Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | |
Sep. 30, 2021 | Oct. 10, 2022 | |
Document Information [Line Items] | ||
Document Type | 20-F/A | |
Amendment Description | Amendment No. 3 | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Amendment Flag | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2020 | |
Entity File Number | 000-51576 | |
Entity Incorporation, State or Country Code | D8 | |
Document Fiscal Period Focus | FY | |
Entity Address, Address Line One | No. 21 Sheng Ming Yuan Road | |
Entity Address, Address Line Two | Changping District | |
Entity Address, City or Town | Beijing | |
Entity Address, Postal Zip Code | 102206 | |
Entity Address, Country | CN | |
Entity Registrant Name | Origin Agritech Limited | |
Entity Central Index Key | 0001321851 | |
Current Fiscal Year End Date | --09-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Trading Symbol | SEED | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Ordinary Shares | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,793,617 | 6,016,058 |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | No. 21 Sheng Ming Yuan Road | |
Entity Address, Address Line Two | Changping District | |
Entity Address, City or Town | Beijing | |
Entity Address, Postal Zip Code | 102206 | |
City Area Code | 86-10 | |
Local Phone Number | 5890-7588 | |
Entity Address, Country | CN | |
Contact Personnel Name | Dr. Han Gengchen | |
Contact Personnel Fax Number | 5890-7577 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 15,351 | $ 2,367 | ¥ 22,482 |
Restricted cash | 14 | 2 | 147 |
Due from related parties, net of bad debt allowance (note 3) | 29,179 | 4,499 | 22,305 |
Accounts receivable, net | 260 | 40 | 3,111 |
Advances to suppliers | 5,799 | 894 | 2,473 |
Inventories (note 5) | 4,178 | 644 | 13,568 |
Other current assets | 3,362 | 518 | 312 |
Total current assets | 58,143 | 8,964 | 64,398 |
Asset held for sale (note 6) | 5,652 | ||
Land use rights, net (note 7) | 1,854 | 286 | 9,785 |
Plant and equipment, net (note 8) | 48,684 | 7,507 | 115,451 |
Long-term investment (note 9) | 4,596 | 709 | 10,353 |
Acquired intangible assets, net (note 10) | 3,774 | 582 | 4,648 |
Operating lease right of use assets and operating lease liability | 1,904 | 294 | 2,253 |
Due from related party-noncurrent (note 3) | 0 | 0 | 42,246 |
Other assets | 83 | 13 | 97 |
Total assets (including amounts of the consolidated VIEs without recourse to the Company of RMB144,038 and RMB52,894 as of September 30, 2020 and 2021, respectively) (note 1) | 119,038 | 18,355 | 254,883 |
Current liabilities: | |||
Borrowings (note 12) | 137,660 | 21,226 | |
Accounts payable | 9,170 | 1,414 | 9,597 |
Due to growers | 6,673 | 1,029 | 6,673 |
Due to related parties (note 3) | 30,269 | 4,667 | 26,481 |
Advances from customers | 45,754 | 7,055 | 64,690 |
Income tax payable | 908 | 140 | 936 |
Lease Liability - current | 559 | 86 | 559 |
Other payables and accrued expenses (note 13) | 55,374 | 8,541 | 68,004 |
Total current liabilities | 286,367 | 44,158 | 176,940 |
Long-term borrowing (note 12) | 137,660 | ||
Lease Liability - noncurrent | 2,552 | 393 | 2,671 |
Other long-term liability (note14) | 15,717 | 2,423 | 23,074 |
Total liabilities (including amounts of the consolidated VIEs without recourse to the Company of RMB310,711 and RMB274,114 as of September 30, 2020 and 2021, respectively) (note 1) | 304,636 | 46,974 | 340,345 |
Commitments and contingencies (note 23) | |||
Shareholders' equity (deficit): | |||
Common stock (no par value); 60,000,000 shares authorized, 5,466,633 and 5,708,003 shares issued as of September 30, 2020 and 2021 | 0 | 0 | 0 |
Additional paid-in capital (note 15) | 539,315 | 83,158 | 514,675 |
Accumulated deficit | (650,633) | (100,323) | (559,104) |
Treasury stock at cost 34,909 and 20,523 shares as of September 30, 2020 and 2021, respectively) | (6,133) | (946) | (10,356) |
Accumulated other comprehensive loss | (23,221) | (3,581) | (22,405) |
Total Origin Agritech Limited shareholders' deficit | (140,672) | (21,692) | (77,190) |
Non-controlling interests | (44,926) | (6,927) | (8,272) |
Total deficit | (185,598) | (28,619) | (85,462) |
Total liabilities and equity | ¥ 119,038 | $ 18,355 | ¥ 254,883 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) ¥ / shares shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2020 CNY (¥) ¥ / shares shares |
Total assets | ¥ 119,038 | $ 18,355 | ¥ 254,883 |
Liabilities | ¥ 304,636 | $ 46,974 | ¥ 340,345 |
Common Stock, No Par Value | ¥ / shares | ¥ 0 | ¥ 0 | |
Common stock, shares authorized | 60,000,000 | 60,000,000 | 60,000,000 |
Common stock, shares issued | 5,708,003 | 5,708,003 | 5,466,633 |
Treasury stock, shares | 20,523 | 20,523 | 34,909 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Total assets | ¥ | ¥ 52,894 | ¥ 144,038 | |
Liabilities | ¥ | ¥ 274,114 | ¥ 310,711 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME(LOSS) AND COMPREHENSIVE INCOME(LOSS) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 CNY (¥) ¥ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2020 CNY (¥) ¥ / shares shares | Sep. 30, 2019 CNY (¥) ¥ / shares shares | |
CONSOLIDATED STATEMENTS OF INCOME(LOSS) AND COMPREHENSIVE INCOME(LOSS) | ||||
Revenues, including sales to related parties of RMB37,987, RMB 15,927 and RMB 10,808 for the years ended September 30, 2019, 2020, and 2021 respectively (note 3) | ¥ 46,425 | $ 7,158 | ¥ 52,513 | ¥ 92,440 |
Cost of revenues | (33,611) | (5,183) | (49,000) | (105,270) |
Gross profit(loss) | 12,814 | 1,975 | 3,513 | (12,830) |
Operating expenses | ||||
Selling and marketing | (5,564) | (858) | (4,820) | (4,038) |
General and administrative | (73,315) | (11,305) | (58,069) | (27,229) |
Research and development | (1,979) | (305) | (4,116) | (13,267) |
Impairment of assets | (69,870) | (10,773) | (28,091) | (4,130) |
Total operating expenses, net | (150,728) | (23,241) | (95,096) | (48,664) |
Loss from operations | (137,914) | (21,266) | (91,583) | (61,494) |
Interest expense, net | (8,558) | (1,320) | (5,796) | (4,677) |
Impairment of long-term investment | (5,958) | (919) | (5,994) | |
Rental income (note 17) | 10,603 | 1,635 | 7,643 | 4,611 |
Other non-operating income (expense) | 14,924 | 2,301 | (6,687) | (3,583) |
Loss before income taxes | (126,903) | (19,569) | (102,417) | (65,143) |
Income tax (expense) benefits from continuing operations (note 20) | ||||
Income tax (expense) (note 18) | (178) | (27) | (425) | (510) |
Net loss | (127,081) | (19,596) | (102,842) | (65,653) |
Less: Net income (loss) attributable to non-controlling interests | (35,552) | (5,482) | (17,581) | (3,533) |
Net loss attributable to Origin Agritech Limited | (91,529) | (14,114) | (85,261) | (62,120) |
Other comprehensive loss | ||||
Net loss | (127,081) | (19,596) | (102,842) | (65,653) |
Foreign currency translation difference | (816) | (126) | 1,371 | (1,640) |
Comprehensive loss | (127,897) | (19,722) | (101,471) | (67,293) |
Less: Comprehensive income (loss) attributable to non-controlling interests | (35,552) | (5,482) | (17,581) | (3,533) |
Comprehensive loss attributable to Origin Agritech Limited | ¥ (92,345) | $ (14,240) | ¥ (83,890) | ¥ (63,760) |
Basic net loss per share attributable to Origin Agritech Limited (note 19) | (per share) | ¥ (16.29) | $ (2.51) | ¥ (16.95) | ¥ (14.85) |
Diluted net loss per share attributable to Origin Agritech Limited (note 19) | (per share) | ¥ (16.29) | $ (2.51) | ¥ (16.95) | ¥ (14.85) |
Shares used in calculating basic net loss per share* | 5,617,424 | 5,617,424 | 5,029,017 | 4,184,032 |
Shares used in calculating diluted net loss per share* | 5,617,424 | 5,617,424 | 5,029,017 | 4,184,032 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME(LOSS) AND COMPREHENSIVE INCOME(LOSS) (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
CONSOLIDATED STATEMENTS OF INCOME(LOSS) AND COMPREHENSIVE INCOME(LOSS) | |||
Revenue from related parties | ¥ 10,808 | ¥ 15,927 | ¥ 37,987 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY $ in Thousands | Ordinary shares CNY (¥) shares | Ordinary shares USD ($) shares | Additional Paid-in Capital [Member] CNY (¥) | Additional Paid-in Capital [Member] USD ($) | Accumulated Deficit [Member] CNY (¥) | Accumulated Deficit [Member] USD ($) | Accumulated Other Comprehensive Income (Loss) [Member] CNY (¥) | Accumulated Other Comprehensive Income (Loss) [Member] USD ($) | Treasury Stock [Member] CNY (¥) | Treasury Stock [Member] USD ($) | Noncontrolling Interest [Member] CNY (¥) | Noncontrolling Interest [Member] USD ($) | CNY (¥) | USD ($) |
Balance at Sep. 30, 2018 | ¥ 428,311,000 | ¥ (411,723,000) | ¥ (22,136,000) | ¥ (19,163,000) | ¥ 1,363,000 | ¥ (23,348,000) | ||||||||
Balance (in shares) at Sep. 30, 2018 | shares | 3,196,244 | 3,196,244 | ||||||||||||
Net loss for the year | ¥ 0 | 0 | (62,120,000) | 0 | 0 | (3,533,000) | (65,653,000) | |||||||
Retire and cancellation of common stock (in shares) | shares | 0 | 0 | ||||||||||||
Share-based compensation expense | 12,188,000 | 0 | 0 | 0 | 0 | 12,188,000 | ||||||||
Share-based compensation expense (in shares) | shares | 207,800 | 207,800 | ||||||||||||
Capital Contribution | 0 | 0 | 0 | 0 | 9,379,000 | 9,379,000 | ||||||||
Issuance of common shares | 53,599,000 | 0 | 0 | 0 | 0 | 53,599,000 | ||||||||
Issuance of common shares (in shares) | shares | 1,397,680 | 1,397,680 | ||||||||||||
Translation adjustments | ¥ 0 | 0 | 0 | (1,640,000) | 0 | 0 | (1,640,000) | |||||||
Balance at Sep. 30, 2019 | 494,098,000 | (473,843,000) | (23,776,000) | (19,163,000) | 7,209,000 | (15,475,000) | ||||||||
Balance (in shares) at Sep. 30, 2019 | shares | 4,801,724 | 4,801,724 | ||||||||||||
Net loss for the year | 0 | (85,261,000) | 0 | 0 | (17,581,000) | (102,842,000) | ||||||||
Share-based compensation expense | 4,354,000 | 8,807,000 | 13,161,000 | |||||||||||
Share-based compensation expense (in shares) | shares | 350,000 | 350,000 | ||||||||||||
Capital Contribution | ¥ 0 | 0 | 0 | 0 | 0 | 2,100,000 | 2,100,000 | |||||||
Issuance of common shares | 16,223,000 | 0 | 0 | 0 | 0 | 16,223,000 | ||||||||
Issuance of common shares (in shares) | shares | 280,000 | 280,000 | ||||||||||||
Translation adjustments | ¥ 0 | 0 | 0 | 1,371,000 | 0 | 0 | 1,371,000 | |||||||
Balance at Sep. 30, 2020 | 514,675,000 | (559,104,000) | (22,405,000) | (10,356,000) | (8,272,000) | (85,462,000) | ||||||||
Balance (in shares) at Sep. 30, 2020 | shares | 5,431,724 | 5,431,724 | ||||||||||||
Net loss for the year | ¥ 0 | 0 | (91,529,000) | 0 | 0 | (35,552,000) | (127,081,000) | $ (19,596) | ||||||
Exercise of share options | 745,000 | 0 | 0 | 0 | 0 | 745,000 | ||||||||
Exercise of share options (in shares) | shares | 21,930 | 21,930 | ||||||||||||
Share-based compensation expense | 6,729,000 | 0 | 0 | 4,223,000 | 0 | 10,952,000 | ||||||||
Share-based compensation expense (in shares) | shares | 0 | 0 | ||||||||||||
Issuance of common shares | 17,166,000 | 0 | 0 | 0 | 0 | 17,166,000 | ||||||||
Issuance of common shares (in shares) | shares | 319,440 | 319,440 | ||||||||||||
Business disposal | (1,102,000) | (1,102,000) | ||||||||||||
Translation adjustments | ¥ 0 | 0 | 0 | (816,000) | 0 | 0 | (816,000) | (126) | ||||||
Balance at Sep. 30, 2021 | $ 0 | ¥ 539,315,000 | $ 83,158 | ¥ (650,633,000) | $ (100,323) | ¥ (23,221,000) | $ (3,581) | ¥ (6,133,000) | $ (946) | ¥ (44,926,000) | $ (6,927) | ¥ (185,598,000) | $ (28,619) | |
Balance (in shares) at Sep. 30, 2021 | shares | 5,773,094 | 5,773,094 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - Sep. 30, 2021 | Total | $ / ¥ |
Consolidated Statements Of Equity [Parenthetical] [Abstract] | ||
Foreign Currency Exchange Rate, Translation | 6.4854 | 6.4854 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) | |
Operating activities: | ||||
Net loss | ¥ (127,081) | $ (19,596) | ¥ (102,842) | ¥ (65,653) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 8,279 | 1,277 | 10,612 | 13,796 |
(Gain)/loss on disposal of plant and equipment | (3,642) | (562) | 418 | 914 |
Gain on disposal of land use right | (6,426) | (991) | 0 | 0 |
Loss (gain) on termination of business disposal | (106) | (16) | (178) | 0 |
Allowance for doubtful account | 401 | 62 | 189 | 0 |
Allowance for due from related parties | 3,789 | 584 | 28,340 | 0 |
Allowance for due from related party-noncurrent | 40,540 | 6,251 | 0 | 0 |
Recovery on receivables | (189) | (29) | 0 | 0 |
Impairment on intangible assets | 87 | 13 | 0 | 0 |
Impairment on long-term equity investment | 5,957 | 919 | 5,994 | 0 |
Impairment on land use rights | 7,600 | 1,172 | 2,704 | |
Impairment on plant and equipment | 60,652 | 9,352 | 24,012 | 4,213 |
Impairment on right of use assets | 1,375 | 0 | ||
Inventory write off | 7,976 | 1,230 | 8,104 | 5,973 |
Non-cash interest expense (interest accretion) | 0 | 0 | 0 | 0 |
Share-based compensation expense | 10,952 | 1,688 | 13,161 | 12,188 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 3,040 | 469 | (1,828) | (1,481) |
Due from related parties | (10,663) | (1,644) | (16,755) | 101,216 |
Advances to suppliers | (4,616) | (712) | (1,935) | 650 |
Inventories | 1,414 | 218 | 6,855 | 47,447 |
Other current assets | (2,178) | (336) | 1,276 | (1,341) |
Operating lease right-of-use assets, net | (3,879) | 0 | ||
Other assets | 14 | 2 | 2,296 | (1,191) |
Accounts payable | (427) | (66) | (87) | 1,768 |
Due to growers | (566) | (724) | ||
Due to related parties | 1,588 | 245 | (4,698) | (251,099) |
Advances from customers | (18,847) | (2,907) | 12,446 | 38,675 |
Income tax payable | (28) | (4) | 280 | 656 |
Lease liabilities | (119) | (18) | 3,230 | 0 |
Other long-term liabilities | (7,357) | (1,134) | (5,711) | 7,507 |
Other payables and accrued expenses | 4,313 | 665 | 11,572 | 26,356 |
Net cash used in operating activities | (25,077) | (3,868) | (5,615) | (60,130) |
Investing activities: | ||||
Purchase of plant and equipment | (715) | (110) | 0 | 0 |
Proceeds from disposal of plant and equipment and land use right | (1,000) | (154) | 3 | 0 |
Due from related party-noncurrent | 1,706 | 263 | (42,246) | 0 |
Cash from termination of second closing of disposal of commercial seed business (note 4) | (1,200) | (185) | 0 | 0 |
Net cash used in investing activities | (1,209) | (186) | (42,243) | 0 |
Financing activities: | ||||
Repayment from due to related parties | 2,200 | 339 | (11,454) | 0 |
Proceeds from exercise of stock options | 472 | 73 | 0 | 0 |
Proceeds from issuance of common stock | 17,166 | 2,647 | 16,223 | 53,599 |
Proceeds from non-controlling interest capital contribution | 0 | 0 | 2,100 | 9,379 |
Repayment of short-term borrowings | 0 | 0 | 0 | 0 |
Proceeds from long-term borrowings | 0 | 0 | 137,660 | 0 |
Repayment of long-term borrowings | 0 | 0 | (78,611) | 0 |
Net cash provided by financing activities | 19,838 | 3,059 | 65,918 | 62,978 |
Net increase(decrease) in cash and cash equivalents | (6,448) | (995) | 18,060 | 2,848 |
Cash and cash equivalents, beginning of year | 22,482 | 3,467 | 3,198 | 1,990 |
Effect of exchange rate changes on cash and cash equivalents | (816) | (126) | 1,371 | (1,640) |
Restricted cash | 133 | 21 | 147 | 0 |
Cash and cash equivalents, end of the year | 15,351 | 2,367 | 22,482 | 3,198 |
Supplemental disclosures of cash flow information: | ||||
Income taxes paid | 0 | 0 | 0 | 0 |
Interest paid | 0 | 0 | 366 | 4,680 |
Supplemental disclosure of non-cash financing activities: | ||||
Sale of equipment in repayment of due to related parties | ¥ 0 | $ 0 | ¥ 0 | ¥ 5,600 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Sep. 30, 2021 | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Origin Agritech Limited (“Agritech”), incorporated under the laws of the British Virgin Islands, and its subsidiaries and variable interest entities are referred to in this report as “we”, “us”, “our”, or “the Company”. We are principally engaged in hybrid crop seed development, production and distribution business. As of September 30, 2021, the Company’s subsidiaries and variable interest entities included in continuing operations consisted of the following: Date of Place of Percentage Incorporation Incorporation of Principal Name or Establishment or Establishment Ownership Activity Subsidiaries: State Harvest Holdings Limited(“State Harvest”) October 6, 2004 British Virgin Islands 100 % Investment Holding Beijing Origin State Harvest Biotechnology Limited (“BioTech”) December 1, 2004 People’s Republic of China (“PRC”) 100 % Hybrid seed technology development Variable interest entity: Beijing Origin Seed Limited (note (i)) (“Beijing Origin”) December 26, 1997 PRC Note (i) Hybrid crop seed development, production and distribution Subsidiaries held by Beijing Origin: Xinjiang Originbo Seed Company Limited (note (i)) (“Xinjiang Origin”) July 13, 2011 PRC 51 % Hybrid crop seed development, production and distribution Subsidiaries held by State Harvest: Shandong Aoruixinong Agricultural Technology Limited (Shandong Aoruixinong) September 27, 2019 PRC 51 % Agricultural seed products distribution through e-commune network Hubei Aoyu Zhongye Limited (Hubei Aoyu) October 22, 2018 PRC 51 % Agricultural seed products distribution through e-commerce network Anhui Aoyu Zhongye Limited (Anhui Aoyu) July 25, 2018 PRC 50 % Agricultural seed products distribution through e-commerce network Xuzhou Aoyu Zhongye imited (Xuzhou Aoyu) September 25, 2018 PRC 51 % Agricultural seed products distribution through e-commerce network Henan Aoyu Zhongye Limited (note (i)) (“Henan Aoyu”) July 16, 2018 PRC 51 % Agricultural seed products distribution through e-commerce network Note (i): Beijing Origin Seed Limited, Xinjiang Originbo Seed Company Limited, and Zhengzhou Branch of Beijing Origin Seed Limited are collectively referred to as “Beijing Origin”. Reorganization of State Harvest prior to the share exchange transaction with Chardan China Acquisition Corp. (“Chardan”) On December 1, 2004, State Harvest established BioTech, a wholly-owned foreign enterprise (“WOFE”) under the laws of the PRC with an operating period of 20 years. Under PRC law, foreign entities are not currently permitted to own more than 49% of a seed production company. In order to address those restrictions, State Harvest conducts substantially all of its business through contractual agreements with its variable interest entity (“VIE”), Beijing Origin. These agreements are summarized in the following paragraphs. Stock Consignment Agreements Under Chinese law, foreign ownership of businesses engaged in the breeding of new varieties, development, production, marketing, distribution and sale of hybrid food crop seeds is limited to 49% pursuant to the Regulation on the Approval and Registration of Foreign Investment Enterprises in Agricultural Seed Industry and The Foreign Investment Industrial Guidance Catalogue. State Harvest, as a non-Chinese corporation, may not directly own more than 49% of any of the PRC Operating