Document And Entity Information
Document And Entity Information | 6 Months Ended |
Mar. 31, 2023 | |
Document Information Line Items | |
Entity Registrant Name | EZGO Technologies Ltd. |
Document Type | 6-K |
Current Fiscal Year End Date | --09-30 |
Amendment Flag | false |
Entity Central Index Key | 0001806904 |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-39833 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 2,280,198 | $ 4,389,990 |
Restricted cash | 3,530 | 23,228 |
Short-term investments | 728,056 | 702,889 |
Accounts receivable, net | 5,597,130 | 7,542,062 |
Notes receivable | 62,613 | |
Inventories | 4,173,819 | 380,949 |
Advances to suppliers | 16,276,983 | 10,529,144 |
Amount due from related parties, current | 7,766,763 | 9,418,674 |
Prepaid expenses and other current assets, net | 3,278,737 | 167,100 |
Total current assets | 40,167,829 | 33,154,036 |
Property and equipment, net | 1,594,009 | 4,106,511 |
Intangible assets, net | 3,048,723 | |
Land use right, net | 1,766,909 | 6,682,696 |
Goodwill | 5,089,556 | |
Deferred tax assets, net | 97,063 | 45,286 |
Long-term investments | 13,048,357 | 2,101,519 |
Other non-current assets | 3,139,023 | 1,417,534 |
Total non-current assets | 27,783,640 | 14,353,546 |
Total assets | 67,951,469 | 47,507,582 |
Current liabilities | ||
Short-term borrowings | 1,062,962 | 2,811,555 |
Accounts payable | 677,547 | 782,405 |
Advances from customers | 2,006,695 | 900,436 |
Income tax payable | 368,868 | 350,638 |
Amount due to related parties | 1,466,115 | 591,638 |
Accrued expenses and other payables | 8,691,314 | 7,827,863 |
Current liabilities of discontinued operation | 729,034 | 703,668 |
Total current liabilities | 15,002,535 | 13,968,203 |
Commitments and contingencies | ||
Equity | ||
Ordinary shares (par value of $0.001 per share; 100,000,000 shares authorized as of September 30, 2022 and March 31, 2023; 24,676,891 and 51,805,564 shares issued as of September 30, 2022 and March 31, 2023; 24,214,391 and 50,416,642 outstanding as of September 30, 2022 and March 31, 2023, respectively) | 50,417 | 24,214 |
Subscription receivable | (7,800) | (7,800) |
Receivables from a shareholder | (98,791) | |
Additional paid-in capital | 63,628,819 | 40,690,086 |
Statutory reserve | 236,189 | 233,622 |
Accumulated deficit | (12,684,498) | (7,887,621) |
Accumulated other comprehensive loss | (1,154,187) | (2,315,795) |
Total EZGO Technologies Ltd.’s shareholders’ equity | 50,068,940 | 30,637,915 |
Non-controlling interests | 2,879,994 | 2,901,464 |
Total equity | 52,948,934 | 33,539,379 |
Total liabilities and equity | $ 67,951,469 | $ 47,507,582 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued | 51,805,564 | 24,676,891 |
Ordinary shares, shares outstanding | 50,416,642 | 24,214,391 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net revenues | $ 5,161,698 | $ 6,030,178 |
Cost of revenues | (4,979,685) | (5,747,962) |
Gross profit | 182,013 | 282,216 |
Selling and marketing | (285,646) | (566,553) |
General and administrative | (2,383,325) | (2,115,490) |
Total operating expenses | (2,668,971) | (2,682,043) |
Loss from operations | (2,486,958) | (2,399,827) |
Interest income (expense), net | (26,338) | 398,358 |
Other (expense) income, net | 38,387 | (45,891) |
Loss from disposal of a subsidiary | (2,561,856) | |
Total other income/(expense), net | (2,549,807) | 352,467 |
Loss from continuing operations before income tax expense | (5,036,765) | (2,047,360) |
Income tax (expense) benefit | 41,276 | (519,311) |
Net loss from continuing operations | (4,995,489) | (2,566,671) |
(Loss) income from discontinued operations, net of tax | 131 | (105,797) |
Net Loss | (4,995,358) | (2,672,468) |
Less: net loss attributable to non-controlling interests from continuing operations | (201,048) | (328,029) |
Net loss attributable to EZGO Technologies Ltd.’s shareholders from continuing operations | (4,794,441) | (2,238,642) |
(Loss) income from discontinued operation, net of tax | 131 | (105,797) |
Net (loss) income attributable to EZGO Technologies Ltd.’s shareholders from discontinued operation | 131 | (105,797) |
Net loss attributable to EZGO Technologies Ltd.’s shareholders | $ (4,794,310) | $ (2,344,439) |
Net loss attributable to EZGO Technologies Ltd.’s shareholders from continuing operations per ordinary share: | ||
-Basic and diluted (in Dollars per share) | $ (0.16) | $ (0.16) |
Net loss attributable to EZGO Technologies Ltd.’s shareholders from discontinued operation per ordinary share: | ||
-Basic and diluted (in Dollars per share) | (0.01) | |
Net loss attributable to EZGO Technologies Ltd.’s shareholders per ordinary share: | ||
-Basic and diluted (in Dollars per share) | $ (0.16) | $ (0.17) |
Weighted average shares outstanding: | ||
-Basic and diluted (in Shares) | 29,335,451 | 13,626,891 |
Loss from continuing operations before non-controlling interests | $ (4,995,489) | $ (2,566,671) |
(Loss) income from discontinued operation, net of tax | 131 | (105,797) |
Net loss | (4,995,358) | (2,672,468) |
Other comprehensive loss | ||
Foreign currency translation adjustment | 1,067,488 | 416,429 |
Comprehensive loss | (3,927,870) | (2,256,039) |
Less: Comprehensive loss attributable to non-controlling interests | (295,168) | (307,442) |
Comprehensive loss attributable to EZGO Technologies Ltd.’s shareholders | $ (3,632,702) | $ (1,948,597) |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net income (loss) from continuing operations per ordinary share, Diluted | $ (0.16) | $ (0.16) |
Net income (loss) from discontinued operation per ordinary share,Diluted | (0.01) | |
Diluted | $ (0.16) | $ (0.17) |
Diluted (in Shares) | 29,335,451 | 13,626,891 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Changes in Equity - USD ($) | Ordinary Shares | Subscription receivable | Receivables due from shareholder | Additional paid-in capital | Statutory reserve | Accumulated earnings/ (deficits) | Accumulated Other Comprehensive Income (Loss) | Total EZGO’s shareholders’ equity | Non-controlling interest | Total |
Balance at Sep. 30, 2021 | $ 13,627 | $ (7,800) | $ (3,152,179) | $ 32,260,048 | $ 233,413 | $ (1,423,614) | $ 594,507 | $ 28,518,002 | $ 4,018,498 | $ 32,536,500 |
Balance (in Shares) at Sep. 30, 2021 | 13,626,891 | |||||||||
Net loss | (2,344,439) | (2,344,439) | (328,029) | (2,672,468) | ||||||
Receivable from a shareholder | 34,540 | 34,540 | 34,540 | |||||||
Appropriation to statutory reserve | 4,436 | (4,436) | ||||||||
Foreign currency translation adjustment | (51,599) | 416,429 | 364,830 | 20,587 | 385,417 | |||||
Balance at Mar. 31, 2022 | $ 13,627 | (7,800) | (3,169,238) | 32,260,048 | 237,849 | (3,772,489) | 1,010,936 | 26,572,933 | 3,711,056 | 30,283,989 |
Balance (in Shares) at Mar. 31, 2022 | 13,626,891 | |||||||||
Balance at Sep. 30, 2022 | $ 24,214 | (7,800) | (98,791) | 40,690,086 | 233,622 | (7,887,621) | (2,315,795) | 30,637,915 | 2,901,464 | 33,539,379 |
Balance (in Shares) at Sep. 30, 2022 | 24,214,391 | |||||||||
Equity issuance | $ 18,000 | 14,382,000 | 14,400,000 | 14,400,000 | ||||||
Equity issuance (in Shares) | 18,000,000 | |||||||||
Issuance of ordinary shares for Acquisition of Changzhou Sixun | $ 7,668 | 8,072,780 | 8,080,448 | 8,080,448 | ||||||
Issuance of ordinary shares for Acquisition of Changzhou Sixun (in Shares) | 7,667,943 | |||||||||
Share-based compensation - vesting of restricted shares award to employees | $ 203 | 151,672 | 151,875 | 151,875 | ||||||
Share-based compensation - vesting of restricted shares award to employees (in Shares) | 202,500 | |||||||||
Share-based compensation - vesting of restricted shares award to non-employees | 332,613 | 332,613 | 332,613 | |||||||
Exercise of warrant | $ 332 | (332) | ||||||||
Exercise of warrant (in Shares) | 331,808 | |||||||||
Addition of non-controlling interest from Acquisition of Changzhou Sixun | 273,698 | 273,698 | ||||||||
Net loss | (4,794,310) | (4,794,310) | (201,048) | (4,995,358) | ||||||
Receivable from a shareholder | 98,791 | 98,791 | 98,791 | |||||||
Appropriation to statutory reserve | 2,567 | (2,567) | ||||||||
Foreign currency translation adjustment | 1,161,608 | 1,161,608 | (94,120) | 1,067,488 | ||||||
Balance at Mar. 31, 2023 | $ 50,417 | $ (7,800) | $ 63,628,819 | $ 236,189 | $ (12,684,498) | $ (1,154,187) | $ 50,068,940 | $ 2,879,994 | $ 52,948,934 | |
Balance (in Shares) at Mar. 31, 2023 | 50,416,642 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,995,358) | $ (2,672,468) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Provision for accounts receivable | 300,266 | 113,387 |
Inventories write down | (39,711) | 226,298 |
Depreciation and amortization | 555,918 | 468,241 |
Share-based compensation | 151,875 | |
Loss from disposal of a subsidiary | 2,561,856 | |
Loss from long-term investment | 110,789 | |
Loss from disposal of property and equipment | 11,579 | |
Deferred tax expenses (benefits) | (49,375) | 519,315 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,954,599 | 874,272 |
Notes receivable | (18,635) | |
Advance to suppliers | (5,137,730) | (2,781,770) |
Inventories | (3,258,216) | (2,570,990) |
Amount due from related parties | (1,717,313) | (2,553,715) |
Prepaid expenses and other current assets | (180,560) | (117,294) |
Accounts payable | (168,069) | (78,889) |
Advance from customers | 1,035,271 | 528,108 |
Income tax payable | 5,587 | (5,233) |
Accrued expenses and other payables | 701,730 | 958,585 |
Net cash used in operating activities | (8,187,076) | (7,080,574) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (26,808) | (274,175) |
Purchase of land use right | (1,748,169) | |
Maturities of short-term investment | 1,570,007 | |
Purchase of long-term investments | (7,174,496) | (23,550) |
Prepayment for intent long-term investment | (1,318,788) | |
Proceed from disposal of property and equipment | 159,271 | |
Loan to related parties | (1,569,072) | (471,002) |
Collection of loan to related parties | 1,540,976 | |
Net cash inflow from disposal of a subsidiary | 2,579,717 | |
Net cash outflow due to acquisition of Changzhou Sixun | (578,629) | |
Net cash provided by (used in) investing activities | (8,295,269) | 960,551 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from short-term borrowings | 759,737 | 2,826,012 |
Repayments of short-term borrowings | (2,580,238) | |
Loan from related parties | 1,053,057 | |
Repayment of loan from related parties | (130,176) | (549,502) |
Collection of receivable from a shareholder | 100,737 | 34,540 |
Cash receipts from equity issuance, net of issuance cost | 14,400,000 | |
Net cash provided by financing activities | 13,603,117 | 2,311,050 |
Effect of exchange rate changes | 749,738 | 46,085 |
Net decrease in cash, cash equivalents and restricted cash | (2,129,490) | (3,762,888) |
Cash, cash equivalents and restricted cash, at beginning of the period | 4,413,218 | 5,889,885 |
Cash, cash equivalents and restricted cash, at end of the period | 2,283,728 | 2,126,997 |
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets | ||
Cash and cash equivalents | 2,280,198 | 2,111,392 |
Restricted cash | 3,530 | 15,605 |
Total cash, cash equivalents, and restricted cash | 2,283,728 | 2,126,997 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Income tax paid | 2,512 | 5,233 |
Interests paid | 40,450 | 6,474 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES | ||
Shares issued for the acquisition of Changzhou Sixun | 8,080,448,000,000 | |
Increase of non-controlling interests derived from acquisition of Changzhou Sixun | $ 273,698 |
Organization and Principal Acti
Organization and Principal Activities | 6 Months Ended |
Mar. 31, 2023 | |
Organization and Principal Activities [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES EZGO Technologies Ltd. (“EZGO” or the “Company”) is a holding company incorporated under the laws of the British Virgin Islands (“BVI”) on January 24, 2019. The Company commenced operations through its variable interest entity (“VIE”) and VIE’s subsidiaries in the People’s Republic of China (“PRC”). The Company is mainly engaged in sales of battery packs, battery cells, as well as electric bicycles (“e-bicycle”) and battery cell trading, in PRC. The unaudited consolidated financial statements reflect the activities of EZGO and each of the following entities: Name Date of Place of Percentage Principal Wholly owned subsidiaries China EZGO Group Ltd. (formerly known as Hong Kong JKC Group Co., Ltd., “EZGO HK”) February 13, 2019 HK 100% Investment holding company Changzhou Langyi Electronic Technologies Co., Ltd. August 6, 2021 PRC 100% Investment holding company Jiangsu Langyi Import and Export Trade Co., Ltd. (“Langyi Trading”) December 7, 2021 PRC 100% Import and export trade of batteries packs Changzhou EZGO Enterprise Management Co., Ltd. (formerly known as Changzhou Jiekai Enterprise Management Co., Ltd., a wholly foreign-owned enterprise, “WFOE” or “Changzhou EZGO”) June 12, 2019 PRC 100% Distribution and trade of batteries packs, a holding company Jiangsu EZGO Energy Supply Chain Technology Co., Ltd. (“Jiangsu Supply Chain”) December 10, 2021 PRC 100% Distribution and trade of batteries packs Jiangsu EZGO New Energy Technologies Co., Ltd. (“Jiangsu New Energy”) July 14, 2022 PRC 100% Distribution and trade of batteries packs Sichuan EZGO Energy Technologies Co., Ltd. (“Sichuan EZGO”) May 9, 2022 PRC 100% Distribution and trade of lead-acid batteries Tianjin EZGO Electric Technologies Co., Ltd. (“Tianjin EZGO”) July 13, 2022 PRC 100% Production and sales of e-bicycles Changzhou Youdi Electric Bicycle Co., Ltd. (“Changzhou Youdi”) July 14, 2022 PRC 100% Development, operation and maintenance of software related to e-bicycle and battery rental services Changzhou Sixun Technology Co., Ltd. (“Changzhou Sixun”) December 29, 2022 PRC 100% Holding company Changzhou Higgs Intelligent Technology Co., Ltd. (“Changzhou Higgs”) November 7, 2018 PRC 60% Industrial automatic control device and system manufacturing Changzhou Zhuyun Technology Co., Ltd. (“Changzhou Zhuyun”) March 2, 2023 PRC 60% Equipment maintenance and repair VIE and subsidiaries of VIE Jiangsu EZGO Electronic Technologies Co., Ltd. (formerly known as Jiangsu Baozhe Electric Technologies, Co., Ltd.,“Jiangsu EZGO”) July 30, 2019 PRC VIE Holding company Changzhou Hengmao Power Battery Technology Co., Ltd. (“Hengmao”) May 5, 2014 PRC 80.87% Sales of battery packs, battery cells, as well as e-bicycles, battery cell trading, and battery and e-bicycle rental services provider Changzhou Yizhiying IoT Technologies Co., Ltd. (“Yizhiying”) August 21, 2018 PRC 100% Development, operation and maintenance of software related to e-bicycle and battery rental services Jiangsu Cenbird E-Motorcycle Technologies Co., Ltd. (“Cenbird E-Motorcycle”) May 7, 2018 PRC 51% Development of sales channels and international market for sales of e-bicycles and electric motorcycle (“e-motorcycle”) Tianjin Dilang Technologies Co., Ltd. (“Dilang”) July 2, 2019 PRC 80% Production and sales of e-bicycles |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The accompanying consolidated financial statements (“CFS”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and have been consistently applied. The CFS includes the financial statements of the Company, its subsidiaries, the VIE and the VIE’s subsidiary. All inter-company balances and transactions were eliminated upon consolidation. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying CFS include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results, and cash flows for the periods presented. (b) Accounts receivable, net Accounts receivable, net are stated at the original amount less an allowance for doubtful receivables, if any, based on a review of all outstanding amounts at period end. An allowance is also made when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The Company analyses the aging of the customer accounts, coverage of credit insurance, customer concentrations, customer credit-worthiness, historical and current economic trends and changes in its customer payment patterns when evaluating the adequacy of the allowance for doubtful accounts. For the six months ended March 31, 2022 and 2023, the Company recorded bad debt expense of $113,387 and $300,266, respectively, against its accounts receivable. (c) Intangible assets, net The Company performs valuation of the intangible assets arising from business combinations to determine the relative fair value (“FV”) to be assigned to each asset acquired. The acquired intangible assets are recognized and measured at FV. Intangible assets with useful lives are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows: Category Estimated Patents 5 years Software copyright 5 years (d) Goodwill Goodwill is the excess of the purchase price over FV of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of September 30 of each balance sheet date and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. The Company first has the option to assess qualitative factors to determine whether it is more likely than not that the FV of a reporting unit is less than its carrying amount. If the Company decides, as a result of its qualitative assessment, that it is more likely than not that the FV of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the FV of each reporting unit with its carrying amount, including goodwill. A goodwill impairment charge will be recorded for the amount by which a reporting unit’s carrying value exceeds its FV, but not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units and determining the FV of each reporting unit. The judgment in estimating the FV of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of FV for each reporting unit. (e) Long-term investments Long-term investments are the Company’s equity investments in privately held companies accounted for equity method, and equity investments without readily determinable fair values. (1) Equity investments accounted for using the equity method The Company applies the equity method of accounting to equity investments, in ordinary shares or in-substance ordinary shares, over which it has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Company initially records its investment at cost. The Company subsequently adjusts the carrying amount of the investment to recognize the Company’s proportionate share of each equity investee’s net income or loss into consolidated statements of operations and comprehensive loss after the date of acquisition. (2) Equity investment without readily determinable fair values Equity investment without readily determinable FVs refers to the investment over which the Company does not have the ability to exercise significant influence through the investments in ordinary shares or in substance ordinary shares, are accounted for under the measurement alternative upon the adoption of ASU2016-01 (the “Measurement Alternative”). Under the Measurement Alternative, the carrying value is measured at purchase cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of operations and comprehensive loss. The Company makes an assessment of whether an investment is impaired based on performance and financial position of the investee, as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance. The Company recognizes an impairment loss equal to the difference between the carrying value and FV in the consolidated statements of operations and comprehensive loss if any. (f) Revenue recognition The Company follows ASU 2014-09, Revenue from Contracts with Customers (“ASC Topic 606”), to account for the revenue from sales of self-manufactured battery cell, battery pack and e-bicycles and battery cell trading. The Company applied ASC Topic 840, Leases, for the revenue from rentals of lithium batteries and e-bicycles. The core principle of ASC Topic 606 is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: Step 1: Identify the contract with the customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when the company satisfies a performance obligation Revenue recognition policies are discussed as follows: Revenue from sales of self-manufactured battery cell, battery pack and e-bicycles The Company sells products to different customers, primarily including sale of self-manufactured battery cells (see Note 16 Discontinued Operation), self-assembled battery packs and sale of e-bicycles. The Company presents the revenue generated from its sales of products on a gross basis as the Company is a principal. The revenue is recognized at a point in time when the Company satisfies the performance obligation by transferring promised product to a customer upon acceptance by customers. Contract liabilities primarily consist of advances from customers, which comprises unamortized lithium batteries. As of September 30, 2022 (audited) and March 31, 2023, the Company recognized advances from customers of $900,436 and $2,006,695, respectively. The revenues from sales of self-manufactured battery cells and lithium batteries and e-bicycles services via sublease and its own application named Yidianxing are revenues from the Company’s discontinued operation, and are reported separately in the Consolidated Statements of Income for the six months ended March 31, 2022 and 2023 (see Note 16 Discontinued Operation). The following table identifies the disaggregation of the Company’s revenue from continuing operations for the six months ended March 31, 2022 and 2023: 2022 2023 Revenues from continuing operations: Sales of e-bicycles $ 4,055,330 $ 3,001,709 Sales of batteries and battery packs 1,581,023 1,732,871 Others 393,825 427,118 Net revenues $ 6,030,178 $ 5,161,698 (f) Revenue recognition (continued) Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. The Company had no contract assets as of September 30, 2022 (audited) or March 31, 2023. