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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

12 Months Ended

Sep. 30, 2022

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

24.        CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The condensed financial statements of Origin Agritech Limited (the “parent company”) have been prepared in accordance with accounting principles generally accepted in the United States of America. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the parent company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital, capital surplus and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling RMB45,457 and RMB45,457 as of September 30, 2021 and 2022, respectively.

The following represents condensed unconsolidated financial information of the parent company only:

CONDENSED BALANCE SHEET

​

​	​	​	​	​	​	​
​		September 30
​	​	2021	​	2022	​	2022
​		RMB		RMB		US$
ASSETS (LIABILITIES)
Current assets (liabilities)
Cash and cash equivalents		8,900		6,394		901
Other receivables		273		235		33
Due from inter-companies		187,777		216,571		30,504
Due to related parties		717		696		98
Total current assets (liabilities)		197,667		223,896		31,536
Investment in unconsolidated subsidiaries		(338,339)		(356,347)		(50,191)
Total assets (liabilities)		(140,672)		(132,451)		(18,655)
​	​	​	​	​	​	​
AND EQUITY		​		​
Total stockholders’ equity (deficit)		(140,672)		(133,872)		(18,856)

​

CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

​

​	​	​	​	​	​	​	​	​
​		Year ended September 30,
​	​	2020	​	2021	​	2022	​	2022
​		RMB		RMB		RMB		US$
​	​	​	​	​	​	​	​	​
Revenues		—		—		—		—
Operating expenses
General and administrative		(14,852)	​	(19,302)		(5,246)		(739)
Loss from operations		(14,852)	​	(19,302)		(5,246)		(739)
Equity method loss		(70,407)	​	(72,213)		(1,004)		(141)
Interest expense		(2)	​	(14)		(15)		(2)
Loss before income taxes		(85,261)	​	(91,529)		(6,265)		(882)
Income tax expense		—	​	—		—		—
​	​	​	​	​	​	​	​	​
Net loss		(85,261)		(91,529)		(6,265)		(882)
Other comprehensive loss		​		​		​		​
Foreign currency translation difference		1,371		(816)		447		63
Total comprehensive loss		(83,890)		(92,345)		(5,818)		(819)

​

CONDENSED STATEMENT OF CASH FLOWS

​

​	​	​	​	​	​	​	​	​
​		Year ended September 30,
​	​	2020	​	2021	​	2022	​	2022
​		RMB		RMB		RMB		US$
​	​	​	​	​	​	​	​	​
Net cash provided by operating activities		—		—		(4,567)		(644)
Net cash provided by financing activities		16,730		(8,637)		1,614		227
Net increase in cash and cash equivalents		16,730		(8,637)		(2,953)		(417)
Cash and cash equivalents, beginning of year		252		18,353		8,900		1,254
Effect of exchange rate changes on cash and cash equivalents		1,371		(816)		447		63
Cash and cash equivalents, end of year		18,353		8,900		6,394		900

​

BASIS OF PRESENTATION

The condensed financial information has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company has used equity method to account for its investments in subsidiaries.

X

- References

No definition available.

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- 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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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