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SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)

6 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of financial statement amounts and balances of the VIE and its subsidiaries

The following financial statement amounts and balances of the Q&K HK, Q&K Investment Consulting and Q&K E-Commerce (collectively "VIE entities") and their subsidiaries were included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances.

The revenues, net loss and cash flows for the six months ended March 31, 2022 represented the amounts of Q&K HK and Q&K Investment Consulting for the period from dates of equity transfer through March 31, 2022, and the amounts of the amounts of Q&K E-Commerce and its subsidiaries for the six months ended March 31, 2022.

The revenues, net loss and cash flows for the six months ended March 31, 2023 represented the amounts of VIE entities for the six months ended March 31, 2023.

		As of September 30,				As of March 31,
		2022				2023
	RMB				RMB				USD
ASSETS
Cash and cash equivalents			62				63				9
Advances to suppliers			6,131				6,136				893
Other current assets			2,572				2,572				375
Other assets			98				98				14
Total assets			8,863				8,869				1,291
LIABILITIES
Accounts payable			34				34				5
Deferred revenue			16				16				2
Short-term debt			13,000				13,000				1,893
Accrued expenses and other current liabilities			67,908				68,124				9,920
Total liabilities			80,958				81,174				11,820

		For the Six Months Ended March 31,
		2022				2023
		RMB				RMB				USD
Net revenues			1,621				—				—
Net loss			(41,909	)			(221	)			(32	)
Net cash used in operating activities			(10,773	)			1				0
Net cash provided by investing activities			—				—				—
Net cash provided by financing activities			—				—				—

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

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-Name Accounting Standards Codification
-Topic 810
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-Section 50
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-Publisher FASB
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