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Segment Reporting | 12 Months Ended
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Sep. 30, 2020
Disclosure of Segment Reporting [Abstract] |
SEGMENT REPORTING |
16. | SEGMENT REPORTING
The Company has determined that it operates in three operating segments: (1) Battery cells and packs segment, (2) Rental segment and (3) E-bicycle sales segment. The battery cells and packs segment engages in selling battery packs and trading battery cells. The rental segment provides e-bicycle and battery rental services. The e-bicycle sales segment sells e-bicycles on various e-commerce platforms to individual customers. The Company’s CODM, chief executive officer, measures the performance of each segment based on metrics of revenue and profit before taxes from operations and uses these results to evaluate the performance of, and to allocate resources to each of the segments. As most of the Company’s long-lived assets are located in the PRC and most of the Company’s revenues are derived from the PRC, no geographical information is presented. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. The following tables present the summary of each reportable segment’s revenue and income, which is considered as a segment operating performance measure, for the years ended September 30, 2018, 2019 and 2020:
|  | Year ended September 30, 2018 |
|  | Battery cells and packs segment |  |  | Rental segment |  |  | E-bicycle sales segment |  |  | Total segments |  |  | Unallocated |  |  | Consolidated |
Revenues from external customers |  | $ | 550,381 |  |  | $ | 2,641,179 |  |  | $ | - |  |  | $ | 3,191,560 |  |  | $ | - |  |  | $ | 3,191,560 |
Depreciation and amortization |  | $ | - |  |  | $ | (598,498 | ) |  | $ | - |  |  | $ | (598,498 | ) |  | $ | (547 | ) |  | $ | (599,045 | )
Segment income before tax |  | $ | 105,045 |  |  | $ | 1,390,232 |  |  | $ | - |  |  | $ | 1,495,277 |  |  | $ | (371,600 | ) |  | $ | 1,123,677 |
Segment gross profit margin |  |  | 16 | % |  |  | 54 | % |  |  | - |  |  |  | 48 | % |  |  | - |  |  |  | 48 | %
|  | Year ended September 30, 2019 |
|  | Battery cells and packs segment |  |  | Rental segment |  |  | E-bicycle sales segment |  |  | Total segments |  |  | Unallocated |  |  | Consolidated |
Revenues from external customers |  | $ | 1,253,569 |  |  | $ | 3,823,058 |  |  | $ | 104,080 |  |  | $ | 5,180,707 |  |  | $ | 13,552 |  |  | $ | 5,194,259 |
Depreciation and amortization |  | $ | - |  |  | $ | (940,434 | ) |  | $ | (424 | ) |  | $ | (940,858 | ) |  | $ | (3,178 | ) |  | $ | (944,036 | )
Segment income before tax |  | $ | 1,119,568 |  |  | $ | 1,612,434 |  |  | $ | 32,994 |  |  | $ | 2,764,996 |  |  | $ | (111,499 | ) |  | $ | 2,653,497 |
Segment gross profit margin |  |  | 96 | % |  |  | 52 | % |  |  | (2 | )% |  |  | 61 | % |  |  | 39 | % |  |  | 61 | %
|  | Year ended September 30, 2020 |
|  | Battery cells and packs segment |  |  | Rental segment |  |  | E-bicycle sales segment |  |  | Total segments |  |  | Unallocated |  |  | Consolidated |
Revenues from external customers |  | $ | 3,148,156 |  |  | $ | 1,595,226 |  |  | $ | 11,165,290 |  |  | $ | 15,908,672 |  |  | $ | 929,836 |  |  | $ | 16,838,508 |
Depreciation and amortization |  | $ | (2,318 | ) |  | $ | (933,176 | ) |  | $ | (82,896 | ) |  | $ | (1,018,390 | ) |  | $ | (466 | ) |  | $ | (1,018,856 | )
Segment income (loss) before tax |  | $ | 251,732 |  |  | $ | (76,292 | ) |  | $ | 169,452 |  |  | $ | 344,892 |  |  | $ | 29,178 |  |  | $ | 374,070 |
Segment gross profit margin |  |  | 15 | % |  |  | 15 | % |  |  | 9 | % |  |  | 11 | % |  |  | 10 | % |  |  | 11 | %
The following table presents the reconciliation from reportable segment income to the consolidated income from continuing operations before income taxes for the years ended September 30, 2018, 2019 and 2020:
|  | For the years ended September 30, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
Net revenues |  |  |  |  |  |  |  |  |
Total revenues from reportable segments |  | $ | 3,191,560 |  |  | $ | 5,180,707 |  |  | $ | 15,908,672 |
Other revenues |  |  | - |  |  |  | 13,552 |  |  |  | 929,836 |
Consolidated net revenues |  | $ | 3,191,560 |  |  | $ | 5,194,259 |  |  | $ | 16,838,508 |
Income or loss |  |  |  |  |  |  |  |  |  |  |  |
Total operating income (loss) for reportable segments |  | $ | 1,475,016 |  |  | $ | 2,621,118 |  |  | $ | (9,185 | )
Other income for reportable segments |  |  | 20,261 |  |  |  | 143,878 |  |  |  | 354,077 |
Total income for reportable segments |  |  | 1,495,277 |  |  |  | 2,764,996 |  |  |  | 344,892 |
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |
Other corporate (expense) gain |  |  | (371,600 | ) |  |  | (111,499 | ) |  |  | 29,178 |
Consolidated income from continuing operations before income taxes |  | $ | 1,123,677 |  |  | $ | 2,653,497 |  |  | $ | 374,070 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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