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year. (g) Share-based compensation The Company applies ASC 718, Compensation—Stock Compensation (“ASC 718”), to account for its share-based payments. In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. All the Company’s grants of share-based awards were classified as equity awards and are recognized in the financial statements based on their grant date fair values. The Company elects to recognize compensation expense using the straight-line method for all awards granted with graded vesting based on service conditions. The Company has also elected to account for forfeitures as they occur. Previously recognized compensation cost for the awards is reversed in the period that the award is forfeited. (h) Recent Accounting Standards The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. In July 2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements to ASC Topic 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. In November 2019, ASU 2019-10, Codification Improvements to ASC 842 modified the effective dates of all other entities. In June 2020, ASU 2020-05 defers the effective date for one year for entities in the “all other” category. For all other entities, the amendments in ASU 2020-05 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application of the guidance continues to be permitted. Based on the portfolio of leases as of March 31, 2023, a right-of-use asset of $171,993 and a lease liability of $170,682 would be recognized on the Company’s consolidated balance sheet for the fiscal year beginning upon October 1, 2022, primarily relating to the rental of office space, production space and storage space. The Company does not expect any material impact on its CFS as a result of adopting the new standard. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses,” which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU No. 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard. For all other entities, the amendments for ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Company will adopt ASU 2016-13 on October 1, 2023. The Company is in the process of evaluating the effect of the adoption of this ASU on its CFS. Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its unaudited consolidated financial statements. |
Acquisition
Acquisition | 6 Months Ended |
Mar. 31, 2023 | |
Acquisition [Abstract] | |
ACQUISITION | 3. ACQUISITION Acquisition of Changzhou Sixun On January 25, 2023, the Company completed the acquisition of Changzhou Sixun through an equity transfer agreement with certain “non-U.S. persons” (the “Sellers”) as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), for the transfer of 100% of the equity interests in and all assets in Changzhou Sixun Technology Co., Ltd. (“Changzhou Sixun”) to Jiangsu New Energy, for RMB59,400,000, of which (i) RMB5,000,000 was to be paid in cash and (ii) the remaining consideration of RMB54,400,000 ($8,080,448) which is to be paid by issuing additional ordinary shares of the Company. In this acquisition, Changzhou Sixun was set as a target company for the purpose of holding 60% of the equity of Changzhou Higgs Intelligent Technologies Co., Ltd. (“Changzhou Higgs”). The Company engaged an independent valuation firm to assist management in valuing assets acquired, liabilities assumed and intangible assets identified as of the acquisition day. The transaction constitutes a business combination for accounting purposes and is accounted for using the acquisition method under ASC 805. The Company is deemed to be the accounting acquirer. The identifiable intangible assets acquired upon acquisition was patents and software copyright, which has an estimated useful life of five years. All other current assets and current liabilities carrying value approximated fair value at the time of acquisition. The fair value of the intangible assets identified was determined by adopting the income approach, specifically the Discounted Cash Flow (“DCF”) method. The allocation of the purchase price as of the acquisition date was as follows, in which the amount was translated using exchange rate on acquisition date: Amount Cash and cash equivalents $ 141,891 Accounts receivable 76,372 Notes receivable 44,183 Advance to suppliers 154,230 Prepaid expenses and other current assets, net 1,726 Inventories, net 434,110 Fixed assets 48,754 Intangible assets - patents 2,529,954 Intangible assets – software copyright 659,988 Total assets (a) 4,091,208 Advances from customers 22,647 Accounts payable 30,361 Accrued expenses and other payables 164,012 Total liabilities (b) 217,020 Total net identifiable asset acquired (c=a-b) 3,874,188 Non-controlling interest on Changzhou Higgs (d) 273,698 Total consideration (e) 8,690,046 Goodwill (e+d-c) 5,089,556 Prior to the acquisition, Changzhou Sixun did not prepare its financial statements in accordance with U.S. GAAP. The Company determined that the cost of reconstructing the financial statement of Changzhou Sixun for the periods prior to the acquisition outweighed the benefits. Based on an assessment of the financial performance and a comparison of Changzhou Sixun’s and the Company’s financial performance for the fiscal year prior to the acquisition, the Company did not consider Changzhou Sixun to be material to the Company based on the significance testing. Thus, the Company’s management believes that the presentation of pro forma financial information with respect to the results of operations of the Company for the business combination is impractical. |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Mar. 31, 2023 | |
Accounts Receivables, Net [Abstract] | |
ACCOUNTS RECEIVABLE, NET | 4. ACCOUNTS RECEIVABLE, NET As of September 30, 2022 and March 31, 2023, accounts receivable and allowance for doubtful accounts consisted of the following: 2022 2023 (audited) Accounts receivable $ 8,601,585 $ 6,999,600 Less: allowance for doubtful accounts (1,059,523 ) (1,402,470 ) Accounts receivable, net $ 7,542,062 $ 5,597,130 The movement of allowance for doubtful accounts was as follows for the six months ended March 31, 2022 and 2023: 2022 2023 Balance at beginning of the period $ 34,155 $ 1,059,523 Current period addition 1,117,156 300,266 Write-off (625 ) - Foreign currency translation adjustment (91,163 ) 42,681 Balance at the end of the period $ 1,059,523 $ 1,402,470 For the six months ended March 31, 2022 and 2023, $113,387 and $300,266 of bad debt expenses were recorded, respectively. |
Investments
Investments | 6 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
INVESTMENTS | 5. INVESTMENTS As of September 30, 2022 and March 31, 2023, investments consisted of the following: 2022 2023 (audited) Short-term investments: Convertible debt instrument (1) $ 702,889 $ 728,056 Total short-term investments 702,889 728,056 Long-term investments: Investments accounted for using the equity method (2) 2,101,519 9,344,789 Investments without readily determinable fair values (3) - 3,703,568 Total investments $ 2,804,408 $ 13,776,413 The movement of the carrying amount of long-term investment was as of follows for the six months ended March 31, 2022 and 2023: 2022 2023 Beginning balance $ 132,621 $ 2,101,519 Addition of investments accounted for using the equity method 2,101,638 7,280,564 Addition of investments without readily determinable fair values - 3,703,567 Proportionate share of the equity investee’s net loss (130,528 ) (110,789 ) Foreign currency translation adjustment (2,212 ) 73,496 Ending balance $ 2,101,519 $ 13,048,357 (1) Convertible debt instrument was issued by a private company and redeemable at the Company’s option. The convertible debt instrument is due on June 12, 2024, with an annual interest rate of 6% and carried at FV. For the six months ended March 31, 2022 and 2023, there were nil (2) In March 2023, the Company acquired 25% equity interest of Linyi Xing Caitong New Energy Partnership with for $7,280,564 and was subsequently accounted for using the equity method. (3) In September 2022 and February 2023, the Company acquired 6% equity interest of Chongqing Chenglu Technology Co., Ltd. and 10% equity interest of Changzhou Huiyu Yidian Venture Capital Co., Ltd. for $3,696,287 and $7,281, respectively. The Company would have neither significant influence nor control over the investee and recognized investment as investment without readily determinable FV. |
Inventories, Net
Inventories, Net | 6 Months Ended |
Mar. 31, 2023 | |
Inventories Net [Abstract] | |
INVENTORIES, NET | 6. INVENTORIES, NET As of September 30, 2022 and March 31, 2023, inventories and movement of inventories reserve consisted of the following: 2022 2023 (audited) Finished goods (1) $ 425,721 $ 3,416,648 Raw materials (2) 151,379 887,827 Others - 32,180 Reserve for inventories (196,151 ) (162,836 ) Inventories, net $ 380,949 $ 4,173,819 (1) Finished goods includes battery packs and e-bicycles. (2) Raw materials mainly include battery cells purchased by the Company for battery packs assembling and e-bicycles production. The movement of reserve for inventories was as follows for the six months ended March 31, 2022 and 2023: 2022 2023 Beginning balance $ 116,102 $ 196,151 Current period addition 176,938 14,508 Charge off (8,921 ) (54,219 ) Foreign currency translation adjustment (87,968 ) 6,396 Ending balance $ 196,151 $ 162,836 For the six months ended March 31, 2022 and 2023, $226,298 and $14,508 were recorded as reserve for inventories, respectively. $54,219 was charged off against the reserve balance due to subsequent sales of the inventories for the six months ended March 31, 2022, which had been written down in the previous period. |
Advances to Suppliers, Net
Advances to Suppliers, Net | 6 Months Ended |
Mar. 31, 2023 | |
Advances to Suppliers Net [Abstract] | |
ADVANCES TO SUPPLIERS, NET | 7. ADVANCES TO SUPPLIERS, NET As of September 30, 2022 and March 31, 2023, advances to suppliers and allowance for doubtful accounts consisted of the following: 2022 2023 (audited) Prepayment for purchase of battery packs (1) $ 6,846,200 $ 12,442,744 Prepayment for purchase of e-bicycles materials (2) 3,576,449 3,418,019 Others 240,709 555,238 10,663,358 16,416,001 Less: allowance for doubtful accounts (134,214 ) (139,018 ) Advances to suppliers, net $ 10,529,144 $ 16,276,983 (1) Prepayment for purchase of battery packs is for the production of battery packs, among which the top 3 suppler prepayments were $4,171,941 and $8,989,035 as of September 30, 2022 and March 31, 2023, respectively. (2) Prepayment for purchase of e-bicycles materials is for the production of e-bicycle, among which the top 2 suppler prepayments were $2,528,573 and $2,284,204 as of September 30, 2022 and March 31, 2023, respectively. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses and Other Current Assets [Abstarct] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 8. PREPAID EXPENSES AND OTHER CURRENT ASSETS As of September 30, 2022 and March 31, 2023, prepaid expenses and other current assets consisted of the following: 2022 2023 (audited) Short-term receivables due to disposal of Tianjin Jiahao $ - $ 2,762,610 VAT prepayment - 211,721 Security deposits - 93,191 Prepaid professional service fee 42,173 46,232 Prepaid rental fee 57,214 28,685 Prepaid exhibition fee 7,169 - Other 60,544 136,298 Prepaid expenses and other current assets $ 167,100 $ 3,278,737 |
Propery, Plant and Equipment, N
Propery, Plant and Equipment, Net | 6 Months Ended |
Mar. 31, 2023 | |
Propery, Plant and Equipment, Net [Abstract] | |
PROPERY, PLANT AND EQUIPMENT, NET | 9. PROPERY, PLANT AND EQUIPMENT, NET As of September 30, 2022 and March 31, 2023, property, plant and equipment, net consisted of the following: 2022 2023 (audited) Building (1) $ 2,676,037 $ - Equipment for rental business 1,457,548 1,518,756 Production line for e-bicycles 469,002 485,795 Leasehold improvements 490,124 507,673 Furniture, fixtures and office equipment 118,716 148,557 Vehicles 109,492 161,882 Construction in progress 64,064 344 5,384,983 2,823,007 Accumulated depreciation (1,278,472 ) (1,228,998 ) Property, plant and equipment, net $ 4,106,511 $ 1,594,009 (1) On February 13, 2023, Jiangsu EZGO entered into an equity transfer agreement with Sutai (Tianjin) Packaging Materials Co., Ltd. (the “Buyer”) for the transfer of 100% of the equity interest of Tianjin Jiahao, a wholly-owned subsidiary of Jiangsu EZGO, to the Buyer for $6,454,831. On March 31, 2023, the building of Tianjin Jiahao was disposed at the carrying amount of $2,302,209 in the completion of transfer of all 100% of the equity interest of Tianjin Jiahao. The Company recognized loss of $2,561,856 from the disposal of Tianjin Jiahao. For the six months ended March 31, 2022 and 2023, depreciation expense was $334,811 and $347,027, respectively. For the six months ended March 31, 2022 and 2023, the Company received $158,918 and nil |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Mar. 31, 2023 | |
Intangible Assets, Net [Abstract] | |
INTANGIBLE ASSETS, NET | 10. INTANGIBLE ASSETS, NET As of September 30, 2022 and March 31, 2023, intangible assets, net consisted of the following: 2022 2023 (audited) Patents $ - $ 2,501,330 Software copyright - 652,521 - 3,153,851 Accumulated amortization - (105,128 ) Intangible assets, net $ - $ 3,048,723 For the six months ended March 31, 2022 and 2023, amortization of intangible assets was nil Intangible assets including patents and software copyright which were considered as important underlying assets in the business acquisition of Changzhou Sixun (see Note 2) were identified and recognized based on a formal valuation report issued by the independent third-party valuation specialist. The following is a schedule, by fiscal years, of amortization of intangible asset as of March 31, 2023: Year Ended September 30, Amount Remaining in fiscal year 2023 $ 413,973 2024 620,960 2025 620,960 2026 620,960 2027 620,960 2028 and thereafter 150,910 Total $ 3,048,723 |
Land Use Right, Net
Land Use Right, Net | 6 Months Ended |
Mar. 31, 2023 | |
Land Use Right Net [Abstract] | |
LAND USE RIGHT, NET | 11. LAND USE RIGHT, NET As of September 30, 2022 and March 31, 2023, land use right, net consisted of the following: 2022 2023 (unaudited) Land use right $ 6,875,756 $ 1,775,788 Accumulated amortization (193,060 ) (8,879 ) Land use right, net $ 6,682,696 $ 1,766,909 For the six months ended March 31, 2022 and 2023, the Company recognized amortization expense of $126,442 and $105,398, respectively. (1) Land use right of Tianjia Jiahao On June 28, 2021, Jiangsu EZGO has completed the asset acquisition of Tianjin Jiahao for $10.16 million, and Tianjin Jiahao became Jiangsu EZGO’s wholly owned subsidiary. For the recent five years, Tianjin Jiahao did not have employee or generate any revenue; and the assets of Tianjin Jiahao only consisted of buildings and land-used right, which was considered it inputs, thus, according to ASC 805-10-55-3A&4, Tianjin Jiahao was not a business. The acquisition of Tianjin Jianhao was accounted for as asset acquisition. The purchase price was allocated to the buildings and land use right based on their respective estimated FVs. The land use right is in Tianjin city, Hebei province. In January 2022, the original value was $3.1 million of the buildings was re-allocated to land use right according to a formal valuation report issued by the independent third-party valuation specialist. The remaining land use right has a term of 36.5 years and will expire on December 4, 2057. As mentioned previously in Note 9, the land use right of Tianjin Jiahao was also disposed at the carrying amount of $6,823,791 in the transfer of all 100% of the equity interests of Tianjin Jiahao to the Buyer. (2) Land use right of Jiangsu New Energy In January 2023, Jiangsu New Energy acquired land use rights of $1,775,788 from local government mainly to build manufacturing factories in Changzhou, Jiangsu province. |
Other Non-Current Assets
Other Non-Current Assets | 6 Months Ended |
Mar. 31, 2023 | |
Other Non-Current Assets [Abstract] | |
OTHER NON-CURRENT ASSETS | 12. OTHER NON-CURRENT ASSETS As of September 30, 2022 and March 31, 2023, other non-current assets consisted of the following: 2022 2023 (audited) Prepayment for intent equity investment $ - $ 1,339,624 Long-term receivables due to disposal of Tianjin Jiahao - 1,141,228 Prepaid expenses for land use right (1) 1,140,595 644,276 Prepaid construction fee (2) 276,939 13,895 Total of other non-current assets $ 1,417,534 $ 3,139,023 (1) The balance is the prepayment to the Bureau of Finance in Wujin Technology Industrial District for the purchase of land use right for constructing headquarter buildings in Changzhou. (2) The balance is prepaid construction fee for plant maintenance and renovation. |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 6 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses and Other Payables [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | 13. ACCRUED EXPENSES AND OTHER PAYABLES As of September 30, 2022 and March 31, 2023, accrued expenses and other payables consisted of the following: 2022 2023 (audited) Other taxes payable (1) $ 6,916,501 $ 7,113,779 Payroll payable 392,192 497,964 Loan from third-parties - 481,392 Others 519,170 598,179 Total of accrued expenses and other payables $ 7,827,863 $ 8,691,314 (1) The balance mainly is the VAT payable of $6,218,723 and $6,394,420 as of September 30, 2022 and March 31, 2023, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Mar. 31, 2023 | |
