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Condensed Financial Information of the Parent Company | 12 Months Ended
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Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract] |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
18. | CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The condensed financial information of the parent company, EZGO Technologies Ltd., 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 investment in its subsidiaries. EZGO, its subsidiaries, its VIE and VIE’s subsidiaries are included in the consolidated financial statements where the inter-company balances and transactions are eliminated upon consolidation. For the purpose of EZGO’s stand-alone financial statements, its investments in subsidiaries, VIE and VIE’s subsidiaries are reported using the equity method of accounting. EZGO’s share of income and losses from its subsidiaries, VIE and VIE’s subsidiaries is reported as earnings from subsidiaries, VIE and VIE’s subsidiaries in the accompanying condensed financial information of parent company. EZGO is incorporated in the BVI. Under the current laws of the BVI, EZGO is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the BVI. EZGO did not have significant capital and other commitments, long-term obligations, or guarantees as of September 30, 2019 and 2020. PARENT COMPANY BALANCE SHEETS
|  | As of September 30, |
|  | 2019 |  |  | 2020 |
ASSETS |  |  |  |  |  |
Long term investment |  |  | 8,226,779 |  |  |  | 8,869,462 |
Total assets |  | $ | 8,226,779 |  |  | $ | 8,869,462 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Total liabilities |  |  | - |  |  |  | - |
Shareholders’ equity |  |  |  |  |  |  |  |
Ordinary shares (par value of $0.001 per share; 100,000,000 shares authorized as of September 30, 2019 and 2020; 7,800,000 shares issued and outstanding as of September 30, 2019 and 2020, respectively) |  |  | 7,800 |  |  |  | 7,800 |
Subscription receivable |  |  | (7,800 | ) |  |  | (7,800 | )
Receivables due from a shareholder |  |  | (4,835,920 | ) |  |  | (4,737,521 | )
Additional paid-in capital |  |  | 12,078,058 |  |  |  | 12,078,058 |
Statutory reserve |  |  | 187,973 |  |  |  | 212,842 |
Retained earnings |  |  | 1,453,325 |  |  |  | 1,575,630 |
Accumulated other comprehensive loss |  |  | (656,657 | ) |  |  | (259,547 | )
Total shareholders’ equity |  |  | 8,226,779 |  |  |  | 8,869,462 |
Total liabilities and shareholders’ equity |  | $ | 8,226,779 |  |  | $ | 8,869,462 |
PARENT COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | For the years ended September 30, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
Other income: |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | $ | 512,541 |  |  | $ | 1,738,123 |  |  | $ | 147,174 |
Income before income tax expense |  |  | 512,541 |  |  |  | 1,738,123 |  |  |  | 147,174 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |
Net income |  |  | 512,541 |  |  |  | 1,738,123 |  |  |  | 147,174 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation (loss) income, net of nil income taxes |  |  | (187,105 | ) |  |  | (192,550 | ) |  |  | 397,110 |
Total comprehensive income |  | $ | 325,436 |  |  | $ | 1,545,573 |  |  | $ | 544,284 |
PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | For the years ended September 30, |
|  |  | 2018 |  |  | 2019 |  |  | 2020 |
Cash flows from operating activities |  | $ | - |  |  | $ | - |  |  | $ | - |
Cash flows from investing activities |  |  | - |  |  |  | - |  |  |  | - |
Cash flows from financing activities |  |  | - |  |  |  | - |  |  |  | - |
Effect of exchange rate changes |  |  | - |  |  |  | - |  |  |  | - |
Net increase in cash, cash equivalents and restricted cash |  |  | - |  |  |  | - |  |  |  | - |
Cash, cash equivalents and restricted cash, at beginning of year |  |  | - |  |  |  | - |  |  |  | - |
Cash, cash equivalents and restricted cash, at end of year |  | $ | - |  |  | $ | - |  |  | $ | - |

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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 http://asc.fasb.org/extlink&oid=120391182&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 http://asc.fasb.org/extlink&oid=108774443&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 http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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