expenses. Sales and marketing expenses consist primarily of remuneration for staff involved in selling and marketing efforts, including staff engaged in the packaging of goods for shipment, advertising cost, depreciation, share-based compensation, warranty expenses and travel and entertainment expenses. We do not pay slotting fees to retail companies for displaying our products, engage in cooperative advertising programs, participate in buy-down programs or similar arrangements.

General and administrative expenses. General and administrative expenses consist primarily of employee remuneration, share-based compensation, professional fees, insurance, benefits, general office expenses, depreciation, liquidated damage charges and bad debt expenses.

Government grant income. We present the government subsidies received as income unless the subsidies received are earmarked to compensate a specific expense, which have been accounted for by offsetting the specific expense, such as research and development expense, interest expenses, removal costs and depreciation. Unearned government subsidies received are deferred for recognition until the criteria for such recognition could be met. Grants applicable to land are amortized over the life of the depreciable facilities constructed on it. For research and development expenses, we match and offset the government grants with the expenses of the research and development activities as specified in the grant approval document in the corresponding period when such expenses are incurred.

Finance costs, net. Finance costs consist primarily of interest income and interest on bank loans, net of capitalized interest.

Income tax expenses. Our subsidiaries in the PRC are subject to income tax at a rate of 25%. Our Hong Kong subsidiary BAK Asia is subject to profits tax at a rate of 16.5% . However, because we did not have any assessable income derived from or arising in the region, the entity had not paid any such tax.

Results of Operations

Comparison of Three Months Ended December 31, 2015 and 2014

The following tables set forth key components of our results of operations for the periods indicated, both in dollars and the percentage of change.

(All amounts, other than percentages, in thousands of U.S. dollars)

		Three months ended December 31,						Change
		2014			2015		$			%
Net revenues	$	3,079		$	5,501		$	2,422		78.7
Cost of revenues		(2,672	)		(5,659	)		(2,987	)	111.8
Gross profit		407			(158	)		(565	)	(138.8	)
Operating expenses:
Research and development expenses		52			748			696		1,338.5
Sales and marketing expenses		19			170			151		794.7
General and administrative expenses		482			1,030			548		113.7
Total operating expenses		553			1,948			1,395		252.3
Operating loss		(146	)		(2,106	)		(1,960	)	1,342.5
Finance costs, net		-			2			2		100.0
Government grant income		23,380			-			(23,380	)	(100.0	)
Other income		-			43			43		100.0
(Loss) profit before income tax		23,234			(2,061	)		(25,295	)	(108.9	)
Income tax expenses		(5,845	)		(72	)		5,773		(98.8	)
Net (loss) profit	$	17,389		$	(2,133	)	$	(19,522	)	(112.3	)

Net revenues. Net revenues were $5.5 million for the three months ended December 31, 2015, as compared to $3.1 million for the same period in 2014, representing an increase of $2.4 million, or 78.7%. We started to ship electric vehicle batteries to our customers this quarter after we commenced product manufacturing in our Dalian plant.

The following table sets forth the breakdown of our net revenues by end-product applications derived from high-power lithium batteries for the three months ended December 31, 2014 and 2015

(All amounts in thousands of U.S. dollars other than percentages)

		Three months ended December 31,
		2014		2015
Electric vehicles	$	-	$	3,665
Light electric vehicles		-		92
Uninterruptable power supplies		3,079		1,744
	$	3,079	$	5,501

Net revenues from sales of batteries for electric vehicles was $3.7 million in the three months ended December 31, 2015, compared to nil in the same period of 2014. We started producing batteries for electric vehicles in our Dalian facilities at the end of fiscal year 2015.

Net revenues from sales of batteries for light electric vehicles was $0.09 million in the three months ended December 31, 2015, compared to nil in the same period of 2014.

Net revenues from sales of batteries for uninterruptable power supplies was $1.7 million in the three months ended December 31, 2015, as compared with $3.1 million in the same period in 2014, representing a decrease of $1.4 million, or 43.4% . This change resulted from a decrease of 44.1% in average selling price mainly because we sold batteries with lower capacity in this quarter compared with the same period last year.

Cost of revenues. Cost of revenues increased to $5.7 million for the three ended December 31, 2015, as compared to $2.7 million for period in 2014, an increase of $2.9 million, or 111.8% . Included in cost of revenues were write down of obsolete inventories of $0.1 million for three months ended December 31, 2015, while it was nil for the same period in 2014. We write down the inventory value whenever there is an indication that it is impaired. However, further write-downs may be necessary if market conditions continue to deteriorate.

Gross(loss) profit. Gross loss for the three months ended December 31, 2015 was $0.2 million, or 2.9% of net revenues as compared to a gross profit of $0.4 million, or 13.2% of net revenues, for the same period in 2014. Our new Dalian facilities commenced manufacturing activities in July 2015. Inefficiency was inevitably caused by the operation of the newly installed machinery and newly hired production staff. As a result, we incurred a gross loss in the first quarter of fiscal 2016.

Research and development expenses. Research and development expenses increased to $0.7 million for the three months ended December 31, 2015, as compared to $52,034 for the same period in 2014, an increase of approximately $0.7 million, or 1,338.5% . This increase was mainly because we have not started commercial operations in our Dalian site in the three months ended December 31, 2014. The research and development expenses in the three months ended December 31, 2015 was mainly comprised of $0.5 million of material expenses and $0.13 million of salary and wages paid to our research and development staff.

Sales and marketing expenses. Sales and marketing expenses increased to $0.2 million for the three months ended December 31, 2015, as compared to $19,348 for the same period in 2014, an increase of approximately $0.2 million, or 794.7%, primarily due to the provision for warranty expenses of $0.06 million according to our after sale service maintenance policy on electric vehicle battery products. We also expanded our sales team at our Dalian facilities in October 2015. As of December 31, 2015, we had a sales team with 16 employees in Dalian. The salary and wages incurred was $0.05 million in the three months ended December 31, 2015.

General and administrative expenses. General and administrative expenses increased to $1.0 million, or 18.7% of revenues, for the three months ended December 31, 2015, as compared to $0.5 million, or 15.7% of revenues, for the same period in 2014, representing an increase of $0.5 million, or 113.7%. The primary reason for the increase was because we expanded our administration and management teams after we commenced our commercial operations in Dalian.

Operating loss. As a result of the above, our operating loss totaled $2.1 million for the three months ended December 31, 2015, as compared to $0.1 million for the same period in 2014, an increase of $2.0 million, or 1,342.5% .

Government grant income. Government grant income was nil for the three months ended December 31, 2015, as compared to $23.4 million for the same period last year. This was mainly due to the fact that we received government subsidy of $23.4 million to finance the projected operating loss incurred during the move and construction of our new facilities in Dalian in October 2014. We did not receive government grant in 2015.

Income tax expense. Income tax expense was $72,067 for the three months ended December 31, 2015 which was the valuation allowance on deferred tax assets, as compared to $5.8 million for the same period in 2014 due to the deferred tax impact of the government subsidies recognized.

Net (loss) profit. As a result of the foregoing, we had a net loss of $2.1 million for the three months ended December 31, 2015, compared to a net profit of $17.4 million for the three months ended December 31, 2014.

Liquidity and Capital Resources

We have financed our liquidity requirements from short-term bank loans and bills payable under bank credit agreements and issuance of capital stock.

As of December 31, 2015, we had cash and cash equivalents of $0.08 million. Our total current assets were $20.0 million and our total current liabilities were $37.9 million, resulting in a net working capital deficiency of $17.9 million. These factors raise substantial doubts about our ability to continue as a going concern.

As of December 31, 2015, we obtained the banking facilities from Bank of Dandong to provide a maximum loan amount of $12.3 million and bank acceptance and letters of credit of $5.3 million to June 2016. The banking facilities were guaranteed by Shenzhen BAK, Mr. Xianqian Li, our Chairman and Chief Executive Officer, and Ms. Xiaoqiu Yu, Mr Li’s wife. The facilities were also secured by our Dalian facilities’ prepaid land use rights, buildings, construction in progress, machinery and equipment and pledged deposits. On June 25, 2015 we borrowed a one-year term bank loan of RMB50 million (approximately $7.7 million), bearing fixed interest at 7.84% per annum under the banking facilities. On August 18, 2015, we borrowed a new one-year term loan of RMB30 million ($4.6 million) bearing fixed interest at 7.84% per annum. As of December 31, 2015, we had unutilized committed banking facilities of $0.8 million. We may require additional cash to complete the construction of the new Dalian manufacturing facilities. We may also require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. We plan to renew these loans upon maturity, and plan to raise additional funds through bank borrowings and equity financing in the future to meet our daily cash demands, if required. However, there can be no assurance that we will be successful in obtaining this financing. If our existing cash and bank borrowing are insufficient to meet our requirements, we may seek to sell equity securities, debt securities or borrow from lending institutions. We can make no assurance that financing will be available in the amounts we need or on terms acceptable to us, if at all. The sale of equity securities, including convertible debt securities, would dilute the interests of our current shareholders. The incurrence of debt would divert cash for working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that restrict our operations and our ability to pay dividends to our shareholders. If we are unable to obtain additional equity or debt financing as required, our business operations and prospects may suffer.

In the meanwhile, due to the growing environmental pollution problem, the Chinese government is currently providing vigorous support to the new energy facilities and vehicles. It is expected that we will be able to secure more potential orders from the new energy market, especially from the electric car market. We believe with that the booming future market demand in high power lithium ion products, we can continue as a going concern and return to profitability.

The following table sets forth a summary of our cash flows for the periods indicated:

(All amounts in thousands of U.S. dollars)

		Three Months Ended December 31,
		2014			2015
Net cash used in operating activities	$	(567	)	$	(1,334	)
Net cash provided by (used in) investing activities		4,059			(5,204	)
Net cash used in financing activities		(4,451	)		-
Effect of exchange rate changes on cash and cash equivalents		3			(144	)
Net decrease in cash and cash equivalents		(956	)		(6,682	)
Cash and cash equivalents at the beginning of period		991			6,763
Cash and cash equivalents at the end of period	$	35		$	81

Operating Activities

Net cash used in operating activities was $1.3 million in the three months ended December 31, 2015, as compared to net cash used in operating activities of $0.6 million in the same period in 2014. The net cash used in operating activities in the three months ended December 31, 2015 was mainly attributable to our net loss of $2.1 million, increase in inventories of $1.6 million and net payments to former subsidiaries of $3.3 million, offset partially by an increase in trade accounts and bills payable of $5.2 million.

Investing Activities

Net cash used in investing activities was $5.2 million for the three months ended December 31, 2015, as compared to net cash provided by investing activities of $4.1 million in the same period of 2014. The net cash used in investing activities in the three months ended December 31, 2015 was mainly comprised of an increase of $0.6 million in pledged deposits for bills payables and a cash payment of $4.6 million to construct the Dalian facilities, including construction and purchase of equipment. The net cash provided by investing activities for the three months ended December 31, 2014 was mainly attributable to a $7.4 million government grant received in October 2014.

Financing Activities

Net cash provided by financing activities was nil in the three months ended December 31, 2015, compared to net cash used in financing activities of $4.5 million during the same period in 2014. We repaid $4.7 million short term advances to unrelated parties in 2014.

As of December 31, 2015, the principal amounts outstanding under our credit facilities and lines of credit were as follows:

(All amounts in thousands of U.S. dollars)

		Maximum amount available		Amount borrowed
Short term credit facilities:
Bank of Dandong	$	17,613	$	16,765

On June 22, 2015, our subsidiary, Dalian BAK Power entered into a banking facility letter with Bank of Dandong to provide a maximum loan amount of $12.3 million (RMB80 million) and bank acceptance and letters of credit of $5.0 million (RMB34.4 million) with a term expiring on June 22, 2016. The banking facilities were guaranteed by Shenzhen BAK, Mr. Li and Ms. Xiaoqiu Yu, Mr. Li’s wife. The facilities were also secured by our Dalian site’s buildings, constructions in progress, land use rights and machinery and equipment and pledged deposits. We are required to place 50% and 20% bank deposits prior to issuance of bills payable and letters of credit, respectively. In September 2015, we applied to Bank of Dandong to revise the bank acceptance facilities of $6.2 million (RMB40 million) into $3.1 million (RMB20 million) bank acceptance and $1.9 million (RMB12 million) letter of credit. During the first quarter of fiscal 2016, the Company applied to Bank of Dandong to revise the bank acceptance into $4.0 million (RMB26 million) and letter of credit of $1.3 million (RMB8.4 million). Loans of $12.3 million (RMB80 million) and bills payable of $3.7 million (RMB24.3 million) were outstanding as of December 31, 2015. We have unutilized committed banking facilities of $0.8 million.

Capital Expenditures

We incurred capital expenditures of $4.6 million and $3.4 million in the three months ended December 31, 2015 and 2014, respectively. Our capital expenditures in the first quarter of fiscal 2016 were used primarily to construct our manufacturing facilities in Dalian.

We estimate that our total capital expenditures for the remainder of fiscal year 2016 will reach approximately $32.6 million. Such funds will be used to construct new plants and expand new automatic manufacturing lines to fulfill our customer demands.

Contractual Obligations and Commercial Commitments

The following table sets forth our contractual obligations and commercial commitments as of December 31, 2015:

(All amounts in thousands of U.S. dollars)

		Payments Due by Period
						1 - 3				More than 5
		Total		Less than 1 year		years		3 - 5 years		years
Contractual Obligations
Short-term bank loans	$	12,317	$	12,317	$	-	$	-	$	-
Bills payables		3,744		3,744
Advance from a former subsidiary		1,285		1,285
Advance from related parties		106		106
Advances from an unrelated third party		77		77		-		-		-
Capital injection to Dalian Power and Trading		15,554		15,554		-		-		-
Capital commitments for construction of buildings		1,782		1,782		-		-		-
Capital commitments for purchase of equipment		67		67		-		-		-
Future interest payment on short-term bank loans		455		455		-		-		-
Total	$	35,387	$	35,387	$	-	$	-	$	-

Other than the contractual obligations and commercial commitments set forth above, we did not have any other long-term debt obligations, operating lease obligations, capital commitments, purchase obligations or other long-term liabilities as of December 31, 2015.

Off-Balance Sheet Transactions

We have not entered into any transactions, agreements or other contractual arrangements to which an entity unconsolidated with us is a party and under which we have (i) any obligation under a guarantee, (ii) any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity, (iii) any obligation under derivative instruments that are indexed to our shares and classified as shareholders’ equity in our consolidated balance sheets, or (iv) any obligation arising out of a variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

Critical Accounting Policies

Our condensed consolidated financial information has been prepared in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions that affect (1) the reported amounts of our assets and liabilities, (2) the disclosure of our contingent assets and liabilities at the end of each fiscal period and (3) the reported amounts of revenues and expenses during each fiscal period. We continually evaluate these estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and reasonable assumptions, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application. There have been no material changes to the critical accounting policies previously disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015.

Changes in Accounting Standards

Please refer to note 1 to our condensed consolidated financial statements, “Principal Activities, Basis of Presentation and Organization –Recently Issued Accounting Standards,” for a discussion of relevant pronouncements.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 4.

CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, our management has carried out an evaluation, with the participation and under the supervision of our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2015. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our chief executive officer and interim chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating and implementing possible controls and procedures.

Management conducted its evaluation of disclosure controls and procedures under the supervision of our chief executive officer and our interim chief financial officer. Based upon, and as of the date of this evaluation, our Chief Executive Officer and Interim Chief Financial Officer concluded that our disclosure controls and procedures were ineffective as of December 31, 2015.

As we disclosed in our Annual Report on Form 10-K filed with the SEC on January 13, 2016, during our assessment of the effectiveness of internal control over financial reporting as of September 30, 2015, management identified the following material weakness in our internal control over financial reporting:

•	We did not have appropriate policies and procedures in place to evaluate the proper accounting and disclosures of key documents and agreements.