Companies. However, Chinese law does not forbid the owner of stock to consign rights associated with the stock, as long as the owner does not transfer title to the stock. To gain control over the PRC Operating Companies, State Harvest entered into a series of stock consignment agreements with shareholders of those companies. State Harvest has been assigned 97.96% voting rights by the shareholders of Beijing Origin through a consignment agreement which includes the following terms: (1) The shares of Beijing Origin cannot be transferred without the approval of State Harvest; (2) State Harvest has the right to appoint all directors and senior management personnel of Beijing Origin and (3) The shareholder rights including voting rights require the transfer of the shares of Beijing Origin to State Harvest or any party designated by State Harvest within three years upon the removal of the PRC legal restriction. Technical Service Agreements Beijing Origin entered into Technical Service Agreements with BioTech dated December 25, 2004. Under these agreements, BioTech shall provide, with its own technical research resource and team, technical services for the production and distribution of agricultural seeds during the period of the agreements. In return, Beijing Origin is required to pay BioTech a service fee calculated according to the weight of corn, rice and cotton seeds sold by the Beijing Origin. Through the contractual agreements described above, State Harvest is deemed the sole beneficiary of Beijing Origin resulting in Beijing Origin being deemed a subsidiary of State Harvest under the requirements of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810-10-05. The agreements described above provided for effective control of Beijing Origin to be transferred to State Harvest at December 25, 2004. Neither State Harvest nor BioTech had any operating activity prior to entering into the consignment agreements with Beijing Origin. In substance, State Harvest has substantially all the same shareholders of Beijing Origin. This transaction has been accounted for on a basis similar to reorganization between entities under common control. Accordingly, State Harvest’s consolidated financial statements are prepared by including the consolidated financial statements of Beijing Origin through December 24, 2004, and subsequently the Company’s consolidated financial statements include the financial statements of State Harvest, its majority owned subsidiary and Beijing Origin through the date of the Share Exchange Transaction. Risks in relation to the VIE structure Two of our PRC operating subsidiaries are controlled subsidiaries through stock consignment agreements rather than by direct ownership of shares, the terms of which may have to be enforced, which would require us to incur extra costs, create uncertainty as to ownership of the operating businesses involved and risk the possible loss of rights. There is the risk, however, that a consigning shareholder will not fulfill its obligations under the stock consignment agreement. In that event, we may need to resort to the PRC courts to have our rights under the applicable agreement enforced. Such enforcement will cause us to incur legal expenses. In addition, while a case is pending there will be uncertainty regarding our rights as to the three PRC operating subsidiaries involved. In addition, a PRC court may decide not to enforce the agreements in whole or in part. To the extent these agreements are neither observed nor enforced as intended, the PRC operating subsidiaries will not be controlled by us as intended, which will affect our enterprise value and restrict our ability to obtain the income and other rights of ownership associated with the consigned stock. It may also prevent the consolidation of our financial statements with the PRC operating subsidiaries, which would reduce the reported earnings of the consolidated companies. The uncertainty of ownership may also adversely affect the market value of our ordinary shares. Whether or not a stock consignment agreement is terminated depends on the consensus of our Board and the consignees. Any such termination could result in a possible loss of certain rights or assets held by us without receiving fair value in return. The stock consignment agreements relating to our control of the stock of our PRC operating subsidiaries may be terminated after three years upon mutual agreement between us and the consignees. Holding this amount of stock will allow these officers to control or greatly influence the selection of directors and matters submitted to a vote of our shareholders, including voting to terminate the stock consignment agreements. There are corporate protections in place designed to protect our interests, such as an independent Board of Directors, an audit committee comprised of independent directors that must approve insider transactions, a code of conduct requiring fair dealing with the Company, and the British Virgin Islands statutory provision that a disposition of more than 50% of the assets of a company must be approved by a majority of the shareholders. Moreover, if consigned stock is transferred to us as provided in the stock consignment agreements when the restrictions under PRC law are lifted, that stock will no longer be subject to the stock consignment agreements, and the termination of the stock consignment agreements would then have no effect on the ownership of that stock. However, if the stock consignment agreements are terminated, then we would lose our rights with respect to the consigned stock and the profits from the issuing corporation. Such a loss would impair the value of the Company and would reduce our ability to generate revenues. The Company has aggregated the financial information of Beijing Origin and its subsidiaries in the table below. The aggregated carrying amount of assets and liabilities of Beijing Origin and its subsidiaries after elimination of intercompany transactions and balances consolidated in the Company’s consolidated balance sheets as of September 30, 2020 and 2021 are as follows: Risks in relation to the VIE structure (Beijing Origin Consolidated Balance Sheet) September 30, 2020 2021 2021 RMB RMB US$ ASSETS Current Assets Cash and cash equivalents 206 305 47 Restricted cash — — — Due from related party — — — Accounts receivable 1,099 11 2 Advances to suppliers 377 260 40 Inventories 10,118 1,052 162 Other current assets 1,279 730 113 Total current assets 13,079 2,358 364 Land use rights, net 9,785 1,854 286 Plant and equipment, net 115,338 48,599 7,494 Equity investments — — — Acquired intangible assets, net 87 — — Other assets 5,749 83 13 Total assets 144,038 52,894 8,157 LIABILITIES Current liabilities Current portion of long-term borrowings — 137,660 21,226 Accounts payable 9,533 9,107 1,404 Due to growers 6,673 6,673 1,029 Due to related parties 20,217 30,665 4,728 Advances from customers 52,535 22,772 3,511 Other payables and accrued expenses 61,019 51,520 7,944 Total current liabilities 149,977 258,397 39,842 Long-term borrowings 137,660 — — Other long-term liability 23,074 15,717 2,423 Total liabilities 310,711 274,114 42,265 As of September 30, 2020 and 2021, consolidated assets of RMB144,038 and RMB52,894, respectively, are collateral for the VIE’s obligations and may not be used to settle the liabilities of the Parent Company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”); include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries and variable interest entities. Intercompany balances, transactions and cash flows are eliminated on consolidation. Liquidity and Going Concern The Company incurred net losses of RMB127,081 in the year ended September 30, 2021, respectively. Working capital deficit was RMB228,224 as of September 30, 2021, respectively. Accumulated deficit was RMB650,633 as of September 30, 2021, respectively. These factors raise substantial doubts about the Company’s ability to continue as a going concern. On May 17, 2019, the Company entered into a Cooperation Framework Agreement with Beijing Changping Technology Innodevelop Group (BC-TID), an entity owned by the government of Changping District of Beijing City. Under this agreement, BC-TID and the Company planned to have a joint venture entity, which is 51% and 49% owned by BC-TID and the Company, respectively. Both parties decided to use Beijing Origin as the joint venture entity. Based on the agreement, Beijing Origin would contribute the headquarters building in Beijing and certain of its seed technology assets related to genetically modified seeds to the joint venture entity. The Company would transfer out all of Beijing Origin’s other assets. BC-TID would fund the joint venture by injecting into Beijing Origin a total of RMB204 million in cash. Also agreed under this agreement, Beijing Origin would pay off the bank loan of RMB78 million, which is collateralized by the Company’s headquarters building in Beijing, upon receiving the RMB204 million investment from BC-TID. Since the Cooperation Framework Agreement was signed, both parties have been actively involved to complete the formation of joint venture. However, the process has taken longer than originally expected mainly due to the complicated tax related issues with Beijing Origin’s headquarters building and the government approval process. As of January 16, 2022, BC-TID has injected into Beijing Origin a total of RMB137.7 million ($20.2 million) as a loan to Beijing Origin based on the agreement. Currently, the agreement is being finally approved the government officials. The cash amount received by Beijing Origin was used to repay the bank loan collateralized by the headquarters building and provide working capital. According to the agreement, RMB137.7 million cash currently booked as current portion of long-term debt, due in April, 2022, is an interest-free loan and will be converted to the equity for the joint venture when the JV is formed. Also according to the agreement, the Company leases the headquarters building to BC-TID. There are new hybrids completed variety trails and will be in the market this season. Furthermore nutrition enhanced corn will be produced for animal feed which will greatly increase the revenue. Besides the aforementioned cash inflows, the Company is also seeking funds from other resources including but not limited to licensing its core seed traits to its customers, applying for more government grants for research and development activities, pursuing other capital investment from investors and selling certain company assets. The Company consistently reviews its working capital requirements. Despite the Company’s effort to obtain additional funding and reduce operating costs, there is no assurance that the Company’s plans and actions will be successful. In addition, there can be no assurance that in the event additional sources of funds are needed they will be available on acceptable terms, if at all. The accompanying financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. Convenience translation into United States dollars The consolidated financial statements are reported in Renminbi. The translation of Renminbi amounts into United States dollar amounts has been made for the convenience of the reader and has been made at the exchange rate quoted by the middle rate by the State Administration of Foreign Exchange in China on September 30, 2021 of RMB 6.4854 to US $1.00. Such translation amounts should not be construed as representations that the Renminbi amounts could be readily converted into United States dollar amounts at that rate or any other rate. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s consolidated financial statements include inventory valuation, collectability evaluation of accounts receivables and due from related parties, useful lives of plant and equipment and acquired intangible assets, the valuation allowance for deferred income tax assets, valuation of long-lived assets and share-based compensation expense. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, cash accounts, interest bearing savings accounts, time certificates of deposit and debt securities with a maturities of three months or less when purchased. Inventories Inventories are stated at the lower of cost, determined by weighted-average method, or net realizable value. Work-in-progress and finished goods inventories consist of raw materials, direct labor and overhead associated with the manufacturing process. Parent seed represents the seeds that are used for research and development activities. The Company periodically performs an analysis of inventory to determine obsolete or slow-moving inventory and determine if its cost exceeds the estimated market value. Write down of potentially obsolete or slow-moving inventory are recorded based on management’s analysis of inventory levels. Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided over the term of the land use right agreements on a straight-line basis for the beneficial period, which is 50 years. Plant and equipment, net Plant and equipment are recorded at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to expense as incurred. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Plant and building 20 Machinery and equipment 10 Furniture and office equipment 5 Motor vehicles 5 Leasehold improvements Shorter of the useful lives or the lease term The Company constructs certain of its facilities. In addition to costs under construction contracts, external costs directly related to the construction of such facilities, including duty and tariff, and equipment installation and shipping costs, are capitalized. Depreciation is recorded at the time assets are placed in service. Acquired intangible assets, net Acquired intangible assets primarily consist of purchased technology rights and distribution network and are stated at cost less accumulated amortization. Amortization is calculated on a straight-line basis over the estimated useful lives of these assets and recorded in operating expenses. Amortization is calculated on a straight-line basis over the following estimated useful lives for the main acquired intangible assets: Technology rights for licensed seeds 3 Distribution network 6 Trademark Indefinite Trademarks, which have indefinite lives are not amortized but are reviewed for impairment at least annually, at year end date, or earlier upon the occurrence of certain triggering events. The Company has performed an impairment analysis on the acquired intangible assets in Beijing Origin and recorded no impairment provision during the year ended September 30, 2021. Leases The Company leases certain office space and equipment from third-parties. Leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. For leases beginning in 2019 and later, at the inception of a contract management assesses whether the contract is, or contains, a lease. The assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the right to substantially all the economic benefit from the use of the asset throughout the period is obtained, and (3) whether the Company has the right to direct the use of the asset. At the inception of a lease, management allocates the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from the nonlease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term from one year or more. The exercise of lease renewal options is at the Company’s sole discretion. Renewal periods are included in the lease term only when renewal is reasonably certain, which is a high threshold and requires management to apply judgment to determine the appropriate lease term. The Company’s leases do not include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Certain lease agreements include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. All of the Company’s leases are classified as operating leases. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less. The effect of short-term leases and initial direct costs on our right-of-use asset and lease liability was not material. ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or cancellation provisions, and determining the discount rate. As the rate implicit in the lease is not usually available, the Company used an incremental borrowing rate based on the information available at the adoption date of ASC 842 in determining the present value of lease payments for existing leases. The Company will use information available at the lease commencement date to determine the discount rate for any new leases. The Company leases certain office space to third-parties. An operating lease is neither a sale nor financing of an asset. The Company keeps the asset underlying the lease on its balance sheet and continue to depreciate the asset based on its estimated useful life. Rental revenue should be recognized on a straight-line basis (or another systematic basis if that basis is more representative of the pattern in which income is earned from the underlying asset over the term of the respective lease). A lessor should record an unbilled rent receivable, which is the amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease. Long-term investments We utilize the measurement alternative for equity investments that do not have readily determinable fair values and measure these investments at cost less impairment plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. We classify our investments as non-current assets on the consolidated balance sheets as those investments do not have stated contractual maturity dates. We periodically review our equity investments for impairment. We consider impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the security is below the carrying amount, we write down the security to fair value. Valuation of long-lived asset The Company reviews the carrying value of long-lived assets to be held and used, including other intangible assets subject to amortization, when events and circumstances warrants such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset and intangible assets. