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LONG-TERM INVESTMENT | 12 Months Ended
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Sep. 30, 2022
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, 2022 | ​ | September 30, 2021
Equity method investment: |  | ​ |  |  | ​ |
Cost of equity method investment |  | ​ | 463,907 |  | ​ | 510,994
Profit from equity method investment |  | ​ | 208,255 |  | ​ | 188,605
Dividend Distribution received |  | ​ | (54,592) |  | ​ | (60,133)
Total long-term investment | ​ | $ | 617,570 | ​ | $ | 639,466
​ The investment income attributable to the equity investment of $40,196, $69,494 and $32,093 for the years ended September 30, 2022, 2021 and 2020, respectively, were included in other income (expense) on the statements of operations and comprehensive income.

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- References No definition available. + Details
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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 + Details
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