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Huadi International Group Co., Ltd. – ‘20-F/A’ for 9/30/21 – ‘XML’

On:  Monday, 5/16/22, at 5:42pm ET   ·   As of:  5/17/22   ·   For:  9/30/21   ·   Accession #:  1213900-22-27276   ·   File #:  1-39904

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/17/22  Huadi Int’l Group Co., Ltd.       20-F/A      9/30/21   82:7.4M                                   EdgarAgents LLC/FA

Amendment to Annual or Annual-Transition Report by a Foreign Non-Canadian Issuer   —   Form 20-F   —   SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 20-F/A      Amendment No. 1 to Form 20-F                        HTML   1.37M 
 4: EX-13.1     Annual or Quarterly Report to Security Holders      HTML     22K 
 5: EX-13.2     Annual or Quarterly Report to Security Holders      HTML     22K 
 2: EX-12.1     Statement re: the Computation of Ratios             HTML     27K 
 3: EX-12.2     Statement re: the Computation of Ratios             HTML     27K 
11: R1          Document And Entity Information                     HTML     95K 
12: R2          Consolidated Balance Sheets                         HTML    145K 
13: R3          Consolidated Balance Sheets (Parentheticals)        HTML     33K 
14: R4          Consolidated Statements of Income and               HTML    140K 
                Comprehensive Income                                             
15: R5          Consolidated Statements of Changes in               HTML     64K 
                Shareholders? Equity                                             
16: R6          Consolidated Statements of Cash Flows               HTML    118K 
17: R7          Organization and Nature of Operations               HTML     35K 
18: R8          Significant Accounting Policies                     HTML     74K 
19: R9          Accounts Receivable                                 HTML     30K 
20: R10         Notes Receivable                                    HTML     24K 
21: R11         Inventories                                         HTML     27K 
22: R12         Property, Plant and Equipment                       HTML     30K 
23: R13         Land Use Rights                                     HTML     26K 
24: R14         Long-Term Investments                               HTML     30K 
25: R15         Notes Payable                                       HTML     28K 
26: R16         Short-Term Borrowings                               HTML     77K 
27: R17         Customer and Supplier Concentrations                HTML     28K 
28: R18         Related Party Transactions                          HTML     44K 
29: R19         Shareholders' Equity                                HTML     33K 
30: R20         Income Taxes                                        HTML     43K 
31: R21         Commitment and Contingencies                        HTML     26K 
32: R22         Segment Reporting                                   HTML     37K 
33: R23         Subsequent Events                                   HTML     26K 
34: R24         Accounting Policies, by Policy (Policies)           HTML    135K 
35: R25         Organization and Nature of Operations (Tables)      HTML     27K 
36: R26         Significant Accounting Policies (Tables)            HTML     30K 
37: R27         Accounts Receivable (Tables)                        HTML     31K 
38: R28         Inventories (Tables)                                HTML     27K 
39: R29         Property, Plant and Equipment (Tables)              HTML     28K 
40: R30         Land Use Rights (Tables)                            HTML     25K 
41: R31         Long-Term Investments (Tables)                      HTML     27K 
42: R32         Short-Term Borrowings (Tables)                      HTML     78K 
43: R33         Related Party Transactions (Tables)                 HTML     35K 
44: R34         Income Taxes (Tables)                               HTML     41K 
45: R35         Segment Reporting (Tables)                          HTML     31K 
46: R36         Organization and Nature of Operations (Details)     HTML     58K 
47: R37         Organization and Nature of Operations (Details) -   HTML     41K 
                Schedule of organization and nature of operations                
48: R38         Significant Accounting Policies (Details)           HTML     37K 
49: R39         Significant Accounting Policies (Details) -         HTML     27K 
                Schedule of relevant exchange rates                              
50: R40         Significant Accounting Policies (Details) -         HTML     44K 
                Schedule of estimated useful lives of the assets                 
51: R41         Accounts Receivable (Details)                       HTML     25K 
52: R42         Accounts Receivable (Details) - Schedule of         HTML     33K 
                accounts receivable                                              
53: R43         Accounts Receivable (Details) - Schedule of         HTML     29K 
                changes of allowance for doubtful accounts                       
54: R44         Notes Receivable (Details)                          HTML     24K 
55: R45         Inventories (Details) - Schedule of inventories     HTML     31K 
56: R46         Property, Plant and Equipment (Details)             HTML     32K 
57: R47         Property, Plant and Equipment (Details) - Schedule  HTML     44K 
                of property, plant and equipment                                 
58: R48         Land Use Rights (Details)                           HTML     25K 
59: R49         Land Use Rights (Details) - Schedule of land use    HTML     28K 
                rights                                                           
60: R50         Long-Term Investments (Details)                     HTML     44K 
61: R51         Long-Term Investments (Details) - Schedule of       HTML     31K 
                long-term investments                                            
62: R52         Notes Payable (Details)                             HTML     24K 
63: R53         Short-Term Borrowings (Details)                     HTML     24K 
64: R54         Short-Term Borrowings (Details) - Schedule of       HTML    230K 
                short-term borrowings                                            
65: R55         Short-Term Borrowings (Details) - Schedule of       HTML     29K 
                short-term bank borrowings are pledged by its                    
                assets                                                           
66: R56         Customer and Supplier Concentrations (Details)      HTML     48K 
67: R57         Related Party Transactions (Details)                HTML     64K 
68: R58         Related Party Transactions (Details) - Schedule of  HTML     42K 
                nature of relationships with related parties                     
69: R59         Related Party Transactions (Details) - Schedule of  HTML     54K 
                net outstanding balances with related parties                    
70: R60         Shareholders' Equity (Details)                      HTML     82K 
71: R61         Income Taxes (Details)                              HTML     34K 
72: R62         Income Taxes (Details) - Schedule of consolidated   HTML     41K 
                statements of income and comprehensive income of                 
                reconciliation for income taxes                                  
73: R63         Income Taxes (Details) - Schedule of attributed     HTML     31K 
                continuing operations                                            
74: R64         Income Taxes (Details) - Schedule of tax effects    HTML     29K 
                of significant portions of the deferred tax asset                
75: R65         Segment Reporting (Details)                         HTML     24K 
76: R66         Segment Reporting (Details) - Schedule of revenues  HTML     40K 
                by geographic areas                                              
77: R67         Subsequent Events (Details)                         HTML     28K 
80: XML         IDEA XML File -- Filing Summary                      XML    154K 
78: XML         XBRL Instance -- f20f2021a1_huadi_htm                XML   1.34M 
79: EXCEL       IDEA Workbook of Financial Reports                  XLSX    106K 
 7: EX-101.CAL  XBRL Calculations -- hudi-20210930_cal               XML    109K 
 8: EX-101.DEF  XBRL Definitions -- hudi-20210930_def                XML    709K 
 9: EX-101.LAB  XBRL Labels -- hudi-20210930_lab                     XML   1.33M 
10: EX-101.PRE  XBRL Presentations -- hudi-20210930_pre              XML    701K 
 6: EX-101.SCH  XBRL Schema -- hudi-20210930                         XSD    229K 
81: JSON        XBRL Instance as JSON Data -- MetaLinks              358±   468K 
82: ZIP         XBRL Zipped Folder -- 0001213900-22-027276-xbrl      Zip    591K

‘XML’   —   XBRL Instance — f20f2021a1_huadi_htm

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<dei:AmendmentDescription contextRef="c0"> Huadi International Group Co., Ltd. is filing this Amendment No. 1 to Form 20-F (the “Amendment No. 1”) to our annual report on Form 20-F for the year ended September 30, 2021, filed with the Securities and Exchange Commission on February 2, 2022 (the “Original Filings”), to update the information regarding the Company’s unique risks with operations conducted by our subsidiaries based in China, in which the Consolidated Statements of Operations Information in Item 3 has been adjusted, and the amount of cash flows and transfers of other assets by type that have occurred between the holding company and its subsidiaries, and direction of transfer has been included. As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications by our chief executive officer and chief financial officer are being filed as exhibits to this Amendment No. 1.This Amendment No. 1 speaks as of the filing date of the Original Filings. Other than as set forth above, this Amendment No. 1 does not, and does not purport to, amend, update or restate any other information or disclosure included in the Original Filings, or reflect any events that have occurred since the date thereof. </dei:AmendmentDescription>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; white-space: nowrap; width: 25%; text-align: left"><span style="font-size: 10pt"><b>Entity Name</b></span></td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Registered<br/> Location</b></span></td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 24%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Date of Incorporation</b></span></td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 33%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Ownership as of the<br/> issuance date of the report</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Huadi International Group Co., Ltd. (“Huadi International”)</span></td> <td style="text-align: center"> </td> <td style="text-align: center"><span style="font-size: 10pt">Cayman Island</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">September 27, 2018</span></td> <td style="text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">Parent</span></td></tr> <tr> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Yongqiang Tuoxing Limited. (“Yongqiang Tuoxing”)</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">British Virgin Island</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">October 2, 2018</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">100% by the Parent</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Hong Kong Beach Limited. (“HK Beach”)</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Hong Kong</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">November 7, 2018</span></td> <td style="text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">100% by Yongqiang Tuoxing</span></td></tr> <tr> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Wenzhou Hongshun Stainless Steel Limited. (“Hongshun”)</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Wenzhou, China</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">June 3,2019</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">100% by HK Beach</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Huadi Steel Group Limited. (“Huadi Steel”)</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Wenzhou, China</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">November 12,1998</span></td> <td style="text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">99% by Hongshun</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Huadi International Group Co., Ltd. (“Huadi International”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Huadi International was incorporated on September 27, 2018 under the laws of Cayman Islands. Under its memorandum of association, Huadi International is authorized to issue 250,000,000 ordinary shares of a single class, par value $0.0002 per ordinary share. The paid in capital was $21,680,341 as of September 30, 2021. There are currently 13,127,000 issued and outstanding ordinary shares. Huadi International is a holding company and is currently not actively engaged in any business. Huadi International’s registered agent is Harneys Fiduciary (Cayman) Limited and its registered office is at 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Yongqiang Tuoxing Limited (“Yongqiang Tuoxing”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yongqiang Tuoxing was incorporated on October 2, 2018 under the laws of British Virgin Islands. Under its memorandum of association, Yongqiang Tuoxing is authorized to issue 50,000 ordinary shares of a single class, par value $1.00 per ordinary share. The paid in capital was zero as of September 30, 2021. Yongqiang Tuoxing is a wholly owned subsidiary of Huadi International and is currently not actively engaged in any business. Yongqiang Tuoxing’s registered agent is Harneys Corporate Services Limited and its registered office is at Craigmuir Chambers, Road Town, Tortola, VG1110, British Virgin Islands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Hong Kong Beach Limited (“HK Beach”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HK Beach was incorporated on November 7, 2018 under the laws of Hong Kong and is a wholly owned subsidiary of Yongqiang Tuoxing. The paid in capital was zero as of September 30, 2021. HK Beach did not have any operations as of September 30, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Wenzhou Hongshun Stainless Steel Ltd. (“Wenzhou Hongshun”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wenzhou Hongshun was incorporated on June 3, 2019 in China and is a wholly owned subsidiary of HK Beach. Wenzhou Hongshun is a wholly-foreign owned enterprise organized under the laws of the People’s Republic of China. The registered capital is USD 10,000,000 and the paid in capital was zero as of September 30, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered principal activities of Wenzhou Hongshun are sales of stainless steel pipes, stainless steel bars, stainless steel elbows, stainless steel products, auto parts and components; import and export of goods, technology import and export. Wenzhou Hongshun did not have any operations as of September 30, 2021. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Huadi Steel Group Limited. (“Huadi Steel”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Huadi Steel was incorporated on November 12, 1998 under the laws of the People’s Republic of China. The registered and paid in capital is RMB 168,800,000. Since August 18, 2015, Huadi Steel was owned by nine shareholders in People’s Republic of China (“PRC Shareholders”).  Huadi Steel focuses on manufacturing of industrial stainless steel seamless pipes and tubes products with extensive distribution facilities and network in China.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except where the context otherwise requires and for purposes of this financial statement only, “the Company”, “we”, “us”, “our company”, “our” and “Huadi” refer to the above-mentioned entities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Reorganization</b>  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In or about August 2019, the Company completed a corporate reorganization to roll several controlled entities (now referred to as the subsidiaries) into one legal corporation (the Company). Di Wang, one of the PRC Shareholders transferred 5% equity of Huadi Steel to a Hong Kong entity which was subsequently transferred to Wenzhou Hongshun on August 28, 2019. On August 22, 2019, Wenzhou Hongshun acquired 94% equity of Huadi Steel from the PRC Shareholders. As a result, Huadi Steel’s equity interest is 99% held by Wenzhou Hongshun and 1% held by Di Wang as of September 30, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years presented in these consolidated financial statements, the control of the entities has never changed (always under the control of the PRC Shareholders). Accordingly, the combination has been treated as a corporate restructuring (reorganization) of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time and in accordance with ASC 805-50-45-5, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.</p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; white-space: nowrap; width: 25%; text-align: left"><span style="font-size: 10pt"><b>Entity Name</b></span></td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Registered<br/> Location</b></span></td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 24%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Date of Incorporation</b></span></td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 33%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Ownership as of the<br/> issuance date of the report</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Huadi International Group Co., Ltd. (“Huadi International”)</span></td> <td style="text-align: center"> </td> <td style="text-align: center"><span style="font-size: 10pt">Cayman Island</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">September 27, 2018</span></td> <td style="text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">Parent</span></td></tr> <tr> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Yongqiang Tuoxing Limited. (“Yongqiang Tuoxing”)</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">British Virgin Island</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">October 2, 2018</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">100% by the Parent</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Hong Kong Beach Limited. (“HK Beach”)</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Hong Kong</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">November 7, 2018</span></td> <td style="text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">100% by Yongqiang Tuoxing</span></td></tr> <tr> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Wenzhou Hongshun Stainless Steel Limited. (“Hongshun”)</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Wenzhou, China</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">June 3,2019</span></td> <td style="padding-left: 6.5pt; text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">100% by HK Beach</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Huadi Steel Group Limited. (“Huadi Steel”)</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Wenzhou, China</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">November 12,1998</span></td> <td style="text-align: center"> </td> <td style="padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">99% by Hongshun</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
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<hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity contextRef="c67"> Cayman Island </hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c67"> 2018-09-27 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c67"> Parent </us-gaap:MinorityInterestDescription>
<hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity contextRef="c59"> British Virgin Island </hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c59"> 2018-10-02 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c59"> 100% by the Parent </us-gaap:MinorityInterestDescription>
<hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity contextRef="c68"> Hong Kong </hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c68"> 2018-11-07 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c68"> 100% by Yongqiang Tuoxing </us-gaap:MinorityInterestDescription>
<hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity contextRef="c69"> Wenzhou, China </hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c69"> 2019-06-03 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c69"> 100% by HK Beach </us-gaap:MinorityInterestDescription>
<hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity contextRef="c70"> Wenzhou, China </hudi:BusinessAcquisitionsDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c70"> 1998-11-12 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c70"> 99% by Hongshun </us-gaap:MinorityInterestDescription>
<us-gaap:CommonStockSharesAuthorized contextRef="c57" decimals="0" unitRef="shares"> 250000000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c2" decimals="4" unitRef="usdPershares"> 0.0002 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:OtherAdditionalCapital contextRef="c57" decimals="0" unitRef="usd"> 21680341 </us-gaap:OtherAdditionalCapital>
<us-gaap:CommonStockSharesIssued contextRef="c2" decimals="0" unitRef="shares"> 13127000 </us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="c2" decimals="0" unitRef="shares"> 13127000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesAuthorized contextRef="c58" decimals="0" unitRef="shares"> 50000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockNoParValue contextRef="c58" decimals="2" unitRef="usdPershares"> 1 </us-gaap:CommonStockNoParValue>
<hudi:CashPaidInCapital contextRef="c59" decimals="0" unitRef="usd"> 0 </hudi:CashPaidInCapital>
<hudi:CashPaidInCapital contextRef="c60" decimals="0" unitRef="usd"> 0 </hudi:CashPaidInCapital>
<us-gaap:OtherAdditionalCapital contextRef="c61" decimals="0" unitRef="usd"> 10000000 </us-gaap:OtherAdditionalCapital>
<hudi:CashPaidInCapital contextRef="c62" decimals="0" unitRef="usd"> 0 </hudi:CashPaidInCapital>
