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

INTANGIBLE ASSETS

v3.10.0.1
INTANGIBLE ASSETS
12 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
NOTE 7 – INTANGIBLE ASSETS
 
 
 
As of September 30,
 
 
 
2018
 
 
2017
 
Land use rights, cost
 
$
579,695
 
 
$
598,293
 
Software, cost
 
 
506,600
 
 
 
5,780
 
Less: accumulated amortization
 
 
(148,074
)
 
 
(140,902
)
Intangible assets, net
 
$
938,221
 
 
$
463,171
 
 
The land use right represents the Company's land use rights in Wenzhou's plant, which had been pledged to secure the Company’s banking facilities granted to the Company as of September 30, 2018 and 2017. The carrying values of the pledged land use rights to secure bank borrowings by the Company are shown in Note 11. Amortization expense was $12,137 and $12,705 for the years ended September 30, 2018 and 2017, respectively.