the issue price will be determined with reference to the market price prior to the issuance of new shares in january 2017 , the shareholders paid us a total of $ 2.1 million as refundable deposits , among which , mr. yunfei li agreed to subscribe new shares totaling $ 1.12 million and pay a refundable deposit of $ 0.2 million . the issuance of the shares to the investors is expected to be made in reliance on the exemption provided by section 4 ( a ) ( 2 ) of the securities act of 1933 , as amended , for the offer and sale of securities not involving a public offering , and regulation s promulgated thereunder . in april and may 2017 , we received cash of $ 9.6 million from these shareholders . on may 31 , 2017 , we entered into a securities purchase agreement with these investors , pursuant to which we agreed to issue an aggregate of 6,403,518 shares of common stock , par value $ 0.001 per share to these investors , at a purchase price of $ 1.50 per share , for an aggregate price of $ 9.6 million , including 746,018 shares were issued to mr. yunfei li , our ceo . on june 22 , 2017 , we issued the shares to the investors . the issuance of the shares to the investors was made in reliance on the exemption provided by section 4 ( a ) ( 2 ) of the securities act of 1933 , as amended , for the offer and sale of securities not involving a public offering , and regulation s promulgated thereunder . on june 14 , 2016 , we renewed our banking facilities from bank of dandong for loans with a maximum amount of rmb130 million ( approximately $ 20.0 million ) , including three-year long-term loans and three-year revolving bank acceptance and letters of credit bills for the period from june 13 , 2016 to june 12 , 2019. the banking facilities were guaranteed by mr. yunfei li ( mr . li ) , our ceo , and ms. qinghui yuan , mr. li 's wife , mr. xianqian li , our former ceo , ms. xiaoqiu yu , the wife of our former ceo , shenzhen bak battery co. , ltd. , our former subsidiary ( shenzhen bak ) . the facilities were also secured by part of our dalian site 's prepaid land use rights , buildings , construction in progress , machinery and equipment and pledged deposits . under the banking facilities , as of december 31 , 2017 , we borrowed various three-year term bank loans that totaled rmb126.8 million ( approximately $ 19.5 million ) , bearing fixed interest at 7.2 % per annum , left facilities net of pledged deposit of rmb3.2 million ( approximately $ 0.5 million ) for bank acceptance and letters of credit bills . under the facilities , as of december 31 , 2017 , we borrowed a series of revolving bank acceptance totaled $ 0.2 million from bank of dandong and bank deposit of approximately 50 % was pledged against these bank acceptance bills . on july 6 , 2016 , we obtained banking facilities from bank of dalian for loans with a maximum amount of rmb10 million ( approximately $ 1.5 million ) and bank acceptance bills of rmb40 million ( approximately $ 6.1 million ) to july 5 , 2017 . 33 the banking facilities were guaranteed by mr. li , our ceo , and ms. qinghui yuan , mr. li 's wife , and shenzhen bak . under the banking facilities , on july 6 , 2016 we borrowed one year short-term loan of rmb10 million ( approximately $ 1.5 million ) , bearing a fixed interest rate at 6.525 % per annum . we also borrowed revolving bank acceptance totaled $ 6.1 million , and bank deposit of 50 % was required to secure against these bank acceptance bills . we repaid the loan and bank acceptance bills in july and august 2017. on november 9 , 2017 , we obtained banking facilities from china everbright bank dalian branch with a maximum amount of rmb100 million ( approximately $ 15.4 million ) to november 7 , 2018. the banking facilities were secured by the 100 % equity in cbak power held by bak asia . under the facilities , on november 10 , 2017 , we borrowed a net letter of credit of rmb96.1 million ( approximately $ 14.8 million ) to november 5 , 2018 under the facilities , bank deposit of approximate 50 % was required to secure against this letter of credit . the interest on the secured deposit was 1.9 % per annum . we discounted this letter of credit of even date to china everbright bank at a rate of 4.505 % . on august 2 , 2017 , we obtained one-year term facilities from china merchants bank with a maximum amount of rmb100 million ( approximately $ 15.4 million ) including revolving loans , trade finance , notes discount , acceptance of commercial bills etc . any amount drawn under the facilities requires security in the form of cash or banking acceptance bills receivable of at least the same amount . under the facilities , as of december 31 , 2017 , we borrowed a series of bank acceptance bills from china merchants bank totaled $ 10 million and pledged $ 10 million of our bills receivables . during the fiscal year ended december 31 , 2017 , we also obtained banking facilities from bank of dandong with bank acceptance bills of rmb57.7 million ( approximately $ 9 million ) for a term until june 28 , 2018. the banking facilities were pledged by our bills receivables totaled $ 9 million . story_separator_special_tag included in cost of revenues were write down of obsolete inventories of $ 0.4 million for three months ended december 31 , 2016 , while it was $ 0.1 million for the same period in 2015. we write down the inventory value whenever there is an indication that it is impaired . however , further write-down may be necessary if market conditions continue to deteriorate . gross loss . gross loss for the three months ended december 31 , 2016 was $ 0.5 million , or 13.5 % of net revenues as compared to gross loss of $ 0.2 million , or 2.9 % of net revenues , for the same period in 2015. 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 . in particular , we need to maintain a high level of skilled production staff , in anticipation of the increased demand for our products following the release of the government subsidy policy of new energy vehicles in 2017. as a result , we incurred a gross loss in the quarter ended december 31 , 2016. research and development expenses . research and development expenses decreased to $ 0.4 million for the three months ended december 31 , 2016 , as compared to $ 0.7 million for the same period in 2015 , a decrease of $ 0.3 million , or 41.3 % . this decrease was mainly because we had more trial production at the beginning of our manufacture operation in july 2015 which led to a higher level consumption of materials in product lines . as result , the materials and consumables used in research and development was $ 0.5 million higher in the three months ended december 31 , 2015 than the same period in 2016. on the other hand , we continued to put more resources on developing batteries and modules to fulfill the demand of electric vehicles manufacturers to achieve more orders . we expanded our research and development team from fiscal year 2016 , which caused the salary and wage to increase $ 0.1 million in the three months ended december 31 , 2016 as compared with the same period in 2015 . 