Discontinued Operations

6 Months Ended

Mar. 31, 2025

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

Note 4 — DISCONTINUED OPERATIONS

On July 6, 2025, the Company’s PRC subsidiary, Golden Sun Wenzhou, signed an agreement with a third party to sell 100% equity interests of its wholly-owned subsidiary, Gongyu Education, and its subsidiaries (together the “Target companies”), comprised of (i) Xianjin Technology, a 85% subsidiary of Gongyu Education; (ii) Zhouzhi Culture, a 100% subsidiary of Gongyu Education; (iii) Shanghai Jinheyu, a 51% subsidiary of Gongyu Education, (iv) Hangzhou Jicai, a 100% subsidiary of Zhouzhi Culture; (v) Qinshang Education, a 100% subsidiary of Zhouzhi Culture; and (vi) Hongkou Tutorial, a 90% subsidiary of Xianjin Technology, for a consideration of approximately $689,018 (RMB5,000,000). The transaction was closed on July 21, 2025.

The Company determined that the disposal met the criteria to be classified as a discontinued operation and, as a result, the historical financial results are reflected in the Company’s unaudited condensed consolidated financial statements as a discontinued operation. The disposal represents a strategic shift that has a significant effect on the Company’s operations and financial results, which trigger discontinued operations accounting in accordance with ASC 205-20-45. The assets and liabilities related to the discontinued operations were retroactively classified as assets/liabilities of discontinued operations, while results of operations related to the discontinued operations, including comparatives, were retroactively reported as loss from discontinued operations for six months ended March 31, 2025 and 2024, respectively.

The aggregated financial results of the discontinued business are set forth below:

		For the six months ended March 31,
		2025				2024
Revenues		$	1,040,213			$	2,297,121
Cost of revenues			785,968				1,419,573
Gross income			254,245				877,548
Operating expenses			630,635				1,350,432
Income (loss) from operations			(376,390	)			(472,884	)
Other expenses (income), net			1,411,745				(189,621	)
Income (loss) before income taxes			1,035,355				(662,505	)
Income taxes provision			-				32,542
Income (loss) from discontinued operations, net of tax		$	1,035,355			$	(695,047	)

Assets and liabilities of the discontinued operations:

		March 31, 2025				September 30, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	156,302			$	102,602
Accounts receivable - related parties			1,451				-
Contract assets			536,209				563,583
Inventories			254,278				297,346
Prepayments and other current assets			1,288,554				629,424
TOTAL CURRENT ASSETS			2,236,794				1,592,955
NON-CURRENT ASSETS:
Property, equipment and intangible assets, net			59,455				82,276
Operating lease right-of-use assets, net			136,309				287,788
Prepayments and other non-current assets			1,022,004				1,133,955
TOTAL NON-CURRENT ASSETS			1,217,768				1,504,019
TOTAL ASSETS		$	3,454,562			$	3,096,974
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term bank loans		$	916,808			$	-
Accounts payable			1,076,490				1,124,362
Deferred revenue			1,312,094				1,416,780
Accrued expenses and other liabilities			602,365				581,361
Refund liabilities			278,004				235,169
Loan from third parties			428,066				447,914
Operating lease liabilities-current			64,068				132,592
Taxes payable			1,292,493				2,799,614
TOTAL CURRENT LIABILITIES			5,970,388				6,737,792

NON-CURRENT LIABILITIES:
Operating lease liabilities-non-current			61,887				148,191
Due to a related party			1,349,793				491,721
Long-term loan from third party			149,625				68,275
TOTAL NON-CURRENT LIABILITIES			1,561,305				708,187
TOTAL LIABILITIES		$	7,531,693			$	7,445,979