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets and intangible assets to be disposed are determined in a similar manner, except that fair market values are reduced for the cost to dispose. Impairment of RMB26,716 and RMB68,339 were recorded during the years ended September 30, 2020 and 2021, respectively. Revenue recognition The Company derives most of its revenue from hybrid corn seed. The Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” and the associated ASUs (collectively, “Topic 606”). The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The majority of the Company’s customer contracts, which may be in the form of purchase orders, contracts or purchase agreements, contain performance obligations for delivery of agreed upon goods. Delivery of all performance obligations contained within a contract with a customer typically occurs at the same time. The Company also makes accounting policy elections to 1) treat shipping and handling activities that occur after the customer obtains control of the goods as fulfillment costs and 2) exclude sales (and similar) taxes from the measurement of the transaction price. Government subsidies A government subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company received the government subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The reclassification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. The Company received several financial supports from various levels of the Chinese government. At fiscal years ended 2020 and 2021, the Company had received government subsidies of RMB629 and RMB5,075, respectively for research and development and other expenses of the Company. Government subsidies recognized as the non-operating income (expense) or reduction of research and development in the statement of income for the years ended September 30, 2019, 2020 and 2021, were RMB–nil-, RMB4,761 and RMB13,285, respectively. Contract Liabilities (Deferred Revenues) The Company recognizes a contract liability when consideration is received, or if the Company has the unconditional right to receive consideration, in advance of satisfying the performance obligation. A contract liability is the Company’s obligation to transfer goods to a customer for which the Company has received consideration, or an amount of consideration due from the customer. As of September 30, 2021, the Company recorded deferred revenue of approximately RMB45.8M. The Company expects to recognize these revenues during the fiscal years ended September 30, 2022 and 2023, respectively Cost of revenues Cost of revenues consists of expenses directly related to sales, including the purchase prices and development costs for seeds and, agricultural chemical products, depreciation and amortization, impairment of inventory, shipping and handling costs, salary and compensation, supplies, and license fees. Research and development costs Research and development costs relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. Advertising costs Advertising costs are expensed when incurred and included in selling and marketing expenses. For the years ended September 30, 2019, 2020 and 2021, advertising costs were RMB589, RMB-nil- and RMB-nil-, respectively. Borrowing cost Borrowing costs attributable directly to the acquisition, construction or production of qualifying assets which require a substantial period of time to be ready for their intended use or sale, are capitalized as part of the cost of those assets. Income earned on temporary investments of specific borrowings pending their expenditure on those assets is deducted from borrowing costs capitalized. All other borrowing costs are recognized in interest expenses in the statement of income and comprehensive income in the period in which they are incurred. Allowance for doubtful account The Company regularly monitors and assesses the risk of not collecting amounts owed to the Company by customers. This evaluation is based upon a variety of factors including: an analysis of amounts current and past due along with relevant history and facts particular to the customer. Based on the result of this analysis, the Company records an allowance for doubtful accounts of RMB-nil-, RMB189 and RMB 401 for the years ended September 30, 2019, 2020, and 2021, respectively. Income taxes Deferred income taxes are recognized for the future tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net of operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities. The Company adopted FASB ASC 740-10. The Company’s policy on classification of all interest and penalties related to unrecognized tax benefits, if any, as a component of income tax provisions. Foreign currency translation The functional currency of the Company excluding Agritech (Parent) and State Harvest is Renminbi. Monetary assets and liabilities denominated in currencies other than Renminbi are translated into Renminbi at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than Renminbi are converted into Renminbi at the applicable rates of exchange prevailing the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of income (loss) and comprehensive income (loss). The functional currency of Agritech (Parent) and State Harvest are maintained in United State dollars. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive (loss)/income. The Company has chosen Renminbi as its reporting currency. Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Comprehensive income (loss) for the years has been disclosed within the consolidated statements of income and comprehensive income for presentational purpose of the disclosure of comprehensive income (loss) attributable to Agritech and the non-controlling interests respectively. Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the years. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the years. The weighted average number of common shares outstanding is adjusted to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In computing the dilutive effect of potential common shares, the average stock price for the period is used in determining the number of treasury shares assumed to be purchased with the proceeds from the exercise of options. Share-based compensation ASC 718-10 requires that share-based payment transactions with employees and nonemployees, such as share options, be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. Fair value measurement The Company adopted FASB ASC 820-10, and which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820-10 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. ASC 820-10 establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable inputs, which may be used to measure fair value and include the following: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Recently issued accounting pronouncements ● In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. ASU No. 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU No. 2016-13 on its consolidated financial statements. The Company believes that other recent accounting pronouncement updates will not have a material effect on the Company’s consolidated financial statements. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Sep. 30, 2021 | |
RELATED PARTY BALANCES AND TRANSACTIONS | |
RELATED PARTY BALANCES AND TRANSACTIONS | 3. RELATED PARTY BALANCES AND TRANSACTIONS (1) Related party relationships Name of related parties Relationship Beijing Shihui(i) Being owned by close family members of the Company’s Chairman Xinjiang Ginbo Seeds Center Being the non-controlling interest of Xinjiang Origin Henan Agricultural University Being the non-controlling interest of Beijing Origin Linze Origin Seeds Ltd.(i) Being owned by close family members of the Company’s Chairman De Nong Zheng Cheng Seed Limited Being owned by close family members of the Company’s Chairman Henan Yingde Agricultural Ltd. Being owned by close family members of the Company’s Chairman Beijing Liantaide Biotechnology Co., Ltd. Being owned by close family members of the Company’s Chairman Non-controlling shareholders (“NCI”) Non- controlling shareholders of Hubei Aoyu, Anhui Aoyu, Xuzhou Aoyu, Shandong Aoyu, Henan Aoyu, Shandong Aoruixinong (i) (1) Due from related parties, net of bad debt allowance September 30, 2020 2021 RMB RMB Denong 1 1 Linze Origin Seeds Ltd 45 45 Beijing Shihui 28,340 32,128 NCI 12,423 15,848 Henan Yingde Agricultural Ltd. 8,904 8,684 Beijing Liantaide — 4,600 The Close family of the Company’s Chairman 932 1 Total 50,645 61,307 Allowance for doubtful account 28,340 32,128 Due from related parties, net 22,305 29,179 (2) Due from related party-noncurrent As of September 30, 2020, the balance of due from related party-noncurrent of RMB 42,246 represents the receivable from Linze Origin Seeds Ltd. This balance is presented as noncurrent according to the Restructuring Agreement disclosed in Note 3(1)(i). The Company incurred allowance of due from related party-noncurrent of RMB– nil 40,540 (3) Due to related parties September 30, 2020 2021 RMB RMB Linze Origin Seeds Limited 300 300 Henan Agriculture University 1,000 1,000 Xinjiang Ginbo Seeds Center (i) (ii) 54 54 Xinjiang Production And Construction Corps 5th Division State-owned Assets Management Co.,Ltd. (ii) 10,000 10,000 Companies controlled by the Company’s directors (ii) 1,633 1,556 NCI 10,176 11,348 The Company’s Chairman (ii) 1,704 1,020 Close family of the Company’s Chairman (ii) 680 3,641 YingDe 934 1,350 26,481 30,269 Note (i): Xinjiang Origin has received a cash advance of RMB 10,000 from Xinjiang Ginbo Seeds Center during the year ended September 30, 2016, which is unsecured, interest-free and repayable on demand, and has been transferred to Xinjiang Production And Construction Corps 5th Division State-owned Assets Management Co.,Ltd. for the years ended September 30, 2020. Note (ii):In the ordinary course of business, the Company purchases raw materials from and sells product to related parties, and related parties also provide cash to fund the Company’s operations. (3) Transactions with related parties (a) Sales to Year ended September 30, 2019 2020 2021 RMB RMB RMB Linze Origin Seeds Limited 83 — — Beijing Shihui 20,823 — 1,706 YingDe — 5,315 3,134 NCI 17,081 10,612 5,967 Zhengzhou Branch — — — 37,987 15,927 10,808 (b) Purchase from Year ended September 30, 2019 2020 2021 RMB RMB RMB Denong — 166 — YingDe — 10,975 11,700 Linze Origin Seeds Limited — 3,416 4,706 Beijing Shihui — — 360 Close family of the Company’s Chairman — 32 333 NCI — 2,861 2,227 — 17,450 19,326 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Sep. 30, 2021 | |
DISCONTINUED OPERATIONS | |
DISCONTINUED OPERATIONS | 4. DISCONTINUED OPERATIONS On September 26, 2016, the Company entered into a Master Agreement with Beijing Shihui, under which the Buyer agreed to purchase the corn seed production and distribution assets, the office building in Beijing, China, and generally the business of commercial corn seed production and sales operated by the Company. On August 16, 2017, the Company entered into a Supplemental Agreement to the Master Agreement, pursuant to which, the aggregate purchase price was increased from RMB400,000 to RMB421,000 and certain payment arrangement provisions were amended. The overall transaction was originally expected to be conducted in two steps. The first step was the sale of the equity held by Beijing Origin of each of the Denong, Changchun Origin and Linze Origin companies, and the second step was the sale of a company holding the assets of Zhengzhou Branch and the office building in Beijing, PRC. On July 31, 2017, the Company completed the First Closing and sold the VIE subsidiaries. On August 31, 2017, the Company transferred the control of Zhengzhou Branch to Beijing Shihui pursuant to a Management Agreement and the net assets in Zhengzhou Branch intended to be sold at the Second Closing were considered disposed. Of the total purchase price of RMB421,000, RMB347,085 was allocated to the aforementioned disposed entities and assets and RMB73,915 was allocated to the office building in Beijing, China. As of September 30, 2017, (1) total cash consideration of RMB45,400 inclusive of the RMB10,000 deposits was received, (2) principal amount of the bank loans amounted to RMB142,000 in the VIE subsidiaries was offset against the purchase price, (3) outstanding payables of RMB121,485 by Zhengzhou Branch to Buyer was offset against the purchase price. During the year ended September 30, 2017, we recognized a loss of RMB3,282 on the sale of commercial corn seed production and sales business operated by the Company. The loss was reported in discontinued operations in the consolidated statements of operations and comprehensive income. On September 21, 2018, the Company and certain subsidiaries of the Company entered into a Termination Agreement (“Termination Agreement”) with Beijing Shihui to terminate that certain Master Agreement, dated as of September 26, 2016, by and among the Company, Beijing Shihui, and certain subsidiaries of the Company. Pursuant to the Termination Agreement, the Company and Beijing Shihui agreed to terminate the Master Agreement and not to pursue the second closing contemplated under the Master Agreement. As a result of the Termination Agreement, the Company would not transfer certain assets, including the headquarters building of the Company located in Beijing, PRC and certain other assets, to Beijing Shihui, meanwhile, the transfer of control of Zhengzhou Branch was rewound as a result of termination of the Management Agreement on September 21, 2018. Through September 30, 2018, the Company reported discontinued operations when the operations and cash flows of a component of the Company had been eliminated or intended to be eliminated from ongoing operations. For a component to be disposed of by sale, financial results were classified as discontinued only when held for sale criteria were met. For a component to be disposed of other than by sale, financial results were not classified as discontinued until abandonment, distribution, or exchange occurred, depending on the manner of disposal. The office building in Beijing, PRC was previously planned to be sold to Beijing Shihui. However, the Company changed the original plan and decided not to sell this part of assets. On September 21, 2018, the Company and certain subsidiaries of the Company entered into a Termination Agreement. Pursuant to this agreement, the Company will not transfer the above-mentioned office building in Beijing to Beijing Shihui. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Sep. 30, 2021 | |
INVENTORIES | |
INVENTORIES | 5. INVENTORIES As of September 30, 2020 and 2021, inventories are comprised of work in progress of RMB13,568 and RMB 4,178, respectively. No inventories have been pledged as collateral for bank loans as of September 30, 2020 and 2021. Inventory write-offs for the years ended September 30, 2019, 2020 and 2021 were RMB5,973, RMB8,104 and RMB 7,976, respectively. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Sep. 30, 2021 | |
ASSETS HELD FOR SALE | |
ASSETS HELD FOR SALE | 6. ASSETS HELD FOR SALE During FY2019, the Company sold certain land use right, plant, and equipment with total net book value of RMB12,051 for cash consideration of RMB26,000. The transition of land use right and buildings with book value of RMB5,652 for cash consideration of RMB20,400 was not completed due to the time taking to finish the title transfer process although those assets have been transferred to the buyers and related proceeds have been received to pay down certain account payables. During FY2020, the company accrued interest expense of RMB6,968 and transfer taxes and fees of RMB3,891. During FY2021, The above transition of land use right and buildings had been finished, and no balance of assets held for sale in the consolidated balance sheets. |
LAND USE RIGHTS, NET
LAND USE RIGHTS, NET | 12 Months Ended |
Sep. 30, 2021 | |
LAND USE RIGHTS, NET | |
LAND USE RIGHTS, NET | 7. LAND USE RIGHTS, NET Land use rights, net consist of the following: September 30, 2020 2021 RMB RMB Land use rights 13,860 6,260 Accumulated amortization (4,075) (4,406) Land use rights, net 9,785 1,854 Land use rights have been pledged as collateral for loans from Beijing Changping Technology Development Co. Ltd. as of September 30, 2020 were RMB2,053 and from Beijing Changping Technology Development Co. Ltd. as of September 30, 2021 were RMB1,992. Amortization expenses for the years ended September 30, 2019, 2020 and 2021 were RMB677, RMB424 and RMB331, respectively. The Company incurred impairment of land use rights of RMB7,600 for the year ended September 30, 2021. |
PLANT AND EQUIPMENT, NET
PLANT AND EQUIPMENT, NET | 12 Months Ended |
Sep. 30, 2021 | |
PLANT AND EQUIPMENT, NET | |
PLANT AND EQUIPMENT, NET | 8. PLANT AND EQUIPMENT, NET Plant and equipment, net consist of the following: September 30, 2020 2021 RMB RMB Plant and building 123,011 70,179 Machinery and equipment 64,734 57,203 Furniture and office equipment 12,363 12,353 Motor vehicles 3,586 3,580 Total 203,694 143,315 Accumulated depreciation (88,243) (94,631) Plant and equipment, net 115,451 48,684 The Company incurred impairment of plant and equipment of RMB24,012 and RMB60,652 for the year ended September 30, 2020 and 2021, respectively. There are plant and building with net values of RMB20,565 and RMB 19,827 have been pledged for bank loans as of September 30, 2020 and 2021, respectively. The depreciation expenses for the years ended September 30, 2019, 2020 and 2021were RMB10,226, RMB9,116, and RMB6,812, respectively. |
LONG TERM INVESTMENTS
LONG TERM INVESTMENTS | 12 Months Ended |
Sep. 30, 2021 | |
LONG TERM INVESTMENTS | |
LONG TERM INVESTMENTS | 9. LONG TERM INVESTMENTS The Company owns 17.94% equity interest in Jilin Jinong Hi-tech Development Shares Co. Ltd. (“Jinong”) and accounted for the equity investment without readily determinable fair value (previously known as cost method investment) as of September 30, 2020 and 2021. The Company recorded an impairment loss of RMB–nil-, RMB5,994, and RMB5,957 on its equity investment without readily determinable fair value for the years ended September 30, 2019, 2020 and 2021, respectively. |
ACQUIRED INTANGIBLE ASSETS, NET
ACQUIRED INTANGIBLE ASSETS, NET | 12 Months Ended |
Sep. 30, 2021 | |
ACQUIRED INTANGIBLE ASSETS, NET | |
ACQUIRED INTANGIBLE ASSETS, NET | 10. ACQUIRED INTANGIBLE ASSETS, NET Acquired intangible assets, net consist of the following: September 30, September 30, 2021 2020 RMB RMB Gross Gross Carrying Accumulated Impairment Net Carrying Accumulated Impairment Net Amount Amortization Loss Balance Amount Amortization Loss Balance Technology rights for licensed seeds 71,429 (67,655) — 3,774 71,429 (66,781) — 4,648 Others 4,739 (4,652) (87.00) — 4,739 (4,739) — — Total 76,081 (72,307) (87.00) 3,774 76,168 (71,520) — 4,648 Amortization expenses for the years ended September 30, 2019, 2020 and 2021 were RMB2,893, RMB821 and RMB787, respectively. RMB–nil-, RMB–nil-, and RMB87 were charged for impairment for the years ended September 30, 2019, 2020 and 2021, respectively. Amortization expense on these intangible assets for each of the next five years is as follows: Year ending September 30, RMB 2022 555 2023 532 2024 520 2025 521 2026 521 Thereafter 1,125 Total 3,774 The Company enters into technology transfer and usage agreements with strategic partners and pays up-front fees for the exclusive rights to certain seed technologies. Technology rights are amortized over an average usage period of 3 |
LEASES
LEASES | 12 Months Ended |
Sep. 30, 2021 | |
LEASES | |
LEASES | 11. LEASES As of September 30, 2021, the Company’s operating lease right of use assets and operating lease liability are RMB1,904 and RMB3,111, respectively. The Company made the impairment of right of use assets of RMB1,375 and RMB-nil- for the years ended September 30, 2020 and 2021, respectively.. The weighted-average remaining lease term is 2.6 years and the weighted-average discount rate is 4.9%. The following table summarizes the components of lease expense: Year ending September 30, RMB Operating lease cost 229 Short-term lease cost 291 Total 520 The following table summarizes supplemental information related to leases: Year ended September 30, Cash paid for amounts included in the measurement of lease liabilities: RMB Operating cash flows from operating leases 345 As of September 30, 2021, the Company was obligated under the maturity of operating lease liabilities as follows: Year ending September 30, RMB 2022 357 2023 357 2024 357 2025 357 2026 370 Thereafter 1,313 3,111 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Sep. 30, 2021 | |
BORROWINGS | |
BORROWINGS | 12. BORROWINGS Borrowings consisted of the following: September 30, 2020 2021 RMB RMB Interest-free borrowing from Beijing Changping Technology Development Co. Ltd.(“BC-TID”) 137,660 137,660 Long-term borrowings 137,660 137,660 Current portion of long-term borrowings — 137,660 Non-current portion of long-term borrowings 137,660 — Interest expense related to borrowings amounted to RMB4,680, RMB5,735 and RMB8,260 for the years ended September 30, 2019, 2020 and 2021, respectively. |
OTHER PAYABLES AND ACCRUED EXPE
OTHER PAYABLES AND ACCRUED EXPENSES | 12 Months Ended |
Sep. 30, 2021 | |
OTHER PAYABLES AND ACCRUED EXPENSES | |
OTHER PAYABLES AND ACCRUED EXPENSES | 13. OTHER PAYABLES AND ACCRUED EXPENSES Other payables and accrued expenses consist of: September 30, 2020 2021 RMB RMB Payable for purchase of plant and equipment 28,591 9,169 Salaries and bonus payable 5,778 4,724 Accrued interest 3,849 12,102 Other taxes payable 1,803 2,407 Deposits from others 13,225 2,434 Deferred government subsidies 1,693 1,039 Payable for penalty 6,968 12,812 Others 6,097 10,683 68,004 55,374 |
OTHER LONG-TERM LIABILITY
OTHER LONG-TERM LIABILITY | 12 Months Ended |
Sep. 30, 2021 | |
OTHER LONG-TERM LIABILITY | |
OTHER LONG-TERM LIABILITY | 14. OTHER LONG-TERM LIABILITY In fiscal year 2019, the Company didn’t receive government subsidies. In fiscal year 2020, the Company received government subsidies from the local PRC government for equipment projects of RMB3.00 million. In fiscal year 2021, the Company didn’t receive government subsidies from the local PRC government for equipment projects. The non-current portion of such government subsidies are recorded as long-term liability, which will be amortized over the estimated useful lives related to the plant and equipment and land use right. The increase in deferred government subsidies was due to reclassification from other payable account. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Sep. 30, 2021 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 15. STOCK-BASED COMPENSATION On January 2, 2019 the Company granted its employees options to purchase 36,000 ordinary shares at the price of US$5.19 (“Tranche 20”), on January 2, 2020 the Company granted its employees options to purchase 38,000 ordinary shares at the price of US$5.3 (“Tranche 21”), on April 14, 2021 the Company granted its employees options to purchase 160,000 ordinary shares at the price of US$13.99 (“Tranche 21”). All the options have an expiration date that is 5 1 All the option awards have an exercise price of US$5.19 to US$20.7 and expire 5 1 For the options outstanding at September 30, 2020 and 2021, the weighted average remaining contractual lives are 0.26 and– nil The Company recorded share-based compensation expense for share options of RMB904, RMB658 and RMB 10,952 for the years ended September 30, 2019, 2020 and 2021 respectively. As of September 30, 2020 and 2021, there were RMB-nil- and RMB-nil-of total unrecognized compensation expense related to non-vested share-based compensation arrangement under the 2014 Plan. Under the term of the 2014 Plan, on March 1, 2018, June 1, 2018 and September 1, 2018 the Company granted total of 22,500 restricted shares to its management at an aggregate value of US$167,925, based on the stock closing price of US$8.6, US$7.2 and US$6.6 at March 1, 2018, June 1, 2018 and September 1, 2018, respectively. The vesting period of these shares was 1 year from the grant date, which is March 1, 2019, June 1, 2019 and September 1, 2019, respectively. The Company issued a total of 320,000 restricted shares to its management and employees during the year ended September 30, 2020. The Company recorded share-based compensation expense for restricted shares of RMB 11,218 During the fiscal year ended September 30, 2020, we awarded an aggregate of 30,000 treasury stock shares to its employees and recorded share-based compensation expense of RMB1,595, and resulted in decrease RMB7,212 cost of treasury stocks. During the fiscal year ended September 30, 2021, we awarded an aggregate of 14,386 treasury stock shares to its employees, and resulted in decrease RMB4,223 cost of treasury stocks. A summary of the stock option activity under the 2005, 2009 and 2014 Plans is as follows: Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche 9 10 11 12 13 14 15 16 17 18 19 20 21 22 January 2, January 2, January 4, April 19, May 16, August 3, January 3, October 2, December 22, January 2, March 1, January 2, January 2, April 14, Grant date 2014 2015 2016 2016 2016 2016 2017 2017 2017 2018 2018 2019 2020 2021 Outstanding as of September 30, 2019 — — — — — — — — — — — — — — Number of options granted — — — — — — — — — — — — — — Options exercised — — — — — — — — — — — — — — Options cancelled/expired — — — — — — — — — — — — — — Outstanding as of September 30, 2020 — — — — — — — — — — — — — — Number of options granted — — — — — — — — — — — — — — Options exercised — — — — — — — — — — — — — — Options cancelled/expired — — — — — — — — — — — — — — Outstanding as of September 30, 2021 — — — — — — — — — — — — — — Options vested and exercisable At September 30, 2020 — — — — — — — — — — — — — — At September 30, 2021 — — — — — — — — — — — — — — Weighted average fair value at the grant date (US$) — — — — — — — — — — — — — — The fair value of each option granted is estimated on the date of grant using the Black-Scholes Option Pricing Model: Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Exercise price (US$) — — — — — — — — — — — — — — Average risk-free interest rate — — — — — — — — — — — — — — Expected option life (year) — — — — — — — — — — — — — — Volatility rate — — — — — — — — — — — — — — Dividend yield — — — — — — — — — — — — — — The aggregate intrinsic value as of September 30, 2021 and 2020 is US$219 and US$344, respectively. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Sep. 30, 2021 | |
SHARE CAPITAL | |
SHARE CAPITAL | 16. SHARE CAPITAL In October 2018, we identified a strategic investor, Longhan Investment Management, Co., Ltd (“Longhan”) and entered into a Share Subscription Agreement with Longhan, and the agreement was later assigned to Tiger Capital Fund SPC (“Tiger Fund”). On January 25, 2019, Tiger Fund purchased 1,397,680 shares of the Company’s common stock for an aggregate purchase price of US$7,743 (RMB53,599). In addition, Tiger Fund management has been awarded for 1 million shares of warrants with the strike price of $6.47 and expiration period of five years. The Company recorded the issuance of warrants along with the common stock in APIC. During the fiscal year ended September 30, 2020, we sold an aggregate of 280,000 shares of the Company’s common stock under an “at the market” arrangement, for gross proceeds of $2.36 million (RMB16.2 million). During the fiscal year ended September 30, 2020, third parties contributed RMB2.1 million to our consolidating entities without a corresponding reduction in our ownership percentage, resulting in an increase in cash and non-controlling interests. During the fiscal year ended September 30, 2021, we sold an aggregate of 219,440 shares of the Company’s common stock under an “at the market” arrangement, for gross proceeds of $2.62 million (RMB17.2 million). During the fiscal year ended September 30, 2021, the employees exercised an aggregate of 21,930 shares of stock options. Cash received from options exercised for the years ended December 31, 2021 and 2020 was–nil- and $73 (RMB472). |
RENTAL INCOME
RENTAL INCOME | 12 Months Ended |
Sep. 30, 2021 | |
RENTAL INCOME | |
RENTAL INCOME | 17. RENTAL INCOME The Company has been renting its headquarters building and manage the property over the years. In May 2020, The Company entered into lease agreements with BC-TID. and leased the whole building of Beijing Origin located in Changping District, Beijing 102206, China. Rental income amounted to RMB4,611, RMB7,643 and RMB10,603 for the years ended September 30, 2019, 2020 and 2021, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2021 | |
INCOME TAXES | |
INCOME TAXES | 18. INCOME TAXES Agritech and its subsidiary, State Harvest are incorporated in the British Virgin Islands and are exempted from the income tax under the laws of the British Virgin Islands. State Harvest’s subsidiaries and State Harvest’s variable interest entity, Beijing Origin and its majority owned subsidiaries (together, the “PRC entities”) were incorporated in the PRC and governed by the PRC laws. The applicable tax rate of the PRC Enterprise Income Tax (“EIT”) was changed from 33% to 25% on January 1, 2008, according to the Corporate Income Tax Law. The preferential tax rate previously enjoyed by the PRC entities is gradually transitioned to the new standard rate of 25% over a five-year transitional period. In addition, article 28 of the new tax law stated that the income tax rate of a “high technology” company (high-tech status) is to remain at 15%. Preferential tax treatment of Beijing Origin as “high technology” company (High-tech Status) from October 28, 2018 to October 27, 2021 has been granted by the relevant tax authorities. Beijing Origin is entitled to a preferential tax rate of 15% which is subject to annual review. As a result of these preferential tax treatments, the reduced tax rates applicable to Beijing Origin Seed Limited for 2019, 2020 and 2021 are 15%. The Company’s liability for income taxes includes the liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by taxing authorities. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. Until September 30, 2021, the management considered that the Company had no uncertain tax positions affected its consolidated financial position. The Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities and the major one is the China tax authority. The open tax years for examinations in China are 5 years. The principal components of the deferred income tax assets are as follows: September 30, 2020 2021 RMB RMB Non-current deferred tax assets: Net operating loss carry forward 118,031 119,617 Impairment loss 15,272 35,840 Others 11,776 22,959 Non-current deferred income tax assets 145,079 178,416 Valuation allowances (145,079) (178,416) Net non-current deferred income tax assets — — The Company did not have any significant temporary differences relating to deferred tax liabilities as of September 30, 2020 and 2021. A significant portion of the deferred tax assets recognized relates to net operating loss and credit carry forwards. The Company operates through the PRC entities and the valuation allowance is considered on each individual basis. Reconciliation between total income tax expenses and the amount computed by applying the statutory income tax rate to income before taxes is as follows: Year ended September 30, 2019 2020 2021 % % % Statutory rate 25 25 25 Effect of preferential tax treatment — — — Change in valuation allowance (24) (25) (25) Over provision in prior year — — — Effective income tax rate 1 — — |
INCOME_(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE | 12 Months Ended |
Sep. 30, 2021 | |
INCOME/(LOSS) PER SHARE | |
INCOME/(LOSS) PER SHARE | 19. INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted loss per share for the years indicated: Year ended September 30, 2019 2020 2021 RMB RMB RMB Numerator: Net loss attributable to Origin Agritech Limited (62,250) (85,261) (91,529) Denominator: Average common stock outstanding - basic and Diluted 4,185,842 5,029,017 5,617,424 Basic and Diluted Per Share Data: Basic and diluted loss per share attributable to Origin Agritech Limited: (14.87) (16.95) (16.29) For the years ended September 30, 2019, 2020 and 2021, the effect of the outstanding options was anti-dilutive. |
EMPLOYEE BENEFIT PLAN AND PROFI
EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION | 12 Months Ended |
Sep. 30, 2021 | |
EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION | |
EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION | 20. EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION Full time employees of the PRC entities participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Company to accrue for these benefits based on certain percentages of the employees’ salaries. The total provisions for such employee benefits were RMB2,170, RMB1,689, and RMB1,280 for the years ended September 30, 2019, 2020 and 2021, respectively. Pursuant to the laws applicable to the PRC, domestic PRC entities must make appropriations from after-tax profit to non-distributable reserves funds including: (i) the statutory surplus reserve and; (ii) the statutory public welfare fund. Subject to the limits of 50% of the entity’s registered capital, the statutory surplus reserve fund requires annual appropriations of 10% of after-tax profit (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). The Company’s wholly foreign owned subsidiary, BioTech, however subject to the law applicable to foreign invested enterprises in the PRC, was required annual appropriation of the general reserve fund, no less than 10% of after-tax profit (as determined under PRC GAAP at each year-end). These reserve funds can only be used for specific purposes of enterprise expansion and staff welfare and are not distributable as cash dividends. No appropriation has been made for the years ended September 30, 2019, 2020 and 2021. On the other hand, the amount set aside as of September 30, 2020 and 2021 were RMB15,133 and RMB15,133. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Sep. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 21. COMMITMENTS AND CONTINGENCIES Legal proceeding There are legal proceedings against Linze Origin Seed Limited and Beijing Origin involving unsettled purchase orders to suppliers of Linze Origin Seed Limited. Pursuant to a court order and mediation directives, the total compensation of these proceedings amounted to RMB961, plus interest, that shall be settled by Linze Origin Seed Limited and Beijing Origin, which shall be jointly and severally liable for these claims. At present, the legal proceedings have been withdrawn and the Company still has the security obligations and is unable to estimate a reasonable possible range of loss, if any, that may result from such litigation, since it is uncertain how much Linze Origin Seed Limited will pay. If an unfavorable outcome were to occur as a result of the litigation described above, the impact could be no material to the Company’s business, financial condition, or results of operations. We may from time to time be subject to various legal or administrative proceedings, either as plaintiff or defendant, arising in the ordinary course of our business. Except otherwise disclosed in this report, we are not currently a party to, nor are we aware of, any legal proceeding, investigation or claim that, in the view of our management, is likely to materially and adversely affect our business, financial position or results of operations. |
OPERATING RISK
OPERATING RISK | 12 Months Ended |
Sep. 30, 2021 | |
OPERATING RISK | |
OPERATING RISK | 22. OPERATING RISK Concentrations of customers and risk During the fiscal year 2021, our largest and second largest customers represented approximately 5.63% and 5.46% of total consolidated revenues. Interest risk The interest rate and term of repayment of other borrowing is 6.0%, which are fixed at the inception of the borrowing. Other financial assets and liabilities do not have material interest rate risk. Liquidity risk We believe our working capital is sufficient to meet our present requirements. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. In the long-term, we intend to rely primarily on cash flow from operations and additional borrowings from banks to meet our anticipated cash needs. If our anticipated cash flow is insufficient to meet our requirements, we may also seek to sell additional equity, debt or equity-linked securities. Country risk The Company has significant investments in the PRC. The operating results of the Company may be adversely affected by changes in the political and social conditions in the PRC and by changes in Chinese government policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods taxation, among other things. There can be no assurance; however, those changes in political and other conditions will not result in any adverse impact. Coronavirus risk The effect of the Coronavirus on our company cannot fully be determined at this time; however, as China has been largely successful in controlling the spread of the virus, currently it is not expected to have a major impact on either the overall Chinese economy or on the Company. At this time, because of the Chinese government steps taken during 2021, the impact of the Coronavirus on the Company and on our ability to produce and distribute products has been insignificant. Although there was a strict lock-down in China in the middle of our fiscal year, we have largely overcome the adverse impact of that period. Currently, we do not expect any long term adverse impact of the Coronavirus on our business, due to the fact that we operate in China and our products are distributed in China. At this time, because the Chinese economy has not been so disrupted by the Coronavirus and government response, we do not expect the pandemic situation to have any significant adverse results on our overall financial condition. Notwithstanding the above, if the medical situation should change as the world-wide pandemic continues, we could face adverse consequences to our ability to perform research, generate products and effect distribution of products and otherwise pursue our business. Therefore, investors should monitor aspects of the pandemic and its overall effect on the Chinese economy and trade as well as the world economic situation. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 23. SUBSEQUENT EVENTS There are no significant subsequent events. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 12 Months Ended |
