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

ACCOUNTS RECEIVABLE

v3.21.4
ACCOUNTS RECEIVABLE
12 Months Ended
Sep. 30, 2021
ACCOUNTS RECEIVABLE  
ACCOUNTS RECEIVABLE

NOTE 3 – ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following as of September 30, 2021 and 2020:

As of September 30,

    

2021

    

2020

Accounts receivable, gross

$

29,346,829

$

33,413,662

Less: allowance for doubtful accounts

 

(2,221,870)

 

(2,020,373)

Accounts receivable, net

$

27,124,959

$

31,393,289

The Company recorded $92,943 and nil bad debt expense during the year ended September 30, 2021 and 2020, respectively. There was no bad-debt write-off recorded by the Company during the years ended September 30, 2021 and 2020.

As of September 30, 2021 and 2020, the Company pledged accounts receivable of $2,053,490 and $1,829,454 to secure banking facilities granted to the Company.

Changes of allowance for doubtful accounts for the years ended September 30, 2021 and 2020 are as follow:

As of September 30, 

    

2021

    

2020

Beginning balance

$

2,020,373

$

1,919,152

Additional reserve through bad debt expense

 

92,943

 

Exchange difference

 

108,554

 

101,221

Ending balance

$

2,221,870

$

2,020,373