Short-Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | 14. SHORT-TERM BORROWINGS As of September 30, 2022 and March 31, 2023, the borrowings consisted of the following: 2022 2023 Short-term borrowings $ 2,811,555 $ 1,062,962 On August 12, 2022, Yizhiying entered into a non-revolving loan facility of RMB2,000,000 (approximately $291,222) with Bank of Jiangsu with annual interest rate of 4.35% and a term of 12 months, which was guaranteed by Jianhui Ye, the Chief Executive Officer and a significant shareholder of the Company. On December 15, 2022, Changzhou EZGO entered into a revolving loan facility of RMB800,000 (approximately $116,489) with Bank of Jiangsu with annual interest rate of 6.09% and a term of 12 months. On March 24, 2023, Changzhou EZGO entered into a non-revolving loan facility of RMB4,500,000 (approximately $655,251) with Agricultural Bank of China with annual interest rate of 4.10% and a term of 12 months. For the six months ended March 31, 2022 and 2023, the Company recorded interest expense of $28,768 and $50,662, respectively. |
Related Party Transactions and
Related Party Transactions and Balances | 6 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 15. RELATED PARTY TRANSACTIONS AND BALANCES The following is a list of related parties which the Company had transactions with during the six months ended March 31, 2022 and 2023: Name Relationship (a) Huiyan Xie General manager and non-controlling shareholder of Dilang (b) Shuang Wu Chief Operating Officer and a significant shareholder of the Company (c) Yan Fang Non-controlling shareholder of Cenbird E-Motorcycle (d) Jianhui Ye Chief Executive Officer and a significant shareholder of the Company (e) Feng Xiao Non-controlling shareholder of Changzhou Higgs (f) Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. Yan Fang, a non-controlling shareholder of Cenbird E-motorcycle, whose family member serves as director of Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. (g) Jiangsu Xinzhongtian Suye Co., Ltd. Yuxing Liu, the spouse of Yan Fang, serves as the executive of Jiangsu Xinzhongtian Suye Co., Ltd. (h) Shenzhen Star Asset Management Co., Ltd. General Partner of Xinyu Star Assets Management No.1 Investing Partnership and Xinyu Star Assets Management No.2 Investing Partnership, which are two significant shareholders of the Company (i) Beijing Weiqi Technology Co., Ltd. Wholly owned by Huiyan Xie, the general manager and non-controlling shareholder of Dilang (j) Shenzhen Star Cycling Network Technology Co., Ltd. Equity investments with 42% share holding (k) Nanjing Mingfeng Technology Co.,Ltd. Equity investments with 30% share holding (l) Shandong Xingneng'an New Energy Technology Co., Ltd. Equity investments with 25% share holding (m) Jiangsu Youdi Technology Co., Ltd. Equity investments with 29% share holding Amount due from related parties As of September 30, 2022 and March 31, 2023, amount due from related parties consisted of the following: 2022 2023 (audited) Shandong Xingneng'an New Energy Technology Co., Ltd. (l) (1)&(2) $ 3,829,335 $ 3,530,483 Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. (f) (1) 3,445,715 2,873,972 Shenzhen Star Cycling Network Technology Co., Ltd. (j) (1)&(2) 1,072,945 670,580 Jiangsu Youdi Technology Co., Ltd. (m) (1)&(2) 372,733 389,469 Jiangsu Xinzhongtian Suye Co., Ltd. (g) (1) 452,048 273,504 Beijing Weiqi Technology Co., Ltd. (i) (4) 26,715 27,671 Jianhui Ye (d) (3) 4,742 1,084 Shuang Wu (b) (3) 214,441 - Amount due from related parties $ 9,418,674 $ 7,766,763 (1) The balance mainly is prepayments for purchasing e-bicycle gears and e-bicycles. (2) The balance mainly is loans with annual interest as stated in contracts to associates. (3) The balance mainly is advances made to the managements for the Company’s daily operational purposes. (4) The balance represented the receivable generated from the sales of e-bicycles. Amount due to related parties As of September 30, 2022 and March 31, 2023, amount due to related parties consisted of the following: 2022 2023 (audited) Huiyan Xie (a) (1) $ 477,335 $ 1,065,183 Shuang Wu (b) (1) - 116,539 Feng Xiao (e) (1) - 141,664 Nanjing Mingfeng Technology Co., Ltd. (k) (2) 82,717 75,460 Yan Fang (c) (1) 30,672 66,323 Shenzhen Star Asset Management Co., Ltd. (h) (2) 914 946 Amount due to related parties $ 591,638 $ 1,466,115 (1) The balances mainly are the expenses paid on behalf of the Company for daily operations. (2) The balances are the payable for purchasing e-bicycles. Related parties transactions For the six months ended March 31, 2022 and 2023, the Company had the following related party transactions: Related parties Nature 2022 2023 Shandong Xingneng’an New Energy Technology Co., Ltd (l) Purchase of e-bicycles from a related party $ (2,355,010 ) $ - Shandong Xingneng’an New Energy Technology Co., Ltd (l) Loan to a related party 1,570,007 1,564,771 Shandong Xingneng’an New Energy Technology Co., Ltd (l) Collection of loan to a related party - (1,089,434 ) Shandong Xingneng’an New Energy Technology Co., Ltd (l) Sales of battery pack to a related party 298 - Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. (f) Purchase of e-bicycles from a related party (1,597,467 ) - Jiangsu Xinzhongtian Suye Co., Ltd. (g) Purchase of e-bicycles from a related party (287,501 ) - Shenzhen Star Cycling Network Technology Co., Ltd.(j) Loan to a related party 157,001 4,300 Shenzhen Star Cycling Network Technology Co., Ltd.(j) Collection of loan to a related party - (451,542 ) Nanjing Mingfeng Technology Co., Ltd.(k) Loan to a related party 314,001 - Nanjing Mingfeng Technology Co., Ltd.(k) Collection of loan to a related party (549,502 ) - Shuang Wu (b) Loan from a shareholder - (420,067 ) Shuang Wu (b) Repayment of a loan from a related party - 89,592 Yan Fang (c) Loan from a shareholder - (64,621 ) Yan Fang (c) Repayment of a loan from a related party - 33,286 Huiyan Xie (a) Loan from a related party - (568,369 ) Huiyan Xie (a) Repayment of a loan from a related party - 7,299 |
Discontinued Operation
Discontinued Operation | 6 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations [Abstract] | |
DISCONTINUED OPERATION | 16. DISCONTINUED OPERATION In November 2018, the Company entered into an agreement with a third-party company to dispose its battery cell production line. The production line was disposed in December 2018. After the disposal, the Company is no longer engaged in the manufacturing of battery cells. The disposal of the production line was treated as a discontinued operation for all fiscal years presented. Due to the impact of COVID-19, the revenue of rental business decreased after December 2019, which led to the termination of the cooperation with its sublease agents from January 2020 to July 2020. Therefore, management decided to dispose majority of its rental assets, mainly batteries and E-bicycle, before September 30, 2021. The disposal of the Company’s rental business was also treated as a discontinued operation for all fiscal years presented. The liabilities of the discontinued operations, which are included in “Current liabilities of discontinued operation” on the Consolidated Balance Sheets as of September 30, 2022 and March 31, 2023, consist of the following: 2022 2023 Liabilities of discontinued operation Accounts payable $ 207,206 $ 206,792 Other payables 62,119 72,347 Income tax payable 434,343 449,895 Total current liabilities 703,668 729,034 Total liabilities $ 703,668 $ 729,034 The following are revenues and income (loss) from discontinued operation: Six Months Ended 2022 2023 Net revenues $ 261 $ 120 Cost of revenues (1,847 ) - (Loss)/Income from discontinued operation before income tax (105,797 ) 131 Income tax expense - - (Loss)/Income from discontinued operation, net of income tax $ (105,797 ) $ 131 |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | 17. INCOME TAXES BVI The Company is incorporated in the BVI. Under the current laws of the BVI, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the BVI. Hong Kong On March 21, 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”) which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 28, 2018 and was announced on the following day. Under the two-tiered profits tax rates regime, the first 2 million Hong Kong Dollar (“HKD”) of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD 2 million will be taxed at 16.5%. The Company’s Hong Kong subsidiaries did not have assessable profits that were derived in Hong Kong for the six months ended March 31, 2022 and 2023. Therefore, no Hong Kong profit tax had been provided for the fiscal year ended September 30, 2022. PRC The Company’s PRC subsidiaries, VIE and VIE’s subsidiaries are subject to the PRC Enterprise Income Tax Law (“EIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified. The components of the income tax expense (benefit) from continuing operations are as follows: Six Months Ended 2022 2023 Current $ - $ 8,099 Deferred 519,311 (49,375 ) Total income tax expense (benefit) $ 519,311 $ (41,276 ) The reconciliations of the statutory income tax rate and the Company’s effective income tax rate are as follows: Six Months Ended 2022 2023 Net loss before provision for income taxes $ (2,047,360 ) $ (5,036,765 ) PRC statutory tax rate 25 % 25 % Income tax at statutory tax rate (511,840 ) (1,259,191 ) Non-taxable income and non-deductible expenses 7,245 85,664 Effect of income tax rate differences in jurisdictions other than the PRC 131,137 243,619 Effect on valuation allowance 892,769 888,632 Income tax expense (benefit) $ 519,311 $ (41,276 ) Effective tax rate -25.4 % 0.8 % The current PRC EIT Law imposes a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by the PRC tax authorities, for example, are subject to a 5% withholding tax rate. As of September 30, 2022 (audited) and March 31, 2023, the Company had not recorded any withholding tax on the retained earnings of its foreign invested enterprises in the PRC, since the Company intended to reinvest its earnings to further expand its business in mainland China, and its foreign invested enterprises did not intend to declare dividends to their immediate foreign holding companies. For the six months ended March 31, 2022 and 2023, the effect of income tax rate differences in jurisdictions other than the PRC mainly resulted from the loss in EZGO, which is incorporated in BVI and is not subject to income or capital gains taxes. The effective tax rates are -25.4% and 0.8% for the six months ended March 31, 2022 and 2023 respectively. Accounting for uncertainty tax position The Company did not identify significant unrecognized tax benefits for the six months ended March 31, 2022 and 2023. The Company did not incur any interest or penalties related to potential underpaid income tax expenses. In general, the PRC tax authority has up to five years to conduct examinations of the Company ’ ’ |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | 18. SHARE-BASED COMPENSATION EZGO Technologies Ltd. Incentive Plan (the "EZGO 2022 Plan") On August 6, 2022, the board of directors of EZGO approved the EZGO 2022 Plan. On August 8, 2022, 1,000,000 restricted shares with service condition were granted to management and external consultants under the EZGO 2022 plan, out of which, 520,000 restricted shares vested immediately on the date of grant. 330,000 restricted shares shall vest evenly by month between the grant date and the 1st anniversary of grant date, and 150,000 restricted shares shall vest evenly by month between the grant date and the 2nd anniversary of grant date. On January 13 and March 1, 2023, 1,000,000 and 178,922 restricted shares with service condition were granted to external consultants, respectively, which would vest in six months after grant date. The estimated FV of restricted shares granted was the closing price on the grant date of the Company's ordinary shares traded in the Nasdaq Stock Market. A summary of activities of the restricted shares as of March 31, 2023 is as follow: Number of nonvested restricted shares Weighted average fair value per ordinary share on the grant dates Outstanding as of September 30, 2021 - $ - Granted 1,000,000 0.75 Vested (587,500 ) 0.75 Forfeited - - Unvested as of September 30, 2022 412,500 0.75 Granted 1,178,922 1.13 Vested (202,500 ) 0.75 Forfeited - - Unvested as of March 31, 2023 1,388,922 $ 1.07 As of March 31, 2023, there was approximately $1,155,339 of total unrecognized compensation cost related to unvested restricted shares. The unrecognized compensation costs are expected to be recognized over a weighted average period of 0.39 years. Total share-based compensation expense of share-based awards granted to management and external consultants for the six months ended March 31, 2023 was $484,488. |
Equity
Equity | 6 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
EQUITY | 19. EQUITY (a) Ordinary shares The Company was established under the laws of the BVI on January 24, 2019. The authorized number of ordinary shares was 50,000 with par value of $1 per share. On September 8, 2020, the Company effected a one thousand-for-one subdivision of shares to shareholders, which increased the total number of authorized and issued ordinary shares from 50,000 to 50,000,000 and decreased the par value of ordinary shares from $1 to $0.001. The Company also registered an additional authorized number of ordinary shares of 50,000,000 of par value of $0.001 per share and preferred shares of 10,000 of no par value. Then the shareholders surrendered a pro-rata number of ordinary shares of 42,200,000 to the Company for no consideration and thereafter those shares were cancelled. Following the surrender, the issued and outstanding ordinary shares were 7,800,000 of par value of $0.001 per share. On January 28, 2021, the Company closed its initial public offering and issued 3,038,500 ordinary shares, par value $0.001 per share, at $4 per share for $12,154,000 in gross proceeds. The Company raised total net proceeds of $10,845,638 after deducting underwriting discounts, commissions, and offering expenses. On June 1, 2021, the Company closed its registered direct public offering of 2,564,102 units of its securities, with each unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.7 ordinary share, at an offering price of $4.68 per unit for a total $12,000,000 in gross proceeds. The Company raised $10,881,576 after deducting underwriting discounts, commissions, and offering expenses. On July 21, 2022, the Company entered into a securities purchase agreement with certain “non-U.S. Persons” as defined in Regulation S of the Securities Act, pursuant to which the Company sold 10,000,000 ordinary shares at a per share purchase price of $0.80 and received gross proceeds of $8,000,000. On August 8, 2022, the Company issued 1,000,000 restricted shares for share-based compensation, of which, 790,000 shares were vested as of March 31, 2023. On January 25, 2023, the Company entered into an equity transfer agreement with the Sellers for the transfer of 100% of the equity interest in and all assets in Changzhou Sixun to Jiangsu New Energy for RMB59,400,000, of which (i) RMB5,000,000 was to be paid in cash, and (ii) the remaining RMB54,400,000 (approximately $8,080,448) which is to be paid by issuing additional ordinary shares of the Company, with a selling restriction period of six months. On the same day, the Company issued 7,667,943 ordinary shares to the Sellers, which had a value of $8,080,448, equivalent to RMB54,400,000. On March 9, 2023, the Company entered into a securities purchase agreement with certain investors in connection with the offer and sale of 18,000,000 ordinary shares, par value US$0.001 per share, of the Company at $0.80 per share. The Company received gross proceeds of $14,400,000. On March 16 and March 20, 2023, 162,295 and 169,513 warrant shares granted to investors were exercised via cashless option, respectively. (b) Statutory reserve and restricted net assets The Company’s PRC subsidiaries, VIE and VIE’s subsidiaries are required to reserve 10% of their net profit after income tax, as determined in accordance with the PRC accounting rules and regulations. Appropriation to the statutory reserve by the Company is based on profit arrived at under PRC accounting standards for business enterprises for each year. The profit arrived at must be set off against any accumulated losses sustained by the Company in prior years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of dividends to shareholders. The appropriation is required until the statutory reserve reaches 50% of the registered capital. This statutory reserve is not distributable in the form of cash dividends. Relevant PRC statutory laws and regulations permit the payment of dividends by the Company’s PRC subsidiaries and VIE and VIE’s subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of these PRC laws and regulations, the Company’s PRC subsidiaries and VIE and VIE’s subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. The Company’s restricted net assets, comprising of the registered paid in capital and statutory reserve of Company’s PRC subsidiaries and VIE and VIE’s subsidiaries, were $28,378,076 and $28,380,642 as of September 30, 2022 and March 31, 2023, respectively. (c) Receivables from a shareholder Receivables from a shareholder as of September 30, 2022 and March 31, 2023, including the loans to Mr. Henglong Chen, the former Chairman of Board of Directors of the Company, were $98,791, and nil (d) Warrant In January 2021, warrant shares were granted to an underwriter to purchase 303,850 ordinary shares at $4.40 per share. The warrant shares can be purchased in cash or via the cashless exercise option. As the share price on the exercise date was higher than the exercise price of $4.40, the Company issued 224,289 ordinary shares to warrant holders on a cashless basis. In June 2021, warrant shares were granted to certain investors in the Company’s public offering to purchase 1,794,871 ordinary shares at $4.68 per share. The warrants shares were also granted to FT Global Capital, Inc. to purchase 217,948 ordinary shares at $5.85 per share. The warrant shares granted to other investors have been exercised. The warrant shares granted to FT Global Capital, Inc. were not exercised and expired on June 1, 2023. On March 16 and March 20, 2023, 162,295 and 169,513 warrant shares granted to investors were exercised via cashless option, respectively. As of March 31, 2023, there were 1,681,011 the warrant shares granted to investors and FT Global Capital, Inc. left unexercised. The following table summarizes the movement of warrant activities during the six months ended March 31, 2023: Ordinary Shares Number Outstanding Weighted Average Exercise Contractual Life in Intrinsic Value Warrants Outstanding as of September 30, 2022 2,012,819 $ 4.81 0.67 $ - Warrants Exercisable as of September 30, 2022 2,012,819 $ 4.81 0.67 $ - Warrants Granted - - - - Warrants Exercises (331,808 ) 4.68 - - Warrants Expired - - - - Warrants Outstanding as of March 31, 2023 1,681,011 $ 4.83 0.17 $ - Warrants Exercisable as of March 31, 2023 1,681,011 $ 4.83 0.17 $ - (e) Non-controlling interests As of March 31, 2023, the Company’s non-controlling interests were 19.13% equity interest of Hengmao; 20% equity interest of Dilang, which was established on July 2, 2019; 49% equity interest of Cenbird E-Motorcycle, which was acquired on September 10, 2019; 40% equity interest of Changzhou Higgs, which was acquired on January 25, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company may be subject to legal proceedings, investigations and claims incidental to the conduct of our business. The Company currently have two contract disputes with its suppliers, Jiangsu Anruida New Material Company Limited ( “ ” “ ” On October 21, 2019, Anruida commenced an action against Hengmao Power Battery in Changzhou Wujin District Intermediate People’s Court alleging that Hengmao Power Battery defaulted on the contract payment of RMB958,805.40 (approximately $139,613) and seeking for, among others, the payment of the contractual payment and the interest on the contractual payment. The appellate court rendered its judgment on January 28, 2021, pursuant to which Hengmao Power Battery shall repay RMB958,805 and accrue interests. The Company properly accrued payable of default contractual payment and interests as of March 31, 2023. On January 6, 2020, Titans commenced an action against Hengmao Power Battery in Changzhou Wujin District Intermediate People’s Court alleging that Hengmao Power Battery defaulted on the payment of RMB1,072,560 (approximately $156,177) and seeking for, among others, the payment of the contractual payment. However, the Company plan to defend the case rigorously. The appellate court has rendered its judgment on January 27, 2021, pursuant to which Hengmao Power Battery shall repay RMB1,072,560 (approximately $156,177), accrue interests and attorney’s fees. The Company accrued payable of default contractual payment and interests as of March 31, 2023. Other than disclosed above, the Company is not a party to, nor is it aware of, any legal proceedings, investigations or claims which, in the opinion of its management, are likely to have a material adverse effect on its business, financial condition or results of operations. Operating Leases The Company leases its offices under non-cancellable operating lease agreements. Rent and related utilities expense under all operating leases, included in operating expenses in the unaudited consolidated statements of operations, amounted to $114,816 and $65,372 for the six months ended March 31, 2022 and 2023, respectively. The following table presents future minimum rental payments required under operating leases as of March 31, 2023: Years Ended March 31, Amount 2024 $ 106,900 2025 93,132 2026 25,133 2027 20,106 Total $ 245,272 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 21. SEGMENT REPORTING The Company determined that it operates in two segments: (1) battery cells and packs segment, and (2) e-bicycle sales segment. The battery cells and packs segment engages in selling battery packs and trading battery cells. The e-bicycle sales segment sells e-bicycles on various ecommerce platforms to individual customers. The Company’s chief operating decision maker (“CODM”), which is its chief executive officer, measures the performance of each segment based on metrics of revenue and profit before taxes from operations and uses these results to evaluate the performance of, and to allocate resources to each of the segments. As most of the Company’s long-lived assets are located in the PRC and most of the Company’s revenues are derived from the PRC, no geographical information is presented. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. The following tables present the summary of each reportable segment’s revenue and income, which is considered as a segment operating performance measure, for the six months ended March 31, 2022 and 2023: For the Six Months Ended March 31, 2022 Battery cells and packs segment E-bicycle sales segment Subtotal from operating segments Other Consolidated Revenues from external customers $ 1,581,023 $ 4,055,330 $ 5,636,353 $ 393,825 $ 6,030,178 Depreciation and amortization 11,586 314,218 325,804 133,930 459,734 Segment loss before tax (467,914 ) (1,110,789 ) (1,578,703 ) (468,657 ) (2,047,360 ) Segment gross profit margin 4.5 % 1.6 % 2.4 % 36.9 % 4.7 % For the Six Months Ended March 31, 2023 Battery cells and packs segment E-bicycle sales segment Subtotal from operating segments Other Consolidated Revenues from external customers $ 1,732,871 $ 3,001,709 $ 4,734,580 $ 427,118 $ 5,161,698 Depreciation and amortization 222,039 103,798 325,837 230,081 555,918 Segment loss before tax (826,691 ) (3,093,019 ) (3,919,710 ) (1,117,055 ) (5,036,765 ) Segment gross profit margin 3.9 % 2.5 % 3.0 % 9.0 % 3.5 % The following table presents the reconciliation from reportable segment income to the consolidated income from continuing operations before income taxes for the six months ended March 31, 2022 and 2023: Six Months Ended 2022 2023 Net revenues Total revenue from reportable segments $ 5,636,353 $ 4,734,580 Other revenues 393,825 427,118 Consolidated net revenues $ 6,030,178 $ 5,161,698 Income or loss Total operating loss for reportable segments $ (1,928,998 ) $ (6,453,071 ) Other income for reportable segments 350,295 2,533,361 Total income for reportable segments (1,578,703 ) (3,919,710 ) Unallocated amounts: Other corporate expense (468,657 ) (1,117,055 ) Consolidated loss from continuing operations before income taxes $ (2,047,360 ) $ (5,036,765 ) |
Concentrations
Concentrations | 6 Months Ended |
Mar. 31, 2023 | |
Concentrations [Abstract] | |
CONCENTRATIONS | 22. CONCENTRATIONS Concentrations of credit risk As of September 30, 2022 and March 31, 2023, cash, cash equivalents and restricted cash balances in the PRC were $4,413,218 and $2,283,728, respectively, which were primarily deposited in financial institutions located in mainland China, and each bank account is insured by the government authority with the maximum limit of RMB500,000 (approximately $72,806). To limit exposure to credit risk relating to deposits, the Company primarily places cash and cash equivalent deposits with large financial institutions in China which management believes are of high credit quality and management also continually monitors the financial institutions’ credit worthiness. Concentrations of customers The following table sets forth information as to each customer that accounted for 10% or more of total accounts receivable as of September 30, 2022 and March 31, 2023. As of September 30, As of March 31, Customers Amount % of Total Amount % of Total (audited) A $ 1,354,509 18 % $ 1,215,679 22 % B * * 671,268 12 % C * * 647,970 12 % D 1,520,966 20 % * * E 1,350,323 18 % * * Total $ 4,225,798 56 % $ 2,534,917 46 % *The percentage is below 10% The following table sets forth information as to each customer that accounted for 10% or more of total advance from customers as of September 30, 2022 and March 31, 2023. 2022 2023 Customers Amount % of Total Amount % of Total (audited) F $ * * $ 1,601,724 80 % Total $ - - $ 1,601,724 80 % * The percentage is below 10% The following table sets forth information as to each customer that accounted for 10% or more of total revenues for the six months ended March 31, 2022 and 2023. 2022 2023 Customers Amount % of Total Amount % of Total G $ * * $ 660,155 13 % H * * 574,655 11 % I 1,595,799 26 % * * E 1,289,791 21 % * * Total $ 2,885,590 47 % $ 1,234,810 24 % * The percentage is below 10% Concentrations of suppliers The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable as of September 30, 2022 and March 31, 2023. 2022 2023 Suppliers Amount % of Total Amount % of Total (audited) A $ 191,645 24 % $ 198,507 29 % B * * 96,278 14 % C * * 89,493 13 % D * * 71,151 11 % E 159,767 20 % * * F 114,993 15 % * * Total $ 466,405 59 % $ 455,430 67 % * The percentage is below 10% The following table sets forth information as to each supplier that accounted for 10% or more of total advance to suppliers as of September 30, 2022 and March 31, 2023. 2022 2023 Suppliers Amount % of Total Amount % of Total (audited) G $ * * $ 3,811,397 23 % H * * 3,406,139 21 % I * * 1,771,500 11 % Total $ - - $ 8,989,036 55 % * The percentage is below 10% The following table sets forth information as to each supplier that accounted for 10% or more of total purchases for the six months ended March 31, 2022 and 2023. 2022 2023 Suppliers Amount % of Total Amount % of Total J $ * * $ 1,552,940 26 % K * * 972,911 16 % G * * 717,367 12 % C 2,377,932 11 % * * L 2,167,480 10 % * * Total $ 4,545,412 21 % $ 3,243,218 54 % * The percentage is below 10% |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 23. SUBSEQUENT EVENTS On April 3, 2023, Yizhiying, a wholly-owned subsidiary of Jiangsu EZGO, the variable interest entity of the Company, entered into an equity transfer agreement with Tianjin Mizhiyan New Energy Technologies Co., Ltd. (“Mizhiyan”) and Tianjin Dilang for the transfer of 80% of equity interest of Tianjin Dilang from Yizhiying to Mizhiyan for RMB 2,240,000 (approximately $325,667) (the “Consideration”) by April 10, 2023. Yizhiying agreed to waive its creditor’s rights against Tianjin Dilang as of April 3, 2023 and complete the government record filing process for the transfer of 80% of equity interest within 5 business days after receipt of the Consideration. On April 10, 2023, the Consideration was paid by Mizhiyan and the government record filing for the transfer of 80% of equity interest of Tianjin Dilang was completed on April 11, 2023. On June 5, 2023, the Company entered into a securities purchase agreement with certain purchasers, in connection with the offer and sale of 10,000,000 units at $0.85 per unit. Each unit consists of one ordinary share, par value US$0.001 per share, and one warrant to purchase one ordinary share at a price of $1.20 per share. The warrants will become exercisable for cash or on a cashless basis upon issuance and will expire one year after the issuance date. The sale was closed on June 16, 2023 and the Company received gross proceeds of $8,500,000. On June 25, 2023, Jiangsu New Energy pledged the land use right to obtain a line of credit from Jiangnan Rural Commerce Bank of RMB56,810,000 (approximately $8,272,177), with a seven-year term from June 25, 2023 to June 21, 2030. Jiangsu New Energy withdrew RMB32,000,000, of which the annual interest rate is 4.8% and maturity date is June 21, 2030. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The accompanying consolidated financial statements (“CFS”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and have been consistently applied. The CFS includes the financial statements of the Company, its subsidiaries, the VIE and the VIE’s subsidiary. All inter-company balances and transactions were eliminated upon consolidation. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying CFS include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results, and cash flows for the periods presented. |
Accounts receivable, net | (b) Accounts receivable, net Accounts receivable, net are stated at the original amount less an allowance for doubtful receivables, if any, based on a review of all outstanding amounts at period end. An allowance is also made when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The Company analyses the aging of the customer accounts, coverage of credit insurance, customer concentrations, customer credit-worthiness, historical and current economic trends and changes in its customer payment patterns when evaluating the adequacy of the allowance for doubtful accounts. For the six months ended March 31, 2022 and 2023, the Company recorded bad debt expense of $113,387 and $300,266, respectively, against its accounts receivable. |
Intangible assets, net | (c) Intangible assets, net The Company performs valuation of the intangible assets arising from business combinations to determine the relative fair value (“FV”) to be assigned to each asset acquired. The acquired intangible assets are recognized and measured at FV. Intangible assets with useful lives are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows: Category Estimated Patents 5 years Software copyright 5 years |
Goodwill | (d) Goodwill Goodwill is the excess of the purchase price over FV of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of September 30 of each balance sheet date and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. The Company first has the option to assess qualitative factors to determine whether it is more likely than not that the FV of a reporting unit is less than its carrying amount. If the Company decides, as a result of its qualitative assessment, that it is more likely than not that the FV of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the FV of each reporting unit with its carrying amount, including goodwill. A goodwill impairment charge will be recorded for the amount by which a reporting unit’s carrying value exceeds its FV, but not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units and determining the FV of each reporting unit. The judgment in estimating the FV of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of FV for each reporting unit. |
Long term investment | (e) Long-term investments Long-term investments are the Company’s equity investments in privately held companies accounted for equity method, and equity investments without readily determinable fair values. (1) Equity investments accounted for using the equity method The Company applies the equity method of accounting to equity investments, in ordinary shares or in-substance ordinary shares, over which it has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Company initially records its investment at cost. The Company subsequently adjusts the carrying amount of the investment to recognize the Company’s proportionate share of each equity investee’s net income or loss into consolidated statements of operations and comprehensive loss after the date of acquisition. (2) Equity investment without readily determinable fair values Equity investment without readily determinable FVs refers to the investment over which the Company does not have the ability to exercise significant influence through the investments in ordinary shares or in substance ordinary shares, are accounted for under the measurement alternative upon the adoption of ASU2016-01 (the “Measurement Alternative”). Under the Measurement Alternative, the carrying value is measured at purchase cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of operations and comprehensive loss. The Company makes an assessment of whether an investment is impaired based on performance and financial position of the investee, as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance. The Company recognizes an impairment loss equal to the difference between the carrying value and FV in the consolidated statements of operations and comprehensive loss if any. |
Revenue recognition | (f) Revenue recognition The Company follows ASU 2014-09, Revenue from Contracts with Customers (“ASC Topic 606”), to account for the revenue from sales of self-manufactured battery cell, battery pack and e-bicycles and battery cell trading. The Company applied ASC Topic 840, Leases, for the revenue from rentals of lithium batteries and e-bicycles. The core principle of ASC Topic 606 is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: Step 1: Identify the contract with the customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when the company satisfies a performance obligation Revenue recognition policies are discussed as follows: Revenue from sales of self-manufactured battery cell, battery pack and e-bicycles The Company sells products to different customers, primarily including sale of self-manufactured battery cells (see Note 16 Discontinued Operation), self-assembled battery packs and sale of e-bicycles. The Company presents the revenue generated from its sales of products on a gross basis as the Company is a principal. The revenue is recognized at a point in time when the Company satisfies the performance obligation by transferring promised product to a customer upon acceptance by customers. Contract liabilities primarily consist of advances from customers, which comprises unamortized lithium batteries. As of September 30, 2022 (audited) and March 31, 2023, the Company recognized advances from customers of $900,436 and $2,006,695, respectively. The revenues from sales of self-manufactured battery cells and lithium batteries and e-bicycles services via sublease and its own application named Yidianxing are revenues from the Company’s discontinued operation, and are reported separately in the Consolidated Statements of Income for the six months ended March 31, 2022 and 2023 (see Note 16 Discontinued Operation). The following table identifies the disaggregation of the Company’s revenue from continuing operations for the six months ended March 31, 2022 and 2023: 2022 2023 Revenues from continuing operations: Sales of e-bicycles $ 4,055,330 $ 3,001,709 Sales of batteries and battery packs 1,581,023 1,732,871 Others 393,825 427,118 Net revenues $ 6,030,178 $ 5,161,698 (f) Revenue recognition (continued) Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. The Company had no contract assets as of September 30, 2022 (audited) or March 31, 2023. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year. |
Share-based compensation | (g) Share-based compensation The Company applies ASC 718, Compensation—Stock Compensation (“ASC 718”), to account for its share-based payments. In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. All the Company’s grants of share-based awards were classified as equity awards and are recognized in the financial statements based on their grant date fair values. The Company elects to recognize compensation expense using the straight-line method for all awards granted with graded vesting based on service conditions. The Company has also elected to account for forfeitures as they occur. Previously recognized compensation cost for the awards is reversed in the period that the award is forfeited. |
Recent Accounting Standards | (h) Recent Accounting Standards The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. In July 2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements to ASC Topic 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. In November 2019, ASU 2019-10, Codification Improvements to ASC 842 modified the effective dates of all other entities. In June 2020, ASU 2020-05 defers the effective date for one year for entities in the “all other” category. For all other entities, the amendments in ASU 2020-05 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application of the guidance continues to be permitted. Based on the portfolio of leases as of March 31, 2023, a right-of-use asset of $171,993 and a lease liability of $170,682 would be recognized on the Company’s consolidated balance sheet for the fiscal year beginning upon October 1, 2022, primarily relating to the rental of office space, production space and storage space. The Company does not expect any material impact on its CFS as a result of adopting the new standard. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses,” which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU No. 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard. For all other entities, the amendments for ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Company will adopt ASU 2016-13 on October 1, 2023. The Company is in the process of evaluating the effect of the adoption of this ASU on its CFS. Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its unaudited consolidated financial statements. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Organization and Principal Activities [Abstract] | |
