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

RELATED PARTY TRANSACTIONS

v3.20.4
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 

Accounts

    

Name of related parties

    

2020

    

2019

Related party payables

 

Shareholder, HUANG Jian Cong

 

$

1,187,339

 

$

1,323,734

Related party payables

 

Other Affiliates of the Company

 

 

128,464

 

 

122,727

Due from Related Parties

 

Other Affiliates of the Company

 

 

47,135

 

 

110,990

 

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.