•	We do not have sufficient and skilled accounting personnel with an appropriate level of technical accounting knowledge and experience in the application of accounting principles generally accepted in the United States commensurate with our financial reporting requirements.

In order to cure the foregoing material weakness, we have taken or are taking the following remediation measures:

•	We are in the process of hiring a permanent chief financial officer with significant U.S. GAAP and SEC reporting experience. Mr. Wenwu Wang was appointed by the Board of Directors of the Company as the Interim Chief Financial Officer on August 28, 2014.

•	We plan to make necessary changes by providing training to our financial team and our other relevant personnel on the U.S. GAAP accounting guidelines applicable to our financial reporting requirements.

We intend to complete the remediation of the material weaknesses discussed above as soon as practicable but we can give no assurance that we will be able to do so. Designing and implementing an effective disclosure controls and procedures is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to devote significant resources to maintain a financial reporting system that adequately satisfies our reporting obligations. The remedial measures that we have taken and intend to take may not fully address the material weakness that we have identified, and material weaknesses in our disclosure controls and procedures may be identified in the future. Should we discover such conditions, we intend to remediate them as soon as practicable. We are committed to taking appropriate steps for remediation, as needed.

Changes in Internal Control over Financial Reporting

Except for the matters described above, there were no changes in our internal controls over financial reporting during the first quarter of our fiscal year 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II
OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS.

From time to time, we may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these, or other matters, may arise from time to time that may harm our business. Other than the legal proceedings set forth below, we are currently not aware of any such legal proceedings or claims that we believe will have an adverse effect on our business, financial condition or operating results:

An individual named Steven R. Ruth filed suit against China BAK Battery, Inc. in United States District Court for the Western District of Texas on August 15, 2013 alleging breach of contract. China BAK Battery, Inc. did not receive notice of this lawsuit and the plaintiff sought a default judgment, which the court granted in January 2014. Accordingly, the court entered judgment in favor of Mr. Ruth in the amount of $553,774 inclusive of costs and attorneys’ fees (the “First Judgment”).

Subsequent to the entry of the First Judgment, Mr. Ruth has made efforts to have the judgment enforced in Canada. On September 19, 2014, Mr. Ruth also filed a second complaint in the United States District Court for the Western District of Texas. On November 12, 2014, a second default judgment was entered against China BAK Battery, Inc. in the amount of $553,774 for the First Judgment plus an additional $7,550 in attorneys’ fees. The second judgment is inclusive of the amounts ordered in the First Judgment. BAK International thereafter agreed to indemnify China BAK Battery, Inc. from any expenses, losses and damages that were incurred and will incur to China BAK Battery, Inc. due to the lawsuit filed by Mr. Ruth.

ITEM 1A.

RISK FACTORS.

There are no material changes from the risk factors previously disclosed in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.

MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5.

OTHER INFORMATION.

None.

ITEM 6.

EXHIBITS.

The following exhibits are filed as part of this report or incorporated by reference:

Exhibit No.		Description

31.1		Certifications of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certifications of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certifications of Principal Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certifications of Principal Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Interactive data files pursuant to Rule 405 of Regulation S-T.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: February 16, 2016

	CHINA BAK BATTERY, INC.

	By:	/s/ Xiangqian Li
		Xiangqian Li
		Chief Executive Officer

	By:	/s/ Wenwu Wang
		Wenwu Wang
		Interim Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description

31.1		Certifications of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certifications of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certifications of Principal Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certifications of Principal Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Interactive data files pursuant to Rule 405 of Regulation S-T

EX-31.1 2 exhibit31-1.htm EXHIBIT 31.1 China BAK Battery, Inc.: Exhibit 31.1 - Filed by newsfilecorp.com

EXHIBIT 31.1

CERTIFICATIONS

I, Xiangqian Li, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of China BAK Battery, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 16, 2016

/s/ Xiangqian Li
Xiangqian Li
Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 exhibit31-2.htm EXHIBIT 31.2 China BAK Battery, Inc.: Exhibit 31.2 - Filed by newsfilecorp.com

EXHIBIT 31.2

CERTIFICATIONS

I, Wenwu Wang, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of China BAK Battery, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 16, 2016

/s/ Wenwu Wang
Wenwu Wang
Interim Chief Financial Officer
(Principal Financial and Accounting Officer)

EX-32.1 4 exhibit32-1.htm EXHIBIT 32.1 China BAK Battery, Inc.: Exhibit 32.1 - Filed by newsfilecorp.com

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Xiangqian Li, the Chief Executive Officer of CHINA BAK BATTERY, INC. (the “Company”), DOES HEREBY CERTIFY that:

1. The Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2015 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

IN WITNESS WHEREOF, the undersigned has executed this statement this 16^th day of February, 2016.

	/s/ Xiangqian Li
	Xiangqian Li
	Chief Executive Officer
	(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to China BAK Battery, Inc. and will be retained by China BAK Battery, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

The forgoing certification is being furnished to the Securities and Exchange Commission pursuant to § 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2 5 exhibit32-2.htm EXHIBIT 32.2 China BAK Battery, Inc.: Exhibit 32.2 - Filed by newsfilecorp.com

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Wenwu Wang, the Interim Chief Financial Officer of CHINA BAK BATTERY, INC. (the “Company”), DOES HEREBY CERTIFY that:

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

IN WITNESS WHEREOF, the undersigned has executed this statement this 16^th day of February, 2016.

	/s/ Wenwu Wang
	Wenwu Wang
	Interim Chief Financial Officer
	(Principal Financial and Accounting Officer)

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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> <b>1.</b> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> <b>Principal Activities, Basis of Presentation and Organization</b> </p> </td> </tr> </table> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <i>Principal Activities</i> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">China BAK Battery, Inc. (“China BAK”) is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. China BAK and its subsidiaries (hereinafter, collectively referred to as the “Company”) are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion (known as "Li-ion" or "Li-ion cell") high power rechargeable batteries. Prior to the disposal of BAK International Limited (“BAK International”) and its subsidiaries (see below), the batteries produced by the Company were for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric vehicles, and general industrial applications. After the disposal of BAK International and its subsidiaries on June 30, 2014, the Company focused on the manufacture, commercialization and distribution of high power lithium ion rechargeable batteries for use in cordless power tools, light electric vehicles, hybrid electric vehicles, electric cars, electric busses, uninterruptable power supplies and other high power applications.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on The NASDAQ Global Market, and trading commenced that same date under the symbol "CBAK".</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <i>Basis of Presentation and Organization</i> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK Battery Co., Ltd (“Shenzhen BAK”), entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company. The share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the “reverse acquisition” of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among China BAK, BAK International and the shareholders of BAK International on January 20, 2005. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 1,720,087 shares of common stock for gross proceeds of $17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company (“Mr. Li”), agreed to place 435,910 shares of the Company's common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the “Escrow Agreement”). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2005 was not at least $12,000,000, and the remaining 50% was to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least $27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 435,910 shares would be released to Mr. Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Under accounting principles generally accepted in the United States of America (“US GAAP”), escrow agreements such as the one established by Mr. Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> While the 217,955 escrow shares relating to the 2005 performance threshold were previously released to Mr. Li, Mr. Li executed a further undertaking on August 21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October 22, 2007 (the “Li Settlement Agreement”), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 217,955 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders’ equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders’ equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by $7,955,358 respectively, as set out in the consolidated statements of changes in shareholders’ equity. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> In November 2007, Mr. Li delivered the 217,955 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Li regarding the shares, and Mr. Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company’s January 2005 private placement in order to achieve a complete settlement of BAK International’s obligations (and the Company’s obligations to the extent it has any) under the applicable agreements with such investors. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Beginning on March 13, 2008, the Company entered into settlement agreements (the “2008 Settlement Agreements”) with certain investors in the January 2005 private placement. Since the other investors have never submitted any claims regarding this matter, the Company did not reach any settlement with them.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company’s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of December 31, 2015 amounted to 73,749 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> Pursuant to the Li Settlement Agreement, the 2008 Settlement Agreements and upon the release of the 217,955 escrow shares relating to the fiscal year 2006 performance threshold to the relevant investors, neither Mr. Li or the Company have any obligations to the investors who participated in the Company’s January 2005 private placement relating to the escrow shares. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">As of December 31, 2015, the Company had not received any claim from the other investors who have not been covered by the “2008 Settlement Agreements” in the January 2005 private placement.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> As the Company has transferred the 217,955 shares related to the 2006 performance threshold to the relevant investors in fiscal year 2007 and we also have transferred 73,749 shares relating to the 2005 performance threshold to the investors who had entered the “2008 Settlement Agreements” with us in fiscal year 2008, pursuant to “Li Settlement Agreement” and “2008 Settlement Agreements”, neither Mr. Li nor the Company had any remaining obligations to those related investors who participated in the Company’s January 2005 private placement relating to the escrow shares. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On August 14, 2013, Dalian BAK Trading Co., Ltd (“Dalian BAK Trading”) was established as a wholly owned subsidiary of China BAK Asia Holding Limited (“BAK Asia”) with a registered capital of $500,000 (Note 19(i)). Pursuant to Dalian BAK Trading’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to Dalian BAK Trading on or before August 14, 2015. Up to the date of this report, the Company has contributed $100,000 to Dalian BAK Trading in cash. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On December 27, 2013, Dalian BAK Power Battery Co., Ltd (“Dalian BAK Power”) was established as a wholly owned subsidiary of BAK Asia with a registered capital of $30,000,000 (Note 19(i)). Pursuant to Dalian BAK Power’s articles of association and relevant PRC regulations, BAK Asia was required to contribute the capital to Dalian BAK Power on or before December 27, 2015. Up to the date of this report, the Company has contributed $14,846,344 to Dalian BAK Power through injection of a series of patents and cash of $9,846,344. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company’s condensed consolidated financial statements have been prepared under US GAAP.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">These condensed consolidated financial statements are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed consolidated financial statements, which are of a normal and recurring nature, have been included. The results reported in the condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The following (a) condensed consolidated balance sheet as of September 30, 2015, which was derived from the Company’s audited financial statements, and (b) the unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations, though the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying footnotes of the Company for the year ended September 30, 2015.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company’s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liability established in the PRC or Hong Kong. The accompanying condensed consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company's subsidiaries to present them in conformity with US GAAP.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The equity interest of BAK International and its wholly owned subsidiaries, namely Shenzhen BAK, BAK Battery (Shenzhen) Co., Ltd. (“BAK Battery”), BAK International (Tianjin) Ltd. (“BAK Tianjin”), Tianjin Chenhao Technological Development Limited (a subsidiary of BAK Tianjin established on May 8, 2014,“Tianjin Chenhao”), BAK Battery Canada Ltd. (“BAK Canada”), BAK Europe GmbH (“BAK Europe”) and BAK Telecom India Private Limited (“BAK India”) (collectively the “Disposal Group”) was disposed of effective on June 30, 2014 as a result of the foreclosure by Mr. Jinghui Wang (“Mr. Wang”), an unrelated third party, after Shenzhen BAK failed to repay the loans to Mr. Wang on March 31, 2014. The consolidated financial statements were consolidated up to the date of disposal.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">After the disposal of BAK International Limited and its subsidiaries effective on June 30, 2014, and as of September 30, 2015 and December 31, 2015, the Company’s subsidiaries consisted of: i) China BAK Asia Holdings Limited (“BAK Asia”), a wholly owned limited liability company incorporated in Hong Kong on July 9, 2013; ii) Dalian BAK Trading Co., Ltd. (“Dalian BAK Trading”), a wholly owned limited company established on August 14, 2013 in the PRC; and iii) Dalian BAK Power Battery Co., Ltd. (“Dalian BAK Power”), a wholly owned limited liability company established on December 27, 2013 in the PRC.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company continued its business and continued to generate revenues from sale of batteries via subcontracting the production to BAK Tianjin, a former subsidiary before the completion of construction and operation of its facility in Dalian. BAK Tianjin is a supplier of the Company and the Company does not have any significant benefits or liability from the operating results of BAK Tianjin except the normal risk with any major supplier.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> Pursuant to a memorandum of understanding with the buyer of the Company’s former subsidiaries dated August 20, 2014, Mr. Xiangqian Li remains as a director of BAK International, Shenzhen BAK, BAK Battery and BAK Tianjin until Shenzhen BAK’s full settlement of its bank loans of $58.6 million expiring on various dates through March 2015. Shenzhen BAK renewed the banking loans with Agricultural Bank of China of $64.6 million (RMB420 million) expiring on April 14, 2016. On May 20, 2015, BAK Asia New Energy Holding Limited (formerly known as "Asia Zhi Li New Energy Holding Limited”), the shareholder of BAK International Limited agreed to indemnify Mr. Li from any loss as a result of the default of repayment of bank loans by Shenzhen BAK. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company had a working capital deficiency, accumulated deficit from recurring net losses incurred for prior years and current period and short-term debt obligations as of September 30 and December 31, 2015. These factors raise substantial doubts about the Company’s ability to continue as a going concern.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> In June and July 2015, the Company received advances of approximately $9.8 million from the following potential investors, who are independent from the Company and independent from each other: </p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Mr. Shibin Mao</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2,227,148 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom">Mr. Dawei Li</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 1,499,967 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Mr. Ping Shen</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,499,967 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Mr. Shangdong Liu</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 1,599,968 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Ms. Lijuan Wang</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,500,000 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Mr. Jiping Zhou</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 1,520,594 </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 9,847,644 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="2%"> </td> </tr> </table> </div> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> Pursuant to the loan agreements with the investors executed on September 29, 2015, the loans were interest bearing at 20% per annum and secured by all the assets of Dalian BAK Power in China. Advances of $9,466,985 were repayable by September 30, 2015 and an advance of $380,659 was repayable by December 7, 2015. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On September 29, 2015, the Company entered into a Debt Conversion Agreement with these investors. Pursuant to the terms of the Debt Conversion Agreement, each of the creditors agreed to convert existing loan principal of $9,847,644 into an aggregate 4,376,731 shares of common stock of the Company (“the Shares”) at a conversion price of $2.25 per share. The closing price as of September 29, 2015 was $2.22, which was slightly lower than the conversion price of $2.25. There was no expense associated with the conversion. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Pursuant to supplemental agreements also executed on September 29, 2015, if the loans were converted into equity before October 30, 2015, the investors will waive their entitlements to all the interest accruing on the loans.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> Upon receipt of the Shares on October 16, 2015, the creditors released the Company from all claims, demands and other obligations relating to the Debts. The amount of $9,847,644 was classified as shares to be issued under additional paid-in capital as of September 30, 2015. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On June 22, 2015, Dalian BAK Power entered into a banking facility letter with Bank of Dandong to provide a maximum loan amount of $18.5 million (RMB120 million) to June 22, 2016. The banking facilities include $12.3 million (RMB80 million) short term loans and $6.2 million (RMB40 million) bank acceptance. The banking facilities were guaranteed by Shenzhen BAK, Mr. Li, and his wife, Ms. Xiaoqiu Yu. The facilities were also secured by Dalian BAK Power’s buildings, construction in progress, prepaid land use rights and machineries and pledged deposits. On June 25, 2015, the Company borrowed $7.7 million (RMB50 million) from Bank of Dandong for a period from June 25, 2015 to June 22, 2016, bearing fixed interest at 7.84% per annum. The Company borrowed another loan of $4.6 million (RMB30 million) with a fixed interest rate at 7.84% per annum for the period from August 18, 2015 to June 10, 2016. In September 2015, the Company applied to Bank of Dandong to revise the bank acceptance facilities of $6.2 million (RMB40 million) into $3.1 million (RMB20 million) bank acceptance and $1.9 million (RMB12 million) letter of credit. During the first quarter of fiscal 2016, the Company applied to Bank of Dandong to revise the bank acceptance into $4.0 million (RMB26 million) and letter of credit of $1.3 million (RMB8.4 million). As of December 31, 2015, the Company had unutilized committed banking facilities of $0.8 million. The Company plans to raise additional funds through bank borrowings and equity financing in the future to meet its daily cash demands if required. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">However, there can be no assurance that the Company will be successful in obtaining further financing. The Company believes that with the significant reduction of liabilities and disposal of traditionally low margin battery business after the foreclosure of BAK International Limited, it can continue as a going concern and return to profitability.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <i>Recently Issued Accounting Standards</i> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" which clarifies and improves the principles for recognizing revenue and develops a common revenue standard for United States generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) that among other things, improves comparability of revenue recognition practices and provides more useful information to users of financial statements through improved disclosure requirements. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods with that reporting period. The Company is currently reviewing the effect of this guidance on its revenue recognition.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In June 2014, the FASB issued ASU 2014-12, "Compensation - Stock Compensation (Topic 718)" which provides explicit guidance on the treatment of awards with performance targets that could be achieved after the requisite service period. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company does not expect that the adoption will have a material impact on its consolidated financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In June 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect that the adoption will have a material impact on its consolidated financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In November 2014, FASB issued Accounting Standards Update No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force).The amendments permit the use of the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate, or OIS) as a benchmark interest rate for hedge accounting purposes. Public business entities are required to implement the new requirements in fiscal years (and interim periods within those fiscal years) beginning after December 15, 2015. All other types of entities are required to implement the new requirements in fiscal years beginning after December 15, 2015, and interim periods beginning after December 15, 2016. The Company does not expect the adoption of ASU 2014-16 to have a material impact on its consolidated financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In February 2015, the FASB issued ASU 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on its consolidated financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, which changes the presentation of debt issuance costs in the financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted for financial statements that have been issued. The guidance will be applied retrospectively to each period presented. The adoption of this standard update is not expected to have any impact on the Company's financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact on its consolidated financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” To simplify the presentation of deferred income taxes, the amendments in this update require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in ASU 2015-17 are effective for public business entities for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company does not expect that the adoption will have a material impact on its consolidated financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The amendments in ASU 2016-01 are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not expect that the adoption will have a material impact on its consolidated financial statements.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.</p>