Schedule of Consolidated Financial Statements Reflect the Activities | The unaudited consolidated financial statements reflect the activities of EZGO and each of the following entities: Name Date of Place of Percentage Principal Wholly owned subsidiaries China EZGO Group Ltd. (formerly known as Hong Kong JKC Group Co., Ltd., “EZGO HK”) February 13, 2019 HK 100% Investment holding company Changzhou Langyi Electronic Technologies Co., Ltd. August 6, 2021 PRC 100% Investment holding company Jiangsu Langyi Import and Export Trade Co., Ltd. (“Langyi Trading”) December 7, 2021 PRC 100% Import and export trade of batteries packs Changzhou EZGO Enterprise Management Co., Ltd. (formerly known as Changzhou Jiekai Enterprise Management Co., Ltd., a wholly foreign-owned enterprise, “WFOE” or “Changzhou EZGO”) June 12, 2019 PRC 100% Distribution and trade of batteries packs, a holding company Jiangsu EZGO Energy Supply Chain Technology Co., Ltd. (“Jiangsu Supply Chain”) December 10, 2021 PRC 100% Distribution and trade of batteries packs Jiangsu EZGO New Energy Technologies Co., Ltd. (“Jiangsu New Energy”) July 14, 2022 PRC 100% Distribution and trade of batteries packs Sichuan EZGO Energy Technologies Co., Ltd. (“Sichuan EZGO”) May 9, 2022 PRC 100% Distribution and trade of lead-acid batteries Tianjin EZGO Electric Technologies Co., Ltd. (“Tianjin EZGO”) July 13, 2022 PRC 100% Production and sales of e-bicycles Changzhou Youdi Electric Bicycle Co., Ltd. (“Changzhou Youdi”) July 14, 2022 PRC 100% Development, operation and maintenance of software related to e-bicycle and battery rental services Changzhou Sixun Technology Co., Ltd. (“Changzhou Sixun”) December 29, 2022 PRC 100% Holding company Changzhou Higgs Intelligent Technology Co., Ltd. (“Changzhou Higgs”) November 7, 2018 PRC 60% Industrial automatic control device and system manufacturing Changzhou Zhuyun Technology Co., Ltd. (“Changzhou Zhuyun”) March 2, 2023 PRC 60% Equipment maintenance and repair VIE and subsidiaries of VIE Jiangsu EZGO Electronic Technologies Co., Ltd. (formerly known as Jiangsu Baozhe Electric Technologies, Co., Ltd.,“Jiangsu EZGO”) July 30, 2019 PRC VIE Holding company Changzhou Hengmao Power Battery Technology Co., Ltd. (“Hengmao”) May 5, 2014 PRC 80.87% Sales of battery packs, battery cells, as well as e-bicycles, battery cell trading, and battery and e-bicycle rental services provider Changzhou Yizhiying IoT Technologies Co., Ltd. (“Yizhiying”) August 21, 2018 PRC 100% Development, operation and maintenance of software related to e-bicycle and battery rental services Jiangsu Cenbird E-Motorcycle Technologies Co., Ltd. (“Cenbird E-Motorcycle”) May 7, 2018 PRC 51% Development of sales channels and international market for sales of e-bicycles and electric motorcycle (“e-motorcycle”) Tianjin Dilang Technologies Co., Ltd. (“Dilang”) July 2, 2019 PRC 80% Production and sales of e-bicycles |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | Intangible assets with useful lives are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows: Category Estimated Patents 5 years Software copyright 5 years |
Schedule of Disaggregation Of The Company’s Revenue From Continuing Operations | The following table identifies the disaggregation of the Company’s revenue from continuing operations for the six months ended March 31, 2022 and 2023: 2022 2023 Revenues from continuing operations: Sales of e-bicycles $ 4,055,330 $ 3,001,709 Sales of batteries and battery packs 1,581,023 1,732,871 Others 393,825 427,118 Net revenues $ 6,030,178 $ 5,161,698 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Acquisition [Abstract] | |
Schedule of Allocation of the Purchase Price as of the Acquisition | The allocation of the purchase price as of the acquisition date was as follows, in which the amount was translated using exchange rate on acquisition date: Amount Cash and cash equivalents $ 141,891 Accounts receivable 76,372 Notes receivable 44,183 Advance to suppliers 154,230 Prepaid expenses and other current assets, net 1,726 Inventories, net 434,110 Fixed assets 48,754 Intangible assets - patents 2,529,954 Intangible assets – software copyright 659,988 Total assets (a) 4,091,208 Advances from customers 22,647 Accounts payable 30,361 Accrued expenses and other payables 164,012 Total liabilities (b) 217,020 Total net identifiable asset acquired (c=a-b) 3,874,188 Non-controlling interest on Changzhou Higgs (d) 273,698 Total consideration (e) 8,690,046 Goodwill (e+d-c) 5,089,556 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Accounts Receivables, Net [Abstract] | |
Schedule of Allowance for Doubtful Accounts | As of September 30, 2022 and March 31, 2023, accounts receivable and allowance for doubtful accounts consisted of the following: 2022 2023 (audited) Accounts receivable $ 8,601,585 $ 6,999,600 Less: allowance for doubtful accounts (1,059,523 ) (1,402,470 ) Accounts receivable, net $ 7,542,062 $ 5,597,130 |
Schedule of Allowance for Doubtful Accounts | The movement of allowance for doubtful accounts was as follows for the six months ended March 31, 2022 and 2023: 2022 2023 Balance at beginning of the period $ 34,155 $ 1,059,523 Current period addition 1,117,156 300,266 Write-off (625 ) - Foreign currency translation adjustment (91,163 ) 42,681 Balance at the end of the period $ 1,059,523 $ 1,402,470 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
Schedule of Investments | As of September 30, 2022 and March 31, 2023, investments consisted of the following 2022 2023 (audited) Short-term investments: Convertible debt instrument (1) $ 702,889 $ 728,056 Total short-term investments 702,889 728,056 Long-term investments: Investments accounted for using the equity method (2) 2,101,519 9,344,789 Investments without readily determinable fair values (3) - 3,703,568 Total investments $ 2,804,408 $ 13,776,413 (1) Convertible debt instrument was issued by a private company and redeemable at the Company’s option. The convertible debt instrument is due on June 12, 2024, with an annual interest rate of 6% and carried at FV. For the six months ended March 31, 2022 and 2023, there were nil (2) In March 2023, the Company acquired 25% equity interest of Linyi Xing Caitong New Energy Partnership with for $7,280,564 and was subsequently accounted for using the equity method. (3) In September 2022 and February 2023, the Company acquired 6% equity interest of Chongqing Chenglu Technology Co., Ltd. and 10% equity interest of Changzhou Huiyu Yidian Venture Capital Co., Ltd. for $3,696,287 and $7,281, respectively. The Company would have neither significant influence nor control over the investee and recognized investment as investment without readily determinable FV. |
Schedule of Long Term Investment | The movement of the carrying amount of long-term investment was as of follows for the six months ended March 31, 2022 and 2023 2022 2023 Beginning balance $ 132,621 $ 2,101,519 Addition of investments accounted for using the equity method 2,101,638 7,280,564 Addition of investments without readily determinable fair values - 3,703,567 Proportionate share of the equity investee’s net loss (130,528 ) (110,789 ) Foreign currency translation adjustment (2,212 ) 73,496 Ending balance $ 2,101,519 $ 13,048,357 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Inventories Net [Abstract] | |
Schedule of Inventories and Movement of Inventories Reserve Consisted | As of September 30, 2022 and March 31, 2023, inventories and movement of inventories reserve consisted of the following: 2022 2023 (audited) Finished goods (1) $ 425,721 $ 3,416,648 Raw materials (2) 151,379 887,827 Others - 32,180 Reserve for inventories (196,151 ) (162,836 ) Inventories, net $ 380,949 $ 4,173,819 (1) Finished goods includes battery packs and e-bicycles. (2) Raw materials mainly include battery cells purchased by the Company for battery packs assembling and e-bicycles production. |
Schedule of Movement of Reserve for Inventories | The movement of reserve for inventories was as follows for the six months ended March 31, 2022 and 2023: 2022 2023 Beginning balance $ 116,102 $ 196,151 Current period addition 176,938 14,508 Charge off (8,921 ) (54,219 ) Foreign currency translation adjustment (87,968 ) 6,396 Ending balance $ 196,151 $ 162,836 |
Advances to Suppliers, Net (Tab
Advances to Suppliers, Net (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Advances to Suppliers Net [Abstract] | |
Schedule of Advances to Suppliers and Allowance for Doubtful Accounts | As of September 30, 2022 and March 31, 2023, advances to suppliers and allowance for doubtful accounts consisted of the following: 2022 2023 (audited) Prepayment for purchase of battery packs (1) $ 6,846,200 $ 12,442,744 Prepayment for purchase of e-bicycles materials (2) 3,576,449 3,418,019 Others 240,709 555,238 10,663,358 16,416,001 Less: allowance for doubtful accounts (134,214 ) (139,018 ) Advances to suppliers, net $ 10,529,144 $ 16,276,983 (1) Prepayment for purchase of battery packs is for the production of battery packs, among which the top 3 suppler prepayments were $4,171,941 and $8,989,035 as of September 30, 2022 and March 31, 2023, respectively. (2) Prepayment for purchase of e-bicycles materials is for the production of e-bicycle, among which the top 2 suppler prepayments were $2,528,573 and $2,284,204 as of September 30, 2022 and March 31, 2023, respectively. |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses and Other Current Assets [Abstarct] | |
Schedule of Prepaid Expenses and Other Current Assets | As of September 30, 2022 and March 31, 2023, prepaid expenses and other current assets consisted of the following: 2022 2023 (audited) Short-term receivables due to disposal of Tianjin Jiahao $ - $ 2,762,610 VAT prepayment - 211,721 Security deposits - 93,191 Prepaid professional service fee 42,173 46,232 Prepaid rental fee 57,214 28,685 Prepaid exhibition fee 7,169 - Other 60,544 136,298 Prepaid expenses and other current assets $ 167,100 $ 3,278,737 |
Propery, Plant and Equipment,_2
Propery, Plant and Equipment, Net (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Propery, Plant and Equipment, Net [Abstract] | |
Schedule of Propery Plant and Equipment Net | As of September 30, 2022 and March 31, 2023, property, plant and equipment, net consisted of the following: 2022 2023 (audited) Building (1) $ 2,676,037 $ - Equipment for rental business 1,457,548 1,518,756 Production line for e-bicycles 469,002 485,795 Leasehold improvements 490,124 507,673 Furniture, fixtures and office equipment 118,716 148,557 Vehicles 109,492 161,882 Construction in progress 64,064 344 5,384,983 2,823,007 Accumulated depreciation (1,278,472 ) (1,228,998 ) Property, plant and equipment, net $ 4,106,511 $ 1,594,009 (1) On February 13, 2023, Jiangsu EZGO entered into an equity transfer agreement with Sutai (Tianjin) Packaging Materials Co., Ltd. (the “Buyer”) for the transfer of 100% of the equity interest of Tianjin Jiahao, a wholly-owned subsidiary of Jiangsu EZGO, to the Buyer for $6,454,831. On March 31, 2023, the building of Tianjin Jiahao was disposed at the carrying amount of $2,302,209 in the completion of transfer of all 100% of the equity interest of Tianjin Jiahao. The Company recognized loss of $2,561,856 from the disposal of Tianjin Jiahao. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Intangible Assets, Net [Abstract] | |
Schedule of Intangible Assets, Net | As of September 30, 2022 and March 31, 2023, intangible assets, net consisted of the following: 2022 2023 (audited) Patents $ - $ 2,501,330 Software copyright - 652,521 - 3,153,851 Accumulated amortization - (105,128 ) Intangible assets, net $ - $ 3,048,723 |
Schedule of Amortization of Intangible Asset | The following is a schedule, by fiscal years, of amortization of intangible asset as of March 31, 2023: Year Ended September 30, Amount Remaining in fiscal year 2023 $ 413,973 2024 620,960 2025 620,960 2026 620,960 2027 620,960 2028 and thereafter 150,910 Total $ 3,048,723 |
Land Use Right, Net (Tables)
Land Use Right, Net (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Land Use Right Net [Abstract] | |
Schedule of Land Use Right, Net | 2022 2023 (unaudited) Land use right $ 6,875,756 $ 1,775,788 Accumulated amortization (193,060 ) (8,879 ) Land use right, net $ 6,682,696 $ 1,766,909 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Other Non-Current Assets [Abstract] | |
Schedule of Other Non-Current Assets | As of September 30, 2022 and March 31, 2023, other non-current assets consisted of the following: 2022 2023 (audited) Prepayment for intent equity investment $ - $ 1,339,624 Long-term receivables due to disposal of Tianjin Jiahao - 1,141,228 Prepaid expenses for land use right (1) 1,140,595 644,276 Prepaid construction fee (2) 276,939 13,895 Total of other non-current assets $ 1,417,534 $ 3,139,023 (1) The balance is the prepayment to the Bureau of Finance in Wujin Technology Industrial District for the purchase of land use right for constructing headquarter buildings in Changzhou. (2) The balance is prepaid construction fee for plant maintenance and renovation. |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses and Other Payables [Abstract] | |
Schedule of Accrued Expenses and Other Payables | As of September 30, 2022 and March 31, 2023, accrued expenses and other payables consisted of the following 2022 2023 (audited) Other taxes payable (1) $ 6,916,501 $ 7,113,779 Payroll payable 392,192 497,964 Loan from third-parties - 481,392 Others 519,170 598,179 Total of accrued expenses and other payables $ 7,827,863 $ 8,691,314 (1) The balance mainly is the VAT payable of $6,218,723 and $6,394,420 as of September 30, 2022 and March 31, 2023, respectively. |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Short-Term Borrowings [Abstract] | |
Schedule of Short-Term borrowings | As of September 30, 2022 and March 31, 2023, the borrowings consisted of the following: 2022 2023 Short-term borrowings $ 2,811,555 $ 1,062,962 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties which the Company has Transactions | Name Relationship (a) Huiyan Xie General manager and non-controlling shareholder of Dilang (b) Shuang Wu Chief Operating Officer and a significant shareholder of the Company (c) Yan Fang Non-controlling shareholder of Cenbird E-Motorcycle (d) Jianhui Ye Chief Executive Officer and a significant shareholder of the Company (e) Feng Xiao Non-controlling shareholder of Changzhou Higgs (f) Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. Yan Fang, a non-controlling shareholder of Cenbird E-motorcycle, whose family member serves as director of Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. (g) Jiangsu Xinzhongtian Suye Co., Ltd. Yuxing Liu, the spouse of Yan Fang, serves as the executive of Jiangsu Xinzhongtian Suye Co., Ltd. (h) Shenzhen Star Asset Management Co., Ltd. General Partner of Xinyu Star Assets Management No.1 Investing Partnership and Xinyu Star Assets Management No.2 Investing Partnership, which are two significant shareholders of the Company (i) Beijing Weiqi Technology Co., Ltd. Wholly owned by Huiyan Xie, the general manager and non-controlling shareholder of Dilang (j) Shenzhen Star Cycling Network Technology Co., Ltd. Equity investments with 42% share holding (k) Nanjing Mingfeng Technology Co.,Ltd. Equity investments with 30% share holding (l) Shandong Xingneng'an New Energy Technology Co., Ltd. Equity investments with 25% share holding (m) Jiangsu Youdi Technology Co., Ltd. Equity investments with 29% share holding |
Schedule of Amount Due from and Due to Related Parties | 2022 2023 (audited) Shandong Xingneng'an New Energy Technology Co., Ltd. (l) (1)&(2) $ 3,829,335 $ 3,530,483 Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. (f) (1) 3,445,715 2,873,972 Shenzhen Star Cycling Network Technology Co., Ltd. (j) (1)&(2) 1,072,945 670,580 Jiangsu Youdi Technology Co., Ltd. (m) (1)&(2) 372,733 389,469 Jiangsu Xinzhongtian Suye Co., Ltd. (g) (1) 452,048 273,504 Beijing Weiqi Technology Co., Ltd. (i) (4) 26,715 27,671 Jianhui Ye (d) (3) 4,742 1,084 Shuang Wu (b) (3) 214,441 - Amount due from related parties $ 9,418,674 $ 7,766,763 (1) The balance mainly is prepayments for purchasing e-bicycle gears and e-bicycles. (2) The balance mainly is loans with annual interest as stated in contracts to associates. (3) The balance mainly is advances made to the managements for the Company’s daily operational purposes. (4) The balance represented the receivable generated from the sales of e-bicycles. 2022 2023 (audited) Huiyan Xie (a) (1) $ 477,335 $ 1,065,183 Shuang Wu (b) (1) - 116,539 Feng Xiao (e) (1) - 141,664 Nanjing Mingfeng Technology Co., Ltd. (k) (2) 82,717 75,460 Yan Fang (c) (1) 30,672 66,323 Shenzhen Star Asset Management Co., Ltd. (h) (2) 914 946 Amount due to related parties $ 591,638 $ 1,466,115 (1) The balances mainly are the expenses paid on behalf of the Company for daily operations. (2) The balances are the payable for purchasing e-bicycles. |
Schedule of Material Related Party Transactions | Related parties Nature 2022 2023 Shandong Xingneng’an New Energy Technology Co., Ltd (l) Purchase of e-bicycles from a related party $ (2,355,010 ) $ - Shandong Xingneng’an New Energy Technology Co., Ltd (l) Loan to a related party 1,570,007 1,564,771 Shandong Xingneng’an New Energy Technology Co., Ltd (l) Collection of loan to a related party - (1,089,434 ) Shandong Xingneng’an New Energy Technology Co., Ltd (l) Sales of battery pack to a related party 298 - Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. (f) Purchase of e-bicycles from a related party (1,597,467 ) - Jiangsu Xinzhongtian Suye Co., Ltd. (g) Purchase of e-bicycles from a related party (287,501 ) - Shenzhen Star Cycling Network Technology Co., Ltd.(j) Loan to a related party 157,001 4,300 Shenzhen Star Cycling Network Technology Co., Ltd.(j) Collection of loan to a related party - (451,542 ) Nanjing Mingfeng Technology Co., Ltd.(k) Loan to a related party 314,001 - Nanjing Mingfeng Technology Co., Ltd.(k) Collection of loan to a related party (549,502 ) - Shuang Wu (b) Loan from a shareholder - (420,067 ) Shuang Wu (b) Repayment of a loan from a related party - 89,592 Yan Fang (c) Loan from a shareholder - (64,621 ) Yan Fang (c) Repayment of a loan from a related party - 33,286 Huiyan Xie (a) Loan from a related party - (568,369 ) Huiyan Xie (a) Repayment of a loan from a related party - 7,299 |
Discontinued Operation (Tables)
Discontinued Operation (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations [Abstract] | |
Schedule of Current Liabilities of Discontinued Operation | The liabilities of the discontinued operations, which are included in “Current liabilities of discontinued operation” on the Consolidated Balance Sheets as of September 30, 2022 and March 31, 2023, consist of the following: 2022 2023 Liabilities of discontinued operation Accounts payable $ 207,206 $ 206,792 Other payables 62,119 72,347 Income tax payable 434,343 449,895 Total current liabilities 703,668 729,034 Total liabilities $ 703,668 $ 729,034 |
Schedule of Revenues and Income (Loss) From Discontinued Operation | The following are revenues and income (loss) from discontinued operation: Six Months Ended 2022 2023 Net revenues $ 261 $ 120 Cost of revenues (1,847 ) - (Loss)/Income from discontinued operation before income tax (105,797 ) 131 Income tax expense - - (Loss)/Income from discontinued operation, net of income tax $ (105,797 ) $ 131 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Income Taxes [Abstract] | |
Schedule of Components of the Income Tax Provision from Continuing Operations | The components of the income tax expense (benefit) from continuing operations are as follows: Six Months Ended 2022 2023 Current $ - $ 8,099 Deferred 519,311 (49,375 ) Total income tax expense (benefit) $ 519,311 $ (41,276 ) |
Schedule of Reconciliations of the Statutory Income Tax Rate and the Company’s Effective Income Tax Rate | Six Months Ended 2022 2023 Net loss before provision for income taxes $ (2,047,360 ) $ (5,036,765 ) PRC statutory tax rate 25 % 25 % Income tax at statutory tax rate (511,840 ) (1,259,191 ) Non-taxable income and non-deductible expenses 7,245 85,664 Effect of income tax rate differences in jurisdictions other than the PRC 131,137 243,619 Effect on valuation allowance 892,769 888,632 Income tax expense (benefit) $ 519,311 $ (41,276 ) Effective tax rate -25.4 % 0.8 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation [Abstract] | |
