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Leases
 12 Months Ended
Sep. 30, 2023
Leases [Abstract]  
LEASES

NOTE 7 — LEASES

 

The Company’s leasing activities primarily consist of three operating leases for offices. ASC 842 requires leases to recognize right-of-use assets and lease liabilities on the balance sheet. The Company has elected an accounting policy to not recognize short-term leases (one year or less) on the balance sheet.

 

   As of
September 30,		 
   2023   2022 
   US$   US$ 
Operating lease right-of-use assets  $954,771   $147,099 
Operating lease liabilities – current  $293,040   $120,418 
Operating lease liabilities – noncurrent   556,674    
—
 
Total operating lease liabilities  $849,714   $120,418 

 

The weighted-average remaining lease term and the weighted-average discount rate of leases are as follows:

 

   As of
September 30,		 
   2023   2022 
Weighted-average remaining lease term (years)   2.45    1.96 
Weighted-average discount rate   4.75%   4.75%

 

During the years ended September 30, 2023, 2022 and 2021, the Company incurred total operating lease expenses of $196,500, $163,552 and $164,899, respectively.

 

The following table summarizes the maturity of operating lease liabilities as of September 30, 2023:

 

12 months ending September 30,  Operating 
   US$ 
2024  $328,558 
2025   280,700 
2026   302,764 
Thereafter   
—
 
Total lease payments   912,022 
Less: imputed interest   (62,308)
Total lease liabilities  $849,714