Sep. 30, 2021 | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 24. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY The condensed financial statements of Origin Agritech Limited (the “parent company”) have been prepared in accordance with accounting principles generally accepted in the United States of America. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the parent company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital, capital surplus and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling RMB45,457 and RMB45,457 as of September 30, 2020 and 2021, respectively. The following represents condensed unconsolidated financial information of the parent company only: CONDENSED BALANCE SHEET September 30 2020 2021 2021 RMB RMB US$ ASSETS (LIABILITIES) Current assets (liabilities) Cash and cash equivalents 18,353 8,900 1,372 Other receivables 4 273 41 Due from inter-companies 187,644 187,777 28,954 Due to related parties (3,129) 717 111 Total current assets (liabilities) 202,872 197,667 30,478 Investment in unconsolidated subsidiaries (280,062) (338,339) (52,169) Total assets (liabilities) (77,190) (140,672) (21,691) AND EQUITY Total stockholders’ equity (deficit) (77,190) (140,672) (21,691) CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME Year ended September 30, 2019 2020 2021 2021 RMB RMB RMB US$ Revenues — — — — Operating expenses General and administrative (12,597) (14,852) (19,302) (2,976) Loss from operations (12,597) (14,852) (19,302) (2,976) Equity method loss (49,163) (70,407) (72,213) (11,135) Interest expense — (2) (14) (2) Loss before income taxes (62,120) (85,261) (91,529) (14,113) Income tax expense — — — — Net loss (62,120) (85,261) (91,529) (14,113) Other comprehensive loss Foreign currency translation difference (1,640) 1,371 (816) (126) Total comprehensive loss (63,760) (83,890) (92,345) (14,239) CONDENSED STATEMENT OF CASH FLOWS Year ended September 30, 2019 2020 2021 2021 RMB RMB RMB US$ Net cash provided by operating activities — — — — Net cash provided by financing activities 1,845 16,730 (8,637) (1,332) Net increase in cash and cash equivalents 1,845 16,730 (8,637) (1,332) Cash and cash equivalents, beginning of year 47 252 18,353 2,830 Effect of exchange rate changes on cash and cash equivalents (1,640) 1,371 (816) (126) Cash and cash equivalents, end of year 252 18,353 8,900 1,372 BASIS OF PRESENTATION The condensed financial information has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company has used equity method to account for its investments in subsidiaries. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of consolidation | Principles of consolidation The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”); include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries and variable interest entities. Intercompany balances, transactions and cash flows are eliminated on consolidation. |
Liquidity and Going Concern | Liquidity and Going Concern The Company incurred net losses of RMB127,081 in the year ended September 30, 2021, respectively. Working capital deficit was RMB228,224 as of September 30, 2021, respectively. Accumulated deficit was RMB650,633 as of September 30, 2021, respectively. These factors raise substantial doubts about the Company’s ability to continue as a going concern. On May 17, 2019, the Company entered into a Cooperation Framework Agreement with Beijing Changping Technology Innodevelop Group (BC-TID), an entity owned by the government of Changping District of Beijing City. Under this agreement, BC-TID and the Company planned to have a joint venture entity, which is 51% and 49% owned by BC-TID and the Company, respectively. Both parties decided to use Beijing Origin as the joint venture entity. Based on the agreement, Beijing Origin would contribute the headquarters building in Beijing and certain of its seed technology assets related to genetically modified seeds to the joint venture entity. The Company would transfer out all of Beijing Origin’s other assets. BC-TID would fund the joint venture by injecting into Beijing Origin a total of RMB204 million in cash. Also agreed under this agreement, Beijing Origin would pay off the bank loan of RMB78 million, which is collateralized by the Company’s headquarters building in Beijing, upon receiving the RMB204 million investment from BC-TID. Since the Cooperation Framework Agreement was signed, both parties have been actively involved to complete the formation of joint venture. However, the process has taken longer than originally expected mainly due to the complicated tax related issues with Beijing Origin’s headquarters building and the government approval process. As of January 16, 2022, BC-TID has injected into Beijing Origin a total of RMB137.7 million ($20.2 million) as a loan to Beijing Origin based on the agreement. Currently, the agreement is being finally approved the government officials. The cash amount received by Beijing Origin was used to repay the bank loan collateralized by the headquarters building and provide working capital. According to the agreement, RMB137.7 million cash currently booked as current portion of long-term debt, due in April, 2022, is an interest-free loan and will be converted to the equity for the joint venture when the JV is formed. Also according to the agreement, the Company leases the headquarters building to BC-TID. There are new hybrids completed variety trails and will be in the market this season. Furthermore nutrition enhanced corn will be produced for animal feed which will greatly increase the revenue. Besides the aforementioned cash inflows, the Company is also seeking funds from other resources including but not limited to licensing its core seed traits to its customers, applying for more government grants for research and development activities, pursuing other capital investment from investors and selling certain company assets. The Company consistently reviews its working capital requirements. Despite the Company’s effort to obtain additional funding and reduce operating costs, there is no assurance that the Company’s plans and actions will be successful. In addition, there can be no assurance that in the event additional sources of funds are needed they will be available on acceptable terms, if at all. The accompanying financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. |
Convenience translation into United States dollars | Convenience translation into United States dollars The consolidated financial statements are reported in Renminbi. The translation of Renminbi amounts into United States dollar amounts has been made for the convenience of the reader and has been made at the exchange rate quoted by the middle rate by the State Administration of Foreign Exchange in China on September 30, 2021 of RMB 6.4854 to US $1.00. Such translation amounts should not be construed as representations that the Renminbi amounts could be readily converted into United States dollar amounts at that rate or any other rate. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s consolidated financial statements include inventory valuation, collectability evaluation of accounts receivables and due from related parties, useful lives of plant and equipment and acquired intangible assets, the valuation allowance for deferred income tax assets, valuation of long-lived assets and share-based compensation expense. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand, cash accounts, interest bearing savings accounts, time certificates of deposit and debt securities with a maturities of three months or less when purchased. |
Inventories | Inventories Inventories are stated at the lower of cost, determined by weighted-average method, or net realizable value. Work-in-progress and finished goods inventories consist of raw materials, direct labor and overhead associated with the manufacturing process. Parent seed represents the seeds that are used for research and development activities. The Company periodically performs an analysis of inventory to determine obsolete or slow-moving inventory and determine if its cost exceeds the estimated market value. Write down of potentially obsolete or slow-moving inventory are recorded based on management’s analysis of inventory levels. |
Land use rights, net | Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided over the term of the land use right agreements on a straight-line basis for the beneficial period, which is 50 years. |
Plant and equipment, net | Plant and equipment, net Plant and equipment are recorded at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to expense as incurred. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Plant and building 20 Machinery and equipment 10 Furniture and office equipment 5 Motor vehicles 5 Leasehold improvements Shorter of the useful lives or the lease term The Company constructs certain of its facilities. In addition to costs under construction contracts, external costs directly related to the construction of such facilities, including duty and tariff, and equipment installation and shipping costs, are capitalized. Depreciation is recorded at the time assets are placed in service. |
Acquired intangible assets, net | Acquired intangible assets, net Acquired intangible assets primarily consist of purchased technology rights and distribution network and are stated at cost less accumulated amortization. Amortization is calculated on a straight-line basis over the estimated useful lives of these assets and recorded in operating expenses. Amortization is calculated on a straight-line basis over the following estimated useful lives for the main acquired intangible assets: Technology rights for licensed seeds 3 Distribution network 6 Trademark Indefinite Trademarks, which have indefinite lives are not amortized but are reviewed for impairment at least annually, at year end date, or earlier upon the occurrence of certain triggering events. The Company has performed an impairment analysis on the acquired intangible assets in Beijing Origin and recorded no impairment provision during the year ended September 30, 2021. |
Leases | Leases The Company leases certain office space and equipment from third-parties. Leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. For leases beginning in 2019 and later, at the inception of a contract management assesses whether the contract is, or contains, a lease. The assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the right to substantially all the economic benefit from the use of the asset throughout the period is obtained, and (3) whether the Company has the right to direct the use of the asset. At the inception of a lease, management allocates the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from the nonlease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term from one year or more. The exercise of lease renewal options is at the Company’s sole discretion. Renewal periods are included in the lease term only when renewal is reasonably certain, which is a high threshold and requires management to apply judgment to determine the appropriate lease term. The Company’s leases do not include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Certain lease agreements include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. All of the Company’s leases are classified as operating leases. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less. The effect of short-term leases and initial direct costs on our right-of-use asset and lease liability was not material. ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or cancellation provisions, and determining the discount rate. As the rate implicit in the lease is not usually available, the Company used an incremental borrowing rate based on the information available at the adoption date of ASC 842 in determining the present value of lease payments for existing leases. The Company will use information available at the lease commencement date to determine the discount rate for any new leases. The Company leases certain office space to third-parties. An operating lease is neither a sale nor financing of an asset. The Company keeps the asset underlying the lease on its balance sheet and continue to depreciate the asset based on its estimated useful life. Rental revenue should be recognized on a straight-line basis (or another systematic basis if that basis is more representative of the pattern in which income is earned from the underlying asset over the term of the respective lease). A lessor should record an unbilled rent receivable, which is the amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease. |
Long-term investments | Long-term investments We utilize the measurement alternative for equity investments that do not have readily determinable fair values and measure these investments at cost less impairment plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. We classify our investments as non-current assets on the consolidated balance sheets as those investments do not have stated contractual maturity dates. We periodically review our equity investments for impairment. We consider impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the security is below the carrying amount, we write down the security to fair value. |
Valuation of long-lived asset | Valuation of long-lived asset The Company reviews the carrying value of long-lived assets to be held and used, including other intangible assets subject to amortization, when events and circumstances warrants such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset and intangible assets. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets and intangible assets to be disposed are determined in a similar manner, except that fair market values are reduced for the cost to dispose. Impairment of RMB26,716 and RMB68,339 were recorded during the years ended September 30, 2020 and 2021, respectively. |
Revenue recognition | Revenue recognition The Company derives most of its revenue from hybrid corn seed. The Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” and the associated ASUs (collectively, “Topic 606”). The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The majority of the Company’s customer contracts, which may be in the form of purchase orders, contracts or purchase agreements, contain performance obligations for delivery of agreed upon goods. Delivery of all performance obligations contained within a contract with a customer typically occurs at the same time. The Company also makes accounting policy elections to 1) treat shipping and handling activities that occur after the customer obtains control of the goods as fulfillment costs and 2) exclude sales (and similar) taxes from the measurement of the transaction price. |
Government subsidies | Government subsidies A government subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company received the government subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The reclassification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. The Company received several financial supports from various levels of the Chinese government. At fiscal years ended 2020 and 2021, the Company had received government subsidies of RMB629 and RMB5,075, respectively for research and development and other expenses of the Company. Government subsidies recognized as the non-operating income (expense) or reduction of research and development in the statement of income for the years ended September 30, 2019, 2020 and 2021, were RMB–nil-, RMB4,761 and RMB13,285, respectively. |
Contract Liabilities (Deferred Revenues) | Contract Liabilities (Deferred Revenues) The Company recognizes a contract liability when consideration is received, or if the Company has the unconditional right to receive consideration, in advance of satisfying the performance obligation. A contract liability is the Company’s obligation to transfer goods to a customer for which the Company has received consideration, or an amount of consideration due from the customer. As of September 30, 2021, the Company recorded deferred revenue of approximately RMB45.8M. The Company expects to recognize these revenues during the fiscal years ended September 30, 2022 and 2023, respectively |
Cost of revenues | Cost of revenues Cost of revenues consists of expenses directly related to sales, including the purchase prices and development costs for seeds and, agricultural chemical products, depreciation and amortization, impairment of inventory, shipping and handling costs, salary and compensation, supplies, and license fees. |
Research and development costs | Research and development costs Research and development costs relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. |
Advertising costs | Advertising costs Advertising costs are expensed when incurred and included in selling and marketing expenses. For the years ended September 30, 2019, 2020 and 2021, advertising costs were RMB589, RMB-nil- and RMB-nil-, respectively. |
Borrowing cost | Borrowing cost Borrowing costs attributable directly to the acquisition, construction or production of qualifying assets which require a substantial period of time to be ready for their intended use or sale, are capitalized as part of the cost of those assets. Income earned on temporary investments of specific borrowings pending their expenditure on those assets is deducted from borrowing costs capitalized. All other borrowing costs are recognized in interest expenses in the statement of income and comprehensive income in the period in which they are incurred. |
Allowance for doubtful account | Allowance for doubtful account The Company regularly monitors and assesses the risk of not collecting amounts owed to the Company by customers. This evaluation is based upon a variety of factors including: an analysis of amounts current and past due along with relevant history and facts particular to the customer. Based on the result of this analysis, the Company records an allowance for doubtful accounts of RMB-nil-, RMB189 and RMB 401 for the years ended September 30, 2019, 2020, and 2021, respectively. |
Income taxes | Income taxes Deferred income taxes are recognized for the future tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net of operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities. The Company adopted FASB ASC 740-10. The Company’s policy on classification of all interest and penalties related to unrecognized tax benefits, if any, as a component of income tax provisions. |
