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Disposition of subsidiaries | 12 Months Ended
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Sep. 30, 2024
Disposition of subsidiaries |
Disposition of subsidiaries | Note 1 9 - Disposition of subsidiar ies On September 12, 2024, the Company, through its wholly owned subsidiary CN Energy Development, entered into a Share Transfer Agreement (the “Agreement No. 1”) with Zhejiang Sentuo Industrial Holding Group., Ltd. (“Sentuo”). Pursuant to the Agreement No. 1, CN Energy Development agreed to transfer all of its equity interest in Hangzhou Forasen, which constituted 100% of the issued and outstanding equity of Hangzhou Forasen, to Sentuo in consideration of RMB29,478 ($4,201), which was received in September 2024. On September 25, 2024, the Company, through its wholly owned subsidiaries in China, Zhejiang CN Energy and Manzhouli CN Energy, entered into a Share Transfer Agreement (the “Agreement No. 2”) with Xinbaocheng Industrial Group Co., Ltd. (“Xinbaocheng”). Pursuant to the Agreement No. 2, Zhejiang CN Energy agreed to transfer 90% of its equity in CN Energy Development and its subsidiaries (Khingan Forasen and Zhongxing Energy), and Manzhouli CN Energy agreed to transfer its 10% of equity in CN Energy Development to Shanghai Xinbaocheng Industrial Group Co., Ltd. (“Xinbaocheng”) for a total purchase price of RMB138,204,751 ($19,694,019), which shall be paid by Xinbaocheng in installments according to the schedules set forth in the Agreement. Consideration of RMB6,910,238 ($984,701) was received in September 2024 and RMB131,294,513 ($18,709,318) was outstanding as of September 30, 2024. The following is a reconciliation of the carrying amounts of major classes of assets and liabilities in the consolidated balance sheets as of September 30, 2024 and 2023.
|  | As of |  |  | As of |
|  | September 30, 2024 |  |  | September 30, 2023 |
Carrying amounts of major classes of assets |  |  |  |  |  |
Cash |  | $ | 2,458 |  |  | $ | 35,413 |
Accounts receivable, net |  |  | 8,835 |  |  |  | 19,254,467 |
Inventories, net |  |  | 988,571 |  |  |  | 1,394,037 |
Advances to suppliers, net |  |  | 17,710,766 |  |  |  | 34,242,941 |
Due to related parties |  |  | - |  |  |  | 153,477 |
Prepaid expenses and other current assets |  |  | 134,562 |  |  |  | 280,633 |
Property and equipment, net |  |  | 10,943,369 |  |  |  | 11,839,482 |
Land use right, net |  |  | 495,415 |  |  |  | 506,929 |
Long-term deposits |  |  | 1,140,133 |  |  |  | 1,140,133 |
Prepayment for property and equipment |  |  | 187,321 |  |  |  | 3,749,792 |
Right-of-use assets |  |  | - |  |  |  | 24,974 |
Intangible assets, net |  |  | 3,026 |  |  |  | 3,182 |
Total assets of disposed entities |  | $ | 31,614,456 |  |  | $ | 72,625,460 |
Carrying amount of major classes of liabilities |  |  |  |  |  |  |  |
Short-term loans |  | $ | 4,828,985 |  |  | $ | 4,830,711 |
Long-term loans, current portion |  |  | 581,870 |  |  |  | 605,620 |
Accounts payable |  |  | 4,841,199 |  |  |  | 4,745,290 |
Deferred revenue |  |  | 268,610 |  |  |  | 210,186 |
Due to related parties |  |  | 353,878 |  |  |  | - |
Taxes payable |  |  | 112,518 |  |  |  | 10,544 |
Lease liabilities |  |  | - |  |  |  | 32,855 |
Prepayment from customers |  |  | - |  |  |  | 1,192,491 |
Accrued expenses and other current liabilities |  |  | 572,261 |  |  |  | 870,942 |
Deferred tax liabilities |  |  | 26,284 |  |  |  | 35,508 |
Total liabilities of disposed entities |  | $ | 11,585,605 |  |  | $ | 12,534,147 |
The following is a reconciliation of the amounts of major classes of operations of disposed entities in the consolidated statements of income (loss) and comprehensive income (loss) for the years ended September 30, 2024 and 2023.
|  | For the year ended September 30, |
|  | 2024 |  |  | 2023 |
Revenue |  | $ | 13,086,798 |  |  | $ | 38,378,197 |
Cost of revenues |  |  | (13,089,365 | ) |  |  | (37,344,139 | )
Gross (loss) profit |  |  | (2,567 | ) |  |  | 1,034,058 |
Operating expenses |  |  | (579,879 | ) |  |  | (2,434,290 | )
Loss from operations |  |  | (582,446 | ) |  |  | (1,400,232 | )
Other (expenses) income |  |  | (114,534 | ) |  |  | 450,991 |
Loss before income tax expenses |  |  | (696,980 | ) |  |  | (949,241 | )
Income tax expenses |  |  | 9,223 |  |  |  | 301,242 |
Net loss |  | $ | (687,757 | ) |  | $ | (647,999 | )

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