XML 69 R26.htm IDEA: XBRL DOCUMENT
v3.21.4

Condensed Financial Information of the Parent Company | 12 Months Ended
--- | ---
Sep. 30, 2021
Condensed Financial Information of the Parent Company |
Condensed Financial Information of the Parent Company | Note 19 — 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 percent 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 for 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. 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, 2021 and 2020, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any. Note 19 — Condensed financial information of the parent company (continued) Farmmi, Inc. Parent Company Balance Sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ | ​ | September 30, | ​ | September 30,
​ |  | 2021 |  | 2020
Assets |  | ​ |  |  | ​ |
Current assets |  | ​ |  |  | ​ |
Cash | ​ | $ | 522,915 | ​ | $ | 2,122
Other receivables | ​ | ​ | 125,081 | ​ | ​ | —
Total current assets | ​ | ​ | 647,996 | ​ | ​ | 2,122
​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current assets | ​ |  |  | ​ |  |
Investment in subsidiaries | ​ |  | 160,199,022 | ​ |  | 30,217,865
Total assets | ​ | $ | 160,847,018 | ​ | $ | 30,219,987
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Shareholders’ Equity | ​ |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ |  |  | ​ |  |
Due to related parties | ​ |  | 54,600 | ​ |  | 1,894,811
Other current liabilities | ​ |  | — | ​ |  | 40,000
Total liabilities | ​ | $ | 54,600 | ​ | $ | 1,934,811
​ | ​ | ​ | ​ | ​ | ​ | ​
Commitments and contingencies | ​ |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​
Shareholders’ equity | ​ |  |  | ​ |  |
Common stock, $0.001 par value, 600,000,000 shares authorized, 557,780,383 shares issued and outstanding at September 30, 2021; and 200,000,000 shares authorized, 20,517,703 shares issued and outstanding at September 30, 2020 | ​ |  | 557,781 | ​ |  | 20,518
Additional paid-in capital | ​ |  | 147,088,227 | ​ |  | 20,335,228
Retained earnings | ​ |  | 13,146,410 | ​ |  | 7,929,430
Total shareholders’ equity | ​ |  | 160,792,418 | ​ |  | 28,285,176
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and shareholders’ equity | ​ | $ | 160,847,018 | ​ | $ | 30,219,987
​ Note 19 — Condensed Financial Information of the Parent Company (Continued) ​ Farmmi, Inc. Parent Company Statements of Operations ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended September 30,
​ |  | 2021 |  | 2020 |  | 2019
Operating expenses: |  | ​ |  |  | ​ |  |  | ​ |
General and administrative expenses | ​ | $ | (2,031,506) | ​ | $ | (602,518) | ​ | $ | (619,325)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other expenses | ​ |  |  | ​ |  |  | ​ |  | ​
Interest expenses | ​ |  | — | ​ |  | (135,865) | ​ |  | (1,087,775)
Amortization of debt issuance costs | ​ |  | — | ​ |  | (1,093,440) | ​ |  | (2,113,492)
Other expenses | ​ |  | (5,672) | ​ |  | (646) | ​ |  | (907)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss from operations | ​ |  | (2,037,178) | ​ |  | (1,832,469) | ​ |  | (3,821,499)
Equity in income of subsidiaries and VIE | ​ |  | 4,395,592 | ​ |  | 2,656,075 | ​ |  | 3,514,062
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to Farmmi, Inc. | ​ | $ | 2,358,414 | ​ | $ | 823,606 | ​ | $ | (307,437)
​ Note 19 — Condensed financial information of the parent company (continued) Farmmi, Inc. Parent Company Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended September 30,
​ |  | 2021 |  | 2020 |  | 2019
Cash flows from operating activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 2,358,414 | ​ | $ | 823,606 | ​ | $ | (307,437)
Adjustments to reconcile net income to net cash used in operating activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in earnings of subsidiary | ​ | ​ | (4,395,592) | ​ | ​ | (2,656,075) | ​ | ​ | (3,514,062)
Accrued interest expense for convertible notes | ​ | ​ | — | ​ | ​ | 135,867 | ​ | ​ | 1,087,774
Amortization of deferred financing costs | ​ | ​ | — | ​ | ​ | 1,093,440 | ​ | ​ | 2,113,492
Share-based compensation | ​ | ​ | 1,260,674 | ​ | ​ | — | ​ | ​ | —
Other current assets | ​ | ​ | (125,081) | ​ | ​ | — | ​ | ​ | —
Other current liabilities | ​ | ​ | (40,000) | ​ | ​ | 40,000 |  | ​ | (47,224)
Net cash used in operating activities | ​ |  | (941,585) | ​ |  | (563,162) |  | ​ | (667,457)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing in subsidiaries | ​ | ​ | (122,726,999) | ​ | ​ | 688,060 | ​ | ​ | (5,999,297)
Net cash (used in) provided by investing activities | ​ | ​ | (122,726,999) | ​ | ​ | 688,060 | ​ | ​ | (5,999,297)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net proceeds from stock issuance | ​ | ​ | 126,029,588 | ​ | ​ | — | ​ | ​ | —
Payments of deferred financing costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (716,318)
Gross proceeds from issuance of convertible note | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,500,000
Proceeds from advances from related parties | ​ | ​ | 298,297 | ​ | ​ | — | ​ | ​ | —
Repayment of advances from related parties | ​ |  | (2,138,508) | ​ |  | (758,071) |  | ​ | (87,800)
Net cash provided by (used in) financing activities | ​ |  | 124,189,377 | ​ |  | (758,071) |  | ​ | 6,695,882
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and restricted cash | ​ | ​ | 520,793 | ​ | ​ | (633,173) | ​ | ​ | 29,128
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and restricted cash, beginning of year | ​ | ​ | 2,122 | ​ | ​ | 635,295 | ​ | ​ | 606,167
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and restricted cash, end of year | ​ | $ | 522,915 | ​ | $ | 2,122 |  | $ | 635,295
​

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration