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Condensed financial information of the parent company | 12 Months Ended
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Sep. 30, 2024
Condensed financial information of the parent company |
Condensed financial information of the parent company | Note 2 1 – Condensed financial information of the parent company Pursuant to the requirements of Rule 12‑04(a), 5‑04(c), and 4‑08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to the Company as the restricted net assets of the Company’s PRC subsidiaries exceeded 25% of the consolidated net assets of the Company. Therefore, the condensed financial statements of the parent company are included herein. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the Company’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances, or cash dividends without the consent of a third party. The condensed 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 investment in its subsidiaries. Such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and the respective profit or loss as “Equity in earnings of subsidiaries” on the condensed statements of income (loss). The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The Company did not pay any dividend for the periods presented. As of September 30, 2024 and 2023, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those separately disclosed in the consolidated financial statements, if any.
|  | As of |  |  | As of |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |
Assets
Current assets |  |  |  |  |  |
Cash |  | $ | 463 |  |  | $ | 32,589 |
Other current assets |  |  | 128,998 |  |  |  | - |
Non-current assets |  |  |  |  |  |  |  |
Investment in subsidiaries |  |  | 97,308,651 |  |  |  | 103,950,542 |
Total assets |  | $ | 97,438,112 |  |  | $ | 103,983,131 |
Liabilities and Shareholders’ Equity
Current liabilities |  |  |  |  |  |  |  |
Due to a related party |  |  | 300,177 |  |  |  | 300,177 |
Accrued expenses and other current liabilities |  |  | 225,518 |  |  |  | 120,720 |
Total liabilities |  | $ | 525,695 |  |  | $ | 420,897 |
Commitments and contingencies |  |  |  |  |  |  |  |
Shareholders’ equity |  |  |  |  |  |  |  |
Class A ordinary share, no par value, unlimited number of shares authorized; 68,574,781 and 20,062,658 shares issued and outstanding as of September 30, 2023 and 2022, respectively |  |  | 104,486,710 |  |  |  | 101,922,676 |
Class B ordinary share, no par value, unlimited number of shares authorized; 3,020,969 shares issued and outstanding as of September 30, 2023 and 2022. |  |  | 4,231,055 |  |  |  | 4,231,055 |
Additional paid-in capital |  |  | 8,865,199 |  |  |  | 8,865,199 |
Statutory reserves |  |  | 14,990 |  |  |  | 526,217 |
Accumulated deficits |  |  | (16,741,427 | ) |  |  | (3,211,885 | )
Accumulated other comprehensive loss |  |  | (3,944,110 | ) |  |  | (8,771,028 | )
Total shareholders’ equity |  |  | 96,912,417 |  |  |  | 103,562,234 |
Total liabilities and shareholders’ equity |  | $ | 97,438,112 |  |  | $ | 103,983,131 |
|  | For the years ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
General and administrative expenses |  | $ | (8,006,889 | ) |  | $ | (3,202,589 | ) |  | $ | (218,663 | )
Equity in (loss) earnings of subsidiaries |  |  | (6,033,880 | ) |  |  | (2,423,151 | ) |  |  | 2,448,371 |
Net (loss) income |  | $ | (14,040,769 | ) |  | $ | (5,625,740 | ) |  |  | 2,229,708 |
Net (loss) income |  |  | (14,040,769 | ) |  |  | (5,625,740 | ) |  |  | 2,229,708 |
Foreign currency translation gain (loss) |  |  | 4,826,918 |  |  |  | (2,238,556 | ) |  |  | (6,655,036 | )
Comprehensive loss |  | $ | (9,213,851 | ) |  | $ | (7,864,296 | ) |  | $ | (4,425,328 | )
|  | For the years ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (14,040,769 | ) |  | $ | (5,625,740 | ) |  | $ | 2,229,708 |
Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Allowance for prepaid expenses and other current assets |  |  | 32,249 |  |  |  | - |  |  |  | - |
Interest expenses |  |  | 233,873 |  |  |  | - |  |  |  | - |
Amortization of debts issuance costs |  |  | - |  |  |  | 277,500 |  |  |  | - |
Issuance of ordinary shares for services |  |  | - |  |  |  | 1,100,000 |  |  |  | - |
Equity in loss (earnings) of subsidiaries |  |  | 6,033,880 |  |  |  | 2,423,151 |  |  |  | (2,448,371 | )
Prepaid expenses and other current assets |  |  | - |  |  |  | - |  |  |  | 92,000 |
Accrued expenses and other current liabilities |  |  | 104,799 |  |  |  | 278,521 |  |  |  | (202,001 | )
Net cash used in operating activities |  |  | (7,635,968 | ) |  |  | (1,546,568 | ) |  |  | (328,664 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Other receivables |  |  | 608,628 |  |  |  | (769,875 | ) |  |  | - |
Purchase of treasury shares |  |  | (430 | ) |  |  | - |  |  |  | - |
Investment in subsidiaries |  |  | 6,850,354 |  |  |  | (9,676,000 | ) |  |  | (3,211,899 | )
Net cash provided by (used in) investing activities |  |  | 7,458,552 |  |  |  | (10,445,875 | ) |  |  | (3,211,899 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of Ordinary Shares for private placement |  |  | - |  |  |  | - |  |  |  | 5,528,702 |
Proceeds from convertible notes |  |  | - |  |  |  | 3,000,000 |  |  |  | - |
Proceeds from warrants exercised |  |  | 145,290 |  |  |  | 8,945,433 |  |  |  | - |
Proceeds from related party loans |  |  | - |  |  |  | 63,500 |  |  |  | - |
Repayment of related party loans |  |  | - |  |  |  | - |  |  |  | (1,980,145 | )
Net cash provided by financing activities |  |  | 145,290 |  |  |  | 12,008,933 |  |  |  | 3,548,557 |
CHANGES IN CASH |  |  | (32,126 | ) |  |  | 16,490 |  |  |  | 7,994 |
CASH, beginning of year |  |  | 32,589 |  |  |  | 16,099 |  |  |  | 8,105 |
CASH, end of year |  | $ | 463 |  |  | $ | 32,589 |  |  | $ | 16,099 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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