Foreign currency translation | Foreign currency translation The functional currency of the Company excluding Agritech (Parent) and State Harvest is Renminbi. Monetary assets and liabilities denominated in currencies other than Renminbi are translated into Renminbi at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than Renminbi are converted into Renminbi at the applicable rates of exchange prevailing the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of income (loss) and comprehensive income (loss). The functional currency of Agritech (Parent) and State Harvest are maintained in United State dollars. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive (loss)/income. The Company has chosen Renminbi as its reporting currency. |
Comprehensive income (loss) | Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Comprehensive income (loss) for the years has been disclosed within the consolidated statements of income and comprehensive income for presentational purpose of the disclosure of comprehensive income (loss) attributable to Agritech and the non-controlling interests respectively. |
Earnings (loss) per share | Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the years. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the years. The weighted average number of common shares outstanding is adjusted to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In computing the dilutive effect of potential common shares, the average stock price for the period is used in determining the number of treasury shares assumed to be purchased with the proceeds from the exercise of options. |
Share-based compensation | Share-based compensation ASC 718-10 requires that share-based payment transactions with employees and nonemployees, such as share options, be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. |
Fair value measurement | Fair value measurement The Company adopted FASB ASC 820-10, and which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820-10 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. ASC 820-10 establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable inputs, which may be used to measure fair value and include the following: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements ● In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. ASU No. 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU No. 2016-13 on its consolidated financial statements. The Company believes that other recent accounting pronouncement updates will not have a material effect on the Company’s consolidated financial statements. |
ORGANIZATION AND PRINCIPAL AC_2
ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | |
Schedule of company's subsidiaries and variable interest entities included in continuing operations | As of September 30, 2021, the Company’s subsidiaries and variable interest entities included in continuing operations consisted of the following: Date of Place of Percentage Incorporation Incorporation of Principal Name or Establishment or Establishment Ownership Activity Subsidiaries: State Harvest Holdings Limited(“State Harvest”) October 6, 2004 British Virgin Islands 100 % Investment Holding Beijing Origin State Harvest Biotechnology Limited (“BioTech”) December 1, 2004 People’s Republic of China (“PRC”) 100 % Hybrid seed technology development Variable interest entity: Beijing Origin Seed Limited (note (i)) (“Beijing Origin”) December 26, 1997 PRC Note (i) Hybrid crop seed development, production and distribution Subsidiaries held by Beijing Origin: Xinjiang Originbo Seed Company Limited (note (i)) (“Xinjiang Origin”) July 13, 2011 PRC 51 % Hybrid crop seed development, production and distribution Subsidiaries held by State Harvest: Shandong Aoruixinong Agricultural Technology Limited (Shandong Aoruixinong) September 27, 2019 PRC 51 % Agricultural seed products distribution through e-commune network Hubei Aoyu Zhongye Limited (Hubei Aoyu) October 22, 2018 PRC 51 % Agricultural seed products distribution through e-commerce network Anhui Aoyu Zhongye Limited (Anhui Aoyu) July 25, 2018 PRC 50 % Agricultural seed products distribution through e-commerce network Xuzhou Aoyu Zhongye imited (Xuzhou Aoyu) September 25, 2018 PRC 51 % Agricultural seed products distribution through e-commerce network Henan Aoyu Zhongye Limited (note (i)) (“Henan Aoyu”) July 16, 2018 PRC 51 % Agricultural seed products distribution through e-commerce network Note (i): Beijing Origin Seed Limited, Xinjiang Originbo Seed Company Limited, and Zhengzhou Branch of Beijing Origin Seed Limited are collectively referred to as “Beijing Origin”. |
Schedule of variable interest entities | Risks in relation to the VIE structure (Beijing Origin Consolidated Balance Sheet) September 30, 2020 2021 2021 RMB RMB US$ ASSETS Current Assets Cash and cash equivalents 206 305 47 Restricted cash — — — Due from related party — — — Accounts receivable 1,099 11 2 Advances to suppliers 377 260 40 Inventories 10,118 1,052 162 Other current assets 1,279 730 113 Total current assets 13,079 2,358 364 Land use rights, net 9,785 1,854 286 Plant and equipment, net 115,338 48,599 7,494 Equity investments — — — Acquired intangible assets, net 87 — — Other assets 5,749 83 13 Total assets 144,038 52,894 8,157 LIABILITIES Current liabilities Current portion of long-term borrowings — 137,660 21,226 Accounts payable 9,533 9,107 1,404 Due to growers 6,673 6,673 1,029 Due to related parties 20,217 30,665 4,728 Advances from customers 52,535 22,772 3,511 Other payables and accrued expenses 61,019 51,520 7,944 Total current liabilities 149,977 258,397 39,842 Long-term borrowings 137,660 — — Other long-term liability 23,074 15,717 2,423 Total liabilities 310,711 274,114 42,265 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of estimated useful lives of assets | Plant and building 20 Machinery and equipment 10 Furniture and office equipment 5 Motor vehicles 5 Leasehold improvements Shorter of the useful lives or the lease term |
Schedule of estimated useful lives of intangible assets | Technology rights for licensed seeds 3 Distribution network 6 Trademark Indefinite |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
RELATED PARTY BALANCES AND TRANSACTIONS | |
Schedule of related party relationships | (1) Related party relationships Name of related parties Relationship Beijing Shihui(i) Being owned by close family members of the Company’s Chairman Xinjiang Ginbo Seeds Center Being the non-controlling interest of Xinjiang Origin Henan Agricultural University Being the non-controlling interest of Beijing Origin Linze Origin Seeds Ltd.(i) Being owned by close family members of the Company’s Chairman De Nong Zheng Cheng Seed Limited Being owned by close family members of the Company’s Chairman Henan Yingde Agricultural Ltd. Being owned by close family members of the Company’s Chairman Beijing Liantaide Biotechnology Co., Ltd. Being owned by close family members of the Company’s Chairman Non-controlling shareholders (“NCI”) Non- controlling shareholders of Hubei Aoyu, Anhui Aoyu, Xuzhou Aoyu, Shandong Aoyu, Henan Aoyu, Shandong Aoruixinong (i) |
Schedule of due from related parties, net of bad debt allowance | (1) Due from related parties, net of bad debt allowance September 30, 2020 2021 RMB RMB Denong 1 1 Linze Origin Seeds Ltd 45 45 Beijing Shihui 28,340 32,128 NCI 12,423 15,848 Henan Yingde Agricultural Ltd. 8,904 8,684 Beijing Liantaide — 4,600 The Close family of the Company’s Chairman 932 1 Total 50,645 61,307 Allowance for doubtful account 28,340 32,128 Due from related parties, net 22,305 29,179 |
Schedule of due to related parties | September 30, 2020 2021 RMB RMB Linze Origin Seeds Limited 300 300 Henan Agriculture University 1,000 1,000 Xinjiang Ginbo Seeds Center (i) (ii) 54 54 Xinjiang Production And Construction Corps 5th Division State-owned Assets Management Co.,Ltd. (ii) 10,000 10,000 Companies controlled by the Company’s directors (ii) 1,633 1,556 NCI 10,176 11,348 The Company’s Chairman (ii) 1,704 1,020 Close family of the Company’s Chairman (ii) 680 3,641 YingDe 934 1,350 26,481 30,269 Note (i): Xinjiang Origin has received a cash advance of RMB 10,000 from Xinjiang Ginbo Seeds Center during the year ended September 30, 2016, which is unsecured, interest-free and repayable on demand, and has been transferred to Xinjiang Production And Construction Corps 5th Division State-owned Assets Management Co.,Ltd. for the years ended September 30, 2020. |
Schedule of related party transactions | (3) Transactions with related parties (a) Sales to Year ended September 30, 2019 2020 2021 RMB RMB RMB Linze Origin Seeds Limited 83 — — Beijing Shihui 20,823 — 1,706 YingDe — 5,315 3,134 NCI 17,081 10,612 5,967 Zhengzhou Branch — — — 37,987 15,927 10,808 (b) Purchase from Year ended September 30, 2019 2020 2021 RMB RMB RMB Denong — 166 — YingDe — 10,975 11,700 Linze Origin Seeds Limited — 3,416 4,706 Beijing Shihui — — 360 Close family of the Company’s Chairman — 32 333 NCI — 2,861 2,227 — 17,450 19,326 |
LAND USE RIGHTS, NET (Tables)
LAND USE RIGHTS, NET (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
LAND USE RIGHTS, NET | |
Schedule of Finite-Lived Intangible Assets | Land use rights, net consist of the following: September 30, 2020 2021 RMB RMB Land use rights 13,860 6,260 Accumulated amortization (4,075) (4,406) Land use rights, net 9,785 1,854 |
PLANT AND EQUIPMENT, NET (Table
PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
PLANT AND EQUIPMENT, NET | |
Schedule of Property, Plant and Equipment | Plant and equipment, net consist of the following: September 30, 2020 2021 RMB RMB Plant and building 123,011 70,179 Machinery and equipment 64,734 57,203 Furniture and office equipment 12,363 12,353 Motor vehicles 3,586 3,580 Total 203,694 143,315 Accumulated depreciation (88,243) (94,631) Plant and equipment, net 115,451 48,684 |
ACQUIRED INTANGIBLE ASSETS, N_2
ACQUIRED INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
ACQUIRED INTANGIBLE ASSETS, NET | |
Schedule of acquired finite-lived intangible assets net consist | Acquired intangible assets, net consist of the following: September 30, September 30, 2021 2020 RMB RMB Gross Gross Carrying Accumulated Impairment Net Carrying Accumulated Impairment Net Amount Amortization Loss Balance Amount Amortization Loss Balance Technology rights for licensed seeds 71,429 (67,655) — 3,774 71,429 (66,781) — 4,648 Others 4,739 (4,652) (87.00) — 4,739 (4,739) — — Total 76,081 (72,307) (87.00) 3,774 76,168 (71,520) — 4,648 |
Schedule of amortization expense on these intangible assets | Amortization expense on these intangible assets for each of the next five years is as follows: Year ending September 30, RMB 2022 555 2023 532 2024 520 2025 521 2026 521 Thereafter 1,125 Total 3,774 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
LEASES | |
Summary of components of leases | The following table summarizes the components of lease expense: Year ending September 30, RMB Operating lease cost 229 Short-term lease cost 291 Total 520 The following table summarizes supplemental information related to leases: Year ended September 30, Cash paid for amounts included in the measurement of lease liabilities: RMB Operating cash flows from operating leases 345 |
Schedule of maturities of operating lease liabilities | As of September 30, 2021, the Company was obligated under the maturity of operating lease liabilities as follows: Year ending September 30, RMB 2022 357 2023 357 2024 357 2025 357 2026 370 Thereafter 1,313 3,111 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
BORROWINGS | |
Schedule of Debt | Borrowings consisted of the following: September 30, 2020 2021 RMB RMB Interest-free borrowing from Beijing Changping Technology Development Co. Ltd.(“BC-TID”) 137,660 137,660 Long-term borrowings 137,660 137,660 Current portion of long-term borrowings — 137,660 Non-current portion of long-term borrowings 137,660 — |
OTHER PAYABLES AND ACCRUED EX_2
OTHER PAYABLES AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
OTHER PAYABLES AND ACCRUED EXPENSES | |
Schedule of Accounts Payable and Accrued Liabilities | Other payables and accrued expenses consist of: September 30, 2020 2021 RMB RMB Payable for purchase of plant and equipment 28,591 9,169 Salaries and bonus payable 5,778 4,724 Accrued interest 3,849 12,102 Other taxes payable 1,803 2,407 Deposits from others 13,225 2,434 Deferred government subsidies 1,693 1,039 Payable for penalty 6,968 12,812 Others 6,097 10,683 68,004 55,374 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
STOCK-BASED COMPENSATION | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the stock option activity under the 2005, 2009 and 2014 Plans is as follows: Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche 9 10 11 12 13 14 15 16 17 18 19 20 21 22 January 2, January 2, January 4, April 19, May 16, August 3, January 3, October 2, December 22, January 2, March 1, January 2, January 2, April 14, Grant date 2014 2015 2016 2016 2016 2016 2017 2017 2017 2018 2018 2019 2020 2021 Outstanding as of September 30, 2019 — — — — — — — — — — — — — — Number of options granted — — — — — — — — — — — — — — Options exercised — — — — — — — — — — — — — — Options cancelled/expired — — — — — — — — — — — — — — Outstanding as of September 30, 2020 — — — — — — — — — — — — — — Number of options granted — — — — — — — — — — — — — — Options exercised — — — — — — — — — — — — — — Options cancelled/expired — — — — — — — — — — — — — — Outstanding as of September 30, 2021 — — — — — — — — — — — — — — Options vested and exercisable At September 30, 2020 — — — — — — — — — — — — — — At September 30, 2021 — — — — — — — — — — — — — — Weighted average fair value at the grant date (US$) — — — — — — — — — — — — — — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option granted is estimated on the date of grant using the Black-Scholes Option Pricing Model: Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Exercise price (US$) — — — — — — — — — — — — — — Average risk-free interest rate — — — — — — — — — — — — — — Expected option life (year) — — — — — — — — — — — — — — Volatility rate — — — — — — — — — — — — — — Dividend yield — — — — — — — — — — — — — — |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
INCOME TAXES | |
Schedule of Deferred Tax Assets and Liabilities | The principal components of the deferred income tax assets are as follows: September 30, 2020 2021 RMB RMB Non-current deferred tax assets: Net operating loss carry forward 118,031 119,617 Impairment loss 15,272 35,840 Others 11,776 22,959 Non-current deferred income tax assets 145,079 178,416 Valuation allowances (145,079) (178,416) Net non-current deferred income tax assets — — |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation between total income tax expenses and the amount computed by applying the statutory income tax rate to income before taxes is as follows: Year ended September 30, 2019 2020 2021 % % % Statutory rate 25 25 25 Effect of preferential tax treatment — — — Change in valuation allowance (24) (25) (25) Over provision in prior year — — — Effective income tax rate 1 — — |
INCOME_(LOSS) PER SHARE (Tables
INCOME/(LOSS) PER SHARE (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
INCOME/(LOSS) PER SHARE | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted loss per share for the years indicated: Year ended September 30, 2019 2020 2021 RMB RMB RMB Numerator: Net loss attributable to Origin Agritech Limited (62,250) (85,261) (91,529) Denominator: Average common stock outstanding - basic and Diluted 4,185,842 5,029,017 5,617,424 Basic and Diluted Per Share Data: Basic and diluted loss per share attributable to Origin Agritech Limited: (14.87) (16.95) (16.29) |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | |
Schedule of Condensed Balance Sheet | CONDENSED BALANCE SHEET September 30 2020 2021 2021 RMB RMB US$ ASSETS (LIABILITIES) Current assets (liabilities) Cash and cash equivalents 18,353 8,900 1,372 Other receivables 4 273 41 Due from inter-companies 187,644 187,777 28,954 Due to related parties (3,129) 717 111 Total current assets (liabilities) 202,872 197,667 30,478 Investment in unconsolidated subsidiaries (280,062) (338,339) (52,169) Total assets (liabilities) (77,190) (140,672) (21,691) AND EQUITY Total stockholders’ equity (deficit) (77,190) (140,672) (21,691) |
Schedule of Comprehensive Income (Loss) | CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME Year ended September 30, 2019 2020 2021 2021 RMB RMB RMB US$ Revenues — — — — Operating expenses General and administrative (12,597) (14,852) (19,302) (2,976) Loss from operations (12,597) (14,852) (19,302) (2,976) Equity method loss (49,163) (70,407) (72,213) (11,135) Interest expense — (2) (14) (2) Loss before income taxes (62,120) (85,261) (91,529) (14,113) Income tax expense — — — — Net loss (62,120) (85,261) (91,529) (14,113) Other comprehensive loss Foreign currency translation difference (1,640) 1,371 (816) (126) Total comprehensive loss (63,760) (83,890) (92,345) (14,239) |
Schedule of Condensed Cash Flow Statement | CONDENSED STATEMENT OF CASH FLOWS Year ended September 30, 2019 2020 2021 2021 RMB RMB RMB US$ Net cash provided by operating activities — — — — Net cash provided by financing activities 1,845 16,730 (8,637) (1,332) Net increase in cash and cash equivalents 1,845 16,730 (8,637) (1,332) Cash and cash equivalents, beginning of year 47 252 18,353 2,830 Effect of exchange rate changes on cash and cash equivalents (1,640) 1,371 (816) (126) Cash and cash equivalents, end of year 252 18,353 8,900 1,372 |
ORGANIZATION AND PRINCIPAL AC_3
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Beijing Origin Seed Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Dec. 26, 1997 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 0% |
Principal Activity | Hybrid crop seed development, production and distribution |
State Harvest Holdings Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Oct. 06, 2004 |
Entity Incorporation, Place of Incorporation or Establishment | British Virgin Islands |
Percentage of Ownership | 100% |
Principal Activity | Investment Holding |
Beijing Origin State Harvest Biotechnology Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Dec. 01, 2004 |
Entity Incorporation, Place of Incorporation or Establishment | People’s Republic of China (“PRC”) |
Percentage of Ownership | 100% |
Principal Activity | Hybrid seed technology development |
Xinjiang Originbo Seed Company Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Jul. 13, 2011 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51% |
Principal Activity | Hybrid crop seed development, production and distribution |
Shandong Aoruixinong Agricultural Technology Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Sep. 27, 2019 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51% |
Principal Activity | Agricultural seed products distribution through e-commune network |
Hubei Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Oct. 22, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51% |
Principal Activity | Agricultural seed products distribution through e-commerce network |
