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Huadi International Group Co., Ltd. – ‘20-F’ for 9/30/23 – ‘XML’

On:  Monday, 2/5/24, at 2:18pm ET   ·   For:  9/30/23   ·   Accession #:  1213900-24-9988   ·   File #:  1-39904

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

 2/05/24  Huadi Int’l Group Co., Ltd.       20-F        9/30/23  100:7.9M                                   EdgarAgents LLC/FA

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        Annual Report                                       HTML   1.79M 
 2: EX-2.1      Description of Securities                           HTML     62K 
 3: EX-8.1      List of Subsidiaries                                HTML     27K 
 7: EX-13.1     Annual or Quarterly Report to Security Holders      HTML     27K 
 8: EX-13.2     Annual or Quarterly Report to Security Holders      HTML     27K 
11: EX-97.1     Executive Compensation Recovery Policy              HTML     44K 
 4: EX-11.2     Insider Trading Policies                            HTML     50K 
 5: EX-12.1     Statement re: the Computation of Ratios             HTML     31K 
 6: EX-12.2     Statement re: the Computation of Ratios             HTML     31K 
 9: EX-15.1     Consent of Tps Thayer                               HTML     26K 
10: EX-15.2     Consent of Htl International, LLC                   HTML     26K 
17: R1          Document And Entity Information                     HTML    104K 
18: R2          Consolidated Balance Sheets                         HTML    164K 
19: R3          Consolidated Balance Sheets (Parentheticals)        HTML     39K 
20: R4          Consolidated Statements of Income and               HTML    143K 
                Comprehensive Income (Loss)                                      
21: R5          Consolidated Statements of Changes in               HTML     92K 
                Shareholders? Equity                                             
22: R6          Consolidated Statements of Cash Flows               HTML    135K 
23: R7          Organization and Nature of Operations               HTML     46K 
24: R8          Significant Accounting Policies                     HTML     84K 
25: R9          Accounts Receivable                                 HTML     35K 
26: R10         Notes Receivable                                    HTML     29K 
27: R11         Inventories                                         HTML     31K 
28: R12         Property, Plant and Equipment                       HTML     39K 
29: R13         Long-Term Investments                               HTML     35K 
30: R14         Notes Payable                                       HTML     29K 
31: R15         Accrued Expenses and Other Current Liabilities      HTML     31K 
32: R16         Short-Term and Long-Term Borrowings                 HTML     65K 
33: R17         Customer and Supplier Concentrations                HTML     33K 
34: R18         Related Party Transactions                          HTML     46K 
35: R19         Shareholders' Equity                                HTML     46K 
36: R20         Income Taxes                                        HTML     52K 
37: R21         Commitment and Contingencies                        HTML     31K 
38: R22         Segment Reporting                                   HTML     48K 
39: R23         Other Income (Expense), Net                         HTML     34K 
40: R24         Subsequent Events                                   HTML     35K 
41: R25         Accounting Policies, by Policy (Policies)           HTML    133K 
42: R26         Organization and Nature of Operations (Tables)      HTML     34K 
43: R27         Significant Accounting Policies (Tables)            HTML     66K 
44: R28         Accounts Receivable (Tables)                        HTML     36K 
45: R29         Inventories (Tables)                                HTML     32K 
46: R30         Property, Plant and Equipment (Tables)              HTML     36K 
47: R31         Long-Term Investments (Tables)                      HTML     35K 
48: R32         Accrued Expenses and Other Current Liabilities      HTML     30K 
                (Tables)                                                         
49: R33         Short-Term and Long-Term Borrowings (Tables)        HTML     76K 
50: R34         Related Party Transactions (Tables)                 HTML     37K 
51: R35         Shareholders' Equity (Tables)                       HTML     31K 
52: R36         Income Taxes (Tables)                               HTML     50K 
53: R37         Segment Reporting (Tables)                          HTML     44K 
54: R38         Other Income (Expense), Net (Tables)                HTML     33K 
55: R39         Subsequent Events (Tables)                          HTML     32K 
56: R40         Organization and Nature of Operations (Details)     HTML     53K 
57: R41         Organization and Nature of Operations (Details) -   HTML     48K 
                Schedule of Organization and Nature of Operations                
58: R42         Significant Accounting Policies (Details)           HTML     61K 
59: R43         Significant Accounting Policies (Details) -         HTML     32K 
                Schedule of Relevant Exchange Rates                              
60: R44         Significant Accounting Policies (Details) -         HTML     44K 
                Schedule of Estimated Useful Lives of the Assets                 
61: R45         Accounts Receivable (Details)                       HTML     30K 
62: R46         Accounts Receivable (Details) - Schedule of         HTML     34K 
                Accounts Receivable                                              
63: R47         Accounts Receivable (Details) - Schedule of         HTML     33K 
                Changes of Allowance for Doubtful Accounts                       
64: R48         Notes Receivable (Details)                          HTML     31K 
65: R49         Inventories (Details) - Schedule of Inventories     HTML     35K 
66: R50         Property, Plant and Equipment (Details)             HTML     36K 
67: R51         Property, Plant and Equipment (Details) - Schedule  HTML     45K 
                of Property, Plant and Equipment                                 
68: R52         Land Use Rights (Details) - Schedule of Land Use    HTML     33K 
                Rights                                                           
69: R53         Long-Term Investments (Details)                     HTML     65K 
70: R54         Long-Term Investments (Details) - Schedule of       HTML     53K 
                Long-Term Investments                                            
71: R55         Notes Payable (Details)                             HTML     29K 
72: R56         Accrued Expenses and Other Current Liabilities      HTML     33K 
                (Details) - Schedule of accrued expenses and other               
                current liabilities                                              
73: R57         Short-Term and Long-Term Borrowings (Details)       HTML     35K 
74: R58         Short-Term and Long-Term Borrowings (Details) -     HTML     39K 
                Schedule of Short-Term and Long-Term Borrowings                  
75: R59         Short-Term and Long-Term Borrowings (Details) -     HTML     72K 
                Schedule of Short-term Borrowings                                
76: R60         Short-Term and Long-Term Borrowings (Details) -     HTML     76K 
                Schedule of Long-term Borrowings                                 
77: R61         Short-Term and Long-Term Borrowings (Details) -     HTML     45K 
                Schedule of Maturity Analysis of Long-Term                       
                Borrowings                                                       
78: R62         Short-Term and Long-Term Borrowings (Details) -     HTML     34K 
                Schedule of Short-Term and Long-Term Bank                        
                Borrowings are Pledged by its Assets                             
79: R63         Customer and Supplier Concentrations (Details)      HTML     64K 
80: R64         Related Party Transactions (Details)                HTML     85K 
81: R65         Related Party Transactions (Details) - Schedule of  HTML     50K 
                Nature of Relationships With Related Parties                     
82: R66         Related Party Transactions (Details) - Schedule of  HTML     47K 
                Net Outstanding Balances With Related Parties                    
83: R67         Shareholders' Equity (Details)                      HTML    123K 
84: R68         Shareholders' Equity (Details) - Schedule of        HTML     32K 
                Restricted Amounts are Paid-in-Capital and                       
                Statutory Reserves                                               
85: R69         Income Taxes (Details)                              HTML     50K 
86: R70         Income Taxes (Details) - Schedule of Income Taxes   HTML     37K 
                of Company?s Continuing Operations                               
87: R71         Income Taxes (Details) - Schedule of Income Tax     HTML     45K 
                Expense                                                          
88: R72         Income Taxes (Details) - Schedule of Tax Effects    HTML     35K 
                of Significant Portions of the Deferred Tax Asset                
89: R73         Income Taxes (Details) - Schedule of Taxes Payable  HTML     33K 
90: R74         Segment Reporting (Details)                         HTML     29K 
91: R75         Segment Reporting (Details) - Schedule of Revenues  HTML     44K 
92: R76         Segment Reporting (Details) - Schedule of Revenues  HTML     57K 
                by Geographic Areas                                              
93: R77         Other Income (Expense), Net (Details) - Schedule    HTML     39K 
                of Other Income (Expense), Net                                   
94: R78         Subsequent Events (Details)                         HTML     35K 
95: R79         Subsequent Events (Details) - Schedule of           HTML     46K 
                Consolidated Financial Statements                                
97: XML         IDEA XML File -- Filing Summary                      XML    182K 
100: XML         XBRL Instance -- f20f2023_huadiinter_htm             XML   1.33M  
96: EXCEL       IDEA Workbook of Financial Report Info              XLSX    176K 
13: EX-101.CAL  XBRL Calculations -- hudi-20230930_cal               XML    153K 
14: EX-101.DEF  XBRL Definitions -- hudi-20230930_def                XML    874K 
15: EX-101.LAB  XBRL Labels -- hudi-20230930_lab                     XML   1.55M 
16: EX-101.PRE  XBRL Presentations -- hudi-20230930_pre              XML    869K 
12: EX-101.SCH  XBRL Schema -- hudi-20230930                         XSD    235K 
98: JSON        XBRL Instance as JSON Data -- MetaLinks              487±   694K 
99: ZIP         XBRL Zipped Folder -- 0001213900-24-009988-xbrl      Zip    693K

‘XML’   —   XBRL Instance — f20f2023_huadiinter_htm

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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: 32%"><span style="font-size: 10pt"><b>Entity Name</b></span></td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; white-space: nowrap; width: 14%; 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="border-bottom: black 1.5pt solid; white-space: nowrap; width: 21%; 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="border-bottom: black 1.5pt solid; white-space: nowrap; width: 30%; 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.<br/> (“Huadi International”)</span></td> <td style="text-align: center"> </td> <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Cayman Island</span></td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: top; padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">September 27, 2018</span></td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: top; padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">Parent</span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Yongqiang Tuoxing Limited. <br/> (“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="vertical-align: top; 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 style="vertical-align: top"> <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,<br/> 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="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Huadi Steel Group Limited. <br/> (“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, <br/> 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> <tr style="vertical-align: top"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Huadi (Songyang) Co., Ltd. (“Huadi Songyang”)</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Songyang,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">China</p></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">June 15, 2023</span></td> <td style="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> </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. There are currently 14,259,182 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. 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. HK Beach did not have any operations as of September 30, 2023.</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 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, 2023. </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. 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"><b>Huadi (Songyang) Co., Ltd. (“Huadi Songyang”)</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 Songyang was incorporated on June 15, 2023 in China and is a wholly owned subsidiary of HK Beach. Huadi Songyang is a wholly-foreign owned enterprise organized under the laws of the People’s Republic of China. Huadi Songyang is established for the purpose of expanding product line of industrial steel pipe and tube products manufacture and distribution.</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, 2023.</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> <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>Impact of COVID-19</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">There has been a global pandemic of a novel strain of coronavirus (COVID-19) that first emerged in China in December 2019 and has spread globally. The COVID-19 pandemic has resulted in quarantines, travel restrictions, and the temporary closures of stores and business facilities in China for the first half year of 2020. In March 2020, the World Health Organization declared COVID-19 as a global pandemic. Given the rapidly expanding nature of COVID-19 pandemic, and substantially all of our business operations and our workforces are concentrated in China, we believe that it has impacted and will likely continue to impact our business, results of operations, and financial condition. Although we are currently fully functional, potential impact on our results of operations will also depend on future developments and information that may emerge regarding the duration and severity of COVID-19 and the actions taken by governmental authorities and other entities to contain COVID-19 or to mitigate its impacts, almost all of which are beyond our control.</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 impacts of COVID-19 on our business, financial condition, and results of operations include, but are not limited to, the following:</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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We have experienced some disruption to our supply chain during the PRC government mandated lockdown, with suppliers delay in delivering materials and equipment, which caused a delay in progress of our projects. While all our major suppliers are currently fully operational, any future disruption in their operations would impact our ability to deliver our products and services to customers. In addition, reductions in commercial airline and cargo flights, disruptions to ports and other shipping infrastructure resulting from the COVID-19 pandemic resulted in increased transport times to deliver our products to customers. This limited our ability to fulfill orders and we were unable to satisfy all of the demand for our products or service in a timely manner, which adversely affected our revenue and relationships with our customers.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-align: justify; text-indent: 20pt"> </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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In March 2022, a new COVID-19 subvariant (omicron) outbreak hit China and spread faster and more easily than variants of the previous virus. As a result, a new round of lockdown, quarantines or travel restrictions was imposed upon different provinces or cities in China by the relevant local government authorities. The Company’s product sales and production service revenue were adversely affected during the first half of the year ended September 30, 2023. After control measures were eased in December 2022 and daily life returned to normal for consumers, the sales in the PRC gradually recovered in the second half of the year ended September 30, 2023. </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">The World Health Organization (WHO) announced on May 5, 2023 that COVID-19 is no longer a public health emergency of international concern. In the long term, the aftermath of the COVID-19 pandemic is likely to adversely affect the economies and financial markets of many countries and may result in a global economic downturn or a recession. This would likely adversely affect demand on some of our products or services, which may, in turn negatively impact our results of operations.</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: 32%"><span style="font-size: 10pt"><b>Entity Name</b></span></td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; white-space: nowrap; width: 14%; 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="border-bottom: black 1.5pt solid; white-space: nowrap; width: 21%; 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="border-bottom: black 1.5pt solid; white-space: nowrap; width: 30%; 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.<br/> (“Huadi International”)</span></td> <td style="text-align: center"> </td> <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Cayman Island</span></td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: top; padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">September 27, 2018</span></td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: top; padding-left: 7.7pt; text-align: center"><span style="font-size: 10pt">Parent</span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Yongqiang Tuoxing Limited. <br/> (“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="vertical-align: top; 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 style="vertical-align: top"> <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,<br/> 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="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Huadi Steel Group Limited. <br/> (“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, <br/> 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> <tr style="vertical-align: top"> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">Huadi (Songyang) Co., Ltd. (“Huadi Songyang”)</span></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Songyang,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">China</p></td> <td style="text-align: center"> </td> <td style="padding-left: 6.5pt; text-align: center"><span style="font-size: 10pt">June 15, 2023</span></td> <td style="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> </table>
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<hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity contextRef="c65" id="ixv-16766"> Cayman Island </hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c65" id="ixv-16770"> 2018-09-27 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c65" id="ixv-16774"> Parent </us-gaap:MinorityInterestDescription>
<hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity contextRef="c66" id="ixv-16782"> British Virgin Island </hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c66" id="ixv-16786"> 2018-10-02 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c66" id="ixv-16790"> 100% by the Parent </us-gaap:MinorityInterestDescription>
<hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity contextRef="c67" id="ixv-16797"> Hong Kong </hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c67" id="ixv-16801"> 2018-11-07 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c67" id="ixv-16805"> 100% by Yongqiang Tuoxing </us-gaap:MinorityInterestDescription>
<hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity contextRef="c68" id="ixv-16812"> Wenzhou, China </hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c68" id="ixv-16817"> 2019-06-03 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c68" id="ixv-16821"> 100% by HK Beach </us-gaap:MinorityInterestDescription>
<hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity contextRef="c69" id="ixv-16829"> Wenzhou, China </hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c69" id="ixv-16834"> 1998-11-12 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c69" id="ixv-16838"> 99% by Hongshun </us-gaap:MinorityInterestDescription>
<hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity contextRef="c70" id="ixv-16845"> Songyang, China </hudi:BusinessOfAcquisitionDescriptionOfAcquiredEntity>
<dei:EntityIncorporationDateOfIncorporation contextRef="c70" id="ixv-16850"> 2023-06-15 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:MinorityInterestDescription contextRef="c70" id="ixv-16854"> 100% by HK Beach </us-gaap:MinorityInterestDescription>
<dei:EntityIncorporationDateOfIncorporation contextRef="c0" id="ixv-20679"> 2018-09-27 </dei:EntityIncorporationDateOfIncorporation>