38 sales and marketing expenses . sales and marketing expenses increased to approximately $ 173,000 for the three months ended december 31 , 2016 , as compared to approximately $ 170,000 for the same period in 2015 , an increase of approximately $ 3,000 , or 1.8 % . general and administrative expenses . general and administrative expenses increased to $ 1.1 million , or 31.7 % of revenues , for the three months ended december 31 , 2016 , as compared to $ 1.0 million , or 17.9 % of revenues , for the same period in 2015 , an increase of $ 0.1 million , or 12.8 % . the increase in general and administrative expenses was mainly because we expanded our administrative and management teams after we commenced our commercial operations in dalian . as a result , the salary and wages including share based compensation expense increased $ 0.1 million for the three months ended december 31 , 2016 as compared with the same period 2015. provision for doubtful accounts . provision for doubtful accounts was $ 0.04 million and $ 0.05 million for the three months ended september 30 , 2016 and 2015 , respectively . we determine the allowance based on historical write-off experience , customer specific facts and economic conditions . operating loss . as a result of the above , our operating loss totaled $ 2.2 million for the three months ended december 31 , 2016 , as compared to $ 2.1 million for the same period in 2015 , an increase of $ 0.1 million , or 6.4 % income tax expense . income tax expense was nil for the three months ended december 31 , 2016 as compared to $ 0.1 million for the same period in 2015. net loss . as a result of the foregoing , we had a net loss of $ 2.2 million for the three months ended december 31 , 2016 , compared to net loss of $ 2.1 million for the three months ended december 31 , 2015. story_separator_special_tag equipment and construction in progress $ 5,927 $ 12,048 we estimate that our total capital expenditures in fiscal year 2018 will reach approximately $ 28.1 million . such funds will be used to renovate the current product lines and construct a new plant with one product lines and a new warehouse and battery module packing lines . contractual obligations and commercial commitments the following table sets forth our contractual obligations and commercial commitments as of december 31 , 2017 : ( all amounts in thousands of u.s. dollars ) replace_table_token_12_th 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 , 2017. 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 consolidated financial

liquidity and capital resources we had financed our liquidity requirements from a variety of sources , including short-term bank loans , other short-term loans and bills payable under bank credit agreements , advance from our related and unrelated parties , investors and issuance of capital stock . we incurred a net loss of $ 21.5 million in the fiscal year ended december 31 , 2017. as of december 31 , 2017 , we had cash and cash equivalents of $ 1.6 million . our total current assets were $ 85.2 million and our total current liabilities were $ 116.9 million , resulting in a net working capital deficiency of $ 31.7 million . these factors raise substantial doubts about our ability to continue as a going concern . we incurred a net loss of $ 2.2 million for the three months ended december 31 , 2016. as of december 31 , 2016 , we had cash and cash equivalents of $ 0.4 million . our total current assets were $ 31.1 million and our total current liabilities were $ 49.6 million , resulting in a net working capital deficiency of $ 18.5 million . these factors raise substantial doubts about our ability to continue as a going concern . as disclosed under item 1 of part i , businessoverview of our business , we have obtained $ 5.5 million and $ 9.6 million through equity financing in the years ended september 30 , 2016 and december 31 , 2017 respectively , and we also have obtained banking facilities from various local banks in china . as of december 31 , 2017 , we had unutilized committed banking facilities of $ 5.5 million . we are currently expanding our product lines and manufacturing capacity in our dalian plant , which require more funding to finance the expansion . 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 .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources we had financed our liquidity requirements from a variety of sources , including short-term bank loans , other short-term loans and bills payable under bank credit agreements , advance from our related and unrelated parties , investors and issuance of capital stock . we incurred a net loss of $ 21.5 million in the fiscal year ended december 31 , 2017. as of december 31 , 2017 , we had cash and cash equivalents of $ 1.6 million . our total current assets were $ 85.2 million and our total current liabilities were $ 116.9 million , resulting in a net working capital deficiency of $ 31.7 million . these factors raise substantial doubts about our ability to continue as a going concern . we incurred a net loss of $ 2.2 million for the three months ended december 31 , 2016. as of december 31 , 2016 , we had cash and cash equivalents of $ 0.4 million . our total current assets were $ 31.1 million and our total current liabilities were $ 49.6 million , resulting in a net working capital deficiency of $ 18.5 million . these factors raise substantial doubts about our ability to continue as a going concern . as disclosed under item 1 of part i , businessoverview of our business , we have obtained $ 5.5 million and $ 9.6 million through equity financing in the years ended september 30 , 2016 and december 31 , 2017 respectively , and we also have obtained banking facilities from various local banks in china . as of december 31 , 2017 , we had unutilized committed banking facilities of $ 5.5 million . we are currently expanding our product lines and manufacturing capacity in our dalian plant , which require more funding to finance the expansion . 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 .
