Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | |
Oct. 31, 2022 | Mar. 15, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | Jiuzi Holdings, Inc. | |
Trading Symbol | JZXN | |
Document Type | 20-F | |
Current Fiscal Year End Date | --10-31 | |
Entity Common Stock, Shares Outstanding | 36,026,309 | |
Amendment Flag | false | |
Entity Central Index Key | 0001816172 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Oct. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-40405 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | No.168 Qianjiang Nongchang Gengwen Road | |
Entity Address, Address Line Two | 15th Floor | |
Entity Address, Address Line Three | Economic and Technological Development Zone | |
Entity Address, City or Town | Hangzhou City | |
Entity Address, Postal Zip Code | 310000 | |
Entity Address, Country | CN | |
Title of 12(b) Security | Ordinary shares, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Accounting Standard | U.S. GAAP | |
Auditor Name | WWC, P.C. | |
Auditor Location | San Mateo, California | |
Auditor Firm ID | 1171 | |
Business Contact | ||
Document Information Line Items | ||
Entity Address, Address Line One | No.168 Qianjiang Nongchang Gengwen Road | |
Entity Address, Address Line Two | 15th Floor | |
Entity Address, Address Line Three | Economic and Technological Development Zone | |
Entity Address, City or Town | Hangzhou City | |
Entity Address, Postal Zip Code | 310000 | |
Entity Address, Country | CN | |
Contact Personnel Name | Shuibo Zhang | |
City Area Code | +86 | |
Local Phone Number | 0571-82651956 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 | |
Current Assets | |||
Cash and cash equivalents | $ 2,329,401 | $ 7,372,895 | |
Restricted cash | 41,231 | ||
Short-term investment | 834,303 | 1,180,772 | |
Accounts receivable | 39,347 | 6,566 | |
Accounts receivable – related party | 214,946 | 529,407 | |
Due from related parties | 67,153 | 367,549 | |
Inventories | 628,187 | 266,106 | |
Advances to suppliers | 392,776 | 1,594,278 | |
Loans receivable from related parties, net | 6,661,290 | 9,673,893 | |
Other receivables and other current assets | 1,039,762 | 1,228,738 | |
Total current assets | 12,248,396 | 22,220,204 | |
Non-current Assets | |||
Property, plant and equipment, net | 641,358 | 373,108 | |
Intangible assets, net | 12,393 | 18,053 | |
Other non-current assets | 66,784 | 558,702 | |
Operating lease right of use asset | 725,903 | 846,200 | |
Loans receivable from related parties, net | 1,631,340 | 4,136,657 | |
Total non-current assets | 3,077,778 | 5,932,720 | |
TOTAL ASSETS | 15,326,174 | 28,152,924 | |
Current liabilities | |||
Accruals and other payables | 288,333 | 595,364 | |
Accounts payable – related party | 6,986 | 44,366 | |
Accounts payable | 15,695 | ||
Due to related parties | 6,849 | ||
Convertible debenture | 2,835,400 | ||
Taxes payable | 2,652,854 | 2,923,987 | |
Operating lease liabilities - current | 374,676 | 163,148 | |
Contract liability | 1,343,442 | 114,916 | |
Contract liability – related party | 825,990 | 164,804 | |
Total current liabilities | 8,334,530 | 4,022,280 | |
Non-current liabilities | |||
Operating lease liabilities - non-current | 393,509 | 537,432 | |
Deferred income | 236,290 | 1,263,840 | |
Contract liability – related party non -current | 150,494 | ||
Other long-term liability | 130,131 | ||
Total non-current liabilities | 910,424 | 1,801,272 | |
TOTAL LIABILITIES | 9,244,954 | 5,823,552 | |
COMMITMENTS AND CONTINGENCIES | |||
Shareholders’ equity | |||
Ordinary shares (150,000,000 shares authorized, $0.001 par value, 24,545,333 and 21,426,844 shares issued and outstanding as of October 31, 2022 and 2021, respectively)* | [1] | 24,545 | 21,427 |
Additional paid in capital | 15,444,233 | 13,150,667 | |
Statutory reserve | 891,439 | 891,439 | |
Retained earnings (Accumulated deficit) | (9,342,111) | 7,459,539 | |
Accumulated other comprehensive income/ (loss) | (1,074,299) | 541,615 | |
Total equity attributable to Jiuzi | 5,943,807 | 22,064,687 | |
Equity attributable to noncontrolling interests | 137,413 | 264,685 | |
Total Stockholders’ equity | 6,081,220 | 22,329,372 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 15,326,174 | $ 28,152,924 | |
[1] Giving retroactive effect for the Share Subdivision and 2-for-1 stock dividend on post-Share Subdivision basis |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Oct. 31, 2022 | Oct. 31, 2021 | |
Statement of Financial Position [Abstract] | |||
Ordinary shares par value (in Dollars per share) | [1] | $ 0.001 | $ 0.001 |
Ordinary shares authorized | [1] | 150,000,000 | 150,000,000 |
Ordinary shares issued | [1] | 24,545,333 | 24,545,333 |
Ordinary shares outstanding | [1] | 21,426,844 | 21,426,844 |
[1] Giving retroactive effect for the Share Subdivision and 2-for-1 stock dividend on post-Share Subdivision basis |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) | 12 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | ||
Income Statement [Abstract] | ||||
Revenues, net | $ 5,565,575 | $ 1,606,425 | $ 258,834 | |
Revenues – related party, net | 650,143 | 7,930,562 | 7,951,761 | |
Total Revenues | 6,215,718 | 9,536,987 | 8,210,595 | |
Cost of revenues | 5,289,158 | 1,370,829 | 217,807 | |
Cost of revenues – related party | 1,169,004 | 3,538,875 | 1,972,961 | |
Total cost of revenues | 6,458,162 | 4,909,704 | 2,190,768 | |
Gross profit | (242,444) | 4,627,283 | 6,019,827 | |
Selling and marketing expense | 7,419 | 17,542 | 29,887 | |
General and administrative expenses | 6,692,049 | 2,983,582 | 1,313,997 | |
Provision for credit loss on loans receivable | 7,267,026 | 309,024 | 305,128 | |
Write-offs of advances to suppliers | 2,942,315 | |||
Operating income (loss) | (17,151,253) | 1,317,135 | 4,370,815 | |
Non-operating income (expense) items: | ||||
Other income (expense), net | 1,650,209 | 1,993 | 30,610 | |
Interest income | 6,030 | 5,734 | 390 | |
Interest expense | (1,337,158) | (3,880) | ||
Non-operating income (expense) | 319,081 | 7,727 | 27,120 | |
Earnings (Loss) before tax | (16,832,172) | 1,324,862 | 4,397,935 | |
Income tax | (71) | 546,825 | 974,393 | |
Net income (loss) | (16,832,101) | 778,037 | 3,423,542 | |
Less: loss attributable to non-controlling interest | (30,451) | (35,708) | (27,385) | |
Net income (loss) attributable to Jiuzi | $ (16,801,650) | $ 813,745 | $ 3,450,927 | |
Basic (in Dollars per share) | $ (0.76) | $ 0.04 | $ 0.23 | |
Diluted (in Dollars per share) | $ (0.76) | $ 0.04 | $ 0.23 | |
Basic (in Shares) | [1] | 22,089,013 | 17,580,461 | 15,000,000 |
Diluted (in Shares) | [1] | 22,089,013 | 17,580,461 | 15,000,000 |
Net income (loss) | $ (16,832,101) | $ 778,037 | $ 3,423,542 | |
Foreign currency translation (loss) income | (1,596,992) | 607,057 | 146,303 | |
Total comprehensive income (loss) | $ (18,429,093) | $ 1,385,094 | $ 3,569,845 | |
[1] Giving retroactive effect for the Share Subdivision and 2-for-1 stock dividend on post-Share Subdivision basis |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Statutory Reserve | Retained Earnings | Accumulated other Comprehensive Income | Equity attributable to Jiuzi | Non-Controlling interest | Total |
Balance at Oct. 31, 2019 | $ 15,000 | $ 299,893 | $ 426,414 | $ 3,659,892 | $ (206,729) | $ 4,194,470 | $ 460,627 | $ 4,655,097 |
Balance (in Shares) at Oct. 31, 2019 | 15,000,000 | |||||||
Contribution in capital | 9,046 | 9,046 | (7,795) | 1,251 | ||||
Net income (loss) | 3,450,927 | 3,450,927 | (27,385) | 3,423,542 | ||||
Appropriations to statutory reserves | 264,210 | (264,210) | ||||||
Foreign currency translation adjustment | 146,303 | 146,303 | (11,017) | 135,286 | ||||
Balance at Oct. 31, 2020 | $ 15,000 | 308,939 | 690,624 | 6,846,609 | (60,426) | 7,800,746 | 414,430 | 8,215,176 |
Balance (in Shares) at Oct. 31, 2020 | 15,000,000 | |||||||
Contribution in capital | 38,915 | 38,915 | (119,053) | (80,138) | ||||
