XML 72 R29.htm IDEA: XBRL DOCUMENT v3.21.4
Summary of significant accounting policies (Tables)
12 Months Ended
Sep. 30, 2021
Summary of significant accounting policies  
Schedule of carrying amount of this variable interest entities of financials

As of September 30, 2021

WFOE 

Other 

that is the 

entities 

primary 

that are 

beneficiary of 

VIE and its 

Consolidated 

    

consolidated

    

the VIE

    

subsidiaries

    

FAMI

    

total

Intercompany receivables

$

10,263,832

$

16,147,194

$

582,137

$

134,585,007

$

Current assets excluding intercompany receivables

$

141,332,281

$

6,658,940

$

6,666,318

$

647,997

$

155,305,536

Current assets

$

151,596,113

$

22,806,134

$

7,248,455

$

135,233,004

$

155,305,536

Investment in subsidiaries

$

$

9,016,979

$

$

$

Non-current assets excluding investment in subsidiaries

$

10,126,547

$

$

254,818

$

$

10,381,365

Non-current assets

$

10,126,547

$

9,016,979

$

254,818

$

$

10,381,365

Total assets

$

161,722,660

$

31,823,113

$

7,503,273

$

135,233,004

$

165,686,901

Intercompany payables

$

151,314,338

$

4,809,089

$

3,785,283

$

1,669,460

$

Current liabilities excluding intercompany payables

$

1,682,220

$

1,415

$

2,408,191

$

54,600

$

4,146,426

Current liabilities

$

152,996,558

$

4,810,504

$

6,193,474

$

1,724,060

$

4,146,426

Non-current liabilities

$

691,808

$

$

56,249

$

$

748,057

Total liabilities

$

153,688,366

$

4,810,504

$

6,249,723

$

1,724,060

$

4,894,483

Total shareholders’ equity (net assets)

$

8,034,294

$

27,012,609

$

1,253,550

$

133,508,944

$

160,792,418

As of September 30, 2020

WFOE 

Other 

that is the 

entities 

primary 

that are 

beneficiary of 

VIE and its 

Consolidated 

    

consolidated

    

the VIE

    

subsidiaries

    

FAMI

    

total

Intercompany receivables

$

5,079,282

$

278,858

$

300,300

$

11,838,011

$

Current assets from continuing operations excluding intercompany receivables

$

32,413,056

$

571,996

$

4,034,997

$

2,122

$

37,022,171

Current assets from continuing operations

$

37,492,338

$

850,854

$

4,335,297

$

11,840,133

$

37,022,171

Investment in subsidiaries

$

$

6,115,219

$

$

$

Non-current assets excluding investment in subsidiaries

$

777,058

$

$

392,517

$

$

Non-current assets

$

777,058

$

6,115,219

$

392,517

$

$

1,169,575

Total assets from continuing operations

$

38,269,396

$

6,966,073

$

4,727,814

$

11,840,133

$

38,191,746

Intercompany payables

$

12,417,169

$

3,429,447

$

375

$

1,649,460

$

Current liabilities excluding intercompany payables

$

1,707,486

$

589,606

$

4,135,484

$

1,934,811

$

8,367,387

Current liabilities from continuing operations

$

14,124,655

$

4,019,053

$

4,135,859

$

3,584,271

$

8,367,387

Non-current liabilities

$

669,202

$

$

$

$

669,202

Total liabilities from continuing operations

$

14,793,857

$

4,019,053

$

4,135,859

$

3,584,271

$

9,036,589

Total shareholders’ equity (net assets)

$

23,475,539

$

2,947,020

$

591,955

$

8,255,862

$

29,155,157

For the financial year ended September 30, 2021

WFOE 

Other 

that is the 

entities 

primary 

that are 

beneficiary 

VIE and its 

Consolidated 

    

consolidated

    

of the VIE

    

subsidiaries

    

FAMI

    

total

Revenues from continuing operations

$

33,068,045

$

762,771

$

5,459,135

$

$

39,289,951

Cost of revenues from continuing operations

 

(28,847,801)

 

(742,933)

 

(4,589,936)

 

 

(34,180,670)

Gross profit from continuing operations

 

4,220,244

 

19,838

 

869,199

 

 

5,109,281

Operating expenses

 

588,892

 

(8,940)

 

(804,851)

 

(2,031,506)

 

(2,256,405)

Income (loss) from operations

 

4,809,136

 

10,898

 

64,348

 

(2,031,506)

 

2,852,876

Other expenses

 

(391,819)

 

(19,990)

 

(2,033)

 

(5,673)

 

(419,515)

Income (loss) before income taxes

 

