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Segment Reporting
 12 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 19 — SEGMENT REPORTING

 

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to, and regularly reviewed by, the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment.

 

The management of the Company concludes that it has only one reporting segment. The Company develops, manufactures and sells TCMD products targeted to the elderly to address their physical conditions in the aging process and to promote their general well-being. In addition, the Company also sells biochemical drugs, medical instruments, Traditional Chinese Medicine Pieces products and dietary supplements manufactured by third-party pharmaceutical companies. All of these products are currently sold in China.

 

The Company’s products have similar economic characteristics with respect to raw materials, vendors, marketing and promotions, customers and methods of distribution. The Company’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company, rather than by product types or geographic area; hence the Company has only one reporting segment.

 

Revenue by product source

 

   For Years ended September 30, 
   2022   2021   2020 
Sales of TCMD products manufactured by the Company  $23,988,177   $29,559,286   $18,374,751 
Sales of third-party products   16,154,974    18,422,745    12,329,209 
Total revenue  $40,143,151   $47,982,031   $30,703,960 

  

Revenue by product categories

 

The summary of our total revenues by product categories for the years ended September 30, 2022, 2021 and 2020 was as follows:

 

   For Years ended September 30, 
   2022   2021   2020 
Sales of TCMD products:            
Medicinal liquor products   1,095,336    1,951,679    1,616,080 
Other chronic condition treatment products   19,140,419    22,978,001    14,059,403 
Cold and flu medicines   3,752,422    4,629,606    2,699,268 
Sub-total of TCMD products sales   23,988,177    29,559,286    18,374,751 
                
Sales of third-party products               
Biochemical drugs   13,730,424    16,082,546    10,325,411 
Traditional Chinese medicine pieces   30,202    20,705    47,097 
Medical instruments   2,394,348    2,318,536    1,950,238 
Dietary supplements   -    958    6,463 
Subtotal of third-party products sales   16,154,974    18,422,745    12,329,209 
                
Total revenue  $40,143,151   $47,982,031   $30,703,960