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Summary of significant accounting policies (Tables)
6 Months Ended
Mar. 31, 2022
Summary of significant accounting policies  
Schedule of carrying amount of this variable interest entities of financials

    

As of March 31, 2022 (unaudited)

Other entities

WFOE that is

that are

the primary

VIE and its

Consolidated

   

consolidated

   

beneficiary

   

subsidiaries

   

FAMI

   

total

Intercompany receivables

$

106,843,773

$

11,982,107

$

10,291,830

$

140,204,080

$

Current assets excluding intercompany receivables

77,959,520

15,190,119

68,959,351

449,911

162,558,901

Current assets

184,803,293

27,172,226

79,251,181

140,653,991

162,558,901

Investment in subsidiaries

21,431,357

Non-current assets excluding investment in subsidiaries

3,930,124

8,309,230

12,239,354

Non-current assets

3,930,124

21,431,357

8,309,230

12,239,354

Total assets

$

188,733,417

$

48,603,583

$

87,560,411

$

140,653,991

$

174,798,255

Intercompany payables

$

162,478,017

$

20,794,381

$

84,379,932

$

1,669,460

$

Current liabilities excluding intercompany payables

480,302

364,289

2,431,147

3,275,738

Current liabilities

162,958,319

21,158,670

86,811,079

1,669,460

3,275,738

Non-current liabilities

629,481

244,498

873,979

Total liabilities

163,587,800

21,158,670

87,055,577

1,669,460

4,149,717

Total shareholders’ equity (net assets)

$

25,145,617

$

27,444,913

$

504,834

$

138,984,531

$

170,648,538

As of September 30, 2021

Other entities

WFOE that is

that are

the primary

VIE and its

Consolidated

   

consolidated

   

beneficiary of 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

For the six months ended March 31, 2022 (unaudited)

Other entities

WFOE that is

that are

the primary

VIE and its

Consolidated

   

consolidated

   

beneficiary

   

subsidiaries

   

FAMI

   

total

Revenues

$

31,295,055

$

1,635,180

$

9,205,480

$

$

42,135,715

Cost of revenues

 

(28,722,969)

 

(1,593,024)

 

(8,832,012)

 

 

(39,148,005)

Gross profit

 

2,572,086

 

42,156

 

373,468

 

 

2,987,710

Operating expenses

 

(463,455)

 

(95,927)

 

(513,142)

 

(2,529,882)

 

(3,602,406)

Income (loss) from operations

 

2,108,631

 

(53,771)

 

(139,674)

 

(2,529,882)

 

(614,696)

Other expenses

 

52,050

 

42,526

 

(61,369)

 

(1,860)

 

31,347

Income (loss) before income taxes

 

2,160,681

 

(11,245)

 

(201,043)

 

(2,531,742)

 

(583,349)

Provision for income taxes

 

(3,590)

 

 

 

 

(3,590)

Net income (loss)

$

2,157,091

$

(11,245)

$

(201,043)

$

(2,531,742)

$

(586,939)

For the six months ended March 31, 2021 (unaudited)

Other entities

WFOE that is

that are

Discontinued

the primary

VIE and its

Consolidated

   

consolidated

   

operations

   

beneficiary

   

subsidiaries

   

FAMI

   

total

Revenues

$

14,408,483

$

827,742

$

$

2,551,503

$

$

17,787,728

Cost of revenues

 

(11,985,576)

 

(666,486)

 

 

(2,147,751)

 

 

(14,799,813)

Gross profit

 

2,422,907

 

161,256

 

 

403,752

 

 

2,987,915

Operating expenses

 

228,373

 

(139,441)

 

(7,759)

 

(359,128)

 

(1,267,506)

 

(1,545,461)

Income (loss) from operations

 

2,651,280

 

21,815

 

(7,759)

 

44,624

 

(1,267,506)

 

1,442,454

Other expenses

 

(804)

 

(39,837)

 

(16,591)

 

(5,663)

 

(408)

 

(63,303)

Income (loss) before income taxes

 

2,650,476

 

(18,022)

 