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Mr. Shibin Mao</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2,227,148 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom">Mr. Dawei Li</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 1,499,967 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Mr. Ping Shen</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,499,967 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Mr. Shangdong Liu</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 1,599,968 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Ms. Lijuan Wang</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,500,000 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Mr. Jiping Zhou</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 1,520,594 </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 9,847,644 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="2%"> </td> </tr> </table> 2227148 1499967 1499967 1599968 1500000 1520594 9847644 1720087 17000000 435910 0.50 12000000 0.50 27000000 435910 0.50 0.50 217955 217955 7955358 217955 0.50 73749 217955 217955 73749 500000 100000 30000000 14846344 9846344 58600000 64600000 420000000 9800000 0.20 9466985 380659 9847644 4376731 2.25 2.22 2.25 9847644 18500000 120000000 12300000 80000000 6200000 40000000 7700000 50000000 0.0784 4600000 30000000 0.0784 6200000 40000000 3100000 20000000 1900000 12000000 4000000 26000000 1300000 8400000 800000 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> <b>2.</b> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> <b>Pledged Deposits</b> </p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Pledged deposits as of September 30 and December 31, 2015 consisted of the following:</p> <div align="right"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Pledged deposits with bank for:</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="12%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="12%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Bills payable</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 1,461,757 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 1,872,235 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Letters of credit</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 57,844 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 212,098 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 1,519,601 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 2,084,333 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> </div>

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Pledged deposits with bank for:</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="12%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="12%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Bills payable</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 1,461,757 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 1,872,235 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Letters of credit</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 57,844 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 212,098 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 1,519,601 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 2,084,333 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

1461757 1872235 57844 212098 1519601 2084333

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Trade accounts receivable</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 4,792,416 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 4,903,974 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Less: Allowance for doubtful accounts</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (122,115 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (165,441 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 4,670,301 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 4,738,533 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Bills receivable</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 101,657 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 7,698 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 4,771,958 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 4,746,231 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table>

4792416 4903974 -122115 -165441 4670301 4738533 101657 7698 4771958 4746231

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>December 31, 2014</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>December 31, 2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Balance at beginning of period</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 122,115 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Provision for the period</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 46,687 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Foreign exchange adjustment</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (3,361 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" valign="bottom">Balance at end of period</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">   - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 165,441 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

0 122115 0 46687 0 -3361 0 165441

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Raw materials</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 712,713 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,394,127 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Work in progress</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 1,441,368 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 2,165,868 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Finished goods</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 903,494 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 876,357 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 3,057,575 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 4,436,352 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

712713 1394127 1441368 2165868 903494 876357 3057575 4436352 0 142125 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> <b>5.</b> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> <b>Prepayments and Other Receivables</b> </p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Prepayments and other receivables as of September 30 and December 31, 2015 consisted of the following:</p> <div align="right"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Value added tax recoverable</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,719,062 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 2,344,611 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Prepayments to suppliers</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 447,430 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 577,090 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Deposits</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 154,892 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 130,257 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Staff advances</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 42,718 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 35,160 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Prepaid operating expenses</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 195,556 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 228,329 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Others</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 153 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 2,559,658 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 3,315,600 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Less: Allowance for doubtful accounts</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (7,000 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (7,000 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 2,552,658 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 3,308,600 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> </div>

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Value added tax recoverable</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,719,062 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 2,344,611 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Prepayments to suppliers</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 447,430 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 577,090 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Deposits</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 154,892 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 130,257 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Staff advances</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 42,718 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 35,160 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Prepaid operating expenses</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 195,556 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 228,329 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Others</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 153 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 2,559,658 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 3,315,600 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Less: Allowance for doubtful accounts</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (7,000 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (7,000 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 2,552,658 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 3,308,600 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table>

1719062 2344611 447430 577090 154892 130257 42718 35160 195556 228329 0 153 2559658 3315600 -7000 -7000 2552658 3308600 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> <b>6.</b> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> <b>Balances with Former Subsidiaries</b> </p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Receivable from/prepayment to former subsidiaries as of September 30 and December 31, 2015 consisted of the following:</p> <div align="right"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Shenzhen BAK</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 62,963 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">BAK Tianjin</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 623,551 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 5,176,799 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 686,514 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 5,176,799 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> </div> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">These amounts are interest-free, unsecured and repayable on demand.</p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> In October 2015, the Company made an advance of approximately RMB40 million ($6.2 million) to BAK Tianjin, with the approval by the board of directors, to source battery cells for its customers. As of December 31, 2015, the Company received approximately RMB20 million (approximately $3.1 million) of cells. Subsequent to December 31, 2015, the Company was refunded a total of RMB26 million (approximately $4.0 million) in cash from BAK Tianjin. </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Advance from a former subsidiary as of September 30 and December 31, 2015 consisted of the following:</p> <div align="right"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Shenzhen BAK</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 1,285,195 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> </div> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">This advance is interest-free, unsecured and repayable on demand.</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Shenzhen BAK</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 62,963 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">BAK Tianjin</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 623,551 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 5,176,799 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 686,514 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 5,176,799 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> 62963 0 623551 5176799 686514 5176799 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Shenzhen BAK</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 1,285,195 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> 0 1285195 40000000 6200000 20000000 3100000 26000000 4000000

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Buildings</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 18,440,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 18,045,944 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Machinery and equipment</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 4,020,238 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 3,945,547 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Office equipment</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 37,050 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 39,749 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Motor vehicles</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> 147,197 </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> 144,052 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 22,644,485 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 22,175,292 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Accumulated depreciation</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> (369,665 </td> <td align="left" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> (643,510 </td> <td align="left" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Carrying amount</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="12%"> 22,274,820 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="12%"> 21,531,782 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> </table>

18440000 18045944 4020238 3945547 37050 39749 147197 144052 22644485 22175292 -369665 -643510 22274820 21531782 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="27%"> <i>Three months ended December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2014</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Cost of revenues</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 268,925 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Research and development expenses</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 448 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">General and administrative expenses</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 6,509 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 16,983 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 6,509 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 286,356 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> 0 268925 0 448 6509 16983 6509 286356 18318313 17804599 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> <b>8.</b> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> <b>Construction in Progress</b> </p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Construction in progress as of September 30 and December 31, 2015 consisted of the following:</p> <div align="right"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Construction in progress</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 13,009,922 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 13,533,829 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Prepayment for acquisition of property, plant and equipment</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 29,451 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 952,970 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Carrying amount</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 13,039,373 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 14,486,799 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> </div> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Construction in progress as of September 30 and December 31, 2015 is mainly comprised of capital expenditures for the construction of the facilities and production lines of Dalian BAK Power.</p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> For the three months ended December 31, 2014 and 2015, the Company capitalized interest of $97,261 and $248,092, respectively, to the cost of construction in progress. </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Construction in progress</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 13,009,922 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 13,533,829 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Prepayment for acquisition of property, plant and equipment</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 29,451 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 952,970 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Carrying amount</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 13,039,373 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 14,486,799 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> 13009922 13533829 29451 952970 13039373 14486799 97261 248092 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> <b>9.</b> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> <b>Prepaid Land Use Rights, net</b> </p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Prepaid land use rights as of September 30 and December 31, 2015 consisted of the followings:</p> <div align="right"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Prepaid land use rights</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,838,220 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,649,351 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Accumulated amortization</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (206,225 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (245,065 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,631,995 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,404,286 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Less: Classified as current assets</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (176,764 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (172,987 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 8,455,231 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 8,231,299 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> </div> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> Pursuant to a land use rights acquisition agreement dated August 10, 2014, the Company acquired the rights to use a piece of land with an area of 153,832 m <sup>2</sup> in Dalian Economic Zone for 50 years up to August 9, 2064, at a total consideration of $8,170,000 (RMB53.1 million). Other incidental costs incurred totaled $477,000 (RMB3.1 million). </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> Amortization expenses of prepaid land use rights were $68,529 and $43,955 for the three months ended December 31, 2014 and 2015. </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Prepaid land use rights</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,838,220 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,649,351 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Accumulated amortization</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (206,225 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (245,065 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,631,995 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,404,286 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Less: Classified as current assets</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (176,764 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (172,987 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 8,455,231 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 8,231,299 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> 8838220 8649351 -206225 -245065 8631995 8404286 -176764 -172987 8455231 8231299 153832 50 8170000 53100000 477000 3100000 68529 43955

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Computer software at cost</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 27,984 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 27,386 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Accumulated amortization</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (1,166 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (1,825 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 26,818 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 25,561 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table>

27984 27386 -1166 -1825 26818 25561 0 697

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Pledged deposits (note 2)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,519,601 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 2,084,333 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Prepaid land use rights (note 9)</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 8,631,995 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 8,404,286 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Buildings</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 13,120,083 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 12,700,715 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Machinery and equipment</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 3,831,790 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 3,641,932 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Construction in progress</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 6,228,371 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 6,095,293 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 33,331,840 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 32,926,559 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

1519601 2084333 8631995 8404286 13120083 12700715 3831790 3641932 6228371 6095293 33331840 32926559 12585740 12316787 7697992 50000000 0.0784 4618795 30000000 0.0784 800000 97261 248092

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="7%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%"> <i>Note</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Advance from related parties</td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="7%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">–     Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="center" bgcolor="#e6efff" valign="bottom" width="7%">(a)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 6,094 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 5,964 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">–     Mr. Xiangqian Li, the Company’s CEO</td> <td align="left" valign="bottom" width="1%"> </td> <td align="center" valign="bottom" width="7%">(b)</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 100,000 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 100,000 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="center" bgcolor="#e6efff" valign="bottom" width="7%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 106,094 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 105,964 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Advances from unrelated third party</td> <td align="left" valign="bottom" width="1%"> </td> <td align="center" valign="bottom" width="7%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">–     Mr. Yunfei Li</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="center" bgcolor="#e6efff" valign="bottom" width="7%">(c)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 78,661 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 76,980 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="7%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="10%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="10%"> </td> <td valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="7%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%"> 184,755 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%"> 182,944 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> 6094 5964 100000 100000 106094 105964 78661 76980 184755 182944 453087 443404

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Construction costs payable</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,625,828 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 5,494,504 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Liquidated damages (note a)</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 1,210,119 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 1,210,119 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Equipment purchase payable</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 611,833 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 763,711 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Customer deposits</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 260,015 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 316,132 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Accrued staff costs</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 444,249 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 613,478 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Product warranty (note b)</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 62,481 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Other payables and accruals</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 417,937 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 488,574 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 11,569,981 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 8,948,999 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

8625828 5494504 1210119 1210119 611833 763711 260015 316132 444249 613478 0 62481 417937 488574 11569981 8948999 1051000 13650000 3500000 3.90 819000 0.015 0.015 0.005 0.01 561174 159000 0 63504 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> <b>14.</b> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> <b>Deferred Government Grants</b> </p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Deferred government grants as of September 30 and December 31, 2015 consist of the following:</p> <div align="right"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Total government grants</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 7,195,624 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 6,997,449 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Less: Current portion</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (181,510 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (177,631 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Non-current portion</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 7,014,114 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 6,819,818 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> </div> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> In September 2013, the Management Committee of Dalian Economic Zone Management Committee (the “Management Committee”) provided a subsidy of RMB150 million to finance the costs incurred in moving our facilities to Dalian, including the loss of sales while the new facilities were being constructed. During the three months ended December 31, 2014, the Company recognized $23,380,264 as income after offset of the related removal expenditures of $1,016,327. No such income or offset was recognized in fiscal 2016. </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> On October 17, 2014, the Company received a subsidy of RMB46.2 million ($7.1 million) pursuant to an agreement with the Management Committee dated July 2, 2013 for costs of land use rights and to be used to construct the new manufacturing site in Dalian. Part of the facilities had been completed and commenced to operate in July 2015 and the Company has initiated amortization on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon. The Company expects that the remaining facilities will be completed and put into operation by June 2016. For the three months ended December 31, 2014 and 2015, the Company offset government grants of nil and $45,135 against depreciation expenses of the Dalian facilities, respectively. </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Total government grants</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 7,195,624 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 6,997,449 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Less: Current portion</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (181,510 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (177,631 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Non-current portion</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 7,014,114 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 6,819,818 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> 7195624 6997449 -181510 -177631 7014114 6819818 150000000 23380264 1016327 46200000 7100000 0 45135

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="27%"> <i>Three months ended December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2014</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">PRC income tax:</td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Current</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Deferred</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 5,845,066 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 72,067 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 5,845,066 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 72,067 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table>

0 0 5845066 72067 5845066 72067

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="27%"> <i>Three months ended December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2014</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Profit (loss) before income tax</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 23,233,659 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> (2,060,606 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" valign="bottom">United States federal corporate income tax rate</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 35% </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 35% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Income tax computed at United States statutory corporate income tax rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 8,131,781 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> (721,212 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" valign="bottom">Reconciling items:</td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> Valuation allowance on deferred tax assets</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 675 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 499,600 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> Rate differential for PRC earnings</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> (2,339,961 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 163,796 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> Non-deductible expenses</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 58,084 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 14,786 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> Share based payments</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 130,712 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> Others </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (5,513 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (15,615 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" valign="bottom">   <b>Income tax expenses</b> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> <b>$</b> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> <b> 5,845,066 </b> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> <b>$</b> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> <b> 72,067 </b> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

23233659 -2060606 0.35 0.35 8131781 -721212 675 499600 -2339961 163796 58084 14786 0 130712 -5513 -15615 5845066 72067

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> <b>Deferred tax assets</b> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Trade accounts receivable</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 32,979 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 43,810 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Inventories</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 54,127 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 87,930 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Property, plant and equipment</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 5,976 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 5,848 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Valuation allowance</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (49,907 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (137,588 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Deferred tax assets, current portion</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 43,175 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Net operating loss carried forward</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 12,470,938 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 12,880,407 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Valuation allowance</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (12,470,938 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (12,880,407 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Deferred tax assets, non-current</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> <b>Deferred tax liabilities, non-current</b> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="12%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="12%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Property, plant and equipment</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 142,650 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 139,602 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

