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Investments
 6 Months Ended
Mar. 31, 2026
Investments [Abstract]  
INVESTMENTS

6. INVESTMENTS

 

The Group’s long-term investments primarily consist of equity method investments and equity investments without readily determinable fair values. Details of the Group’s investment portfolio and impairment recognized in prior periods were previously disclosed in the Group’s audited consolidated financial statements included in its Annual Report on Form 20-F for the year ended September 30, 2025.

 

As of September 30, 2025 and March 31, 2026, investments consisted of the following:

 

   As of
September 30,
2025		   As of
March 31,
2026		 
       (Unaudited) 
Long-term investments:        
Investments accounted for using the equity method   11,272,414    11,323,147 
Investments without readily determinable FVs   6,375,140    6,579,388 
Total long-term investments   17,647,554    17,902,535 
Impairment loss of long-term equity investments   (6,643,439)   (6,579,388)
Total long-term investments, net  $11,004,115   $11,323,147 

 

The accumulated impairment loss as of March 31, 2026 is related to impairment recognized in prior periods. No additional impairment loss was recognized during the six months ended March 31, 2026.

 

The movement of the carrying amount of long-term investment was as follows for the six months ended March 31, 2025 and 2026

 

   Six months ended
March 31,		 
   2025   2026 
   (Unaudited)   (Unaudited) 
Beginning balance  $14,857,156   $11,004,115 
Proportionate share of the equity investee’s net loss   (93,799)   (33,003)
Foreign currency translation adjustment   (489,190)   352,035 
Ending balance  $14,274,167   $11,323,147 

 

During the six months ended March 31, 2026, there were no significant additions, disposals or impairment indicators identified for the Group’s existing long-term investments. The change in the carrying amount of long-term investments was primarily attributable to foreign currency translation adjustment, partially offset by share of loss from equity method investments.

 

For the six months ended March 31, 2026, equity method investments held by the Group individually have not met the significance criteria as defined under Rule 10-01(b)(1) of Regulation S-X.