<us-gaap:CommonStockSharesAuthorized contextRef="c59" decimals="0" id="ixv-20680" unitRef="shares"> 250000000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c59" decimals="4" id="ixv-20681" unitRef="usdPershares"> 0.0002 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockSharesIssued contextRef="c59" decimals="0" id="ixv-20682" unitRef="shares"> 14259182 </us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="c59" decimals="0" id="ixv-20683" unitRef="shares"> 14259182 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesAuthorized contextRef="c60" decimals="0" id="ixv-20684" unitRef="shares"> 50000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c60" decimals="2" id="ixv-20685" unitRef="usdPershares"> 1 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c61" decimals="2" id="ixv-20686" unitRef="pure"> 0.05 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c62" decimals="2" id="ixv-20687" unitRef="pure"> 0.94 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c63" decimals="2" id="ixv-20688" unitRef="pure"> 0.99 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c64" decimals="2" id="ixv-20689" 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"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Currency Transaction and 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 Company’s reporting currency is United States Dollars (“US$”). 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”).</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">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 operating expense in the Consolidated Statements of Income and Comprehensive Income (Loss).</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 statements of the Company’s subsidiaries in PRC are translated from RMB into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet date. Equity accounts other than net income generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive (loss) / income in the Consolidated Statements of Income and Comprehensive Income (Loss), and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive (loss) / income in the Consolidated Balance Sheets.</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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Fiscal Years Ended<br/>  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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</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">7.2960</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">7.1135</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">6.4434</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">7.0533</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5072</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, 2023 and 2022, restricted cash was $769,233 and $1,347,246, 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, 2023 and 2022 was $2,391,641 and $2,197,396, 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>Notes Receivable</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">Notes receivable represent bank acceptance notes and commercial acceptance notes the Company receives from its customers in exchange for goods or services that it has transferred to customers. The notes generally range from three to six months from the date of issuance. The carrying value of notes receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected.</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; text-align: justify; margin: 0pt 0">As part of the regular business and in case of immediate cash needs, the Company sells its notes receivable at a discount with or without recourse. Notes receivables are considered sold and derecognized from balance sheet when they are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the note receivables, and the Company has surrendered control over the transferred note receivables. If the Company does not surrender control, typically for those arrangements with recourse, the cash received from the purchaser is accounted for as a secured borrowing. In the case of arrangements with recourse, notes receivables are not derecognized.</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, 2023, 2022 and 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>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.</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 advance to suppliers recognized as of September 30, 2023 and 2022 was $171,538 and $60,794, 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"><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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; "> <td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Useful lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Buildings</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">10-50 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: center">5-20 years</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: center">3-10 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: center">3-10 years</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="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: bottom; background-color: #CCEEFF"> <td style="width: 88%"><span style="font-size: 10pt">Land use rights</span></td> <td style="width: 1%"> </td> <td style="width: 11%; 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 the cost-minus-impairment 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 cost-minus-impairment 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, 2023, 2022 and 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>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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><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 other receivables, the carrying amounts approximate their fair values due to their short maturities as of September 30, 2023 and 2022.</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 noted no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring nor non-recurring basis as of September 30, 2023 and 2022.</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 adopted ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”) on October 1, 2018 using the modified retrospective approach. There is no adjustment to the opening balance of retained earnings at October 1, 2018, since there was no change to the timing and pattern of revenue recognition upon adoption of ASC 606. Under ASC 606, revenue is recognized when control of promised goods or services is transferred to the Company’s customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services and is recorded net of value-added tax (“VAT”). To achieve that core principle, the Company applies the following steps:</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 0pt 0in; text-align: justify; text-indent: 20pt">Step 1: Identify the contract (s) with a customer</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Step 2: Identify the performance obligations in the contract</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Step 3: Determine the transaction price</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Step 4: Allocate the transaction price to the performance obligations in the contract</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation</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 derives its revenues from two sources: (1) revenue from sales of steel piping products, (2) revenue from production service.</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; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">Revenue from sales of steel piping products</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 considers customer purchase orders, 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. In the principal versus agent consideration, since no another party is involved in transactions, the Company is a principal.</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">The Company does not routinely permit customers to return products, while in certain conditions product changes are allowed. The customer does not have the option to purchase the warranty separately. Also, the warranty does not provide a service to the customer beyond fixing defects that existed at the time of sale. Thus, the warranty is assurance-type, and historically customer returns have been immaterial.</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). 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 as 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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">Revenue from production service</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 identifies the product processing agreement as contract. For each contract, the Company considers the promise to provide production service, each of which are distinct, to be the identified performance obligations. In the principal versus agent consideration, since no another party is involved in transactions, the Company is a principal. The transaction price is clearly stated on the contract and not subject to adjustment. The Company allocates the transaction price to each distinct service based on their relative standalone selling price. Production service revenue is recognized when production order is completed and transferred 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"><i><span style="text-decoration:underline">Contract costs</span></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">Contract costs include contract acquisition costs and contract fulfillment costs which are all recorded within prepayments, deposits, and other assets in the consolidated balance sheets.</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">Contract acquisition costs consist of incremental costs incurred by the Company to originate contracts with customers. Contract acquisition costs, which generally include costs that are only incurred as a result of obtaining a contract, are capitalized when the incremental costs are expected to be recovered over the contract period. All other costs incurred regardless of obtaining a contract are expensed as incurred. Contract acquisition costs are amortized over the period the costs are expected to contribute directly or indirectly to future cash flows, which is generally over the contract term, on a basis consistent with the transfer of goods or services to the customer to which the costs relate. Contract fulfillments costs consist of costs incurred by the Company to fulfill a contract with a customer and are capitalized when the costs generate or enhance resources that will be used in satisfying future performance obligations of the contract and the costs are expected to be recovered. Capitalized contract fulfillment costs generally include contracted services, direct labor, materials, and allocable overhead directly related to resources required to fulfill the contract. Contract fulfillment costs are recognized in cost of revenue during the period that the related costs are expected to contribute directly or indirectly to future cash flows, which is generally over the contract term, on a basis consistent with the transfer of goods or services to the customer to which the costs are related. There were no contract fulfillment cost and contract acquisition costs as of September 30, 2023 and 2022.</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><span style="text-decoration:underline">Contract balance</span></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 does not have amounts of contract assets since revenue is recognized at a point in time. Contract liabilities are presented as advance from customers on the consolidated balance sheet. Contract liabilities are recognized when the Company receives prepayment from customers resulting from purchase order or product processing agreement. Contract liabilities will be recognized as revenue when the products are delivered. As of September 30, 2023 and 2022, the balance of advance from customers amounted to $3,408,717 and $4,401,440, respectively. For the years ended September 30, 2023 and 2022, the beginning balance of advance from customers of $3,733,552 and $4,240,827 were recognized as revenue when the products are delivered.</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, 2023, 2022 and 2021, the Company received government grants of $373,032, $355,925 and $1,190,882, 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: 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>Shipping and Handling 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">Shipping and handling costs are expensed when incurred and are included in selling, general and administrative expense. Shipping and handling costs were $1,749,338, $1,232,430 and $1,341,712 for the years ended September 30, 2023, 2022 and 2021, 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>Advertising Costs</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">Advertising costs are expensed as incurred and are included in selling, general and administrative expense. Advertising costs were $157,293, $167,459 and $237,563 for years ended September 30, 2023, 2022 and 2021 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>Income Taxes</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">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: 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 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: 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">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: 10pt 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, 2023, 2022 and 2021.</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"><b>Certain Risks and Concentration </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"><i>Exchange Rate Risks</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 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: 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>Currency Convertibility Risks</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">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: 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>Concentration of Credit 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">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. The Company maintains most bank accounts in PRC. Cash balances in bank accounts in PRC are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance. The maximum protection is up to RMB500,000 per depositor per Scheme member, including both principal and interest.</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, 2023 and 2022, we had cash and cash equivalents of $20,192,460 and $13,195,999, 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 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; text-indent: 0.5in"> </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; text-align: justify">The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of accounting standards until they would apply to private companies.</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><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; text-align: justify"><i> </i></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, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. The adoption of this ASU on October 1, 2022 did not have a material effect on the Company’s consolidated financial statements.</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"><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"> </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. Early adoption is permitted. The amendments in these ASUs are effective for the Company’s fiscal years, and interim periods within those fiscal years beginning October 1, 2023. 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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.</p>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="c0" id="ixv-16955">
<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">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>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="c0" id="ixv-16962">
<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">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>
</us-gaap:UseOfEstimates>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="c0" id="ixv-16970">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Currency Transaction and Translation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s reporting currency is United States Dollars (“US$”). 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”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 operating expense in the Consolidated Statements of Income and Comprehensive Income (Loss).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the Company’s subsidiaries in PRC are translated from RMB into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet date. Equity accounts other than net income generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive (loss) / income in the Consolidated Statements of Income and Comprehensive Income (Loss), and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive (loss) / income in the Consolidated Balance Sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The relevant exchange rates are listed below:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Fiscal Years Ended<br/>  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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</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">7.2960</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">7.1135</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">6.4434</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">7.0533</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5072</td><td style="text-align: left"> </td></tr> </table>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock contextRef="c0" id="ixv-20690">
The relevant exchange rates are listed below:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Fiscal Years Ended<br/>  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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</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">7.2960</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">7.1135</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">6.4434</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">7.0533</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.5072</td><td style="text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c74" decimals="4" id="ixv-20691" unitRef="pure"> 7.296 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c75" decimals="4" id="ixv-20692" unitRef="pure"> 7.1135 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="c76" decimals="4" id="ixv-20693" unitRef="pure"> 6.4434 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
<us-gaap:DerivativeAverageForwardExchangeRate1 contextRef="c74" decimals="4" id="ixv-20694" unitRef="pure"> 7.0533 </us-gaap:DerivativeAverageForwardExchangeRate1>
<us-gaap:DerivativeAverageForwardExchangeRate1 contextRef="c75" decimals="4" id="ixv-20695" unitRef="pure"> 6.5532 </us-gaap:DerivativeAverageForwardExchangeRate1>
<us-gaap:DerivativeAverageForwardExchangeRate1 contextRef="c76" decimals="4" id="ixv-20696" unitRef="pure"> 6.5072 </us-gaap:DerivativeAverageForwardExchangeRate1>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c0" id="ixv-17035">
<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">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>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="c0" id="ixv-17042">
<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">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">As of September 30, 2023 and 2022, restricted cash was $769,233 and $1,347,246, respectively. No cash is restricted to assure future credit availability.</p>
</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:RestrictedCashCurrent contextRef="c2" decimals="0" id="ixv-20697" unitRef="usd"> 769233 </us-gaap:RestrictedCashCurrent>
<us-gaap:RestrictedCashCurrent contextRef="c3" decimals="0" id="ixv-20698" unitRef="usd"> 1347246 </us-gaap:RestrictedCashCurrent>
<us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="c0" id="ixv-17052">
<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">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, 2023 and 2022 was $2,391,641 and $2,197,396, respectively.</p>
</us-gaap:TradeAndOtherAccountsReceivablePolicy>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c2" decimals="0" id="ixv-20699" unitRef="usd"> 2391641 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c3" decimals="0" id="ixv-20700" unitRef="usd"> 2197396 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:ReceivablesPolicyTextBlock contextRef="c0" id="ixv-17077">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Notes Receivable</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes receivable represent bank acceptance notes and commercial acceptance notes the Company receives from its customers in exchange for goods or services that it has transferred to customers. The notes generally range from three to six months from the date of issuance. The carrying value of notes receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">As part of the regular business and in case of immediate cash needs, the Company sells its notes receivable at a discount with or without recourse. Notes receivables are considered sold and derecognized from balance sheet when they are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the note receivables, and the Company has surrendered control over the transferred note receivables. If the Company does not surrender control, typically for those arrangements with recourse, the cash received from the purchaser is accounted for as a secured borrowing. In the case of arrangements with recourse, notes receivables are not derecognized.</p>
</us-gaap:ReceivablesPolicyTextBlock>
<us-gaap:InventoryPolicyTextBlock contextRef="c0" id="ixv-17087">
<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">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">There were no write-downs recognized of inventories for the years ended September 30, 2023, 2022 and 2021.</p>
</us-gaap:InventoryPolicyTextBlock>
<hudi:AdvancesToSuppliersPolicyTextBlock contextRef="c0" id="ixv-17097">
<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">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">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The allowance for advance to suppliers recognized as of September 30, 2023 and 2022 was $171,538 and $60,794, respectively.</p>
</hudi:AdvancesToSuppliersPolicyTextBlock>
<us-gaap:AdvancesToAffiliate contextRef="c2" decimals="0" id="ixv-20701" unitRef="usd"> 171538 </us-gaap:AdvancesToAffiliate>
<us-gaap:AdvancesToAffiliate contextRef="c3" decimals="0" id="ixv-20702" unitRef="usd"> 60794 </us-gaap:AdvancesToAffiliate>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="c0" id="ixv-17110">
<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; 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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; "> <td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Useful lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Buildings</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">10-50 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: center">5-20 years</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: center">3-10 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: center">3-10 years</td></tr> </table><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>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="c77" id="ixv-20703">
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:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; "> <td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Useful lives</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Buildings</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">10-50 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: center">5-20 years</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: center">3-10 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: center">3-10 years</td></tr> </table>Land use rights are amortized using the straight-line method with the following estimated useful lives:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="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: bottom; background-color: #CCEEFF"> <td style="width: 88%"><span style="font-size: 10pt">Land use rights</span></td> <td style="width: 1%"> </td> <td style="width: 11%; 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:PropertyPlantAndEquipmentTextBlock>
<us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage contextRef="c2" decimals="2" id="ixv-20704" unitRef="pure"> 0.05 </us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c78" id="ixv-20705"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c79" id="ixv-20706"> P50Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c80" id="ixv-20707"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c81" id="ixv-20708"> P20Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c82" id="ixv-20709"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c83" id="ixv-20710"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c84" id="ixv-20711"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c85" id="ixv-20712"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:LandUnderOptionArrangementsPolicy contextRef="c0" id="ixv-17145">
<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; 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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="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: bottom; background-color: #CCEEFF"> <td style="width: 88%"><span style="font-size: 10pt">Land use rights</span></td> <td style="width: 1%"> </td> <td style="width: 11%; 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="c86" id="ixv-20714"> P50Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:InvestmentPolicyTextBlock contextRef="c0" id="ixv-17183">
<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">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 the cost-minus-impairment 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">For equity investments that are accounted for using the cost-minus-impairment 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>
</us-gaap:InvestmentPolicyTextBlock>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="c0" id="ixv-17194">
<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">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">There was no impairment charge recognized for long-lived assets for the years ended September 30, 2023, 2022 and 2021.</p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:OtherAssetImpairmentCharges contextRef="c0" decimals="0" id="ixv-20715" unitRef="usd"> 0 </us-gaap:OtherAssetImpairmentCharges>
<us-gaap:OtherAssetImpairmentCharges contextRef="c6" decimals="0" id="ixv-20716" unitRef="usd"> 0 </us-gaap:OtherAssetImpairmentCharges>
<us-gaap:OtherAssetImpairmentCharges contextRef="c7" decimals="0" id="ixv-20717" unitRef="usd"> 0 </us-gaap:OtherAssetImpairmentCharges>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="c0" id="ixv-17205">
<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">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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><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">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 other receivables, the carrying amounts approximate their fair values due to their short maturities as of September 30, 2023 and 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company noted no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring nor non-recurring basis as of September 30, 2023 and 2022.</p>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<hudi:ValueaddedTaxPolicyTextBlock contextRef="c0" id="ixv-17245">
<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">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:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes contextRef="c71" decimals="2" id="ixv-20718" unitRef="pure"> 0.17 </us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes>
<us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes contextRef="c72" decimals="2" id="ixv-20719" unitRef="pure"> 0.16 </us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes>
<us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes contextRef="c73" decimals="2" id="ixv-20720" unitRef="pure"> 0.13 </us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="c0" id="ixv-17267">