<us-gaap:OtherAdditionalCapital contextRef="c63" decimals="0" unitRef="cny"> 168800000 </us-gaap:OtherAdditionalCapital>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c64" decimals="2" unitRef="pure"> 0.05 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c65" decimals="2" unitRef="pure"> 0.94 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c61" decimals="2" unitRef="pure"> 0.99 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c66" decimals="2" unitRef="pure"> 0.01 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis of Presentation and Principles of Consolidation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United Stated of America (“US GAAP”) and have been consistently applied. The accompanying consolidated financial statements include the financial statements of the Company and its majority-owned and controlled subsidiaries. All significant inter-company transactions and balances have been eliminated upon consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Such estimates include, but are not limited to, allowances for doubtful accounts, inventory valuation, useful lives of property, plant and equipment, intangible assets, impairment in equity investment, and income taxes related to realization of deferred tax assets and uncertain tax position. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Currency Translation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial records of the Company’s subsidiaries in People’s Republic of China (“PRC”) are maintained in their local currencies which are Chinese Yuan (“CNY” or “RMB”). Monetary assets and liabilities denominated in currencies other than their local currencies are translated into local currencies at the rates of exchange in effect at the consolidated balance sheet dates. Transactions denominated in currencies other than their local currencies during the year are converted into local currencies at the applicable rates of exchange prevailing when the transactions occur. Transaction gains and losses are recorded in other income, net in the consolidated statements of income and comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintained its financial record using the United States dollar (“US dollar”) as the functional currency, while the subsidiaries of the Company in Hong Kong and mainland China maintained their financial records using RMB as the functional currencies. The reporting currency of the Company is US dollar. When translating local financial reports of the Company’s subsidiaries into US dollar, assets and liabilities are translated at the exchange rates at the consolidated balance sheet date, equity accounts are translated at historical exchange rates and revenue, expenses, gains and losses are translated at the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income in the consolidated statements of income and comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The relevant exchange rates are listed below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Fiscal Years<br/> Ended September 30</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">Period Ended RMB: USD exchange rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.4434</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.7896</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">7.1477</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Period Average RMB: USD exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.0056</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.8753</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash and Cash Equivalents</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents primarily consist of cash and deposits with financial institutions which are unrestricted as to withdrawal and use. Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with original maturities of three months or less when purchased.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Restricted Cash</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has bank acceptance notes outstanding with the bank and is required to keep certain amounts on deposit that are subject to withdrawal restrictions. Those notes are generally short term in nature due to their short maturity period of six to nine months; thus, restricted cash is classified as a current asset. Restricted cash is included in the beginning or ending balance of cash and cash equivalents, and restricted cash in the consolidated statements of cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2021 and 2020, restricted cash was $1,304,518 and $908,410, respectively. No cash is restricted to assure future credit availability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Accounts Receivable and Allowance for Doubtful Accounts</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The Company usually determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Based on management of customers’ credit and ongoing relationship, management makes conclusions whether any balances outstanding at the end of the period will be deemed uncollectible on an individual basis and on aging analysis basis. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income and comprehensive income. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The allowance for doubtful accounts recognized as of September 30, 2021 and 2020 was $3,066,937 and $2,910,554, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Inventories</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost or net realizable value. Cost is principally determined using the weighted-average method. The Company records adjustments to inventory for excess quantities, obsolescence or impairment when appropriate to reflect inventory at net realizable value. These adjustments are based upon a combination of factors including current sales volume, market conditions, lower of cost or market analysis and expected realizable value of the inventory.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no write-downs recognized of inventories for the years ended September 30, 2021, 2020 and 2019.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Advances to Suppliers</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advances to suppliers refer to advances for purchase of materials or other service agreements, which are applied against accounts payable when the materials or services are received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews a supplier’s credit history and background information before advancing a payment. If the financial condition of its suppliers were to deteriorate, resulting in an impairment of their ability to deliver goods or provide services, the Company would write off such amount in the period when it is considered as impaired. For the years ended September 30, 2021, 2020 and 2019, the Company had no wrote-offs for advances to suppliers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Advances from Customers</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advances from customers refer to advances received from customers regarding product sales, which are applied against accounts receivable when products are sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant, and equipment are recorded at cost less accumulated depreciation. Depreciation commences upon placing the asset in usage and is recognized on a straight-line basis over the estimated useful lives of the assets with 5% of residual value, as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="white-space: nowrap; width: 89%; text-align: right"> </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Useful lives</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Buildings</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">10-32 years</span></td></tr> <tr style="vertical-align: top; "> <td style="white-space: nowrap"><span style="font-size: 10pt">Machinery and equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">5-20 years</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Transportation vehicles</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> <tr style="vertical-align: top; "> <td style="white-space: nowrap"><span style="font-size: 10pt">Office equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Electronic equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income and other comprehensive income in other income or expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Land Use Rights</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the PRC law, all land in the PRC is owned by the government and cannot be sold to an individual or company. The government grants individuals and companies the right to use parcels of land for specified periods of time. These land use rights are sometimes referred to informally as “ownership.” Land use rights are stated at cost less accumulated amortization. Land use rights are amortized using the straight-line method with the following estimated useful lives:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 89%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Useful lives</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Land use rights</span></td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">50 years</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Long-term Investments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective October 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-01 and related ASU 2018-03 concerning recognition and measurement of financial assets and financial liabilities. In adopting this new guidance, the Company has made an accounting policy election to adopt an adjusted cost method measurement alternative for investments in equity securities without readily determinable fair values. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For equity investments that are accounted for using the measurement alternative, the Company initially records equity investments at cost but is required to adjust the carrying value of such equity investments through earnings when there is an observable transaction involving the same or a similar investment with the same issuer or upon an impairment. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Impairment of Long-lived Assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s management reviews the carrying values of long-lived assets whenever events and circumstances, such as a significant decline in the asset’s market value, obsolescence or physical damage affecting the asset, significant adverse changes in the assets use, deterioration in the expected level of the assets performance, cash flows for maintaining the asset are higher than forecast, indicate that the net book value of an asset may not be recovered through expected future cash flows from its use and eventual disposition. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no impairment charge recognized for long-lived assets for the years ended September 30, 2021, 2020 and 2019.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair Value Measurement</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair Value Measurements and Disclosures requires disclosure of the fair value of financial instruments held by the Company. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-indent: -24.5pt"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, other current liabilities, notes receivable, notes payable, bank loans, and income tax payable and other receivables, the carrying amounts approximate their fair values due to their short maturities as of September 30, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Value-added Tax (“VAT”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales revenue represents the invoiced value of goods, net of VAT. All of the Company’s products are sold in the PRC and are subject to a VAT on the gross sales price.  The Company is subject to a VAT rate of 17% before May 1, 2018, a VAT rate of 16% effective on May 1, 2018, and the most current VAT rate of 13% effective on April 1, 2019. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Revenue Recognition</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates its revenues mainly from sales of steel piping products while a small portion of revenue is generated from production services provided to third-party entities. The Company follows Financial Accounting Standards Board (FASB) ASC 606 and accounting standards updates (“ASU”) 2014-09 for revenue recognition. On October 1, 2018, the Company has early adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company considers revenue realized or realizable and earned when all the five following criteria are met: (1) Identify the Contract with a Customer, (2) Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the Performance Obligations in the Contract, and (5) Recognize Revenue When (or As) the Entity Satisfies a Performance Obligation. Results for reporting periods beginning after October 1, 2018 are presented under ASU 2014-09, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there was no material changes to the Company’s consolidated financial statements upon adoption of ASC 606, and there have not been any significant changes to company’s business processes, systems, or internal controls as a result of implementing the standard.   </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers customer purchase orders and production service agreement, which in some cases are governed by master sales agreements, to be the contracts with a customer. As part of its consideration of the contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which are distinct, to be the identified performance obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining the transaction price the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. The Company allocates the transaction price to each distinct product based on their relative standalone selling price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are reported net of all value added taxes. The Company does not routinely permit customers to return products, while in certain conditions product changes are allowed, and historically customer returns have been immaterial and due to the nature of company’s products no warranty is offered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied at a point in time), which typically occurs at delivery. Production service revenue is recognized when production order is fulfilled and VAT invoice is issued to customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company sells its products either under free onboard (“FOB”) shipping point term or under FOB destination term. For sales under FOB shipping point term, the Company recognize revenues when products are loaded on the ships. Product delivery is evidenced by warehouse shipping logs as well assigned shipping bills from the shipping companies. For sales under FOB destination term, the Company recognize revenues when the products are delivered and accepted by customers. Product delivery is evidenced by signed receipt documents and title transfers upon delivery. Prices are determined based on negotiations with the Company’s customers and are not subject to adjustment. As a result, the Company expects returns to be minimal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government Grant</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants are recognized when received and all the conditions for their receipt have been met.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants as the compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related cost are recognized in profit or loss in the period in which they become receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended September 30, 2021, 2020 and 2019, the Company received government grants of $<span style="font-family: Times New Roman, Times, Serif">1,190,882</span>, $410,532 and $59,131, respectively. The grants were recorded as other income in the consolidated statements for income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Research and Development Costs</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development activities are directed toward the development of new products as well as improvements in existing processes. These costs, which primarily include salaries, contract services and supplies, are expensed as incurred.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Shipping and Handling Costs</b></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shipping and handling costs are expensed when incurred and are included in selling, general and administrative expense. Shipping and handling costs were $1,341,712, $804,264 and $1,011,670 for the years ended September 30, 2021, 2020 and 2019, respectively.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Advertising Costs</b></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advertising costs are expensed as incurred and are included in selling, general and administrative expense in accordance with ASC 720-35, “Other Expenses-Advertising Costs”. Advertising costs were $237,563, $104,933 and $147,363 for years ended September 30, 2021, 2020 and 2019 respectively.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income Taxes</b></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for income taxes using the asset and liability method whereby it calculates deferred tax assets or liabilities for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits by applying enacted tax rates applicable to the years in which those temporary differences are expected to be reversed or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The components of the deferred tax assets and liabilities are individually classified as non-current amounts.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent applicable, the Company records interest and penalties as other expense. All of the tax returns of the Company’s PRC subsidiaries remain subject to examination by PRC tax authorities for five years from the date of filing. The fiscal years for tax purpose in PRC is December 31.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and its subsidiaries are not subject to U.S. tax laws and local state tax laws. The Company’s income and that of its related entities must be computed in accordance with Chinese and foreign tax laws, as applicable, and all of which may be changed in a manner that could adversely affect the amount of distributions to shareholders. There can be no assurance that Income Tax Laws of PRC will not be changed in a manner that adversely affects shareholders. In particular, any such change could increase the amount of tax payable by the Company, reducing the amount available to pay dividends to the holders of the Company’s ordinary shares.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Earnings Per Share</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Earnings (loss) per share is calculated in accordance with ASC 260 Earnings per Share. Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is computed in accordance with the treasury stock method and based on the weighted average number of ordinary shares and dilutive common share equivalents. Dilutive common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. There were no dilutive common share equivalents outstanding during the years ended September 30, 2021, 2020 and 2019.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Certain Risks and Concentration </b></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Exchange Rate Risks</i></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company operates in PRC, which may give rise to significant foreign currency risks mainly from fluctuations and the degree of volatility of foreign exchange rates between the USD and the RMB.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Currency Convertibility Risks</i></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Concentration of Credit Risks</i></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents, restricted cash, notes receivable. The Company places its cash and cash equivalents, restricted cash, and note receivable in good credit quality financial institutions in Hong Kong and PRC. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Interest Rate Risks</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to interest rate risk. The Company has bank interest bearing loans charged at variable interest rates. And although some bank interest bearing loans are charged at fixed interest rates within the reporting period, the Company is still subject to the risk of adverse changes in the interest rates charged by the banks when these loans are refinanced.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks and Uncertainties</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, this may not be indicative of future results.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Liquidity Risks</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary sources of liquidity consist of existing cash balances, cash flows from our operating activities and availability under our revolving credit facility. Our ability to generate sufficient cash flows from our operating activities is primarily dependent on our sales of steel pipe, tube and ancillary products to our customers at margins sufficient to cover fixed and variable expenses. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2021 and 2020, we had cash and cash equivalents of $15,350,197 and $796,794, respectively. We believe that our current cash, cash to be generated from our operations and access to loans from our related parties will be sufficient to meet our working capital needs for at least the next twelve months. However, we do not have any amounts committed to be provided by our related party. We are also not dependent upon this offering to meet our liquidity needs for the next twelve months. However, we plan to expand our business to implement our growth strategies in our existing market and strengthen our position in the marketplace. To do so, we will need more capital through equity financing to increase our production and meet market demands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Reclassification</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain amounts in the consolidated financial statements for the prior year have been reclassified to conform to the current year presentation. These reclassifications had no impact on consolidated net earnings, consolidated financial position, or consolidated cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Accounting Pronouncements</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">   </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">New Accounting Pronouncements Recently Adopted</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which increases lease transparency and comparability among organizations. Under the new standard, lessees will be required to recognize all assets and liabilities arising from leases on the balance sheet, with the exception of leases with a term of 12 months or less, which permits a lessee to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. In March 2018, the FASB approved an alternative transition method to the modified retrospective approach, which eliminates the requirement to restate prior period financial statements and requires the cumulative effect of the retrospective allocation to be recorded as an adjustment to the opening balance of retained earnings at the date of adoption. Effective October 1, 2019, the Company adopted the new lease accounting standard using a modified retrospective transition method which allowed the Company not to recast comparative periods presented in its consolidated financial statements. The adoption of the new standard did not have material impact on our consolidated net earnings and cash flows. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). The amendments in this ASU modify the disclosure requirements on fair value measurements. ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. Effective October 1, 2020, the Company adopted ASU 2018-13 and the adoption of the new standard did not have material impact on our consolidated net earnings and cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">New Accounting Pronouncements Not Yet Adopted</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This amends guidelines on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current U.S. GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current U.S. GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which amended the effective date of ASU 2016-13. The amendments in these ASUs are effective for the Company’s fiscal years, and interim periods within those fiscal years beginning April 1, 2022. Early adoption is permitted. The Company does not expect to early adopt this guidance and is in the process of evaluating the impact of adoption of this guidance on the Company’s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. This standard removes certain exceptions related to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The amendments in these ASUs are effective for the Company’s fiscal years, and interim periods within those fiscal years beginning October 1, 2022. The Company does not expect to early adopt this guidance and is in the process of evaluating the impact of adoption of this guidance on the Company’s consolidated financial statements.</p>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis of Presentation and Principles of Consolidation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United Stated of America (“US GAAP”) and have been consistently applied. The accompanying consolidated financial statements include the financial statements of the Company and its majority-owned and controlled subsidiaries. All significant inter-company transactions and balances have been eliminated upon consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Such estimates include, but are not limited to, allowances for doubtful accounts, inventory valuation, useful lives of property, plant and equipment, intangible assets, impairment in equity investment, and income taxes related to realization of deferred tax assets and uncertain tax position. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:UseOfEstimates>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Currency Translation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial records of the Company’s subsidiaries in People’s Republic of China (“PRC”) are maintained in their local currencies which are Chinese Yuan (“CNY” or “RMB”). Monetary assets and liabilities denominated in currencies other than their local currencies are translated into local currencies at the rates of exchange in effect at the consolidated balance sheet dates. Transactions denominated in currencies other than their local currencies during the year are converted into local currencies at the applicable rates of exchange prevailing when the transactions occur. Transaction gains and losses are recorded in other income, net in the consolidated statements of income and comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintained its financial record using the United States dollar (“US dollar”) as the functional currency, while the subsidiaries of the Company in Hong Kong and mainland China maintained their financial records using RMB as the functional currencies. The reporting currency of the Company is US dollar. When translating local financial reports of the Company’s subsidiaries into US dollar, assets and liabilities are translated at the exchange rates at the consolidated balance sheet date, equity accounts are translated at historical exchange rates and revenue, expenses, gains and losses are translated at the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income in the consolidated statements of income and comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The relevant exchange rates are listed below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Fiscal Years<br/> Ended September 30</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">Period Ended RMB: USD exchange rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.4434</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.7896</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">7.1477</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Period Average RMB: USD exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.0056</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.8753</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<hudi:RelevantExchangeRatesTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Fiscal Years<br/> Ended September 30</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">Period Ended RMB: USD exchange rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.4434</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.7896</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">7.1477</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Period Average RMB: USD exchange rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.0056</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.8753</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