(24,350)

 

38,961

 

(1,267,914)

 

1,379,151

Provision for income taxes

 

(1,449)

 

415

 

 

(16,178)

 

 

(17,212)

Net income (loss)

$

2,649,027

$

(17,607)

$

(24,350)

$

22,783

$

(1,267,914)

$

1,361,939

For the six months ended March 31, 2022

WFOE

Other

that is the

entities

primary

VIE

that are

beneficiary

and its

Consolidated

   

consolidated

   

of the VIE

   

subsidiaries

   

FAMI

   

total

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

$

(44,026,361)

$

9,735,052

$

47,125,836

$

(6,460,183)

$

6,374,344

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

 

(8,389,513)

 

2,830,945

 

(47,365,507)

 

 

(52,924,075)

Net cash provided by financing activities from continuing operations

 

(49,881)

 

 

 

5,945,400

 

5,895,519

Effect of exchange rate changes on cash and restricted cash

 

(3,381,344)

 

39,573

 

6,410

 

 

(3,335,361)

Net increase (decrease) in cash and restricted cash

 

(55,847,099)

 

12,605,570

 

(233,261)

 

(514,783)

 

(43,989,573)

Cash and restricted cash from continuing operations, beginning of year

 

183,030

 

116,447

 

434,135

 

522,915

 

59,262,514

Cash and restricted cash from continuing operations, end of year

$

(55,664,069)

$

12,722,017

$

200,874

$

8,132

$

15,272,941

For the six months ended March 31, 2021

WFOE

Other

that is

entities

primary

VIE

that are

Discontinued

beneficiary

and its

Consolidated

   

consolidated

   

operations

   

of the VIE

   

subsidiaries

   

FAMI

   

total

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

$

5,872,759

$

8,049

$

10,567,362

$

(306,414)

$

(6,416,497)

$

9,725,259

Net cash (used in) provided by investing activities from continuing and discontinued operations

 

(1,353)

 

(14,745)

 

(2,751,873)

 

 

 

(2,767,971)

Net cash provided by financing activities from contiuing and discontinued operations

 

8,468

 

 

(168,170)

 

 

7,003,365

 

6,843,663

Effect of exchange rate changes on cash and restricted cash

 

14,980

 

2,550

 

(12,590)

 

73,775

 

 

78,715

Net increase (decrease) in cash and restricted cash

 

5,894,854

 

(4,146)

 

7,634,729

 

(232,639)

 

586,868

 

13,879,666

Cash and restricted cash from continuing and discontinued operations, beginning of year

 

183,030

 

66,245

 

420

 

1,913,335

 

2,121

 

2,165,151

Cash and restricted cash from continuing and discontinued operations, end of year

$

6,077,884

$

62,099

$

7,635,149

$

1,680,696

$

588,989

$

16,044,817

Transfer to

Holding

Consolidated

Other

Transfer from

   

Company

   

WFOE

   

VIE

   

subsidiaries

   

Investors

Holding company

 

 

 

$

943,648

 

WFOE

 

 

$

4,567,844

$

3,524,104

 

Consolidated VIE

 

$

3,280,144

 

$

5,601,154

 

Other subsidiaries

$

59,910

$

7,911,605

$

14,977,567

 

 

Investors

 

 

 

 

 

Schedule of useful lives of property, plant and equipment

Forestry

    

fair value

Plant, machinery and equipment

 

5 – 10 years

Transportation equipment

 

4 years

Office equipment

3 – 5 years

Leasehold improvement

Shorter of lease term or useful life

Summary of component of basic and diluted EPS

Six months ended March 31, 

    

2022

    

2021

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

$

(586,939)

$

1,362,616

- continuing operations

 

(586,939)

 

1,379,546

- discontinued operations

 

 

(16,930)

Weighted average ordinary shares outstanding (B)

- continuing and discontinued operations

22,583,259

834,226

(Loss) earnings per share - basic and diluted (A/B)

$

(0.03)

$

1.63

- continued operations

$

(0.03)

$

1.65

- discontinued operations

 

$

(0.02)