<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">The Company adopted ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”) on October 1, 2018 using the modified retrospective approach. There is no adjustment to the opening balance of retained earnings at October 1, 2018, since there was no change to the timing and pattern of revenue recognition upon adoption of ASC 606. Under ASC 606, revenue is recognized when control of promised goods or services is transferred to the Company’s customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services and is recorded net of value-added tax (“VAT”). To achieve that core principle, the Company applies the following steps:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 20pt">Step 1: Identify the contract (s) with a customer</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Step 2: Identify the performance obligations in the contract</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Step 3: Determine the transaction price</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Step 4: Allocate the transaction price to the performance obligations in the contract</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company derives its revenues from two sources: (1) revenue from sales of steel piping products, (2) revenue from production service.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">Revenue from sales of steel piping products</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers customer purchase orders, 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. In the principal versus agent consideration, since no another party is involved in transactions, the Company is a principal.</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">The Company does not routinely permit customers to return products, while in certain conditions product changes are allowed. The customer does not have the option to purchase the warranty separately. Also, the warranty does not provide a service to the customer beyond fixing defects that existed at the time of sale. Thus, the warranty is assurance-type, and historically customer returns have been immaterial.</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). 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 as 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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">Revenue from production service</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company identifies the product processing agreement as contract. For each contract, the Company considers the promise to provide production service, each of which are distinct, to be the identified performance obligations. In the principal versus agent consideration, since no another party is involved in transactions, the Company is a principal. The transaction price is clearly stated on the contract and not subject to adjustment. The Company allocates the transaction price to each distinct service based on their relative standalone selling price. Production service revenue is recognized when production order is completed and transferred 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"><i><span style="text-decoration:underline">Contract costs</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract costs include contract acquisition costs and contract fulfillment costs which are all recorded within prepayments, deposits, and other assets in the consolidated balance sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract acquisition costs consist of incremental costs incurred by the Company to originate contracts with customers. Contract acquisition costs, which generally include costs that are only incurred as a result of obtaining a contract, are capitalized when the incremental costs are expected to be recovered over the contract period. All other costs incurred regardless of obtaining a contract are expensed as incurred. Contract acquisition costs are amortized over the period the costs are expected to contribute directly or indirectly to future cash flows, which is generally over the contract term, on a basis consistent with the transfer of goods or services to the customer to which the costs relate. Contract fulfillments costs consist of costs incurred by the Company to fulfill a contract with a customer and are capitalized when the costs generate or enhance resources that will be used in satisfying future performance obligations of the contract and the costs are expected to be recovered. Capitalized contract fulfillment costs generally include contracted services, direct labor, materials, and allocable overhead directly related to resources required to fulfill the contract. Contract fulfillment costs are recognized in cost of revenue during the period that the related costs are expected to contribute directly or indirectly to future cash flows, which is generally over the contract term, on a basis consistent with the transfer of goods or services to the customer to which the costs are related. There were no contract fulfillment cost and contract acquisition costs as of September 30, 2023 and 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Contract balance</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not have amounts of contract assets since revenue is recognized at a point in time. Contract liabilities are presented as advance from customers on the consolidated balance sheet. Contract liabilities are recognized when the Company receives prepayment from customers resulting from purchase order or product processing agreement. Contract liabilities will be recognized as revenue when the products are delivered. As of September 30, 2023 and 2022, the balance of advance from customers amounted to $3,408,717 and $4,401,440, respectively. For the years ended September 30, 2023 and 2022, the beginning balance of advance from customers of $3,733,552 and $4,240,827 were recognized as revenue when the products are delivered.</p>
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<hudi:AdvanceFromCustomer contextRef="c2" decimals="0" id="ixv-20721" unitRef="usd"> 3408717 </hudi:AdvanceFromCustomer>
<hudi:AdvanceFromCustomer contextRef="c3" decimals="0" id="ixv-20722" unitRef="usd"> 4401440 </hudi:AdvanceFromCustomer>
<us-gaap:ContractWithCustomerLiabilityRevenueRecognized contextRef="c0" decimals="0" id="ixv-20723" unitRef="usd"> 3733552 </us-gaap:ContractWithCustomerLiabilityRevenueRecognized>
<us-gaap:ContractWithCustomerLiabilityRevenueRecognized contextRef="c6" decimals="0" id="ixv-20724" unitRef="usd"> 4240827 </us-gaap:ContractWithCustomerLiabilityRevenueRecognized>
<hudi:GovernmentGrantPolicyTextBlock contextRef="c0" id="ixv-17355">
<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">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">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">For the years ended September 30, 2023, 2022 and 2021, the Company received government grants of $373,032, $355,925 and $1,190,882, 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" id="ixv-20725" unitRef="usd"> 373032 </us-gaap:GrantsReceivable>
<us-gaap:GrantsReceivable contextRef="c3" decimals="0" id="ixv-20726" unitRef="usd"> 355925 </us-gaap:GrantsReceivable>
<us-gaap:GrantsReceivable contextRef="c30" decimals="0" id="ixv-20727" unitRef="usd"> 1190882 </us-gaap:GrantsReceivable>
<us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="c0" id="ixv-17383">
<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">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>
</us-gaap:ResearchAndDevelopmentExpensePolicy>
<us-gaap:ShippingAndHandlingCostPolicyTextBlock contextRef="c0" id="ixv-17390">
<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: 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 $1,749,338, $1,232,430 and $1,341,712 for the years ended September 30, 2023, 2022 and 2021, respectively.</p>
</us-gaap:ShippingAndHandlingCostPolicyTextBlock>
<us-gaap:OtherSellingAndMarketingExpense contextRef="c0" decimals="0" id="ixv-20728" unitRef="usd"> 1749338 </us-gaap:OtherSellingAndMarketingExpense>
<us-gaap:OtherSellingAndMarketingExpense contextRef="c6" decimals="0" id="ixv-20729" unitRef="usd"> 1232430 </us-gaap:OtherSellingAndMarketingExpense>
<us-gaap:OtherSellingAndMarketingExpense contextRef="c7" decimals="0" id="ixv-20730" unitRef="usd"> 1341712 </us-gaap:OtherSellingAndMarketingExpense>
<us-gaap:AdvertisingCostsPolicyTextBlock contextRef="c0" id="ixv-17397">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Advertising Costs</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. Advertising costs were $157,293, $167,459 and $237,563 for years ended September 30, 2023, 2022 and 2021 respectively.</p>
</us-gaap:AdvertisingCostsPolicyTextBlock>
<us-gaap:AdvertisingExpense contextRef="c0" decimals="0" id="ixv-20731" unitRef="usd"> 157293 </us-gaap:AdvertisingExpense>
<us-gaap:AdvertisingExpense contextRef="c6" decimals="0" id="ixv-20732" unitRef="usd"> 167459 </us-gaap:AdvertisingExpense>
<us-gaap:AdvertisingExpense contextRef="c7" decimals="0" id="ixv-20733" unitRef="usd"> 237563 </us-gaap:AdvertisingExpense>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="c0" id="ixv-17405">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income Taxes</b></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: 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: 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">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>
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<hudi:TaxBenefitsPercentage contextRef="c0" decimals="2" id="ixv-20734" unitRef="pure"> 0.50 </hudi:TaxBenefitsPercentage>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="c0" id="ixv-17421">
<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; 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, 2023, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
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<us-gaap:ConcentrationRiskCreditRisk contextRef="c0" id="ixv-17445">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Certain Risks and Concentration </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Exchange Rate Risks</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Currency Convertibility Risks</i></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Concentration of Credit Risks</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. The Company maintains most bank accounts in PRC. Cash balances in bank accounts in PRC are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance. The maximum protection is up to RMB500,000 per depositor per Scheme member, including both principal and interest.</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; 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"><i>Risks and Uncertainties</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"><i>Liquidity Risks</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">As of September 30, 2023 and 2022, we had cash and cash equivalents of $20,192,460 and $13,195,999, 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 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; text-indent: 0.5in"> </p>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:Deposits contextRef="c2" decimals="0" id="ixv-20735" unitRef="cny"> 500000 </us-gaap:Deposits>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c2" decimals="0" id="ixv-20736" unitRef="usd"> 20192460 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c3" decimals="0" id="ixv-20737" unitRef="usd"> 13195999 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c0" id="ixv-17514">
<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">The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of accounting standards until they would apply to private companies.</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 Recently Adopted</span></i></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, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. The adoption of this ASU on October 1, 2022 did not have a material effect on the Company’s consolidated financial statements.</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">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. Early adoption is permitted. The amendments in these ASUs are effective for the Company’s fiscal years, and interim periods within those fiscal years beginning October 1, 2023. 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">Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.</p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:AccountsAndNontradeReceivableTextBlock contextRef="c0" id="ixv-17556">
<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"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accounts receivable as of September 30, 2023 and 2022 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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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">25,021,916</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,855,584</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,391,641</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,197,396</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,630,275</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,658,188</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: justify">The Company’s customers are for the most part, state-owned entities and construction companies. Due to the nature of the customers and the practice of the industry, the Company generally allows credit period of 180 days to its customers. The average accounts receivable turnover period was approximately 105 days, 108 days and 106 days for the fiscal years ended September 30, 2023, 2022 and 2021, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes of allowance for doubtful accounts for the years ended September 30, 2023 and 2022 are as follow:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,197,396</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,066,937</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Addition (reduction) of bad debt allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">257,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(580,631</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Exchange difference</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(63,539</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(288,910</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,391,641</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,197,396</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No bad debt write-off recorded by the Company during the years ended September 30, 2023 and 2022.<b> </b></p>
</us-gaap:AccountsAndNontradeReceivableTextBlock>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="c0" id="ixv-20738">
Accounts receivable as of September 30, 2023 and 2022 consisted of the following:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,021,916</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,855,584</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,391,641</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,197,396</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,630,275</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">19,658,188</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<us-gaap:AccountsReceivableGrossCurrent contextRef="c2" decimals="0" id="ixv-20739" unitRef="usd"> 25021916 </us-gaap:AccountsReceivableGrossCurrent>
<us-gaap:AccountsReceivableGrossCurrent contextRef="c3" decimals="0" id="ixv-20740" unitRef="usd"> 21855584 </us-gaap:AccountsReceivableGrossCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c2" decimals="0" id="ixv-20741" unitRef="usd"> 2391641 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c3" decimals="0" id="ixv-20742" unitRef="usd"> 2197396 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c2" decimals="0" id="ixv-20743" unitRef="usd"> 22630275 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c3" decimals="0" id="ixv-20744" unitRef="usd"> 19658188 </us-gaap:AccountsReceivableNetCurrent>
<hudi:AllowsCreditPeriod contextRef="c0" id="ixv-20745"> P180D </hudi:AllowsCreditPeriod>
<hudi:AverageAccountsReceivableTurnoverPeriod contextRef="c0" id="ixv-20746"> P105D </hudi:AverageAccountsReceivableTurnoverPeriod>
<hudi:AverageAccountsReceivableTurnoverPeriod contextRef="c6" id="ixv-20747"> P108D </hudi:AverageAccountsReceivableTurnoverPeriod>
<hudi:AverageAccountsReceivableTurnoverPeriod contextRef="c7" id="ixv-20748"> P106D </hudi:AverageAccountsReceivableTurnoverPeriod>
<us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock contextRef="c0" id="ixv-20749">
Changes of allowance for doubtful accounts for the years ended September 30, 2023 and 2022 are as follow:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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">2,197,396</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,066,937</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Addition (reduction) of bad debt allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">257,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(580,631</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Exchange difference</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(63,539</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(288,910</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,391,641</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">2,197,396</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c3" decimals="0" id="ixv-20750" unitRef="usd"> 2197396 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c30" decimals="0" id="ixv-20751" unitRef="usd"> 3066937 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<hudi:AdditionreductionOfBadDebtAllowance contextRef="c0" decimals="0" id="ixv-20752" unitRef="usd"> -257784 </hudi:AdditionreductionOfBadDebtAllowance>
<hudi:AdditionreductionOfBadDebtAllowance contextRef="c6" decimals="0" id="ixv-20753" unitRef="usd"> 580631 </hudi:AdditionreductionOfBadDebtAllowance>
<hudi:ExchangeDifference contextRef="c0" decimals="0" id="ixv-20754" unitRef="usd"> 63539 </hudi:ExchangeDifference>
<hudi:ExchangeDifference contextRef="c6" decimals="0" id="ixv-20755" unitRef="usd"> 288910 </hudi:ExchangeDifference>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c2" decimals="0" id="ixv-20756" unitRef="usd"> 2391641 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c3" decimals="0" id="ixv-20757" unitRef="usd"> 2197396 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="c0" id="ixv-17666">
<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"><span style="font-family: Times New Roman, Times, Serif">Notes receivable consisted of bank acceptance notes and commercial acceptance notes of $7,661,035 and $1,410,613 received from the Company’s customers as of September 30, 2023 and 2022, respectively. These notes with 3-6 months maturity dates were issued by customers to pay their payable balances to the Company, and most notes were guaranteed by banks.</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"><span style="font-family: Times New Roman, Times, Serif">Factored notes receivables with recourse amounted $4,442,870 and $<span style="-sec-ix-hidden: hidden-fact-75">nil</span> were recorded as short-term borrowings as of September 30, 2023 and 2022, respectively.</span>  </p>
</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
<us-gaap:NotesAndLoansReceivableNetCurrent contextRef="c2" decimals="0" id="ixv-20758" unitRef="usd"> 7661035 </us-gaap:NotesAndLoansReceivableNetCurrent>
<us-gaap:NotesAndLoansReceivableNetCurrent contextRef="c3" decimals="0" id="ixv-20759" unitRef="usd"> 1410613 </us-gaap:NotesAndLoansReceivableNetCurrent>
<us-gaap:ReceivablesNetCurrent contextRef="c2" decimals="0" id="ixv-20760" unitRef="usd"> 4442870 </us-gaap:ReceivablesNetCurrent>
<us-gaap:InventoryDisclosureTextBlock contextRef="c0" id="ixv-17680">
<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, 2023 and 2022 consisted of the following:</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"></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">2023</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">2022</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">13,243,104</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,610,565</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">247,113</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,421,908</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,216,411</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,835,235</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">26,706,629</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">24,867,708</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no inventory write-downs recognized for the years ended September 30, 2023, 2022 and 2021.</p>
</us-gaap:InventoryDisclosureTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="c0" id="ixv-20761">
Inventories as of September 30, 2023 and 2022 consisted of the following:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,243,104</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,610,565</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">247,113</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,421,908</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,216,411</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,835,235</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">26,706,629</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">24,867,708</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<us-gaap:InventoryRawMaterials contextRef="c2" decimals="0" id="ixv-20762" unitRef="usd"> 13243104 </us-gaap:InventoryRawMaterials>
<us-gaap:InventoryRawMaterials contextRef="c3" decimals="0" id="ixv-20763" unitRef="usd"> 6610565 </us-gaap:InventoryRawMaterials>
<us-gaap:InventoryWorkInProcess contextRef="c2" decimals="0" id="ixv-20764" unitRef="usd"> 247113 </us-gaap:InventoryWorkInProcess>
<us-gaap:InventoryWorkInProcess contextRef="c3" decimals="0" id="ixv-20765" unitRef="usd"> 5421908 </us-gaap:InventoryWorkInProcess>
<us-gaap:InventoryFinishedGoods contextRef="c2" decimals="0" id="ixv-20766" unitRef="usd"> 13216411 </us-gaap:InventoryFinishedGoods>
<us-gaap:InventoryFinishedGoods contextRef="c3" decimals="0" id="ixv-20767" unitRef="usd"> 12835235 </us-gaap:InventoryFinishedGoods>
<us-gaap:InventoryNet contextRef="c2" decimals="0" id="ixv-20768" unitRef="usd"> 26706629 </us-gaap:InventoryNet>
<us-gaap:InventoryNet contextRef="c3" decimals="0" id="ixv-20769" unitRef="usd"> 24867708 </us-gaap:InventoryNet>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c0" id="ixv-17756">
<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, 2023 and 2022 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">2023</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">2022</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">2,913,471</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">2,988,217</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">9,631,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,776,164</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">1,013,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,014,921</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">611,129</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">626,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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">14,169,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,406,110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <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">(8,814,898</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">(8,416,974</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">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">5,354,997</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">5,989,136</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">Depreciation expense was $657,107, $792,888 and $735,333 for the years ended September 30, 2023, 2022 and 2021, 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, 2023, the Company sold fixed assets with a net carrying value of $1,410, and recorded gain on sale of fixed assets of $2,557. During fiscal year ended September 30, 2022, no fixed asset was sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2023 and 2022, the Company pledged buildings to secure banking facilities granted to the Company. The carrying values of the pledged buildings to secure bank borrowings by the Company are shown in <i>Note 11</i>.</p>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="c0" id="ixv-20770">
Property, plant and equipment as of September 30, 2023 and 2022 consisted of the following:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Buildings</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,913,471</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">2,988,217</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">9,631,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,776,164</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">1,013,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,014,921</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">611,129</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">626,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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">14,169,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,406,110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <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">(8,814,898</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">(8,416,974</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">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">5,354,997</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">5,989,136</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c87" decimals="0" id="ixv-20771" unitRef="usd"> 2913471 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c88" decimals="0" id="ixv-20772" unitRef="usd"> 2988217 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c89" decimals="0" id="ixv-20773" unitRef="usd"> 9631702 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c90" decimals="0" id="ixv-20774" unitRef="usd"> 9776164 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c91" decimals="0" id="ixv-20775" unitRef="usd"> 1013593 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c92" decimals="0" id="ixv-20776" unitRef="usd"> 1014921 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c93" decimals="0" id="ixv-20777" unitRef="usd"> 611129 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c94" decimals="0" id="ixv-20778" unitRef="usd"> 626808 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentOtherNet contextRef="c2" decimals="0" id="ixv-20779" unitRef="usd"> 14169895 </us-gaap:PropertyPlantAndEquipmentOtherNet>
