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Disposition of a subsidiary

12 Months Ended

Sep. 30, 2021

Disposition of a subsidiary

Disposition of a subsidiary

Note 17 – Disposition of a subsidiary

1. On September 27, 2021, an agreement was signed to divest 100% interest in Forest Food to a third party for total cash consideration of RMB18.2 million (approximately $2.82 million) on October 1, 2021. As of September 30, 2021, the net assets of Forest Food were RMB17.7 million (approximately $2.75 million), the gain of disposal of discontinued operations was RMB0.48 million (approximately $74,000). The divestment was completed on October 1, 2021. The Company received the whole proceed of disposal on November 5, 2021.

Note 17 – Disposition of a subsidiary (Continued)

​

The following is a reconciliation of the carrying amounts of major classes of assets and liabilities held for sale in the consolidated balance sheet as of September 30, 2021 and September 30, 2020.

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​	​	​	​	​	​	​
​	​	As of		​	As of
​		September 30,			September 30,
​	​	2021		​	2020
Carrying amounts of major classes of assets held for sale:	​	​	​	​	​	​
Cash	​	$	10,610		​	66,245
Accounts receivable, net	​		168,203		​	265,050
Advances to suppliers	​		—		​	21,385
Due from related parties	​		3,913,260		​	—
Inventories	​		—		​	459,747
Other receivables	​		27,074		​	20,032
Property, plant and equipment	​		173,289		​	227,026
Operating lease right-of-use assets, net	​		—		​	544,642
Total assets of disposal group	​	$	4,292,436	​	$	1,604,127
​	​	​	​	​	​	​
Carrying amounts of major classes of liabilities held for sale:	​	​	​	​	​	​
Short-term bank loan	​	$	1,299,104	​	$	1,470,000
Accounts payable	​		181,391	​		396,515
Other current liabilities	​		61,828	​		107,557
Operating lease liabilities – current	​		​	​	​	44,334
Operating lease liabilities – non-current	​		​	​	​	514,830
Total liabilities of disposal group	​	$	1,542,323	​	$	2,533,236

​

The following is a reconciliation of the amounts of major classes of operations classified as discontinued operations in the consolidated statements of operations and other comprehensive income (loss) for the years ended September 30, 2021 and 2020.

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​	​	​	​	​	​	​
​		For the years ended September 30,
​		2021			2020
Revenue	​	$	2,022,846	​	$	1,803,816
Cost of revenues	​		(1,783,156)	​		(1,490,702)
Gross profit	​		239,690	​		313,114
Operating expenses	​		(221,586)	​		(479,182)
Income from operations	​		18,104	​		(166,068)
Other expenses	​		(69,875)	​		(79,201)
Income before income taxes	​		(51,771)	​		(245,269)
Provision for income taxes	​		419	​		(18,578)
Net loss from discontinued operations, net of tax	​	$	(51,352)	​	$	(263,847)

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- References

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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2122178

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