Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Mar. 31, 2025 |
Summary of Significant Accounting Policies [Abstract] |
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Schedule of Fair Value Hierarchy of the Company’s Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables represent the fair value
hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025:
| |
As of March 31, 2025 | |
| |
Fair Value Measurement at the Reporting Date using | |
| |
Quoted price in active markets for identical assets Level 1 | | |
Significant other observable inputs Level 2 | | |
Significant unobservable inputs Level 3 | | |
Total | |
Financial liabilities: | |
| | |
| | |
| | |
| |
Convertible notes (a) | |
$ | - | | |
$ | - | | |
$ | 5,860,000 | | |
$ | 5,860,000 | |
Warrant liabilities (b) | |
| - | | |
| - | | |
| 3,495,765 | | |
| 3,495,765 | |
Total | |
$ | - | | |
$ | - | | |
$ | 9,355,765 | | |
$ | 9,355,765 | |
(a) | The
Company has elected to recognize the convertible note at fair value (Note 10), therefore, there was no further evaluation of embedded
features for bifurcation. The Company engaged a third-party valuation firm to perform the valuation of the convertible notes. The fair
value of the convertible notes was calculated using the discounted cash flow method approach. The following is a reconciliation of the
beginning and ending balances for the convertible note measured at fair value on a recurring basis using significant unobservable inputs
(Level 3) for the six months ended March 31, 2025: |
(b) | The
freestanding warrants issued in connection with the convertible notes were determined to be derivatives that were accounted for as warrant
liabilities measured at fair value on recurring basis (Note 10). The Company engaged a third-party valuation firm to perform the valuation
of warrant liabilities using the discounted cash flow method approach with significant unobservable inputs to measure the fair value
of the warrant liability (Level 3). The following is a reconciliation of the beginning and ending balances for warrants liabilities measured
at fair value for the six months ended March 31, 2025: |
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Schedule of Fair Value on a Recurring Basis using Significant Unobservable Inputs |
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For the six months ended March 31, | |
| |
2025 | |
Opening balance | |
$ | - | |
New convertible notes issued | |
| 3,112,549 | |
Change in fair value of convertible notes | |
| 2,747,451 | |
Ending balance | |
$ | 5,860,000 | |
The following is a reconciliation of the beginning and ending balances for warrants liabilities measured
at fair value for the six months ended March 31, 2025:
| |
For the six months ended March 31, | |
| |
2025 | |
Opening balance | |
$ | - | |
Warrants issued in connection with the convertible notes | |
| 1,887,451 | |
Change in fair value of warrants liabilities | |
| 1,608,314 | |
Ending balance | |
$ | 3,495,765 | |
|
Schedule of Disaggregation of Revenue |
For the six months
ended March 31, 2025 and 2024, the disaggregation of revenue by major revenue stream and time of the revenue recognition is as follows:
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For the six months ended March 31, | |
| |
2025 | | |
2024 | |
Category of Revenue: | |
| | |
| |
Tutorial service, logistic, consulting services and others | |
$ | 971,304 | | |
$ | 1,398,885 | |
E-commerce revenue | |
| 15,597,890 | | |
| 14,605 | |
Total | |
$ | 16,569,194 | | |
$ | 1,413,490 | |
| |
For the six months ended March 31, | |
| |
2025 | | |
2024 | |
Timing of Revenue Recognition: | |
| | |
| |
Revenue recognized over time | |
$ | 1,279,048 | | |
$ | 1,196,704 | |
Revenue recognized at a point in time | |
| 15,290,146 | | |
| 216,786 | |
Total | |
$ | 16,569,194 | | |
$ | 1,413,490 | |
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Schedule of Currency Exchange Rates |
The following table
outlines the currency exchange rates that were used in creating the unaudited condensed consolidated financial statements in this report:
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|
For
the six months ended
March 31, 2025 |
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For the six months ended
March 31,
2024 |
|
September 30,
2024 |
Balance sheet items, except for equity accounts |
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$1=RMB 7.2567 |
|
$1=RMB7.2203 |
|
$1=RMB 7.0176 |
Items in the statements of operations and cash flows |
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$1=RMB 7.2308 |
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$1=RMB7.2064 |
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$1=RMB 7.2043 |
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