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Condensed Financial Information of the Parent Company

12 Months Ended

Sep. 30, 2022

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

NOTE 21 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to the Company as the restricted net assets of the Company’s subsidiaries exceeded 25% of the consolidated net assets of the Company. Therefore, the condensed financial statements for the parent company are included herein.

For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the Company’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party.

The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries. Such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and the respective profit or loss as “Equity in earnings of subsidiaries” on the condensed statements of income.

The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S GAAP have been condensed or omitted.

As of September 30, 2022 and 2021, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.

		September 30, 2022				September 30, 2021
Current assets
Cash			28,917				110,393
Short-term investments			13,148,594				13,725,204
Total current assets			13,177,511				13,835,597

Non-current assets
Investment in subsidiaries			33,264,812				45,098,756

Total assets			46,442,323				58,934,353

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES			-				-

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY
Ordinary shares, $0.003125 par value, 100,000,000 shares authorized, 21,750,000 shares issued and outstanding as of September 30, 2021 and 2020			67,969				67,969
Additional paid-in capital			29,279,159				29,279,159
Retained earnings			18,761,900				27,498,466
Accumulated other comprehensive income			(1,666,705	)			2,088,759
Total shareholders’ equity			46,442,323				58,934,353

Total liabilities and shareholders’ equity			46,442,323				58,934,353

		For the Years Ended September 30,
		2022				2021				2020
Operating costs and expenses:
General and administrative expenses		$	(384,214	)		$	(1,177,869	)		$	-

Other income (expenses):
Income from short-term investments			(470,477	)			239,549				-
Other expenses			(420	)			(60,751	)			-

Equity in earnings of subsidiaries			(7,881,455	)			12,319,023				7,558,222

Net income			(8,736,566	)			11,319,952				7,558,222
Foreign currency translation adjustments			(3,755,464	)			1,193,369				860,623
Comprehensive income attributable to the Company		$	(12,492,030	)		$	12,513,321			$	8,418,845

		For the Years Ended September 30,
		2022				2021				2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	(8,736,566	)		$	11,319,952			$	7,558,222
Adjustments to reconcile net cash flows from operating activities:
Equity in earnings of subsidiary			7,881,455				(12,319,027	)			(7,558,222	)
Short-term investment income			470,477
Net cash used in operating activities			(384,634	)			(999,075	)			-

CASH FLOWS FROM INVESTING ACTIVITIES:
Payment for short-term investments			-				(15,330,660	)			-
Redemption of short-term investments			-				1,801,927				-
Net cash used in investing activities			-				(13,528,733	)			-

CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of ordinary shares in IPO			-				25,957,457				-
Cash lent to subsidiaries			-				(11,358,764	)			-
Cash repayment from subsidiaries			303,746				-				-
Net cash provided by financing activities			303,746				14,598,693				-

EFFECT OF CHANGES OF FOREIGN EXCHANGE RATES ON CASH			(588	)			39,508				-

CHANGES IN CASH			(81,476	)			110,393				-

CASH, beginning of year			110,393				-				-

CASH, end of year		$	28,917			$	110,393			$	-