</hudi:RelevantExchangeRatesTableTextBlock>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c71" decimals="4" unitRef="pure"> 6.4434 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c72" decimals="4" unitRef="pure"> 6.7896 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c73" decimals="4" unitRef="pure"> 7.1477 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:DerivativeAverageForwardExchangeRate1 contextRef="c71" decimals="4" unitRef="pure"> 6.5072 </us-gaap:DerivativeAverageForwardExchangeRate1>
<us-gaap:DerivativeAverageForwardExchangeRate1 contextRef="c72" decimals="4" unitRef="pure"> 7.0056 </us-gaap:DerivativeAverageForwardExchangeRate1>
<us-gaap:DerivativeAverageForwardExchangeRate1 contextRef="c73" decimals="4" unitRef="pure"> 6.8753 </us-gaap:DerivativeAverageForwardExchangeRate1>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash and Cash Equivalents</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents primarily consist of cash and deposits with financial institutions which are unrestricted as to withdrawal and use. Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with original maturities of three months or less when purchased.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Restricted Cash</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has bank acceptance notes outstanding with the bank and is required to keep certain amounts on deposit that are subject to withdrawal restrictions. Those notes are generally short term in nature due to their short maturity period of six to nine months; thus, restricted cash is classified as a current asset. Restricted cash is included in the beginning or ending balance of cash and cash equivalents, and restricted cash in the consolidated statements of cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2021 and 2020, restricted cash was $1,304,518 and $908,410, respectively. No cash is restricted to assure future credit availability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:RestrictedCash contextRef="c2" decimals="0" unitRef="usd"> 1304518 </us-gaap:RestrictedCash>
<us-gaap:RestrictedCash contextRef="c3" decimals="0" unitRef="usd"> 908410 </us-gaap:RestrictedCash>
<us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Accounts Receivable and Allowance for Doubtful Accounts</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The Company usually determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Based on management of customers’ credit and ongoing relationship, management makes conclusions whether any balances outstanding at the end of the period will be deemed uncollectible on an individual basis and on aging analysis basis. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income and comprehensive income. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The allowance for doubtful accounts recognized as of September 30, 2021 and 2020 was $3,066,937 and $2,910,554, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
</us-gaap:TradeAndOtherAccountsReceivablePolicy>
<us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables contextRef="c2" decimals="0" unitRef="usd"> 3066937 </us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables>
<us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables contextRef="c3" decimals="0" unitRef="usd"> 2910554 </us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables>
<us-gaap:InventoryPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Inventories</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost or net realizable value. Cost is principally determined using the weighted-average method. The Company records adjustments to inventory for excess quantities, obsolescence or impairment when appropriate to reflect inventory at net realizable value. These adjustments are based upon a combination of factors including current sales volume, market conditions, lower of cost or market analysis and expected realizable value of the inventory.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no write-downs recognized of inventories for the years ended September 30, 2021, 2020 and 2019.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:InventoryPolicyTextBlock>
<hudi:AdvancesToSuppliersPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Advances to Suppliers</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advances to suppliers refer to advances for purchase of materials or other service agreements, which are applied against accounts payable when the materials or services are received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews a supplier’s credit history and background information before advancing a payment. If the financial condition of its suppliers were to deteriorate, resulting in an impairment of their ability to deliver goods or provide services, the Company would write off such amount in the period when it is considered as impaired. For the years ended September 30, 2021, 2020 and 2019, the Company had no wrote-offs for advances to suppliers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</hudi:AdvancesToSuppliersPolicyTextBlock>
<hudi:AdvancesFromCustomersPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Advances from Customers</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advances from customers refer to advances received from customers regarding product sales, which are applied against accounts receivable when products are sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</hudi:AdvancesFromCustomersPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant, and equipment are recorded at cost less accumulated depreciation. Depreciation commences upon placing the asset in usage and is recognized on a straight-line basis over the estimated useful lives of the assets with 5% of residual value, as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="white-space: nowrap; width: 89%; text-align: right"> </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Useful lives</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Buildings</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">10-32 years</span></td></tr> <tr style="vertical-align: top; "> <td style="white-space: nowrap"><span style="font-size: 10pt">Machinery and equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">5-20 years</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Transportation vehicles</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> <tr style="vertical-align: top; "> <td style="white-space: nowrap"><span style="font-size: 10pt">Office equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Electronic equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income and other comprehensive income in other income or expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage contextRef="c2" decimals="2" unitRef="pure"> 0.05 </us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage>
<hudi:EstimatedUsefulLifePlantAndEquipmentNetTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="white-space: nowrap; width: 89%; text-align: right"> </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Useful lives</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Buildings</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">10-32 years</span></td></tr> <tr style="vertical-align: top; "> <td style="white-space: nowrap"><span style="font-size: 10pt">Machinery and equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">5-20 years</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Transportation vehicles</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> <tr style="vertical-align: top; "> <td style="white-space: nowrap"><span style="font-size: 10pt">Office equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap"><span style="font-size: 10pt">Electronic equipment</span></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">3-10 years</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 89%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Useful lives</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Land use rights</span></td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">50 years</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</hudi:EstimatedUsefulLifePlantAndEquipmentNetTableTextBlock>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c74"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c75"> P32Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c76"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c77"> P20Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c78"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c79"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c80"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c81"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c82"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c83"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:LandUnderOptionArrangementsPolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Land Use Rights</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the PRC law, all land in the PRC is owned by the government and cannot be sold to an individual or company. The government grants individuals and companies the right to use parcels of land for specified periods of time. These land use rights are sometimes referred to informally as “ownership.” Land use rights are stated at cost less accumulated amortization. Land use rights are amortized using the straight-line method with the following estimated useful lives:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 89%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Useful lives</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Land use rights</span></td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">50 years</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:LandUnderOptionArrangementsPolicy>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c84"> P50Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:InvestmentPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Long-term Investments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective October 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-01 and related ASU 2018-03 concerning recognition and measurement of financial assets and financial liabilities. In adopting this new guidance, the Company has made an accounting policy election to adopt an adjusted cost method measurement alternative for investments in equity securities without readily determinable fair values. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For equity investments that are accounted for using the measurement alternative, the Company initially records equity investments at cost but is required to adjust the carrying value of such equity investments through earnings when there is an observable transaction involving the same or a similar investment with the same issuer or upon an impairment. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
</us-gaap:InvestmentPolicyTextBlock>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Impairment of Long-lived Assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s management reviews the carrying values of long-lived assets whenever events and circumstances, such as a significant decline in the asset’s market value, obsolescence or physical damage affecting the asset, significant adverse changes in the assets use, deterioration in the expected level of the assets performance, cash flows for maintaining the asset are higher than forecast, indicate that the net book value of an asset may not be recovered through expected future cash flows from its use and eventual disposition. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no impairment charge recognized for long-lived assets for the years ended September 30, 2021, 2020 and 2019.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair Value Measurement</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair Value Measurements and Disclosures requires disclosure of the fair value of financial instruments held by the Company. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-indent: -24.5pt"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, other current liabilities, notes receivable, notes payable, bank loans, and income tax payable and other receivables, the carrying amounts approximate their fair values due to their short maturities as of September 30, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<hudi:ValueaddedTaxPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Value-added Tax (“VAT”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales revenue represents the invoiced value of goods, net of VAT. All of the Company’s products are sold in the PRC and are subject to a VAT on the gross sales price.  The Company is subject to a VAT rate of 17% before May 1, 2018, a VAT rate of 16% effective on May 1, 2018, and the most current VAT rate of 13% effective on April 1, 2019. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
</hudi:ValueaddedTaxPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Revenue Recognition</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates its revenues mainly from sales of steel piping products while a small portion of revenue is generated from production services provided to third-party entities. The Company follows Financial Accounting Standards Board (FASB) ASC 606 and accounting standards updates (“ASU”) 2014-09 for revenue recognition. On October 1, 2018, the Company has early adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company considers revenue realized or realizable and earned when all the five following criteria are met: (1) Identify the Contract with a Customer, (2) Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the Performance Obligations in the Contract, and (5) Recognize Revenue When (or As) the Entity Satisfies a Performance Obligation. Results for reporting periods beginning after October 1, 2018 are presented under ASU 2014-09, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there was no material changes to the Company’s consolidated financial statements upon adoption of ASC 606, and there have not been any significant changes to company’s business processes, systems, or internal controls as a result of implementing the standard.   </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers customer purchase orders and production service agreement, which in some cases are governed by master sales agreements, to be the contracts with a customer. As part of its consideration of the contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which are distinct, to be the identified performance obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining the transaction price the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. The Company allocates the transaction price to each distinct product based on their relative standalone selling price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are reported net of all value added taxes. The Company does not routinely permit customers to return products, while in certain conditions product changes are allowed, and historically customer returns have been immaterial and due to the nature of company’s products no warranty is offered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied at a point in time), which typically occurs at delivery. Production service revenue is recognized when production order is fulfilled and VAT invoice is issued to customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company sells its products either under free onboard (“FOB”) shipping point term or under FOB destination term. For sales under FOB shipping point term, the Company recognize revenues when products are loaded on the ships. Product delivery is evidenced by warehouse shipping logs as well assigned shipping bills from the shipping companies. For sales under FOB destination term, the Company recognize revenues when the products are delivered and accepted by customers. Product delivery is evidenced by signed receipt documents and title transfers upon delivery. Prices are determined based on negotiations with the Company’s customers and are not subject to adjustment. As a result, the Company expects returns to be minimal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<hudi:GovernmentGrantPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government Grant</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants are recognized when received and all the conditions for their receipt have been met.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants as the compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related cost are recognized in profit or loss in the period in which they become receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended September 30, 2021, 2020 and 2019, the Company received government grants of $<span style="font-family: Times New Roman, Times, Serif">1,190,882</span>, $410,532 and $59,131, respectively. The grants were recorded as other income in the consolidated statements for income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</hudi:GovernmentGrantPolicyTextBlock>
<us-gaap:GrantsReceivable contextRef="c2" decimals="0" unitRef="usd"> 1190882 </us-gaap:GrantsReceivable>
<us-gaap:GrantsReceivable contextRef="c3" decimals="0" unitRef="usd"> 410532 </us-gaap:GrantsReceivable>
<us-gaap:GrantsReceivable contextRef="c28" decimals="0" unitRef="usd"> 59131 </us-gaap:GrantsReceivable>
<us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Research and Development Costs</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development activities are directed toward the development of new products as well as improvements in existing processes. These costs, which primarily include salaries, contract services and supplies, are expensed as incurred.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ResearchAndDevelopmentExpensePolicy>
<us-gaap:ShippingAndHandlingCostPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Shipping and Handling Costs</b></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shipping and handling costs are expensed when incurred and are included in selling, general and administrative expense. Shipping and handling costs were $1,341,712, $804,264 and $1,011,670 for the years ended September 30, 2021, 2020 and 2019, respectively.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ShippingAndHandlingCostPolicyTextBlock>
<us-gaap:OtherSellingAndMarketingExpense contextRef="c0" decimals="0" unitRef="usd"> 1341712 </us-gaap:OtherSellingAndMarketingExpense>
<us-gaap:OtherSellingAndMarketingExpense contextRef="c4" decimals="0" unitRef="usd"> 804264 </us-gaap:OtherSellingAndMarketingExpense>
<us-gaap:OtherSellingAndMarketingExpense contextRef="c5" decimals="0" unitRef="usd"> 1011670 </us-gaap:OtherSellingAndMarketingExpense>
<us-gaap:AdvertisingCostsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Advertising Costs</b></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advertising costs are expensed as incurred and are included in selling, general and administrative expense in accordance with ASC 720-35, “Other Expenses-Advertising Costs”. Advertising costs were $237,563, $104,933 and $147,363 for years ended September 30, 2021, 2020 and 2019 respectively.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:AdvertisingCostsPolicyTextBlock>
<us-gaap:AdvertisingExpense contextRef="c0" decimals="0" unitRef="usd"> 237563 </us-gaap:AdvertisingExpense>
<us-gaap:AdvertisingExpense contextRef="c4" decimals="0" unitRef="usd"> 104933 </us-gaap:AdvertisingExpense>
<us-gaap:AdvertisingExpense contextRef="c5" decimals="0" unitRef="usd"> 147363 </us-gaap:AdvertisingExpense>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income Taxes</b></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for income taxes using the asset and liability method whereby it calculates deferred tax assets or liabilities for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits by applying enacted tax rates applicable to the years in which those temporary differences are expected to be reversed or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The components of the deferred tax assets and liabilities are individually classified as non-current amounts.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent applicable, the Company records interest and penalties as other expense. All of the tax returns of the Company’s PRC subsidiaries remain subject to examination by PRC tax authorities for five years from the date of filing. The fiscal years for tax purpose in PRC is December 31.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and its subsidiaries are not subject to U.S. tax laws and local state tax laws. The Company’s income and that of its related entities must be computed in accordance with Chinese and foreign tax laws, as applicable, and all of which may be changed in a manner that could adversely affect the amount of distributions to shareholders. There can be no assurance that Income Tax Laws of PRC will not be changed in a manner that adversely affects shareholders. In particular, any such change could increase the amount of tax payable by the Company, reducing the amount available to pay dividends to the holders of the Company’s ordinary shares.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Earnings Per Share</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Earnings (loss) per share is calculated in accordance with ASC 260 Earnings per Share. Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is computed in accordance with the treasury stock method and based on the weighted average number of ordinary shares and dilutive common share equivalents. Dilutive common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. There were no dilutive common share equivalents outstanding during the years ended September 30, 2021, 2020 and 2019.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ConcentrationRiskCreditRisk contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Certain Risks and Concentration </b></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Exchange Rate Risks</i></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company operates in PRC, which may give rise to significant foreign currency risks mainly from fluctuations and the degree of volatility of foreign exchange rates between the USD and the RMB.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Currency Convertibility Risks</i></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Concentration of Credit Risks</i></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents, restricted cash, notes receivable. The Company places its cash and cash equivalents, restricted cash, and note receivable in good credit quality financial institutions in Hong Kong and PRC. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Interest Rate Risks</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to interest rate risk. The Company has bank interest bearing loans charged at variable interest rates. And although some bank interest bearing loans are charged at fixed interest rates within the reporting period, the Company is still subject to the risk of adverse changes in the interest rates charged by the banks when these loans are refinanced.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks and Uncertainties</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, this may not be indicative of future results.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Liquidity Risks</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary sources of liquidity consist of existing cash balances, cash flows from our operating activities and availability under our revolving credit facility. Our ability to generate sufficient cash flows from our operating activities is primarily dependent on our sales of steel pipe, tube and ancillary products to our customers at margins sufficient to cover fixed and variable expenses. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2021 and 2020, we had cash and cash equivalents of $15,350,197 and $796,794, respectively. We believe that our current cash, cash to be generated from our operations and access to loans from our related parties will be sufficient to meet our working capital needs for at least the next twelve months. However, we do not have any amounts committed to be provided by our related party. We are also not dependent upon this offering to meet our liquidity needs for the next twelve months. However, we plan to expand our business to implement our growth strategies in our existing market and strengthen our position in the marketplace. To do so, we will need more capital through equity financing to increase our production and meet market demands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:OtherCashEquivalentsAtCarryingValue contextRef="c2" decimals="0" unitRef="usd"> 15350197 </us-gaap:OtherCashEquivalentsAtCarryingValue>
