Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities:      
Net income $ 7,103,057 $ 5,933,688 $ 5,302,691
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation expense 395,604 425,696 442,793
Amortization expense 12,137 12,705 13,248
Bad debt expense 286,606 160,944 691,156
Deferred tax benefits (37,311) (24,142) (103,673)
Changes in operating assets and liabilities:      
Accounts receivable (7,151,260) 2,419,491 (10,200,868)
Other receivables (1,215,167) 411,554 (381,751)
Notes receivable (216,478) (121,937) (76,531)
Inventories (9,065,712) (3,505,158) (775,275)
Advance to suppliers 1,580,700 (6,153,011) (805,016)
Accounts payable 861,192 (417,453) 796,189
Accrued expenses and other current liabilities 1,698,015 791,312 412,894
Accrued payroll and welfare 600,619 (49,512) 50,897
Advance from customers 1,563,693 282,817 1,400,622
Income tax payable 1,349,310 979,288 2,031,515
Net cash provided (used in) operating activities (2,234,995) 1,146,282 (1,201,109)
Cash Flows from Investing Activities:      
Purchases of property, plant and equipment (467,138) (155,152) (123,945)
Disposal of Intangible Asset 257,863 0 0
Purchases of intangible assets (501,000) (6,704)  
Net cash used in investing activities (710,275) (161,856) (123,945)
Cash Flows from Financing activities:      
Net proceeds from issuance of shares deduct related costs (380,000) 5,582,099 0
Short-term Investment (893,945) 0 15,306
Net proceeds released from (placed into) long-term deposit (4,444,170) 0  
Net proceeds released from (placed into) restricted cash 539,381 2,651,704 (206,633)
Proceeds from short-term bank borrowings 24,056,279 (499,904) 2,148,310
Repayments of short-term bank borrowings (25,529,488) (3,816,458) (2,602,037)
Net proceeds from related parties 5,665,914 6,051,523 1,485,555
Net cash provided by financing activities (986,029) 9,968,964 840,501
Effect of exchange rate changes on cash 335,413 201,436 (18,589)
Net change in cash and cash equivalents (3,595,886) 11,154,826 (503,142)
Cash and cash equivalents at the beginning of year 11,278,475 123,649 626,791
Cash and cash equivalents at the end of year 7,682,589 11,278,475 123,649
Supplemental disclosures of cash flows information:      
    Non-cash financing activities 9,842,676 0 0
Cash paid for income taxes 38,218 54,215 108,825
Cash paid for interest expenses $ 1,218,757 $ 1,233,066 $ 939,914