|12 Months Ended|
Sep. 30, 2021
NOTE 7 – INTANGIBLE ASSETS
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, 2021 and 2020. The carrying values of the pledged land use rights to secure bank borrowings by the Company are shown in Note 11.
During the fiscal year ended September 30, 2021, the Company entered into a series of consulting agreements with third-party entity and individuals to develop and implement the following software platforms:
The software platforms are intended for internal use which is to provide services to customers and the Company does not have any plan to market the software for sales externally. In exchange of the development services provided, the Company paid consideration in the form of cash, stock and stock warrants, and all the costs incurred during the Application development Stage were capitalized pursuant to ASC 350-40-25.
Amortization expense was $481,763 and $11,366 for the years ended September 30, 2021 and 2020, respectively.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef