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

PROPERTY, PLANT AND EQUIPMENT

v3.21.4
PROPERTY, PLANT AND EQUIPMENT
12 Months Ended
Sep. 30, 2021
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, 2021 and 2020:

As of September 30, 

    

2021

    

2020

Buildings

$

6,217,128

$

5,486,663

Machinery

 

6,960,604

 

6,412,009

Furniture, fixtures and equipment

 

652,363

 

588,302

Motor vehicles

 

250,945

 

238,149

Total property plant and equipment, at cost

 

14,081,040

 

12,725,123

Less: accumulated depreciation

 

(6,076,185)

 

(5,221,949)

 

8,004,855

 

7,503,174

Construction in progress (“CIP”)

 

 

367,506

Property, plant and equipment, net

$

8,004,855

$

7,870,680

Depreciation expense was $568,038 and $438,467 for the years ended September 30, 2021 and 2020, respectively.

As of September 30, 2021 and 2020, 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.