Anhui Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Jul. 25, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 50% |
Principal Activity | Agricultural seed products distribution through e-commerce network |
Xuzhou Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Sep. 25, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51% |
Principal Activity | Agricultural seed products distribution through e-commerce network |
Henan Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Jul. 16, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51% |
Principal Activity | Agricultural seed products distribution through e-commerce network |
ORGANIZATION AND PRINCIPAL AC_4
ORGANIZATION AND PRINCIPAL ACTIVITIES - Risks in relation to the VIE structure (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2021 USD ($) | |
Current assets: | ||||
Cash and cash equivalents | ¥ 15,351 | ¥ 22,482 | $ 2,367 | |
Restricted cash | 14 | 147 | 2 | |
Due from related party | 29,179 | 22,305 | 4,499 | |
Accounts receivable | 260 | 3,111 | 40 | |
Advances to suppliers | 5,799 | 2,473 | 894 | |
Inventories | 4,178 | 13,568 | 644 | |
Other current assets | 3,362 | 312 | 518 | |
Total current assets | 58,143 | 64,398 | 8,964 | |
Land use rights, net | 1,854 | 9,785 | 286 | |
Plant and equipment, net | 48,684 | 115,451 | 7,507 | |
Acquired intangible assets, net | 3,774 | 4,648 | 582 | |
Other assets | 83 | 97 | 13 | |
Total assets | 119,038 | 254,883 | 18,355 | |
Current liabilities | ||||
Current portion of long-term borrowings | 137,660 | 21,226 | ||
Accounts payable | 9,170 | 9,597 | 1,414 | |
Due to related parties | 30,269 | 26,481 | 4,667 | |
Advances from customers | 45,754 | 64,690 | 7,055 | |
Other payables and accrued expenses | 55,374 | 68,004 | 8,541 | |
Total current liabilities | 286,367 | 176,940 | 44,158 | |
Long-term borrowings | 137,660 | |||
Other long-term liability | 15,717 | 23,074 | 2,423 | |
Total liabilities | 304,636 | 340,345 | 46,974 | |
Variable Interest Entity [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 305 | 206 | 47 | |
Restricted cash | 0 | 0 | 0 | |
Due from related party | 0 | 0 | 0 | |
Accounts receivable | 11 | 1,099 | 2 | |
Advances to suppliers | 260 | 377 | 40 | |
Inventories | 1,052 | 10,118 | 162 | |
Other current assets | 730 | 1,279 | 113 | |
Total current assets | 2,358 | 13,079 | 364 | |
Land use rights, net | 1,854 | 9,785 | 286 | |
Plant and equipment, net | 48,599 | 115,338 | 7,494 | |
Equity investments | 0 | 0 | 0 | |
Acquired intangible assets, net | 0 | 87 | 0 | |
Other assets | 83 | 5,749 | 13 | |
Total assets | 52,894 | 144,038 | 8,157 | |
Current liabilities | ||||
Current portion of long-term borrowings | 137,660 | 0 | 21,226 | |
Accounts payable | 9,107 | 9,533 | 1,404 | |
Due to growers | 6,673 | $ 1,029 | 6,673 | |
Due to related parties | 30,665 | 20,217 | 4,728 | |
Advances from customers | 22,772 | 52,535 | 3,511 | |
Other payables and accrued expenses | 51,520 | 61,019 | 7,944 | |
Total current liabilities | 258,397 | 149,977 | 39,842 | |
Long-term borrowings | 0 | 137,660 | 0 | |
Other long-term liability | 15,717 | 23,074 | 2,423 | |
Total liabilities | ¥ 274,114 | ¥ 310,711 | $ 42,265 |
ORGANIZATION AND PRINCIPAL AC_5
ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details ) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 01, 2004 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 31, 2017 | |
Foreign investment | ||||
Equity Method Investment, Ownership Percentage | 49% | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | ¥ 52,894 | ¥ 144,038 | ||
State Harvest Holdings Limited [Member] | ||||
Share Exchange Transaction Variable Interest Entity Voting Rights Assigned | 97.96% | |||
Period Of Operations | 20 years | |||
Assets Disposed Of By Methods Other Than Sale In Period Of Disposition | 50% | |||
State Harvest Holdings Limited [Member] | Criteria One [Member] | ||||
Business Combination Restriction On Control Obtained Description | 49% | |||
State Harvest Holdings Limited [Member] | Criteria Two [Member] | ||||
Business Combination Restriction On Control Obtained Description | 49% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Leasehold improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of the useful lives or the lease term |
Maximum [Member] | Plant and building [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum [Member] | Furniture and office equipment [Member] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Motor vehicles [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Plant and building [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Furniture and office equipment [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Motor vehicles [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 12 Months Ended |
Sep. 30, 2021 | |
Finite-Lived Intangible Asset, Useful Life | 50 years |
Maximum [Member] | Technology Rights [Member] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Maximum [Member] | Distribution Rights [Member] | |
Finite-Lived Intangible Asset, Useful Life | 14 years |
Minimum [Member] | Technology Rights [Member] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Minimum [Member] | Distribution Rights [Member] | |
Finite-Lived Intangible Asset, Useful Life | 6 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||||
May 17, 2019 CNY (¥) | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) | Jan. 22, 2022 CNY (¥) | Jan. 22, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 | Sep. 30, 2021 $ / ¥ | |
Net Income (Loss), Including Portion Attributable To Noncontrolling Interest | ¥ (127,081) | $ (19,596) | ¥ (102,842) | ¥ (65,653) | ||||||
Retained Earnings (Accumulated Deficit) | (650,633) | (559,104) | $ (100,323) | |||||||
Working Capital Deficit | 228,224 | |||||||||
Government Subsidies Recognized | 13,285 | 4,761 | 0 | |||||||
Foreign Currency Exchange Rate, Translation | 6.4854 | 6.4854 | ||||||||
Proceeds from (Repayments of) Debt | ¥ 78 | |||||||||
Provision for Doubtful Accounts | 401 | $ 62 | 189 | 0 | ||||||
Asset Impairment Charges | 68,339 | 26,716 | ||||||||
Deferred revenue | ¥ 45,800 | |||||||||
Land use right agreements term (in years) | 50 years | 50 years | ||||||||
Long-term borrowings | ¥ 137,660 | 137,660 | ||||||||
Beijing Origin Seed Limited [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 49% | |||||||||
Beijing Changping Technology Development Co. Ltd.("BC-TID") | ||||||||||
Funding By Coventurer | ¥ 204,000 | |||||||||
Long-term borrowings | ¥ 137,700 | $ 20,200 | ||||||||
Beijing Changping Technology Development Co. Ltd.("BC-TID") | Beijing Changping Technology Development Co. Ltd.("BC-TID") | ||||||||||
Equity Method Investment, Ownership Percentage | 51% | |||||||||
Research and Development [Member] | ||||||||||
Government Subsidies Recognized | 5,075 | 629 | ||||||||
Advertising Expenses [Member] | ||||||||||
Advertising Expense | ¥ 0 | ¥ 0 | ¥ 589 |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS - Related party relationships (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Beijing Shihui [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company’s Chairman |
Xinjiang Ginbo Seeds Center [Member] | |
Related Party Nature Of Relationship | Being the non-controlling interest of Xinjiang Origin |
Henan Agriculture University [Member] | |
Related Party Nature Of Relationship | Being the non-controlling interest of Beijing Origin |
Linze Origin Seeds Ltd [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company’s Chairman |
Denong Zhengcheng Seed Limited [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company’s Chairman |
Henan Yingde Agricultural Ltd [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company’s Chairman |
Beijing Origin Zhengzhou Branch Zhengzhou [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company’s Chairman |
NCI [Member] | |
Related Party Nature Of Relationship | Non- controlling shareholders of Hubei Aoyu, Anhui Aoyu, Xuzhou Aoyu, Shandong Aoyu, Henan Aoyu, Shandong Aoruixinong |
RELATED PARTY BALANCES AND TR_4
RELATED PARTY BALANCES AND TRANSACTIONS - Due from related parties, net (Details ) - CNY (¥) ¥ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Due From Related Parties, Gross | ¥ 61,307 | ¥ 50,645 |
Allowance for doubtful account | 32,128 | 28,340 |
Due from related parties, net | 29,179 | 22,305 |
Denong [Member] | ||
Due From Related Parties, Gross | 1 | 1 |
Linze Origin Seeds Ltd [Member] | ||
Due From Related Parties, Gross | 45 | 45 |
Beijing Shihui [Member] | ||
Due From Related Parties, Gross | 32,128 | 28,340 |
NCI [Member] | ||
Due From Related Parties, Gross | 15,848 | 12,423 |
Henan Yingde Agricultural Ltd. [Member] | ||
Due From Related Parties, Gross | 8,684 | 8,904 |
Beijing Liantaide [Member] | ||
Due From Related Parties, Gross | 4,600 | 0 |
Close family of the Company's Chairman [Member] | ||
Due From Related Parties, Gross | ¥ 1 | ¥ 932 |
RELATED PARTY BALANCES AND TR_5
RELATED PARTY BALANCES AND TRANSACTIONS - Due from related party - noncurrent (Details ) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) |
Related Party Transaction [Line Items] | |||
Due from Related Parties, Noncurrent | ¥ 0 | $ 0 | ¥ 42,246 |
Linze Origin Seed Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties, Noncurrent | ¥ 42,246 |
RELATED PARTY BALANCES AND TR_6
RELATED PARTY BALANCES AND TRANSACTIONS - Due to related parties (Details ) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) |
Due to related parties (note 4) | ¥ 30,269 | $ 4,667 | ¥ 26,481 |
Linze Origin Seeds Ltd [Member] | |||
Due to related parties (note 4) | 300 | 300 | |
Henan Agriculture University [Member] | |||
Due to related parties (note 4) | 1,000 | 1,000 | |
Xinjiang Ginbo Seeds Center [Member] | |||
Due to related parties (note 4) | 54 | 54 | |
Xinjiang Production And Construction Corps [Member] | |||
Due to related parties (note 4) | 10,000 | 10,000 | |
Companies controlled by the Company's directors [Member] | |||
Due to related parties (note 4) | 1,556 | 1,633 | |
NCI [Member] | |||
Due to related parties (note 4) | 11,348 | 10,176 | |
Board of Directors Chairman [Member] | |||
Due to related parties (note 4) | 1,020 | 1,704 | |
Close family of the Company's Chairman [Member] | |||
Due to related parties (note 4) | 3,641 | 680 | |
Ying De [Member] | |||
Due to related parties (note 4) | ¥ 1,350 | ¥ 934 |
RELATED PARTY BALANCES AND TR_7
RELATED PARTY BALANCES AND TRANSACTIONS - Transactions with related parties (Details ) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transaction, Amounts of Transaction | ¥ 10,808 | ¥ 15,927 | ¥ 37,987 |
Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | 19,326 | 17,450 | |
Linze Origin Seeds Ltd [Member] | |||
Related Party Transaction, Amounts of Transaction | 0 | 83 | |
Linze Origin Seeds Ltd [Member] | Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | 4,706 | 3,416 | |
Beijing Shihui [Member] | |||
Related Party Transaction, Amounts of Transaction | 1,706 | 20,823 | |
Beijing Shihui [Member] | Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | 360 | ||
Denong [Member] | Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | 166 | ||
Ying De [Member] | |||
Related Party Transaction, Amounts of Transaction | 3,134 | 5,315 | |
Ying De [Member] | Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | 11,700 | 10,975 | |
Close family of the Company's Chairman [Member] | Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | 333 | 32 | |
NCI [Member] | |||
Related Party Transaction, Amounts of Transaction | 5,967 | 10,612 | ¥ 17,081 |
NCI [Member] | Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | 2,227 | ¥ 2,861 | |
Zhengzhou Branch [Member] | |||
Related Party Transaction, Amounts of Transaction | ¥ 0 |
RELATED PARTY BALANCES AND TR_8
RELATED PARTY BALANCES AND TRANSACTIONS - Additional information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | ||||
Apr. 30, 2020 CNY (¥) | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2016 CNY (¥) | |
Due From Related Parties, Current | ¥ 29,179 | $ 4,499 | ¥ 22,305 | ||
Linze Origin Seeds Ltd [Member] | |||||
Equity Method Investment, Ownership Percentage | 49% | 49% | |||
Xinjiang Ginbo Seeds Center [Member] | |||||
Due From Related Parties, Current | ¥ 10,000 | ||||
Linze Origin Seeds Ltd [Member] | |||||
Borrowing | ¥ 27,000 | ||||
Loan offered | ¥ 20,000 | ||||
Linze Fumin [Member] | Linze Fumin [Member] | |||||
Equity Method Investment, Ownership Percentage | 51% | 51% |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Aug. 16, 2017 | |
Disposal Group, Including Discontinued Operation, Consideration | ¥ 421,000 | |||
Disposal Group Including Discontinued Operation, Consideration Allocated to Disposed Entities | 347,085 | |||
Disposal Group Including Discontinued Operation, Consideration Allocated to Office Building | ¥ 73,915 | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | ¥ 45,400 | |||
Securities Loaned, Amount Offset Against Collateral | ¥ 142,000 | |||
Notes Payable, Amount Offset Against Collateral | 121,485 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation | 3,282 | |||
Deposits [Member] | ||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | ¥ 10,000 | |||
Minimum [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | ¥ 400,000 | |||
Maximum [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | ¥ 421,000 |
INVENTORIES (Details)
INVENTORIES (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) |
Work in progress | ¥ 4,178 | ¥ 13,568 | ||
Inventories (note 5) | 4,178 | $ 644 | 13,568 | |
Written-off of provision for inventories | 7,976 | 8,104 | ¥ 5,973 | |
Asset Pledged As Collateral [Member] | ||||
Inventories (note 5) | ¥ 0 | ¥ 0 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
ASSETS HELD FOR SALE | ||
Carrying amount of plant and equipment sold | ¥ 12,051 | |
Cash consideration | 26,000 | |
Transition of Land Use Right and Buildings | 5,652 | |
Transition of Land Use Right and Buildings cash consideration received | ¥ 20,400 | |
Accrued interest expense | ¥ 6,968 | |
Transfer taxes and fees | ¥ 3,891 |
LAND USE RIGHTS, NET - Land use
LAND USE RIGHTS, NET - Land use rights, net (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) |
LAND USE RIGHTS, NET | |||
Land use rights | ¥ 6,260 | ¥ 13,860 | |
Accumulated amortization | (4,406) | (4,075) | |
Land use rights, net | ¥ 1,854 | $ 286 | ¥ 9,785 |
LAND USE RIGHTS, NET - Addition
LAND USE RIGHTS, NET - Additional information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) | Sep. 30, 2021 USD ($) | |
Land use rights, net (note 9) | ¥ 1,854 | ¥ 9,785 | $ 286 | ||
Amortization of Intangible Assets | 787 | 821 | ¥ 2,893 | ||
Impairment of Leasehold | 7,600 | $ 1,172 | 2,704 | ||
Use Rights [Member] | |||||
Amortization of Intangible Assets | 331 | 424 | ¥ 677 | ||
Asset Pledged As Collateral [Member] | |||||
Land use rights, net (note 9) | ¥ 1,992 | ¥ 2,053 |
PLANT AND EQUIPMENT, NET - Plan
PLANT AND EQUIPMENT, NET - Plant and equipment, net (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) |
PLANT AND EQUIPMENT, NET | |||
Plant and building | ¥ 70,179 | ¥ 123,011 | |
Machinery and equipment | 57,203 | 64,734 | |
Furniture and office equipment | 12,353 | 12,363 | |
Motor vehicles | 3,580 | 3,586 | |
Total | 143,315 | 203,694 | |
Accumulated depreciation | (94,631) | (88,243) | |
Plant and equipment, net | ¥ 48,684 | $ 7,507 | ¥ 115,451 |
PLANT AND EQUIPMENT, NET - Addi
PLANT AND EQUIPMENT, NET - Additional information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) | |
PLANT AND EQUIPMENT, NET | ||||
Buildings and Improvements Gross Collateral To Bank Loan | ¥ 19,827 | ¥ 20,565 | ||
Depreciation | 6,812 | 9,116 | ¥ 10,226 | |
Impairment on plant and equipment | ¥ 60,652 | $ 9,352 | ¥ 24,012 | ¥ 4,213 |
LONG TERM INVESTMENTS (Details)
LONG TERM INVESTMENTS (Details) - CNY (¥) ¥ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Impairment on Equity investment without readily determinable fair value | ¥ 5,957 | ¥ 5,994 | ¥ 0 |
Jinong [Member] | |||
Equity Method Investment, Ownership Percentage | 17.94% | 17.94% |
ACQUIRED INTANGIBLE ASSETS, N_3
ACQUIRED INTANGIBLE ASSETS, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) | Sep. 30, 2021 USD ($) | |
Gross Carrying Amount | ¥ 76,081 | ¥ 76,168 | ||
Accumulated amortization | (72,307) | (71,520) | ||
Impairment provision | (87) | |||
Acquired intangible assets, net | 3,774 | 4,648 | $ 582 | |
Impairment on intangible assets | 87 | 0 | ¥ 0 | |
Technology Rights [Member] | ||||
Gross Carrying Amount | 71,429 | 71,429 | ||
Accumulated amortization | (67,655) | (66,781) | ||
Acquired intangible assets, net | 3,774 | 4,648 | ||
Others [Member] | ||||
Gross Carrying Amount | 4,739 | 4,739 | ||
Accumulated amortization | (4,652) | ¥ (4,739) | ||
Impairment provision | ¥ (87) |
ACQUIRED INTANGIBLE ASSETS, N_4
ACQUIRED INTANGIBLE ASSETS, NET (Details 1) ¥ in Thousands | Sep. 30, 2021 CNY (¥) |
ACQUIRED INTANGIBLE ASSETS, NET | |
2022 | ¥ 555 |
2023 | 532 |
2024 | 520 |
2025 | 521 |
2026 | 521 |
Thereafter | 1,125 |
Total | ¥ 3,774 |
ACQUIRED INTANGIBLE ASSETS, N_5
ACQUIRED INTANGIBLE ASSETS, NET (Details Textual) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Amortization of Intangible Assets | ¥ 787 | ¥ 821 | ¥ 2,893 |
Minimum [Member] | Technology Rights [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||
Maximum [Member] | Technology Rights [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years |
LEASES (Details)
LEASES (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2021 USD ($) | |
LEASES | |||
Operating lease right of use assets and operating lease liability | ¥ 1,904 | ¥ 2,253 | $ 294 |
Operating lease liability | 3,111 | ||
Impairment of operating lease right of use asset | ¥ 0 | ¥ 1,375 | |
Weighted-average remaining lease term | 2 years 7 months 6 days | 2 years 7 months 6 days | |
Weighted-average discount rate | 4.90% | 4.90% | |
Operating lease cost | ¥ 229 | ||
Short-term lease cost | 291 | ||
Total | 520 | ||
Operating cash flows from operating leases | ¥ 345 |
LEASES - Operating lease maturi
LEASES - Operating lease maturities (Details) ¥ in Thousands | Sep. 30, 2021 CNY (¥) |
Maturities of lease liabilities | |
2022 | ¥ 357 |
2023 | 357 |
2024 | 357 |
2025 | 357 |
2026 | 370 |
Thereafter | 1,313 |
Total | ¥ 3,111 |
BORROWINGS (Details)
BORROWINGS (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) |
Short-term Debt [Line Items] | |||
Long-term borrowings | ¥ 137,660 | ¥ 137,660 | |
Current portion of long-term borrowings | 137,660 | $ 21,226 | |
Non-current portion of long-term borrowings | 137,660 | ||
Beijing Changping Technology Development Co. Ltd.("BC-TID") | |||
Short-term Debt [Line Items] | |||
Long-term borrowings | ¥ 137,660 | ¥ 137,660 |
BORROWINGS - Additional Informa
BORROWINGS - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
BORROWINGS | |||
Interest Expense, Debt | ¥ 8,260 | ¥ 5,735 | ¥ 4,680 |
OTHER PAYABLES AND ACCRUED EX_3
