RELATED PARTY TRANSACTIONS
|12 Months Ended|
Sep. 30, 2020
|RELATED PARTY TRANSACTIONS|
|RELATED PARTY TRANSACTIONS||
NOTE 9 – RELATED PARTY TRANSACTIONS
Net amounts due to related parties consisted of the following as of September 30, 2020 and 2019:
This represented unsecured and interest free borrowings between the Company and Huang Jiancong and other related parties to the Company. For the years end September 30, 2020 and 2019, the Company had outstanding loans with total amount of $1,187,339 and $1,323,734 from its shareholder, HUANG Jian Cong, which have a loan term from October 01, 2017 to September 30, 2021. As of September 30, 2020, the Company had outstanding amount due from one related party with an amount of $47,135, and the Company expects to receive collection and settle the outstanding amount by March 31, 2021.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef