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LONG-TERM INVESTMENT

12 Months Ended

Sep. 30, 2021

LONG-TERM INVESTMENT

LONG-TERM INVESTMENT

NOTE 8 – LONG-TERM INVESTMENT

In July 2017, Gansu QLS acquired 40% ownership interest of JiuQuan Funong Biotech Co., Ltd (“Funong”) with a total investment amount of RMB3,300,000, which have been paid in the amount of RMB1,200,000 ($176,121 equivalent) in 2017, RMB1,658,750 ($253,596 equivalent) in 2018, and RMB441,250 ($64,165 equivalent) in 2019, respectively. The investment was accounted for using equity method.

Equity method investment consisted of the following:

​

​	​	​	​	​	​	​
​		As of			As of
​	​	September 30, 2021		​	September 30, 2020
Equity method investment:		​			​
Cost of equity method investment		​	510,994		​	485,059
Profit from equity method investment		​	188,605		​	112,538
Dividend Distribution received		​	(60,133)		​	(57,080)
Total long-term investment	​	$	639,466	​	$	540,517

​

The investment income attributable to the equity investment of $69,494, $32,093 and $89,197 for the years ended September 30, 2021, 2020 and 2019, respectively, were included in other income (expense) on the statement of income and comprehensive income.

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- References

No definition available.

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI https://asc.fasb.org/topic&trid=2196965

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