OTHER PAYABLES AND ACCRUED EXPENSES (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) |
OTHER PAYABLES AND ACCRUED EXPENSES | |||
Payable for purchase of plant and equipment | ¥ 9,169 | ¥ 28,591 | |
Salaries and bonus payable | 4,724 | 5,778 | |
Accrued interest | 12,102 | 3,849 | |
Other taxes payable | 2,407 | 1,803 | |
Deposits from others | 2,434 | 13,225 | |
Deferred government subsidies | 1,039 | 1,693 | |
Payable for penalty | 12,812 | 6,968 | |
Others | 10,683 | 6,097 | |
Other Payables and Accrued Expenses Current | ¥ 55,374 | $ 8,541 | ¥ 68,004 |
OTHER LONG-TERM LIABILITY (Deta
OTHER LONG-TERM LIABILITY (Details) ¥ in Thousands | 12 Months Ended |
Sep. 30, 2021 CNY (¥) | |
Plant and Equipment [Member] | |
Subsidiary Received | ¥ 3,000 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock option activity (Details) - ¥ / shares | 12 Months Ended | ||||
Apr. 14, 2021 | Jan. 02, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Tranche 9 [Member] | |||||
Grant date | Jan. 02, 2014 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 10 [Member] | |||||
Grant date | Jan. 02, 2015 | ||||
Options outstanding | 0 | ||||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | 0 | ||
Options outstanding | 0 | 0 | |||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 11 [Member] | |||||
Grant date | Jan. 04, 2016 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 12 [Member] | |||||
Grant date | Apr. 19, 2016 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 13 [Member] | |||||
Grant date | May 16, 2016 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 14 [Member] | |||||
Grant date | Aug. 03, 2016 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 15 [Member] | |||||
Grant date | Jan. 03, 2017 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 16 [Member] | |||||
Grant date | Oct. 02, 2017 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 36,000 | 0 | 0 | ||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 17 [Member] | |||||
Grant date | Dec. 22, 2017 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 18 [Member] | |||||
Grant date | Jan. 02, 2018 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 160,000 | 0 | 0 | ||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 19 [Member] | |||||
Grant date | Mar. 01, 2018 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 20 [Member] | |||||
Grant date | Jan. 02, 2019 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 21 [Member] | |||||
Grant date | Jan. 02, 2020 | ||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 | ||||
Tranche 22 [Member] | |||||
Options outstanding | 0 | 0 | |||
Number of options granted | 0 | 0 | |||
Options exercised | 0 | 0 | |||
Options cancelled/expired | 0 | 0 | |||
Options outstanding | 0 | 0 | 0 | ||
Options vested and exercisable | 0 | 0 | |||
Weighted average fair value at the grant date (USD) | ¥ 0 |
STOCK-BASED COMPENSATION - Blac
STOCK-BASED COMPENSATION - Black-Scholes Option Pricing (Details) - $ / shares | 12 Months Ended | |||
Apr. 14, 2021 | Jan. 02, 2020 | Jan. 02, 2019 | Sep. 30, 2021 | |
Tranche 9 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 10 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 11 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 12 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 13 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 14 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 15 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 16 [Member] | ||||
Exercise price (US$) | $ 5.19 | $ 0 | ||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 17 [Member] | ||||
Exercise price (US$) | $ 5.3 | $ 0 | ||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 18 [Member] | ||||
Exercise price (US$) | $ 13.99 | $ 0 | ||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 19 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 20 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 21 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% | |||
Tranche 22 [Member] | ||||
Exercise price (US$) | $ 0 | |||
Average risk-free interest rate | 0% | |||
Expected option life (year) | 0 years | |||
Volatility rate | 0% | |||
Dividend yield | 0% |
STOCK-BASED COMPENSATION - Addi
STOCK-BASED COMPENSATION - Additional information (Details) $ / shares in Units, ¥ in Thousands | 1 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Apr. 14, 2021 $ / shares shares | Jan. 02, 2020 $ / shares shares | Jan. 02, 2019 $ / shares shares | Sep. 01, 2018 $ / shares | Jun. 01, 2018 $ / shares | Mar. 01, 2018 $ / shares | Jan. 31, 2014 $ / shares | Sep. 30, 2018 USD ($) shares | Sep. 30, 2021 CNY (¥) shares | Sep. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2020 CNY (¥) shares | Sep. 30, 2019 CNY (¥) | Sep. 30, 2021 USD ($) shares | Sep. 30, 2020 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 0 years | 0 years | 3 months 3 days | |||||||||||
Share-based compensation expense | ¥ 10,952 | $ 1,688,000 | ¥ 13,161 | ¥ 12,188 | ||||||||||
Aggregate intrinsic value | $ | $ 219,000 | $ 344,000 | ||||||||||||
Treasury stock | 14,386 | 14,386 | ||||||||||||
Employees | ||||||||||||||
Sale of treasury stock (in shares) | 30,000 | 30,000 | ||||||||||||
Share-based compensation expense | ¥ | ¥ 1,595 | |||||||||||||
Decrease in treasury stock value | ¥ | 7,212 | |||||||||||||
Cost of treasury stocks | ¥ | ¥ 4,223 | |||||||||||||
Tranche 9 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 10 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 11 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 12 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 13 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 14 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 15 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 16 [Member] | ||||||||||||||
Number of options granted | 36,000 | 0 | 0 | 0 | ||||||||||
Exercise price (USD) | $ / shares | $ 5.19 | $ 0 | ||||||||||||
Tranche 17 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 5.3 | $ 0 | ||||||||||||
Tranche 18 [Member] | ||||||||||||||
Number of options granted | 160,000 | 0 | 0 | 0 | ||||||||||
Exercise price (USD) | $ / shares | $ 13.99 | $ 0 | ||||||||||||
Tranche 19 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 20 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
Tranche 21 [Member] | ||||||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||||
Exercise price (USD) | $ / shares | $ 0 | |||||||||||||
2005 Performance Equity Plan [Member] | Tranche 5 [Member] | After Adjustment Awards [Member] | ||||||||||||||
Exercise price (USD) | $ / shares | $ 20.7 | |||||||||||||
2005 Performance Equity Plan [Member] | Tranche 9 [Member] | After Adjustment Awards [Member] | ||||||||||||||
Exercise price (USD) | $ / shares | $ 5.19 | |||||||||||||
2009 Performance Equity Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 33,000 | 33,000 | 33,000 | 33,000 | ||||||||||
Restricted Stock [Member] | ||||||||||||||
Number of options granted | 320,000 | 320,000 | ||||||||||||
Share-based compensation expense | ¥ | ¥ 11,566 | 0 | ||||||||||||
Restricted Stock [Member] | Board of Directors Chairman [Member] | ||||||||||||||
Number of options granted | 22,500 | |||||||||||||
Exercise price (USD) | $ / shares | $ 6.6 | $ 7.2 | $ 8.6 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ | $ 167,925 | |||||||||||||
2014 Performance Equity Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 284,370 | 247,300 | 284,370 | 247,300 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | ¥ | ¥ 0 | ¥ 0 | ||||||||||||
2014 Performance Equity Plan [Member] | Tranche 17 [Member] | ||||||||||||||
Number of options granted | 38,000 | |||||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||||
Share-based compensation expense | ¥ | ¥ 10,952 | ¥ 658 | ¥ 904 | |||||||||||
Minimum [Member] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Expiration Period | 5 years | 5 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | 1 year | ||||||||||||
Minimum [Member] | After Adjustment Awards [Member] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Expiration Period | 5 years | 5 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | 1 year | ||||||||||||
Maximum [Member] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Expiration Period | 10 years | 10 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | ||||||||||||
Maximum [Member] | After Adjustment Awards [Member] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Expiration Period | 10 years | 10 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | 10 years |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) $ / shares in Units, ¥ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 USD ($) | Jan. 25, 2019 CNY (¥) shares | Jan. 25, 2019 USD ($) $ / shares shares | Sep. 30, 2021 CNY (¥) shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2020 CNY (¥) shares | Sep. 30, 2020 USD ($) shares | Sep. 30, 2019 CNY (¥) | |
Aggregate purchase price | ¥ | ¥ 17,166 | ¥ 16,223 | ¥ 53,599 | |||||||
Proceeds from issuance of common stock | 17,166 | $ 2,647,000 | 16,223 | 53,599 | ||||||
Increased share capital resulted from contribution from non-controlling interests | ¥ | ¥ 2,100 | ¥ 9,379 | ||||||||
Shares purchased | ¥ | ¥ 745 | |||||||||
At-the-Market Arrangement | ||||||||||
Stock Issued During Period, Shares, New Issues | 219,440 | 219,440 | 280,000 | 280,000 | ||||||
Proceeds from issuance of common stock | ¥ 17,200 | $ 2,620,000 | ¥ 16,200 | $ 2,360,000 | ||||||
Increased share capital resulted from contribution from non-controlling interests | $ | $ 2,100,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 21,930 | 21,930 | ||||||||
Shares purchased | ¥ 472 | $ 73,000 | ||||||||
Subsequent Event | At-the-Market Arrangement | ||||||||||
Shares purchased | $ | $ 0 | |||||||||
Tiger Capital Fund SPC | ||||||||||
Shares of warrants | 1,000,000 | |||||||||
Strike price | $ / shares | $ 6.47 | |||||||||
Class Of Warrant Or Right Term | 5 years | 5 years | ||||||||
Stock Issued During Period, Shares, New Issues | 1,397,680 | 1,397,680 | ||||||||
Aggregate purchase price | ¥ 53,599 | $ 7,743,000 |
RENTAL INCOME (Details)
RENTAL INCOME (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
RENTAL INCOME | |||
Rental income | ¥ 10,603 | ¥ 7,643 | ¥ 4,611 |
INCOME TAXES - Deferred income
INCOME TAXES - Deferred income tax (Details) - CNY (¥) ¥ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Non-current deferred tax assets: | ||
Net operating loss carry forward | ¥ 119,617 | ¥ 118,031 |
Impairment loss | 35,840 | 15,272 |
Others | 22,959 | 11,776 |
Non-current deferred income tax assets | 178,416 | 145,079 |
Valuation allowances | (178,416) | (145,079) |
Net non-current deferred income tax assets | ¥ 0 | ¥ 0 |
INCOME TAXES - Reconciliation (
INCOME TAXES - Reconciliation (Details) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
INCOME TAXES | |||
Statutory rate | 25% | 25% | 25% |
Change in valuation allowance | (25.00%) | (25.00%) | (24.00%) |
Effective income tax rate | 0% | 0% | 1% |
INCOME TAXES- Additional inform
INCOME TAXES- Additional information (Details) - CNY (¥) | 1 Months Ended | 12 Months Ended | ||
Jan. 30, 2008 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25% | 25% | 25% | |
Preferential Tax Rate Applicable Period Description | The open tax years for examinations in China are 5 years. | |||
Preferential Tax Rate | ¥ 15 | |||
Maximum [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 33% | |||
Minimum [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25% | |||
Beijing Origin Seed Limited [Member] | ||||
Preferential Tax Rate | ¥ 15 | ¥ 15 | ¥ 15 |
INCOME_(LOSS) PER SHARE (Detail
INCOME/(LOSS) PER SHARE (Details) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 $ / shares | Sep. 30, 2021 CNY (¥) ¥ / shares shares | Sep. 30, 2020 CNY (¥) ¥ / shares shares | Sep. 30, 2019 CNY (¥) ¥ / shares shares | |
Denominator: | ||||
Shares used in calculating basic net loss per share* | 5,617,424 | 5,029,017 | 4,184,032 | |
Average common stock outstanding Basic | 5,617,424 | 5,029,017 | 4,184,032 | |
Average common stock outstanding Diluted | 5,617,424 | 5,029,017 | 4,184,032 | |
Basic and diluted loss per share attributable to Origin Agritech Limited: | ||||
Basic loss per share attributable to Origin Agritech Limited | (per share) | $ (2.51) | ¥ (16.29) | ¥ (16.95) | ¥ (14.85) |
Diluted loss per share attributable to Origin Agritech Limited | (per share) | (2.51) | (16.29) | (16.95) | (14.85) |
Basic earnings (loss) per share attributable to Origin Agritech Limited: | ||||
Basic loss per share attributable to Origin Agritech Limited | (per share) | (2.51) | (16.29) | (16.95) | (14.85) |
Diluted earnings (loss) per share attributable to Origin Agritech Limited: | ||||
Diluted loss per share attributable to Origin Agritech Limited | (per share) | $ (2.51) | ¥ (16.29) | ¥ (16.95) | ¥ (14.85) |
Origin Agritech Limited [Member] | ||||
Numerator: | ||||
Net loss attributable to Origin Agritech Limited | ¥ | ¥ (91,529) | ¥ (85,261) | ¥ (62,250) | |
Denominator: | ||||
Shares used in calculating basic net loss per share* | 5,617,424 | 5,029,017 | 4,185,842 | |
Average common stock outstanding Basic | 5,617,424 | 5,029,017 | 4,185,842 | |
Average common stock outstanding Diluted | 5,617,424 | 5,029,017 | 4,185,842 | |
Basic and diluted loss per share attributable to Origin Agritech Limited: | ||||
Basic loss per share attributable to Origin Agritech Limited | ¥ / shares | ¥ (16.29) | ¥ (16.95) | ¥ (14.87) | |
Diluted loss per share attributable to Origin Agritech Limited | ¥ / shares | (16.29) | (16.95) | (14.87) | |
Basic earnings (loss) per share attributable to Origin Agritech Limited: | ||||
Basic loss per share attributable to Origin Agritech Limited | ¥ / shares | (16.29) | (16.95) | (14.87) | |
Diluted earnings (loss) per share attributable to Origin Agritech Limited: | ||||
Diluted loss per share attributable to Origin Agritech Limited | ¥ / shares | ¥ (16.29) | ¥ (16.95) | ¥ (14.87) |
EMPLOYEE BENEFIT PLAN AND PRO_2
EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION | |||
Defined Contribution Plan, Cost Recognized | ¥ 1,280 | ¥ 1,689 | ¥ 2,170 |
Percentage Of Entity Registered Capital | 50% | ||
Statutory Surplus Reserve Fund Annual Appropriation Percentage | 10% | ||
Statutory Surplus Reserve Fund Appropriations | ¥ 15,133 | ¥ 15,133 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) ¥ in Millions | Sep. 30, 2021 CNY (¥) |
Beijing Origin Seed Limited [Member] | |
Total compensation on legal proceedings | ¥ 961 |
OPERATING RISK (Details)
OPERATING RISK (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Debt Instrument, Interest Rate, Stated Percentage | 6% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |
Concentration risk percentage | 5.63% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Second Largest Customer [Member] | |
Concentration risk percentage | 5.46% |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY- CONDENSED BALANCE SHEET (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) | Sep. 30, 2018 CNY (¥) |
Current assets | |||||
Cash and cash equivalents | ¥ 15,351 | $ 2,367 | ¥ 22,482 | ||
Due from inter-companies | 29,179 | 4,499 | 22,305 | ||
Due to related parties | 30,269 | 4,667 | 26,481 | ||
Total current assets (liabilities) | 58,143 | 8,964 | 64,398 | ||
Total assets (liabilities) | 119,038 | 18,355 | 254,883 | ||
LIABILITIES AND EQUITY | |||||
Total stockholders' equity (deficit) | (185,598) | (28,619) | (85,462) | ¥ (15,475) | ¥ (23,348) |
Parent Company [Member] | |||||
Current assets | |||||
Cash and cash equivalents | 8,900 | 1,372 | 18,353 | ||
Other receivables | 273 | 41 | 4 | ||
Due from inter-companies | 187,777 | 28,954 | 187,644 | ||
Due to related parties | 717 | 111 | (3,129) | ||
Total current assets (liabilities) | 197,667 | 30,478 | 202,872 | ||
Investment in unconsolidated subsidiaries | (338,339) | (52,169) | (280,062) | ||
Total assets (liabilities) | (140,672) | (21,691) | (77,190) | ||
LIABILITIES AND EQUITY | |||||
Total stockholders' equity (deficit) | ¥ (140,672) | $ (21,691) | ¥ (77,190) |
CONDENSED FINANCIAL INFORMATI_4
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY- CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) | |
Revenues | ¥ 46,425 | $ 7,158 | ¥ 52,513 | ¥ 92,440 |
Operating expenses | ||||
General and administrative | 73,315 | 11,305 | 58,069 | 27,229 |
Interest expense | (8,558) | (1,320) | (5,796) | (4,677) |
Loss before income taxes | (126,903) | (19,569) | (102,417) | (65,143) |
Income tax (expense) benefits | ||||
Income tax benefits | 178 | 27 | 425 | 510 |
Net loss | (127,081) | (19,596) | (102,842) | (65,653) |
Other comprehensive loss | ||||
Foreign currency translation difference | (816) | (126) | 1,371 | (1,640) |
Total comprehensive loss | (92,345) | (14,240) | (83,890) | (63,760) |
Parent Company [Member] | ||||
Operating expenses | ||||
General and administrative | (19,302) | (2,976) | (14,852) | (12,597) |
Loss from operations | (19,302) | (2,976) | (14,852) | (12,597) |
Equity method loss | (72,213) | (11,135) | (70,407) | (49,163) |
Interest expense | (14) | (2) | (2) | |
Loss before income taxes | (91,529) | (14,113) | (85,261) | (62,120) |
Income tax (expense) benefits | ||||
Net loss | (91,529) | (14,113) | (85,261) | (62,120) |
Other comprehensive loss | ||||
Foreign currency translation difference | (816) | (126) | 1,371 | (1,640) |
Total comprehensive loss | ¥ (92,345) | $ (14,239) | ¥ (83,890) | ¥ (63,760) |
CONDENSED FINANCIAL INFORMATI_5
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENT OF CASH FLOWS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 CNY (¥) | Sep. 30, 2019 CNY (¥) | |
Net cash provided by operating activities | ¥ (25,077) | $ (3,868) | ¥ (5,615) | ¥ (60,130) |
Net cash provided by financing activities | 19,838 | 3,059 | 65,918 | 62,978 |
Net increase in cash and cash equivalents | 6,448 | 995 | (18,060) | (2,848) |
Cash and cash equivalents, beginning of year | 22,482 | 3,467 | 3,198 | 1,990 |
Effect of exchange rate changes on cash and cash equivalents | (816) | (126) | 1,371 | (1,640) |
Cash and cash equivalents, end of the year | 15,351 | 2,367 | 22,482 | 3,198 |
Parent Company [Member] | ||||
Net cash provided by financing activities | (8,637) | (1,332) | 16,730 | 1,845 |
Net increase in cash and cash equivalents | (8,637) | (1,332) | 16,730 | 1,845 |
Cash and cash equivalents, beginning of year | 18,353 | 2,830 | 252 | 47 |
Effect of exchange rate changes on cash and cash equivalents | (816) | (126) | 1,371 | (1,640) |
Cash and cash equivalents, end of the year | ¥ 8,900 | $ 1,372 | ¥ 18,353 | ¥ 252 |
CONDENSED FINANCIAL INFORMATI_6
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Additional information (Details) - CNY (¥) ¥ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | ||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | ¥ 45,457 | ¥ 45,457 |