4,417,317

 

(9,092)

 

62,315

 

(2,037,179)

 

2,433,361

Provision for income taxes

 

(8,085)

 

 

(17,486)

 

 

(25,571)

Net income (loss) from continuing operations

$

4,409,232

$

(9,092)

$

44,829

$

(2,037,179)

$

2,407,790

For the financial year ended September 30, 2020

WFOE

Other

that is the

entities

primary

that are

beneficiary

VIE and its

Consolidated

    

consolidated

    

of the VIE

    

subsidiaries

    

FAMI

    

total

Revenues from continuing operations

$

23,805,109

$

$

4,558,854

$

$

28,363,963

Cost of revenues from continuing operations

 

(19,899,410)

 

 

(3,813,131)

 

 

(23,712,541)

Gross profit

 

3,905,699

 

 

745,723

 

 

4,651,422

Operating expenses

 

(921,258)

 

(6,956)

 

(853,607)

 

(602,518)

 

(2,384,339)

Income (loss) from operations

 

2,984,441

 

(6,956)

 

(107,884)

 

(602,518)

 

2,267,083

Other expenses

 

86,810

 

(30,215)

 

327

 

(1,229,950)

 

(1,173,028)

Income (loss) before income taxes

 

3,071,251

 

(37,171)

 

(107,557)

 

(1,832,468)

 

1,094,055

Provision for income taxes

 

(10,948)

 

 

(5,805)

 

 

(16,753)

Net income (loss) from continuing operations

$

3,060,303

$

(37,171)

$

(113,362)

$

(1,832,468)

$

1,077,302

For the financial year ended September 30, 2019

WFOE

Other

that is the

entities

primary

that are

beneficiary

VIE and its

Consolidated

    

consolidated

    

of the VIE

    

subsidiaries

    

FAMI

    

total

Revenues from continuing operations

$

22,458,833

$

$

6,184,460

$

$

28,643,293

Cost of revenues from continuing operations

 

(18,608,671)

 

 

(4,955,420)

 

 

(23,564,091)

Gross profit

 

3,850,162

 

 

1,229,040

 

 

5,079,202

Operating expenses

 

(162,510)

 

(33,998)

 

(1,243,022)

 

(619,325)

 

(2,058,855)

Income (loss) from operations

 

3,687,652

 

(33,998)

 

(13,982)

 

(619,325)

 

3,020,347

Other expenses

 

(6,348)

 

(27)

 

(265)

 

(3,202,173)

 

(3,208,813)

Income (loss) before income taxes

 

3,681,304

 

(34,025)

 

(14,247)

 

(3,821,498)

 

(188,466)

Provision for income taxes

 

(29,427)

 

 

(386)

 

 

(29,813)

Net income (loss) from continuing operations

$

3,651,877

$

(34,025)

$

(14,633)

$

(3,821,498)

$

(218,279)

For the financial year ended September 30, 2021

WFOE

Other

that is the

entities

primary

that are

beneficiary of

VIE and its

Consolidated

    

consolidated

    

the VIE

    

subsidiaries

    

FAMI

    

total

Net cash provided by (used in) operating activities from continuing operations

$

67,709,967

$

3,246,067

$

(338,559)

$

(123,848,583)

$

(53,231,108)

Net cash used in investing activities from continuing operations

 

(9,353,935)

 

(2,772,430)

 

(1,363)

 

 

(12,127,728)

Net cash provided by (used in) financing activities from continuing operations

 

144,197

 

(616,095)

 

(1,232,191)

 

124,369,377

 

122,665,288

Effect of exchange rate changes on cash and restricted cash

 

(506,653)

 

258,485

 

94,714

 

 

(153,454)

Net increase (decrease) in cash and restricted cash

 

57,993,576

 

116,027

 

(1,477,399)

 

520,794

 

57,152,998

Cash and restricted cash from continuing operations, beginning of year

 

183,030

 

420

 

1,913,335

 

2,121

 

2,098,906

Cash and restricted cash from continuing operations, end of year

$

58,176,606

$

116,447

$

435,936

$

522,915

$

59,251,904

For the financial year ended September 30, 2020

    

    

WFOE

    

    

    

Other 

 that is the 

entities 

primary 

that are 

beneficiary of

VIE and its 

Consolidated 

consolidated

 the VIE

subsidiaries

FAMI

total

Net cash provided by (used in) operating activities from continuing operations

$

57,809

$

(560,411)

$

(1,629,913)

$

304,897

$

(1,827,618)

Net cash used in investing activities from continuing operations

 

 

 

(82,195)

 

 

(82,195)