<us-gaap:PropertyPlantAndEquipmentOtherNet contextRef="c3" decimals="0" id="ixv-20780" unitRef="usd"> 14406110 </us-gaap:PropertyPlantAndEquipmentOtherNet>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="c2" decimals="0" id="ixv-20781" unitRef="usd"> 8814898 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="c3" decimals="0" id="ixv-20782" unitRef="usd"> 8416974 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c2" decimals="0" id="ixv-20783" unitRef="usd"> 5354997 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c3" decimals="0" id="ixv-20784" unitRef="usd"> 5989136 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:Depreciation contextRef="c0" decimals="0" id="ixv-20785" unitRef="usd"> 657107 </us-gaap:Depreciation>
<us-gaap:Depreciation contextRef="c6" decimals="0" id="ixv-20786" unitRef="usd"> 792888 </us-gaap:Depreciation>
<us-gaap:Depreciation contextRef="c7" decimals="0" id="ixv-20787" unitRef="usd"> 735333 </us-gaap:Depreciation>
<us-gaap:ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset contextRef="c2" decimals="0" id="ixv-20788" unitRef="usd"> 1410 </us-gaap:ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset>
<us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges contextRef="c0" decimals="0" id="ixv-20789" unitRef="usd"> 2557 </us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c95" id="ixv-17852">
<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, 2023 and 2022 consisted of the following:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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">4,824,826</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,537,236</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(512,477</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(467,345</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Land use rights, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,312,349</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">1,069,891</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 $58,778, $32,087 and $32,349 for the years ended September 30, 2023, 2022 and 2021, respectively.</p>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="c95" id="ixv-20790">
Land use rights as of September 30, 2023 and 2022 consisted of the following:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Land use rights, cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,824,826</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,537,236</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(512,477</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(467,345</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Land use rights, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,312,349</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">1,069,891</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:OtherFiniteLivedIntangibleAssetsGross contextRef="c2" decimals="0" id="ixv-20791" unitRef="usd"> 4824826 </us-gaap:OtherFiniteLivedIntangibleAssetsGross>
<us-gaap:OtherFiniteLivedIntangibleAssetsGross contextRef="c3" decimals="0" id="ixv-20792" unitRef="usd"> 1537236 </us-gaap:OtherFiniteLivedIntangibleAssetsGross>
<us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c2" decimals="0" id="ixv-20793" unitRef="usd"> 512477 </us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
<us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c3" decimals="0" id="ixv-20794" unitRef="usd"> 467345 </us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
<hudi:LandUseRightsNet contextRef="c2" decimals="0" id="ixv-20795" unitRef="usd"> 4312349 </hudi:LandUseRightsNet>
<hudi:LandUseRightsNet contextRef="c3" decimals="0" id="ixv-20796" unitRef="usd"> 1069891 </hudi:LandUseRightsNet>
<us-gaap:AdjustmentForAmortization contextRef="c0" decimals="0" id="ixv-20797" unitRef="usd"> 58778 </us-gaap:AdjustmentForAmortization>
<us-gaap:AdjustmentForAmortization contextRef="c6" decimals="0" id="ixv-20798" unitRef="usd"> 32087 </us-gaap:AdjustmentForAmortization>
<us-gaap:AdjustmentForAmortization contextRef="c7" decimals="0" id="ixv-20799" unitRef="usd"> 32349 </us-gaap:AdjustmentForAmortization>
<us-gaap:LongTermDebtTextBlock contextRef="c0" id="ixv-17903">
<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, 2023 and 2022:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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">Huashang Micro Finance Co.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,208,333</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,341,956</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Longwan Rural Commercial Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,165,296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,323,469</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Wenzhou Longlian Development Co., Ltd</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,142,188</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,171,491</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total long-term investments, at cost</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,515,817</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,836,916</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Add: upward adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: impairment and downward adjustments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Long-term investments</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,515,817</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">12,836,916</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">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 cost-minus-impairment measurement alternative on its consolidated balance sheets. The Company did not receive any dividend income from Huashang during the years ended September 30, 2023, 2022 and 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">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 at cost-minus-impairment measurement alternative on its consolidated balance sheets. The Company did not receive any dividend income from Longlian during the years ended September 30, 2023, 2022 and 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">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 at cost-minus-impairment measurement alternative on its consolidated balance sheets. During the year ended September 30, 2023, the Company received dividend income of RMB 1,764,000 ($250,096 in USD) from LRCB. During the year ended September 30, 2022, the Company received dividend income of RMB 2,756,250 ($420,596 in USD) from LRCB. During the year ended September 30, 2021, the Company received dividend income of RMB 2,822,400 ($433,735 in USD) from LRCB.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ownership percentage of the above long-term investments has not changed during the fiscal year ended September 30, 2023. During the years ended September 30, 2023 and 2022, no impairment of long-term investment was recognized, and no changes resulting from observable price changed.</p>
</us-gaap:LongTermDebtTextBlock>
<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="c0" id="ixv-20800">
Long-term investments consisted of the following as of September 30, 2023 and 2022:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Huashang Micro Finance Co.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,208,333</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,341,956</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Longwan Rural Commercial Bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,165,296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,323,469</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Wenzhou Longlian Development Co., Ltd</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,142,188</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,171,491</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total long-term investments, at cost</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,515,817</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,836,916</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Add: upward adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: impairment and downward adjustments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Long-term investments</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,515,817</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">12,836,916</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
<us-gaap:OtherLongTermInvestments contextRef="c104" decimals="0" id="ixv-20801" unitRef="usd"> 5208333 </us-gaap:OtherLongTermInvestments>
<us-gaap:OtherLongTermInvestments contextRef="c105" decimals="0" id="ixv-20802" unitRef="usd"> 5341956 </us-gaap:OtherLongTermInvestments>
<us-gaap:OtherLongTermInvestments contextRef="c106" decimals="0" id="ixv-20803" unitRef="usd"> 6165296 </us-gaap:OtherLongTermInvestments>
<us-gaap:OtherLongTermInvestments contextRef="c107" decimals="0" id="ixv-20804" unitRef="usd"> 6323469 </us-gaap:OtherLongTermInvestments>
<us-gaap:OtherLongTermInvestments contextRef="c108" decimals="0" id="ixv-20805" unitRef="usd"> 1142188 </us-gaap:OtherLongTermInvestments>
<us-gaap:OtherLongTermInvestments contextRef="c109" decimals="0" id="ixv-20806" unitRef="usd"> 1171491 </us-gaap:OtherLongTermInvestments>
<us-gaap:OtherLongTermInvestments contextRef="c2" decimals="0" id="ixv-20807" unitRef="usd"> 12515817 </us-gaap:OtherLongTermInvestments>
<us-gaap:OtherLongTermInvestments contextRef="c3" decimals="0" id="ixv-20808" unitRef="usd"> 12836916 </us-gaap:OtherLongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c2" decimals="0" id="ixv-20809" unitRef="usd"> 12515817 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c3" decimals="0" id="ixv-20810" unitRef="usd"> 12836916 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c96" decimals="0" id="ixv-20811" unitRef="cny"> 90000000 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c96" decimals="0" id="ixv-20812" unitRef="usd"> 13203257 </us-gaap:LongTermInvestments>
<us-gaap:LongTermDebtPercentageBearingFixedInterestRate contextRef="c96" decimals="3" id="ixv-20813" unitRef="pure"> 0.225 </us-gaap:LongTermDebtPercentageBearingFixedInterestRate>
<us-gaap:VariableInterestEntityOwnershipPercentage contextRef="c97" decimals="3" id="ixv-20814" unitRef="pure"> 0.035 </us-gaap:VariableInterestEntityOwnershipPercentage>
<us-gaap:VariableInterestEntityOwnershipPercentage contextRef="c98" decimals="2" id="ixv-20815" unitRef="pure"> 0.19 </us-gaap:VariableInterestEntityOwnershipPercentage>
<hudi:CashConsideration contextRef="c99" decimals="0" id="ixv-20816" unitRef="cny"> 52000000 </hudi:CashConsideration>
<hudi:CashConsideration contextRef="c99" decimals="0" id="ixv-20817" unitRef="usd"> 8535827 </hudi:CashConsideration>
<us-gaap:LongTermInvestments contextRef="c100" decimals="0" id="ixv-20818" unitRef="cny"> 8333400 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c100" decimals="0" id="ixv-20819" unitRef="usd"> 1307982 </us-gaap:LongTermInvestments>
<us-gaap:LongTermDebtPercentageBearingFixedInterestRate contextRef="c100" decimals="6" id="ixv-20820" unitRef="pure"> 0.083334 </us-gaap:LongTermDebtPercentageBearingFixedInterestRate>
<us-gaap:LongTermInvestments contextRef="c101" decimals="0" id="ixv-20821" unitRef="cny"> 44982000 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="c101" decimals="0" id="ixv-20822" unitRef="usd"> 7172207 </us-gaap:LongTermInvestments>
<us-gaap:LongTermDebtPercentageBearingFixedInterestRate contextRef="c101" decimals="3" id="ixv-20823" unitRef="pure"> 0.021 </us-gaap:LongTermDebtPercentageBearingFixedInterestRate>
<us-gaap:InvestmentIncomeDividend contextRef="c102" decimals="0" id="ixv-20824" unitRef="cny"> 1764000 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c102" decimals="0" id="ixv-20825" unitRef="usd"> 250096 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c6" decimals="0" id="ixv-20826" unitRef="cny"> 2756250 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c6" decimals="0" id="ixv-20827" unitRef="usd"> 420596 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c103" decimals="0" id="ixv-20828" unitRef="cny"> 2822400 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c103" decimals="0" id="ixv-20829" unitRef="usd"> 433735 </us-gaap:InvestmentIncomeDividend>
<us-gaap:MortgageNotesPayableDisclosureTextBlock contextRef="c0" id="ixv-18019">
<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 $1,632,401 and $548,253 provided by the Company to its suppliers as of September 30, 2023 and 2022, 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:MortgageNotesPayableDisclosureTextBlock>
<us-gaap:NotesPayableToBank contextRef="c2" decimals="0" id="ixv-20830" unitRef="usd"> 1632401 </us-gaap:NotesPayableToBank>
<us-gaap:NotesPayableToBank contextRef="c3" decimals="0" id="ixv-20831" unitRef="usd"> 548253 </us-gaap:NotesPayableToBank>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="c0" id="ixv-18028">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 10 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</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">Accrued expenses and other current liabilities consisted of the following as of September 30, 2023 and 2022:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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">Accrued payroll and other welfare</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,591,880</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,441,625</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Other accrued expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">354,445</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">329,620</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,946,325</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,771,245</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="c0" id="ixv-18034">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accrued payroll and other welfare</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,591,880</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,441,625</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Other accrued expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">354,445</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">329,620</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,946,325</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">1,771,245</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
<us-gaap:AccruedPayrollTaxesCurrent contextRef="c2" decimals="0" id="ixv-20832" unitRef="usd"> 1591880 </us-gaap:AccruedPayrollTaxesCurrent>
<us-gaap:AccruedPayrollTaxesCurrent contextRef="c3" decimals="0" id="ixv-20833" unitRef="usd"> 1441625 </us-gaap:AccruedPayrollTaxesCurrent>
<us-gaap:OtherAccountsPayableAndAccruedLiabilities contextRef="c2" decimals="0" id="ixv-20834" unitRef="usd"> 354445 </us-gaap:OtherAccountsPayableAndAccruedLiabilities>
<us-gaap:OtherAccountsPayableAndAccruedLiabilities contextRef="c3" decimals="0" id="ixv-20835" unitRef="usd"> 329620 </us-gaap:OtherAccountsPayableAndAccruedLiabilities>
<us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent contextRef="c2" decimals="0" id="ixv-20836" unitRef="usd"> 1946325 </us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent>
<us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent contextRef="c3" decimals="0" id="ixv-20837" unitRef="usd"> 1771245 </us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent>
<us-gaap:DebtDisclosureTextBlock contextRef="c0" id="ixv-18077">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 11 – SHORT-TERM AND LONG-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 and long-term borrowings consisted of the following as of September 30, 2023 and 2022:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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%; font-weight: bold; text-align: left; padding-bottom: 4pt">Short-term borrowings</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">4,442,870</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">11,888,662</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Long-term borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current portion</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">43,860</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Non-current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,398,849</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,300,625</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total long-term borrowings</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,442,709</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">9,300,625</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"><b>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 outstanding at September 30, 2023 were undue factored notes receivable with recourse as shown in <i>Note 4</i>. These notes receivable will be expired in no more than six months from September 30, 2023.</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, 2022:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - RMB</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 39%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">7,000,000</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">984,044</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">11/12/2021</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">11/11/2022</td><td style="width: 1%"> </td> <td style="text-align: right; width: 9%">4.35</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,404,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">11/23/2021</td><td> </td> <td style="text-align: center">11/22/2022</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,335,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/1/2021</td><td> </td> <td style="text-align: center">11/25/2022</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">801,293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/23/2021</td><td> </td> <td style="text-align: center">12/22/2022</td><td> </td> <td style="text-align: right">4.30</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,404,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/29/2021</td><td> </td> <td style="text-align: center">12/10/2022</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">702,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1/6/2022</td><td> </td> <td style="text-align: center">1/4/2023</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,180,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/7/2022</td><td> </td> <td style="text-align: center">3/2/2023</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,404,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">8/5/2022</td><td> </td> <td style="text-align: center">8/3/2023</td><td> </td> <td style="text-align: right">4.30</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hua Xia Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,289</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1/28/2022</td><td> </td> <td style="text-align: center">1/15/2023</td><td> </td> <td style="text-align: right">4.65</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hua Xia Bank</td><td> </td> <td> </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">1,265,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">4/26/2022</td><td> </td> <td style="text-align: center">4/15/2023</td><td> </td> <td style="text-align: right">4.65</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Hua Xia Bank</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"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,500,000</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">1,335,489</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">5/24/2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">5/11/2023</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">4.65</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><b>Total</b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double"><b>RMB</b></td><td style="border-bottom: Black 4pt double"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>84,570,000</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b>$</td><td style="border-bottom: Black 4pt double; text-align: right"><b>11,888,662</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="padding-bottom: 4pt; text-align: right"><b> </b></td> <td> </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 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">Long-term borrowings consisted of the following at September 30, 2023:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - RMB</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 39%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,930,000</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">1,361,020</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">4/28/2022</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">4/25/2025</td><td style="width: 1%"> </td> <td style="text-align: right; width: 9%">3.95</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,940,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,362,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/9/2022</td><td> </td> <td style="text-align: center">12/8/2025</td><td> </td> <td style="text-align: right">3.95</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,940,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,362,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/15/2022</td><td> </td> <td style="text-align: center">12/13/2025</td><td> </td> <td style="text-align: right">3.95</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Agricultural Bank</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"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,900,000</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">1,356,909</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">9/26/2023</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">9/25/2026</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">3.45</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"><b>Total</b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double"><b>RMB</b></td><td style="border-bottom: Black 4pt double"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>39,710,000</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b>$</td><td style="border-bottom: Black 4pt double; text-align: right"><b>5,442,709</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="padding-bottom: 4pt; text-align: right"><b> </b></td> <td> </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">Long-term borrowings consisted of the following at September 30, 2022:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - RMB</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 39%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,900,000</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">1,391,720</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">3/17/2022</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">3/16/2025</td><td style="width: 1%"> </td> <td style="text-align: right; width: 9%">4.35</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,950,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,398,749</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/18/2022</td><td> </td> <td style="text-align: center">3/5/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,850,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,384,691</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/18/2022</td><td> </td> <td style="text-align: center">2/25/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,391,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/18/2022</td><td> </td> <td style="text-align: center">2/15/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,600,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">927,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/31/2022</td><td> </td> <td style="text-align: center">3/25/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,402,966</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">4/19/2022</td><td> </td> <td style="text-align: center">4/17/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Agricultural Bank</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"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,980,000</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">1,402,966</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">4/28/2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">4/25/2025</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><b>Total</b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double"><b>RMB</b></td><td style="border-bottom: Black 4pt double"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>66,160,000</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>9,300,625</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="padding-bottom: 4pt; text-align: right"><b> </b></td> <td> </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 following is a maturity analysis of long-term borrowings as of September 30, 2023:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Years ending September 30,</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">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">320,000</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">43,860</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,050,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,377,467</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,340,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,021,382</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</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-82">-</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">2028 and thereafter</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-83">-</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-84">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total long-term borrowings</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">39,710,000</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,442,709</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Pledges and Guarantees</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s short-term and long-term bank borrowings are pledged by its assets as listed below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Buildings, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">23,860</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Land use right, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">414,738</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">617,430</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">438,598</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">617,430</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"><b>Interest expense</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">For the years ended September 30, 2023, 2022 and 2021, interest expense on all short-term borrowings, long-term borrowings and notes payable amounted to $442,748, $1,151,567 and $1,550,082, respectively.</p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:ScheduleOfDebtTableTextBlock contextRef="c0" id="ixv-20838">
