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

INTANGIBLE ASSETS

v3.20.4
INTANGIBLE ASSETS
12 Months Ended
Sep. 30, 2020
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

 

 

 

 

 

 

 

 

 

 

As of September 30, 

 

    

2020

    

2019

Land use rights, cost

 

$

586,389

 

$

557,011

Software, cost

 

 

517,954

 

 

517,105

Other intangible assets, cost

 

 

1,643

 

 

1,561

Less: accumulated amortization

 

 

(176,965)

 

 

(156,960)

Intangible assets, net

 

$

929,021

 

$

918,717

 

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, 2020 and 2019. The carrying values of the pledged land use rights to secure bank borrowings by the Company are shown in Note 11. Amortization expense was $11,366 and $13,638 for the years ended September 30, 2020 and 2019, respectively.