v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Sep. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of carrying amounts of the assets, liabilities, the results of operations and cash flows of the VIE and its subsidiaries

September 30, 

September 30, 

  ​ ​ ​

2025

  ​ ​ ​

2024

ASSETS

  ​

  ​

Current assets:

 

  ​

 

  ​

Cash and cash equivalents

$

8,163,770

$

4,474,803

Accounts receivable, net

 

4,244,340

 

1,542,956

Bank acceptance receivable

 

2,911,999

 

3,337,137

Inventories, net

 

6,343,756

 

5,049,688

Prepayment to suppliers, net

 

1,791,824

 

803,767

Other current assets

 

7,878,719

 

791,439

Total current assets

 

31,334,408

 

15,999,790

Property and equipment, net

 

8,066,240

 

6,525,047

CIP

4,031,448

5,640,063

Intangible assets, net

 

3,358,390

 

3,461,132

Goodwill

 

137,545,159

 

Operating lease right of use assets

 

315,959

 

Deferred tax assets

 

240,503

 

390,242

Other long term assets

106,923

Total assets

$

184,999,030

$

32,016,274

LIABILITIES

 

 

Current liabilities:

 

 

Bank loans

$

1,618,465

$

Insurance premium payables

1,328,853

Accounts payable

 

6,423,151

 

4,120,956

Contract liabilities

 

1,004,210

 

489,784

Advance from customers - related parties

 

349,314

 

Deferred government grants - current

 

80,032

 

78,718

Taxes payable

 

900,792

 

316,789

Operating lease liabilities, current

 

240,943

 

Accrued expenses and other payables

 

5,597,865

 

914,756

Total current liabilities

 

17,543,625

 

5,921,003

Operating lease liabilities, long term

 

79,311

 

Deferred government grants - noncurrent

 

240,154

 

134,394

Total liabilities

 

17,863,090

 

6,055,397

For the Years ended

September 30, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Net revenue

$

37,621,473

$

25,097,953

$

46,471,478

(loss) Income from operations

$

(436,272)

$

622,896

$

(1,722,218)

Net (loss) income

$

(4,179)

$

704,119

$

(1,674,516)

For the Years Ended

September 30, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Net cash provided by operating activities

$

3,082,400

$

182,190

$

1,203,386

Net cash used in investing activities

 

(2,029,927)

 

(2,333,429)

 

(3,700,105)

Net cash provided by (used in) financing activities

 

798,545

 

(491,728)

 

(1,190,278)

Effect of exchange rate on cash

 

1,837,949

 

241,575

 

(123,754)

Net increase (decrease) in cash, cash equivalents and restricted cash

$

3,688,967

$

(2,401,392)

$

(3,810,751)

Schedule of estimated useful lives of the assets

Items

  ​ ​ ​

Useful life

Property and buildings

 

25 years

Machinery and equipment

 

5 years

Automobiles

 

4 years

Office and electric equipment

 

3 years

Schedule of estimated useful lives of intangible assets

Items

  ​ ​ ​

Useful life

Land use rights

 

50 years

Software

 

10 years

License for drug manufacturing

 

10 years

Schedule of shareholders' equity for the non-controlling interest from each subsidiary that is not 100% owned

As of

September 30, 

September 30, 

2025

2024

Gansu QLS

  ​ ​ ​

$

833,496

  ​ ​ ​

$

1,146,121

Chengdu QLS and subsidiaries

 

163,835

 

181,315

Zhongqiao

 

22,045

 

22,069

Total

$

1,019,376

$

1,349,505

Schedule of selling, general and administrative, research and development expense

For the Years Ended

September 30, 

2025

2024

2023

Selling expense

  ​ ​ ​

$

735,031

  ​ ​ ​

$

592,839

  ​ ​ ​

$

961,679

General and administrative expense

 

17,485,423

 

2,724,188

 

2,831,444

Research and development expense

 

672,669

 

1,361,499

 

568,470

Total

$

18,893,123

$

4,678,526

$

4,361,593

Schedule of computation of basic and diluted loss per share

For the Years ended September 30, 

 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Numerator:

Net loss attributable to ordinary shareholders

$

(19,941,242)

$

(1,442,830)

$

(7,780,620)

Denominator:

 

 

 

Weighted-average number of ordinary shares outstanding – basic

 

113,261,317

 

7,226,480

 

7,226,480

Weighted-average number of ordinary shares outstanding – diluted

 

113,261,317

 

7,226,480

 

7,226,480

Earnings per share – basic

$

(0.18)

$

(0.20)

$

(1.08)

*

Earnings per share – diluted

$

(0.18)

$

(0.20)

$

(1.08)

*

* The shares and per share data are presented on a retroactive basis to reflect the Company’s Share Consolidation.

Schedule of currency exchange rates

  ​ ​ ​

September 30, 2025

  ​ ​ ​

September 30, 2024

  ​ ​ ​

September 30, 2023

Year-end spot rate

 

US$1=RMB 7.1055

 

US$1=RMB 7.0074

 

US$1=RMB 7.2960

Average rate

 

US$1=RMB 7.1628

 

US$1=RMB 7.1178

 

US$1=RMB 7.0533

Schedule of reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on recurring basis

  ​ ​ ​

As of

  ​ ​ ​

As of

September 30, 

September 30, 

2025

2024

Beginning balance

$

8,323,587

$

13,943,019

Purchase (Redemption)

 

370,518

 

(4,800,000)

Change in fair value

 

(7,699,210)

 

(819,432)

Ending balance

$

994,895

$

8,323,587