| CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
24. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY The condensed financial statements of Origin Agritech Limited (the “parent company”) have been prepared in accordance with accounting principles generally accepted in the United States of America. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the parent company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital, capital surplus and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling RMB45,457 and RMB45,457 as of September 30, 2020 and 2021, respectively. The following represents condensed unconsolidated financial information of the parent company only: CONDENSED BALANCE SHEET | | | | | | | | | September 30 | | | 2020 | | 2021 | | 2021 | | | RMB | | RMB | | US$ | ASSETS (LIABILITIES) | | | | | | | Current assets (liabilities) | | | | | | | Cash and cash equivalents | | 18,353 | | 8,900 | | 1,372 | Other receivables | | 4 | | 273 | | 41 | Due from inter-companies | | 187,644 | | 187,777 | | 28,954 | Due to related parties | | (3,129) | | 717 | | 111 | Total current assets (liabilities) | | 202,872 | | 197,667 | | 30,478 | Investment in unconsolidated subsidiaries | | (280,062) | | (338,339) | | (52,169) | Total assets (liabilities) | | (77,190) | | (140,672) | | (21,691) | | | | | | | | AND EQUITY | | | | | | | Total stockholders’ equity (deficit) | | (77,190) | | (140,672) | | (21,691) |
CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME | | | | | | | | | | | Year ended September 30, | | | 2019 | | 2020 | | 2021 | | 2021 | | | RMB | | RMB | | RMB | | US$ | | | | | | | | | | Revenues | | — | | — | | — | | — | Operating expenses | | | | | | | | | General and administrative | | (12,597) | | (14,852) | | (19,302) | | (2,976) | Loss from operations | | (12,597) | | (14,852) | | (19,302) | | (2,976) | Equity method loss | | (49,163) | | (70,407) | | (72,213) | | (11,135) | Interest expense | | — | | (2) | | (14) | | (2) | Loss before income taxes | | (62,120) | | (85,261) | | (91,529) | | (14,113) | Income tax expense | | — | | — | | — | | — | | | | | | | | | | Net loss | | (62,120) | | (85,261) | | (91,529) | | (14,113) | Other comprehensive loss | | | | | | | | | Foreign currency translation difference | | (1,640) | | 1,371 | | (816) | | (126) | Total comprehensive loss | | (63,760) | | (83,890) | | (92,345) | | (14,239) |
CONDENSED STATEMENT OF CASH FLOWS | | | | | | | | | | | Year ended September 30, | | | 2019 | | 2020 | | 2021 | | 2021 | | | RMB | | RMB | | RMB | | US$ | | | | | | | | | | Net cash provided by operating activities | | — | | — | | — | | — | Net cash provided by financing activities | | 1,845 | | 16,730 | | (8,637) | | (1,332) | Net increase in cash and cash equivalents | | 1,845 | | 16,730 | | (8,637) | | (1,332) | Cash and cash equivalents, beginning of year | | 47 | | 252 | | 18,353 | | 2,830 | Effect of exchange rate changes on cash and cash equivalents | | (1,640) | | 1,371 | | (816) | | (126) | Cash and cash equivalents, end of year | | 252 | | 18,353 | | 8,900 | | 1,372 |
BASIS OF PRESENTATION The condensed financial information has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company has used equity method to account for its investments in subsidiaries.
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