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

PROPERTY, PLANT AND EQUIPMENT

v3.20.4
PROPERTY, PLANT AND EQUIPMENT
12 Months Ended
Sep. 30, 2020
PROPERTY, PLANT AND EQUIPMENT  
PROPERTY, PLANT AND EQUIPMENT

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following as of September 30, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

As of September 30, 

 

    

2020

    

2019

Buildings

 

$

5,486,663

 

$

5,211,781

Machinery

 

 

6,412,009

 

 

5,080,964

Furniture, fixtures and equipment

 

 

588,302

 

 

545,881

Motor vehicles

 

 

238,149

 

 

235,555

Total property plant and equipment, at cost

 

 

12,725,123

 

 

11,074,181

Less: accumulated depreciation

 

 

(5,221,949)

 

 

(4,597,893)

 

 

 

7,503,174

 

 

6,476,288

Construction in progress (“CIP”)

 

 

367,506

 

 

119,416

Property, plant and equipment, net

 

$

7,870,680

 

$

6,595,704

 

Depreciation expense was $438,467 and $375,286 for the years ended September 30, 2020 and 2019, respectively.

As of September 30, 2020 and 2019, the Company pledged buildings and machinery to secure banking facilities granted to the Company. The carrying values of the pledged buildings to secure bank borrowings by the Company are shown in Note 11.