Short-term and long-term borrowings consisted of the following as of September 30, 2023 and 2022:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-weight: bold; text-align: left; padding-bottom: 4pt">Short-term borrowings</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">4,442,870</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">11,888,662</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Long-term borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current portion</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">43,860</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Non-current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,398,849</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,300,625</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total long-term borrowings</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,442,709</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">9,300,625</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:ScheduleOfDebtTableTextBlock>
<us-gaap:ShortTermBorrowings contextRef="c2" decimals="0" id="ixv-20839" unitRef="usd"> 4442870 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c3" decimals="0" id="ixv-20840" unitRef="usd"> 11888662 </us-gaap:ShortTermBorrowings>
<us-gaap:LongTermDebtCurrent contextRef="c2" decimals="0" id="ixv-20841" unitRef="usd"> 43860 </us-gaap:LongTermDebtCurrent>
<us-gaap:LongTermDebtNoncurrent contextRef="c2" decimals="0" id="ixv-20842" unitRef="usd"> 5398849 </us-gaap:LongTermDebtNoncurrent>
<us-gaap:LongTermDebtNoncurrent contextRef="c3" decimals="0" id="ixv-20843" unitRef="usd"> 9300625 </us-gaap:LongTermDebtNoncurrent>
<us-gaap:LongTermDebt contextRef="c2" decimals="0" id="ixv-20844" unitRef="usd"> 5442709 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c3" decimals="0" id="ixv-20845" unitRef="usd"> 9300625 </us-gaap:LongTermDebt>
<us-gaap:ScheduleOfShortTermDebtTextBlock contextRef="c0" id="ixv-20846">
Short-term borrowings consisted of the following at September 30, 2022:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - RMB</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 39%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">7,000,000</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">984,044</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">11/12/2021</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">11/11/2022</td><td style="width: 1%"> </td> <td style="text-align: right; width: 9%">4.35</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,404,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">11/23/2021</td><td> </td> <td style="text-align: center">11/22/2022</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,335,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/1/2021</td><td> </td> <td style="text-align: center">11/25/2022</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">801,293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/23/2021</td><td> </td> <td style="text-align: center">12/22/2022</td><td> </td> <td style="text-align: right">4.30</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,404,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/29/2021</td><td> </td> <td style="text-align: center">12/10/2022</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">702,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1/6/2022</td><td> </td> <td style="text-align: center">1/4/2023</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,180,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/7/2022</td><td> </td> <td style="text-align: center">3/2/2023</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,404,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">8/5/2022</td><td> </td> <td style="text-align: center">8/3/2023</td><td> </td> <td style="text-align: right">4.30</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hua Xia Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,289</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1/28/2022</td><td> </td> <td style="text-align: center">1/15/2023</td><td> </td> <td style="text-align: right">4.65</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hua Xia Bank</td><td> </td> <td> </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">1,265,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">4/26/2022</td><td> </td> <td style="text-align: center">4/15/2023</td><td> </td> <td style="text-align: right">4.65</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Hua Xia Bank</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"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,500,000</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">1,335,489</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">5/24/2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">5/11/2023</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">4.65</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><b>Total</b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double"><b>RMB</b></td><td style="border-bottom: Black 4pt double"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>84,570,000</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b>$</td><td style="border-bottom: Black 4pt double; text-align: right"><b>11,888,662</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="padding-bottom: 4pt; text-align: right"><b> </b></td> <td> </td></tr> </table>
</us-gaap:ScheduleOfShortTermDebtTextBlock>
<us-gaap:ShortTermBorrowings contextRef="c113" decimals="0" id="ixv-20847" unitRef="cny"> 7000000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c113" decimals="0" id="ixv-20848" unitRef="usd"> 984044 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c114" id="ixv-20849"> 2021-11-12 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c114" id="ixv-20850"> 2022-11-11 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c113" decimals="4" id="ixv-20851" unitRef="pure"> 0.0435 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c115" decimals="0" id="ixv-20852" unitRef="cny"> 9990000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c115" decimals="0" id="ixv-20853" unitRef="usd"> 1404372 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c116" id="ixv-20854"> 2021-11-23 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c116" id="ixv-20855"> 2022-11-22 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c115" decimals="4" id="ixv-20856" unitRef="pure"> 0.0435 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c117" decimals="0" id="ixv-20857" unitRef="cny"> 9500000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c117" decimals="0" id="ixv-20858" unitRef="usd"> 1335489 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c118" id="ixv-20859"> 2021-12-01 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c118" id="ixv-20860"> 2022-11-25 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c117" decimals="4" id="ixv-20861" unitRef="pure"> 0.0435 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c119" decimals="0" id="ixv-20862" unitRef="cny"> 5700000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c119" decimals="0" id="ixv-20863" unitRef="usd"> 801293 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c120" id="ixv-20864"> 2021-12-23 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c120" id="ixv-20865"> 2022-12-22 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c119" decimals="4" id="ixv-20866" unitRef="pure"> 0.043 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c121" decimals="0" id="ixv-20867" unitRef="cny"> 9990000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c121" decimals="0" id="ixv-20868" unitRef="usd"> 1404372 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c122" id="ixv-20869"> 2021-12-29 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c122" id="ixv-20870"> 2022-12-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c121" decimals="4" id="ixv-20871" unitRef="pure"> 0.0435 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c123" decimals="0" id="ixv-20872" unitRef="cny"> 5000000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c123" decimals="0" id="ixv-20873" unitRef="usd"> 702889 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c124" id="ixv-20874"> 2022-01-06 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c124" id="ixv-20875"> 2023-01-04 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c123" decimals="4" id="ixv-20876" unitRef="pure"> 0.0435 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c125" decimals="0" id="ixv-20877" unitRef="cny"> 8400000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c125" decimals="0" id="ixv-20878" unitRef="usd"> 1180853 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c126" id="ixv-20879"> 2022-03-07 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c126" id="ixv-20880"> 2023-03-02 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c125" decimals="4" id="ixv-20881" unitRef="pure"> 0.0435 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c127" decimals="0" id="ixv-20882" unitRef="cny"> 9990000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c127" decimals="0" id="ixv-20883" unitRef="usd"> 1404372 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c128" id="ixv-20884"> 2022-08-05 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c128" id="ixv-20885"> 2023-08-03 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c127" decimals="4" id="ixv-20886" unitRef="pure"> 0.043 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c129" decimals="0" id="ixv-20887" unitRef="cny"> 500000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c129" decimals="0" id="ixv-20888" unitRef="usd"> 70289 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c130" id="ixv-20889"> 2022-01-28 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c130" id="ixv-20890"> 2023-01-15 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c129" decimals="4" id="ixv-20891" unitRef="pure"> 0.0465 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c131" decimals="0" id="ixv-20892" unitRef="cny"> 9000000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c131" decimals="0" id="ixv-20893" unitRef="usd"> 1265200 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c132" id="ixv-20894"> 2022-04-26 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c132" id="ixv-20895"> 2023-04-15 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c131" decimals="4" id="ixv-20896" unitRef="pure"> 0.0465 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c133" decimals="0" id="ixv-20897" unitRef="cny"> 9500000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c133" decimals="0" id="ixv-20898" unitRef="usd"> 1335489 </us-gaap:ShortTermBorrowings>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c134" id="ixv-20899"> 2022-05-24 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c134" id="ixv-20900"> 2023-05-11 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtPercentageBearingVariableInterestRate contextRef="c133" decimals="4" id="ixv-20901" unitRef="pure"> 0.0465 </us-gaap:ShortTermDebtPercentageBearingVariableInterestRate>
<us-gaap:ShortTermBorrowings contextRef="c3" decimals="0" id="ixv-20902" unitRef="cny"> 84570000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c3" decimals="0" id="ixv-20903" unitRef="usd"> 11888662 </us-gaap:ShortTermBorrowings>
<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="c135" id="ixv-20904">
Long-term borrowings consisted of the following at September 30, 2023:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - RMB</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 39%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,930,000</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">1,361,020</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">4/28/2022</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">4/25/2025</td><td style="width: 1%"> </td> <td style="text-align: right; width: 9%">3.95</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,940,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,362,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/9/2022</td><td> </td> <td style="text-align: center">12/8/2025</td><td> </td> <td style="text-align: right">3.95</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,940,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,362,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">12/15/2022</td><td> </td> <td style="text-align: center">12/13/2025</td><td> </td> <td style="text-align: right">3.95</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Agricultural Bank</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"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,900,000</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">1,356,909</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">9/26/2023</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">9/25/2026</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">3.45</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"><b>Total</b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double"><b>RMB</b></td><td style="border-bottom: Black 4pt double"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>39,710,000</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b>$</td><td style="border-bottom: Black 4pt double; text-align: right"><b>5,442,709</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="padding-bottom: 4pt; text-align: right"><b> </b></td> <td> </td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Bank Name</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - RMB</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount - USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 39%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,900,000</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">1,391,720</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">3/17/2022</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">3/16/2025</td><td style="width: 1%"> </td> <td style="text-align: right; width: 9%">4.35</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,950,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,398,749</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/18/2022</td><td> </td> <td style="text-align: center">3/5/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,850,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,384,691</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/18/2022</td><td> </td> <td style="text-align: center">2/25/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,391,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/18/2022</td><td> </td> <td style="text-align: center">2/15/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,600,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">927,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">3/31/2022</td><td> </td> <td style="text-align: center">3/25/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agricultural Bank</td><td> </td> <td> </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">1,402,966</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">4/19/2022</td><td> </td> <td style="text-align: center">4/17/2025</td><td> </td> <td style="text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Agricultural Bank</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"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,980,000</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">1,402,966</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">4/28/2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">4/25/2025</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">4.35</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><b>Total</b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double"><b>RMB</b></td><td style="border-bottom: Black 4pt double"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b> </b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>66,160,000</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>9,300,625</b></td><td style="padding-bottom: 4pt; text-align: left"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="text-align: center; padding-bottom: 4pt"><b> </b></td><td style="padding-bottom: 4pt"><b> </b></td> <td style="padding-bottom: 4pt; text-align: right"><b> </b></td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
<us-gaap:LongTermDebt contextRef="c136" decimals="0" id="ixv-20905" unitRef="cny"> 9930000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c136" decimals="0" id="ixv-20906" unitRef="usd"> 1361020 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c137" id="ixv-20907"> 2022-04-28 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c137" id="ixv-20908"> 2025-04-25 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c136" decimals="4" id="ixv-20909" unitRef="pure"> 0.0395 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c138" decimals="0" id="ixv-20910" unitRef="cny"> 9940000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c138" decimals="0" id="ixv-20911" unitRef="usd"> 1362390 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c139" id="ixv-20912"> 2022-12-09 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c139" id="ixv-20913"> 2025-12-08 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c138" decimals="4" id="ixv-20914" unitRef="pure"> 0.0395 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c140" decimals="0" id="ixv-20915" unitRef="cny"> 9940000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c140" decimals="0" id="ixv-20916" unitRef="usd"> 1362390 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c141" id="ixv-20917"> 2022-12-15 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c141" id="ixv-20918"> 2025-12-13 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c140" decimals="4" id="ixv-20919" unitRef="pure"> 0.0395 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c142" decimals="0" id="ixv-20920" unitRef="cny"> 9900000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c142" decimals="0" id="ixv-20921" unitRef="usd"> 1356909 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c143" id="ixv-20922"> 2023-09-26 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c143" id="ixv-20923"> 2026-09-25 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c142" decimals="4" id="ixv-20924" unitRef="pure"> 0.0345 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c2" decimals="0" id="ixv-20925" unitRef="cny"> 39710000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c2" decimals="0" id="ixv-20926" unitRef="usd"> 5442709 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c144" decimals="0" id="ixv-20927" unitRef="cny"> 9900000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c144" decimals="0" id="ixv-20928" unitRef="usd"> 1391720 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c145" id="ixv-20929"> 2022-03-17 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c145" id="ixv-20930"> 2025-03-16 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c144" decimals="4" id="ixv-20931" unitRef="pure"> 0.0435 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c146" decimals="0" id="ixv-20932" unitRef="cny"> 9950000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c146" decimals="0" id="ixv-20933" unitRef="usd"> 1398749 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c147" id="ixv-20934"> 2022-03-18 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c147" id="ixv-20935"> 2025-03-05 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c146" decimals="4" id="ixv-20936" unitRef="pure"> 0.0435 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c148" decimals="0" id="ixv-20937" unitRef="cny"> 9850000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c148" decimals="0" id="ixv-20938" unitRef="usd"> 1384691 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c149" id="ixv-20939"> 2022-03-18 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c149" id="ixv-20940"> 2025-02-25 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c148" decimals="4" id="ixv-20941" unitRef="pure"> 0.0435 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c150" decimals="0" id="ixv-20942" unitRef="cny"> 9900000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c150" decimals="0" id="ixv-20943" unitRef="usd"> 1391720 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c151" id="ixv-20944"> 2022-03-18 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c151" id="ixv-20945"> 2025-02-15 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c150" decimals="4" id="ixv-20946" unitRef="pure"> 0.0435 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c152" decimals="0" id="ixv-20947" unitRef="cny"> 6600000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c152" decimals="0" id="ixv-20948" unitRef="usd"> 927813 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c153" id="ixv-20949"> 2022-03-31 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c153" id="ixv-20950"> 2025-03-25 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c152" decimals="4" id="ixv-20951" unitRef="pure"> 0.0435 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c154" decimals="0" id="ixv-20952" unitRef="cny"> 9980000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c154" decimals="0" id="ixv-20953" unitRef="usd"> 1402966 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c155" id="ixv-20954"> 2022-04-19 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c155" id="ixv-20955"> 2025-04-17 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c154" decimals="4" id="ixv-20956" unitRef="pure"> 0.0435 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c156" decimals="0" id="ixv-20957" unitRef="cny"> 9980000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c156" decimals="0" id="ixv-20958" unitRef="usd"> 1402966 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c157" id="ixv-20959"> 2022-04-28 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentMaturityDate contextRef="c157" id="ixv-20960"> 2025-04-25 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongTermDebtPercentageBearingVariableInterestRate contextRef="c156" decimals="4" id="ixv-20961" unitRef="pure"> 0.0435 </us-gaap:LongTermDebtPercentageBearingVariableInterestRate>
<us-gaap:LongTermDebt contextRef="c3" decimals="0" id="ixv-20962" unitRef="cny"> 66160000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c3" decimals="0" id="ixv-20963" unitRef="usd"> 9300625 </us-gaap:LongTermDebt>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="c0" id="ixv-20964">
The following is a maturity analysis of long-term borrowings as of September 30, 2023:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Years ending September 30,</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">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">320,000</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">43,860</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,050,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,377,467</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,340,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,021,382</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</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-82">-</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">2028 and thereafter</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-83">-</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-84">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total long-term borrowings</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">39,710,000</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">5,442,709</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="c2" decimals="0" id="ixv-20965" unitRef="cny"> 320000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="c2" decimals="0" id="ixv-20966" unitRef="usd"> 43860 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="c2" decimals="0" id="ixv-20967" unitRef="cny"> 10050000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="c2" decimals="0" id="ixv-20968" unitRef="usd"> 1377467 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="c2" decimals="0" id="ixv-20969" unitRef="cny"> 29340000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="c2" decimals="0" id="ixv-20970" unitRef="usd"> 4021382 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