32979 43810 54127 87930 5976 5848 -49907 -137588 43175 0 12470938 12880407 -12470938 -12880407 0 0 142650 139602 0.35 0.165 0.25 35318443 102293 35216150 437933 2075807 14200000 12500000

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Weighted</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">average</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Weighted average</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Aggregate</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Number of</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">exercise price</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">remaining</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">intrinsic</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">shares</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">per share</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">contractual term</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> value <sup>(1)</sup> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Outstanding as of October 1, 2015</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 4,200 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 14.05 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 0.7 years </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Exercised</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Cancelled</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Forfeited</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff" valign="bottom"> </td> <td bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Outstanding as of December 31, 2015</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%"> 4,200 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%"> 14.05 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%"> 0.45 years </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%">   - </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff" valign="bottom"> </td> <td bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td bgcolor="#e6efff" valign="bottom" width="10%"> </td> <td bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Exercisable as of December 31, 2015</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%"> 4,200 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%"> 14.05 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%"> 0.45 years </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="10%">   - </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

4200 14.05 0.7 0 0 0 4200 14.05 0.45 0 4200 14.05 0.45 0 800000 1600000 1.7 1.7 385640 14.05 7 2.81 14.05 100000 14.05 -10000000 690000 0.001 3.24 373464 305807 43300 24357 172500 1111969 89165

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="27%"> <i>Three months ended December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2014</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Net profit (loss)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 17,388,593 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> (2,132,673 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Weighted average shares used in basic and diluted computation (note)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 12,719,597 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 17,171,953 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Profit (loss) per share</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 1.37 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> (0.12 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> </table>

17388593 -2132673 12719597 17171953 1.37 -0.12 0 83335 4200 517500

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="12%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">For construction of buildings</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,819,977 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,781,856 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">For purchases of equipment</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 68,718 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 67,250 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom"> Capital injection to Dalian BAK Power and Dalian BAK Trading <sup>Note</sup> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 15,553,656 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 15,553,656 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 17,442,351 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 17,402,762 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

1819977 1781856 68718 67250 15553656 15553656 17442351 17402762 553774 553774 7550

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="90%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="23%"> <i>Three months ended December 31,</i> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> <i>2014</i> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Shandong Tangjun Electric Co., Ltd</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> *</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%">*</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 2,436,471 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 44.29% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Pingxiang Anyuan Tourist Bus Co., Ltd</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%">*</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%">*</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%"> 1,202,286 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%"> 21.86% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Sichuan Pisen Electronics Co., Ltd</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 1,440,041 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 46.77% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 947,653 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 17.23% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Guangdong Pisen Electronics Co., Ltd.</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 1,379,626 </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 44.81% </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">*</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

2436471 0.4429 1202286 0.2186 1440041 0.4677 947653 0.1723 1379626 0.4481 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="90%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" valign="bottom" width="23%"> <i>September 30,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" valign="bottom" width="23%"> <i>December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="23%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="23%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Shandong Tangjun Electric Co., Ltd</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> *</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%">*</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 2,113,022 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 44.52% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Pingxiang Anyuan Tourist Bus Co., Ltd</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%">*</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%">*</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%"> 1,306,657 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="10%"> 27.53% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Sichuan Pisen Electronics Co., Ltd.</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 3,146,177 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 65.93% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 553,255 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> 11.66% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Guangdong Pisen Electronics Co., Ltd.</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 763,738 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 16.01% </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">*</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">*</td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> 2113022 0.4452 1306657 0.2753 3146177 0.6593 553255 0.1166 763738 0.1601 0.10 0.10 0.10 0.10 1700000 3000000 0 5344 0 300000 21442 600000

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="27%"> <i>Three months ended December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2014</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">High power lithium batteries used in:</td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">   Electric vehicles</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 3,664,924 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">   Light electric vehicles</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 91,724 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">   Uninterruptable power supplies</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 3,079,107 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 1,743,941 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 3,079,107 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 5,500,589 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

0 3664924 0 91724 3079107 1743941 3079107 5500589

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="95%"> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="27%"> <i>Three months ended December 31,</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="center" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2014</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> <i>2015</i> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">PRC Mainland</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 3,079,107 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 5,390,127 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">PRC Taiwan</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> - </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 109,468 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Others</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 994 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 3,079,107 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 5,500,589 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table>

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Shareholders' equity Common stock $0.001 par value; 500,000,000 authorized ; 12,856,301 issued and 12,712,095 outstanding as of September 30, 2015; 17,289,699 issued and 17,145,493 outstanding as of December 31, 2015 Donated shares Donated shares Additional paid-in capital Statutory reserves Accumulated deficit Accumulated other comprehensive loss Stockholders' Equity Before Treasury Shares Less: Treasury shares Total shareholders' equity Total liabilities and shareholder's equity Common Stock, Par Value Per Share Common Stock, Shares Authorized Common Stock, Shares, Issued Common Stock, Shares, Outstanding Statement of Operations [Abstract] Net revenues Cost of revenues Gross profit (loss) Operating expenses: Research and development expenses Sales and marketing expenses General and administrative expenses Total operating expenses Operating loss Finance (cost) income, net Government grant income Other income (expenses), net Profit (loss) before income tax Income tax expenses Income from discontinued operations, net of tax Net profit (loss) Other comprehensive loss Foreign currency translation adjustment Comprehensive (loss) income (Loss) earnings per share - Basic and diluted Weighted average number of shares of common stock: - Diluted - Basic and diluted Equity Components [Axis] Equity Components [Domain] Common stock issued [Member] Donated Shares [Member] Donated Shares [Member] Additional paid-in capital [Member] Statutory reserves [Member] Statutory reserves [Member] Accumulated deficit [Member] Accumulated other comprehensive income [Member] Treasury shares [Member] Statement of Stockholders Equity [Abstract] Beginning Balance Beginning Balance (Shares) Shares Issued (Shares) Net profit Loss of control on BAK International Loss of control on BAK International Transfer to statutory reserves Transfer to statutory reserves Common stock issued to employee for stock award Common stock issued to employee for stock award Common stock issued to employee for stock award (Shares) Common stock issued to employee for stock award (Shares) Shares Issued (Shares) (SharesIssued) Common stock issued to new investors Common stock issued to new investors (Shares) Share-based compensation for employee and director stock awards Share-based compensation for employee and director stock awards Foreign currency translation adjustment Ending Balance Ending Balance (Shares) Statement of Cash Flows [Abstract] Cash flows from operating activities Net profit (loss) Income from discontinued operations, net of tax Adjustments to reconcile net profit (loss) to net cash used in operating activities: Depreciation and amortization Provision for doubtful accounts Waiver of interest Waiver of interest Write-down of inventories Share-based compensation Deferred government grants Deferred government grants Deferred tax assets Exchange (gain) loss Changes in operating assets and liabilities: Trade accounts receivable Inventories Prepayments and other receivables Trade accounts and bills payable Accrued expenses and other payables Trade receivable and payable from former subsidiaries Income taxes payable Deferred income Other long-term payables Net cash used in continuing operations Net cash provided by discontinued operations Net cash used in operating activities Cash flows from investing activities Disposal of subsidiaries, net of cash disposed of $4,163,555 Disposal of subsidiaries, net of cash disposed of $4,163,555 Increase in pledged deposits Repayment from former subsidiaries Repayment from former subsidiaries Deferred government grant Purchases of property, plant and equipment and construction in progress Acquisitions of land use rights Purchase of intangible assets Net cash used in continuing operations Net cash used in discontinued operations Net cash provided by (used in) investing activities Cash flows from financing activities Borrowings from related party Borrowings from unrelated parties Repayment of borrowings from unrelated parties Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period Non-cash transactions: Purchase of inventories offset against receivables from former subsidiaries Purchase of inventories offset against receivables from former subsidiaries Purchase of property, plant and equipment (inclusive of VAT) offset against receivables from former subsidiaries Purchase of property, plant and equipment (inclusive of VAT) offset against receivables from former subsidiaries Payment of construction in progress offset against receivables from former subsidiaries Payment of construction in progress offset against receivables from former subsidiaries Advance from an unrelated third party offset against consideration from disposal of subsidiaries Advance from an unrelated third party offset against consideration from disposal of subsidiaries Waiver of interest offset against consideration from disposal of subsidiaries Waiver of interest offset against consideration from disposal of subsidiaries Bills receivable discounted to banks Bills receivable discounted to banks Removal expenditures offset against government grants Removal expenditures offset against government grants Depreciation expenses offset against government grants Depreciation expenses offset against government grants Accounts receivable offset against advance from a related company Accounts receivable offset against advance from a related company Receivable from a former subsidiary offset against advance from a related company Receivable from a former subsidiary offset against advance from a related company Transfer of construction in progress to property, plant and equipment Transfer of construction in progress to property, plant and equipment Cash paid during the period for: Cash paid during the period for: Income taxes Interest, net of amounts 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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2015	Feb. 12, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Trading Symbol	cbak
Entity Registrant Name	CHINA BAK BATTERY INC
Entity Central Index Key	0001117171
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		17,145,493
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

XML 14 R2.htm IDEA: XBRL DOCUMENT

Consolidated balance sheets - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Current assets
Cash and cash equivalents	$ 80,711	$ 6,762,745
Pledged deposits	2,084,333	1,519,601
Trade accounts and bills receivable, net	4,746,231	4,771,958
Inventories	4,436,352	3,057,575
Prepayments and other receivables	3,308,600	2,552,658
Receivable from/ prepayment to former subsidiaries	5,176,799	686,514
Prepaid land use rights, current portion	172,987	176,764
Deferred tax assets, current portion	0	43,175
Total current assets	20,006,013	19,570,990
Property, plant and equipment, net	21,531,782	22,274,820
Construction in progress	14,486,799	13,039,373
Prepaid land use rights, non-current	8,231,299	8,455,231
Intangible assets, net	25,561	26,818
Deferred tax assets, non-current	0	0
Total assets	64,281,454	63,367,232
Current liabilities
Trade accounts and bills payable	9,958,633	4,910,717
Taxes payable	5,028,357	5,108,878
Short-term bank loans	12,316,787	12,585,740
Other short-term loans	182,944	184,755
Accrued expenses and other payables	8,948,999	11,569,981
Advance from a former subsidiary	1,285,195	0
Deferred government grants, current	177,631	181,510
Total current liabilities	37,898,546	34,541,581
Deferred government grants, non-current	6,819,818	7,014,114
Deferred tax liabilities, non-current	139,602	142,650
Total liabilities	44,857,966	41,698,345
Commitments and contingencies	0	0
Shareholders' equity
Common stock $0.001 par value; 500,000,000 authorized ; 12,856,301 issued and 12,712,095 outstanding as of September 30, 2015; 17,289,699 issued and 17,145,493 outstanding as of December 31, 2015	17,290	12,856
Donated shares	14,101,689	14,101,689
Additional paid-in capital	138,405,110	138,036,080
Statutory reserves	1,230,511	0
Accumulated deficit	(129,285,454)	(125,922,270)
Accumulated other comprehensive loss	(979,048)	(492,858)
Stockholders' Equity Before Treasury Shares	23,490,098	25,735,497
Less: Treasury shares	(4,066,610)	(4,066,610)
Total shareholders' equity	19,423,488	21,668,887
Total liabilities and shareholder's equity	$ 64,281,454	$ 63,367,232

XML 15 R3.htm IDEA: XBRL DOCUMENT

Consolidated balance sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Sep. 30, 2015
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	17,289,699	12,856,301
Common Stock, Shares, Outstanding	17,145,493	12,712,095

XML 16 R4.htm IDEA: XBRL DOCUMENT

Consolidated statements of operations and comprehensive (loss) income - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net revenues	$ 5,500,589	$ 3,079,107
Cost of revenues	(5,658,887)	(2,671,908)
Gross profit (loss)	(158,298)	407,199
Operating expenses:
Research and development expenses	(747,537)	(52,034)
Sales and marketing expenses	(170,458)	(19,348)
General and administrative expenses	(1,029,711)	(482,363)
Total operating expenses	(1,947,706)	(553,745)
Operating loss	(2,106,004)	(146,546)
Finance (cost) income, net	2,006	(59)
Government grant income	0	23,380,264
Other income (expenses), net	43,392	0
Profit (loss) before income tax	(2,060,606)	23,233,659
Income tax expenses	(72,067)	(5,845,066)
Net profit (loss)	(2,132,673)	17,388,593
Other comprehensive loss
Foreign currency translation adjustment	(486,190)	(137,672)
Comprehensive (loss) income	$ (2,618,863)	$ 17,250,921
(Loss) earnings per share
- Basic and diluted	$ (0.12)	$ 1.37
Weighted average number of shares of common stock:
- Basic and diluted	17,171,953	12,719,597

XML 17 R5.htm IDEA: XBRL DOCUMENT

Consolidated statements of changes in shareholders equity - USD ($)	Common stock issued [Member]	Donated Shares [Member]	Additional paid-in capital [Member]	Statutory reserves [Member]	Accumulated deficit [Member]	Accumulated other comprehensive income [Member]	Treasury shares [Member]	Total
Beginning Balance at Sep. 30, 2014	$ 12,763	$ 14,101,689	$ 127,438,362		$ (141,796,196)	$ (25,631)	$ (4,066,610)	$ (4,335,623)
Beginning Balance (Shares) at Sep. 30, 2014	12,763,803						(144,206)
Net profit					17,388,593			17,388,593
Foreign currency translation adjustment						(137,672)		(137,672)
Ending Balance at Dec. 31, 2014	$ 12,763	14,101,689	127,438,362		(124,407,603)	(163,303)	$ (4,066,610)	12,915,298
Ending Balance (Shares) at Dec. 31, 2014	12,763,803						(144,206)
Beginning Balance at Sep. 30, 2015	$ 12,856	14,101,689	138,036,080		(125,922,270)	(492,858)	$ (4,066,610)	21,668,887
Beginning Balance (Shares) at Sep. 30, 2015	12,856,301						(144,206)
Net profit					(2,132,673)			(2,132,673)
Transfer to statutory reserves				$ 1,230,511	(1,230,511)
Common stock issued to employee for stock award	$ 57		(57)
Common stock issued to employee for stock award (Shares)	56,667
Common stock issued to new investors	$ 4,377		(4,377)
Common stock issued to new investors (Shares)	4,376,731
Share-based compensation for employee and director stock awards			373,464					373,464
Foreign currency translation adjustment						(486,190)		(486,190)
Ending Balance at Dec. 31, 2015	$ 17,290	$ 14,101,689	$ 138,405,110	$ 1,230,511	$ (129,285,454)	$ (979,048)	$ (4,066,610)	$ 19,423,488
Ending Balance (Shares) at Dec. 31, 2015	17,289,699						(144,206)

XML 18 R6.htm IDEA: XBRL DOCUMENT

Consolidated statements of cash flows - USD ($)	3 Months Ended
Consolidated statements of cash flows - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net profit (loss)	$ (2,132,673)	$ 17,388,593
Adjustments to reconcile net profit (loss) to net cash used in operating activities:
Depreciation and amortization	285,873	75,038
Provision for doubtful accounts	46,687	0
Write-down of inventories	142,125	0
Share-based compensation	373,464	0
Deferred government grants	0	(23,330,177)
Deferred tax assets	72,067	5,845,066
Exchange (gain) loss	107,271	(120,711)
Changes in operating assets and liabilities:
Trade accounts receivable	(124,184)	(3,086,721)
Inventories	(1,609,877)	1,730,249
Prepayments and other receivables	(823,758)	668,310
Trade accounts and bills payable	5,237,197	0
Accrued expenses and other payables	379,903	263,827
Trade receivable and payable from former subsidiaries	(3,287,802)	0
Net cash used in operating activities	(1,333,707)	(566,526)
Cash flows from investing activities
Increase in pledged deposits	(606,979)	0
Deferred government grant	0	7,435,180
Purchases of property, plant and equipment and construction in progress	(4,596,853)	(3,376,446)
Net cash provided by (used in) investing activities	(5,203,832)	4,058,734
Cash flows from financing activities
Borrowings from related party	0	197,677
Borrowings from unrelated parties	0	81,322
Repayment of borrowings from unrelated parties	0	(4,729,686)
Net cash used in financing activities	0	(4,450,687)
Effect of exchange rate changes on cash and cash equivalents	(144,495)	1,980
Net decrease in cash and cash equivalents	(6,682,034)	(956,499)
Cash and cash equivalents at the beginning of period	6,762,745	991,519
Cash and cash equivalents at the end of period	80,711	35,020
Non-cash transactions:
Purchase of inventories offset against receivables from former subsidiaries	0	780,377
Purchase of property, plant and equipment (inclusive of VAT) offset against receivables from former subsidiaries	0	6,055,605
Cash paid during the period for:
Income taxes	0	0
Interest, net of amounts capitalized	$ 0	$ 0

XML 19 R7.htm IDEA: XBRL DOCUMENT

Principal Activities, Basis of Presentation and Organization

3 Months Ended

Dec. 31, 2015

Principal Activities, Basis of Presentation and Organization [Text Block]

1.	Principal Activities, Basis of Presentation and Organization

Principal Activities

Basis of Presentation and Organization

As of December 31, 2015, the Company had not received any claim from the other investors who have not been covered by the “2008 Settlement Agreements” in the January 2005 private placement.

