v3.25.2
Discontinued operations (Tables)
 9 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations

In accordance with the provisions of ASC 205-20, Presentation of Financial Statements, we have separately reported the assets and liabilities of the discontinued operations of IMSC, AT and CBT in the consolidated balance sheets. The assets and liabilities have been reflected as discontinued operations in the consolidated balance sheets as of June 30, 2025 and September 30, 2024, and consist of the following:

 

  

June 30, 2025

(unaudited)

  

September 30,

2024

 
Current assets from discontinued operations          
Cash and cash equivalent  $-   $449,523 
Inventories   -    333,074 
Prepayments and other current assets   -    363,076 
Total current assets from discontinued operations  $-   $1,145,673 
           
Non-current assets from discontinued operations          
Right-of-use assets  $-   $570,295 
Property and equipment, net   -    1,300,583 
Other non-current assets   -    9,851 
Non-current assets from discontinued operations  $-   $1,880,729 
           
Current liabilities from discontinued operations          
Accounts payable  $-   $271,507 
Deferred revenue   -    590,260 
Other payables and accrued liabilities   -    149,252 
Other payables – related party   -    1,000 
Operating lease liability – current   -    60,236 
Long-term notes payable – current portion   -    51,898 
Total current liabilities from discontinued operations  $-   $1,124,153 
           
Non-current liabilities from discontinued operations          
Notes payable  $-   $58,948 
Total non-current liabilities from discontinued operations  $-   $58,948 

 

 

In accordance with the provisions of ASC 205-20, we have not included the results of operations from discontinued operations in the results of continuing operations in the consolidated statements of operations. The results of operations from discontinued operations for the three and nine months ended June 30, 2025 and 2024, have been reflected as discontinued operations in the consolidated statements of operations for the three and nine months ended June 30, 2025 and 2024, and consist of the following:

 

             
  

For the Three Months Ended

June 30,

  

For the Nine Months Ended

June 30,

 
   2025   2024   2025   2024 
Revenue  $-   $45,682   $2,000   $395,495 
                     
Cost of sales   -    25,549    -    404,157 
GROSS PROFIT / (LOSS)   -    20,133    2,000    (8,662)
                     
Selling, general and administrative expenses (exclusive of expenses shown separately below)   -    843,498    188,282    2,255,234 
Impairment loss on goodwill   -    -    -    23,911 
Bad debt expense   -    -    -    59,935 
Depreciation   -    22,405    30,930    65,728 
Total operating expenses   -    865,903    219,212    2,404,808 
                     
LOSS FROM OPERATIONS   -    (845,770)   (217,212)   (2,413,470)
                     
Interest income (expenses), net   -    (1,922)   (2,522)   (22,145)
Other non-operating income (expense)   -    (33,581)   23,938    (91,083)
Total other (expenses) income, net   -    (35,503)   21,416    (113,228)
Net loss from discontinued operations   -    (881,273)   (195,796)   (2,526,698)
                     
Non-controlling interest   -    13,821    69,517    (35,395)
                     
Net loss from discontinued operations to the Company  $-   $(895,094)  $(265,313)  $(2,491,303)

 

 

In accordance with the provisions of ASC 205-20, we have included the net cash provided by discontinued operations in the consolidated statements of cash flows. The net cash provided by discontinued operations in the consolidated statements of cash flows for the nine months ended June 30, 2025 and 2024, consists of the following:

 

       
  

For the Nine Months Ended
June 30,

(unaudited)

 
   2025   2024 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss from discontinuing operation  $(265,313)  $(2,491,303)
Adjustments to reconcile net income to cash used in operating activities:          
Non-controlling interest   69,517    - 
Loss from settlement        28,796 
Depreciation expense   30,930    65,728 
Bad debt expense   -    59,935 
Non-cash operating lease expense   69,003    163,848 
Fixed assets disposal loss   63,035    5,035 
Loss from investment disposal   -    23,715 
Impairment loss   -    23,911 
Change in discontinued operating assets and liabilities:          
Accounts receivable   -    10,500 
Inventories   -    55,863 
Prepayments and other current assets   85,535    5,010,192 
Accounts payable   11,798    (640,042)
Unearned revenue   -    (532,566)
Operating lease liabilities   (4,282)   (670,796)
Other payables and accrued liabilities   (437,889)   (226,202)
Note payable   (21,282)   - 
Net cash (used in)/ provided by operating activities by discontinued operations   (398,948)   886,614 
CASH FLOWS FROM INVESTING ACTIVITIES:          
Fixed assets additions   (26,853)   (424,800)
Purchase of investment in equity investee   -    - 
Proceed from fixed assets disposal   -    12,569 
Net cash used in investing activities by discontinued operations   (26,853)   (412,231)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from related parties   -    124,628 
Payments to short-term loans   -    (560,000)
Payment to long-term note   -    (36,825)
Net cash provided by financing activities   -    (472,197)
CHANGES IN CASH AND CASH EQUIVALENT  $(425,801)  $2,186