Schedule of Activities of the Restricted Shares | A summary of activities of the restricted shares as of March 31, 2023 is as follow: Number of nonvested restricted shares Weighted average fair value per ordinary share on the grant dates Outstanding as of September 30, 2021 - $ - Granted 1,000,000 0.75 Vested (587,500 ) 0.75 Forfeited - - Unvested as of September 30, 2022 412,500 0.75 Granted 1,178,922 1.13 Vested (202,500 ) 0.75 Forfeited - - Unvested as of March 31, 2023 1,388,922 $ 1.07 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Warrant Activities | The following table summarizes the movement of warrant activities during the six months ended March 31, 2023: Ordinary Shares Number Outstanding Weighted Average Exercise Contractual Life in Intrinsic Value Warrants Outstanding as of September 30, 2022 2,012,819 $ 4.81 0.67 $ - Warrants Exercisable as of September 30, 2022 2,012,819 $ 4.81 0.67 $ - Warrants Granted - - - - Warrants Exercises (331,808 ) 4.68 - - Warrants Expired - - - - Warrants Outstanding as of March 31, 2023 1,681,011 $ 4.83 0.17 $ - Warrants Exercisable as of March 31, 2023 1,681,011 $ 4.83 0.17 $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments Required Under Operating Leases | The following table presents future minimum rental payments required under operating leases as of March 31, 2023: Years Ended March 31, Amount 2024 $ 106,900 2025 93,132 2026 25,133 2027 20,106 Total $ 245,272 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Each Reportable Segment’s Revenue and Income | The following tables present the summary of each reportable segment’s revenue and income, which is considered as a segment operating performance measure, for the six months ended March 31, 2022 and 2023 For the Six Months Ended March 31, 2022 Battery cells and packs segment E-bicycle sales segment Subtotal from operating segments Other Consolidated Revenues from external customers $ 1,581,023 $ 4,055,330 $ 5,636,353 $ 393,825 $ 6,030,178 Depreciation and amortization 11,586 314,218 325,804 133,930 459,734 Segment loss before tax (467,914 ) (1,110,789 ) (1,578,703 ) (468,657 ) (2,047,360 ) Segment gross profit margin 4.5 % 1.6 % 2.4 % 36.9 % 4.7 % For the Six Months Ended March 31, 2023 Battery cells and packs segment E-bicycle sales segment Subtotal from operating segments Other Consolidated Revenues from external customers $ 1,732,871 $ 3,001,709 $ 4,734,580 $ 427,118 $ 5,161,698 Depreciation and amortization 222,039 103,798 325,837 230,081 555,918 Segment loss before tax (826,691 ) (3,093,019 ) (3,919,710 ) (1,117,055 ) (5,036,765 ) Segment gross profit margin 3.9 % 2.5 % 3.0 % 9.0 % 3.5 % |
Schedule of Reconciliation From Reportable Segment Income | The following table presents the reconciliation from reportable segment income to the consolidated income from continuing operations before income taxes for the six months ended March 31, 2022 and 2023 Six Months Ended 2022 2023 Net revenues Total revenue from reportable segments $ 5,636,353 $ 4,734,580 Other revenues 393,825 427,118 Consolidated net revenues $ 6,030,178 $ 5,161,698 Income or loss Total operating loss for reportable segments $ (1,928,998 ) $ (6,453,071 ) Other income for reportable segments 350,295 2,533,361 Total income for reportable segments (1,578,703 ) (3,919,710 ) Unallocated amounts: Other corporate expense (468,657 ) (1,117,055 ) Consolidated loss from continuing operations before income taxes $ (2,047,360 ) $ (5,036,765 ) |
Concentrations (Tables)
Concentrations (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Concentrations [Abstract] | |
Schedule of Total Accounts Receivable | The following table sets forth information as to each customer that accounted for 10% or more of total accounts receivable as of September 30, 2022 and March 31, 2023. As of September 30, As of March 31, Customers Amount % of Total Amount % of Total (audited) A $ 1,354,509 18 % $ 1,215,679 22 % B * * 671,268 12 % C * * 647,970 12 % D 1,520,966 20 % * * E 1,350,323 18 % * * Total $ 4,225,798 56 % $ 2,534,917 46 % *The percentage is below 10% |
Schedule of Advance from Customers | The following table sets forth information as to each customer that accounted for 10% or more of total advance from customers as of September 30, 2022 and March 31, 2023. 2022 2023 Customers Amount % of Total Amount % of Total (audited) F $ * * $ 1,601,724 80 % Total $ - - $ 1,601,724 80 % * The percentage is below 10% |
Schedule of Total Revenues | The following table sets forth information as to each customer that accounted for 10% or more of total revenues for the six months ended March 31, 2022 and 2023. 2022 2023 Customers Amount % of Total Amount % of Total G $ * * $ 660,155 13 % H * * 574,655 11 % I 1,595,799 26 % * * E 1,289,791 21 % * * Total $ 2,885,590 47 % $ 1,234,810 24 % * The percentage is below 10% |
Schedule of Total Accounts Payable | The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable as of September 30, 2022 and March 31, 2023. 2022 2023 Suppliers Amount % of Total Amount % of Total (audited) A $ 191,645 24 % $ 198,507 29 % B * * 96,278 14 % C * * 89,493 13 % D * * 71,151 11 % E 159,767 20 % * * F 114,993 15 % * * Total $ 466,405 59 % $ 455,430 67 % * The percentage is below 10% |
Schedule of Advance to Suppliers | The following table sets forth information as to each supplier that accounted for 10% or more of total advance to suppliers as of September 30, 2022 and March 31, 2023. 2022 2023 Suppliers Amount % of Total Amount % of Total (audited) G $ * * $ 3,811,397 23 % H * * 3,406,139 21 % I * * 1,771,500 11 % Total $ - - $ 8,989,036 55 % * The percentage is below 10% |
Schedule of Each Supplier That Accounted Total Purchase | The following table sets forth information as to each supplier that accounted for 10% or more of total purchases for the six months ended March 31, 2022 and 2023. 2022 2023 Suppliers Amount % of Total Amount % of Total J $ * * $ 1,552,940 26 % K * * 972,911 16 % G * * 717,367 12 % C 2,377,932 11 % * * L 2,167,480 10 % * * Total $ 4,545,412 21 % $ 3,243,218 54 % * The percentage is below 10% |
Organization and Principal Ac_3
Organization and Principal Activities (Details) - Schedule of Consolidated Financial Statements Reflect the Activities | 6 Months Ended |
Mar. 31, 2023 | |
China EZGO Group Ltd. (formerly known as Hong Kong JKC Group Co., Ltd., “EZGO HK”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Feb. 13, 2019 |
Place of incorporation | HK |
Principal | Investment holding company |
China EZGO Group Ltd. (formerly known as Hong Kong JKC Group Co., Ltd., “EZGO HK”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Changzhou Langyi Electronic Technologies Co., Ltd. [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Aug. 06, 2021 |
Place of incorporation | PRC |
Principal | Investment holding company |
Changzhou Langyi Electronic Technologies Co., Ltd. [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Jiangsu Langyi Import and Export Trading Co., Ltd. (“Langyi Trading”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Dec. 07, 2021 |
Place of incorporation | PRC |
Principal | Import and export trade of batteries packs |
Jiangsu Langyi Import and Export Trading Co., Ltd. (“Langyi Trading”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Changzhou EZGO Enterprise Management Co., Ltd. (formerly known as Changzhou Jiekai Enterprise Management Co., Ltd., Wholly Foreign-owned Enterprise, “WFOE” or “Changzhou EZGO”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Jun. 12, 2019 |
Place of incorporation | PRC |
Principal | Distribution and trade of batteries packs, a holding company |
Changzhou EZGO Enterprise Management Co., Ltd. (formerly known as Changzhou Jiekai Enterprise Management Co., Ltd., Wholly Foreign-owned Enterprise, “WFOE” or “Changzhou EZGO”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Jiangsu EZGO Energy Supply Chain Technology Co., Ltd. (“Jiangsu Supply Chain”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Dec. 10, 2021 |
Place of incorporation | PRC |
Principal | Distribution and trade of batteries packs |
Jiangsu EZGO Energy Supply Chain Technology Co., Ltd. (“Jiangsu Supply Chain”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Jiangsu EZGO New Energy Technologies Co., Ltd. (“Jiangsu New Energy”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Jul. 14, 2022 |
Place of incorporation | PRC |
Principal | Distribution and trade of batteries packs |
Jiangsu EZGO New Energy Technologies Co., Ltd. (“Jiangsu New Energy”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Sichuan EZGO Energy Technologies Co., Ltd. (“Sichuan EZGO”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | May 09, 2022 |
Place of incorporation | PRC |
Principal | Distribution and trade of lead-acid batteries |
Sichuan EZGO Energy Technologies Co., Ltd. (“Sichuan EZGO”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Tianjin EZGO Electric Technologies Co., Ltd. (“Tianjin EZGO”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Jul. 13, 2022 |
Place of incorporation | PRC |
Principal | Production and sales of e-bicycles |
Tianjin EZGO Electric Technologies Co., Ltd. (“Tianjin EZGO”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Changzhou Youdi Electric Bicycle Co., Ltd. (“Changzhou Youdi”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Jul. 14, 2022 |
Place of incorporation | PRC |
Principal | Development, operation and maintenance of software related to e-bicycle and battery rental services |
Changzhou Youdi Electric Bicycle Co., Ltd. (“Changzhou Youdi”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Changzhou Sixun Technology Co., Ltd. (“Changzhou Sixun”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Dec. 29, 2022 |
Place of incorporation | PRC |
Principal | Holding company |
Changzhou Sixun Technology Co., Ltd. (“Changzhou Sixun”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Changzhou Higgs Intelligent Technology Co., Ltd. (“Changzhou Higgs”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Nov. 07, 2018 |
Place of incorporation | PRC |
Principal | Industrial automatic control device and system manufacturing |
Changzhou Higgs Intelligent Technology Co., Ltd. (“Changzhou Higgs”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 60% |
‣ Changzhou Zhuyun Technology Co., Ltd. (“Changzhou Zhuyun”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Mar. 02, 2023 |
Place of incorporation | PRC |
Principal | Equipment maintenance and repair |
‣ Changzhou Zhuyun Technology Co., Ltd. (“Changzhou Zhuyun”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 60% |
Tianjin Jiahao Bicycle Co., Ltd. (“Tianjin Jiahao”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Jul. 30, 2019 |
Place of incorporation | PRC |
Principal | Holding company |
Tianjin Jiahao Bicycle Co., Ltd. (“Tianjin Jiahao”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | VIE |
Changzhou Hengmao Power Battery Technology Co., Ltd. (“Hengmao”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | May 05, 2014 |
Place of incorporation | PRC |
Principal | Sales of battery packs, battery cells, as well as e-bicycles, battery cell trading, and battery and e-bicycle rental services provider |
Changzhou Hengmao Power Battery Technology Co., Ltd. (“Hengmao”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 80.87% |
Changzhou Yizhiying IoT Technologies Co., Ltd. (“Yizhiying”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Aug. 21, 2018 |
Place of incorporation | PRC |
Principal | Development, operation and maintenance of software related to e-bicycle and battery rental services |
Changzhou Yizhiying IoT Technologies Co., Ltd. (“Yizhiying”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 100% |
Jiangsu Cenbird E-Motorcycle Technologies Co., Ltd. (“Cenbird E-Motorcycle”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | May 07, 2018 |
Place of incorporation | PRC |
Principal | Development of sales channels and international market for sales of e-bicycles and electric motorcycle (“e-motorcycle”) |
Jiangsu Cenbird E-Motorcycle Technologies Co., Ltd. (“Cenbird E-Motorcycle”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 51% |
Tianjin Dilang Technologies Co., Ltd. (“Dilang”) [Member] | |
Wholly owned subsidiaries | |
Date of Incorporation / acquisition | Jul. 02, 2019 |
Place of incorporation | PRC |
Principal | Production and sales of e-bicycles |
Tianjin Dilang Technologies Co., Ltd. (“Dilang”) [Member] | Ownership [Member] | |
Wholly owned subsidiaries | |
Percentage of effective ownership | 80% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |||
Bad debt expense | $ 300,266 | $ 113,387 | |
Advance From Customer | 2,006,695 | $ 900,436 | |
Lease right of use asset | 171,993 | ||
Lease Liability | $ 170,682 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives | Mar. 31, 2023 |
Patents [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Intangible assets useful life | 5 years |
Software Copyrights [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Intangible assets useful life | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Disaggregation Of The Company’s Revenue From Continuing Operations - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Summary of Significant Accounting Policies (Details) - Schedule of Disaggregation Of The Company’s Revenue From Continuing Operations [Line Items] | ||
Revenues from continuing operation | $ 5,161,698 | $ 6,030,178 |
Sales of E-Bicycles [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Disaggregation Of The Company’s Revenue From Continuing Operations [Line Items] | ||
Revenues from continuing operation | 3,001,709 | 4,055,330 |
Sales of Batteries and Battery Packs [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Disaggregation Of The Company’s Revenue From Continuing Operations [Line Items] | ||
Revenues from continuing operation | 1,732,871 | 1,581,023 |
Others [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Disaggregation Of The Company’s Revenue From Continuing Operations [Line Items] | ||
Revenues from continuing operation | $ 427,118 | $ 393,825 |
Acquisition (Details)
Acquisition (Details) | 1 Months Ended | |
Jan. 25, 2023 USD ($) | Jan. 25, 2023 CNY (¥) | |
Acquisition (Details) [Line Items] | ||
Cash | ¥ 5,000,000 | |
Consideration amount | $ (8,080,448) | ¥ 54,400,000 |
Estimated useful life | 5 years | 5 years |
Jiangsu New Energy [Member] | ||
Acquisition (Details) [Line Items] | ||
Assets | ¥ 59,400,000 | |
Changzhou Sixun Technology Co., Ltd.[Member] | ||
Acquisition (Details) [Line Items] | ||
Equity interests percentage | 100% | |
Changzhou Higgs Intelligent Technologies Co., Ltd [Member] | ||
Acquisition (Details) [Line Items] | ||
Equity interests percentage | 60% |
Acquisition (Details) - Schedul
Acquisition (Details) - Schedule of Allocation of the Purchase Price as of the Acquisition - Series of Individually Immaterial Business Acquisitions [Member] | 6 Months Ended |
Mar. 31, 2023 USD ($) | |
Acquisition (Details) - Schedule of Allocation of the Purchase Price as of the Acquisition [Line Items] | |
Cash and cash equivalents | $ 141,891 |
Accounts receivable | 76,372 |
Notes receivable | 44,183 |
Advance to suppliers | 154,230 |
Prepaid expenses and other current assets, net | 1,726 |
Inventories, net | 434,110 |
Fixed assets | 48,754 |
Intangible assets - patents | 2,529,954 |
Intangible assets – software copyright | 659,988 |
Total assets (a) | 4,091,208 |
Advances from customers | 22,647 |
Accounts payable | 30,361 |
Accrued expenses and other payables | 164,012 |
Total liabilities (b) | 217,020 |
Total net identifiable asset acquired (c=a-b) | 3,874,188 |
Non-controlling interest on Changzhou Higgs (d) | 273,698 |
Total consideration (e) | 8,690,046 |
Goodwill (e+d-c) | $ 5,089,556 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivables, Net [Abstract] | ||
Bad debt expense | $ 300,266 | $ 113,387 |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Schedule of Accounts Receivable [Abstract] | ||
Accounts receivable | $ 6,999,600 | $ 8,601,585 |
Less: allowance for doubtful accounts | (1,402,470) | (1,059,523) |
Accounts receivable, net | $ 5,597,130 | $ 7,542,062 |
Accounts Receivable, Net (Det_3
Accounts Receivable, Net (Details) - Schedule of Allowance for Doubtful Accounts - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Schedule of Allowance for Doubtful Accounts [Abstract] | ||
Balance at beginning of the period | $ 1,059,523 | $ 34,155 |
Current period addition | 300,266 | 1,117,156 |
Write-off | (625) | |
Foreign currency translation adjustment | 42,681 | (91,163) |
Balance at the end of the period | $ 1,402,470 | $ 1,059,523 |
Investments (Details)
Investments (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Feb. 01, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Short Term Investments [Abstract] | ||||
Convertible debt | Jun. 12, 2024 | |||
Convertible debt instrument annual interest rate | 6% | |||
Interest income | $ 21,502 | |||
Equity interest percentage | 10% | 6% | 25% | |
Company acquired equity interest | $ 7,281 | $ 3,696,287 | $ 7,280,564 |
Investments (Details) - Schedul
Investments (Details) - Schedule of Investments - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 | |
Short-term investments: | |||
Convertible debt instrument | [1] | $ 728,056 | $ 702,889 |
Total short-term investments | 728,056 | 702,889 | |
Long-term investments: | |||
Investments accounted for using the equity method | [2] | 9,344,789 | 2,101,519 |
Investments without readily determinable fair values | [3] | 3,703,568 | |
Total investments | $ 13,776,413 | $ 2,804,408 | |
[1]Convertible debt instrument was issued by a private company and redeemable at the Company’s option. The convertible debt instrument is due on June 12, 2024, with an annual interest rate of 6% and carried at FV. For the six months ended March 31, 2022 and 2023, there were nil |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Long Term Investment - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Long Term Investment [ Abstract] | ||
Beginning balance | $ 2,101,519 | $ 132,621 |
Addition of investments accounted for using the equity method | 7,280,564 | 2,101,638 |
Addition of investments without readily determinable fair values | 3,703,567 | |
Proportionate share of the equity investee’s net loss | (110,789) | (130,528) |
Foreign currency translation adjustment | 73,496 | (2,212) |
Ending balance | $ 13,048,357 | $ 2,101,519 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Inventory [Line Items] | ||
Reserve for inventories | $ 14,508 | $ 226,298 |
Sale of inventories | $ 54,219 |
Inventories, Net (Details) - Sc
Inventories, Net (Details) - Schedule of Inventories and Movement of Inventories Reserve Consisted - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | |
Schedule of Inventories and Movement of Inventories Reserve Consisted [Abstract] | |||
Finished goods | [1] | $ 3,416,648 | $ 425,721 |
Raw materials | [2] | 887,827 | 151,379 |
Others | 32,180 | ||
Reserve for inventories | (162,836) | (196,151) | |
Inventories, net | $ 4,173,819 | $ 380,949 | |
[1]Finished goods includes battery packs and e-bicycles.[2]Raw materials mainly include battery cells purchased by the Company for battery packs assembling and e-bicycles production. |
Inventories, Net (Details) - _2
Inventories, Net (Details) - Schedule of Movement of Reserve for Inventories - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Movement of Reserve for Inventories [Abstract] | ||
Beginning balance | $ 196,151 | $ 116,102 |
Current period addition | 14,508 | 176,938 |
Charge off | (54,219) | (8,921) |
Foreign currency translation adjustment | 6,396 | (87,968) |
Ending balance | $ 162,836 | $ 196,151 |
Advances to Suppliers, Net (Det
Advances to Suppliers, Net (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
3 Suppliers [Member] | ||
Advances to Suppliers, Net (Details) [Line Items] | ||
Prepayment of battery packs | $ 8,989,035 | $ 4,171,941 |
2 Suppliers [Member] | ||
Advances to Suppliers, Net (Details) [Line Items] | ||
Prepayment of e-bicycle | $ 2,284,204 | $ 2,528,573 |
Advances to Suppliers, Net (D_2
Advances to Suppliers, Net (Details) - Schedule of Advances to Suppliers and Allowance for Doubtful Accounts - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | |
Schedule of Advances to Suppliers and Allowance for Doubtful Accounts [Abstract] | |||
Prepayment for purchase of battery packs | [1] | $ 12,442,744 | $ 6,846,200 |
Prepayment for purchase of e-bicycles materials | [2] | 3,418,019 | 3,576,449 |
Others | 555,238 | 240,709 | |
Total | 16,416,001 | 10,663,358 | |
Less: allowance for doubtful accounts | (139,018) | (134,214) | |