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 Suspicious Activity Report : the issue price will be determined with reference to the market price prior to the issuance of new shares in january 2017 , the shareholders paid us a total of $ 2.1 million as refundable deposits , among which , mr. yunfei li agreed to subscribe new shares totaling $ 1.12 million and pay a refundable deposit of $ 0.2 million . the issuance of the shares to the investors is expected to be made in reliance on the exemption provided by section 4 ( a ) ( 2 ) of the securities act of 1933 , as amended , for the offer and sale of securities not involving a public offering , and regulation s promulgated thereunder . in april and may 2017 , we received cash of $ 9.6 million from these shareholders . on may 31 , 2017 , we entered into a securities purchase agreement with these investors , pursuant to which we agreed to issue an aggregate of 6,403,518 shares of common stock , par value $ 0.001 per share to these investors , at a purchase price of $ 1.50 per share , for an aggregate price of $ 9.6 million , including 746,018 shares were issued to mr. yunfei li , our ceo . on june 22 , 2017 , we issued the shares to the investors . the issuance of the shares to the investors was made in reliance on the exemption provided by section 4 ( a ) ( 2 ) of the securities act of 1933 , as amended , for the offer and sale of securities not involving a public offering , and regulation s promulgated thereunder . on june 14 , 2016 , we renewed our banking facilities from bank of dandong for loans with a maximum amount of rmb130 million ( approximately $ 20.0 million ) , including three-year long-term loans and three-year revolving bank acceptance and letters of credit bills for the period from june 13 , 2016 to june 12 , 2019. the banking facilities were guaranteed by mr. yunfei li ( mr . li ) , our ceo , and ms. qinghui yuan , mr. li 's wife , mr. xianqian li , our former ceo , ms. xiaoqiu yu , the wife of our former ceo , shenzhen bak battery co. , ltd. , our former subsidiary ( shenzhen bak ) . the facilities were also secured by part of our dalian site 's prepaid land use rights , buildings , construction in progress , machinery and equipment and pledged deposits . under the banking facilities , as of december 31 , 2017 , we borrowed various three-year term bank loans that totaled rmb126.8 million ( approximately $ 19.5 million ) , bearing fixed interest at 7.2 % per annum , left facilities net of pledged deposit of rmb3.2 million ( approximately $ 0.5 million ) for bank acceptance and letters of credit bills . under the facilities , as of december 31 , 2017 , we borrowed a series of revolving bank acceptance totaled $ 0.2 million from bank of dandong and bank deposit of approximately 50 % was pledged against these bank acceptance bills . on july 6 , 2016 , we obtained banking facilities from bank of dalian for loans with a maximum amount of rmb10 million ( approximately $ 1.5 million ) and bank acceptance bills of rmb40 million ( approximately $ 6.1 million ) to july 5 , 2017 . 33 the banking facilities were guaranteed by mr. li , our ceo , and ms. qinghui yuan , mr. li 's wife , and shenzhen bak . under the banking facilities , on july 6 , 2016 we borrowed one year short-term loan of rmb10 million ( approximately $ 1.5 million ) , bearing a fixed interest rate at 6.525 % per annum . we also borrowed revolving bank acceptance totaled $ 6.1 million , and bank deposit of 50 % was required to secure against these bank acceptance bills . we repaid the loan and bank acceptance bills in july and august 2017. on november 9 , 2017 , we obtained banking facilities from china everbright bank dalian branch with a maximum amount of rmb100 million ( approximately $ 15.4 million ) to november 7 , 2018. the banking facilities were secured by the 100 % equity in cbak power held by bak asia . under the facilities , on november 10 , 2017 , we borrowed a net letter of credit of rmb96.1 million ( approximately $ 14.8 million ) to november 5 , 2018 under the facilities , bank deposit of approximate 50 % was required to secure against this letter of credit . the interest on the secured deposit was 1.9 % per annum . we discounted this letter of credit of even date to china everbright bank at a rate of 4.505 % . on august 2 , 2017 , we obtained one-year term facilities from china merchants bank with a maximum amount of rmb100 million ( approximately $ 15.4 million ) including revolving loans , trade finance , notes discount , acceptance of commercial bills etc . any amount drawn under the facilities requires security in the form of cash or banking acceptance bills receivable of at least the same amount . under the facilities , as of december 31 , 2017 , we borrowed a series of bank acceptance bills from china merchants bank totaled $ 10 million and