The Company’s condensed consolidated financial statements have been prepared under US GAAP.

Pursuant to a memorandum of understanding with the buyer of the Company’s former subsidiaries dated August 20, 2014, Mr. Xiangqian Li remains as a director of BAK International, Shenzhen BAK, BAK Battery and BAK Tianjin until Shenzhen BAK’s full settlement of its bank loans of $58.6 million expiring on various dates through March 2015. Shenzhen BAK renewed the banking loans with Agricultural Bank of China of $64.6 million (RMB420 million) expiring on April 14, 2016. On May 20, 2015, BAK Asia New Energy Holding Limited (formerly known as "Asia Zhi Li New Energy Holding Limited”), the shareholder of BAK International Limited agreed to indemnify Mr. Li from any loss as a result of the default of repayment of bank loans by Shenzhen BAK.

In June and July 2015, the Company received advances of approximately $9.8 million from the following potential investors, who are independent from the Company and independent from each other:

Mr. Shibin Mao	$	2,227,148
Mr. Dawei Li		1,499,967
Mr. Ping Shen		1,499,967
Mr. Shangdong Liu		1,599,968
Ms. Lijuan Wang		1,500,000
Mr. Jiping Zhou		1,520,594
	$	9,847,644

As such, no interest was recognized by the Company on the advances from investors pursuant to the supplemental agreements with investors and the Debt Conversion Agreement.

Recently Issued Accounting Standards

XML 20 R8.htm IDEA: XBRL DOCUMENT

Pledged Deposits

3 Months Ended

Dec. 31, 2015

Pledged Deposits [Text Block]

2.	Pledged Deposits

Pledged deposits as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Pledged deposits with bank for:
Bills payable	$	1,461,757	$	1,872,235
Letters of credit		57,844		212,098
	$	1,519,601	$	2,084,333

XML 21 R9.htm IDEA: XBRL DOCUMENT

Trade Accounts and Bills Receivable, net

3 Months Ended

Dec. 31, 2015

Trade Accounts and Bills Receivable, net [Text Block]

3.	Trade Accounts and Bills Receivable, net

Trade accounts and bills receivables, net as of September 30 and December 31, 2015 consisted of the following:

		September 30,			December 31,
		2015			2015
Trade accounts receivable	$	4,792,416		$	4,903,974
Less: Allowance for doubtful accounts		(122,115	)		(165,441	)
		4,670,301			4,738,533
Bills receivable		101,657			7,698
	$	4,771,958		$	4,746,231

An analysis of the allowance for doubtful accounts is as follows:

		December 31, 2014		December 31, 2015
Balance at beginning of period	$	-	$	122,115
Provision for the period		-		46,687
Foreign exchange adjustment		-		(3,361	)
Balance at end of period	$	-	$	165,441

XML 22 R10.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Dec. 31, 2015

Inventories [Text Block]

4.	Inventories

Inventories as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Raw materials	$	712,713	$	1,394,127
Work in progress		1,441,368		2,165,868
Finished goods		903,494		876,357
	$	3,057,575	$	4,436,352

During the three months ended December 31, 2014 and 2015, write-downs of obsolete inventories to lower of cost or market of nil and $142,125, respectively, were charged to cost of revenues.

XML 23 R11.htm IDEA: XBRL DOCUMENT

Prepayments and Other Receivables

3 Months Ended

Dec. 31, 2015

Prepayments and Other Receivables [Text Block]

5.	Prepayments and Other Receivables

Prepayments and other receivables as of September 30 and December 31, 2015 consisted of the following:

		September 30,			December 31,
		2015			2015
Value added tax recoverable	$	1,719,062		$	2,344,611
Prepayments to suppliers		447,430			577,090
Deposits		154,892			130,257
Staff advances		42,718			35,160
Prepaid operating expenses		195,556			228,329
Others		-			153
		2,559,658			3,315,600
Less: Allowance for doubtful accounts		(7,000	)		(7,000	)
	$	2,552,658		$	3,308,600

XML 24 R12.htm IDEA: XBRL DOCUMENT

Balances with Former Subsidiaries

3 Months Ended

Dec. 31, 2015

Balances with Former Subsidiaries [Text Block]

6.	Balances with Former Subsidiaries

Receivable from/prepayment to former subsidiaries as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Shenzhen BAK	$	62,963	$	-
BAK Tianjin		623,551		5,176,799
	$	686,514	$	5,176,799

These amounts are interest-free, unsecured and repayable on demand.

Advance from a former subsidiary as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Shenzhen BAK	$	-	$	1,285,195

This advance is interest-free, unsecured and repayable on demand.

XML 25 R13.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, net

3 Months Ended

Dec. 31, 2015

Property, Plant and Equipment, net [Text Block]

7.	Property, Plant and Equipment, net

Property, plant and equipment as of September 30 and December 31, 2015 consisted of the following:

		September 30,			December 31,
		2015			2015
Buildings	$	18,440,000		$	18,045,944
Machinery and equipment		4,020,238			3,945,547
Office equipment		37,050			39,749
Motor vehicles		147,197			144,052
		22,644,485			22,175,292
Accumulated depreciation		(369,665	)		(643,510	)
Carrying amount	$	22,274,820		$	21,531,782

Depreciation expense for the three months ended December 31, 2014 and 2015 is included in the condensed consolidated statements of operations as follows:

		Three months ended December 31,
		2014		2015
Cost of revenues	$	-	$	268,925
Research and development expenses		-		448
General and administrative expenses		6,509		16,983
	$	6,509	$	286,356

XML 26 R14.htm IDEA: XBRL DOCUMENT

Construction in Progress

3 Months Ended

Dec. 31, 2015

Construction in Progress [Text Block]

8.	Construction in Progress

Construction in progress as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Construction in progress	$	13,009,922	$	13,533,829
Prepayment for acquisition of property, plant and equipment		29,451		952,970
Carrying amount	$	13,039,373	$	14,486,799

Construction in progress as of September 30 and December 31, 2015 is mainly comprised of capital expenditures for the construction of the facilities and production lines of Dalian BAK Power.

For the three months ended December 31, 2014 and 2015, the Company capitalized interest of $97,261 and $248,092, respectively, to the cost of construction in progress.

XML 27 R15.htm IDEA: XBRL DOCUMENT

Prepaid Land Use Rights, net

3 Months Ended

Dec. 31, 2015

Prepaid Land Use Rights, net [Text Block]

9.	Prepaid Land Use Rights, net

Prepaid land use rights as of September 30 and December 31, 2015 consisted of the followings:

		September 30,			December 31,
		2015			2015
Prepaid land use rights	$	8,838,220		$	8,649,351
Accumulated amortization		(206,225	)		(245,065	)
	$	8,631,995		$	8,404,286
Less: Classified as current assets		(176,764	)		(172,987	)
	$	8,455,231		$	8,231,299

Pursuant to a land use rights acquisition agreement dated August 10, 2014, the Company acquired the rights to use a piece of land with an area of 153,832 m ² in Dalian Economic Zone for 50 years up to August 9, 2064, at a total consideration of $8,170,000 (RMB53.1 million). Other incidental costs incurred totaled $477,000 (RMB3.1 million).

Amortization expenses of prepaid land use rights were $68,529 and $43,955 for the three months ended December 31, 2014 and 2015.

XML 28 R16.htm IDEA: XBRL DOCUMENT

Intangible Assets, net

3 Months Ended

Dec. 31, 2015

Intangible Assets, net [Text Block]

10.

Intangible Assets, net

Intangible assets as of September 30 and December 31, 2015 consisted of the followings:

		September 30,			December 31,
		2015			2015
Computer software at cost	$	27,984		$	27,386
Accumulated amortization		(1,166	)		(1,825	)
	$	26,818		$	25,561

Amortization expenses were nil and $697 for the three months ended December 31, 2014 and 2015, respectively.

XML 29 R17.htm IDEA: XBRL DOCUMENT

Short-term Bank Loans

3 Months Ended

Dec. 31, 2015

Short-term Bank Loans [Text Block]

11.

Short-term Bank Loans

As of September 30 and December 31, 2015, the Company had short term bank borrowings of $12,585,740 and $12,316,787, respectively.

		September 30,		December 31,
		2015		2015
Pledged deposits (note 2)	$	1,519,601	$	2,084,333
Prepaid land use rights (note 9)		8,631,995		8,404,286
Buildings		13,120,083		12,700,715
Machinery and equipment		3,831,790		3,641,932
Construction in progress		6,228,371		6,095,293
	$	33,331,840	$	32,926,559

As of December 31, 2015, the Company had unutilized committed banking facilities of $0.8 million.

During the three months ended December 31, 2014 and 2015, interest of $97,261 and $248,092, respectively, was incurred on the Company's bank borrowings.

XML 30 R18.htm IDEA: XBRL DOCUMENT

Other Short-term Loans

3 Months Ended

Dec. 31, 2015

Other Short-term Loans [Text Block]

12.

Other Short-term Loans

Other short-term loans as of September 30 and December 31, 2015 consisted of the following:

			September 30,		December 31,
	Note		2015		2015
Advance from related parties
– Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”)	(a)	$	6,094	$	5,964
– Mr. Xiangqian Li, the Company’s CEO	(b)		100,000		100,000
			106,094		105,964
Advances from unrelated third party
– Mr. Yunfei Li	(c)		78,661		76,980

		$	184,755	$	182,944

	(a)	The Company received an advance from Tianjin New Energy, a related company under the common control of Mr. Xiangqian Li, the Company’s CEO, which was unsecured, non-interest bearing and repayable on demand. As of September 30, 2015 and December 31, 2015, $453,087 and $443,404 payable to Tianjin New Energy was included in trade accounts and bills payable.

	(b)	Advance from Mr. Xiangqian Li, the Company’s CEO, was unsecured, non- interest bearing and repayable on demand.

	(c)	Advance from an unrelated third party was unsecured, non-interest bearing and repayable on demand.

XML 31 R19.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Payables

3 Months Ended

Dec. 31, 2015

Accrued Expenses and Other Payables [Text Block]

13.

Accrued Expenses and Other Payables

Accrued expenses and other payables as of September 30 and December 31, 2015 consisted of the following:

		September 30,		December 31,
		2015		2015
Construction costs payable	$	8,625,828	$	5,494,504
Liquidated damages (note a)		1,210,119		1,210,119
Equipment purchase payable		611,833		763,711
Customer deposits		260,015		316,132
Accrued staff costs		444,249		613,478
Product warranty (note b)		-		62,481
Other payables and accruals		417,937		488,574
	$	11,569,981	$	8,948,999

(a)

(b)

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Deferred Government Grants

3 Months Ended

Dec. 31, 2015

Deferred Government Grants [Text Block]

14.

Deferred Government Grants

Deferred government grants as of September 30 and December 31, 2015 consist of the following:

		September 30,			December 31,
		2015			2015
Total government grants	$	7,195,624		$	6,997,449
Less: Current portion		(181,510	)		(177,631	)
Non-current portion	$	7,014,114		$	6,819,818

XML 33 R21.htm IDEA: XBRL DOCUMENT

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities

3 Months Ended

Dec. 31, 2015

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Text Block]

15.

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities

(a)

Income taxes in the condensed consolidated statements of comprehensive loss(income)

The Company’s provision for income taxes consisted of:

		Three months ended December 31,
		2014		2015
PRC income tax:
Current	$	-	$	-
Deferred		5,845,066		72,067
	$	5,845,066	$	72,067

United States Tax

Hong Kong Tax

PRC Tax

The Company’s subsidiaries in China are subject to enterprise income tax at 25% for the three months ended December 31, 2014 and 2015.

A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company's income taxes is as follows:

		Three months ended December 31,
		2014			2015
Profit (loss) before income tax	$	23,233,659		$	(2,060,606	)
United States federal corporate income tax rate		35%			35%
Income tax computed at United States statutory corporate income tax rate		8,131,781			(721,212	)
Reconciling items:
Valuation allowance on deferred tax assets		675			499,600
Rate differential for PRC earnings		(2,339,961	)		163,796
Non-deductible expenses		58,084			14,786
Share based payments		-			130,712
Others		(5,513	)		(15,615	)
Income tax expenses	$	5,845,066		$	72,067


	(b)	Deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of September 30 and December 31, 2015 are presented below:

		September 30,			December 31,
		2015			2015
Deferred tax assets
Trade accounts receivable	$	32,979		$	43,810
Inventories		54,127			87,930
Property, plant and equipment		5,976			5,848
Valuation allowance		(49,907	)		(137,588	)
Deferred tax assets, current portion	$	43,175		$	-

Net operating loss carried forward		12,470,938			12,880,407
Valuation allowance		(12,470,938	)		(12,880,407	)
Deferred tax assets, non-current	$	-		$	-

Deferred tax liabilities, non-current
Property, plant and equipment	$	142,650		$	139,602

XML 34 R22.htm IDEA: XBRL DOCUMENT

Share-based Compensation

3 Months Ended

Dec. 31, 2015

Share-based Compensation [Text Block]

16.

Share-based Compensation

(i)

Options

The Company grants share options to officers and employees and restricted shares of common stock to its non-employee directors as rewards for their services.

Stock Option Plan

A summary of share option plan activity for these options as of September 30, 2015 and December 31, 2015 is presented below:

			Weighted
			average	Weighted average		Aggregate
	Number of		exercise price	remaining		intrinsic
	shares		per share	contractual term		value ⁽¹⁾
Outstanding as of October 1, 2015	4,200	$	14.05	0.7 years
Exercised	-
Cancelled	-
Forfeited	-

Outstanding as of December 31, 2015	4,200	$	14.05	0.45 years	$	-

Exercisable as of December 31, 2015	4,200	$	14.05	0.45 years	$	-

⁽¹⁾

The intrinsic values of option at December 31, 2015 was zero since the share market value of common stock of $2.81 was lower than the exercise price of the option of $14.05 per share.

As of September 30 and December 31, 2015, there were no unrecognized compensation costs related to the above non-vested share options.

(ii)

Restricted Shares

Restricted shares granted on June 22, 2009

As of September 30 and December 31, 2015, there was no unrecognized stock-based compensation associated with the restricted shares granted to Mr. Xiangqian Li on June 22, 2009.

