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Bank Loans | 6 Months Ended
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Mar. 31, 2024
Bank Loans [Abstract] |
BANK LOANS | Note 8 — BANK LOANS Short-term bank loans Short-term bank loans represent amounts due to various banks maturing within one year. The principal of the borrowings is due at maturity. Accrued interest is due either monthly or quarterly. Short-term borrowings consisted of the following:
|  | March 31, 2024 |  |  | September 30, 2023 |
China Construction Bank (“CCB”) |  | $ | 34,071 |  |  | $ | 33,717 |
Total |  | $ | 34,071 |  |  | $ | 33,717 |
On July 28, 2023, the Company entered into a loan agreement with China Construction Bank for unsecured revolving lines of credit with a term of one year, pursuant to which a facility of up to approximately $34,071 (RMB246,000) was made available to the Company, at a fixed rate of 3.9% per annum. Long-term bank loans Long-term bank loans consisted of the following:
|  | March 31, 2024 |  |  | September 30, 2023 |
Zhejiang Wenzhou Longwan Rural Commercial Bank (“Longwan RCB”) (1) |  | $ | 1,384,984 |  |  | $ | 1,370,613 |
Zhejiang Wenzhou Longwan Rural Commercial Bank (“Longwan RCB”) (2) |  |  | 678,643 |  |  |  | 671,602 |
Wenzhou Minshang Bank (3) |  |  | 1,177,236 |  |  |  | 1,165,022 |
Total |  | $ | 3,240,863 |  |  | $ | 3,207,237 |
Less: Long-term bank loans - current portion |  |  | (365,636 | ) |  |  | - |
Long-term bank loans - non-current portion |  | $ | 2,875,227 |  |  | $ | 3,207,237 |
(1) | On April 19, 2022, the Company entered into a loan agreement with Longwan RCB to obtain a loan of $360,096 (RMB2,600,000) for a term from April 19, 2022 to March 28, 2025 at a fixed annual interest rate of 8.1%. WFOE guaranteed for the repayment of the loan. CEO and his family members also provided personal guaranty for the repayment of the loan. The CEO’s wife pledged personal property as collateral to secure the loan. The Company has repaid $63,709 (RMB460,000) of principal as of March 31, 2024. On September 14, 2022, the Company entered into two loan agreements with Longwan RCB to obtain in aggregated of $830,990 (RMB6,000,000) from September 14, 2022 to September 8, 2025 at a fixed annual interest rate of 5.45%. WFOE guaranteed for the repayment of the loans. CEO also provided personal guaranty for the repayment of the loans. The CEO with his wife pledged personal properties as collateral to secure the loans and provided personal guaranty for the repayment of the loans.
(1) | On September 15, 2022, the Company entered into two loan agreements with Longwan RCB to obtain in aggregated of $257,607 (RMB1,860,000) from September 15, 2022 to September 12, 2025 at a fixed annual interest rate of 8.1%. WFOE guaranteed for the repayment of the loans. CEO and his family members also provided personal guaranty for the repayment of the loans. CEO and his wife pledged their personal properties as collateral to secure the loans.
(2) | On January 16, 2023, the Company entered into a loan agreement with Longwan RCB to obtain a loan of $678,643 (or RMB4,900,000) for a term from January 17, 2023 to January 16, 2026 at a fixed rate of 4.56% per annum. WFOE and CEO guaranteed for the repayment of the loan. The CEO’s wife pledged personal property as collateral to secure the loan.
(3) | On February 15, 2023, the Company entered into a loan agreement with Wenzhou Minshang Bank to obtain a loan of $1,177,236 (or RMB8,500,000) for a term from February 15, 2023 to February 15, 2028 at a fixed annual interest rate of 7.5%. The Company’s CEO and his wife provided personal guaranty for the repayment of the loan. The CEO’s wife pledged personal property as collateral to secure the loan.
For the six months ended March 31, 2024 and 2023, the weighted average annual interest rate for the bank loans was approximately 6.6% and 6.2%, respectively. Interest expenses for the above-mentioned loans amount to $106,741and $92,445 for the six months ended March 31, 2024 and 2023, respectively. The repayment schedule for the bank loans are as follows:
Twelve months ending March 31, |  | Repayment |
2025 |  | $ | 399,706 |
2026 |  |  | 1,227,096 |
2027 |  |  | 817,141 |
2028 |  |  | 830,991 |
Total |  | $ | 3,274,934 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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