Shared issued for cash | $ 6,427 | 12,802,813 | 12,809,240 | 12,809,240 | ||||
Shared issued for cash (in Shares) | 6,426,844 | |||||||
Net income (loss) | 200,815 | 612,930 | 813,745 | (35,708) | 778,037 | |||
Foreign currency translation adjustment | 602,041 | 602,041 | 5,016 | 607,057 | ||||
Balance at Oct. 31, 2021 | $ 21,427 | 13,150,667 | 891,439 | 7,459,539 | 541,615 | 22,064,687 | 264,685 | 22,329,372 |
Balance (in Shares) at Oct. 31, 2021 | 21,426,844 | |||||||
Contribution in capital | (115,742) | (115,742) | ||||||
Shared issued for compensation | $ 200 | 59,800 | 60,000 | 60,000 | ||||
Shared issued for compensation (in Shares) | 200,000 | |||||||
Shared issued for debt conversion | $ 2,918 | 2,233,766 | 2,236,684 | 2,236,684 | ||||
Shared issued for debt conversion (in Shares) | 2,918,489 | |||||||
Net income (loss) | (16,801,650) | (16,801,650) | (30,451) | (16,832,101) | ||||
Appropriations to statutory reserves | ||||||||
Foreign currency translation adjustment | (1,615,914) | (1,615,914) | 18,921 | (1,596,993) | ||||
Balance at Oct. 31, 2022 | $ 24,545 | $ 15,444,233 | $ 891,439 | $ (9,342,111) | $ (1,074,299) | $ 5,943,807 | $ 137,413 | $ 6,081,220 |
Balance (in Shares) at Oct. 31, 2022 | 24,545,333 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ (16,832,101) | $ 778,037 | $ 3,423,542 |
Depreciation and amortization | 209,797 | 55,243 | 20,182 |
Provision for doubtful accounts | 229,230 | (13,931) | 11,474 |
Amortization of right-of-use asset | 40,286 | ||
Provision for credit losses | 7,267,026 | 309,024 | 305,128 |
Written-offs of advances to suppliers | 2,942,315 | ||
Imputed interest expense | 1,337,159 | 724,338 | 762,113 |
Loss (gain) from disposal of investments | (40,306) | 4,082 | |
Stock-based compensation | 60,000 | ||
Changes in assets and liabilities | |||
(Increase) decrease in accounts receivable | (43,454) | 8,958 | 37,809 |
(Increase) decrease in accounts receivable – related party | 138,261 | 1,092,111 | (488,494) |
(Increase) decrease in inventories | (436,239) | (103,928) | 73,001 |
(Increase) decrease in advances to suppliers | (1,833,355) | ||
(Increase) decrease in loans to related parties | (3,061,063) | (6,129,775) | (4,982,838) |
(Increase) decrease in due from related parties | 280,791 | (185,084) | |
(Increase) decrease in other assets | (274,239) | (1,949,313) | 10,435 |
(Increase) decrease in other non-current assets | (61,732) | (553,867) | |
(Decrease) increase in accrued and other liabilities | (68,657) | 507,206 | 22,843 |
(Decrease) increase in account payable | (15,188) | 14,720 | (10,306) |
(Decrease) increase in accounts payable – related party | (35,217) | (62,511) | 91,841 |
(Decrease) increase in taxes payable | (107,277) | 23,271 | 1,474,958 |
(Decrease) increase in contract liability | 1,459,147 | (7,437) | 20,370 |
(Decrease) increase in contract liability – related party | 943,396 | (476,008) | (256,761) |
(Decrease) increase in operating lease liabilities | 187,604 | (144,998) | |
(Decrease) increase in deferred income | (974,838) | 1,258,439 | |
(Decrease) increase in other long term liabilities | (143,710) | ||
Net cash generated by (used in) operating activities | (8,872,650) | (4,811,137) | 515,297 |
Cash flows from investing activities | |||
Purchase of fixed assets | (24,646) | (306,576) | (26,778) |
Purchase of intangible assets | (3,004) | ||
Acquisition of investment | (1,175,726) | ||
Redemption/Disposal of investments | 261,530 | ||
Refund of security deposits | 490 | ||
Net cash generated by (used in) investing activities | 236,884 | (1,485,306) | (26,288) |
Cash flows from financing activities | |||
Proceeds from owner’s injection of capital | (115,742) | 38,916 | 9,046 |
Stock proceeds for cash | 12,809,240 | ||
Proceeds from convertible debenture | 3,734,926 | ||
Proceeds from (Repayment to) related party | 7,564 | (173,102) | |
Net cash provided by (used in) financing activities | 3,626,748 | 12,848,156 | (164,056) |
Net increase (decrease) of cash and cash equivalents | (5,009,018) | 6,551,713 | 324,953 |
Effect of foreign currency translation on cash and cash equivalents | 6,755 | 56,690 | (2,675) |
Cash, cash equivalents, and restricted cash – beginning of period | 7,372,895 | 764,492 | 442,214 |
Cash, cash equivalents, and restricted cash – end of period | 2,370,632 | 7,372,895 | 764,492 |
Reconciliation of Cash, Cash Equivalents & Restricted Cash to Statements of Cash Flows | |||
Total cash, cash equivalents, and restricted cash | 2,370,632 | 7,372,895 | 764,492 |
Less: Restricted cash | 41,231 | ||
Cash and Cash Equivalents at End of Year | 2,329,401 | 7,372,895 | 764,492 |
Supplementary cash flow information: | |||
Interest received | 6,030 | 5,734 | 390 |
Interest paid | 3,880 | ||
Income taxes paid | $ 72,120 | $ 295,729 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION Jiuzi Holdings, Inc. (“Company” or “Jiuzi”) was incorporated in the Cayman Islands on October 10, 2019. The Company is an investment holding company; its primary operations are conducted through subsidiaries and variable interest entities as described below. Jiuzi (HK) Limited (“Jiuzi HK”) was incorporated in Hong Kong on October 25, 2019. It is wholly owned subsidiary of the Company. Zhejiang Navalant New Energy Automobile Co., Ltd. (“Jiuzi WFOE”) was incorporated on June 5, 2020 as wholly foreign owned entity in the People’s Republic of China (“PRC”). Jiuzi WFOE is a wholly owned subsidiary of Jiuzi HK. Zhejiang Jiuzi (“Zhejiang Jiuzi”) was incorporated on May 26, 2017 in the PRC. Zhejiang Jiuzi’s scope of business includes the sale of new energy vehicles (“NEVs”) and NEV components and parts, and the related development of products and services for the NEV industry. Zhejiang Jiuzi generates revenues by both selling NEVs and NEV components and parts to Jiuzi branded licensed NEV dealerships, and by rendering professional services to new Jiuzi NEV dealerships, such as initial setup, NEV product procurement services, and specialized marketing campaigns. The Zhejiang Jiuzi also provides short term financing solutions to the new Jiuzi NEV dealerships for the procurement of NEVs. Shangli Jiuzi was incorporated on May 10, 2018 in the PRC. Its scope of business is similar to Zhejiang Jiuzi. Zhejiang Jiuzi owns 59.0% equity interest in Shangli Jiuzi, and the remaining 41% equity interest is owned by unrelated third-party investors; as such Shangli Jiuzi is accounted as a subsidiary of Zhejiang Jiuzi. Hangzhou Zhitongche Technology Co., Ltd. (“Hangzhou Zhitongche”) was incorporated on February 2, 2018 in the PRC. The company is providing technical services, technical development, technical consulting and trading for new energy for motor vehicle and its accessories. Zhitongche is a wholly owned subsidiary of Zhejiang Jiuzi. Zhejiang Jiuzi New Energy Network Technology Co., Ltd was incorporated on July 1, 2021 in PRC. Its scope of business includes software outsourcing services; industrial internet data services; network and information security software development; artificial intelligence application software development; Internet of Things technology research and development; internet security services; information system operation and maintenance services; artificial intelligence basic software development; cloud computing equipment technical services; research and development of robots (except for projects subject to approval according to law, business activities are carried out independently according to law with business licenses). Zhejiang Jiuzi owns 100% equity interest in Zhejiang Jiuzi Xinneng Network Technology Co., Ltd. Guangxi Nanning Zhitongche New Energy Technology Co., Ltd was incorporated on December 31, 2021 in PRC. Its scope of business includes technical service, development and consultation; sales of electrical accessories for new energy vehicles; automobiles new car sales; business agency services; motor vehicle charging sales; sales of new energy prime movers; R&D of emerging energy technologies; car trailers, assistance, and clearance services; auto parts wholesale; auto parts retail; sales agency; domestic trade agency; import and export agency. Hangzhou Zhitongche owns 90% equity interest in Guangxi Nanning Zhitongche New Energy Technology Co., Ltd, and the remaining 10% equity interest is owned by unrelated third-party investor; as such Guangxi Nanning Zhitongche New Energy Technology Co., Ltd is accounted as a subsidiary of Zhejiang Jiuzi. Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. was incorporated on January 24, 2022 in PRC. Its scope of business includes technical service, technology development, technical consultation and promotion, as well as sales of automobiles and new energy vehicles, and sales of electrical accessories and accessories for new energy vehicles. Hangzhou Jiuyao is 51% owned by Hangzhou Zhitongche, as such Hangzhou Jiuyao is accounted as a subsidiary of Zhejiang Jiuzi.; the remaining 49% equity interest is owned by unrelated third-party investors. Hangzhou Jiuzi Haoche Technology Co., Ltd. was incorporated on January 21, 2022 under the laws of the People’s Republic of China. Its registered business scope is software outsourcing services, industrial internet data services, network and information security software development, artificial intelligence application software development, technology development, consulting and transfer, market planning, convention planning, and cloud computing equipment technical services. Hangzhou Jiuzi Haoche Technology Co., Ltd. is a wholly owned subsidiary of Jiuzi New Energy and has a registered capital with the amount of RMB5,000,000. Contractual Arrangements between Jiuzi WFOE and Zhejiang Jiuzi Due to PRC legal restrictions on foreign ownership, the Company and its subsidiaries do not own any direct equity interest in Zhejiang Jiuzi. Instead, the Company and its subsidiaries control and receive the economic benefits of Zhejiang Jiuzi’s business operation through a series of contractual arrangements. Jiuzi WFOE, Zhejiang Jiuzi and the Zhejiang Jiuzi Shareholders entered into a series of contractual arrangements, 1) Exclusive Option Agreement, 2) Exclusive Business Cooperation Agreement, and 3) Share Pledge Agreement, known as VIE Agreements, on June 15, 2020. The VIE agreements are designed to provide Jiuzi WFOE with the power, rights and obligations equivalent in all material respects to those it would possess as the sole equity holder of Zhejiang Jiuzi, including absolute control rights and the rights to the assets, property and revenue of Zhejiang Jiuzi. Each of the VIE Agreements is described in detail below: Exclusive Option Agreement Under the Exclusive Option Agreement, the Zhejiang Jiuzi Shareholders irrevocably granted Jiuzi WFOE (or its designee) an exclusive right to purchase, to the extent permitted under PRC law, once or at multiple times, at any time, a portion or whole of the equity interests or assets in Zhejiang Jiuzi held by the Zhejiang Jiuzi Shareholders. The purchase price is RMB 10 and subject to any appraisal or restrictions required by applicable PRC laws and regulations. The agreement takes effect upon parties signing the agreement, and remains effective for 10 years, extendable upon Jiuzi WFOE or its designee’s discretion. Exclusive Business Cooperation Agreement Pursuant to the Exclusive Business Cooperation Agreement between Zhejiang Jiuzi and Jiuzi WFOE, Jiuzi WFOE provides Zhejiang Jiuzi with technical support, consulting services and other management services relating to its day-to-day business operations and management, on an exclusive basis, utilizing its advantages in technology, business management and information. For services rendered to Zhejiang Jiuzi by Jiuzi WFOE under this agreement, Jiuzi WFOE is entitled to collect a service fee that shall be calculated based upon service hours and multiple hourly rates provided by Jiuzi WFOE. The service fee should approximately equal to Zhejiang Jiuzi’s net profit. The Exclusive Business Cooperation Agreement shall remain in effect for ten years unless earlier terminated upon written confirmation from both Jiuzi WFOE and Zhejiang Jiuzi before expiration. Otherwise, this agreement can only be extended by Jiuzi WFOE and Zhejiang Jiuzi does not have the right to terminate the agreement unilaterally. Share Pledge Agreement Under the Share Pledge Agreement between Jiuzi WFOE and certain shareholders of Zhejiang Jiuzi together holding 1,000,000 shares, or 100% of the equity interests, of Zhejiang Jiuzi (“Zhejiang Jiuzi Shareholders”), the Zhejiang Jiuzi Shareholders pledged all of their equity interests in Zhejiang Jiuzi to Jiuzi WFOE to guarantee the performance of Zhejiang Jiuzi’s obligations under the Exclusive Business Cooperation Agreement. Under the terms of the Share Pledge Agreement, in the event that Zhejiang Jiuzi breaches its contractual obligations under the Exclusive Business Cooperation Agreement, Jiuzi WFOE, as pledgee, will be entitled to certain rights, including, but not limited to, the right to dispose of dividends generated by the pledged equity interests. The Zhejiang Jiuzi Shareholders also agreed that upon occurrence of any event of default, as set forth in the Share Pledge Agreement, Jiuzi WFOE is entitled to dispose of the pledged equity interest in accordance with applicable PRC laws. The Zhejiang Jiuzi Shareholders further agree not to dispose of the pledged equity interests or take any actions that would prejudice Jiuzi WFOE’s interest. The Share Pledge Agreement shall be effective until the full payment of the service fees under the Business Cooperation Agreement has been made and upon termination of Zhejiang Jiuzi’s obligations under the Business Cooperation Agreement. The purposes of the Share Pledge Agreement are to (1) guarantee the performance of Zhejiang Jiuzi’s obligations under the Exclusive Business Cooperation Agreement, (2) ensure the shareholders of Zhejiang Jiuzi do not transfer or assign the pledged equity interests, or create or allow any encumbrance that would prejudice Jiuzi WFOE’s interests without Jiuzi WFOE’s prior written consent and (3) provide Jiuzi WFOE control over Zhejiang Jiuzi. The Company has concluded that the Company is the primary beneficiary of Zhejiang Jiuzi and its subsidiaries, and should consolidate financial statements. The Company is the primary beneficiary based on the VIE Agreements that each equity holder of Zhejiang Jiuzi pledged their rights as a shareholder of Zhejiang Jiuzi to Jiuzi WFOE. These rights include, but are not limited to, voting on all matters of Zhejiang Jiuzi requiring shareholder approval, disposing of all or part of the shareholder’s equity interest in Zhejiang Jiuzi, oversee and review Zhejiang Jiuzi’s operation and financial information. As such, the Company, through Jiuzi WFOE, is deemed to hold all of the voting equity interest in Zhejiang Jiuzi and its subsidiaries. For the periods presented, the Company has not provided any financial or other support to either Zhejiang Jiuzi or its subsidiaries. However, pursuant to the Exclusive Business Cooperation Agreement, the Company may provide complete technical support, consulting services and other services during the term of the VIE agreements. Though not explicit in the VIE agreements, the Company may provide financial support to Zhejiang Jiuzi and its subsidiaries to meet its working capital requirements and capitalization purposes. The terms of the VIE Agreements and the Company’s plan of financial support to the VIEs were considered in determining that the Company is the primary beneficiary of the VIEs. Accordingly, the financial statements of the VIEs are consolidated in the Company’s consolidated financial statements. Based on the foregoing VIE Agreements, Jiuzi WFOE has effective control of Zhejiang Jiuzi and its subsidiaries, which enables Jiuzi WFOE to receive all of their expected