<us-gaap:LongTermDebt contextRef="c2" decimals="0" id="ixv-20971" unitRef="cny"> 39710000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="c2" decimals="0" id="ixv-20972" unitRef="usd"> 5442709 </us-gaap:LongTermDebt>
<hudi:ScheduleOfShortTermAndLongTermBankBorrowingsArePledgedByItsAssetsTableTextBlock contextRef="c0" id="ixv-20973">
The Company’s short-term and long-term bank borrowings are pledged by its assets as listed below:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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">23,860</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Land use right, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">414,738</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">617,430</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">438,598</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">617,430</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</hudi:ScheduleOfShortTermAndLongTermBankBorrowingsArePledgedByItsAssetsTableTextBlock>
<us-gaap:ShortTermNonBankLoansAndNotesPayable contextRef="c87" decimals="0" id="ixv-20974" unitRef="usd"> 23860 </us-gaap:ShortTermNonBankLoansAndNotesPayable>
<us-gaap:ShortTermNonBankLoansAndNotesPayable contextRef="c158" decimals="0" id="ixv-20975" unitRef="usd"> 414738 </us-gaap:ShortTermNonBankLoansAndNotesPayable>
<us-gaap:ShortTermNonBankLoansAndNotesPayable contextRef="c159" decimals="0" id="ixv-20976" unitRef="usd"> 617430 </us-gaap:ShortTermNonBankLoansAndNotesPayable>
<us-gaap:ShortTermNonBankLoansAndNotesPayable contextRef="c2" decimals="0" id="ixv-20977" unitRef="usd"> 438598 </us-gaap:ShortTermNonBankLoansAndNotesPayable>
<us-gaap:ShortTermNonBankLoansAndNotesPayable contextRef="c3" decimals="0" id="ixv-20978" unitRef="usd"> 617430 </us-gaap:ShortTermNonBankLoansAndNotesPayable>
<us-gaap:InterestPaidNet contextRef="c110" decimals="0" id="ixv-20979" unitRef="usd"> 442748 </us-gaap:InterestPaidNet>
<us-gaap:InterestPaidNet contextRef="c111" decimals="0" id="ixv-20980" unitRef="usd"> 1151567 </us-gaap:InterestPaidNet>
<us-gaap:InterestPaidNet contextRef="c112" decimals="0" id="ixv-20981" unitRef="usd"> 1550082 </us-gaap:InterestPaidNet>
<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="c0" id="ixv-18912">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 12 – 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"><b>Customer concentration</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 had no significant customer during the year ended September 30, 2023. There was one customer accounted for a significant portion of total accounts receivable for the year ended September 30, 2023, which combined accounted for 22.00% 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 had no significant customer during the year ended September 30, 2022. There was one customer accounted for a significant portion of total accounts receivable for the year ended September 30, 2022, which combined accounted for 20.95% 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 (10.67% 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 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"><b>Supplier concentration</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">For the year ended September 30, 2023, two suppliers accounted for 25.98% and 12.39% of the Company’s total purchase. There were four suppliers that have significant concentration (over 10%) of total accounts payable for the year ended September 30, 2023, which accounted for 24.45%, 23.32%, 17.17% and 14.62% 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, 2022, two suppliers accounted for 26.71% and 18.06% of the Company’s total purchase. There was one supplier that have significant concentration (over 10%) of total accounts payable for the year ended September 30, 2022, which accounted for 72.62% 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, 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">The Company believes there are numerous other suppliers that could be substituted should the supplier become unavailable or non-competitive.</p>
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<us-gaap:ConcentrationRiskPercentage1 contextRef="c160" decimals="2" id="ixv-20982" unitRef="pure"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskCustomer contextRef="c161" id="ixv-20983"> one </us-gaap:ConcentrationRiskCustomer>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c162" decimals="4" id="ixv-20984" unitRef="pure"> 0.22 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskCustomer contextRef="c163" id="ixv-20985"> one </us-gaap:ConcentrationRiskCustomer>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c164" decimals="4" id="ixv-20986" unitRef="pure"> 0.2095 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c165" decimals="4" id="ixv-20987" unitRef="pure"> 0.1067 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="c166" decimals="0" id="ixv-20988" unitRef="usd"> 6144633 </us-gaap:IncreaseDecreaseInAccountsReceivable>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c167" decimals="4" id="ixv-20989" unitRef="pure"> 0.2431 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c168" decimals="4" id="ixv-20990" unitRef="pure"> 0.2598 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c169" decimals="4" id="ixv-20991" unitRef="pure"> 0.1239 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c170" decimals="4" id="ixv-20992" unitRef="pure"> 0.2445 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c171" decimals="4" id="ixv-20993" unitRef="pure"> 0.2332 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c172" decimals="4" id="ixv-20994" unitRef="pure"> 0.1717 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c173" decimals="4" id="ixv-20995" unitRef="pure"> 0.1462 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c174" decimals="4" id="ixv-20996" unitRef="pure"> 0.2671 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c175" decimals="4" id="ixv-20997" unitRef="pure"> 0.1806 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c176" decimals="4" id="ixv-20998" unitRef="pure"> 0.7262 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c177" decimals="4" id="ixv-20999" unitRef="pure"> 0.1284 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c178" decimals="4" id="ixv-21000" unitRef="pure"> 0.1284 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c179" decimals="4" id="ixv-21001" unitRef="pure"> 0.1147 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="c180" decimals="4" id="ixv-21002" unitRef="pure"> 0.5133 </us-gaap:ConcentrationRiskPercentage1>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 13 – 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: 0pt 0"><i>1) Nature of relationships with related parties:</i></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="border-bottom: black 1.5pt solid; width: 40%"><span style="font-size: 10pt"><b>Name</b></span></td> <td style="width: 2%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 58%; text-align: center"><span style="font-size: 10pt"><b>Relationship with the Company</b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"><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, principal shareholder of the Company</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: rgb(204,238,255)"> <td style="padding-left: 0in; text-indent: 0in"><span style="font-size: 10pt">Taizhou Huadi Material Technology Co. (Huadi Material)</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity 100% owned by Jueguang Wang, Immediate family member of Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-indent: 0in"><span style="font-size: 10pt">Wenzhou Maituo International Trade Ltd. (“Wenzhou Maituo”)</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity controlled by Meiling Wang, Immediate family member of Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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; "> <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; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">Jueguang Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Immediate family member of Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Meiling Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Immediate family member of Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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: 0pt 0"><i>2) Related party transactions</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"><b>2023 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, 2023, the Company purchased a total of $679,210 raw materials from Taizhou Huadi, and sold a total of $239,640 piping products to Taizhou Huadi. These raw materials primarily consisted of stainless steel bars and stainless steel strips. As of September 30, 2023, the Company had outstanding accounts payable of $3,692,394 to this entity. Besides, the Company borrowed $6,858,500 from Taizhou Huadi as working capitals to support the Company’s operations. The borrowing was unsecured, due on demand, and interest free. As of September 30, 2023, the borrowing has been 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, 2023, the Company sold a total of $520 steel materials to Huadi Material. As of September 30, 2023, the Company had advance balance of $385,605 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 the year ended September 30, 2023, the Company received $623,629 in advance from Wenzhou Maituo for piping 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">During the year ended September 30, 2023, the Company leased an office to Huashang with annual rent amounted $26,235, and the Company recorded $19,550 rental income. As of September 30, 2023, the Company had advance balance of $6,462 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 the year ended September 30, 2023, the Company repaid RMB 2,000,000 ($274,123 in USD) to Di Wang. The borrowing was made in previous years to support the Company’s operations, which was 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>2022 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, 2022, the Company purchased a total of $4,649,636 raw materials from Taizhou Huadi, and sold a total of $1,990,329 piping products to Taizhou Huadi. These raw materials primarily consisted of stainless steel bars and stainless steel strips. As of September 30, 2022, the Company had outstanding accounts payable of $2,439,105 to 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 the year ended September 30, 2022, the Company sold a total of $122,666 steel materials to Taizhou Huadi Material Technology Co. As of September 30, 2022, the Company had advance balance of $395,498 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 the year ended September 30, 2022, the Company net borrowed RMB 1,000,000 ($140,578 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>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 ($1,844,111 in USD), from Bing Zhang as working capitals to support the Company’s operations. The borrowing is unsecured, due on demand, and was subject to 8% annual interest rate. The borrowing has been fully paid in fiscal year 2021. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>3) Related party balances</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net outstanding balances with related parties consisted of the following as of September 30, 2023 and 2022:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Accounts</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%; text-align: left">Accounts payable</td><td style="width: 1%"> </td> <td style="width: 37%; text-align: left">Taizhou Huadi Industrial Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,692,394</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">2,439,105</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Advance from customer</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">385,605</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">395,498</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance from customer</td><td> </td> <td style="text-align: left">Wenzhou Maituo International Trade Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">623,629</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-86">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Advance from customer</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">6,462</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-87">-</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">Due to related parties – current portion</td><td> </td> <td style="text-align: left">Di Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,156</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Due to related parties – current portion</td><td> </td> <td style="text-align: left">Jueqin Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(325,830</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Due to related parties – noncurrent portion</td><td> </td> <td style="text-align: left">Jueqin Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(317,680</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-90">-</div></td><td style="text-align: left"> </td></tr> </table>
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Nature of relationships with related parties:<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; width: 40%"><span style="font-size: 10pt"><b>Name</b></span></td> <td style="width: 2%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 58%; text-align: center"><span style="font-size: 10pt"><b>Relationship with the Company</b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"><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, principal shareholder of the Company</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: rgb(204,238,255)"> <td style="padding-left: 0in; text-indent: 0in"><span style="font-size: 10pt">Taizhou Huadi Material Technology Co. (Huadi Material)</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity 100% owned by Jueguang Wang, Immediate family member of Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-indent: 0in"><span style="font-size: 10pt">Wenzhou Maituo International Trade Ltd. (“Wenzhou Maituo”)</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">An entity controlled by Meiling Wang, Immediate family member of Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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; "> <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; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">Jueguang Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Immediate family member of Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">Meiling Wang</span></td> <td> </td> <td style="text-align: justify"><span style="font-size: 10pt">Immediate family member of Jueqin Wang</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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>
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<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c203" id="ixv-18995"> An entity 100% owned by Jueguang Wang, Immediate family member of Jueqin Wang </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c204" id="ixv-19002"> An entity controlled by Meiling Wang, Immediate family member of Jueqin Wang </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c205" id="ixv-19009"> Principal shareholder of the Company </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
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<us-gaap:RelatedPartyTransactionDescriptionOfTransaction contextRef="c209" id="ixv-19037"> Principal shareholder of the Company </us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
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<hudi:AdvanceFromCustomer contextRef="c186" decimals="0" id="ixv-21010" unitRef="usd"> 623629 </hudi:AdvanceFromCustomer>
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<us-gaap:OperatingLeasesRentExpenseSubleaseRentals1 contextRef="c0" decimals="0" id="ixv-21012" unitRef="usd"> 19550 </us-gaap:OperatingLeasesRentExpenseSubleaseRentals1>
<us-gaap:AdvanceRent contextRef="c187" decimals="0" id="ixv-21013" unitRef="usd"> 6462 </us-gaap:AdvanceRent>
<us-gaap:RepaymentsOfRelatedPartyDebt contextRef="c188" decimals="0" id="ixv-21014" unitRef="cny"> 2000000 </us-gaap:RepaymentsOfRelatedPartyDebt>
<us-gaap:RepaymentsOfRelatedPartyDebt contextRef="c189" decimals="0" id="ixv-21015" unitRef="usd"> 274123 </us-gaap:RepaymentsOfRelatedPartyDebt>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="c190" decimals="0" id="ixv-21016" unitRef="usd"> 4649636 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:CostOfGoodsAndServicesSold contextRef="c190" decimals="0" id="ixv-21017" unitRef="usd"> 1990329 </us-gaap:CostOfGoodsAndServicesSold>
<us-gaap:AccountsPayableCurrent contextRef="c191" decimals="0" id="ixv-21018" unitRef="usd"> 2439105 </us-gaap:AccountsPayableCurrent>
<hudi:SaleOfSteelMaterials contextRef="c192" decimals="0" id="ixv-21019" unitRef="usd"> 122666 </hudi:SaleOfSteelMaterials>
<hudi:AdvanceFromCustomer contextRef="c193" decimals="0" id="ixv-21020" unitRef="usd"> 395498 </hudi:AdvanceFromCustomer>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="c6" decimals="0" id="ixv-21021" unitRef="cny"> 1000000 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="c6" decimals="0" id="ixv-21022" unitRef="usd"> 140578 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="c194" decimals="0" id="ixv-21023" unitRef="usd"> 6376512 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<hudi:OutstandingAdvanceBalance contextRef="c195" decimals="0" id="ixv-21024" unitRef="usd"> 5550504 </hudi:OutstandingAdvanceBalance>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="c196" decimals="0" id="ixv-21025" unitRef="cny"> 12000000 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="c196" decimals="0" id="ixv-21026" unitRef="usd"> 1844111 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="c197" decimals="2" id="ixv-21027" unitRef="pure"> 0.08 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="c198" decimals="0" id="ixv-21028" unitRef="cny"> 6500000 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="c198" decimals="0" id="ixv-21029" unitRef="usd"> 998894 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="c199" decimals="2" id="ixv-21030" unitRef="pure"> 0.08 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="c200" decimals="0" id="ixv-21031" unitRef="cny"> 12000000 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="c200" decimals="0" id="ixv-21032" unitRef="usd"> 1844111 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="c201" decimals="2" id="ixv-21033" unitRef="pure"> 0.08 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<hudi:ScheduleOfNetOutstandingBalancesWithRelatedPartiesTableTextBlock contextRef="c0" id="ixv-21034">
Net outstanding balances with related parties consisted of the following as of September 30, 2023 and 2022:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">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">2023</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">2022</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: 38%; text-align: left">Accounts payable</td><td style="width: 1%"> </td> <td style="width: 37%; 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">3,692,394</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">2,439,105</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Advance from customer</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">385,605</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">395,498</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance from customer</td><td> </td> <td style="text-align: left">Wenzhou Maituo International Trade Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">623,629</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-86">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Advance from customer</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">6,462</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-87">-</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">Due to related parties – current portion</td><td> </td> <td style="text-align: left">Di Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,156</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Due to related parties – current portion</td><td> </td> <td style="text-align: left">Jueqin Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(325,830</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Due to related parties – noncurrent portion</td><td> </td> <td style="text-align: left">Jueqin Wang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(317,680</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-90">-</div></td><td style="text-align: left"> </td></tr> </table>
</hudi:ScheduleOfNetOutstandingBalancesWithRelatedPartiesTableTextBlock>
<us-gaap:AccountsPayableCurrent contextRef="c210" decimals="0" id="ixv-21035" unitRef="usd"> 3692394 </us-gaap:AccountsPayableCurrent>
<us-gaap:AccountsPayableCurrent contextRef="c211" decimals="0" id="ixv-21036" unitRef="usd"> 2439105 </us-gaap:AccountsPayableCurrent>
<hudi:AdvanceFromCustomer contextRef="c183" decimals="0" id="ixv-21037" unitRef="usd"> 385605 </hudi:AdvanceFromCustomer>
<hudi:AdvanceFromCustomer contextRef="c193" decimals="0" id="ixv-21038" unitRef="usd"> 395498 </hudi:AdvanceFromCustomer>
<hudi:AdvanceFromCustomer contextRef="c212" decimals="0" id="ixv-21039" unitRef="usd"> 623629 </hudi:AdvanceFromCustomer>
<hudi:AdvanceFromCustomer contextRef="c214" decimals="0" id="ixv-21040" unitRef="usd"> 6462 </hudi:AdvanceFromCustomer>
<us-gaap:OtherLiabilitiesCurrent contextRef="c217" decimals="0" id="ixv-21041" unitRef="usd"> 281156 </us-gaap:OtherLiabilitiesCurrent>
<us-gaap:OtherLiabilitiesCurrent contextRef="c219" decimals="0" id="ixv-21042" unitRef="usd"> 325830 </us-gaap:OtherLiabilitiesCurrent>
<us-gaap:OtherLiabilitiesNoncurrent contextRef="c218" decimals="0" id="ixv-21043" unitRef="usd"> 317680 </us-gaap:OtherLiabilitiesNoncurrent>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c0" id="ixv-19212">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 14 – 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 share information included in the consolidated financial statements and notes thereto have been retroactively adjusted as if such Reverse Stock Split occurred on the first day of the first period presented.</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"></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">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 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. Management determined that these warrants are equity instruments because the warrants are both a) indexed to its own stock; and b) classified in stockholders’ equity. The warrants were recorded at their fair value on the date of grant as a component of stockholders’ equity. During the fiscal year ended September 30, 2022, all warrants were exercised on cashless basis and 112,182 shares of Company’s ordinary shares were issued.</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 November 7, 2022, the Company entered into a securities purchase agreement with two institutional investors pursuant to which the Company agreed to sell up to 3,500,000 ordinary shares, par value $0.0002 per share, in a registered direct offering. On November 9, 2022, the Company closed the Offering for the sale of 1,000,000 ordinary shares. The Company received gross proceeds from the sale of the Shares of approximately $25,000,000, before deducting placement agent fees and other offering expenses. The Company has agreed to grant each purchaser, for a period of one ninety (90) days after the closing date, or for an additional thirty (30) days thereafter at the election of the Company, the right to purchase additional ordinary shares in an aggregate amount equal to up to 250% of the Shares issued or issuable to each purchaser pursuant to the Purchase Agreement, on the same terms, conditions and price at the purchase of the ordinary shares. Management determined that these warrants are equity instruments because the warrants are both a) indexed to its own stock; and b) classified in stockholders’ equity. The warrants were recorded at their fair value on the date of grant as a component of stockholders’ equity. As of September 30, 2023, all warrants have been expired.</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>Stock-based compensation</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 April 20, 2023, the Company granted an aggregate of 20,000 annual bonus share (the “Bonus Shares”) to its Chief Financial Officer Mr. Jianping Xiang. The stock-based compensation expense in relation to the Bonus Shares have been recognized based on the fair value on the share price of $2.98 on the grant date. As of September 30, 2023, the 20,000 shares have been issued to Mr. Jianping Xiang. For the year ended September 30, 2023, the Company recognized $59,600 for the compensation cost.</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, 2023 and 2022.</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 net 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 ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by WFOEs and Huadi Steel (collectively, the “Huadi PRC Subsidiaries”) only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Huadi PRC Subsidiaries.</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 PRC Subsidiaries are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of their respective registered capital. In addition, Huadi PRC Subsidiaries may allocate a portion of their after-tax profits based on PRC accounting standards to enterprise expansion fund and staff bonus and welfare fund at their discretion. Huadi PRC Subsidiaries may allocate a portion of their respective after-tax profits based on PRC accounting standards to a discretionary surplus fund at their discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.</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 a result of the foregoing restrictions, Huadi PRC Subsidiaries are restricted in their ability to transfer their assets to the Company. Foreign exchange and other regulations in the PRC may further restrict Huadi PRC Subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. As of September 30, 2023 and 2022, amounts restricted are the paid-in-capital and statutory reserve of Huadi PRC Subsidiaries 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 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">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">2023</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">2022</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">Statutory reserves</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">874,518</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">494,223</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Paid-in-capital</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,775,036</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,225,336</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total restricted net assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,649,554</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">10,719,559</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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<us-gaap:CommonStockSharesAuthorized contextRef="c221" decimals="0" id="ixv-21045" unitRef="shares"> 250000000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c221" decimals="4" id="ixv-21046" unitRef="usdPershares"> 0.0001 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c220" decimals="4" id="ixv-21047" unitRef="usdPershares"> 0.0002 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockSharesIssued contextRef="c220" decimals="0" id="ixv-21048" unitRef="shares"> 20000000 </us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="c220" decimals="0" id="ixv-21049" unitRef="shares"> 20000000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesIssued contextRef="c221" decimals="0" id="ixv-21050" unitRef="shares"> 10000000 </us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="c221" decimals="0" id="ixv-21051" unitRef="shares"> 10000000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:StockIssuedDuringPeriodSharesOther contextRef="c222" decimals="0" id="ixv-21052" unitRef="shares"> 2000 </us-gaap:StockIssuedDuringPeriodSharesOther>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c222" decimals="0" id="ixv-21053" unitRef="usd"> 16000 </us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="c223" decimals="0" id="ixv-21054" unitRef="shares"> 3125000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:SharesIssuedPricePerShare contextRef="c224" decimals="2" id="ixv-21055" unitRef="usdPershares"> 8 </us-gaap:SharesIssuedPricePerShare>
