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Segment reporting | 12 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Segment reporting | Note 14 — Segment reporting ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company currently has three main products from which revenue is earned and expenses are incurred: Shiitake Mushroom, Mu Er Mushroom and other edible fungi and other agricultural products. The operations of these product categories have similar economic characteristics. In particular, the Company uses the same or similar production processes; sells to the same or similar type of customers and uses the same or similar methods to distribute these products. The resources required by these products share high similarity. Switching cost between different products is minimal. Production is primarily determined by sales orders received and market trend. Therefore, management, including the chief operating decision maker, primarily relies on the revenue data of different products in allocating resources and assessing performance. Based on management’s assessment, the Company has determined that it has only one operating segment and therefore one reportable segment as defined by ASC. For other agricultural products, the Company did not generate any revenue until January 2017 and the revenue generated since January 2017 was insignificant so it has not been included in the segment reporting analysis. The following table presents revenue by major product categories (from third parties and related parties) for the years ended September 30, 2018, 2017 and 2016, respectively:
|  | For the years ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Shiitake |  | $ | 16,753,076 |  |  | $ | 16,249,672 |  |  | $ | 14,658,325 |
Mu Er |  |  | 12,190,340 |  |  |  | 9,239,920 |  |  |  | 6,015,519 |
Other edible fungi and other agricultural products |  |  | 875,672 |  |  |  | 1,176,009 |  |  |  | 41,386 |
Total |  | $ | 29,819,088 |  |  | $ | 26,665,601 |  |  | $ | 20,715,230 |
All of the Company’s long-lived assets are located in PRC. Majority of the Company’s products are sold in China. Geographic information about the revenues, which are classified based on customers, is set out as follows:
|  | For the years ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Revenue from China |  | $ | 27,146,942 |  |  | $ | 24,121,216 |  |  | $ | 17,983,566 |
Revenue from foreign countries |  |  | 2,672,146 |  |  |  | 2,544,385 |  |  |  | 2,731,664 |
Total Revenue |  | $ | 29,819,088 |  |  | $ | 26,665,601 |  |  | $ | 20,715,230 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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