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Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Sep. 30, 2020
Current assets:    
Cash and cash equivalents $ 15,350,197 $ 796,794
Restricted cash 1,304,518 908,410
Accounts receivable, net of allowance for doubtful accounts of $3,066,937 and $2,910,554, respectively 21,297,261 13,618,697
Accounts receivable – related parties 3,981,697 1,914,380
Notes receivable 2,593,018 555,612
Inventories 22,721,265 20,837,594
Advances to suppliers 3,806,420 998,123
Advances to suppliers – related parties 5,550,504 5,342,512
Other receivables 475,793 2,375,031
Total current assets 77,080,673 47,347,153
Property, plant and equipment, net 7,208,705 6,687,642
Land use rights, net 1,234,636 1,202,687
Long-term investments 14,171,928 13,449,305
Deferred tax assets 549,921 436,583
TOTAL ASSETS 100,245,863 69,123,370
Current liabilities:    
Accounts payable 1,713,716 1,855,047
Accrued expenses and other current liabilities 2,048,979 1,587,826
Notes payable 2,312,556 1,517,026
Advances from customers 4,667,084 1,515,452
Due to related parties 514,913 1,407,711
Short-term borrowings 33,459,043 31,221,280
Tax payable 4,051,158 4,230,328
TOTAL LIABILITIES 48,767,449 43,334,670
COMMITMENTS AND CONTIGENCIES
Shareholders’ equity:    
Common stock, $0.0002 par value, 250,000,000 shares authorized, 13,127,000 and 10,000,000 shares issued and outstanding, respectively 2,625 2,000
Additional paid-in capital 44,211,336 22,531,620
Statutory surplus reserves 255,705  
Retained earnings (Accumulated deficit) 2,116,581 (159,189)
Accumulated other comprehensive income 4,627,661 3,189,856
Total equity attributable to Huadi International Group Co., Ltd. 51,213,908 25,564,287
Equity attributable to non-controlling interests 264,506 224,413
Total shareholders’ equity 51,478,414 25,788,700
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 100,245,863 $ 69,123,370