ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Sep. 30, 2021

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of company's subsidiaries and variable interest entities included in continuing operations

As of September 30, 2021, the Company’s subsidiaries and variable interest entities included in continuing operations consisted of the following:


	Date of	Place of	Percentage
	Incorporation	Incorporation	of		Principal
Name	or Establishment	or Establishment	Ownership		Activity
Subsidiaries:
State Harvest Holdings Limited(“State Harvest”)	October 6, 2004	British Virgin Islands	100	%	Investment Holding

Beijing Origin State Harvest Biotechnology Limited (“BioTech”)	December 1, 2004	People’s Republic of China (“PRC”)	100	%	Hybrid seed technology development

Variable interest entity:
Beijing Origin Seed Limited (note (i)) (“Beijing Origin”)	December 26, 1997	PRC	Note (i)		Hybrid crop seed development, production and distribution

Subsidiaries held by Beijing Origin:

Xinjiang Originbo Seed Company Limited (note (i)) (“Xinjiang Origin”)	July 13, 2011	PRC	51	%	Hybrid crop seed development, production and distribution

Subsidiaries held by State Harvest:


Shandong Aoruixinong Agricultural Technology Limited (Shandong Aoruixinong)	September 27, 2019	PRC	51	%	Agricultural seed products distribution through e-commune network

Hubei Aoyu Zhongye Limited (Hubei Aoyu)	October 22, 2018	PRC	51	%	Agricultural seed products distribution through e-commerce network

Anhui Aoyu Zhongye Limited (Anhui Aoyu)	July 25, 2018	PRC	50	%	Agricultural seed products distribution through e-commerce network

Xuzhou Aoyu Zhongye imited (Xuzhou Aoyu)	September 25, 2018	PRC	51	%	Agricultural seed products distribution through e-commerce network


Henan Aoyu Zhongye Limited (note (i)) (“Henan Aoyu”)	July 16, 2018	PRC	51	%	Agricultural seed products distribution through e-commerce network

Note (i): Beijing Origin Seed Limited, Xinjiang Originbo Seed Company Limited, and Zhengzhou Branch of Beijing Origin Seed Limited are collectively referred to as “Beijing Origin”.

Schedule of variable interest entities

Risks in relation to the VIE structure (Beijing Origin Consolidated Balance Sheet)


	September 30,
	2020	2021	2021
	RMB	RMB	US$
ASSETS
Current Assets
Cash and cash equivalents	206	305	47
Restricted cash	—	—	—
Due from related party	—	—	—
Accounts receivable	1,099	11	2
Advances to suppliers	377	260	40
Inventories	10,118	1,052	162
Other current assets	1,279	730	113
Total current assets	13,079	2,358	364
Land use rights, net	9,785	1,854	286
Plant and equipment, net	115,338	48,599	7,494
Equity investments	—	—	—
Acquired intangible assets, net	87	—	—
Other assets	5,749	83	13
Total assets	144,038	52,894	8,157
LIABILITIES
Current liabilities
Current portion of long-term borrowings	—	137,660	21,226
Accounts payable	9,533	9,107	1,404
Due to growers	6,673	6,673	1,029
Due to related parties	20,217	30,665	4,728
Advances from customers	52,535	22,772	3,511
Other payables and accrued expenses	61,019	51,520	7,944
Total current liabilities	149,977	258,397	39,842
Long-term borrowings	137,660	—	—
Other long-term liability	23,074	15,717	2,423
Total liabilities	310,711	274,114	42,265

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details