residual returns and absorb the expected losses of the VIE and its subsidiaries. Accordingly, the Company consolidates the accounts of Zhejiang Jiuzi and its subsidiaries for the periods presented herein, in accordance with Accounting Standards Codification, or ASC, 810-10, Consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. Significant inter-company transactions have been eliminated in consolidation. Going Concern and Management’s Plan The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As of October 31, 2022, the Company had an accumulated deficit of $9,342,111. The Company plans to establish provincial regional sales centers nationwide to geographically expand the market and adopt centralized procurement system to reduce overhead cost and obtain volume discount. The company will also cooperate with more brands of NEV, introduce more quality services and strengthen its publicity to attract more franchisees to join. Additionally, the Company will be undertaking capital raising activities to provide additional cash to meet current and future liquidity needs. Management believes that it will be able to obtain the necessary financing and fund future expansion plans; however, there is no assurance that the Company will be successful in securing sufficient funds to sustain or grow its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. In particular, the novel coronavirus (“COVID-19”) pandemic and the resulting adverse impacts to global economic conditions, as well as our operations, may impact future estimates including, but not limited to, our allowance for loan losses, inventory valuations, fair value measurements, asset impairment charges and discount rate assumptions. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding. Functional and presentation currency The functional currency of the Company is the currency of the primary economic environment in which the Company operates which is Chinese Yuan (“RMB”). Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end are included in income statement of the period. For the purpose of presenting these financial statements, the Company’s assets and liabilities are expressed in US$ at the exchange rate on the balance sheet date, stockholder’s equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholder’s equity section of the balance sheets. Exchange rate used for the translation as follows: US$ to RMB Period Average October 31, 2022 7.3003 6.6105 October 31, 2021 6.3968 6.4242 October 31, 2020 6.6925 6.4164 Fair Values of Financial Instruments The Company adopted ASC 820 “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosures requirements for fair value measures. Current assets and current liabilities qualified as financial instruments and management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their current interest rate is equivalent to interest rates currently available. The three levels are defined as follow: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value. As of the balance sheet date, the estimated fair values of the financial instruments approximated their fair values due to the short-term nature of these instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates the hierarchy disclosures each year. Related parties The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Cash and Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Accounts Receivable Accounts receivable are recorded at the net value less estimates for expected credit losses. Management regularly reviews outstanding accounts and provides an allowance for doubtful accounts. When collection of the original invoice amounts is no longer probable, the Company will either partially or fully write-off the balance against the allowance for doubtful accounts. Short-term investments Short-term investments consist primarily of investments in fixed deposits with original maturities between three months and one year and certain investments in wealth management products and other investments that the Company has the intention to redeem within one year. As of October 31, 2022 and 2021, the investments in bank wealth management and security that were recorded as short-term investments amounted to $834,303 and $1,180,772, respectively. Loans Receivable Loans receivable are recorded at origination at the fair value less estimates for expected credit losses. Management regularly reviews outstanding accounts and provides an allowance for credit losses. When collection of the original amounts is no longer probable, the Company will either partially or fully write-off the balance against the allowance for credit losses. Revenue Recognition In 2014, the FASB issued guidance on revenue recognition (“ASC 606”), with final amendments issued in 2016. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company has concluded that the new guidance did not require any significant change to its revenue recognition processes. The Company’s revenues consist of sales of vehicle by the Company’s own corporate retail store to third party customers, sales of vehicle to franchisees as a supplier, fees from retail stores operated by franchisees, and sublease of vehicles to third party customers. Revenues from franchised stores include initial franchise fees and annual royalties based on a percent of net incomes. The Company recognizes sales of vehicle revenues at the point in time when the Company has transferred physical possession of the goods to the customer and the customer has accepted the goods, therefore, indicating as control of the goods has been transferred to the customer. The transaction price is determined and allocated to the product prior to the transfer of the goods to the customer. The initial franchise services include a series of performance obligations and an indefinite license to use the Company’s trademark. The series of performance obligations are specific services and deliverables that are set forth in the agreement and are billed and receivable as delivered and accepted by the franchisee. These services and deliverables may be customized and are not transferable to other third parties. The royalty revenues are distinct from the initial franchise services. The Company recognizes royalty revenues only when the franchisee has generated positive annual net income, at which point the Company has the contractual right to request for payment of the royalty. The royalty is calculated as a percentage of the franchisees’ annual net income. The Company subleases vehicles to third party and recognizes revenues over time which is ratably on a monthly basis over the lease period according to the lease agreement. The Company estimates potential returns and records such estimates against its gross revenue to arrive at its reported net sales revenue. The Company has not experienced any sales returns. Inventory Inventories, which are primarily comprised of finished goods for sale, are stated at the lower of cost or net realizable value, using the first-in first-out method. The Company evaluates the need for reserves associated with obsolete, slow-moving and non-salable inventory by reviewing net realizable values on a periodic basis. Only defects products can be return to our suppliers. Advertising The Company expenses advertising costs as incurred and includes it in selling expenses. The Company recorded $ nil Income Taxes Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the years of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. A tax benefit from an uncertain tax position may be recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that the relevant taxing authority that has full knowledge of all relevant information will examine each uncertain tax position. Although the Company believes the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. Earnings (loss) per share Basic income (loss) per share is computed by dividing net income (loss) attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. However, ordinary share equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded. All per share amounts for all periods presented herein have been adjusted to reflect the Share Subdivision and 2 for 1 stock dividend on post-Share Subdivision basis. See Note 17. Property and Equipment & Depreciation Property and equipment are stated at historical cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Property and equipment are depreciated on a straight-line basis over the following periods: Equipment 5 years Furniture and fixtures 5 years Motor vehicles 10 years Intangible Assets & Amortization Intangible assets are stated at historical cost net of accumulated amortization. Software are amortized on a straight-line basis over the estimated useful life of the software which is 3 years. Impairment of Long-lived assets The Company accounts for impairment of property and equipment and amortizable intangible assets in accordance with ASC 360, “Accounting for Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of”, which requires the Company to evaluate a long-lived asset for recoverability when there is event or circumstance that indicate the carrying value of the asset may not be recoverable. An impairment loss is recognized when the carrying amount of a long-lived asset or asset group is not recoverable (when carrying amount exceeds the gross, undiscounted cash flows from use and disposition) and is measured as the excess of the carrying amount over the asset’s (or asset group’s) fair value. New Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires contract assets and contract liabilities (e.g., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, “Revenue from Contracts with Customers”. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in purchase accounting. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-13) related to the measurement of credit losses on financial instruments. This pronouncement, along with subsequent ASUs issued to clarify certain provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. The management adopted the new standard and estimated the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of such financial asset. Besides the above, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted would have a material effect on the consolidated financial statements. |
Variable Interest Entities and
Variable Interest Entities and Other Consolidation Matters | 12 Months Ended |
Oct. 31, 2022 | |
Variable Interest Entities and other Consolidation Matters [Abstract] | |
VARIABLE INTEREST ENTITIES AND OTHER CONSOLIDATION MATTERS | NOTE 3 – VARIABLE INTEREST ENTITIES AND OTHER CONSOLIDATION MATTERS On June 15, 2020, Jiuzi WFOE, Zhejiang Jiuzi and the Zhejiang Jiuzi Shareholders. The key terms of these VIE Agreements are summarized in “Note 1 - Organization and Principal Activities” above. VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. Jiuzi WFOE is deemed to have a controlling financial interest and be the primary beneficiary of Zhejiang Jiuzi and its subsidiaries, because it has both of the following characteristics: 1. power to direct activities of Zhejiang Jiuzi that most significantly impact its economic performance, and 2. obligation to absorb losses of the entity that could potentially be significant to Zhejiang Jiuzi or right to receive benefits from the entity that could potentially be significant to Zhejiang Jiuzi. In addition, as all of these VIE agreements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC, they would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed as in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could further limit the Company’s ability to enforce these VIE agreements. Furthermore, these contracts may not be enforceable in China if PRC government authorities or courts take a view that such contracts contravene PRC laws and regulations or are otherwise not enforceable for public policy reasons. In the event the Company is unable to enforce these VIE Agreements, it may not be able to exert effective control over Zhejiang Jiuzi and its ability to conduct its business may be materially and adversely affected. All of the Company’s main current operations are conducted through Zhejiang Jiuzi and its subsidiaries. Current regulations in China permit Zhejiang Jiuzi to pay dividends to the Company only out of its accumulated distributable profits, if any, determined in accordance with their articles of association and PRC accounting standards and regulations. The ability of Zhejiang Jiuzi to make dividends and other payments to the Company may be restricted by factors including changes in applicable foreign exchange and other laws and regulations. Risks of variable interest entity structure In the opinion of management, (i) the corporate structure of the Company is in compliance with existing PRC laws and regulations; (ii) the VIE Arrangements are valid and binding, and do not result in any violation of PRC laws or regulations currently in effect; and (iii) the business operations of WFOE and the VIE are in compliance with existing PRC laws and regulations in all material respects. However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly, the Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to the foregoing opinion of its management. If the current corporate structure of the Company or the VIE Arrangements is found to be in violation of any existing or future PRC laws and regulations, the Company may be required to restructure its corporate structure and operations in the PRC to comply with changing and new PRC laws and regulations. In the opinion of management, the likelihood of loss in respect of the Company’s current corporate structure or the VIE Arrangements is remote based on current facts and circumstances. The following financial information of the VIEs in the PRC are included in the accompanying consolidated financial statements as of October 31, 2022 and 2021, and for the years ended October 31, 2022, 2021 and 2020. October 31, October 31, 2022 2021 Current assets Cash and cash equivalents 207,252 433,430 Restricted cash 41,231 - Short-term investment 834,303 1,180,772 Accounts receivables 39,349 6,566 Accounts receivables – related parties 214,946 529,407 Due from related parties 72,363 372,759 Inventories 628,187 266,106 Advances to suppliers 392,776 1,594,278 Loans receivable from related parties, net - current portion, 6,661,290 9,673,893 Other receivables and other current assets 1,080,993 1,228,738 10,172,690 15,285,949 Non-current assets Property, plant and equipment, intangible assets 653,752 391,161 Operating lease right of use asset 725,904 846,200 Loans receivable from related parties, non-current portion 1,631,340 4,136,657 Other non-current assets 66,784 558,702 3,077,780 5,932,720 Total assets of VIE 13,250,470 21,218,669 Current Liabilities Accruals and other payables 295,182 595,364 Accounts payable – related party 6,986 44,366 Accounts payable - 15,695 Taxes payable 2,652,103 2,923,130 Operating lease liabilities - current 374,676 163,148 Amounts due to parent and non-VIE subsidiaries of the Company 9,343,423 6,670,432 Contract liability 1,343,442 114,916 Contract liability – related party-current 825,990 164,804 14,841,802 10,691,855 Non-current liabilities Operating lease liabilities – non-current 393,509 537,432 Contract liability – related party-non current 150,494 - Deferred income 236,290 1,263,840 Other non-current liabilities 130,131 - 910,424 1,801,272 Total liabilities of VIE 15,752,226 12,493,127 For the years ended October 31, October 31, October 31, Revenues 6,340,245 9,536,987 8,210,595 Net income (loss) (12,235,731 ) 1,433,167 3,423,542 Net cash (used in) generated by operating activities (306,089 ) (1,160,565 ) 515,297 Net cash (used in) generated by investing activities 236,885 (1,485,306 ) (26,288 ) Net cash provided by financing activities (115,742 ) (38,916 ) (164,056 ) As of October 31, 2022 and 2021, the VIEs have not incurred any amount due from non-VIE subsidiaries of the Company. As of October 31, 2022 and 2021, the VIEs have $9,343,423 and $8,519,354 All material related party transactions are disclosed in Note 11 or elsewhere in these consolidated financial statements. For the years ended October 31, 2022, 2021 and 2020, the VIES have not entered into any transaction with other subsidiaries that are not VIEs. If and when such transaction incurs, such transaction would be eliminated upon consolidation. Under the contractual arrangements with the VIEs, the Company has the power to direct activities of the VIEs and can have assets transferred out of the VIEs under its control. Therefore, the Company considers that there is no asset in any of the VIEs that can be used only to settle obligations of the VIEs, except for registered capital and PRC statutory reserves. As all VIEs are incorporated as limited liability companies under the Company Law of the PRC, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. The Company and its directly and indirectly wholly owned subsidiaries, Jiuzi (HK) and Jiuzi WFOE do not have any substantial assets or liabilities or result of operations. They were incorporated for the purpose of providing a tax efficient structure for the Zhejiang Jiuzi to raise additional capital for its development. |
Inventory
Inventory | 12 Months Ended |
Oct. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 4 – INVENTORY Inventory, net comprised of the following: October 31, October 31, Finished goods 628,187 266,106 Total, net 628,187 266,106 Inventory write-down expense was $3,903 and $ nil |
Accounts Receivables
Accounts Receivables | 12 Months Ended |
Oct. 31, 2022 | |
Accounts Receivables [Abstract] | |
ACCOUNTS RECEIVABLES | NOTE 5 – ACCOUNTS RECEIVABLES Accounts receivables, net is comprised of the following: October 31, October 31, Accounts receivables 45,100 6,566 Allowance for doubtful accounts (5,753 ) - Total, net 39,347 6,566 October 31, October 31, Accounts receivables-related parties 354,857 547,865 Allowance for doubtful accounts (139,911 ) (18,458 ) Total, net 214,946 529,407 The following is a summary of the activity in the allowance for doubtful accounts: October 31, October 31, Balance at beginning of year 18,458 53,727 Provision 143,003 - Charge-offs - - Recoveries - (37,591 ) Effect of translation adjustment (15,797 ) 2,322 Balance at end of year 145,664 18,458 Bad debt expense (recoveries) was $143,003, ($37,591) and $11,474 for the years ended October 31, 2022, 2021 and 2020, respectively. |
Short-Term Investment
Short-Term Investment | 12 Months Ended |
Oct. 31, 2022 | |
Short-Term Investment [Abstract] | |
SHORT-TERM INVESTMENT | NOTE 6 – SHORT-TERM INVESTMENT Short-term investment comprised of the following: As of October 31, 2022 Level 1 Level 2 Level 3 Total Bank Wealth Management - 265,836 - 265,836 Securities - 568,467 - 568,467 - 834,303 - 834,303 As of October 31, 2021 Level 1 Level 2 Level 3 Total Bank Wealth Management - 1,024,443 - 1,024,443 Securities - 156,329 - 156,329 - 1,180,772 - 1,180,772 |
Loans Receivables
Loans Receivables | 12 Months Ended |
Oct. 31, 2022 | |
Receivables [Abstract] | |
LOANS RECEIVABLES | NOTE 7 – LOANS RECEIVABLES Loans receivables include amounts due from related franchisees and are presented net of imputed interest and an allowance for estimated loan losses. The loans are provided in the form of credit line to related franchisee to support their operations. These loans are unsecured with a due date of 18 months upon initial drawing. Management has determined that the 18-month borrowing rate most appropriately capture the financing cost for these loans. Given that the loans are in the forms of credit lines to the franchisees that may have varying balances over time, as a practical expedient, management has elected to the expense the interest as a cost of revenue at inception rather than amortize over time. The amounts charged were $407,451, $724,337 and $755,707 for the years ended October 31, 2022, 2021 and 2020, respectively. The allowance for loan losses represents an estimate of the amount of net losses inherent in our portfolio of managed receivables as of the applicable reporting date and expected to become evident during the following 12 months. Each lending request is evaluated by considering the borrower’s financial condition. The Company uses a proprietary model to assign each franchisee a risk rating. This model uses historical franchisee performance data to identify key factors about a franchisee that are considered most significant in predicting a franchisee’s ability to meet its financial obligations. The Company also considers numerous other financial and qualitative factors of the franchisee’s operations, including capitalization and leverage, liquidity and cash flow, profitability, and credit history with the Company and other creditors. The Company also consider recent trends in delinquencies and defaults, recovery rates, age of the loans. and the economic environment in assessing the models used in estimating the allowance for loan losses, and may adjust the allowance for loan losses to reflect factors that may not be captured in the models. In addition, the Company periodically consider whether the use of additional metrics would result in improved model performance and revise the models when appropriate. The provision for loan losses is the periodic expense of maintaining an adequate allowance. An account is considered delinquent when the related franchisee fails to make a substantial portion of a scheduled payment 3 months after the due date. For purposes of determining impairment, loans are evaluated collectively, as they represent a large group of smaller-balance homogeneous loans, and therefore, are not individually evaluated for impairment. As these loans are non-interest bearing, the Company recorded a discount to the face amount using an imputed interest rate of 11.75% for the years ended October 31, 2022, 2021 and 2020 to reflect the fair value of the loan at origination. The imputed interest rate reflects the borrowing rate in the market under similar terms and duration. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred. October 31, October 31, Loan to related franchisees, gross 17,678,913 16,591,780 Discount based on imputed interest rate of 11.75% (2,076,767 ) (1,949,060 ) Loan to related franchisees, net of discount 15,602,146 14,642,720 October 31, October 31, Loan to related franchisees, net of discount 15,602,146 14,642,720 Provision for credit losses (7,309,516 ) (832,170 ) Loan to related franchisees, net of discount and allowance 8,292,630 13,810,550 The following is a summary of the activity in the allowance for credit loss: October 31, October 31, Balance at beginning of year 832,170 498,762 Provision 7,267,026 409,762 Charge-offs - - Recoveries - (100,739 ) Effect of translation adjustment (789,680 ) 24,385 Balance at end of year 7,309,516 832,170 Credit loss was $7,267,026, $309,023 and $305,128 for the years ended October 31, 2022, 2021 and 2020, respectively. The Company has made additional allowance for credit losses for the year ended October 31, 2022 due to the aging of the balances and the current market and economic condition which have significant impact on the company’s ability to collect outstanding debts from its franchisees. Accordingly, the Company has adopted a more conservative estimate for the credit losses, resulting in a higher impairment charge. The following is a summary of current and non-current loan receivables, net of allowance for credit losses: October 30, October 31, Loan to related franchisees, net of discount and allowances, current 6,661,290 9,673,893 Loan to related franchisees, net of discount and allowances, non-current 1,631,340 4,136,657 8,292,630 13,810,550 Credit Quality The Company extends credit to related