Net cash provided by (used in) financing activities from continuing operations

 

10,437

 

560,358

 

3,567,505

 

(938,071)

 

3,200,229

Effect of exchange rate changes on cash and restricted cash

 

15,087

 

19

 

56,006

 

 

71,112

Net increase (decrease) in cash and restricted cash

 

83,333

 

(34)

 

1,911,403

 

(633,174)

 

1,361,528

Cash and restricted cash from continuing operations, beginning of year

 

99,697

 

454

 

1,932

 

635,295

 

737,378

Cash and restricted cash from continuing operations, end of year

$

183,030

$

420

$

1,913,335

$

2,121

$

2,098,906

For the financial year ended September 30, 2019

    

    

WFOE 

    

    

    

Other 

that is the 

entities 

primary 

that are 

beneficiary of 

VIE and its 

Consolidated 

consolidated

the VIE

subsidiaries

FAMI

total

Net cash provided by (used in) operating activities from continuing operations

$

(4,761,687)

$

(27)

$

31,661

$

(6,666,754)

$

(11,396,807)

Net cash used in investing activities from continuing operations

 

(9,493)

 

 

(46,928)

 

 

(56,421)

Net cash provided by (used in) financing activities from continuing operations

 

 

 

 

6,695,882

 

6,695,882

Effect of exchange rate changes on cash and restricted cash

 

41,606

 

(18)

 

(91)

 

 

41,497

Net increase (decrease) in cash and restricted cash

 

(4,729,574)

 

(45)

 

(15,358)

 

29,128

 

(4,715,849)

Cash and restricted cash from continuing operations, beginning of year

 

4,829,271

 

499

 

17,290

 

606,167

 

5,453,227

Cash and restricted cash from continuing operations, end of year

$

99,697

$

454

$

1,932

$

635,295

$

737,378

For the year ended September 30, 2021

Transfer to

    

    

WFOE that 

    

    

    

is the

Other 

 primary 

VIE 

entities 

beneficiary 

and its 

that are 

Transfer from

FAMI

of the VIE

subsidiaries

consolidated

Investors

FAMI

 

$

$

45,500

$

124,670,237

$

WFOE that is the primary beneficiary of the VIE

$

1,668,758

 

  

$

$

38,204,550

$

VIE and its subsidiaries

$

$

 

  

$

1,601,406

$

Other entities that are consolidated

$

319,981

$

24,075,199

$

5,624,880

 

  

$

For the year ended September 30, 2020

Transfer to

    

    

    

WFOE that

    

    

    

is the

Other

primary

VIE

entities

beneficiary

and its

that are

Transfer from

FAMI

of the VIE

subsidiaries

consolidated

Investors

FAMI

$

$

$

400,960

$

WFOE that is the primary beneficiary of the VIE

$

$

$

1,812,810

$

VIE and its subsidiaries

$

$

$

2,199,053

$

Other entities that are consolidated

$

394,742

$

1,832,576

$

770,216

$

For the year ended September 30, 2019

Transfer to

WFOE that

is the

Other

primary

VIE

entities

beneficiary

and its

that are

Transfer from

    

FAMI

of the VIE

    

subsidiaries

    

consolidated

    

Investors

FAMI

$

600,000

WFOE that is the primary beneficiary of the VIE

$

791,603

VIE and its subsidiaries

$

5,620,368

Other entities that are consolidated

$

702

$

804,269

218,232

Schedule of useful lives of property, plant and equipment, net

Plant, machinery and equipment

    

5 – 10 years

Transportation equipment

 

4 years

Office equipment

 

3 – 5 years

Summary of component of basic and diluted EPS

Year Ended September 30, 

    

2021

    

2020

    

2019

Net income (loss) available for common shareholders (A)

$

2,356,438

$

813,455

$

(311,004)

- Continuing operations

$

2,407,790

$

1,077,302

$

(218,279)

- Discounted operations

$

(51,352)

$

(263,847)

$

(92,725)

Weighted average number of ordinary shares (B)

 

- Basic

102,842,495

16,244,856

12,183,847

- Diluted

104,455,189

16,244,856

12,183,847

Earnings (loss) per share - basic (A/B)

$

0.02

$

0.05

$

(0.03)

- Continued operations

$

0.02

$

0.07

$

(0.02)

- Discontinued operations

$

(0.00)

$

(0.02)

$

(0.01)

Earnings (loss) per share - diluted (A/B)

$

0.02

$

0.05

$

(0.03)

- Continued operations

$

0.02

$

0.07

$

(0.02)

- Discontinued operations

$

(0.00)

$

(0.02)

$

(0.01)