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Condensed Financial Information of the Parent Company
 12 Months Ended
Sep. 30, 2023
Condensed Financial Information of the Parent Company [Abstract]  
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

NOTE 14 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

 

The Company performed a test on the restricted net assets of the consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the parent company only.

 

The subsidiaries did not pay any dividends to the Company for the periods presented. Certain information and footnote disclosures generally included in the financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. These statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

 

The financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investments in its subsidiaries.

 

The following represents condensed financial information of the parent company:

 

BALANCE SHEETS

 

   As of
September 30,		 
   2023   2022 
ASSETS        
Cash  $235,014   $4,170 
Short-term investments   780,000    
—
 
Due from subsidiaries   10,630,138    1,870,008 
Prepaid expenses and other current assets, net   105,000    
—
 
Prepaid expenses and other noncurrent assets, net   163,589    92,722 
Investment in subsidiaries   11,103,806    2,967,699 
Total Assets  $23,017,547   $4,934,599 
LIABILITIES AND EQUITY          
Current liabilities          
Accrued expenses and other liabilities  $62,157   $49,973 
Total current liabilities   62,157    49,973 
Equity:          
Common stock (US$0.000002 par value, 25,000,000,000 shares authorized, 25,926,155 and 23,618,037 shares issued and outstanding as of September 30, 2023 and 2022, respectively)   52    47 
Additional paid-in capital   16,035,229    5,112,181 
Statutory reserves   368,271    39,620 
Accumulated deficit   6,551,838    (267,222)
Total equity   22,955,390    4,884,626 
Total liabilities and shareholders’ equity  $23,017,547   $4,934,599 

 

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 

   For the Years Ended
September 30,		 
   2023   2022   2021(a) 
Operating expenses:            
General and administrative expenses   (611,474)   (83,073)   
—
 
Equity income (loss) in subsidiaries   7,163,312    (184,149)   
—
 
Net income (loss)   6,551,838    (267,222)   
—
 
Foreign currency translation adjustment   
—
    
—
    
—
 
Comprehensive income (loss)  $6,551,838   $(267,222)  $
—
 

 

(a)The Company was established on September 29, 2021 and has no operation for the year ended September 30, 2021.

 

STATEMENTS OF CASH FLOWS

 

   For the Years Ended 
September 30,		 
   2023   2022   2021(a) 
Net cash used in investing activities  $(10,621,341)  $(1,903,038)  $
—
 
Net cash provided by financing activities   10,852,185    1,907,208    
—
 
Effect of exchange rate changes on cash   
—
    
—
    
—
 
Net increase in cash   230,844    4,170    
—
 
Cash at the beginning of the year   4,170    
—
    
—
 
Cash at the end of the year  $235,014    4,170   $
—
 

 

(a)The Company was established on September 29, 2021 and has no operation for the year ended September 30, 2021.