franchisees primarily in the form of lines of credit to purchase vehicles and support their daily operations. Each of the franchisees are assigned to one of four groups according to risk ratings with Group I demonstrating the best credit history with the Company and Group IV demonstrating the weakest. ● Group I – strong to superior credit rating; ● Group II – fair to favorable credit rating; ● Group III – marginal to weak credit rating; and ● Group IV – poor credit rating, including franchisees classified as uncollectible. Generally, the Company suspends credit lines and does not extend further funding to franchisee who are unable to repay the balance within 3 months after the 18-month deadline. The credit quality of the loans receivables is evaluated based on the Company’s adjusted aging schedule. The Company regularly reviews the model to confirm the continued business significance and statistical predictability of the model and may make updates to improve the performance of the model. The credit quality analysis of franchisee loan receivables at October 31, 2022 and 2021 was as follows October 31, October 31, Franchisee Financing: Group I 3,622,174 6,972,094 Group II 6,109,130 5,221,311 Group III 4,358,992 1,604,938 Group IV 1,511,850 844,377 Balance at end of year 15,602,146 14,642,720 |
Other Receivables and Other Cur
Other Receivables and Other Current Assets | 12 Months Ended |
Oct. 31, 2022 | |
Other Receivables and Other Current Assets [Abstract] | |
OTHER RECEIVABLES AND OTHER CURRENT ASSETS | NOTE 8 – OTHER RECEIVABLES AND OTHER CURRENT ASSETS Other receivables and other current assets comprised of the following: October 31, October 31, Deposits put down on the car 935,573 42,835 Excess input VAT credits 48,589 28,292 Government grant receivable - 776,640 Prepaid expense - 244,213 Cash advance to employee 55,600 136,758 Total 1,039,762 1,228,738 |
Property & Equipment
Property & Equipment | 12 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY & EQUIPMENT | NOTE 9 – PROPERTY & EQUIPMENT Property and equipment, net comprised of the following: October 31, October 31, At Cost: Equipment 73,415 74,114 Motor vehicles 340,462 371,436 Leasehold Improvement 502,969 30,397 Furniture and fixtures 9,054 8,998 925,900 484,945 Less: Accumulated depreciation 284,542 111,837 Total, net 641,358 373,108 Depreciation expenses was $206,014, $89,207 and $8,504 for the years ended October 31, 2022, 2021 and 2020, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Oct. 31, 2022 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | NOTE 10 – INTANGIBLE ASSETS Intangible assets, net comprised of the following: October 31, October 31, At Cost: Financial software 17,710 17,196 Domain name 2,643 3,068 17,711 20,264 Less: Accumulated Amortization 5,318 2,211 Total, net 12,393 18,053 Amortization expenses was $3,783, $2,201 and $ nil |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 11 – RELATED PARTY TRANSACTIONS The franchisees are related parties of the Company due to the nominal, symbolic equity interest ownership in the franchisees. The franchisees were originally incorporated with the Company shown as a 51.0% owner and subsequently as a 1.25% owner. The intent of having such ownership percentage in the franchisees was to enable the franchisees to register their respective individual business name to include the words “Jiuzi” as required by the local business bureau. Subsequent to the successful registration by the franchisees and completion of the Company’s obligations under the franchise and license agreement, the Company will decrease its ownership interest in these franchisees to 0%. The Company’s percentage of shareholding is nominal, inconsequential, and symbolic. The Company’s equity interest of 51.0% and 1.25% in the franchisees were symbolic in nature. The Company did not and does not control the franchisees, exert significant influence over the franchisees, have the power to direct the use of the franchisee’s assets and the fulfillment of their obligations, appoint or dismiss directors, authorized representatives, or executive officers of the franchisees. Management has also determined that the percentage shareholding in the franchisee is not compensatory to the Company in nature, and accordingly, would not be subject to consideration as income under revenue recognition criteria. The Company did not contribute any permanent equity capital in these franchisees and if these franchisees were to incur substantial losses and accumulate significant liabilities, the Company is not obligated to absorb such losses on behalf of the franchisees. Accordingly, the management has determined that the financial positions and results of operations of these franchisees should not be included as part of the Company’s consolidated financial statements. In addition, the Company did not and will not receive any actual ownership interest in the franchisees, nor receive any benefits from being a 51% or 1.25% owner in the franchisees. Any after tax profits generated by the franchisees that are potentially distributable to the Company are governed by the royalty agreements between the Company and the franchisee not the shareholding percentage. Accordingly, the management has determined that the ownership interest is not part of the initial franchise fee. Accounts receivable from related franchisees comprised of the following: October 31, October 31, Pingxiang Jiuzi New Energy Automobile Co., Ltd - 2,490 Yichun Jiuzi New Energy Automobile Co., Ltd 112,608 149,010 Puyang Guozheng New Energy Vehicle Sales Co., Ltd - 54,144 Wanzai Jiuzi New Energy Automobile Co., Ltd 23,043 78,384 Xinyu Jiuzi New Energy Automobile Co., Ltd 65,352 151,253 Gao’an Jiuzi New Energy Automobile Co., Ltd - 36,847 Quanzhou Jiuzi New Energy Automobile Co., Ltd 5,919 20,135 Dongming Jiuzi New Energy Automobile Co., Ltd - 9,849 Yulin Jiuzi New Energy Automobile Co., Ltd 8,024 27,295 Total 214,946 529,407 Accounts receivables above derived from sales of vehicles supplied to the Company’s franchisees without any special payment terms. Sales revenues from related parties’ franchisees were $35,085, $88,851 and $139,780 for the years ended October 31, 2022, 2021 and 2020, respectively Loan to related franchisees is comprised of the following (See Note 7 for details): Gross Discount Allowance Net Gross Discount Allowance Net Jiangsu Changshu $ 356,190 $ 41,842 $ 208,300 $ 106,048 $ 268,886 $ 31,587 $ 9,680 $ 227,619 Shandong Dongming 627,826 73,752 211,033 343,041 596,145 70,030 23,846 502,269 Jiangxi Gao’an 605,621 71,143 287,121 247,357 495,861 58,250 19,834 417,777 Hunan Huaihua 719,814 84,558 254,690 380,566 294,331 34,575 10,596 249,160 Jiangxi Jiujiang 279,279 32,807 171,188 75,284 446,122 52,407 17,845 375,870 Hunan Liuyang 413,509 48,576 223,766 141,167 580,250 68,163 23,210 488,877 Hunan Loudi 540,686 63,515 232,408 244,763 583,945 68,597 23,358 491,990 Hunan Pingjiang 392,004 46,049 175,230 170,725 564,977 66,369 22,599 476,009 Jiangxi Pingxiang 583,694 68,567 299,055 216,072 694,826 81,622 27,793 585,411 Henan Puyang 645,124 75,784 245,216 324,124 982,189 115,379 39,288 827,522 Fujian Quanzhou 437,376 51,379 288,737 97,260 439,717 51,654 35,177 352,886 Jiangxi Wanzai 512,867 60,247 207,450 245,170 557,532 65,494 22,301 469,737 Jiangxi Xinyu 921,187 108,213 338,524 474,450 1,191,815 140,004 47,673 1,004,138 Jiangxi Yichun 95,301 11,195 50,234 33,872 102,590 12,051 2,873 87,666 Jiangxi Yudu 565,823 66,468 264,583 234,772 555,343 65,236 22,214 467,893 Guangdong Zengcheng 456,895 53,672 294,661 108,562 544,391 63,950 21,776 458,665 Jiangxi Shanggao 594,055 69,784 177,529 346,742 425,216 49,950 17,009 358,257 Shandong Heze 856,193 100,578 323,148 432,467 750,382 88,148 30,015 632,219 Jiangxi Ganzhou 121,328 14,253 62,408 44,667 122,834 14,429 6,879 101,526 Anhui Fuyang - - - - 31,266 3,672 1,876 25,718 Hunan Liling 66,105 7,765 20,696 37,644 75,443 8,862 4,527 