v3.25.2
Short-Term and Long-Term Borrowings
 6 Months Ended
Mar. 31, 2025
Short-Term and Long-Term Borrowings [Abstract]  
SHORT-TERM AND LONG-TERM BORROWINGS

NOTE 11 – SHORT-TERM AND LONG-TERM BORROWINGS 

  

Short-term and long-term borrowings consisted of the following as of March 31, 2025 and September 30, 2024:

 

   March 31,
2025		   September 30,
2024		 
Short-term borrowings  $2,492,833   $1,249,765 
Long-term borrowings          
Current portion  $5,512   $
-
 
Non-current portion   2,750,562    
-
 
Total long-term borrowings  $2,756,074   $
-
 

 

Short-term borrowings

 

Short-term borrowings outstanding at March 31, 2025 and September 30, 2024 were undue factored notes receivable with recourse as shown in Note 4. These notes receivable will be expired in no more than six months from March 31, 2025.

 

Long-term borrowings

 

Long-term borrowings consisted of the following at March 31, 2025:

 

Bank Name  Amount - RMB  Amount - USD   Issuance Date  Expiration Date  Interest
Agricultural Bank   10,000,000   $1,378,037   03/20/2025  03/19/2028  2.40%
Agricultural Bank   10,000,000    1,378,037   03/28/2025  03/27/2028  2.45%
Total  RMB20,000,000   $2,756,074       

 

No long-term borrowings were outstanding at September 30, 2024.

The following is a maturity analysis of long-term borrowings as of March 31, 2025:

 

   RMB   USD 
Years ending March 31,        
2026   40,000    5,512 
2027   40,000    5,512 
2028   19,920,000    2,745,050 
2029   
-
    
-
 
2030 and thereafter   
-
    
-
 
Total   20,000,000    2,756,074 

  

Pledges and Guarantees

 

The Company’s short-term and long-term bank borrowings are pledged by its assets as listed below:

 

   March 31, 2025   September 30,
2024		 
Buildings, net  $23,989   $23,860 
Land use right, net   408,228    414,738 
Total  $432,217   $438,598 

  

Interest expense

 

For the six months ended March 31, 2025 and 2024, interest expense on all short-term borrowings, long-term borrowings and discounts on notes receivable amounted to $53,631 and $90,630, respectively.