XML 35 R26.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Prepayments and Other Assets, Net (Tables)
 6 Months Ended
Mar. 31, 2024
Prepayments and Other Assets, Net [Abstract]  
Schedule of Prepayments and Other Assets, Net Prepayments and other assets, net consisted of the following:
  

March 31,

2024

   September 30,
2023		 
Prepaid rents (a)  $125,556   $191,339 
Prepaid service fee (b)   482,410    597,410 
Loans to third parties (c)   246,186    238,134 
Advances to vendors (d)   251,949    378,152 
Advance to employees (e)   47,979    5,491 
Security deposits   219,068    202,155 
Prepayment for acquisition (f)   5,362,816    3,602,000 
Prepaid board compensation   15,005    16,667 
Others (g)   46,321    111,386 
Prepayment and other assets, net  $6,797,290   $5,342,734 
Including:          
Prepayment and other current assets, net  $6,224,697   $4,869,347 
Prepayments and other non-current assets, net  $572,593   $473,387 
(a) Prepaid rents represent the prepayment of rent related to leases expiring within 12 months.
(b) The prepaid expenses mainly represents the prepayment for teaching platform software technical service provided by third party service providers that will be amortized over one to three years.
(c) Loans to third parties represent the balance of the amount lent to various third parties for their working capital needs at an interest rate of 5% per annum.
(d) Advances to vendors primarily included prepayment for abroad-study programs.
(e) Advance to employees was provided to staff for travelling and business-related use and are expensed as incurred.
(f) On April 10, 2023, the Company signed a Share Purchase Agreement (“SPA”) to purchase 100% equity interest of Kaiye (Wenzhou) Water Project Development Co., Ltd (“Kaiye”) from a third party and Ms. Zhao Dongfang, a shareholder of the Company who owns approximately 3.4% of the Company’s equity shares. Kaiye is a provider of waterfront tourism projects especially water sports projects development. Pursuant to the SPA, the total consideration is $5,000,000, which will be paid in three installments. On March 1, 2024, all parties agreed to amend the consideration to $5,983,131 (RMB43.2 million) As of March 31, 2024, the Company has paid $5,362,816 (RMB38,721,142). The Company expect to complete this transaction end of the fiscal year 2024.
(g) Others primarily included funds deposited in payment platforms such as Alipay and WeChat.
Schedule of Allowance for Doubtful Accounts Allowance for doubtful accounts movement:
   March 31,
2024		   September 30,
2023		 
         
Beginning balance  $
    -
   $
-
 
Provision for security deposits   
-
    10,378 
Write off security deposits   
-
    (10,378)
Ending balance  $
-
   $
-