Advances to suppliers, net | $ 16,276,983 | $ 10,529,144 | |
[1]Prepayment for purchase of battery packs is for the production of battery packs, among which the top 3 suppler prepayments were $4,171,941 and $8,989,035 as of September 30, 2022 and March 31, 2023, respectively.[2]Prepayment for purchase of e-bicycles materials is for the production of e-bicycle, among which the top 2 suppler prepayments were $2,528,573 and $2,284,204 as of September 30, 2022 and March 31, 2023, respectively. |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Schedule of Prepaid Expenses and Other Current Assets [Abstract] | ||
Short-term receivables due to disposal of Tianjin Jiahao | $ 2,762,610 | |
VAT prepayment | 211,721 | |
Security deposits | 93,191 | |
Prepaid professional service fee | 46,232 | 42,173 |
Prepaid rental fee | 28,685 | 57,214 |
Prepaid exhibition fee | 7,169 | |
Other | 136,298 | 60,544 |
Prepaid expenses and other current assets | $ 3,278,737 | $ 167,100 |
Propery, Plant and Equipment,_3
Propery, Plant and Equipment, Net (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Feb. 13, 2023 | |
Schedule of Property Plant and Equipment Net [Abstract] | |||
Equity interest rate | 100% | 100% | |
Subsidiary | $ 6,454,831 | ||
Disposed at the carrying amount | $ 2,302,209 | ||
Recognized loss at the disposal | 2,561,856 | ||
Depreciation expense | 347,027 | $ 334,811 | |
Proceeds from property plants and equipment | $ 158,918 |
Propery, Plant and Equipment,_4
Propery, Plant and Equipment, Net (Details) - Schedule of Propery Plant and Equipment Net - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | |
Schedule of Property Plant and Equipment Net [Abstract] | |||
Property, plant and equipment, gross | $ 2,823,007 | $ 5,384,983 | |
Accumulated depreciation | (1,228,998) | (1,278,472) | |
Property, plant and equipment, net | 1,594,009 | 4,106,511 | |
Building [Member] | |||
Schedule of Property Plant and Equipment Net [Abstract] | |||
Property, plant and equipment, gross | [1] | 2,676,037 | |
Equipment for Rental Business [Member] | |||
Schedule of Property Plant and Equipment Net [Abstract] | |||
Property, plant and equipment, gross | 1,518,756 | 1,457,548 | |
Production Line for E-Bicycles [Member] | |||
Schedule of Property Plant and Equipment Net [Abstract] | |||
Property, plant and equipment, gross | 485,795 | 469,002 | |
Leasehold Improvements [Member] | |||
Schedule of Property Plant and Equipment Net [Abstract] | |||
Property, plant and equipment, gross | 507,673 | 490,124 | |
Furniture and Fixtures [Member] | |||
Schedule of Property Plant and Equipment Net [Abstract] | |||
Property, plant and equipment, gross | 148,557 | 118,716 | |
Vehicles [Member] | |||
Schedule of Property Plant and Equipment Net [Abstract] | |||
Property, plant and equipment, gross | 161,882 | 109,492 | |
Construction in Progress [Member] | |||
Schedule of Property Plant and Equipment Net [Abstract] | |||
Property, plant and equipment, gross | $ 344 | $ 64,064 | |
[1]On February 13, 2023, Jiangsu EZGO entered into an equity transfer agreement with Sutai (Tianjin) Packaging Materials Co., Ltd. (the “Buyer”) for the transfer of 100% of the equity interest of Tianjin Jiahao, a wholly-owned subsidiary of Jiangsu EZGO, to the Buyer for $6,454,831. On March 31, 2023, the building of Tianjin Jiahao was disposed at the carrying amount of $2,302,209 in the completion of transfer of all 100% of the equity interest of Tianjin Jiahao. The Company recognized loss of $2,561,856 from the disposal of Tianjin Jiahao. |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Intangible Assets, Net [Abstract] | ||
Amortization of intangible assets | $ 103,493 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of Intangible Assets, Net - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 3,153,851 | |
Accumulated amortization | (105,128) | |
Intangible assets, net | 3,048,723 | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 2,501,330 | |
Software copyright [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 652,521 |
Intangible Assets, Net (Detai_3
Intangible Assets, Net (Details) - Schedule of Amortization of Intangible Asset - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Amortization of Intangible Asset [Abstract] | ||
Remaining in fiscal year 2023 | $ 413,973 | |
2024 | 620,960 | |
2025 | 620,960 | |
2026 | 620,960 | |
2027 | 620,960 | |
2028 and thereafter | 150,910 | |
Total | $ 3,048,723 |
Land Use Right, Net (Details)
Land Use Right, Net (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Jan. 31, 2023 | Jun. 28, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 13, 2023 | Jan. 31, 2022 | |
Land Use Right, Net (Details) [Line Items] | ||||||
Amortization expense | $ 105,398 | $ 126,442 | ||||
Land use right, description | On June 28, 2021, Jiangsu EZGO has completed the asset acquisition of Tianjin Jiahao for $10.16 million, and Tianjin Jiahao became Jiangsu EZGO’s wholly owned subsidiary. | |||||
Original value of buildings | $ 3,100,000 | |||||
Land use right term period | 36 years 6 months | |||||
Carrying amount | $ 6,823,791 | |||||
Equity interest rate | 100% | 100% | ||||
Acquired land use rights | $ 1,748,169 | |||||
Land Use Right of Jiangsu New Energy [Member] | ||||||
Land Use Right, Net (Details) [Line Items] | ||||||
Acquired land use rights | $ 1,775,788 |
Land Use Right, Net (Details) -
Land Use Right, Net (Details) - Schedule of Land Use Right, Net - USD ($) | Dec. 31, 2023 | Sep. 30, 2022 |
Schedule Of Land Use Right Net Abstract | ||
Land use right | $ 1,775,788 | $ 6,875,756 |
Accumulated amortization | (8,879) | (193,060) |
Land use right, net | $ 1,766,909 | $ 6,682,696 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - Schedule of Other Non-Current Assets - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | |
Schedule of Other Non Current Assets [Abstract] | |||
Prepayment for intent equity investment | $ 1,339,624 | ||
Long-term receivables due to disposal of Tianjin Jiahao | 1,141,228 | ||
Prepaid expenses for land use right | [1] | 644,276 | 1,140,595 |
Prepaid construction fee | [2] | 13,895 | 276,939 |
Total of other non-current assets | $ 3,139,023 | $ 1,417,534 | |
[1]The balance is the prepayment to the Bureau of Finance in Wujin Technology Industrial District for the purchase of land use right for constructing headquarter buildings in Changzhou.[2]The balance is prepaid construction fee for plant maintenance and renovation. |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Accrued Expenses and Other Payables [Abstract] | ||
VAT payable | $ 6,394,420 | $ 6,218,723 |
Accrued Expenses and Other Pa_4
Accrued Expenses and Other Payables (Details) - Schedule of Accrued Expenses and Other Payables - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | |
Accrued Expenses and Other Payables (Details) - Schedule of Accrued Expenses and Other Payables [Line Items] | |||
Other taxes payable | [1] | $ 7,113,779 | $ 6,916,501 |
Payroll payable | 497,964 | 392,192 | |
Loan from third-parties | 481,392 | ||
Others | 598,179 | 519,170 | |
Total of accrued expenses and other payables | $ 8,691,314 | $ 7,827,863 | |
[1]The balance mainly is the VAT payable of $6,218,723 and $6,394,420 as of September 30, 2022 and March 31, 2023, respectively. |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) | 6 Months Ended | ||||||||
Mar. 24, 2023 USD ($) | Dec. 15, 2022 USD ($) | Aug. 12, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 24, 2023 CNY (¥) | Dec. 15, 2022 CNY (¥) | Sep. 30, 2022 USD ($) | Aug. 12, 2022 CNY (¥) | |
Short-Term Borrowings (Details) [Line Items] | |||||||||
Revolving loan facility | $ 1,062,962 | $ 2,811,555 | |||||||
Interest expenses | $ 50,662 | $ 28,768 | |||||||
Non Revolving Credit Facility [Member] | |||||||||
Short-Term Borrowings (Details) [Line Items] | |||||||||
Revolving loan facility | $ 655,251 | $ 291,222 | ¥ 4,500,000 | ¥ 2,000,000 | |||||
Interest rate | 4.10% | 4.35% | 4.10% | 4.35% | |||||
Term of bank loan | 12 months | 12 months | |||||||
Revolving Credit Facility [Member] | |||||||||
Short-Term Borrowings (Details) [Line Items] | |||||||||
Revolving loan facility | $ 116,489 | ¥ 800,000 | |||||||
Interest rate | 6.09% | 6.09% | |||||||
Term of bank loan | 12 months |
Short-Term Borrowings (Detail_2
Short-Term Borrowings (Details) - Schedule of Short-Term borrowings - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Schedule of Short-Term borrowings [Abstract] | ||
Short-term borrowings | $ 1,062,962 | $ 2,811,555 |
Related Party Transactions an_3
Related Party Transactions and Balances (Details) - Schedule of Related Parties which the Company has Transactions | 6 Months Ended |
Mar. 31, 2023 | |
Huiyan Xie [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | General manager and non-controlling shareholder of Dilang |
Shuang Wu [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Chief Operating Officer and a significant shareholder of the Company |
Yan Fang [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Non-controlling shareholder of Cenbird E-Motorcycle |
Jianhui Ye [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Chief Executive Officer and a significant shareholder of the Company |
Feng Xiao [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Non-controlling shareholder of Changzhou Higgs |
Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Yan Fang, a non-controlling shareholder of Cenbird E-motorcycle, whose family member serves as director of Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. |
Jiangsu Xinzhongtian Suye Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Yuxing Liu, the spouse of Yan Fang, serves as the executive of Jiangsu Xinzhongtian Suye Co., Ltd. |
Shenzhen Star Asset Management Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | General Partner of Xinyu Star Assets Management No.1 Investing Partnership and Xinyu Star Assets Management No.2 Investing Partnership, which are two significant shareholders of the Company |
Beijing Weiqi Technology Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Wholly owned by Huiyan Xie, the general manager and non-controlling shareholder of Dilang |
Shenzhen Star Cycling Network Technology Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Equity investments with 42% share holding |
Nanjing Mingfeng Technology Co.,Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Equity investments with 30% share holding |
Shandong Xingneng’an New Energy Technology Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Equity investments with 25% share holding |
Jiangsu Youdi Technology Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Related parties transactions | Equity investments with 29% share holding |
Related Party Transactions an_4
Related Party Transactions and Balances (Details) - Schedule of Amount Due from and Due to Related Parties - Related Party Transactions and Balances [Member] - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | |||
Amount due from related parties - non-current | $ 7,766,763 | $ 9,418,674 | |
Amount due to related parties | 1,466,115 | 591,638 | |
Shandong Xingneng’an New Energy Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties - current | [1],[2] | 3,530,483 | 3,829,335 |
Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties - current | [2] | 2,873,972 | 3,445,715 |
Shenzhen Star Cycling Network Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties - current | [2] | 670,580 | 1,072,945 |
Jiangsu Youdi Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties - current | [1],[2] | 389,469 | 372,733 |
Jiangsu Xinzhongtian Suye Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties - current | [2] | 273,504 | 452,048 |
Beijing Weiqi Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties - current | [3] | 27,671 | 26,715 |
Jianhui Ye [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties - current | [4] | 1,084 | 4,742 |
Shuang Wu [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties - current | [4] | 214,441 | |
Amount due to related parties | [5] | 116,539 | |
Huiyan Xie [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | [5] | 1,065,183 | 477,335 |
Feng Xiao [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | [5] | 141,664 | |
Nanjing Mingfeng Technology Co.,Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | [6] | 75,460 | 82,717 |
Yan Fang [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | [5] | 66,323 | 30,672 |
Shenzhen Star Asset Management Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | [6] | $ 946 | $ 914 |
[1]The balance mainly is loans with annual interest as stated in contracts to associates.[2]The balance mainly is prepayments for purchasing e-bicycle gears and e-bicycles.[3]The balance represented the receivable generated from the sales of e-bicycles.[4]The balance mainly is advances made to the managements for the Company’s daily operational purposes.[5] The balances mainly are the expenses paid on behalf of the Company for daily operations. The balances are the payable for purchasing e-bicycles. |
Related Party Transactions an_5
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Collection of loan to a related party | |
Related party transactions | $ (1,089,434) | |
Shandong Xingneng’an New Energy Technology Co., Ltd (l) One [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Purchase of e-bicycles from a related party | |
Related party transactions | (2,355,010) | |
Shandong Xingneng’an New Energy Technology Co., Ltd (l) Two [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Loan to a related party | |
Related party transactions | $ 1,564,771 | 1,570,007 |
Shandong Xingneng’an New Energy Technology Co., Ltd (l) [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Sales of battery pack to a related party | |
Related party transactions | 298 | |
Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. (f) [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Purchase of e-bicycles from a related party | |
Related party transactions | (1,597,467) | |
Jiangsu Xinzhongtian Suye Co., Ltd. (g) [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Purchase of e-bicycles from a related party | |
Related party transactions | (287,501) | |
Shenzhen Star Cycling Network Technology Co., Ltd.(j) [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Loan to a related party | |
Related party transactions | $ 4,300 | 157,001 |
Shenzhen Star Cycling Network Technology Co., Ltd. [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Collection of loan to a related party | |
Related party transactions | $ (451,542) | |
Nanjing Mingfeng Technology Co., Ltd.(k) [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Loan to a related party | |
Related party transactions | 314,001 | |
Nanjing Mingfeng Technology Co., Ltd.(k) One [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Collection of loan to a related party | |
Related party transactions | (549,502) | |
Shuang Wu (b) [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Loan from a shareholder | |
Related party transactions | $ (420,067) | |
Shuang Wu (b) One [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Repayment of a loan from a related party | |
Related party transactions | $ 89,592 | |
Yan Fang (c) [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Loan from a shareholder | |
Related party transactions | $ (64,621) | |
Yan Fang (c) One [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Repayment of a loan from a related party | |
Related party transactions | $ 33,286 | |
Huiyan Xie (a) [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Loan from a related party | |
Related party transactions | $ (568,369) | |
Huiyan Xie (a) One [Member] | ||
Related Party Transactions and Balances (Details) - Schedule of Material Related Party Transactions [Line Items] | ||
Nature | Repayment of a loan from a related party | |
Related party transactions | $ 7,299 |
Discontinued Operation (Details
Discontinued Operation (Details) - Schedule of Current Liabilities of Discontinued Operation - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 |
Liabilities of discontinued operation | |||
Accounts payable | $ 206,792 | $ 207,206 | |
Other payables | 72,347 | 62,119 | |
Income tax payable | 449,895 | 434,343 | |
Total current liabilities | 729,034 | $ 703,668 | 703,668 |
Total liabilities | $ 729,034 | $ 703,668 |
Discontinued Operation (Detai_2
Discontinued Operation (Details) - Schedule of Revenues and Income (Loss) From Discontinued Operation - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Revenues and Income (Loss) From Discontinued Operation [Abstract] | ||
Net revenues | $ 120 | $ 261 |
Cost of revenues | (1,847) | |
(Loss)/Income from discontinued operation before income tax | 131 | (105,797) |
Income tax expense | ||
(Loss)/Income from discontinued operation, net of income tax | $ 131 | $ (105,797) |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Abstract] | ||
Profits tax rates description | Under the two-tiered profits tax rates regime, the first 2 million Hong Kong Dollar (“HKD”) of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD 2 million will be taxed at 16.5%. | |
Federal statutory income tax rate | 25% | |
Income tax dividends | 10% | |
PRC tax rate | 5% | |
Effective tax rates | 0.80% | 25.40% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Components of the Income Tax Provision from Continuing Operations - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Components of the Income Tax Provision from Continuing Operations [Abstract] | ||
Current | $ 8,099 | |
Deferred | (49,375) | 519,311 |
Total income tax expense (benefit) | $ (41,276) | $ 519,311 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Reconciliations of the Statutory Income Tax Rate and the Company’s Effective Income Tax Rate - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Reconciliations of the Statutory Income Tax Rate and the Company's Effective Income Tax Rate [Abstract] | ||
Net loss before provision for income taxes | $ (5,036,765) | $ (2,047,360) |
PRC statutory tax rate | 25% | 25% |
Income tax at statutory tax rate | $ (1,259,191) | $ (511,840) |
Non-taxable income and non-deductible expenses | 85,664 | 7,245 |
Effect of income tax rate differences in jurisdictions other than the PRC | 243,619 | 131,137 |
Effect on valuation allowance | 888,632 | 892,769 |
Income tax expense (benefit) | $ (41,276) | $ 519,311 |
Effective tax rate | 0.80% | (25.40%) |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) | 6 Months Ended | ||||
Mar. 01, 2023 | Jan. 13, 2023 | Aug. 08, 2022 | Aug. 08, 2022 | Mar. 31, 2023 | |
Share-Based Compensation [Abstract] | |||||
Restricted shares granted | 1,000,000 | 330,000 | |||
Restricted shares vested | 520,000 | 150,000 | |||
Restricted shares | 178,922 | 1,000,000 | 790,000 | ||
Unvested restricted shares | 1,155,339 | ||||
Weighted average period | 4 months 20 days | ||||
Share-based compensation expense (in Dollars) | $ 484,488 |
Share-Based Compensation (Det_2
Share-Based Compensation (Details) - Schedule of Activities of the Restricted Shares - Restricted Stock [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Share-Based Compensation (Details) - Schedule of Activities of the Restricted Shares [Line Items] | ||
Number of nonvested restricted shares, Beginning balance | 412,500 | |
Weighted average fair value per ordinary share on the grant dates, Beginning balance | $ 0.75 | |
Number of nonvested restricted shares, Granted | 1,178,922 | 1,000,000 |
Weighted average fair value per ordinary share on the grant dates, Granted | $ 1.13 | $ 0.75 |
Number of nonvested restricted shares, Vested | (202,500) | (587,500) |
Weighted average fair value per ordinary share on the grant dates, Vested | $ 0.75 | $ 0.75 |
Number of nonvested restricted shares, Forfeited | ||
Weighted average fair value per ordinary share on the grant dates, Forfeited | ||
Number of nonvested restricted shares, Ending balance | 1,388,922 | 412,500 |
Weighted average fair value per ordinary share on the grant dates, Ending balance | $ 1.07 | $ 0.75 |
Equity (Details)
Equity (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 05, 2023 shares | Mar. 09, 2023 USD ($) $ / shares shares | Mar. 01, 2023 shares | Jan. 13, 2023 shares | Aug. 08, 2022 shares | Jun. 01, 2021 USD ($) $ / shares shares | Sep. 08, 2020 $ / shares shares | Sep. 10, 2019 | Jul. 02, 2019 | Jan. 25, 2023 USD ($) shares | Jan. 25, 2023 CNY (¥) shares | Jul. 21, 2022 USD ($) $ / shares shares | Jan. 28, 2021 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Mar. 20, 2023 shares | Mar. 16, 2023 shares | Jun. 30, 2021 $ / shares shares | Jan. 31, 2021 $ / shares shares | Jan. 24, 2019 $ / shares shares | |
Equity (Details) [Line Items] | ||||||||||||||||||||
Ordinary shares, shares authorized | 50,000,000 | 100,000,000 | 100,000,000 | 50,000 | ||||||||||||||||
Ordinary shares (in Dollars per share) | $ / shares | $ 4 | $ 0.001 | $ 0.001 | $ 1 | ||||||||||||||||
Ordinary shares | 50,000 | 10,000,000 | 1,794,871 | |||||||||||||||||
Additional authorized shares description | The Company also registered an additional authorized number of ordinary shares of 50,000,000 of par value of $0.001 per share and preferred shares of 10,000 of no par value. Then the shareholders surrendered a pro-rata number of ordinary shares of 42,200,000 to the Company for no consideration and thereafter those shares were cancelled. Following the surrender, the issued and outstanding ordinary shares were 7,800,000 of par value of $0.001 per share. | |||||||||||||||||||
Shares issued | 0.7 | 3,038,500 | ||||||||||||||||||
Shareholders at par value (in Dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||||||||
Gross proceeds (in Dollars) | $ | $ 14,400,000 | $ 12,000,000 | $ 8,000,000 | $ 12,154,000 | ||||||||||||||||
Net proceeds (in Dollars) | $ | $ 10,881,576 | |||||||||||||||||||
Offering price, per share (in Dollars per share) | $ / shares | $ 4.68 | $ 0.8 | ||||||||||||||||||
Share-based compensation restricted shares | 1,000,000 | |||||||||||||||||||
Restricted shares | 178,922 | 1,000,000 | 790,000 | |||||||||||||||||
Additional ordinary shares, description | the Company entered into an equity transfer agreement with the Sellers for the transfer of 100% of the equity interest in and all assets in Changzhou Sixun to Jiangsu New Energy for RMB59,400,000, of which (i) RMB5,000,000 was to be paid in cash, and (ii) the remaining RMB54,400,000 (approximately $8,080,448) which is to be paid by issuing additional ordinary shares of the Company, with a selling restriction period of six months. | the Company entered into an equity transfer agreement with the Sellers for the transfer of 100% of the equity interest in and all assets in Changzhou Sixun to Jiangsu New Energy for RMB59,400,000, of which (i) RMB5,000,000 was to be paid in cash, and (ii) the remaining RMB54,400,000 (approximately $8,080,448) which is to be paid by issuing additional ordinary shares of the Company, with a selling restriction period of six months. | ||||||||||||||||||
Shares of public offering | 10,000,000 | 18,000,000 | ||||||||||||||||||
Value of ordinary | $ 8,080,448 | ¥ 54,400,000 | ||||||||||||||||||
Shareholders at par value (in Dollars per share) | $ / shares | $ 0.8 | |||||||||||||||||||
Warrant shares | 217,948 | 224,289 | ||||||||||||||||||
Net profit after income tax percentage | 10% | |||||||||||||||||||
Statutory reserve | 50% | |||||||||||||||||||
Restricted net assets (in Dollars) | $ | $ 28,380,642 | $ 28,378,076 | ||||||||||||||||||
Receivables from a shareholder (in Dollars) | $ | $ 98,791 | |||||||||||||||||||
Exercise price per share (in Dollars per share) | $ / shares | $ 4.68 | |||||||||||||||||||
Ordinary share excise price (in Dollars per share) | $ / shares | $ 5.85 | |||||||||||||||||||
IPO [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Ordinary shares | 2,564,102 | |||||||||||||||||||
Net proceeds (in Dollars) | $ | $ 10,845,638 | |||||||||||||||||||
Ordinary shares, per share (in Dollars per share) | $ / shares | $ 0.001 | |||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Ordinary shares | 303,850 | |||||||||||||||||||
Warrant shares | 1,681,011 | 169,513 | 162,295 | |||||||||||||||||
Exercise price per share (in Dollars per share) | $ / shares | $ 4.4 | |||||||||||||||||||
Share price (in Dollars per share) | $ / shares | $ 4.4 | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Ordinary shares (in Dollars per share) | $ / shares | $ 1 | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Ordinary shares (in Dollars per share) | $ / shares | $ 0.001 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Shares of public offering | 7,667,943 | 7,667,943 | ||||||||||||||||||
Ordinary Shares [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Warrant shares | 169,513 | 162,295 | ||||||||||||||||||
Hengmao [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Equity interest percentage | 19.13% | |||||||||||||||||||
Dilang [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Equity interest percentage | 20% | |||||||||||||||||||
Cenbird E-Motorcycle [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Equity interest percentage | 49% | |||||||||||||||||||
Changzhou Higgs [Member] | ||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||
Equity interest percentage | 40% |
Equity (Details) - Schedule of
Equity (Details) - Schedule of Warrant Activities - $ / shares | 6 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2023 | |
Schedule Of Warrant Activities Abstract | ||
Ordinary shares number Outstanding, Warrants Outstanding as opening balance (in Shares) | 2,012,819 | |
Weighted Average Exercise Price, Warrants Outstanding as opening balance | $ 4.81 | |
Contractual Life in Year, Warrants Outstanding as opening balance | 8 months 1 day | |
Intrinsic Value, Warrants Outstanding as opening balance | ||
Ordinary shares number Outstanding, Warrants Exercisable as opening balance (in Shares) | 2,012,819 | |
Weighted Average Exercise Price, Warrants Exercisable as opening balance | $ 4.81 | |
Contractual Life in Year, Warrants Exercisable as opening balance | 8 months 1 day | |
Intrinsic Value, Warrants Exercisable as opening balance | ||
Ordinary shares number Outstanding, Warrants granted (in Shares) | ||
Weighted Average Exercise Price, Warrants granted | ||
Contractual Life in Year, Warrants granted | ||
Intrinsic Value, Warrants granted | ||
Ordinary shares number Outstanding, Warrants exercises (in Shares) | (331,808) | |
Weighted Average Exercise Price, Warrants exercises | $ 4.68 | |
Contractual Life in Year, Warrants exercises | ||
Intrinsic Value, Warrants exercises | ||
Ordinary shares number Outstanding, Warrants expired (in Shares) | ||
Weighted Average Exercise Price, Warrants expired | ||
Contractual Life in Year, Warrants expired | ||
Intrinsic Value, Warrants expired | ||
Ordinary shares number Outstanding, Warrants Outstanding as ending balance (in Shares) | 1,681,011 | |
Weighted Average Exercise Price, Warrants Outstanding as ending balance | $ 4.83 | |
Contractual Life in Year, Warrants Outstanding as ending balance | 2 months 1 day | |
Intrinsic Value, Warrants Outstanding as ending balance | ||
Ordinary shares number Outstanding, Warrants Exercisable as ending balance (in Shares) | 2,012,819 | 1,681,011 |
Weighted Average Exercise Price, Warrants Exercisable as ending balance | $ 4.81 | $ 4.83 |
Contractual Life in Year, Warrants Exercisable as ending balance | 2 months 1 day | |
Intrinsic Value, Warrants Exercisable as ending balance |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 1 Months Ended | 6 Months Ended | |||||||
Jan. 06, 2020 USD ($) | Jan. 06, 2020 CNY (¥) | Jan. 28, 2021 CNY (¥) | Jan. 27, 2021 USD ($) | Jan. 27, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Oct. 21, 2019 USD ($) | Oct. 21, 2019 CNY (¥) | |
Commitments and Contingencies (Details) [Line Items] | |||||||||
Operating expense | $ 65,372 | $ 114,816 | |||||||
Hengmao Power Battery [Member] | |||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||
Contract payment | $ 139,613 | ¥ 958,805.4 | |||||||
Hengmao Power Battery shall [Member] | |||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||
Accrued interests | $ 156,177 | ¥ 1,072,560 | ¥ 958,805 | ||||||
Accrued interests and attorney’s fees | $ 156,177 | ¥ 1,072,560 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Future Minimum Rental Payments Required Under Operating Leases | Mar. 31, 2023 USD ($) |
Schedule of Future Minimum Rental Payments Required Under Operating Leases [Abstract] | |
2024 | $ 106,900 |
2025 | 93,132 |
2026 | 25,133 |
2027 | 20,106 |
Total | $ 245,272 |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of Each Reportable Segment’s Revenue and Income - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Battery Cells and Packs Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | $ 1,732,871 | $ 1,581,023 |
Depreciation and amortization | 222,039 | 11,586 |
Segment loss before tax | $ (826,691) | $ (467,914) |
Segment gross profit margin | 3.90% | 4.50% |
E-bicycle Sales Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | $ 3,001,709 | $ 4,055,330 |
Depreciation and amortization | 103,798 | 314,218 |
Segment loss before tax | $ (3,093,019) | $ (1,110,789) |
Segment gross profit margin | 2.50% | 1.60% |
Subtotal from Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | $ 4,734,580 | $ 5,636,353 |
Depreciation and amortization | 325,837 | 325,804 |
Segment loss before tax | $ (3,919,710) | $ (1,578,703) |
Segment gross profit margin | 3% | 2.40% |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | $ 427,118 | $ 393,825 |
Depreciation and amortization | 230,081 | 133,930 |
Segment loss before tax | $ (1,117,055) | $ (468,657) |
Segment gross profit margin | 9% | 36.90% |
Consolidated [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | $ 5,161,698 | $ 6,030,178 |
Depreciation and amortization | 555,918 | 459,734 |
Segment loss before tax | $ (5,036,765) | $ (2,047,360) |
Segment gross profit margin | 3.50% | 4.70% |
Segment Reporting (Details) -_2
Segment Reporting (Details) - Schedule of Reconciliation From Reportable Segment Income - Reportable Segments [Member] - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net revenues | ||
Total revenue from reportable segments | $ 4,734,580 | $ 5,636,353 |
Other revenues | 427,118 | 393,825 |
Consolidated net revenues | 5,161,698 | 6,030,178 |
Income or loss | ||
Total operating loss for reportable segments | (6,453,071) | (1,928,998) |
Other income for reportable segments | 2,533,361 | 350,295 |
Total income for reportable segments | (3,919,710) | (1,578,703) |
Unallocated amounts: | ||
Other corporate expense | (1,117,055) | (468,657) |
Consolidated loss from continuing operations before income taxes | $ (5,036,765) | $ (2,047,360) |
Concentrations (Details)
Concentrations (Details) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 | Sep. 30, 2022 CNY (¥) | Sep. 30, 2022 USD ($) | |
Concentrations (Details) [Line Items] | ||||
Cash, cash equivalents and restricted cash (in Dollars) | $ 2,283,728 | $ 4,413,218 | ||
Maximum limit amount | $ 72,806 | ¥ 500,000 | ||
Customers [Member] | ||||
Concentrations (Details) [Line Items] | ||||
Concentrations of customers percentage | 10% | 10% | ||
Accounts receivable [Member] | ||||
Concentrations (Details) [Line Items] | ||||
Concentrations of customers percentage | 10% | 10% | ||
Revenue [Member] | ||||
Concentrations (Details) [Line Items] | ||||
Concentrations of customers percentage | 10% | 10% | ||
Supplier Concentration Risk [Member] | ||||
Concentrations (Details) [Line Items] | ||||
Concentrations of customers percentage | 10% | 10% | ||
Accounts payable [Member] | ||||
Concentrations (Details) [Line Items] | ||||
Concentrations of customers percentage | 10% | 10% |
Concentrations (Details) - Sche
Concentrations (Details) - Schedule of Total Accounts Receivable - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Sep. 30, 2022 | |||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||
Accounts receivable | $ 2,534,917 | $ 4,225,798 | ||
Accounts receivable percentage | 46% | 56% | ||
Customers A [Member] | ||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||
Accounts receivable | $ 1,215,679 | $ 1,354,509 | ||
Accounts receivable percentage | 22% | 18% | ||
Customers B [Member] | ||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||
Accounts receivable | $ 671,268 | [1] | ||
Accounts receivable percentage | 12% | [1] | ||
Customers C [Member] | ||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||
Accounts receivable | $ 647,970 | [1] | ||
Accounts receivable percentage | 12% | [1] | ||
Customers D [Member] | ||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||
Accounts receivable | [1] | $ 1,520,966 | ||
Accounts receivable percentage | [1] | 20% | ||
Customers E [Member] | ||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||
Accounts receivable | [1] | $ 1,350,323 | ||
Accounts receivable percentage | [1] | 18% | ||
[1]The percentage is below 10% |
Concentrations (Details) - Sc_2
Concentrations (Details) - Schedule of Advance from Customers - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2022 | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | |||
Customer amount | $ 1,601,724 | ||
Customer percentage | 80% | ||
Customer F [Member] | |||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | |||
Customer amount | $ 1,601,724 | [1] | |
Customer percentage | 80% | [1] | |
[1]The percentage is below 10% |
Concentrations (Details) - Sc_3
Concentrations (Details) - Schedule of Total Revenues - USD ($) | 6 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Concentration Risk [Line Items] | ||||
Total revenue | $ 1,234,810 | $ 2,885,590 | ||
Total revenue percentage | 24% | 47% | ||
Customer G [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue | $ 660,155 | [1] | ||
Total revenue percentage | 13% | [1] | ||
Customer H [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue | $ 574,655 | [1] | ||
Total revenue percentage | 11% | [1] | ||
Customer I [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue | [1] | $ 1,595,799 | ||
Total revenue percentage | [1] | 26% | ||
Customer E [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue | [1] | $ 1,289,791 | ||
Total revenue percentage | [1] | 21% | ||
[1] The percentage is below 10% |
Concentrations (Details) - Sc_4
Concentrations (Details) - Schedule of Total Accounts Payable - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Sep. 30, 2022 | |||
Concentrations (Details) - Schedule of Total Accounts Payable [Line Items] | ||||
Accounts payable | $ 455,430 | $ 466,405 | ||
Accounts payable percentage | 67% | 59% | ||
Suppliers A [Member] | ||||
Concentrations (Details) - Schedule of Total Accounts Payable [Line Items] | ||||
Accounts payable | $ 198,507 | $ 191,645 | ||
Accounts payable percentage | 29% | 24% | ||
Suppliers B [Member] | ||||
Concentrations (Details) - Schedule of Total Accounts Payable [Line Items] | ||||
Accounts payable | $ 96,278 | [1] | ||
Accounts payable percentage | 14% | [1] | ||
Suppliers C [Member] | ||||
Concentrations (Details) - Schedule of Total Accounts Payable [Line Items] | ||||
Accounts payable | $ 89,493 | [1] | ||
Accounts payable percentage | 13% | [1] | ||
Suppliers D [Member] | ||||
Concentrations (Details) - Schedule of Total Accounts Payable [Line Items] | ||||
Accounts payable | $ 71,151 | [1] | ||
Accounts payable percentage | 11% | [1] | ||
Suppliers E [Member] | ||||
Concentrations (Details) - Schedule of Total Accounts Payable [Line Items] | ||||
Accounts payable | [1] | $ 159,767 | ||
Accounts payable percentage | [1] | 20% | ||
Suppliers F [Member] | ||||
Concentrations (Details) - Schedule of Total Accounts Payable [Line Items] | ||||
Accounts payable | [1] | $ 114,993 | ||
Accounts payable percentage | [1] | 15% | ||
[1] The percentage is below 10% |
Concentrations (Details) - Sc_5
Concentrations (Details) - Schedule of Advance to Suppliers - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2022 | [1] | |
Concentrations (Details) - Schedule of Advance to Suppliers [Line Items] | |||
Supplier amount | $ 8,989,036 | ||
Supplier Percentage | 55% | ||
Suppliers G [Member] | |||
Concentrations (Details) - Schedule of Advance to Suppliers [Line Items] | |||
Supplier amount | $ 3,811,397 | ||
Supplier Percentage | 23% | ||
Suppliers H [Member] | |||
Concentrations (Details) - Schedule of Advance to Suppliers [Line Items] | |||
Supplier amount | $ 3,406,139 | ||
Supplier Percentage | 21% | ||
Suppliers I [Member] | |||
Concentrations (Details) - Schedule of Advance to Suppliers [Line Items] | |||
Supplier amount | $ 1,771,500 | ||
Supplier Percentage | 11% | ||
[1] The percentage is below 10% |
Concentrations (Details) - Sc_6
Concentrations (Details) - Schedule of Each Supplier That Accounted Total Purchase - USD ($) | 6 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Concentrations (Details) - Schedule of Each Supplier That Accounted Total Purchase [Line Items] | ||||
Supplier amount | $ 3,243,218 | $ 4,545,412 | ||
Supplier percentage | 54% | 21% | ||
Supplier J [Member] | ||||
Concentrations (Details) - Schedule of Each Supplier That Accounted Total Purchase [Line Items] | ||||
Supplier amount | $ 1,552,940 | [1] | ||
Supplier percentage | 26% | [1] | ||
Supplier K [Member] | ||||
Concentrations (Details) - Schedule of Each Supplier That Accounted Total Purchase [Line Items] | ||||
Supplier amount | $ 972,911 | [1] | ||
Supplier percentage | 16% | [1] | ||
Supplier G [Member] | ||||
Concentrations (Details) - Schedule of Each Supplier That Accounted Total Purchase [Line Items] | ||||
Supplier amount | $ 717,367 | [1] | ||
Supplier percentage | 12% | [1] | ||
Supplier C [Member] | ||||
Concentrations (Details) - Schedule of Each Supplier That Accounted Total Purchase [Line Items] | ||||
Supplier amount | [1] | $ 2,377,932 | ||
Supplier percentage | [1] | 11% | ||
Supplier L [Member] | ||||
Concentrations (Details) - Schedule of Each Supplier That Accounted Total Purchase [Line Items] | ||||
Supplier amount | [1] | $ 2,167,480 | ||
Supplier percentage | [1] | 10% | ||
[1] The percentage is below 10% |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | |||||||||||
Jun. 05, 2023 $ / shares shares | Apr. 03, 2023 USD ($) | Apr. 03, 2023 CNY (¥) | Mar. 09, 2023 USD ($) shares | Jun. 01, 2021 USD ($) | Jun. 25, 2023 CNY (¥) | Jun. 16, 2023 USD ($) | Jul. 21, 2022 USD ($) | Jan. 28, 2021 USD ($) | Jun. 25, 2023 USD ($) | Jun. 25, 2023 CNY (¥) | Apr. 11, 2023 | |
Subsequent Events (Details) [Line Items] | ||||||||||||
Equity interest | $ 325,667 | ¥ 2,240,000 | ||||||||||
Sales of unit (in Shares) | shares | 10,000,000 | 18,000,000 | ||||||||||
Sales per share (in Dollars per share) | $ 0.85 | |||||||||||
Gross proceeds (in Dollars) | $ | $ 14,400,000 | $ 12,000,000 | $ 8,000,000 | $ 12,154,000 | ||||||||
Interest rate percentage | 4.80% | 4.80% | ||||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||
Gross proceeds (in Dollars) | $ | $ 8,500,000 | |||||||||||
Line of credit | $ 8,272,177 | ¥ 56,810,000 | ||||||||||
Annual interest (in Yuan Renminbi) | ¥ | ¥ 32,000,000 | |||||||||||
Subsequent Event [Member] | Warrant [Member] | ||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||
Ordinary share, par value (in Dollars per share) | 0.001 | |||||||||||
Subsequent Event [Member] | Ordinary Shares [Member] | ||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||
Ordinary share, par value (in Dollars per share) | $ 1.2 | |||||||||||
Subsequent Event [Member] | (“Mizhiyan”) and Tianjin Dilang [Member] | ||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||
Equity percentage | 80% | 80% | ||||||||||
Subsequent Event [Member] | Tianjin Dilang [Member] | ||||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||||
Equity percentage | 80% | 80% | 80% |