<us-gaap:OtherCashEquivalentsAtCarryingValue contextRef="c3" decimals="0" unitRef="usd"> 796794 </us-gaap:OtherCashEquivalentsAtCarryingValue>
<us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Reclassification</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain amounts in the consolidated financial statements for the prior year have been reclassified to conform to the current year presentation. These reclassifications had no impact on consolidated net earnings, consolidated financial position, or consolidated cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Accounting Pronouncements</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">   </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">New Accounting Pronouncements Recently Adopted</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which increases lease transparency and comparability among organizations. Under the new standard, lessees will be required to recognize all assets and liabilities arising from leases on the balance sheet, with the exception of leases with a term of 12 months or less, which permits a lessee to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. In March 2018, the FASB approved an alternative transition method to the modified retrospective approach, which eliminates the requirement to restate prior period financial statements and requires the cumulative effect of the retrospective allocation to be recorded as an adjustment to the opening balance of retained earnings at the date of adoption. Effective October 1, 2019, the Company adopted the new lease accounting standard using a modified retrospective transition method which allowed the Company not to recast comparative periods presented in its consolidated financial statements. The adoption of the new standard did not have material impact on our consolidated net earnings and cash flows. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). The amendments in this ASU modify the disclosure requirements on fair value measurements. ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. Effective October 1, 2020, the Company adopted ASU 2018-13 and the adoption of the new standard did not have material impact on our consolidated net earnings and cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<hudi:NewAccountingPronouncementsNotYetAdoptedPolicyPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">New Accounting Pronouncements Not Yet Adopted</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This amends guidelines on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current U.S. GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current U.S. GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which amended the effective date of ASU 2016-13. The amendments in these ASUs are effective for the Company’s fiscal years, and interim periods within those fiscal years beginning April 1, 2022. Early adoption is permitted. The Company does not expect to early adopt this guidance and is in the process of evaluating the impact of adoption of this guidance on the Company’s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p>In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. This standard removes certain exceptions related to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The amendments in these ASUs are effective for the Company’s fiscal years, and interim periods within those fiscal years beginning October 1, 2022.
</hudi:NewAccountingPronouncementsNotYetAdoptedPolicyPolicyTextBlock>
<hudi:AccountsReceivableTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 3 – ACCOUNTS RECEIVABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accounts receivable as of September 30, 2021 and 2020 consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt"><b> </b></span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,364,198</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,529,251</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accounts receivable – related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,981,697</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,914,380</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,066,937</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,910,554</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">25,278,958</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">15,533,077</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">  </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s customers are for the most part, various levels of government, state-owned entities and construction companies. Due to the nature of the customers and the practice of the industry, the Company generally allows credit period of 180 days to its customers. The average accounts receivable turnover period was approximately 106 days, 93 days and 84 days for the fiscal years ended September 30, 2021, 2020 and 2019, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes of allowance for doubtful accounts for the years ended September 30, 2021 and 2020 are as follow:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,910,554</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,764,735</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bad debt write-off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Exchange difference</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">156,383</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">145,819</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,066,937</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,910,554</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No bad debt expense and debt write-off recorded by the Company during the years ended September 30, 2021 and 2020.<b> </b></p>
</hudi:AccountsReceivableTextBlock>
<hudi:ScheduleOfAccountsReceivableTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,364,198</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,529,251</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accounts receivable – related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,981,697</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,914,380</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,066,937</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,910,554</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">25,278,958</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">15,533,077</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">  </span></p>
</hudi:ScheduleOfAccountsReceivableTableTextBlock>
<us-gaap:AccountsReceivableGrossCurrent contextRef="c2" decimals="0" unitRef="usd"> 24364198 </us-gaap:AccountsReceivableGrossCurrent>
<us-gaap:AccountsReceivableGrossCurrent contextRef="c3" decimals="0" unitRef="usd"> 16529251 </us-gaap:AccountsReceivableGrossCurrent>
<us-gaap:AccountsReceivableRelatedParties contextRef="c2" decimals="0" unitRef="usd"> 3981697 </us-gaap:AccountsReceivableRelatedParties>
<us-gaap:AccountsReceivableRelatedParties contextRef="c3" decimals="0" unitRef="usd"> 1914380 </us-gaap:AccountsReceivableRelatedParties>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c2" decimals="0" unitRef="usd"> 3066937 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c3" decimals="0" unitRef="usd"> 2910554 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c2" decimals="0" unitRef="usd"> 25278958 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c3" decimals="0" unitRef="usd"> 15533077 </us-gaap:AccountsReceivableNetCurrent>
<hudi:AllowsCreditPeriod contextRef="c0"> P180D </hudi:AllowsCreditPeriod>
<hudi:AverageAccountsReceivableTurnoverPeriod contextRef="c0"> P106D </hudi:AverageAccountsReceivableTurnoverPeriod>
<hudi:AverageAccountsReceivableTurnoverPeriod contextRef="c4"> P93D </hudi:AverageAccountsReceivableTurnoverPeriod>
<hudi:AverageAccountsReceivableTurnoverPeriod contextRef="c5"> P84D </hudi:AverageAccountsReceivableTurnoverPeriod>
<us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,910,554</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,764,735</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bad debt write-off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Exchange difference</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">156,383</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">145,819</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,066,937</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,910,554</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt"> </span></p>
</us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="c3" decimals="0" unitRef="usd"> 2910554 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="c28" decimals="0" unitRef="usd"> 2764735 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<hudi:ExchangeDifference contextRef="c0" decimals="0" unitRef="usd"> -156383 </hudi:ExchangeDifference>
<hudi:ExchangeDifference contextRef="c4" decimals="0" unitRef="usd"> -145819 </hudi:ExchangeDifference>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="c2" decimals="0" unitRef="usd"> 3066937 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="c3" decimals="0" unitRef="usd"> 2910554 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 – NOTES RECEIVABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes receivable consisted of bank acceptance notes of $2,593,018 and $555,612 received from the Company’s customers as of September 30, 2021 and 2020, respectively. These notes with 3-6 months maturity dates were issued by customers to pay their payable balances to the Company; and these notes were guaranteed by the banks.</p>
</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
<us-gaap:NotesReceivableRelatedPartiesCurrent contextRef="c2" decimals="0" unitRef="usd"> 2593018 </us-gaap:NotesReceivableRelatedPartiesCurrent>
<us-gaap:NotesReceivableRelatedPartiesCurrent contextRef="c3" decimals="0" unitRef="usd"> 555612 </us-gaap:NotesReceivableRelatedPartiesCurrent>
<us-gaap:InventoryDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 5 – INVENTORIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inventories as of September 30, 2021 and 2020 consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,845,763</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,305,744</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,287,171</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">913,751</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,588,331</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,618,099</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,721,265</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">20,837,594</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no inventory write-downs recognized for the years ended September 30, 2021, 2020 and 2019.</p>
</us-gaap:InventoryDisclosureTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,845,763</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,305,744</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,287,171</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">913,751</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,588,331</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,618,099</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,721,265</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">20,837,594</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<us-gaap:InventoryRawMaterials contextRef="c2" decimals="0" unitRef="usd"> 7845763 </us-gaap:InventoryRawMaterials>
<us-gaap:InventoryRawMaterials contextRef="c3" decimals="0" unitRef="usd"> 11305744 </us-gaap:InventoryRawMaterials>
<us-gaap:InventoryWorkInProcessNetOfReserves contextRef="c2" decimals="0" unitRef="usd"> 5287171 </us-gaap:InventoryWorkInProcessNetOfReserves>
<us-gaap:InventoryWorkInProcessNetOfReserves contextRef="c3" decimals="0" unitRef="usd"> 913751 </us-gaap:InventoryWorkInProcessNetOfReserves>
<us-gaap:InventoryFinishedGoods contextRef="c2" decimals="0" unitRef="usd"> 9588331 </us-gaap:InventoryFinishedGoods>
<us-gaap:InventoryFinishedGoods contextRef="c3" decimals="0" unitRef="usd"> 8618099 </us-gaap:InventoryFinishedGoods>
<us-gaap:InventoryNet contextRef="c2" decimals="0" unitRef="usd"> 22721265 </us-gaap:InventoryNet>
<us-gaap:InventoryNet contextRef="c3" decimals="0" unitRef="usd"> 20837594 </us-gaap:InventoryNet>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 6 – PROPERTY, PLANT AND EQUIPMENT</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Property, plant and equipment as of September 30, 2021 and 2020 consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Buildings</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,195,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,930,868</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,737,421</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,706,598</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Transportation vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,079,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">932,472</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">682,216</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">460,943</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Construction in progress (“CIP”)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">235,266</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total property plant and equipment, at cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,694,627</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,266,147</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,485,922</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,578,505</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Property, plant and equipment, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,208,705</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,687,642</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expense was $735,333, $723,586 and $617,634 for the years ended September 30, 2021, 2020 and 2019, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During fiscal year ended September 30, 2021, the Company sold fixed assets with a net carrying value of $22,593, and recorded loss on sale of fixed assets of $1,767. During fiscal year ended September 30, 2020, the Company sold fixed assets with a net carrying value of $70,644, and recorded gain on sale of fixed assets of $654,138.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2021 and 2020, the Company pledged buildings to secure banking facilities granted to the Company. The carrying values of the pledged buildings to secure bank borrowings by the Company are shown in <i>Note 10</i>.</p>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Buildings</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,195,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,930,868</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,737,421</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,706,598</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Transportation vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,079,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">932,472</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">682,216</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">460,943</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Construction in progress (“CIP”)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">235,266</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total property plant and equipment, at cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,694,627</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,266,147</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,485,922</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,578,505</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Property, plant and equipment, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,208,705</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,687,642</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c85" decimals="0" unitRef="usd"> 5195800 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c86" decimals="0" unitRef="usd"> 4930868 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c87" decimals="0" unitRef="usd"> 8737421 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c88" decimals="0" unitRef="usd"> 7706598 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c89" decimals="0" unitRef="usd"> 1079190 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c90" decimals="0" unitRef="usd"> 932472 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c91" decimals="0" unitRef="usd"> 682216 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c92" decimals="0" unitRef="usd"> 460943 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c94" decimals="0" unitRef="usd"> 235266 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentOtherNet contextRef="c2" decimals="0" unitRef="usd"> 15694627 </us-gaap:PropertyPlantAndEquipmentOtherNet>
<us-gaap:PropertyPlantAndEquipmentOtherNet contextRef="c3" decimals="0" unitRef="usd"> 14266147 </us-gaap:PropertyPlantAndEquipmentOtherNet>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="c2" decimals="0" unitRef="usd"> 8485922 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="c3" decimals="0" unitRef="usd"> 7578505 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c2" decimals="0" unitRef="usd"> 7208705 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c3" decimals="0" unitRef="usd"> 6687642 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:Depreciation contextRef="c0" decimals="0" unitRef="usd"> 735333 </us-gaap:Depreciation>
<us-gaap:Depreciation contextRef="c4" decimals="0" unitRef="usd"> 723586 </us-gaap:Depreciation>
<us-gaap:Depreciation contextRef="c5" decimals="0" unitRef="usd"> 617634 </us-gaap:Depreciation>
<us-gaap:ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset contextRef="c2" decimals="0" unitRef="usd"> 22593 </us-gaap:ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset>
<us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges contextRef="c0" decimals="0" unitRef="usd"> 1767 </us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges>
<us-gaap:ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset contextRef="c3" decimals="0" unitRef="usd"> 70644 </us-gaap:ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset>
<us-gaap:AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1 contextRef="c4" decimals="0" unitRef="usd"> 654138 </us-gaap:AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1>
<hudi:LandUseRightsTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 7 – LAND USE RIGHTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Land use rights as of September 30, 2021 and 2020 consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Land use rights, cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,719,978</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,632,277</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(485,342</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(429,590</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Land use rights, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,234,636</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,202,687</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization expense was $32,349, $30,048 and $30,617 for the years ended September 30, 2021, 2020 and 2019, respectively.</p>
</hudi:LandUseRightsTextBlock>
<hudi:ScheduleOfLandUseRightsTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Land use rights, cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,719,978</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,632,277</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(485,342</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(429,590</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Land use rights, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,234,636</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,202,687</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</hudi:ScheduleOfLandUseRightsTableTextBlock>
<us-gaap:OtherFiniteLivedIntangibleAssetsGross contextRef="c2" decimals="0" unitRef="usd"> 1719978 </us-gaap:OtherFiniteLivedIntangibleAssetsGross>
<us-gaap:OtherFiniteLivedIntangibleAssetsGross contextRef="c3" decimals="0" unitRef="usd"> 1632277 </us-gaap:OtherFiniteLivedIntangibleAssetsGross>
<us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c2" decimals="0" unitRef="usd"> 485342 </us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
<us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c3" decimals="0" unitRef="usd"> 429590 </us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
<us-gaap:FiniteLivedIntangibleAssetsNet contextRef="c2" decimals="0" unitRef="usd"> 1234636 </us-gaap:FiniteLivedIntangibleAssetsNet>
<us-gaap:FiniteLivedIntangibleAssetsNet contextRef="c3" decimals="0" unitRef="usd"> 1202687 </us-gaap:FiniteLivedIntangibleAssetsNet>
<us-gaap:AmortizationOfIntangibleAssets contextRef="c0" decimals="0" unitRef="usd"> 32349 </us-gaap:AmortizationOfIntangibleAssets>
<us-gaap:AmortizationOfIntangibleAssets contextRef="c4" decimals="0" unitRef="usd"> 30048 </us-gaap:AmortizationOfIntangibleAssets>
<us-gaap:AmortizationOfIntangibleAssets contextRef="c5" decimals="0" unitRef="usd"> 30617 </us-gaap:AmortizationOfIntangibleAssets>
<us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 8 – LONG-TERM INVESTMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-term investments consisted of the following as of September 30, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>2021</b></span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>2020</b></span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-size: 10pt">Huashang Micro Finance Co.</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt">5,897,508</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt">5,596,795</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Longwan Rural Commercial Bank</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">6,981,097</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">6,625,133</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Wenzhou Longlian Development Co., Ltd</span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">1,293,323</span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">1,227,377</span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="font-size: 10pt">Total</span></td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt">14,171,928</span></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt">13,449,305</span></td> <td style="padding-bottom: 4pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2009, the Company made an investment of RMB 90,000,000 ($13,203,257 in USD) to acquire 22.5% in Huashang Micro Finance Co. (“Huashang”), a finance company offers micro loans to its customers. In 2015, as the result of a capital reduction, the Company’s ownership was reduced by 3.5% to 19% for a cash consideration of RMB 52,000,000 ($8,535,827 in USD). The Company carries this investment at the cost on its consolidated balance sheets. The Company did not receive any dividend income from Huashang during the years ended September 30, 2021, 2020 and 2019.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, the Company made an investment of RMB 8,333,400 ($1,307,982 in USD) to acquire 8.3334% in Wenzhou Longlian Development Co., Ltd. (“Longlian”), a property and infrastructure development company. The Company carries this investment at the cost on its consolidated balance sheets. The Company did not receive any dividend income from Longlian during the years ended September 30, 2021, 2020 and 2019.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2012, the Company made an investment of RMB 44,982,000 ($7,172,207 in USD) to acquire 2.1% in Longwan Rural Commercial Bank. (“LRCB”), a private bank accepting deposits and providing short-term or long-term lending to its customers. The Company carries this investment at the cost on its consolidated balance sheets. During the year ended September 30, 2021, the Company received dividend income of RMB 2,822,400 ($433,735 in USD) from LRCB. During the year ended September 30, 2020, the Company received dividend income of RMB 3,087,000 ($440,647 in USD) from LRCB. During the year ended September 30, 2019, the Company received dividend income of RMB 3,307,500 ($481,070 in USD) from LRCB.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ownership percentage of the above long-term investments has not changed during the fiscal year ended September 30, 2021. The carrying values of the pledged long-term investment to secure bank borrowings by the Company are shown in <i>Note 10</i>.</p>
