v3.21.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:      
Net income $ (3,802,271) $ (837,016) $ 8,193,694
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation expense 568,038 438,467 375,286
Amortization expense 481,763 11,366 13,638
Loss on disposal of fixed assets   7,608 2,244
Bad debt expense 92,032 0  
Inventory provision   103,942  
Write-off of advance to suppliers 108,395 100,684 102,523
Deferred tax benefits 406,064 (406,637) (1,958)
Non-cash service expense     50,679
Gain on disposal of subsidiary 0 (536,612) 0
Loss on investment   214,114  
Change in unrecognized tax benefits (918,038) (1,021,565)  
Stock compensation expense 1,351,082    
Interest expense of convertible notes 210,173    
Interest expense of financing lease 44,458    
Changes in operating assets and liabilities:      
Accounts receivable 5,804,654 (4,800,889) 995,327
Other receivables 1,345,520 (793,936) 680,970
Notes receivable 201,187 206,465 13,119
Inventories 2,021,789 103,123 (3,846,722)
Advance to suppliers (8,297,301) 2,933,852 596,380
Right of use assets (53,634)    
Accounts payable (8,662,576) 5,582,787 2,593,103
Notes payable (159,823) (153,824) 308,005
Accrued expenses and other current liabilities 2,428,410 (484,477) (1,314,005)
Accrued payroll and welfare 211,632 140,497 506,894
Advance from customers 3,162,961 (198,358) (887,934)
Income tax payable (77,214) (149,386) 83,250
Lease liability 53,635    
Net cash provided (used in) operating activities (3,479,064) 460,205 8,464,493
Cash Flows from Investing Activities:      
Purchases of property, plant and equipment (114,319) (1,168,322) (880,289)
Proceed from disposal of property, plant and equipment   6,281 5,963
Purchase of CIP (47,942)    
Purchases of intangible assets (1,983,812)   (11,149)
Investment into CG Malta 25,000,000    
Net cash used in investing activities (27,146,073) (1,162,041) (885,475)
Cash Flows from Financing activities:      
Net proceeds released from (placed into) short-term investment (2,228,301)   559,030
Net proceeds received from (placed into) long-term deposit     (7,682,151)
Proceeds from short-term bank borrowings 31,203,129 18,061,979 25,875,962
Repayments of short-term bank borrowings (28,144,978) (17,836,445) (28,199,497)
Net proceeds received from (repaid to) related parties (280,313) (133,007) (2,279,911)
Proceed from other borrowing   775,951  
Repayment of other borrowing (483,458) (107,195)  
Proceeds from stock issuances 24,758,458    
Proceeds from convertible notes issuances 14,071,908    
Proceeds from stock warrants exercise 1,345,056    
Net cash provided by (used in) financing activities 40,241,501 761,283 (11,726,567)
Effect of exchange rate changes on cash 227,305 248,950 (83,902)
Net change in cash and cash equivalents 9,843,669 308,397 (4,231,451)
Cash and cash equivalents at the beginning of year 3,759,535 3,451,138 7,682,589
Cash and cash equivalents at the end of year 13,603,204 3,759,535 3,451,138
Cash and cash equivalents at the beginning of year 3,759,535    
Cash and cash equivalents at the end of year 13,525,298 3,759,535  
Supplemental disclosures of cash flows information:      
Cash paid for income taxes 37,041 149,291 170,331
Cash paid for interest expenses $ 338,575 $ 991,319 $ 1,197,504

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