<us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="c223" decimals="-6" id="ixv-21056" unitRef="usd"> 25000000 </us-gaap:ProceedsFromIssuanceInitialPublicOffering>
<hudi:IssuedWarrantsPercentage contextRef="c223" decimals="2" id="ixv-21057" unitRef="pure"> 0.06 </hudi:IssuedWarrantsPercentage>
<hudi:AfterTheCommencingOfEffectiveThresholdDays contextRef="c225" id="ixv-21058"> P180D </hudi:AfterTheCommencingOfEffectiveThresholdDays>
<us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 contextRef="c226" decimals="2" id="ixv-21059" unitRef="usdPershares"> 10 </us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>
<hudi:PublicOfferingPercentage contextRef="c225" decimals="2" id="ixv-21060" unitRef="pure"> 1.25 </hudi:PublicOfferingPercentage>
<us-gaap:SharesIssued contextRef="c3" decimals="0" id="ixv-21061" unitRef="shares"> 112182 </us-gaap:SharesIssued>
<hudi:IncreaseDecreaseInInvestment contextRef="c227" decimals="-6" id="ixv-21062" unitRef="cny"> 99000000 </hudi:IncreaseDecreaseInInvestment>
<hudi:IncreaseDecreaseInInvestment contextRef="c228" decimals="-6" id="ixv-21063" unitRef="cny"> 32000000 </hudi:IncreaseDecreaseInInvestment>
<hudi:IncreaseDecreaseInInvestment contextRef="c229" decimals="-6" id="ixv-21064" unitRef="cny"> 1000000 </hudi:IncreaseDecreaseInInvestment>
<hudi:EquityInterestOfOwnershipPercentage contextRef="c228" decimals="2" id="ixv-21065" unitRef="pure"> 0.99 </hudi:EquityInterestOfOwnershipPercentage>
<hudi:EquityInterestOfOwnershipPercentage contextRef="c229" decimals="2" id="ixv-21066" unitRef="pure"> 0.01 </hudi:EquityInterestOfOwnershipPercentage>
<us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction contextRef="c230" decimals="0" id="ixv-21067" unitRef="shares"> 3500000 </us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>
<us-gaap:SharesIssuedPricePerShare contextRef="c231" decimals="4" id="ixv-21068" unitRef="usdPershares"> 0.0002 </us-gaap:SharesIssuedPricePerShare>
<us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction contextRef="c232" decimals="0" id="ixv-21069" unitRef="shares"> 1000000 </us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>
<us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="c232" decimals="0" id="ixv-21070" unitRef="usd"> 25000000 </us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
<hudi:PercentageOfPurchaseOfAdditionalOrdinaryShares contextRef="c232" decimals="2" id="ixv-21071" unitRef="pure"> 2.50 </hudi:PercentageOfPurchaseOfAdditionalOrdinaryShares>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod contextRef="c233" decimals="0" id="ixv-21072" unitRef="shares"> 20000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="c234" decimals="2" id="ixv-21073" unitRef="usdPershares"> 2.98 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="c235" decimals="0" id="ixv-21074" unitRef="shares"> 20000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense contextRef="c0" decimals="0" id="ixv-21075" unitRef="usd"> 59600 </us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense>
<hudi:EquityInterestOfOwnershipPercentage contextRef="c236" decimals="2" id="ixv-21076" unitRef="pure"> 0.99 </hudi:EquityInterestOfOwnershipPercentage>
<hudi:EquityInterestOfOwnershipPercentage contextRef="c237" decimals="2" id="ixv-21077" unitRef="pure"> 0.99 </hudi:EquityInterestOfOwnershipPercentage>
<hudi:EquityInterestOfOwnershipPercentage contextRef="c238" decimals="2" id="ixv-21078" unitRef="pure"> 0.01 </hudi:EquityInterestOfOwnershipPercentage>
<hudi:EquityNoncontrollingInterestPercentage contextRef="c0" decimals="2" id="ixv-21079" unitRef="pure"> 0.01 </hudi:EquityNoncontrollingInterestPercentage>
<hudi:EquityNoncontrollingInterestPercentage contextRef="c6" decimals="2" id="ixv-21080" unitRef="pure"> 0.01 </hudi:EquityNoncontrollingInterestPercentage>
<hudi:PRCSubsidiariesOfTheirAftertaxProfits contextRef="c0" decimals="2" id="ixv-21081" unitRef="pure"> 0.10 </hudi:PRCSubsidiariesOfTheirAftertaxProfits>
<hudi:PercentageOfReserveFund contextRef="c0" decimals="2" id="ixv-21082" unitRef="pure"> 0.50 </hudi:PercentageOfReserveFund>
<srt:ScheduleOfCondensedBalanceSheetTableTextBlock contextRef="c0" id="ixv-21083">
As of September 30, 2023 and 2022, amounts restricted are the paid-in-capital and statutory reserve of Huadi PRC Subsidiaries as follows:<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">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">2023</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">2022</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">Statutory reserves</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">874,518</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">494,223</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Paid-in-capital</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,775,036</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,225,336</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total restricted net assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,649,554</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">10,719,559</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</srt:ScheduleOfCondensedBalanceSheetTableTextBlock>
<hudi:StatutoryReserve contextRef="c2" decimals="0" id="ixv-21084" unitRef="usd"> 874518 </hudi:StatutoryReserve>
<hudi:StatutoryReserve contextRef="c3" decimals="0" id="ixv-21085" unitRef="usd"> 494223 </hudi:StatutoryReserve>
<hudi:Paidincapitals contextRef="c2" decimals="0" id="ixv-21086" unitRef="usd"> 13775036 </hudi:Paidincapitals>
<hudi:Paidincapitals contextRef="c3" decimals="0" id="ixv-21087" unitRef="usd"> 10225336 </hudi:Paidincapitals>
<us-gaap:AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries contextRef="c2" decimals="0" id="ixv-21088" unitRef="usd"> 14649554 </us-gaap:AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries>
<us-gaap:AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries contextRef="c3" decimals="0" id="ixv-21089" unitRef="usd"> 10719559 </us-gaap:AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="c0" id="ixv-19333">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 15 – 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"><b>Enterprise Income Taxes (“EIT”)</b></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"><i>Cayman Islands</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">Huadi International is incorporated in Cayman Island as an offshore holding company. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.</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>British Virgin Islands</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">Tuoxing is incorporated in British Virgin Islands as an offshore holding company. Under the current laws of the British Virgin Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no British Virgin Islands withholding tax will be imposed.</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>Hong Kong</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; text-align: justify; margin: 0pt 0">HK Beach is established in Hong Kong<span style="font-family: Times New Roman, Times, Serif">.</span> Under the current Hong Kong Inland Revenue Ordinance, companies are subject to 16.5% income tax or on its taxable income generated from operations in Hong Kong. On December 29, 2017, Hong Kong government announced a two-tiered profit tax rate regime. Under the two-tiered tax rate regime, the Company’s Hong Kong subsidiary, HK Beach, the first HK$2.0 million assessable profits will be subject to an 8.25% lower tax rate and the remaining taxable income will continue to be taxed at the existing 16.5% tax rate. The two-tiered tax regime becomes effective from the assessment year of 2018 and 2019, which is on or after April 1, 2018. The application of the two-tiered rates is restricted to only one nominated enterprise among connected entities. HK Beach is nominated by the Company as the entity to apply the two-tiered rates among the group for the assessment years of 2023, 2022 and 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"><i>PRC</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">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 2022, 2021 and 2020. As of September 30, 2022, the tax years ended December 31, 2016 through December 31, 2021 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">Huadi Songyang 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">Income taxes for the years ended September 30, 2023, 2022 and 2021 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">2023</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">2022</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">2021</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">285,460</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></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">(64,606</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">173,017</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">(89,000</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 (benefits)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">220,854</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">173,017</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">(89,000</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax expense reconciliation are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Income before taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,516,111</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,121,071</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,468,045</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">527,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">318,161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">370,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Rate differences in various jurisdictions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,748</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><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">Tax effect of R&D expenses deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(382,617</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,013</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(231,474</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <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">(37,514</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(37,148</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(227,733</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 non-deductible expenses</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">30,820</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">173,017</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">-</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">220,854</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">173,017</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(89,000</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"><b>Deferred tax assets</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 tax effects of temporary differences that give rise to significant portions of the deferred tax asset at September 30, 2023 and 2022 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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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">$</td><td style="width: 9%; text-align: right">392,713</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">338,417</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 8.1pt">Loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">312</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; padding-left: 8.1pt">DTA allowance</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">(2,076</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-93">-</div></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">$</td><td style="border-bottom: Black 4pt double; text-align: right">392,713</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">338,729</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"><b>Uncertain tax positions</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 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. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of September 30, 2023 and 2022 the Company did not have any significant unrecognized uncertain tax positions.</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">Taxes payable consist of the following:</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">2023</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">2022</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">Income tax payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,507,752</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,340,256</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">VAT and tax payable (receivable)</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">502,097</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">(213,478</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 tax payable</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,009,849</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,126,778</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c239" decimals="3" id="ixv-21090" unitRef="pure"> 0.165 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:IncomeTaxReconciliationOtherReconcilingItems contextRef="c0" decimals="1" id="ixv-21091" unitRef="hkd"> 2 </us-gaap:IncomeTaxReconciliationOtherReconcilingItems>
<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate contextRef="c0" decimals="4" id="ixv-21092" unitRef="pure"> 0.0825 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c0" decimals="3" id="ixv-21093" unitRef="pure"> 0.165 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<hudi:StatutoryIncomeTaxRatePercentage contextRef="c240" decimals="2" id="ixv-21094" unitRef="pure"> 0.25 </hudi:StatutoryIncomeTaxRatePercentage>
<hudi:PreferentialTaxRatePercentage contextRef="c241" decimals="2" id="ixv-21095" unitRef="pure"> 0.15 </hudi:PreferentialTaxRatePercentage>
<hudi:PreferentialTaxRatePercentage contextRef="c242" decimals="2" id="ixv-21096" unitRef="pure"> 0.15 </hudi:PreferentialTaxRatePercentage>
<hudi:PreferentialTaxRatePercentage contextRef="c243" decimals="2" id="ixv-21097" unitRef="pure"> 0.15 </hudi:PreferentialTaxRatePercentage>
<hudi:PreferentialTaxRatePercentage contextRef="c244" decimals="2" id="ixv-21098" unitRef="pure"> 0.15 </hudi:PreferentialTaxRatePercentage>
<hudi:StatutoryIncomeTaxRatePercentage contextRef="c0" decimals="2" id="ixv-21099" unitRef="pure"> 0.25 </hudi:StatutoryIncomeTaxRatePercentage>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="c0" id="ixv-21100">
Income taxes for the years ended September 30, 2023, 2022 and 2021 are attributed to the Company’s continuing operations in China and consisted of:<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">2023</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">2022</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">2021</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">$</td><td style="width: 9%; text-align: right">285,460</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Deferred income tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(64,606</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">173,017</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(89,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total income tax expense (benefits)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">220,854</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">173,017</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(89,000</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c0" decimals="0" id="ixv-21101" unitRef="usd"> 285460 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="c0" decimals="0" id="ixv-21102" unitRef="usd"> -64606 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="c6" decimals="0" id="ixv-21103" unitRef="usd"> 173017 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="c7" decimals="0" id="ixv-21104" unitRef="usd"> -89000 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c0" decimals="0" id="ixv-21105" unitRef="usd"> 220854 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c6" decimals="0" id="ixv-21106" unitRef="usd"> 173017 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c7" decimals="0" id="ixv-21107" unitRef="usd"> -89000 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="c0" id="ixv-21108">
Income tax expense reconciliation are as follows:<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">2023</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">2022</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">2021</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">$</td><td style="width: 9%; text-align: right">3,516,111</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,121,071</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,468,045</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">PRC EIT tax rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax at the PRC EIT tax rates</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">527,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">318,161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">370,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Rate differences in various jurisdictions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,748</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><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">Tax effect of R&D expenses deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(382,617</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,013</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(231,474</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <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">(37,514</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(37,148</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(227,733</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 non-deductible expenses</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">30,820</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">173,017</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">-</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">220,854</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">173,017</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">(89,000</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:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:IncomeLossAttributableToParent contextRef="c0" decimals="0" id="ixv-21109" unitRef="usd"> 3516111 </us-gaap:IncomeLossAttributableToParent>
<us-gaap:IncomeLossAttributableToParent contextRef="c6" decimals="0" id="ixv-21110" unitRef="usd"> 2121071 </us-gaap:IncomeLossAttributableToParent>
<us-gaap:IncomeLossAttributableToParent contextRef="c7" decimals="0" id="ixv-21111" unitRef="usd"> 2468045 </us-gaap:IncomeLossAttributableToParent>
<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent contextRef="c0" decimals="2" id="ixv-21112" unitRef="pure"> 0.15 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>
<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent contextRef="c6" decimals="2" id="ixv-21113" unitRef="pure"> 0.15 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>
<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent contextRef="c7" decimals="2" id="ixv-21114" unitRef="pure"> 0.15 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>
<hudi:TaxAtThePRCEITTaxRates contextRef="c0" decimals="0" id="ixv-21115" unitRef="usd"> 527417 </hudi:TaxAtThePRCEITTaxRates>
<hudi:TaxAtThePRCEITTaxRates contextRef="c6" decimals="0" id="ixv-21116" unitRef="usd"> 318161 </hudi:TaxAtThePRCEITTaxRates>
<hudi:TaxAtThePRCEITTaxRates contextRef="c7" decimals="0" id="ixv-21117" unitRef="usd"> 370207 </hudi:TaxAtThePRCEITTaxRates>
<hudi:RateDifferencesInVariousJurisdictions contextRef="c0" decimals="0" id="ixv-21118" unitRef="usd"> 82748 </hudi:RateDifferencesInVariousJurisdictions>
<us-gaap:IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment contextRef="c0" decimals="0" id="ixv-21119" unitRef="usd"> 382617 </us-gaap:IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment>
<us-gaap:IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment contextRef="c6" decimals="0" id="ixv-21120" unitRef="usd"> 281013 </us-gaap:IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment>
<us-gaap:IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment contextRef="c7" decimals="0" id="ixv-21121" unitRef="usd"> 231474 </us-gaap:IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment>
<hudi:TaxEffectOfNontaxableInvestmentIncomeAndGovernmentGrant contextRef="c0" decimals="0" id="ixv-21122" unitRef="usd"> 37514 </hudi:TaxEffectOfNontaxableInvestmentIncomeAndGovernmentGrant>
<hudi:TaxEffectOfNontaxableInvestmentIncomeAndGovernmentGrant contextRef="c6" decimals="0" id="ixv-21123" unitRef="usd"> 37148 </hudi:TaxEffectOfNontaxableInvestmentIncomeAndGovernmentGrant>
<hudi:TaxEffectOfNontaxableInvestmentIncomeAndGovernmentGrant contextRef="c7" decimals="0" id="ixv-21124" unitRef="usd"> 227733 </hudi:TaxEffectOfNontaxableInvestmentIncomeAndGovernmentGrant>
<us-gaap:IncomeTaxReconciliationNondeductibleExpense contextRef="c0" decimals="0" id="ixv-21125" unitRef="usd"> 30820 </us-gaap:IncomeTaxReconciliationNondeductibleExpense>
<us-gaap:IncomeTaxReconciliationNondeductibleExpense contextRef="c6" decimals="0" id="ixv-21126" unitRef="usd"> 173017 </us-gaap:IncomeTaxReconciliationNondeductibleExpense>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c0" decimals="0" id="ixv-21127" unitRef="usd"> 220854 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c6" decimals="0" id="ixv-21128" unitRef="usd"> 173017 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c7" decimals="0" id="ixv-21129" unitRef="usd"> -89000 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="c0" id="ixv-21130">