</us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock>
<us-gaap:ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>2021</b></span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>2020</b></span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-size: 10pt">Huashang Micro Finance Co.</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt">5,897,508</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt">5,596,795</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Longwan Rural Commercial Bank</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">6,981,097</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">6,625,133</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Wenzhou Longlian Development Co., Ltd</span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">1,293,323</span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">1,227,377</span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="font-size: 10pt">Total</span></td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt">14,171,928</span></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt">13,449,305</span></td> <td style="padding-bottom: 4pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock>
<us-gaap:LongTermInvestments contextRef="c102" decimals="0" unitRef="usd"> 5897508 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c103" decimals="0" unitRef="usd"> 5596795 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c104" decimals="0" unitRef="usd"> 6981097 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c105" decimals="0" unitRef="usd"> 6625133 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c106" decimals="0" unitRef="usd"> 1293323 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c107" decimals="0" unitRef="usd"> 1227377 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c2" decimals="0" unitRef="usd"> 14171928 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c3" decimals="0" unitRef="usd"> 13449305 </us-gaap:LongTermInvestments>
<us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c95" decimals="0" unitRef="cny"> 90000000 </us-gaap:InvestmentOwnedBalancePrincipalAmount>
<us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c95" decimals="0" unitRef="usd"> 13203257 </us-gaap:InvestmentOwnedBalancePrincipalAmount>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c95" decimals="3" unitRef="pure"> 0.225 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<hudi:CashConsiderationDescription contextRef="c96"> In 2015, as the result of a capital reduction, the Company’s ownership was reduced by 3.5% to 19% for a cash consideration of RMB 52,000,000 ($8,535,827 in USD). </hudi:CashConsiderationDescription>
<us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c97" decimals="0" unitRef="cny"> 8333400 </us-gaap:InvestmentOwnedBalancePrincipalAmount>
<us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c97" decimals="0" unitRef="usd"> 1307982 </us-gaap:InvestmentOwnedBalancePrincipalAmount>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c97" decimals="6" unitRef="pure"> 0.083334 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c98" decimals="0" unitRef="cny"> 44982000 </us-gaap:InvestmentOwnedBalancePrincipalAmount>
<us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c98" decimals="0" unitRef="usd"> 7172207 </us-gaap:InvestmentOwnedBalancePrincipalAmount>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c98" decimals="3" unitRef="pure"> 0.021 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:InvestmentIncomeDividend contextRef="c99" decimals="0" unitRef="cny"> 2822400 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c99" decimals="0" unitRef="usd"> 433735 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c100" decimals="0" unitRef="cny"> 3087000 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c100" decimals="0" unitRef="usd"> 440647 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c101" decimals="0" unitRef="cny"> 3307500 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c101" decimals="0" unitRef="usd"> 481070 </us-gaap:InvestmentIncomeDividend>
<us-gaap:DebtDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 9 – NOTES PAYABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes payable consisted of bank notes payable of $2,312,556 and $1,517,026 provided by the Company to its suppliers as of September 30, 2021 and 2020, respectively. These short-term bank notes can be endorsed and assigned to suppliers as payments for purchases. The bank notes payables are generally payable within six months. These short-term notes payables are guaranteed by the bank for their full face value. In addition, the banks usually require the Company to deposit a certain amount of fund at the bank as a guarantee deposit, which is classified on the consolidated balance sheets as restricted cash.</p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:NotesPayableToBank contextRef="c2" decimals="0" unitRef="usd"> 2312556 </us-gaap:NotesPayableToBank>
<us-gaap:NotesPayableToBank contextRef="c3" decimals="0" unitRef="usd"> 1517026 </us-gaap:NotesPayableToBank>
<us-gaap:ShortTermDebtTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 10 – SHORT-TERM BORROWINGS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term borrowings consisted of the following at September 30, 2021:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount - RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issuance Date</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expiration Date</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">CITIC Bank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">698,388</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">10/10/2020</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">10/9/2021</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,008,783</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/15/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/14/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620,790</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/15/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/26/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/28/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/4/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/3/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,086,382</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/18/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/17/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/30/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/29/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,474,376</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/21/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/3/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,540,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,170,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/31/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">884,626</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/7/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/6/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/14/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,730,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,199,677</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/11/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/5/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620,790</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">2/3/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">2/1/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.15</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">774,436</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/4/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/2/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.15</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/12/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/10/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/17/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/15/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,410,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">529,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/17/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/14/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,769,252</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/13/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,086,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/10/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/10/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/18/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/18/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">853,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/20/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/20/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">698,389</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/9/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/2/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/18/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/17/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,600,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">713,909</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/22/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/19/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,536,456</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/28/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/27/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">510,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/28/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/21/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,536,456</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/14/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,163,982</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/7/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/7/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,548,872</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/23/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/22/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,548,872</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/30/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/27/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><b>RMB 215,519,000</b><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.1pt 0pt 0; text-align: justify"/></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; text-align: right">33,459,043</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term borrowings consisted of the following at September 30, 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount - RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issuance Date</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expiration Date</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,990,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,471,367</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">11/4/2019</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">11/3/2020</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5.40</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/13/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/12/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.40</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,030,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/28/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/18/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,399,199</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/19/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/18/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,471,368</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/27/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/10/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">839,519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/8/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/7/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,471,368</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/14/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/13/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,325,557</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">2/28/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">2/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">734,948</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/4/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/3/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,973,607</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/13/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/12/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.25</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/27/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.25</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">662,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/10/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/1/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.80</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,546,483</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/24/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,135,619</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">8/3/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">8/2/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">662,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/11/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/10/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">957,347</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/16/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/15/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/29/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/28/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">883,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/22/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/21/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">957,347</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/23/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/22/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,178,273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/24/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/23/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,540,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,110,522</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/7/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/2/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.50</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,730,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,138,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/9/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/7/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.50</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Minsheng Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,679,039</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/22/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.50</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhejiang Commerce Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,251,915</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/22/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/16/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zhejiang Commerce Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,750,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">699,599</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/21/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/18/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhejiang Commerce Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,030,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/3/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/14/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Zhejiang Commerce Bank</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,500,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,546,483</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 10pt">9/18/2020</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 10pt">6/18/2021</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">5.22</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-size: 10pt"><b>RMB211,980,000</b></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">31,221,280</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s short-term bank borrowings are pledged by its assets as listed below, and guaranteed by the Company’s major shareholders: Di Wang, Jueqin Wang, their immediate family members, third-party individuals, and third-party companies:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Buildings, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,995,522</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,405,140</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Long-term Investment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,625,133</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,995,522</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,030,273</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended September 30, 2021, 2020 and 2019, interest expense on all short-term borrowings and notes payable amounted to $1,550,082, $2,162,589 and $2,149,077, respectively.</p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount - RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issuance Date</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expiration Date</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">CITIC Bank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">698,388</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">10/10/2020</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">10/9/2021</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,008,783</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/15/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/14/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620,790</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/15/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/26/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/28/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/4/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/3/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,086,382</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/18/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/17/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/30/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/29/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,474,376</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/21/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/3/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,540,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,170,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/31/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">884,626</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/7/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/6/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/14/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,730,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,199,677</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/11/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/5/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620,790</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">2/3/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">2/1/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.15</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">774,436</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/4/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/2/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.15</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/12/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/10/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/17/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/15/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,410,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">529,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/17/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/14/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,769,252</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/13/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,086,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/10/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/10/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/18/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/18/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">853,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/20/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/20/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">698,389</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/9/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/2/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/18/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/17/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,600,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">713,909</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/22/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/19/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,536,456</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/28/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/27/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">510,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/28/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/21/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zheshang Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,900,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,536,456</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/14/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,163,982</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/7/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/7/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,548,872</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/23/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/22/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,548,872</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/30/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/27/2022</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><b>RMB 215,519,000</b><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.1pt 0pt 0; text-align: justify"/></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; text-align: right">33,459,043</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount - RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issuance Date</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expiration