pledged $ 10 million of our bills receivables . during the fiscal year ended december 31 , 2017 , we also obtained banking facilities from bank of dandong with bank acceptance bills of rmb57.7 million ( approximately $ 9 million ) for a term until june 28 , 2018. the banking facilities were pledged by our bills receivables totaled $ 9 million . story_separator_special_tag included in cost of revenues were write down of obsolete inventories of $ 0.4 million for three months ended december 31 , 2016 , while it was $ 0.1 million for the same period in 2015. we write down the inventory value whenever there is an indication that it is impaired . however , further write-down may be necessary if market conditions continue to deteriorate . gross loss . gross loss for the three months ended december 31 , 2016 was $ 0.5 million , or 13.5 % of net revenues as compared to gross loss of $ 0.2 million , or 2.9 % of net revenues , for the same period in 2015. 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 . in particular , we need to maintain a high level of skilled production staff , in anticipation of the increased demand for our products following the release of the government subsidy policy of new energy vehicles in 2017. as a result , we incurred a gross loss in the quarter ended december 31 , 2016. research and development expenses . research and development expenses decreased to $ 0.4 million for the three months ended december 31 , 2016 , as compared to $ 0.7 million for the same period in 2015 , a decrease of $ 0.3 million , or 41.3 % . this decrease was mainly because we had more trial production at the beginning of our manufacture operation in july 2015 which led to a higher level consumption of materials in product lines . as result , the materials and consumables used in research and development was $ 0.5 million higher in the three months ended december 31 , 2015 than the same period in 2016. on the other hand , we continued to put more resources on developing batteries and modules to fulfill the demand of electric vehicles manufacturers to achieve more orders . we expanded our research and development team from fiscal year 2016 , which caused the salary and wage to increase $ 0.1 million in the three months ended december 31 , 2016 as compared with the same period in 2015 . 38 sales and marketing expenses . sales and marketing expenses increased to approximately $ 173,000 for the three months ended december 31 , 2016 , as compared to approximately $ 170,000 for the same period in 2015 , an increase of approximately $ 3,000 , or 1.8 % . general and administrative expenses . general and administrative expenses increased to $ 1.1 million , or 31.7 % of revenues , for the three months ended december 31 , 2016 , as compared to $ 1.0 million , or 17.9 % of revenues , for the same period in 2015 , an increase of $ 0.1 million , or 12.8 % . the increase in general and administrative expenses was mainly because we expanded our administrative and management teams after we commenced our commercial operations in dalian . as a result , the salary and wages including share based compensation expense increased $ 0.1 million for the three months ended december 31 , 2016 as compared with the same period 2015. provision for doubtful accounts . provision for doubtful accounts was $ 0.04 million and $ 0.05 million for the three months ended september 30 , 2016 and 2015 , respectively . we determine the allowance based on historical write-off experience , customer specific facts and economic conditions . operating loss . as a result of the above , our operating loss totaled $ 2.2 million for the three months ended december 31 , 2016 , as compared to $ 2.1 million for the same period in 2015 , an increase of $ 0.1 million , or 6.4 % income tax expense . income tax expense was nil for the three months ended december 31 , 2016 as compared to $ 0.1 million for the same period in 2015. net loss . as a result of the foregoing , we had a net loss of $ 2.2 million for the three months ended december 31 , 2016 , compared to net loss of $ 2.1 million for the three months ended december 31 , 2015. story_separator_special_tag equipment and construction in progress $ 5,927 $ 12,048 we estimate that our total capital expenditures in fiscal year 2018 will reach approximately $ 28.1 million . such funds will be used to renovate the current product lines and construct a new plant with one product lines and a new warehouse and battery module packing lines . contractual obligations and commercial commitments the following table sets forth our contractual obligations and commercial commitments as of december 31 , 2017 : ( all amounts in thousands of u.s. dollars ) replace_table_token_12_th 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 , 2017. 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 consolidated financial