Restricted shares granted on June 30, 2015

XML 35 R23.htm IDEA: XBRL DOCUMENT

(Loss) Earnings Per Share

3 Months Ended

Dec. 31, 2015

(Loss) Earnings Per Share [Text Block]

17.

(Loss) Earnings Per Share

The following is the calculation of (loss) earnings per share:

		Three months ended December 31,
		2014		2015
Net profit (loss)	$	17,388,593	$	(2,132,673	)

Weighted average shares used in basic and diluted computation (note)		12,719,597		17,171,953

Profit (loss) per share	$	1.37	$	(0.12	)

Note:

Including nil and 83,335 vested restricted shares granted pursuant to the 2015 Plan not yet issued as of December 31, 2014 and 2015, respectively.

For the three months ended December 31, 2014 and 2015, the outstanding 4,200 stock options were anti-dilutive and excluded from diluted earnings per share.

For the three months ended December 31, 2015, the outstanding 517,500 unvested restricted shares were anti-dilutive and excluded from diluted loss per share.

XML 36 R24.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

3 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments [Text Block]

18.

Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurement and Disclosures , defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:

	•	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	•	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
	•	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 37 R25.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Dec. 31, 2015

Commitments and Contingencies [Text Block]

19.

Commitments and Contingencies

(i)

Capital Commitments

As of September 30, 2015 and December 31, 2015, the Company had the following contracted capital commitments:

		September 30,		December 31,
		2015		2015
For construction of buildings	$	1,819,977	$	1,781,856
For purchases of equipment		68,718		67,250
Capital injection to Dalian BAK Power and Dalian BAK Trading ^Note		15,553,656		15,553,656
	$	17,442,351	$	17,402,762

Note

(ii)

Litigation

XML 38 R26.htm IDEA: XBRL DOCUMENT

Concentrations and Credit Risk

3 Months Ended

Dec. 31, 2015

Concentrations and Credit Risk [Text Block]

20.

Concentrations and Credit Risk

(a)

Concentrations

The Company had two and three customers that individually comprised 10% or more of net revenue for the three months ended December 31, 2014 and 2015, respectively, as follows:

			Three months ended December 31,
		2014			2015
Shandong Tangjun Electric Co., Ltd	$	*	*	$	2,436,471	44.29%
Pingxiang Anyuan Tourist Bus Co., Ltd		*	*		1,202,286	21.86%
Sichuan Pisen Electronics Co., Ltd		1,440,041	46.77%		947,653	17.23%
Guangdong Pisen Electronics Co., Ltd.		1,379,626	44.81%		*

* Comprised less than 10% of net revenue for the respective period.

The Company had two and three customers that individually comprised 10% or more of accounts receivable as of September 30, 2015 and December 31, 2015, respectively, as follows:

		September 30,			December 31,
		2015			2015
Shandong Tangjun Electric Co., Ltd	$	*	*	$	2,113,022	44.52%
Pingxiang Anyuan Tourist Bus Co., Ltd		*	*		1,306,657	27.53%
Sichuan Pisen Electronics Co., Ltd.		3,146,177	65.93%		553,255	11.66%
Guangdong Pisen Electronics Co., Ltd.		763,738	16.01%		*	*

* Comprised less than 10% of accounts receivable for the respective period.

(b)

Credit Risk

XML 39 R27.htm IDEA: XBRL DOCUMENT

Segment Information

3 Months Ended

Dec. 31, 2015

Segment Information [Text Block]

21.

Segment Information

Net revenues by product:

		Three months ended December 31,
		2014		2015
High power lithium batteries used in:
Electric vehicles	$	-	$	3,664,924
Light electric vehicles		-		91,724
Uninterruptable power supplies		3,079,107		1,743,941
	$	3,079,107	$	5,500,589

Net revenues by geographic area:

		Three months ended December 31,
		2014		2015
PRC Mainland	$	3,079,107	$	5,390,127
PRC Taiwan		-		109,468
Others		-		994
	$	3,079,107	$	5,500,589

Substantially all of the Company’s long-lived assets are located in the PRC.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

XML 40 R28.htm IDEA: XBRL DOCUMENT

Principal Activities, Basis of Presentation and Organization (Tables)

3 Months Ended

Dec. 31, 2015

Schedule of Advance Payments From Investors [Table Text Block]

Mr. Shibin Mao	$	2,227,148
Mr. Dawei Li		1,499,967
Mr. Ping Shen		1,499,967
Mr. Shangdong Liu		1,599,968
Ms. Lijuan Wang		1,500,000
Mr. Jiping Zhou		1,520,594
	$	9,847,644

XML 41 R29.htm IDEA: XBRL DOCUMENT

Pledged Deposits (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF PLEDGED DEPOSITS [Table Text Block]

		September 30,		December 31,
		2015		2015
Pledged deposits with bank for:
Bills payable	$	1,461,757	$	1,872,235
Letters of credit		57,844		212,098
	$	1,519,601	$	2,084,333

XML 42 R30.htm IDEA: XBRL DOCUMENT

Trade Accounts and Bills Receivable, net (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF TRADE ACCOUNTS RECEIVABLE [Table Text Block]

		September 30,			December 31,
		2015			2015
Trade accounts receivable	$	4,792,416		$	4,903,974
Less: Allowance for doubtful accounts		(122,115	)		(165,441	)
		4,670,301			4,738,533
Bills receivable		101,657			7,698
	$	4,771,958		$	4,746,231

SCHEDULE OF ANALYSIS OF THE ALLOWANCE FOR DOUBTFUL ACCOUNTS [Table Text Block]

		December 31, 2014		December 31, 2015
Balance at beginning of period	$	-	$	122,115
Provision for the period		-		46,687
Foreign exchange adjustment		-		(3,361	)
Balance at end of period	$	-	$	165,441

XML 43 R31.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF INVENTORIES [Table Text Block]

		September 30,		December 31,
		2015		2015
Raw materials	$	712,713	$	1,394,127
Work in progress		1,441,368		2,165,868
Finished goods		903,494		876,357
	$	3,057,575	$	4,436,352

XML 44 R32.htm IDEA: XBRL DOCUMENT

Prepayments and Other Receivables (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLES [Table Text Block]

		September 30,			December 31,
		2015			2015
Value added tax recoverable	$	1,719,062		$	2,344,611
Prepayments to suppliers		447,430			577,090
Deposits		154,892			130,257
Staff advances		42,718			35,160
Prepaid operating expenses		195,556			228,329
Others		-			153
		2,559,658			3,315,600
Less: Allowance for doubtful accounts		(7,000	)		(7,000	)
	$	2,552,658		$	3,308,600

XML 45 R33.htm IDEA: XBRL DOCUMENT

Balances with Former Subsidiaries (Tables)

3 Months Ended

Dec. 31, 2015

Schedule of Receivable From A Former Subsidiary [Table Text Block]

		September 30,		December 31,
		2015		2015
Shenzhen BAK	$	62,963	$	-
BAK Tianjin		623,551		5,176,799
	$	686,514	$	5,176,799

Schedule of Advance From A Former Subsidiary [Table Text Block]

		September 30,		December 31,
		2015		2015
Shenzhen BAK	$	-	$	1,285,195

XML 46 R34.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, net (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT [Table Text Block]

		September 30,			December 31,
		2015			2015
Buildings	$	18,440,000		$	18,045,944
Machinery and equipment		4,020,238			3,945,547
Office equipment		37,050			39,749
Motor vehicles		147,197			144,052
		22,644,485			22,175,292
Accumulated depreciation		(369,665	)		(643,510	)
Carrying amount	$	22,274,820		$	21,531,782

SCHEDULE OF DEPRECIATION EXPENSE [Table Text Block]

		Three months ended December 31,
		2014		2015
Cost of revenues	$	-	$	268,925
Research and development expenses		-		448
General and administrative expenses		6,509		16,983
	$	6,509	$	286,356

XML 47 R35.htm IDEA: XBRL DOCUMENT

Construction in Progress (Tables)

3 Months Ended

Dec. 31, 2015

Schedule of Construction in Progress [Table Text Block]

		September 30,		December 31,
		2015		2015
Construction in progress	$	13,009,922	$	13,533,829
Prepayment for acquisition of property, plant and equipment		29,451		952,970
Carrying amount	$	13,039,373	$	14,486,799

XML 48 R36.htm IDEA: XBRL DOCUMENT

Prepaid Land Use Rights, net (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF PREPAID LAND USE RIGHTS [Table Text Block]

		September 30,			December 31,
		2015			2015
Prepaid land use rights	$	8,838,220		$	8,649,351
Accumulated amortization		(206,225	)		(245,065	)
	$	8,631,995		$	8,404,286
Less: Classified as current assets		(176,764	)		(172,987	)
	$	8,455,231		$	8,231,299

XML 49 R37.htm IDEA: XBRL DOCUMENT

Intangible Assets, net (Tables)

3 Months Ended

Dec. 31, 2015

SDCHEDULE OF INTANGIBLE ASSETS [Table Text Block]

		September 30,			December 31,
		2015			2015
Computer software at cost	$	27,984		$	27,386
Accumulated amortization		(1,166	)		(1,825	)
	$	26,818		$	25,561

XML 50 R38.htm IDEA: XBRL DOCUMENT

Short-term Bank Loans (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF FACILITIES SECURED BY THE COMPANY'S ASSETS [Table Text Block]

		September 30,		December 31,
		2015		2015
Pledged deposits (note 2)	$	1,519,601	$	2,084,333
Prepaid land use rights (note 9)		8,631,995		8,404,286
Buildings		13,120,083		12,700,715
Machinery and equipment		3,831,790		3,641,932
Construction in progress		6,228,371		6,095,293
	$	33,331,840	$	32,926,559

XML 51 R39.htm IDEA: XBRL DOCUMENT

Other Short-term Loans (Tables)

3 Months Ended

Dec. 31, 2015

Schedule of Other Short-term Loan [Table Text Block]

			September 30,		December 31,
	Note		2015		2015
Advance from related parties
– Tianjin BAK New Energy Research Institute Co., Ltd (“Tianjin New Energy”)	(a)	$	6,094	$	5,964
– Mr. Xiangqian Li, the Company’s CEO	(b)		100,000		100,000
			106,094		105,964
Advances from unrelated third party
– Mr. Yunfei Li	(c)		78,661		76,980

		$	184,755	$	182,944

XML 52 R40.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Payables (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES [Table Text Block]

		September 30,		December 31,
		2015		2015
Construction costs payable	$	8,625,828	$	5,494,504
Liquidated damages (note a)		1,210,119		1,210,119
Equipment purchase payable		611,833		763,711
Customer deposits		260,015		316,132
Accrued staff costs		444,249		613,478
Product warranty (note b)		-		62,481
Other payables and accruals		417,937		488,574
	$	11,569,981	$	8,948,999

XML 53 R41.htm IDEA: XBRL DOCUMENT

Deferred Government Grants (Tables)

3 Months Ended

Dec. 31, 2015

Schedule of Deferred Government Grants [Table Text Block]

		September 30,			December 31,
		2015			2015
Total government grants	$	7,195,624		$	6,997,449
Less: Current portion		(181,510	)		(177,631	)
Non-current portion	$	7,014,114		$	6,819,818

XML 54 R42.htm IDEA: XBRL DOCUMENT

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF INCOME TAXES [Table Text Block]

		Three months ended December 31,
		2014		2015
PRC income tax:
Current	$	-	$	-
Deferred		5,845,066		72,067
	$	5,845,066	$	72,067

SCHEDULE OF INCOME TAX RECONCILIATION [Table Text Block]

		Three months ended December 31,
		2014			2015
Profit (loss) before income tax	$	23,233,659		$	(2,060,606	)
United States federal corporate income tax rate		35%			35%
Income tax computed at United States statutory corporate income tax rate		8,131,781			(721,212	)
Reconciling items:
Valuation allowance on deferred tax assets		675			499,600
Rate differential for PRC earnings		(2,339,961	)		163,796
Non-deductible expenses		58,084			14,786
Share based payments		-			130,712
Others		(5,513	)		(15,615	)
Income tax expenses	$	5,845,066		$	72,067

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES [Table Text Block]

		September 30,			December 31,
		2015			2015
Deferred tax assets
Trade accounts receivable	$	32,979		$	43,810
Inventories		54,127			87,930
Property, plant and equipment		5,976			5,848
Valuation allowance		(49,907	)		(137,588	)
Deferred tax assets, current portion	$	43,175		$	-

Net operating loss carried forward		12,470,938			12,880,407
Valuation allowance		(12,470,938	)		(12,880,407	)
Deferred tax assets, non-current	$	-		$	-

Deferred tax liabilities, non-current
Property, plant and equipment	$	142,650		$	139,602

XML 55 R43.htm IDEA: XBRL DOCUMENT

Share-based Compensation (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF STOCK OPTION, ACTIVITY [Table Text Block]

			Weighted
			average	Weighted average		Aggregate
	Number of		exercise price	remaining		intrinsic
	shares		per share	contractual term		value ⁽¹⁾
Outstanding as of October 1, 2015	4,200	$	14.05	0.7 years
Exercised	-
Cancelled	-
Forfeited	-

Outstanding as of December 31, 2015	4,200	$	14.05	0.45 years	$	-

Exercisable as of December 31, 2015	4,200	$	14.05	0.45 years	$	-

XML 56 R44.htm IDEA: XBRL DOCUMENT

(Loss) Earnings Per Share (Tables)

3 Months Ended

Dec. 31, 2015

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

		Three months ended December 31,
		2014		2015
Net profit (loss)	$	17,388,593	$	(2,132,673	)

Weighted average shares used in basic and diluted computation (note)		12,719,597		17,171,953

Profit (loss) per share	$	1.37	$	(0.12	)

XML 57 R45.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF CAPITAL COMMITMENTS [Table Text Block]

		September 30,		December 31,
		2015		2015
For construction of buildings	$	1,819,977	$	1,781,856
For purchases of equipment		68,718		67,250
Capital injection to Dalian BAK Power and Dalian BAK Trading ^Note		15,553,656		15,553,656
	$	17,442,351	$	17,402,762

XML 58 R46.htm IDEA: XBRL DOCUMENT

Concentrations and Credit Risk (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF REVENUE BY MAJOR CUSTOMERS BY REPORTING SEGMENTS [Table Text Block]

			Three months ended December 31,
		2014			2015
Shandong Tangjun Electric Co., Ltd	$	*	*	$	2,436,471	44.29%
Pingxiang Anyuan Tourist Bus Co., Ltd		*	*		1,202,286	21.86%
Sichuan Pisen Electronics Co., Ltd		1,440,041	46.77%		947,653	17.23%
Guangdong Pisen Electronics Co., Ltd.		1,379,626	44.81%		*

SCHEDULE OF CUSTOMER ACCOUNTED FOR MORE THAN 10% OF THE COMPANY'S TOTAL TRADE ACCOUNTS RECEIVABLE [Table Text Block]

		September 30,			December 31,
		2015			2015
Shandong Tangjun Electric Co., Ltd	$	*	*	$	2,113,022	44.52%
Pingxiang Anyuan Tourist Bus Co., Ltd		*	*		1,306,657	27.53%
Sichuan Pisen Electronics Co., Ltd.		3,146,177	65.93%		553,255	11.66%
Guangdong Pisen Electronics Co., Ltd.		763,738	16.01%		*	*

XML 59 R47.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

3 Months Ended

Dec. 31, 2015

SCHEDULE OF NET REVENUES FROM MANUFACTURE OF BATTERIES BY PRODUCTS [Table Text Block]

		Three months ended December 31,
		2014		2015
High power lithium batteries used in:
Electric vehicles	$	-	$	3,664,924
Light electric vehicles		-		91,724
Uninterruptable power supplies		3,079,107		1,743,941
	$	3,079,107	$	5,500,589

SCHEDULE OF NET REVENUES FROM MANUFACTURE OF BATTERIES BY GEOGRAPHICAL AREAS [Table Text Block]