Date</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,990,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,471,367</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">11/4/2019</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">11/3/2020</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5.40</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/13/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/12/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.40</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,030,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/28/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">11/18/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,399,199</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/19/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/18/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,471,368</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/27/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">12/10/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">839,519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/8/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/7/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,471,368</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/14/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/13/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,325,557</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">2/28/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">2/27/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,990,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">734,948</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/4/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/3/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.60</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,973,607</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/13/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/12/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.25</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/27/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">3/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.25</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">662,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/10/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/1/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.80</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,546,483</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/24/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">7/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,135,619</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">8/3/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">8/2/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">662,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/11/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/10/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">957,347</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/16/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/15/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/29/2019</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">10/28/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.35</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">883,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/22/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/21/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">957,347</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/23/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/22/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">China CITIC Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,178,273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/24/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9/23/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,540,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,110,522</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/7/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/2/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.50</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Bank of China</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,730,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,138,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/9/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">1/7/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.50</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Minsheng Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,679,039</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/22/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/15/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.50</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhejiang Commerce Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,251,915</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/22/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4/16/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zhejiang Commerce Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,750,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">699,599</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/21/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/18/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhejiang Commerce Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,030,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">6/3/2020</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5/14/2021</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.20</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Zhejiang Commerce Bank</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,500,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,546,483</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 10pt">9/18/2020</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 10pt">6/18/2021</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">5.22</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-size: 10pt"><b>RMB211,980,000</b></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">31,221,280</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<hudi:ShorttermBorrowingsAmount contextRef="c152" decimals="0" unitRef="cny"> 4500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c152" decimals="0" unitRef="usd"> 698389 </hudi:ShorttermBorrowingsAmount>
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<hudi:ShorttermBorrowingsAmount contextRef="c154" decimals="0" unitRef="cny"> 9990000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c154" decimals="0" unitRef="usd"> 1550424 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c155"> 2021-06-18 </us-gaap:DebtInstrumentIssuanceDate1>
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<hudi:ShorttermBorrowingsAmount contextRef="c156" decimals="0" unitRef="cny"> 4600000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c156" decimals="0" unitRef="usd"> 713909 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c157"> 2021-07-22 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c157"> 2022-07-19 </us-gaap:DebtInstrumentMaturityDate>
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<hudi:ShorttermBorrowingsAmount contextRef="c158" decimals="0" unitRef="cny"> 9900000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c158" decimals="0" unitRef="usd"> 1536456 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c159"> 2021-07-28 </us-gaap:DebtInstrumentIssuanceDate1>
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<hudi:ShorttermBorrowingsAmount contextRef="c160" decimals="0" unitRef="cny"> 510000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c160" decimals="0" unitRef="usd"> 79151 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c161"> 2021-07-28 </us-gaap:DebtInstrumentIssuanceDate1>
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<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c160" decimals="4" unitRef="pure"> 0.0475 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c162" decimals="0" unitRef="cny"> 9900000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c162" decimals="0" unitRef="usd"> 1536456 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c163"> 2021-09-15 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c163"> 2022-09-14 </us-gaap:DebtInstrumentMaturityDate>
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<hudi:ShorttermBorrowingsAmount contextRef="c164" decimals="0" unitRef="cny"> 7500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c164" decimals="0" unitRef="usd"> 1163982 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c165"> 2021-09-07 </us-gaap:DebtInstrumentIssuanceDate1>
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<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c164" decimals="4" unitRef="pure"> 0.052 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c166" decimals="0" unitRef="cny"> 9980000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c166" decimals="0" unitRef="usd"> 1548872 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c167"> 2021-09-23 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c167"> 2022-09-22 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c166" decimals="4" unitRef="pure"> 0.046 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c168" decimals="0" unitRef="cny"> 9980000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c168" decimals="0" unitRef="usd"> 1548872 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c169"> 2021-09-30 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c169"> 2022-09-27 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c168" decimals="4" unitRef="pure"> 0.046 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c2" decimals="0" unitRef="usd"> 33459043 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c170" decimals="0" unitRef="cny"> 9990000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c170" decimals="0" unitRef="usd"> 1471367 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c171"> 2019-11-04 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c171"> 2020-11-03 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c170" decimals="4" unitRef="pure"> 0.054 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c172" decimals="0" unitRef="cny"> 5000000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c172" decimals="0" unitRef="usd"> 736420 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c173"> 2019-11-13 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c173"> 2020-11-12 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c172" decimals="4" unitRef="pure"> 0.054 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c174" decimals="0" unitRef="cny"> 7000000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c174" decimals="0" unitRef="usd"> 1030989 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c175"> 2019-11-28 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c175"> 2020-11-18 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c174" decimals="4" unitRef="pure"> 0.0535 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c176" decimals="0" unitRef="cny"> 9500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c176" decimals="0" unitRef="usd"> 1399199 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c177"> 2019-12-19 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c177"> 2020-12-18 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c176" decimals="4" unitRef="pure"> 0.0535 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c178" decimals="0" unitRef="cny"> 9990000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c178" decimals="0" unitRef="usd"> 1471368 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c179"> 2019-12-27 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c179"> 2020-12-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c178" decimals="4" unitRef="pure"> 0.0535 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c180" decimals="0" unitRef="cny"> 5700000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c180" decimals="0" unitRef="usd"> 839519 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c181"> 2020-01-08 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c181"> 2021-01-07 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c180" decimals="4" unitRef="pure"> 0.0535 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c182" decimals="0" unitRef="cny"> 9990000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c182" decimals="0" unitRef="usd"> 1471368 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c183"> 2020-01-14 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c183"> 2021-01-13 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c182" decimals="4" unitRef="pure"> 0.0535 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c184" decimals="0" unitRef="cny"> 9000000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c184" decimals="0" unitRef="usd"> 1325557 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c185"> 2020-02-28 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c185"> 2021-02-27 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c184" decimals="4" unitRef="pure"> 0.056 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c186" decimals="0" unitRef="cny"> 4990000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c186" decimals="0" unitRef="usd"> 734948 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c187"> 2020-03-04 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c187"> 2021-03-03 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c186" decimals="4" unitRef="pure"> 0.056 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c188" decimals="0" unitRef="cny"> 13400000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c188" decimals="0" unitRef="usd"> 1973607 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c189"> 2020-03-13 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c189"> 2021-03-12 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c188" decimals="4" unitRef="pure"> 0.0525 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c190" decimals="0" unitRef="cny"> 5000000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c190" decimals="0" unitRef="usd"> 736420 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c191"> 2020-03-27 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c191"> 2021-03-15 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c190" decimals="4" unitRef="pure"> 0.0525 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c192" decimals="0" unitRef="cny"> 4500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c192" decimals="0" unitRef="usd"> 662778 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c193"> 2020-07-10 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c193"> 2021-07-01 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c192" decimals="4" unitRef="pure"> 0.048 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c194" decimals="0" unitRef="cny"> 10500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c194" decimals="0" unitRef="usd"> 1546483 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c195"> 2020-07-24 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c195"> 2021-07-15 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c194" decimals="4" unitRef="pure"> 0.0475 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c196" decimals="0" unitRef="cny"> 14500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c196" decimals="0" unitRef="usd"> 2135619 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c197"> 2020-08-03 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c197"> 2021-08-02 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c196" decimals="4" unitRef="pure"> 0.0475 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c198" decimals="0" unitRef="cny"> 4500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c198" decimals="0" unitRef="usd"> 662778 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c199"> 2019-10-11 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c199"> 2020-10-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c198" decimals="4" unitRef="pure"> 0.0535 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c200" decimals="0" unitRef="cny"> 6500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c200" decimals="0" unitRef="usd"> 957347 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c201"> 2019-10-16 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c201"> 2020-10-15 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c200" decimals="4" unitRef="pure"> 0.0535 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c202" decimals="0" unitRef="cny"> 4000000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c202" decimals="0" unitRef="usd"> 589136 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c203"> 2019-10-29 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c203"> 2020-10-28 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c202" decimals="4" unitRef="pure"> 0.0535 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c204" decimals="0" unitRef="cny"> 6000000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c204" decimals="0" unitRef="usd"> 883704 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c205"> 2020-09-22 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c205"> 2021-09-21 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c204" decimals="4" unitRef="pure"> 0.05 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c206" decimals="0" unitRef="cny"> 6500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c206" decimals="0" unitRef="usd"> 957347 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c207"> 2020-09-23 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c207"> 2021-09-22 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c206" decimals="4" unitRef="pure"> 0.05 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c208" decimals="0" unitRef="cny"> 8000000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c208" decimals="0" unitRef="usd"> 1178273 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c209"> 2020-09-24 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c209"> 2021-09-23 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c208" decimals="4" unitRef="pure"> 0.05 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c210" decimals="0" unitRef="cny"> 7540000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c210" decimals="0" unitRef="usd"> 1110522 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c211"> 2020-01-07 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c211"> 2021-01-02 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c210" decimals="4" unitRef="pure"> 0.045 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c212" decimals="0" unitRef="cny"> 7730000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c212" decimals="0" unitRef="usd"> 1138506 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c213"> 2020-01-09 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c213"> 2021-01-07 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c212" decimals="4" unitRef="pure"> 0.045 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c214" decimals="0" unitRef="cny"> 11400000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c214" decimals="0" unitRef="usd"> 1679039 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c215"> 2020-04-22 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c215"> 2021-04-15 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c214" decimals="4" unitRef="pure"> 0.055 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c216" decimals="0" unitRef="cny"> 8500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c216" decimals="0" unitRef="usd"> 1251915 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c217"> 2020-04-22 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c217"> 2021-04-16 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c216" decimals="4" unitRef="pure"> 0.042 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c218" decimals="0" unitRef="cny"> 4750000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c218" decimals="0" unitRef="usd"> 699599 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c219"> 2020-05-21 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c219"> 2021-05-18 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c218" decimals="4" unitRef="pure"> 0.042 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c220" decimals="0" unitRef="cny"> 7000000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c220" decimals="0" unitRef="usd"> 1030989 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c221"> 2020-06-03 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c221"> 2021-05-14 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c220" decimals="4" unitRef="pure"> 0.042 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c222" decimals="0" unitRef="cny"> 10500000 </hudi:ShorttermBorrowingsAmount>
<hudi:ShorttermBorrowingsAmount contextRef="c222" decimals="0" unitRef="usd"> 1546483 </hudi:ShorttermBorrowingsAmount>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c223"> 2020-09-18 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c223"> 2021-06-18 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="c222" decimals="4" unitRef="pure"> 0.0522 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>
<hudi:ShorttermBorrowingsAmount contextRef="c3" decimals="0" unitRef="usd"> 31221280 </hudi:ShorttermBorrowingsAmount>
<hudi:ScheduleOfShorttermBankBorrowingsTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Buildings, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,995,522</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,405,140</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Long-term Investment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,625,133</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,995,522</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,030,273</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</hudi:ScheduleOfShorttermBankBorrowingsTableTextBlock>
<us-gaap:OtherShortTermBorrowings contextRef="c224" decimals="0" unitRef="usd"> 2995522 </us-gaap:OtherShortTermBorrowings>
<us-gaap:OtherShortTermBorrowings contextRef="c225" decimals="0" unitRef="usd"> 3405140 </us-gaap:OtherShortTermBorrowings>
<us-gaap:OtherShortTermBorrowings contextRef="c227" decimals="0" unitRef="usd"> 6625133 </us-gaap:OtherShortTermBorrowings>
<us-gaap:OtherShortTermBorrowings contextRef="c3" decimals="0" unitRef="usd"> 2995522 </us-gaap:OtherShortTermBorrowings>
<us-gaap:OtherShortTermBorrowings contextRef="c28" decimals="0" unitRef="usd"> 10030273 </us-gaap:OtherShortTermBorrowings>
<us-gaap:InterestExpenseShortTermBorrowings contextRef="c0" decimals="0" unitRef="usd"> 1550082 </us-gaap:InterestExpenseShortTermBorrowings>
<us-gaap:InterestExpenseShortTermBorrowings contextRef="c4" decimals="0" unitRef="usd"> 2162589 </us-gaap:InterestExpenseShortTermBorrowings>
<us-gaap:InterestExpenseShortTermBorrowings contextRef="c5" decimals="0" unitRef="usd"> 2149077 </us-gaap:InterestExpenseShortTermBorrowings>
<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 11 – CUSTOMER AND SUPPLIER CONCENTRATIONS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant customers and suppliers are those that account for greater than 10% of the Company’s revenues and purchases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company sold a substantial portion of products to one customer (10.67% of total revenues) during the year ended September 30, 2021. As of September 30, 2021, amount due from this customer included in accounts receivable was $6,144,633, representing 24.31% of total accounts receivable. There was no other significant concentration (over 10%) of accounts receivable for the year ended September 30, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had no significant customer during the year ended September 30, 2020. There were two customers accounted for a significant portion of total accounts receivable for the year ended September 30, 2020, which combined accounted for 26.31% of the Company’s total accounts receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company sold a substantial portion of products to one customer (10.13% of total revenues) during the year ended September 30, 2019. As of September 30, 2019, amount due from this customer included in accounts receivable was $293,640. There was one customer accounted for a significant portion (11.48%) of total accounts receivable for the year ended September 30, 2019.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loss of our significant customer or the failure to attract new customers could have a material adverse effect on our business, consolidated results of operations and financial condition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended September 30, 2021, three suppliers accounted for 12.84%, 12.84% and 11.47% of the Company’s total raw material purchase. There was one supplier that have significant concentration (over 10%) of total accounts payable for the year ended September 30, 2021, which accounted for 51.33% of the Company’s total accounts payable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended September 30, 2020, three suppliers accounted for 32.05%, 16.60% and 11.16% of the Company’s total purchase. There were three suppliers that have significant concentration (over 10%) of total accounts payable for the year ended September 30, 2020, which combined accounted for 63.47% of the Company’s total accounts payable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended September 30, 2019, two suppliers accounted for 29.13% and 18.09% of the Company’s total purchase. There were three suppliers that have significant concentration (over 10%) of total accounts payable for the year ended September 30, 2019, which combined accounted for 63.47% of the Company’s total accounts payable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes there are numerous other suppliers that could be substituted should the supplier become unavailable or non-competitive.</p>