The tax effects of temporary differences that give rise to significant portions of the deferred tax asset at September 30, 2023 and 2022 are presented below:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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">392,713</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">338,417</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 8.1pt">Loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">312</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 8.1pt">DTA allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,076</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">392,713</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">338,729</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts contextRef="c2" decimals="0" id="ixv-21131" unitRef="usd"> 392713 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts contextRef="c3" decimals="0" id="ixv-21132" unitRef="usd"> 338417 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="c2" decimals="0" id="ixv-21133" unitRef="usd"> 2076 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="c3" decimals="0" id="ixv-21134" unitRef="usd"> 312 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="c2" decimals="0" id="ixv-21135" unitRef="usd"> 2076 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsLiabilitiesNet contextRef="c2" decimals="0" id="ixv-21136" unitRef="usd"> 392713 </us-gaap:DeferredTaxAssetsLiabilitiesNet>
<us-gaap:DeferredTaxAssetsLiabilitiesNet contextRef="c3" decimals="0" id="ixv-21137" unitRef="usd"> 338729 </us-gaap:DeferredTaxAssetsLiabilitiesNet>
<us-gaap:EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent contextRef="c0" decimals="2" id="ixv-21138" unitRef="pure"> 0.50 </us-gaap:EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent>
<hudi:ScheduleOfTaxesPayableTableTextBlock contextRef="c0" id="ixv-21139">
Taxes payable consist of the following:<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">2023</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">2022</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">Income tax payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,507,752</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,340,256</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">VAT and tax payable (receivable)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">502,097</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(213,478</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total tax payable</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,009,849</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">3,126,778</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</hudi:ScheduleOfTaxesPayableTableTextBlock>
<us-gaap:IncomeTaxesPaidNet contextRef="c0" decimals="0" id="ixv-21140" unitRef="usd"> 3507752 </us-gaap:IncomeTaxesPaidNet>
<us-gaap:IncomeTaxesPaidNet contextRef="c6" decimals="0" id="ixv-21141" unitRef="usd"> 3340256 </us-gaap:IncomeTaxesPaidNet>
<hudi:VATAndTaxPayablereceivables contextRef="c2" decimals="0" id="ixv-21142" unitRef="usd"> 502097 </hudi:VATAndTaxPayablereceivables>
<hudi:VATAndTaxPayablereceivables contextRef="c3" decimals="0" id="ixv-21143" unitRef="usd"> -213478 </hudi:VATAndTaxPayablereceivables>
<us-gaap:TaxesPayableCurrentAndNoncurrent contextRef="c2" decimals="0" id="ixv-21144" unitRef="usd"> 4009849 </us-gaap:TaxesPayableCurrentAndNoncurrent>
<us-gaap:TaxesPayableCurrentAndNoncurrent contextRef="c3" decimals="0" id="ixv-21145" unitRef="usd"> 3126778 </us-gaap:TaxesPayableCurrentAndNoncurrent>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c0" id="ixv-19694">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 16 – 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, 2023 and 2022, 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, 2023 and 2022, the Company determined no estimated loss from contingencies should be accrued. </p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="c0" id="ixv-19714">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 17 – 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"><i>Revenue disaggregation</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 following table presents revenue by business lines:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Revenue</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">83,113,259</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">74,702,625</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">67,006,655</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Production service revenue</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">1,219,041</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">1,663,523</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">3,239,956</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 revenue</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">84,332,300</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">76,366,148</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">70,246,611</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"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Geographical areas</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 following table presents revenues by geographic areas for the years ended September 30, 2023. </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; border-collapse: collapse; width: 100%"> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales Amount<br/>  (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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As % of<br/> Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Top 5 Geographic Areas:</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%">China</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">73,744,662</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">87.45</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>USA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,146,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.47</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">1,596,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.89</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Mexico</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">577,416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.68</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Australia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">385,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.46</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">882,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.05</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">The following table presents revenues by geographic areas for the years ended September 30, 2022. </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; border-collapse: collapse; width: 100%"> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales Amount<br/>  (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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As % of<br/> Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Top 5 Geographic Areas:</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%">China</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,787,186</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">84.69</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>USA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,628,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.97</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Taiwan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,296,863</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.70</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">1,191,512</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.56</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marshall Islands</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">730,039</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.95</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">868,364</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.13</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">The following table presents revenues by geographic areas for the years ended 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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales Amount<br/>  (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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As % of<br/> Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Top 5 Geographic Areas:</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%">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></tr> <tr style="vertical-align: bottom; "> <td>USA</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></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></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></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></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></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>
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The following table presents revenue by business lines:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Revenue</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">83,113,259</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">74,702,625</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">67,006,655</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Production service revenue</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,219,041</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,663,523</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,239,956</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total revenue</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">84,332,300</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">76,366,148</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">70,246,611</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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<hudi:Sales contextRef="c247" decimals="0" id="ixv-21150" unitRef="usd"> 67006655 </hudi:Sales>
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<us-gaap:Revenues contextRef="c6" decimals="0" id="ixv-21152" unitRef="usd"> 1663523 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c7" decimals="0" id="ixv-21153" unitRef="usd"> 3239956 </us-gaap:Revenues>
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The following table presents revenues by geographic areas for the years ended September 30, 2023.<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales Amount<br/>  (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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As % of<br/> Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Top 5 Geographic Areas:</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%">China</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">73,744,662</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">87.45</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>USA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,146,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.47</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">1,596,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.89</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Mexico</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">577,416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.68</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Australia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">385,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.46</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">882,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.05</td><td style="text-align: left">%</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales Amount<br/>  (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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As % of<br/> Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Top 5 Geographic Areas:</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%">China</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,787,186</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">84.69</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>USA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,628,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.97</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Taiwan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,296,863</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.70</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">1,191,512</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.56</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marshall Islands</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">730,039</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.95</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">868,364</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.13</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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales Amount<br/>  (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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As % of<br/> Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Top 5 Geographic Areas:</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%">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></tr> <tr style="vertical-align: bottom; "> <td>USA</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></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></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></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></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></tr> </table>
</us-gaap:RevenueFromExternalCustomersByGeographicAreasTableTextBlock>
<us-gaap:Revenues contextRef="c240" decimals="0" id="ixv-21158" unitRef="usd"> 73744662 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c240" decimals="4" id="ixv-21159" unitRef="pure"> 0.8745 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c248" decimals="0" id="ixv-21160" unitRef="usd"> 7146478 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c248" decimals="4" id="ixv-21161" unitRef="pure"> 0.0847 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c249" decimals="0" id="ixv-21162" unitRef="usd"> 1596243 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c249" decimals="4" id="ixv-21163" unitRef="pure"> 0.0189 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c250" decimals="0" id="ixv-21164" unitRef="usd"> 577416 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c250" decimals="4" id="ixv-21165" unitRef="pure"> 0.0068 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c251" decimals="0" id="ixv-21166" unitRef="usd"> 385111 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c251" decimals="4" id="ixv-21167" unitRef="pure"> 0.0046 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c252" decimals="0" id="ixv-21168" unitRef="usd"> 882390 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c252" decimals="4" id="ixv-21169" unitRef="pure"> 0.0105 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c253" decimals="0" id="ixv-21170" unitRef="usd"> 64787186 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c253" decimals="4" id="ixv-21171" unitRef="pure"> 0.8469 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c254" decimals="0" id="ixv-21172" unitRef="usd"> 7628332 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c254" decimals="4" id="ixv-21173" unitRef="pure"> 0.0997 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c255" decimals="0" id="ixv-21174" unitRef="usd"> 1296863 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c255" decimals="4" id="ixv-21175" unitRef="pure"> 0.017 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c256" decimals="0" id="ixv-21176" unitRef="usd"> 1191512 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c256" decimals="4" id="ixv-21177" unitRef="pure"> 0.0156 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c257" decimals="0" id="ixv-21178" unitRef="usd"> 730039 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c257" decimals="4" id="ixv-21179" unitRef="pure"> 0.0095 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c258" decimals="0" id="ixv-21180" unitRef="usd"> 868364 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c258" decimals="4" id="ixv-21181" unitRef="pure"> 0.0113 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c259" decimals="0" id="ixv-21182" unitRef="usd"> 53130894 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c259" decimals="4" id="ixv-21183" unitRef="pure"> 0.8122 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c260" decimals="0" id="ixv-21184" unitRef="usd"> 5740265 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c260" decimals="4" id="ixv-21185" unitRef="pure"> 0.0878 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c261" decimals="0" id="ixv-21186" unitRef="usd"> 4191611 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c261" decimals="4" id="ixv-21187" unitRef="pure"> 0.0641 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c262" decimals="0" id="ixv-21188" unitRef="usd"> 546807 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c262" decimals="4" id="ixv-21189" unitRef="pure"> 0.0084 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c263" decimals="0" id="ixv-21190" unitRef="usd"> 514951 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c263" decimals="4" id="ixv-21191" unitRef="pure"> 0.0079 </hudi:RevenuesPercentageOfSales>
<us-gaap:Revenues contextRef="c264" decimals="0" id="ixv-21192" unitRef="usd"> 6122083 </us-gaap:Revenues>
<hudi:RevenuesPercentageOfSales contextRef="c264" decimals="4" id="ixv-21193" unitRef="pure"> 0.0196 </hudi:RevenuesPercentageOfSales>
<us-gaap:OtherNonoperatingIncomeAndExpenseTextBlock contextRef="c0" id="ixv-20087">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 18 – OTHER INCOME (EXPENSE), NET</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">Other income (expense), net for the year ended September 30, 2023, 2022 and 2021 consisted of the following:</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; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</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">Government grants</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">373,032</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">355,925</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,190,882</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,096</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">433,735</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85,437</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-94">-</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-95">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bad debt recovery</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">564,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,676</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">Other net miscellaneous income (expenses)</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">(6,814</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">57,369</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">170,234</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">701,751</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,398,173</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,948,527</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:OtherNonoperatingIncomeAndExpenseTextBlock>
<us-gaap:ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock contextRef="c0" id="ixv-21194">
Other income (expense), net for the year ended September 30, 2023, 2022 and 2021 consisted of the following:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Government grants</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">373,032</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">355,925</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,190,882</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,096</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">433,735</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85,437</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-94">-</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-95">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bad debt recovery</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">564,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,676</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">Other net miscellaneous income (expenses)</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">(6,814</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">57,369</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">170,234</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">$</td><td style="border-bottom: Black 4pt double; text-align: right">701,751</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,398,173</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">1,948,527</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock>
<us-gaap:GrantsReceivable contextRef="c2" decimals="0" id="ixv-21195" unitRef="usd"> 373032 </us-gaap:GrantsReceivable>
<us-gaap:GrantsReceivable contextRef="c3" decimals="0" id="ixv-21196" unitRef="usd"> 355925 </us-gaap:GrantsReceivable>
<us-gaap:GrantsReceivable contextRef="c30" decimals="0" id="ixv-21197" unitRef="usd"> 1190882 </us-gaap:GrantsReceivable>
<us-gaap:InvestmentIncomeDividend contextRef="c0" decimals="0" id="ixv-21198" unitRef="usd"> 250096 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c6" decimals="0" id="ixv-21199" unitRef="usd"> 420596 </us-gaap:InvestmentIncomeDividend>
<us-gaap:InvestmentIncomeDividend contextRef="c7" decimals="0" id="ixv-21200" unitRef="usd"> 433735 </us-gaap:InvestmentIncomeDividend>
<us-gaap:RentalIncomeNonoperating contextRef="c0" decimals="0" id="ixv-21201" unitRef="usd"> 85437 </us-gaap:RentalIncomeNonoperating>
<us-gaap:ProvisionForDoubtfulAccounts contextRef="c6" decimals="0" id="ixv-21202" unitRef="usd"> -564283 </us-gaap:ProvisionForDoubtfulAccounts>
<us-gaap:ProvisionForDoubtfulAccounts contextRef="c7" decimals="0" id="ixv-21203" unitRef="usd"> -153676 </us-gaap:ProvisionForDoubtfulAccounts>
<us-gaap:OtherNoncashIncomeExpense contextRef="c0" decimals="0" id="ixv-21204" unitRef="usd"> 6814 </us-gaap:OtherNoncashIncomeExpense>
<us-gaap:OtherNoncashIncomeExpense contextRef="c6" decimals="0" id="ixv-21205" unitRef="usd"> -57369 </us-gaap:OtherNoncashIncomeExpense>
<us-gaap:OtherNoncashIncomeExpense contextRef="c7" decimals="0" id="ixv-21206" unitRef="usd"> -170234 </us-gaap:OtherNoncashIncomeExpense>
<us-gaap:OtherNonoperatingIncomeExpense contextRef="c0" decimals="0" id="ixv-21207" unitRef="usd"> 701751 </us-gaap:OtherNonoperatingIncomeExpense>
<us-gaap:OtherNonoperatingIncomeExpense contextRef="c6" decimals="0" id="ixv-21208" unitRef="usd"> 1398173 </us-gaap:OtherNonoperatingIncomeExpense>
<us-gaap:OtherNonoperatingIncomeExpense contextRef="c7" decimals="0" id="ixv-21209" unitRef="usd"> 1948527 </us-gaap:OtherNonoperatingIncomeExpense>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 19 – 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">In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued. The Company has evaluated all events or transactions that occurred after September 30, 2023, up through February 5, 2024, the date the Company issued the consolidated financial statements and concluded that no other material subsequent events except for the disclosed below:</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b>Bank borrowings</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><i>Borrowings repayment and renewal</i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From September 30, 2023 to the date the audited consolidated financial statements were available to be issued, the Company fully repaid its long-term borrowings of $5,442,709 (RMB 39,710,000).</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><i>New borrowings</i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">As the date the audited consolidated financial statements were available to be issued, the Company has new bank borrowings in the amount of $2,727,522 (RMB 19,900,000) with interest rates at 3.45% as following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Bank Name</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; 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font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Interest</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Agricultural Bank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,950,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,363,761</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">10/12/2023</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">10/11/2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.45</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">9,950,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,363,761</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">10/26/2023</td><td> </td> <td style="text-align: center">10/25/2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.45</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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">RMB</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"> 19,900,000</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; 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3 Previous Filings that this Filing References

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

12/09/22  Huadi Int’l Group Co., Ltd.       6-K        12/09/22    2:61K                                    EdgarAgents LLC/FA
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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Filing Submission 0001213900-24-009988   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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