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

INTANGIBLE ASSETS

v3.8.0.1
INTANGIBLE ASSETS
12 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
NOTE 7 – INTANGIBLE ASSETS
 
 
 
As of September 30,
 
 
 
2017
 
2016
 
Land use rights, cost
 
$
598,293
 
$
596,807
 
Software, cost
 
 
5,780
 
 
-
 
Less: accumulated amortization
 
 
(140,902)
 
 
(128,659)
 
Intangible assets, net
 
$
463,171
 
$
468,148
 
 
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, 2017 and 2016. The carrying values of the pledged land use rights to secure bank borrowings by the Company are shown in Note 11.
 
Amortization expense was $12,705 and $13,248 for the years ended September 30, 2017 and 2016, respectively.
 
The estimated amortization expenses for each of the five succeeding fiscal years since the year ended September 30, 2017 are as follows:
 
Years ending September 30,
 
2018
 
2019
 
2020
 
2021
 
2022
 
Thereafter
 
Estimated amortization expenses
 
$
14,162
 
$
14,162
 
$
14,162
 
$
14,162
 
$
14,162
 
$
392,361