</us-gaap:ConcentrationRiskDisclosureTextBlock>
<hudi:ConcentrationRiskPercentage2 contextRef="c0" decimals="2" unitRef="pure"> 0.10 </hudi:ConcentrationRiskPercentage2>
<us-gaap:ConcentrationRiskCustomer contextRef="c228"> one </us-gaap:ConcentrationRiskCustomer>
<hudi:ConcentrationRiskPercentage2 contextRef="c228" decimals="4" unitRef="pure"> 0.1067 </hudi:ConcentrationRiskPercentage2>
<hudi:AccountReceivableRelatedParties contextRef="c229" decimals="0" unitRef="usd"> 6144633 </hudi:AccountReceivableRelatedParties>
<hudi:ConcentrationRiskPercentage2 contextRef="c230" decimals="4" unitRef="pure"> 0.2431 </hudi:ConcentrationRiskPercentage2>
<hudi:SignificantConcentrationPercentage contextRef="c230" decimals="2" unitRef="pure"> 0.10 </hudi:SignificantConcentrationPercentage>
<us-gaap:ConcentrationRiskCustomer contextRef="c231"> two </us-gaap:ConcentrationRiskCustomer>
<hudi:ConcentrationRiskPercentage2 contextRef="c231" decimals="4" unitRef="pure"> 0.2631 </hudi:ConcentrationRiskPercentage2>
<us-gaap:ConcentrationRiskCustomer contextRef="c232"> one </us-gaap:ConcentrationRiskCustomer>
<hudi:ConcentrationRiskPercentage2 contextRef="c232" decimals="4" unitRef="pure"> 0.1013 </hudi:ConcentrationRiskPercentage2>
<hudi:AccountReceivableRelatedParties contextRef="c233" decimals="0" unitRef="usd"> 293640 </hudi:AccountReceivableRelatedParties>
<us-gaap:ConcentrationRiskCustomer contextRef="c234"> one </us-gaap:ConcentrationRiskCustomer>
<hudi:ConcentrationRiskPercentage2 contextRef="c234" decimals="4" unitRef="pure"> 0.1148 </hudi:ConcentrationRiskPercentage2>
<us-gaap:ConcentrationRiskSupplier contextRef="c0"> three </us-gaap:ConcentrationRiskSupplier>
<hudi:ConcentrationRiskPercentage2 contextRef="c235" decimals="4" unitRef="pure"> 0.1284 </hudi:ConcentrationRiskPercentage2>
<hudi:ConcentrationRiskPercentage2 contextRef="c236" decimals="4" unitRef="pure"> 0.1284 </hudi:ConcentrationRiskPercentage2>
<hudi:ConcentrationRiskPercentage2 contextRef="c237" decimals="4" unitRef="pure"> 0.1147 </hudi:ConcentrationRiskPercentage2>
<us-gaap:ConcentrationRiskBenchmarkDescription contextRef="c0"> There was one supplier that have significant concentration (over 10%) of total accounts payable for the year ended September 30, 2021, which accounted for 51.33% of the Company’s total accounts payable. </us-gaap:ConcentrationRiskBenchmarkDescription>
<us-gaap:ConcentrationRiskSupplier contextRef="c4"> three </us-gaap:ConcentrationRiskSupplier>
<hudi:ConcentrationRiskPercentage2 contextRef="c238" decimals="4" unitRef="pure"> 0.3205 </hudi:ConcentrationRiskPercentage2>
<hudi:ConcentrationRiskPercentage2 contextRef="c239" decimals="4" unitRef="pure"> 0.166 </hudi:ConcentrationRiskPercentage2>
<hudi:ConcentrationRiskPercentage2 contextRef="c240" decimals="4" unitRef="pure"> 0.1116 </hudi:ConcentrationRiskPercentage2>
<us-gaap:ConcentrationRiskBenchmarkDescription contextRef="c4"> There were three suppliers that have significant concentration (over 10%) of total accounts payable for the year ended September 30, 2020, which combined accounted for 63.47% of the Company’s total accounts payable. </us-gaap:ConcentrationRiskBenchmarkDescription>
<us-gaap:ConcentrationRiskSupplier contextRef="c5"> two </us-gaap:ConcentrationRiskSupplier>
<hudi:ConcentrationRiskPercentage2 contextRef="c241" decimals="4" unitRef="pure"> 0.2913 </hudi:ConcentrationRiskPercentage2>
<hudi:ConcentrationRiskPercentage2 contextRef="c242" decimals="4" unitRef="pure"> 0.1809 </hudi:ConcentrationRiskPercentage2>
<us-gaap:ConcentrationRiskBenchmarkDescription contextRef="c5"> There were three suppliers that have significant concentration (over 10%) of total accounts payable for the year ended September 30, 2019, which combined accounted for 63.47% of the Company’s total accounts payable. </us-gaap:ConcentrationRiskBenchmarkDescription>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 12 – RELATED PARTY TRANSACTIONS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><i>1) Nature of relationships with related parties:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; "> <td style="width: 40%; border-bottom: black 1.5pt solid"><span style="font-size: 10pt"><b>Name</b></span></td> <td style="width: 2%"> </td> <td style="width: 58%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-size: 10pt"><b>Relationship with the Company</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Taizhou Huadi Industrial Ltd. (“Taizhou Huadi”)</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity 30% owned by Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Huashang Micro Finance Co. (“Huashang”)</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity 19% owned by the Company</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Taizhou Huadi Material Technology Co.</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity 100% owned by Yiyu Wang</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Jueqin Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Di Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Huizhi Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Juelin Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Yiyu Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Immediate family member of majority shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Bing Zhang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><i>2) Related party transactions</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>2021 Fiscal Year</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2021, the Company purchased a total of $6,376,512 raw materials from Taizhou Huadi. These raw materials primarily consisted of stainless steel bars and stainless steel strips. As of September 30, 2021, the Company had no outstanding balance of accounts payable to Taizhou Huadi. To lock down the prices for raw materials and hedge against price rise risk, the Company periodically pays Taizhou Huadi in advance. As of September 30, 2020, the Company had outstanding advance balance of USD $5,550,504 to Taizhou Huadi.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2021, the Company borrowed RMB 12,000,000 ($1,844,111 in USD) with 8% annual interest rate from Huizhi Wang as working capitals to support the Company’s operations. During fiscal year 2020, the Company has fully repaid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2021, the Company borrowed RMB 6,500,000 ($998,894 in USD), from Juelin Wang as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and was subject to 8% annual interest rate. During fiscal year 2021, the Company fully repaid the loan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2021, the Company borrowed RMB 12,000,000 ($1,844,111 in USD), from Bing Zhang as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and was subject to 8% annual interest rate. The borrowing has been fully paid in fiscal year 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2020 Fiscal year</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2020, the Company purchased a total of $14,521,129 raw materials from Taizhou Huadi. These raw materials primarily consisted of stainless steel bars and stainless steel strips. As of September 30, 2020, the Company had no outstanding accounts payable balance and an outstanding advance balance of USD $5,342,512 to Taizhou Huadi. During the year ended September 30, 2020, the Company sold a total of $3,228,396 steel materials to Taizhou Huadi. As of September 30, 2020, the Company had accounts receivable of $1,880,762 from this entity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jueqin Wang periodically provides working capitals to support the Company’s operations when needed. During fiscal year 2020, Jueqin Wang advanced RMB 500,000 ($71,371 in USD) and no advance payment was made to the Company during fiscal year 2021. As of September 30, 2021, and 2020 and 2019, the Company had outstanding payable due to Jueqin Wang with an amount of $359,716, and $341,374 and $254,319, respectively. This represented unsecured, due on demand and interest free borrowings between the Company and Jueqin Wang.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2020, the Company borrowed RMB 10,000,000 ($1,427,429 in USD) with 8% annual interest rate from Huizhi Wang as working capitals to support the Company’s operations. During fiscal year 2020, the Company has fully repaid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2020, the Company borrowed RMB 5,000,000 ($713,715 in USD), from Juelin Wang as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and was subject to 8% annual interest rate. During fiscal year 2020, the Company fully repaid the loan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2020, the Company borrowed RMB 5,000,000 ($713,713 in USD), from Bing Zhang as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and was subject to 8% annual interest rate. The borrowing has been fully paid in fiscal year 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2020, the Company borrowed RMB 1,000,000 ($142,743 in USD), from Di Wang as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and interest free. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>2019 Fiscal year</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2019, the Company purchased a total of $11,641,219 raw materials from Taizhou Huadi. These raw materials primarily consisted of stainless steel bars and stainless steel strips. As of September 30, 2019, the Company had no outstanding accounts payable balance to this entity. To lock down the prices for raw materials and hedge against price rise risk, the Company periodically pays Taizhou Huadi in advance. As of September 30, 2019, the Company had outstanding advance balance of $5,251,600 to Taizhou Huadi. During the year ended September 30, 2019, the Company sold a total of $1,276,462 steel materials to Taizhou Huadi Material Technology Co. As of September 30, 2019, the Company had accounts receivable of $498,125 from this entity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During fiscal year 2019, the Company borrowed RMB 5,000,000 ($699,526 in USD) with 8% annual interest rate from Huizhi Wang as working capitals to support the Company’s operations. The borrowing is unsecured and due on demand with no fixed term. The balance has been fully paid in fiscal year 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2019, the Company net borrowed RMB 5,000,000 ($699,526 in USD), from Juelin Wang as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and was subject to 8% annual interest rate. The borrowing has been fully paid in fiscal year 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2019, the Company borrowed RMB 12,500,000 ($1,748,814 in USD), from Yiyu Wang, an immediate family member of majority shareholder of the Company, as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and was subject to 8% annual interest rate. During fiscal year 2020, a total of RMB 6,260,000 ($893,571 in USD) was repaid by The Company, and as of September 30, 2020 the Company had outstanding payable due to Yiyu Wang with an amount of $919,053. During fiscal year 2021, the remaining balance was fully paid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended September 30, 2019, the Company net borrowed RMB 5,000,000 ($699,526 in USD), from Bing Zhang as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and was subject to 8% annual interest rate. The borrowing has been fully paid in fiscal year 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><i>3) Related party balances</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net outstanding balances with related parties consisted of the following as of September 30, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; padding-left: 0in; text-indent: 0; font-weight: bold">Accounts</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-indent: 0; text-align: left">Receivables from related parties:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 42%; text-align: left; text-indent: 0">Advances to suppliers</td><td style="width: 1%"> </td> <td style="width: 33%; text-align: left">Taizhou Huadi Industrial Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,550,504</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,342,512</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Accounts receivable</td><td> </td> <td style="text-align: left">Taizhou Huadi Industrial Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,438,303</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1,880,762</p></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Other receivables</td><td> </td> <td style="text-align: left">Huashang Micro Finance Co.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-41">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,030,989</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Accounts receivable</td><td> </td> <td style="text-align: left">Taizhou Huadi Material Technology Co.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,543,394</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-42">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; text-indent: 0; text-align: left">Liabilities to related parties:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Di Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(155,198</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(147,284</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Jueqin Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(359,716</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(341,374</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Huizhi Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Juelin Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Yiyu Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(919,053</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Bing Zhang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">-</div></td><td style="text-align: left"> </td></tr> </table>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; "> <td style="width: 40%; border-bottom: black 1.5pt solid"><span style="font-size: 10pt"><b>Name</b></span></td> <td style="width: 2%"> </td> <td style="width: 58%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-size: 10pt"><b>Relationship with the Company</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Taizhou Huadi Industrial Ltd. (“Taizhou Huadi”)</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity 30% owned by Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Huashang Micro Finance Co. (“Huashang”)</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity 19% owned by the Company</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Taizhou Huadi Material Technology Co.</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity 100% owned by Yiyu Wang</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Jueqin Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Di Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Huizhi Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Juelin Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Yiyu Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Immediate family member of majority shareholder of the Company</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Bing Zhang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Principal shareholder of the Company</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; padding-left: 0in; text-indent: 0; font-weight: bold">Accounts</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-indent: 0; text-align: left">Receivables from related parties:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 42%; text-align: left; text-indent: 0">Advances to suppliers</td><td style="width: 1%"> </td> <td style="width: 33%; text-align: left">Taizhou Huadi Industrial Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,550,504</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,342,512</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Accounts receivable</td><td> </td> <td style="text-align: left">Taizhou Huadi Industrial Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,438,303</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1,880,762</p></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Other receivables</td><td> </td> <td style="text-align: left">Huashang Micro Finance Co.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-41">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,030,989</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Accounts receivable</td><td> </td> <td style="text-align: left">Taizhou Huadi Material Technology Co.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,543,394</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-42">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; text-indent: 0; text-align: left">Liabilities to related parties:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Di Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(155,198</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(147,284</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Jueqin Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(359,716</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(341,374</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Huizhi Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Juelin Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Yiyu Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(919,053</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; text-indent: 0">Due to related parties</td><td> </td> <td style="text-align: left">Bing Zhang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">-</div></td><td style="text-align: left"> </td></tr> </table>
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<us-gaap:DueFromRelatedParties contextRef="c285" decimals="0" unitRef="usd"> 5342512 </us-gaap:DueFromRelatedParties>
<us-gaap:DueFromRelatedParties contextRef="c286" decimals="0" unitRef="usd"> 1438303 </us-gaap:DueFromRelatedParties>
<us-gaap:DueFromRelatedParties contextRef="c287" decimals="0" unitRef="usd"> 1880762 </us-gaap:DueFromRelatedParties>
<us-gaap:DueFromRelatedParties contextRef="c289" decimals="0" unitRef="usd"> 1030989 </us-gaap:DueFromRelatedParties>
<us-gaap:DueFromRelatedParties contextRef="c290" decimals="0" unitRef="usd"> 2543394 </us-gaap:DueFromRelatedParties>
<hudi:LiabilitiesToRelatedParties contextRef="c292" decimals="0" unitRef="usd"> -155198 </hudi:LiabilitiesToRelatedParties>
<hudi:LiabilitiesToRelatedParties contextRef="c293" decimals="0" unitRef="usd"> -147284 </hudi:LiabilitiesToRelatedParties>
<hudi:LiabilitiesToRelatedParties contextRef="c294" decimals="0" unitRef="usd"> -359716 </hudi:LiabilitiesToRelatedParties>
<hudi:LiabilitiesToRelatedParties contextRef="c295" decimals="0" unitRef="usd"> -341374 </hudi:LiabilitiesToRelatedParties>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 13 – SHAREHOLDERS’ EQUITY</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Ordinary shares</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Reverse Stock Split</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 9, 2020, the Board of the Directors of Huadi International approved a 2 for 1 reverse stock split whereby every two authorized, issued and outstanding ordinary share was exchanged for one new ordinary shares (the “Reverse Stock Split”) and as a result of the Reverse Stock Split, the authorized ordinary shares decreased from 500,000,000 shares to 250,000,000 shares, par value of each ordinary share increased from $0.0001 to $0.0002, and the number of issued and outstanding ordinary shares decreased from 20,000,000 shares to 10,000,000 shares. All <span>share information included in the consolidated financial statements and notes thereto have been retroactively adjusted as if such </span>Reverse Stock Split <span>occurred on the first day of the first period presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Shares Issuances</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2021, the Company completed its initial public offering (“IPO”) of 3,125,000 shares of its common stock at a public offering price of $8.00 per share. The gross proceeds from the offering were approximately $25 million before deducting placement agents’ commissions and other offering expenses. The offering was conducted on a firm commitment basis. The Company issued warrants to the Underwriters equal to six percent (6%) of the shares issued in the IPO (the “Representative Warrants”). The Representative Warrants will be exercisable at any time, and from time to time, in whole or in part, during the period commencing 180 days from the effective date of the offering, which period shall not extend further than four and one-half year years from the effective date of the registration statement in compliance with FINRA Rule 5110(f)(2)(G)(i). The Representative Warrants are exercisable at a per share price of $10.00, which is 125% of the Public Offering Price. The Representative Warrants are also exercisable on a cashless basis. As of September 30, 2021, no warrant was exercised.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 19, 2021, the board of Wenzhou Hongshun approved the resolution to increase investment into Huadi Steel by RMB 99 million, of which RMB 32 million has been paid by Wenzhou Hongshun as of March 30, 2021, with Di Wang invested additional RMB 1 million. As a result, the shareholder structure remains the same with Wenzhou Huadi Steel’s equity interest 99% held by Wenzhou Hongshun and 1% held by Di Wang.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 22, 2021, the Company issued 2,000 shares to Henry He Huang, the Company’s Director, pursuant to the Director Offer Letter between the Company and Henry He Huang. The Company received no proceed from this issuance as it is a stock-based compensation, and the Company valued the shares based on the fair value at the date of issuance. The shares had fair value of $16,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-controlling interests</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-controlling interests represent the interest of non-controlling shareholder in Huadi Steel based on his proportionate interests in the equity of that company adjusted for its proportionate share of income or losses from operations. In August 2019, Wenzhou Hongshun acquired 99% equity percentage of Huadi Steel from the PRC Shareholders. As the result, Huadi Steel’s equity interest is 99% held by Wenzhou Hongshun and 1% held by Di Wang. The non-controlling interest in Huadi Steel was 1% as of September 30, 2021 and 2020.</p>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:CommonStockSharesAuthorized contextRef="c304" decimals="0" unitRef="shares"> 500000000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockSharesAuthorized contextRef="c305" decimals="0" unitRef="shares"> 250000000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c305" decimals="4" unitRef="usdPershares"> 0.0001 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c304" decimals="4" unitRef="usdPershares"> 0.0002 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockSharesIssued contextRef="c304" decimals="0" unitRef="shares"> 20000000 </us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="c304" decimals="0" unitRef="shares"> 20000000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesIssued contextRef="c305" decimals="0" unitRef="shares"> 10000000 </us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="c305" decimals="0" unitRef="shares"> 10000000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:SharesIssued contextRef="c306" decimals="0" unitRef="shares"> 3125000 </us-gaap:SharesIssued>