		Three months ended December 31,
		2014		2015
PRC Mainland	$	3,079,107	$	5,390,127
PRC Taiwan		-		109,468
Others		-		994
	$	3,079,107	$	5,500,589

XML 60 R48.htm IDEA: XBRL DOCUMENT

Principal Activities, Basis of Presentation and Organization (Narrative) (Details) - 3 months ended Dec. 31, 2015 $ / shares in Units, ¥ in Millions	USD ($) $ / shares shares	CNY (¥) shares
Principal Activities, Basis Of Presentation And Organization 1 \| shares	1,720,087	1,720,087
Principal Activities, Basis Of Presentation And Organization 2	$ 17,000,000
Principal Activities, Basis Of Presentation And Organization 3 \| shares	435,910	435,910
Principal Activities, Basis Of Presentation And Organization 4	50.00%	50.00%
Principal Activities, Basis Of Presentation And Organization 5	$ 12,000,000
Principal Activities, Basis Of Presentation And Organization 6	50.00%	50.00%
Principal Activities, Basis Of Presentation And Organization 7	$ 27,000,000
Principal Activities, Basis Of Presentation And Organization 8 \| shares	435,910	435,910
Principal Activities, Basis Of Presentation And Organization 9	50.00%	50.00%
Principal Activities, Basis Of Presentation And Organization 10	50.00%	50.00%
Principal Activities, Basis Of Presentation And Organization 11 \| shares	217,955	217,955
Principal Activities, Basis Of Presentation And Organization 12 \| shares	217,955	217,955
Principal Activities, Basis Of Presentation And Organization 13	$ 7,955,358
Principal Activities, Basis Of Presentation And Organization 14 \| shares	217,955	217,955
Principal Activities, Basis Of Presentation And Organization 15	50.00%	50.00%
Principal Activities, Basis Of Presentation And Organization 16 \| shares	73,749	73,749
Principal Activities, Basis Of Presentation And Organization 17 \| shares	217,955	217,955
Principal Activities, Basis Of Presentation And Organization 18 \| shares	217,955	217,955
Principal Activities, Basis Of Presentation And Organization 19 \| shares	73,749	73,749
Principal Activities, Basis Of Presentation And Organization 20	$ 500,000
Principal Activities, Basis Of Presentation And Organization 21	100,000
Principal Activities, Basis Of Presentation And Organization 22	30,000,000
Principal Activities, Basis Of Presentation And Organization 23	14,846,344
Principal Activities, Basis Of Presentation And Organization 24	9,846,344
Principal Activities, Basis Of Presentation And Organization 25	58,600,000
Principal Activities, Basis Of Presentation And Organization 26	64,600,000
Principal Activities, Basis Of Presentation And Organization 27 \| ¥		¥ 420.0
Principal Activities, Basis Of Presentation And Organization 28	$ 9,800,000
Principal Activities, Basis Of Presentation And Organization 29	20.00%	20.00%
Principal Activities, Basis Of Presentation And Organization 30	$ 9,466,985
Principal Activities, Basis Of Presentation And Organization 31	380,659
Principal Activities, Basis Of Presentation And Organization 32	$ 9,847,644
Principal Activities, Basis Of Presentation And Organization 33 \| shares	4,376,731	4,376,731
Principal Activities, Basis Of Presentation And Organization 34 \| $ / shares	$ 2.25
Principal Activities, Basis Of Presentation And Organization 35	$ 2.22
Principal Activities, Basis Of Presentation And Organization 36	2.25
Principal Activities, Basis Of Presentation And Organization 37	9,847,644
Principal Activities, Basis Of Presentation And Organization 38	18,500,000
Principal Activities, Basis Of Presentation And Organization 39 \| ¥		¥ 120.0
Principal Activities, Basis Of Presentation And Organization 40	12,300,000
Principal Activities, Basis Of Presentation And Organization 41 \| ¥		80.0
Principal Activities, Basis Of Presentation And Organization 42	6,200,000
Principal Activities, Basis Of Presentation And Organization 43 \| ¥		40.0
Principal Activities, Basis Of Presentation And Organization 44	$ 7,700,000
Principal Activities, Basis Of Presentation And Organization 45 \| ¥		¥ 50.0
Principal Activities, Basis Of Presentation And Organization 46	7.84%	7.84%
Principal Activities, Basis Of Presentation And Organization 47	$ 4,600,000
Principal Activities, Basis Of Presentation And Organization 48 \| ¥		¥ 30.0
Principal Activities, Basis Of Presentation And Organization 49	7.84%	7.84%
Principal Activities, Basis Of Presentation And Organization 50	$ 6,200,000
Principal Activities, Basis Of Presentation And Organization 51 \| ¥		¥ 40.0
Principal Activities, Basis Of Presentation And Organization 52	3,100,000
Principal Activities, Basis Of Presentation And Organization 53 \| ¥		20.0
Principal Activities, Basis Of Presentation And Organization 54	1,900,000
Principal Activities, Basis Of Presentation And Organization 55 \| ¥		12.0
Principal Activities, Basis Of Presentation And Organization 56	4,000,000
Principal Activities, Basis Of Presentation And Organization 57 \| ¥		26.0
Principal Activities, Basis Of Presentation And Organization 58	1,300,000
Principal Activities, Basis Of Presentation And Organization 59 \| ¥		¥ 8.4
Principal Activities, Basis Of Presentation And Organization 60	$ 800,000

XML 61 R49.htm IDEA: XBRL DOCUMENT

Inventories (Narrative) (Details)	3 Months Ended
Inventories (Narrative) (Details)	Dec. 31, 2015 USD ($)
Inventories 1	0
Inventories 2	$ 142,125

XML 62 R50.htm IDEA: XBRL DOCUMENT

Balances with Former Subsidiaries (Narrative) (Details) - 3 months ended Dec. 31, 2015 ¥ in Millions, $ in Millions	USD ($)	CNY (¥)
Balances With Former Subsidiaries 1 \| ¥		¥ 40
Balances With Former Subsidiaries 2 \| $	$ 6.2
Balances With Former Subsidiaries 3 \| ¥		20
Balances With Former Subsidiaries 4 \| $	3.1
Balances With Former Subsidiaries 5 \| ¥		¥ 26
Balances With Former Subsidiaries 6 \| $	$ 4.0

XML 63 R51.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, net (Narrative) (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Property, Plant And Equipment, Net 1	$ 18,318,313
Property, Plant And Equipment, Net 2	$ 17,804,599

XML 64 R52.htm IDEA: XBRL DOCUMENT

Construction in Progress (Narrative) (Details)	3 Months Ended
Construction in Progress (Narrative) (Details)	Dec. 31, 2015 USD ($)
Construction In Progress 1	$ 97,261
Construction In Progress 2	$ 248,092

XML 65 R53.htm IDEA: XBRL DOCUMENT

Prepaid Land Use Rights, net (Narrative) (Details) - 3 months ended Dec. 31, 2015 ¥ in Millions	USD ($) yr	CNY (¥) yr
Prepaid Land Use Rights, Net 1	153,832	153,832
Prepaid Land Use Rights, Net 2 \| yr	50	50
Prepaid Land Use Rights, Net 3	$ 8,170,000
Prepaid Land Use Rights, Net 4 \| ¥		¥ 53.1
Prepaid Land Use Rights, Net 5	477,000
Prepaid Land Use Rights, Net 6 \| ¥		¥ 3.1
Prepaid Land Use Rights, Net 7	68,529
Prepaid Land Use Rights, Net 8	$ 43,955

XML 66 R54.htm IDEA: XBRL DOCUMENT

Intangible Assets, net (Narrative) (Details)	3 Months Ended
Intangible Assets, net (Narrative) (Details)	Dec. 31, 2015 USD ($)
Intangible Assets, Net 1	0
Intangible Assets, Net 2	$ 697

XML 67 R55.htm IDEA: XBRL DOCUMENT

Short-term Bank Loans (Narrative) (Details) ¥ in Millions	3 Months Ended
Short-term Bank Loans (Narrative) (Details) ¥ in Millions	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)
Short-term Bank Loans 1	$ 12,585,740
Short-term Bank Loans 2	12,316,787
Short-term Bank Loans 3	$ 7,697,992
Short-term Bank Loans 4 \| ¥		¥ 50
Short-term Bank Loans 5	7.84%	7.84%
Short-term Bank Loans 6	$ 4,618,795
Short-term Bank Loans 7 \| ¥		¥ 30
Short-term Bank Loans 8	7.84%	7.84%
Short-term Bank Loans 9	$ 800,000
Short-term Bank Loans 10	97,261
Short-term Bank Loans 11	$ 248,092

XML 68 R56.htm IDEA: XBRL DOCUMENT

Other Short-term Loans (Narrative) (Details)	3 Months Ended
Other Short-term Loans (Narrative) (Details)	Dec. 31, 2015 USD ($)
Other Short-term Loans 1	$ 453,087
Other Short-term Loans 2	$ 443,404

XML 69 R57.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Payables (Narrative) (Details)	3 Months Ended
	Dec. 31, 2015 USD ($) $ / shares shares
Accrued Expenses And Other Payables 1	$ 1,051,000
Accrued Expenses And Other Payables 2	$ 13,650,000
Accrued Expenses And Other Payables 3 \| shares	3,500,000
Accrued Expenses And Other Payables 4 \| $ / shares	$ 3.90
Accrued Expenses And Other Payables 5	$ 819,000
Accrued Expenses And Other Payables 6	1.50%
Accrued Expenses And Other Payables 7	1.50%
Accrued Expenses And Other Payables 8	0.50%
Accrued Expenses And Other Payables 9	1.00%
Accrued Expenses And Other Payables 10	$ 561,174
Accrued Expenses And Other Payables 11	$ 159,000
Accrued Expenses And Other Payables 12	0
Accrued Expenses And Other Payables 13	$ 63,504

XML 70 R58.htm IDEA: XBRL DOCUMENT

Deferred Government Grants (Narrative) (Details) ¥ in Millions	3 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)
Deferred Government Grants 1 \| ¥		¥ 150.0
Deferred Government Grants 2	$ 23,380,264
Deferred Government Grants 3	1,016,327
Deferred Government Grants 4 \| ¥		¥ 46.2
Deferred Government Grants 5	$ 7,100,000
Deferred Government Grants 6	0	0
Deferred Government Grants 7	$ 45,135

XML 71 R59.htm IDEA: XBRL DOCUMENT

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Narrative) (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 1	35.00%
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 2	16.50%
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 3	25.00%
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 4	$ 35,318,443
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 5	102,293
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 6	35,216,150
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 7	437,933
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 8	2,075,807
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 9	14,200,000
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities 10	$ 12,500,000

XML 72 R60.htm IDEA: XBRL DOCUMENT

Share-based Compensation (Narrative) (Details)	3 Months Ended
Share-based Compensation (Narrative) (Details)	Dec. 31, 2015 USD ($) yr $ / shares shares
Share-based Compensation 1 \| shares	800,000
Share-based Compensation 2	1,600,000
Share-based Compensation 3	1.7
Share-based Compensation 4	1.7
Share-based Compensation 5 \| shares	385,640
Share-based Compensation 6 \| $ / shares	$ 14.05
Share-based Compensation 7 \| yr	7
Share-based Compensation 8	$ 2.81
Share-based Compensation 9 \| $ / shares	$ 14.05
Share-based Compensation 10 \| shares	100,000
Share-based Compensation 11 \| $ / shares	$ 14.05
Share-based Compensation 12	(10,000,000)
Share-based Compensation 13 \| shares	690,000
Share-based Compensation 14	$ 0.001
Share-based Compensation 15 \| $ / shares	$ 3.24
Share-based Compensation 16	$ 373,464
Share-based Compensation 17	305,807
Share-based Compensation 18	43,300
Share-based Compensation 19	$ 24,357
Share-based Compensation 20 \| shares	172,500
Share-based Compensation 21	$ 1,111,969
Share-based Compensation 22 \| shares	89,165

XML 73 R61.htm IDEA: XBRL DOCUMENT

(Loss) Earnings Per Share (Narrative) (Details)	3 Months Ended
(Loss) Earnings Per Share (Narrative) (Details)	Dec. 31, 2015 shares
(loss) Earnings Per Share 1	0
(loss) Earnings Per Share 2	83,335
(loss) Earnings Per Share 3	4,200
(loss) Earnings Per Share 4	517,500

XML 74 R62.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Narrative) (Details)	3 Months Ended
Commitments and Contingencies (Narrative) (Details)	Dec. 31, 2015 USD ($)
Commitments And Contingencies 1	$ 553,774
Commitments And Contingencies 2	553,774
Commitments And Contingencies 3	$ 7,550

XML 75 R63.htm IDEA: XBRL DOCUMENT

Concentrations and Credit Risk (Narrative) (Details)	3 Months Ended
Concentrations and Credit Risk (Narrative) (Details)	Dec. 31, 2015 USD ($)
Concentrations And Credit Risk 1	10.00%
Concentrations And Credit Risk 2	10.00%
Concentrations And Credit Risk 3	10.00%
Concentrations And Credit Risk 4	10.00%
Concentrations And Credit Risk 5	$ 1,700,000
Concentrations And Credit Risk 6	$ 3,000,000
Concentrations And Credit Risk 7	0
Concentrations And Credit Risk 8	$ 5,344
Concentrations And Credit Risk 9	0
Concentrations And Credit Risk 10	$ 300,000
Concentrations And Credit Risk 11	21,442
Concentrations And Credit Risk 12	$ 600,000

XML 76 R64.htm IDEA: XBRL DOCUMENT

Schedule of Advance Payments From Investors (Details)	3 Months Ended
Schedule of Advance Payments From Investors (Details)	Dec. 31, 2015 USD ($)
Principal Activities, Basis Of Presentation And Organization Schedule Of Advance Payments From Investors 1	$ 2,227,148
Principal Activities, Basis Of Presentation And Organization Schedule Of Advance Payments From Investors 2	1,499,967
Principal Activities, Basis Of Presentation And Organization Schedule Of Advance Payments From Investors 3	1,499,967
Principal Activities, Basis Of Presentation And Organization Schedule Of Advance Payments From Investors 4	1,599,968
Principal Activities, Basis Of Presentation And Organization Schedule Of Advance Payments From Investors 5	1,500,000
Principal Activities, Basis Of Presentation And Organization Schedule Of Advance Payments From Investors 6	1,520,594
Principal Activities, Basis Of Presentation And Organization Schedule Of Advance Payments From Investors 7	$ 9,847,644

XML 77 R65.htm IDEA: XBRL DOCUMENT

SCHEDULE OF PLEDGED DEPOSITS (Details)	3 Months Ended
SCHEDULE OF PLEDGED DEPOSITS (Details)	Dec. 31, 2015 USD ($)
Pledged Deposits Schedule Of Pledged Deposits 1	$ 1,461,757
Pledged Deposits Schedule Of Pledged Deposits 2	1,872,235
Pledged Deposits Schedule Of Pledged Deposits 3	57,844
Pledged Deposits Schedule Of Pledged Deposits 4	212,098
Pledged Deposits Schedule Of Pledged Deposits 5	1,519,601
Pledged Deposits Schedule Of Pledged Deposits 6	$ 2,084,333

XML 78 R66.htm IDEA: XBRL DOCUMENT

SCHEDULE OF TRADE ACCOUNTS RECEIVABLE (Details)	3 Months Ended
SCHEDULE OF TRADE ACCOUNTS RECEIVABLE (Details)	Dec. 31, 2015 USD ($)
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 1	$ 4,792,416
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 2	4,903,974
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 3	(122,115)
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 4	(165,441)
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 5	4,670,301
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 6	4,738,533
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 7	101,657
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 8	7,698
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 9	4,771,958
Trade Accounts And Bills Receivable, Net Schedule Of Trade Accounts Receivable 10	$ 4,746,231

XML 79 R67.htm IDEA: XBRL DOCUMENT

SCHEDULE OF ANALYSIS OF THE ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 1	$ 0
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 2	122,115
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 3	0
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 4	46,687
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 5	0
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 6	(3,361)
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 7	0
Trade Accounts And Bills Receivable, Net Schedule Of Analysis Of The Allowance For Doubtful Accounts 8	$ 165,441

XML 80 R68.htm IDEA: XBRL DOCUMENT

SCHEDULE OF INVENTORIES (Details)	3 Months Ended
SCHEDULE OF INVENTORIES (Details)	Dec. 31, 2015 USD ($)
Inventories Schedule Of Inventories 1	$ 712,713
Inventories Schedule Of Inventories 2	1,394,127
Inventories Schedule Of Inventories 3	1,441,368
Inventories Schedule Of Inventories 4	2,165,868
Inventories Schedule Of Inventories 5	903,494
Inventories Schedule Of Inventories 6	876,357
Inventories Schedule Of Inventories 7	3,057,575
Inventories Schedule Of Inventories 8	$ 4,436,352

XML 81 R69.htm IDEA: XBRL DOCUMENT

SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLES (Details)	3 Months Ended
SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLES (Details)	Dec. 31, 2015 USD ($)
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 1	$ 1,719,062
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 2	2,344,611
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 3	447,430
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 4	577,090
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 5	154,892
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 6	130,257
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 7	42,718
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 8	35,160
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 9	195,556
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 10	228,329
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 11	0
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 12	153
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 13	2,559,658
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 14	3,315,600
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 15	(7,000)
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 16	(7,000)
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 17	2,552,658
Prepayments And Other Receivables Schedule Of Prepayments And Other Receivables 18	$ 3,308,600

XML 82 R70.htm IDEA: XBRL DOCUMENT

Schedule of Receivable From A Former Subsidiary (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Balances With Former Subsidiaries Schedule Of Receivable From A Former Subsidiary 1	$ 62,963
Balances With Former Subsidiaries Schedule Of Receivable From A Former Subsidiary 2	0
Balances With Former Subsidiaries Schedule Of Receivable From A Former Subsidiary 3	623,551
Balances With Former Subsidiaries Schedule Of Receivable From A Former Subsidiary 4	5,176,799
Balances With Former Subsidiaries Schedule Of Receivable From A Former Subsidiary 5	686,514
Balances With Former Subsidiaries Schedule Of Receivable From A Former Subsidiary 6	$ 5,176,799

XML 83 R71.htm IDEA: XBRL DOCUMENT

Schedule of Advance From A Former Subsidiary (Details)	3 Months Ended
Schedule of Advance From A Former Subsidiary (Details)	Dec. 31, 2015 USD ($)
Balances With Former Subsidiaries Schedule Of Advance From A Former Subsidiary 1	$ 0
Balances With Former Subsidiaries Schedule Of Advance From A Former Subsidiary 2	$ 1,285,195

XML 84 R72.htm IDEA: XBRL DOCUMENT

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details)	3 Months Ended
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details)	Dec. 31, 2015 USD ($)
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 1	$ 18,440,000
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 2	18,045,944
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 3	4,020,238
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 4	3,945,547
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 5	37,050
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 6	39,749
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 7	147,197
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 8	144,052
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 9	22,644,485
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 10	22,175,292
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 11	(369,665)
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 12	(643,510)
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 13	22,274,820
Property, Plant And Equipment, Net Schedule Of Property, Plant And Equipment 14	$ 21,531,782

XML 85 R73.htm IDEA: XBRL DOCUMENT

SCHEDULE OF DEPRECIATION EXPENSE (Details)	3 Months Ended
SCHEDULE OF DEPRECIATION EXPENSE (Details)	Dec. 31, 2015 USD ($)
Property, Plant And Equipment, Net Schedule Of Depreciation Expense 1	$ 0
Property, Plant And Equipment, Net Schedule Of Depreciation Expense 2	268,925
Property, Plant And Equipment, Net Schedule Of Depreciation Expense 3	0
Property, Plant And Equipment, Net Schedule Of Depreciation Expense 4	448
Property, Plant And Equipment, Net Schedule Of Depreciation Expense 5	6,509
Property, Plant And Equipment, Net Schedule Of Depreciation Expense 6	16,983
Property, Plant And Equipment, Net Schedule Of Depreciation Expense 7	6,509
Property, Plant And Equipment, Net Schedule Of Depreciation Expense 8	$ 286,356

XML 86 R74.htm IDEA: XBRL DOCUMENT

Schedule of Construction in Progress (Details)	3 Months Ended
Schedule of Construction in Progress (Details)	Dec. 31, 2015 USD ($)
Construction In Progress Schedule Of Construction In Progress 1	$ 13,009,922
Construction In Progress Schedule Of Construction In Progress 2	13,533,829
Construction In Progress Schedule Of Construction In Progress 3	29,451
Construction In Progress Schedule Of Construction In Progress 4	952,970
Construction In Progress Schedule Of Construction In Progress 5	13,039,373
Construction In Progress Schedule Of Construction In Progress 6	$ 14,486,799

XML 87 R75.htm IDEA: XBRL DOCUMENT

SCHEDULE OF PREPAID LAND USE RIGHTS (Details)	3 Months Ended
SCHEDULE OF PREPAID LAND USE RIGHTS (Details)	Dec. 31, 2015 USD ($)
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 1	$ 8,838,220
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 2	8,649,351
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 3	(206,225)
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 4	(245,065)
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 5	8,631,995
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 6	8,404,286
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 7	(176,764)
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 8	(172,987)
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 9	8,455,231
Prepaid Land Use Rights, Net Schedule Of Prepaid Land Use Rights 10	$ 8,231,299

XML 88 R76.htm IDEA: XBRL DOCUMENT

SDCHEDULE OF INTANGIBLE ASSETS (Details)	3 Months Ended
SDCHEDULE OF INTANGIBLE ASSETS (Details)	Dec. 31, 2015 USD ($)
Intangible Assets, Net Sdchedule Of Intangible Assets 1	$ 27,984
Intangible Assets, Net Sdchedule Of Intangible Assets 2	27,386
Intangible Assets, Net Sdchedule Of Intangible Assets 3	(1,166)
Intangible Assets, Net Sdchedule Of Intangible Assets 4	(1,825)
Intangible Assets, Net Sdchedule Of Intangible Assets 5	26,818
Intangible Assets, Net Sdchedule Of Intangible Assets 6	$ 25,561

XML 89 R77.htm IDEA: XBRL DOCUMENT

SCHEDULE OF FACILITIES SECURED BY THE COMPANY'S ASSETS (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 1	$ 1,519,601
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 2	2,084,333
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 3	8,631,995
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 4	8,404,286
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 5	13,120,083
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 6	12,700,715
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 7	3,831,790
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 8	3,641,932
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 9	6,228,371
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 10	6,095,293
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 11	33,331,840
Short-term Bank Loans Schedule Of Facilities Secured By The Company's Assets 12	$ 32,926,559

XML 90 R78.htm IDEA: XBRL DOCUMENT

Schedule of Other Short-term Loan (Details)	3 Months Ended
Schedule of Other Short-term Loan (Details)	Dec. 31, 2015 USD ($)
Other Short-term Loans Schedule Of Other Short-term Loan 1	$ 6,094
Other Short-term Loans Schedule Of Other Short-term Loan 2	5,964
Other Short-term Loans Schedule Of Other Short-term Loan 3	100,000
Other Short-term Loans Schedule Of Other Short-term Loan 4	100,000
Other Short-term Loans Schedule Of Other Short-term Loan 5	106,094
Other Short-term Loans Schedule Of Other Short-term Loan 6	105,964
Other Short-term Loans Schedule Of Other Short-term Loan 7	78,661
Other Short-term Loans Schedule Of Other Short-term Loan 8	76,980
Other Short-term Loans Schedule Of Other Short-term Loan 9	184,755
Other Short-term Loans Schedule Of Other Short-term Loan 10	$ 182,944

XML 91 R79.htm IDEA: XBRL DOCUMENT

SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 1	$ 8,625,828
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 2	5,494,504
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 3	1,210,119
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 4	1,210,119
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 5	611,833
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 6	763,711
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 7	260,015
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 8	316,132
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 9	444,249
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 10	613,478
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 11	0
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 12	62,481
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 13	417,937
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 14	488,574
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 15	11,569,981
Accrued Expenses And Other Payables Schedule Of Accrued Expenses And Other Payables 16	$ 8,948,999

XML 92 R80.htm IDEA: XBRL DOCUMENT

Schedule of Deferred Government Grants (Details)	3 Months Ended
Schedule of Deferred Government Grants (Details)	Dec. 31, 2015 USD ($)
Deferred Government Grants Schedule Of Deferred Government Grants 1	$ 7,195,624
Deferred Government Grants Schedule Of Deferred Government Grants 2	6,997,449
Deferred Government Grants Schedule Of Deferred Government Grants 3	(181,510)
Deferred Government Grants Schedule Of Deferred Government Grants 4	(177,631)
Deferred Government Grants Schedule Of Deferred Government Grants 5	7,014,114
Deferred Government Grants Schedule Of Deferred Government Grants 6	$ 6,819,818

XML 93 R81.htm IDEA: XBRL DOCUMENT

SCHEDULE OF INCOME TAXES (Details)	3 Months Ended
SCHEDULE OF INCOME TAXES (Details)	Dec. 31, 2015 USD ($)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 1	$ 0
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 2	0
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 3	5,845,066
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 4	72,067
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 5	5,845,066
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Taxes 6	$ 72,067

XML 94 R82.htm IDEA: XBRL DOCUMENT

SCHEDULE OF INCOME TAX RECONCILIATION (Details)	3 Months Ended
SCHEDULE OF INCOME TAX RECONCILIATION (Details)	Dec. 31, 2015 USD ($)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 1	$ 23,233,659
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 2	$ (2,060,606)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 3	35.00%
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 4	35.00%
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 5	$ 8,131,781
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 6	(721,212)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 7	675
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 8	499,600
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 9	(2,339,961)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 10	163,796
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 11	58,084
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 12	14,786
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 13	0
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 14	130,712
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 15	(5,513)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 16	(15,615)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 17	5,845,066
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Income Tax Reconciliation 18	$ 72,067

XML 95 R83.htm IDEA: XBRL DOCUMENT

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 1	$ 32,979
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 2	43,810
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 3	54,127
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 4	87,930
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 5	5,976
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 6	5,848
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 7	(49,907)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 8	(137,588)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 9	43,175
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 10	0
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 11	12,470,938
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 12	12,880,407
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 13	(12,470,938)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 14	(12,880,407)
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 15	0
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 16	0
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 17	142,650
Income Taxes, Deferred Tax Assets And Deferred Tax Liabilities Schedule Of Deferred Tax Assets And Liabilities 18	$ 139,602

XML 96 R84.htm IDEA: XBRL DOCUMENT

SCHEDULE OF STOCK OPTION, ACTIVITY (Details)	3 Months Ended
SCHEDULE OF STOCK OPTION, ACTIVITY (Details)	Dec. 31, 2015 USD ($) yr
Share-based Compensation Schedule Of Stock Option, Activity 1	$ 4,200
Share-based Compensation Schedule Of Stock Option, Activity 2	14.05
Share-based Compensation Schedule Of Stock Option, Activity 3 \| yr	0.7
Share-based Compensation Schedule Of Stock Option, Activity 4	$ 0
Share-based Compensation Schedule Of Stock Option, Activity 5	0
Share-based Compensation Schedule Of Stock Option, Activity 6	0
Share-based Compensation Schedule Of Stock Option, Activity 7	$ 4,200
Share-based Compensation Schedule Of Stock Option, Activity 8	14.05
Share-based Compensation Schedule Of Stock Option, Activity 9 \| yr	0.45
Share-based Compensation Schedule Of Stock Option, Activity 10	$ 0
Share-based Compensation Schedule Of Stock Option, Activity 11	$ 4,200
Share-based Compensation Schedule Of Stock Option, Activity 12	14.05
Share-based Compensation Schedule Of Stock Option, Activity 13 \| yr	0.45
Share-based Compensation Schedule Of Stock Option, Activity 14	$ 0

XML 97 R85.htm IDEA: XBRL DOCUMENT

Schedule of Earnings Per Share, Basic and Diluted (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
(loss) Earnings Per Share Schedule Of Earnings Per Share, Basic And Diluted 1	$ 17,388,593
(loss) Earnings Per Share Schedule Of Earnings Per Share, Basic And Diluted 2	(2,132,673)
(loss) Earnings Per Share Schedule Of Earnings Per Share, Basic And Diluted 3	12,719,597
(loss) Earnings Per Share Schedule Of Earnings Per Share, Basic And Diluted 4	$ 17,171,953
(loss) Earnings Per Share Schedule Of Earnings Per Share, Basic And Diluted 5	1.37
(loss) Earnings Per Share Schedule Of Earnings Per Share, Basic And Diluted 6	(0.12)

XML 98 R86.htm IDEA: XBRL DOCUMENT

SCHEDULE OF CAPITAL COMMITMENTS (Details)	3 Months Ended
SCHEDULE OF CAPITAL COMMITMENTS (Details)	Dec. 31, 2015 USD ($)
Commitments And Contingencies Schedule Of Capital Commitments 1	$ 1,819,977
Commitments And Contingencies Schedule Of Capital Commitments 2	1,781,856
Commitments And Contingencies Schedule Of Capital Commitments 3	68,718
Commitments And Contingencies Schedule Of Capital Commitments 4	67,250
Commitments And Contingencies Schedule Of Capital Commitments 5	15,553,656
Commitments And Contingencies Schedule Of Capital Commitments 6	15,553,656
Commitments And Contingencies Schedule Of Capital Commitments 7	17,442,351
Commitments And Contingencies Schedule Of Capital Commitments 8	$ 17,402,762

XML 99 R87.htm IDEA: XBRL DOCUMENT

SCHEDULE OF REVENUE BY MAJOR CUSTOMERS BY REPORTING SEGMENTS (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 1	$ 2,436,471
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 2	44.29%
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 3	$ 1,202,286
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 4	21.86%
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 5	$ 1,440,041
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 6	46.77%
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 7	$ 947,653
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 8	17.23%
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 9	$ 1,379,626
Concentrations And Credit Risk Schedule Of Revenue By Major Customers By Reporting Segments 10	44.81%

XML 100 R88.htm IDEA: XBRL DOCUMENT

SCHEDULE OF CUSTOMER ACCOUNTED FOR MORE THAN 10% OF THE COMPANY'S TOTAL TRADE ACCOUNTS RECEIVABLE (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 1	$ 2,113,022
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 2	44.52%
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 3	$ 1,306,657
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 4	27.53%
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 5	$ 3,146,177
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 6	65.93%
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 7	$ 553,255
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 8	11.66%
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 9	$ 763,738
Concentrations And Credit Risk Schedule Of Customer Accounted For More Than 10% Of The Company's Total Trade Accounts Receivable 10	16.01%

XML 101 R89.htm IDEA: XBRL DOCUMENT

SCHEDULE OF NET REVENUES FROM MANUFACTURE OF BATTERIES BY PRODUCTS (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 1	$ 0
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 2	3,664,924
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 3	0
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 4	91,724
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 5	3,079,107
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 6	1,743,941
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 7	3,079,107
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Products 8	$ 5,500,589

XML 102 R90.htm IDEA: XBRL DOCUMENT

SCHEDULE OF NET REVENUES FROM MANUFACTURE OF BATTERIES BY GEOGRAPHICAL AREAS (Details)	3 Months Ended
	Dec. 31, 2015 USD ($)
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 1	$ 3,079,107
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 2	5,390,127
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 3	0
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 4	109,468
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 5	0
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 6	994
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 7	3,079,107
Segment Information Schedule Of Net Revenues From Manufacture Of Batteries By Geographical Areas 8	$ 5,500,589

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