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

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities:      
Net income $ (837,016) $ 8,193,694 $ 7,103,057
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation expense 438,467 375,286 395,604
Amortization expense 11,366 13,638 12,137
Loss on disposal of fixed assets 7,608 2,244  
Bad debt expense 0 0 286,606
Inventory provision 103,942    
Write-off of advance to suppliers 100,684 102,523  
Deferred tax benefits (406,637) (1,958) (37,311)
Non-cash service expense   50,679  
Gain on disposal of subsidiary (536,612)    
Loss on investment 214,114    
Change in unrecognized tax benefits (1,021,565)    
Changes in operating assets and liabilities:      
Accounts receivable (4,800,889) 995,327 (7,151,260)
Other receivables (793,936) 680,970 (1,215,167)
Notes receivable 206,465 13,119 (216,478)
Inventories 103,123 (3,846,722) (9,065,712)
Advance to suppliers 2,933,852 596,380 1,580,700
Accounts payable 5,582,787 2,593,103 861,192
Notes payable (153,824) 308,005 (380,000)
Accrued expenses and other current liabilities (484,477) (1,314,005) 1,698,015
Accrued payroll and welfare 140,497 506,894 600,619
Advance from customers (198,358) (887,934) 1,563,693
Income tax payable (149,386) 83,250 1,349,310
Net cash provided (used in) operating activities 460,205 8,464,493 (2,614,995)
Cash Flows from Investing Activities:      
Purchases of property, plant and equipment (1,168,322) (880,289) (467,138)
Proceed from disposal of property, plant and equipment 6,281 5,963  
Disposal of intangible asset     257,863
Purchases of intangible assets   (11,149) (501,000)
Net cash used in investing activities (1,162,041) (885,475) (710,275)
Cash Flows from Financing activities:      
Net proceeds released from (placed into) short-term investment   559,030 (893,945)
Net proceeds received from (placed into) long-term deposit   (7,682,151) (4,444,170)
Net proceeds released from restricted cash     539,381
Proceeds from short-term bank borrowings 18,061,979 25,875,962 24,056,279
Repayments of short-term bank borrowings (17,836,445) (28,199,497) (25,529,488)
Net proceeds received from (repaid to) related parties (133,007) (2,279,911) 5,665,914
Proceed from other borrowing 775,951    
Repayment of other borrowing (107,195)    
Net cash provided by (used in) financing activities 761,283 (11,726,567) (606,029)
Effect of exchange rate changes on cash 248,950 (83,902) 335,413
Net change in cash and cash equivalents 308,397 (4,231,451) (3,595,886)
Cash and cash equivalents at the beginning of year 3,451,138 7,682,589 11,278,475
Cash and cash equivalents at the end of year 3,759,535 3,451,138 7,682,589
Supplemental disclosures of cash flows information:      
Non-cash financing activities     9,842,676
Cash paid for income taxes 149,291 170,331 38,218
Cash paid for interest expenses $ 991,319 $ 1,197,504 $ 1,218,757