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Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Sep. 30, 2021

Condensed Financial Information of the Parent Company

Summary of 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

Summary of 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)

Summary of 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

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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

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