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Short-Term Borrowings and Long-Term Borrowings | 12 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
SHORT-TERM BORROWINGS AND LONG-TERM BORROWINGS |
10. | SHORT-TERM BORROWINGS AND LONG-TERM BORROWINGS
As of September 30, 2019 and 2020, the borrowings consisted of the following:
|  | As of September 30, |
|  | 2019 |  |  | 2020 |
Short-term borrowings |  | $ | 20,486 |  |  | $ | 299,315 |
Long-term borrowings |  |  | 6,838 |  |  |  | - |
Total |  | $ | 27,324 |  |  | $ | 299,315 |
On August 11, 2020, Yizhiying entered into a non-revolving loan facility of $294,568 (RMB2,000,000) with Bank of Jiangsu with annual interest rate of 4.35% and a term of 12 months, which was guaranteed by Jianhui Ye, the Chief Executive Officer and a significant shareholder of the Company, Jiangsu Baozhe and Hengmao. On December 24, 2018, the Company entered into a non-revolving loan facility of maximum credit limit of $42,415 (RMB300,000) with WeBank, with daily interest rate of 0.05% (18% per annum), which was guaranteed by Henglong Chen, a significant shareholder of the Company. As of September 30, 2019 and 2020, $27,324 and $4,747 were outstanding, respectively, which were due based on an agreed schedule. For the years ended September 30, 2018, 2019 and 2020, the Company recorded interest expenses of $nil, $19,180, and $21,686, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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