<us-gaap:SharesIssuedPricePerShare contextRef="c306" decimals="2" unitRef="usdPershares"> 8 </us-gaap:SharesIssuedPricePerShare>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c307" decimals="-6" unitRef="usd"> 25000000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>
<hudi:IssuedWarrantsPercentage contextRef="c308" decimals="2" unitRef="pure"> 0.06 </hudi:IssuedWarrantsPercentage>
<us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 contextRef="c309" decimals="2" unitRef="usdPershares"> 10 </us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>
<hudi:PublicOfferingPercentage contextRef="c307" decimals="2" unitRef="pure"> 1.25 </hudi:PublicOfferingPercentage>
<us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue contextRef="c310" decimals="-6" unitRef="cny"> 99000000 </us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
<us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue contextRef="c311" decimals="-6" unitRef="cny"> 32000000 </us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
<us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue contextRef="c312" decimals="-6" unitRef="cny"> 1000000 </us-gaap:InvestmentOwnedUnderlyingFaceAmountAtMarketValue>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c313" decimals="2" unitRef="pure"> 0.99 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c66" decimals="2" unitRef="pure"> 0.01 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:SharesIssued contextRef="c314" decimals="0" unitRef="shares"> 2000 </us-gaap:SharesIssued>
<hudi:FairValue contextRef="c315" decimals="0" unitRef="usd"> 16000 </hudi:FairValue>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c316" decimals="2" unitRef="pure"> 0.99 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c317" decimals="2" unitRef="pure"> 0.99 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c318" decimals="2" unitRef="pure"> 0.01 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<hudi:EquityNoncontrollingInterestPercentage contextRef="c0" decimals="2" unitRef="pure"> 0.01 </hudi:EquityNoncontrollingInterestPercentage>
<hudi:EquityNoncontrollingInterestPercentage contextRef="c4" decimals="2" unitRef="pure"> 0.01 </hudi:EquityNoncontrollingInterestPercentage>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 14 – INCOME TAXES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enterprise Income Taxes (“EIT”)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Huadi International is incorporated in Cayman Island as an offshore holding company and is not subject to tax on income or capital gain under the laws of Cayman Island.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tuoxing is incorporated in BVI as an offshore holding company and is not subject to tax on income or capital gain under the laws of BVI.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HK Beach is established in Hong Kong and is subject to statutory income tax rate at 16.5%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hongshun is established in PRC and is subject to statutory income tax rate at 25%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Huadi Steel, the Company’s main operating subsidiary in PRC, was entitled High and New Technology Enterprise (“HNTE”) and enjoyed preferential tax rate of 15% for a three-year validity period from fiscal year 2019, and the HNTE certificate needs to be renewed every three years. Thus, Huadi Steel is eligible for a 15% preferential tax rate for fiscal years 2021, 2020 and 2019. As of September 30, 2021, the tax years ended December 31, 2015 through December 31, 2020 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of September30, 2021 and 2020 the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the fiscal years ended September 30, 2021 and 2020, respectively, and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from September 30, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Per the consolidated statements of income and comprehensive income, the income tax expenses for the Company can be reconciled to the income before income taxes for the years ended September 30, 2021, 2020, and 2019 as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Income before taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,468,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,575,248</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,446,944</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">PRC EIT tax rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax at the PRC EIT tax rates</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">370,207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">967,042</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Tax effect of R&D expenses deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(231,474</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(238,573</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(199,925</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax effect of non-taxable investment income and government grant</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,733</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120,754</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,160</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Tax effect of non-deductible expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,233</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Tax effect of deferred tax recognized</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(89,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Income tax expenses (benefits)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(89,000</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">218,949</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,005,190</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income taxes for the years ended September 30, 2021, 2020 and 2019 are attributed to the Company’s continuing operations in China and consisted of:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Current income tax</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">218,949</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">709,027</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Deferred income tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(89,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">296,163</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total income tax expense</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(89,000</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">218,949</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,005,190</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax effects of temporary differences that give rise to significant portions of the deferred tax asset at September 30, 2021 and 2020 are presented below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax assets:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 8.1pt">Bad debt allowance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">436,761</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">436,583</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 8.1pt">Loss carryforward</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">113,160</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">549,921</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">436,583</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no valuation allowance for the deferred tax assets as of September 30, 2021 and 2020. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income, projections for future taxable income over the periods in which the deferred tax assets are deductible, and the scheduled reversal of deferred tax liabilities, management believes it is more likely than not the company will realize the benefits of those deductible differences at September 30, 2021 and 2020.</p>
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<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c319" decimals="3" unitRef="pure"> 0.165 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c320" decimals="2" unitRef="pure"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<hudi:PreferentialTaxRatePercentage contextRef="c321" decimals="2" unitRef="pure"> 0.15 </hudi:PreferentialTaxRatePercentage>
<hudi:PreferentialTaxRatePercentage contextRef="c322" decimals="2" unitRef="pure"> 0.15 </hudi:PreferentialTaxRatePercentage>
<hudi:PreferentialTaxRatePercentage contextRef="c70" decimals="2" unitRef="pure"> 20.21 </hudi:PreferentialTaxRatePercentage>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Income before taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,468,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,575,248</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,446,944</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">PRC EIT tax rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax at the PRC EIT tax rates</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">370,207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">967,042</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Tax effect of R&D expenses deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(231,474</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(238,573</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(199,925</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax effect of non-taxable investment income and government grant</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,733</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120,754</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,160</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Tax effect of non-deductible expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,233</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Tax effect of deferred tax recognized</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(89,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Income tax expenses (benefits)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(89,000</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">218,949</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,005,190</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<hudi:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemNoncontrollingInterest. contextRef="c4" decimals="0" unitRef="usd"> 3575248 </hudi:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemNoncontrollingInterest.>
<hudi:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemNoncontrollingInterest. contextRef="c5" decimals="0" unitRef="usd"> 6446944 </hudi:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemNoncontrollingInterest.>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c0" decimals="2" unitRef="pure"> 0.15 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c4" decimals="2" unitRef="pure"> 0.15 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c5" decimals="2" unitRef="pure"> 0.15 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<hudi:TaxAtThePRCEITTaxRates contextRef="c0" decimals="0" unitRef="usd"> 370207 </hudi:TaxAtThePRCEITTaxRates>
<hudi:TaxAtThePRCEITTaxRates contextRef="c4" decimals="0" unitRef="usd"> 536287 </hudi:TaxAtThePRCEITTaxRates>
<hudi:TaxAtThePRCEITTaxRates contextRef="c5" decimals="0" unitRef="usd"> 967042 </hudi:TaxAtThePRCEITTaxRates>
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<us-gaap:IncomeTaxReconciliationTaxCreditsResearch contextRef="c4" decimals="0" unitRef="usd"> -238573 </us-gaap:IncomeTaxReconciliationTaxCreditsResearch>
<us-gaap:IncomeTaxReconciliationTaxCreditsResearch contextRef="c5" decimals="0" unitRef="usd"> -199925 </us-gaap:IncomeTaxReconciliationTaxCreditsResearch>
<us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants contextRef="c0" decimals="0" unitRef="usd"> -138733 </us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants>
<us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants contextRef="c4" decimals="0" unitRef="usd"> -120754 </us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants>
<us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants contextRef="c5" decimals="0" unitRef="usd"> -72160 </us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants>
<us-gaap:IncomeTaxReconciliationNondeductibleExpense contextRef="c4" decimals="0" unitRef="usd"> 41989 </us-gaap:IncomeTaxReconciliationNondeductibleExpense>
<us-gaap:IncomeTaxReconciliationNondeductibleExpense contextRef="c5" decimals="0" unitRef="usd"> 310233 </us-gaap:IncomeTaxReconciliationNondeductibleExpense>
<hudi:TaxEffectOfDeferredTaxRecognized contextRef="c0" decimals="0" unitRef="usd"> -89000 </hudi:TaxEffectOfDeferredTaxRecognized>
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<us-gaap:IncomeTaxExpenseBenefit contextRef="c4" decimals="0" unitRef="usd"> 218949 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c5" decimals="0" unitRef="usd"> 1005190 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Current income tax</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">218,949</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">709,027</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Deferred income tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(89,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">296,163</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total income tax expense</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(89,000</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">218,949</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,005,190</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c4" decimals="0" unitRef="usd"> 218949 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c5" decimals="0" unitRef="usd"> 709027 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<hudi:DeferredIncomeTaxAssets contextRef="c2" decimals="0" unitRef="usd"> -89000 </hudi:DeferredIncomeTaxAssets>
<hudi:DeferredIncomeTaxAssets contextRef="c28" decimals="0" unitRef="usd"> 296163 </hudi:DeferredIncomeTaxAssets>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c0" decimals="0" unitRef="usd"> -89000 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c4" decimals="0" unitRef="usd"> 218949 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c5" decimals="0" unitRef="usd"> 1005190 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax assets:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 8.1pt">Bad debt allowance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">436,761</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">436,583</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 8.1pt">Loss carryforward</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">113,160</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">549,921</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">436,583</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts contextRef="c2" decimals="0" unitRef="usd"> 436761 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts contextRef="c3" decimals="0" unitRef="usd"> 436583 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="c2" decimals="0" unitRef="usd"> 113160 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals contextRef="c2" decimals="0" unitRef="usd"> 549921 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals contextRef="c3" decimals="0" unitRef="usd"> 436583 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 15 – COMMITMENT AND CONTINGENCIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of September 30, 2021 and 2020, the Company has no material purchase commitments or significant leases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company is involved in various legal proceedings, claims and other disputes arising from commercial operations, employees, and other matters which, in general, are subject to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the Company can give no assurances about the resolution of pending claims, litigation or other disputes and the effect such outcomes may have on the Company, the Company believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided or covered by insurance, will not have a material adverse effect on our consolidated financial position or results of operations or liquidity. As of September 30, 2021 and 2020, the Company had no pending legal proceedings outstanding.</p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 16 – SEGMENT REPORTING</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products. Based on management’s assessment, the Company has determined that it has only one operating segment as defined by ASC 280.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents revenues by geographic areas for the years ended September 30, 2021<span style="font-family: Times New Roman, Times, Serif">,</span>2020 and 2019, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Top 5 International Markets:</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Sales Amount (In USD)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As %<br/> of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Sales Amount (In USD)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As %<br/> of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Sales Amount (In USD)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As %<br/> of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%">China</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">53,130,894</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">81.22</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">47,271,235</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">79.93</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">47,606,489</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">72.66</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>US</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,740,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.78</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,996,803</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.07</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,285,920</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.65</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,191,611</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.41</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,082,525</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.59</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,795,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.79</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Australia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">546,807</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.84</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,327,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.24</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">473,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.72</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Switzerland</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">514,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.79</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">-</div></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">-</div></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other foreign countries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,122,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.96</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,459,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.17</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,357,205</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.18</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the nature of the Company’s products, it is impractical to disclose revenues generated from each product or each group of similar products. Also, as the Company’s long-lived assets are primarily located in the PRC, no geographical segments are presented.</p>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:NumberOfOperatingSegments contextRef="c0" decimals="0" unitRef="pure"> 1 </us-gaap:NumberOfOperatingSegments>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Top 5 International Markets:</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Sales Amount (In USD)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As %<br/> of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Sales Amount (In USD)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As %<br/> of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Sales Amount (In USD)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As %<br/> of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%">China</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">53,130,894</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">81.22</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">47,271,235</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">79.93</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">47,606,489</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">72.66</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>US</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,740,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.78</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,996,803</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.07</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,285,920</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.65</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,191,611</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.41</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,082,525</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.59</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,795,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.79</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Australia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">546,807</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.84</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,327,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.24</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">473,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.72</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Switzerland</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">514,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.79</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">-</div></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">-</div></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other foreign countries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,122,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.96</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,459,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.17</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,357,205</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.18</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 17 – SUBSEQUENT EVENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Short-term Bank Loans</i>  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company refinanced its loans with its banks subsequent to the expiration of the loans disclosed in <i>Note 10 – Short-term Borrowings </i>by repaying bank loans of $ $16,975,043 and borrowing a total of $ $15,358,372 and for the period from October 1, 2021 to January 31, 2022. Those loans have interest rate ranges from 4% to 5% and are maturing within one year. The Company had no default of payment during the subsequent period. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stock Issuances</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 2, 2021, Craft Capital Limited and R.F. Lafferty Co Inc, both the underwriters of the Company’s IPO, noticed the Company to exercise their warrants on cashless exercise procedure and the Company issued a total of 65,232 shares.</p>
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4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/08/22  Huadi Int’l Group Co., Ltd.       424B5                  1:586K                                   EdgarAgents LLC/FA
11/08/22  Huadi Int’l Group Co., Ltd.       424B5                  1:562K                                   EdgarAgents LLC/FA
10/07/22  Huadi Int’l Group Co., Ltd.       F-3/A                  5:931K                                   EdgarAgents LLC/FA
 6/28/22  Huadi Int’l Group Co., Ltd.       F-3                    4:563K                                   EdgarAgents LLC/FA

2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/25/20  Huadi Int’l Group Co., Ltd.       F-1/A                  8:3.6M                                   EdgarAgents LLC/FA
 9/18/20  Huadi Int’l Group Co., Ltd.       F-1                   18:5.2M                                   EdgarAgents LLC/FA
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