62,054 Hunan Zhuzhou 130,479 15,328 54,913 60,238 109,828 12,902 7,688 89,238 Hunan Changsha 8,904 1,046 1,962 5,896 - - - - Guangxi Guilin 39,499 4,640 8,703 26,156 - - - - Hunan Chenzhou 508,568 59,742 216,675 232,151 556,864 65,416 22,275 469,173 Jiangxi Ji’an 572,830 67,291 232,646 272,893 513,019 60,265 20,521 432,233 Guangxi Nanning 164,740 19,352 87,227 58,161 183,322 21,535 11,733 150,054 Hunan Leiyang 632,745 74,329 221,954 336,462 316,450 37,174 25,316 253,960 Guangdong Dongguan Changping 458,637 53,877 137,329 267,431 262,089 30,788 18,870 212,431 Hunan Changsha County 61,641 7,241 32,369 22,031 70,348 8,264 3,377 58,707 Guizhou Zunyi 242,153 28,446 92,445 121,262 174,745 20,528 11,184 143,033 Jiangsu Xuzhou 231,441 27,188 122,605 81,648 264,134 31,028 19,018 214,088 Hunan Yongxing 242,475 28,484 119,993 93,998 229,312 26,938 14,676 187,698 Hunan Hengyang 168,814 19,831 57,952 91,031 96,830 11,375 5,423 80,032 Hainan Sanya 127,994 15,036 112,958 0 83,542 9,814 4,678 69,050 Hunan Changsha Yuhua 493,196 57,936 131,535 303,725 281,393 33,056 10,130 238,207 Shandong Heze Dingtao 520,592 61,155 140,112 319,325 312,659 36,728 22,511 253,420 Shandong Heze Yuncheng 465,800 54,718 158,529 252,553 406,457 47,747 32,517 326,193 Shandong Heze Gaoxin 54,860 6,445 17,169 31,246 62,532 7,346 3,752 51,434 Shandong Zouping 63,011 7,402 27,280 28,329 56,279 6,611 3,377 46,291 Shandong Juye 411,995 48,398 174,963 188,634 470,114 55,225 37,609 377,280 Shandong Juancheng 449,363 52,787 134,326 262,250 434,596 51,053 34,768 348,775 Shandong Shanxian 494,525 58,093 135,766 300,666 329,855 38,749 26,388 264,718 Jiangxi Zhangshu 67,120 7,885 27,949 31,286 45,336 5,326 2,720 37,290 Guangdong Foshan 96,776 11,368 43,582 41,826 110,447 12,974 6,185 91,288 Jiangxi Jingdezhen 78,079 9,172 18,728 50,179 18,760 2,204 1,125 15,431 Guangxi Yulin 391,435 45,982 266,698 78,755 398,554 46,819 15,941 335,794 Shandong Heze Cao County 438,404 51,500 137,247 249,657 500,254 58,766 40,019 401,469 Dongguan Nancheng 5,479 644 1,207 3,628 - - - - Hubei Macheng 99,023 11,632 21,819 65,572 - - - - Shandong Jining Liangshan 13,698 1,609 3,018 9,071 - - - - Guangdong Zhanjiang 35,957 4,224 7,923 23,810 - - - - Hunan Hengyang Shigu 20,547 2,414 4,527 13,606 - - - - Jiangxi Ji’an Yongfeng 18,492 2,172 4,075 12,245 - - - - Hunan Changde 37,669 4,425 8,300 24,944 - - - - Guangxi Nanning Jiangnan 41,095 4,828 9,055 27,212 - - - - Total $ 17,678,913 $ 2,076,767 $ 7,309,516 $ 8,292,630 $ 16,591,780 $ 1,949,060 $ 832,170 $ 13,810,550 The advances paid above are derived from funds advanced to the Company’s franchisees as working capital to support its operations. Such advances are due within 18 months. Accounts payable to related parties’ franchisees comprised of the following: October 31, October 31, Liuyang - 13,898 Wanzai - 8,754 Huaihua - 18,744 XinYu - 2,970 Yudu Jiuzi New Energy Automobile Co., Ltd. 6,986 - Total 6,986 44,366 Accounts payable above derived from vehicles purchased by the Company from the franchisees as inventory on a needed basis without any special payment terms. Contract liability – related party comprised of the following: October 31, October 31, Current Portion Unearned franchise fee 825,990 81,474 Customer deposit - 83,330 825,990 164,804 Non-current Portion Unearned franchise fee 150,494 - Total, net 976,484 164,804 Unearned franchise fee comprised of the following: October 31, October 31, Unearned franchise fee - current Hainan Sanya - 48,462 Hunan Changsha - 4,299 Hunan Yueyang - 4,299 Hunan Jishou - 1,563 Zhejiang Hangzhou Xiaoshan - 4,220 Hunan Yueyang Xiangyin - 4,299 Guangdong Zhongshan - 14,332 Zhejing JiaXing 68,490 - Henan Jiuzi New Energy Vehicle Sales and Service Co. LTD 13,698 - Zhejiang Huasu Automobile Service Co., LTD 68,490 - Huzhou Fengtao New Energy Automobile Sales Co., LTD 41,094 - Shandong Shenglong Automobile Sales Co. LTD 68,490 - Nantong Meixinyao Vehicle Sales Service Co., LTD 27,396 - Anhui Auto e-Link Auto Sales Co., LTD 27,396 - Fengshang Network Technology (Shaoxing) Co., LTD 41,094 - Anhui LiuAn 41,094 - Guangxi Qinzhou 13,698 - Guangxi Qinzhou Lingshan 41,094 - Zhejiang Shaoxing Shengzhou 68,490 - Xinjiang Urumqi 68,490 - Hunan Changzhutan 2,740 - Hunan Shaoyang 1,370 - Guangxi Liuzhou (Guangxi Shuangru Trading Co., Ltd.) 68,490 - Guangxi Nanning 13,697 - Guangxi Yulin 4,109 - Guangxi Nanning (Guangxi Zhanyuan Automobile) 41,094 - Guangxi Yulin (Yulin Qihui Automobile) 82,188 - Zhejiang Huzhou 6,849 Sanmen Xian Wuji Automobile Sales 274 - Shandong Yuncheng (Yuncheng Zhanteng New Energy Automobile Co., Ltd.) 274 - Zhejiang Shaoxing Niuniu Automobile Sales Service Co., Ltd. 274 - Yongkang Yijie Automobile Trading Co., LTD 5479 - Ningbo Jinhui Internet Technology Service Co., LTD 1370 - Xingtai Wanhua Botian Automobile Trading Co., LTD 822 - Zhejiang Hangzhou Xiaoshan Agent 822 - Hunan Changsha Yuelu Agent 822 - Hunan Yueyang Xiangyin Agent 822 - Hunan Yueyang Yueyang Lou Agent 822 - Guangdong Zhongshan City Agent 2,740 - Hunan Yueyang Miluo Agent 822 - Zhejiang Hangzhou Gongshu Agent 274 - Zhejiang Jiaxing Nanhu Agent 822 - 825,990 81,474 Unearned franchise fee – non-current Guizhou 320 Automobile Service Co., LTD 13,698 - Yongkang Yijie Automobile Trading Co., LTD 21,004 - Ningbo Jinhui Internet Technology Service Co., LTD 5,250 - Xingtai Wanhua Botian Automobile Trading Co., LTD 3,219 - Zhejiang Hangzhou Xiaoshan Agent 2,055 - Hunan Changsha Yuelu Agent 2,123 - Hunan Yueyang Xiangyin Agent 2,123 - Hunan Yueyang Yueyang Lou Agent 2,123 - Guangdong Zhongshan City Agent 7,077 - Hunan Yueyang Miluo Agent 2,328 - Henan Luohe Yancheng Agent 2,740 - Guangdong Foshan Shunde Agent 4,109 - Chongqing Banan Agent 1,370 - Zhejiang Hangzhou Gongshu Agent 798 - Jiangsu Jingjiang Agent 2,740 - Shanghai Fengxian Agent 2,740 - Chengdu municipal level Agent 71,230 - Zhejiang Jiaxing Nanhu Agent 2,397 - Hunan Hengyang Agent 1,370 - 150,494 - Total 976,484 81,474 The deferred revenues above derived from initial franchise fees payments received in advance for services which have not yet been performed. The initial franchise fees include a series of performance obligations and an indefinite license to use the Company’s trademark. Amounts are recognized as advances when received, and are recognized as deferred revenues when the minimum amount required under the franchise or license agreement is attained. The payments are received in advance progressively and are not refundable once the required amount is attained. Such amounts are recognized as revenues when the Company performed the initial services required under the franchise or license agreement, which is generally when a specific performance obligation is completed or when and if the franchise or license agreement is terminated. Advance received from related franchisees for purchase car deposits comprised of the following: October 31, October 31, Guangxi Yulin - 46,898 Hunan Huaihua - 36,432 Total, net - 83,330 The amount derived from initial franchise deposit received in advance for purchase car. Amounts are recognized as advances when received, and are recognized as revenues when the performance of obligation has completed. Related parties receivables comprised of the following: October 31, October 31, Mr. Shuibo Zhang 13,556 296,252 Mr. Qi Zhang 22,922 38,806 Mr. Ruchun Huang 30,675 32,491 Total 67,153 367,549 As of October 31, 2022 and 2021, the Company has an outstanding receivable of $13,556 and $296,252, respectively, from Mr. Shuibo Zhang, the Company’s shareholder, director, and officer. The amount was advanced to Mr. Zhang for business purposes. The advances were considered due on demand in nature and have not been formalized by a promissory note and are non-interest bearing. As of October 31, 2022 and 2021, the Company has an outstanding receivable of $22,922 and $38,806, respectively, from Mr. Qi Zhang, the vice president of marketing department. The amount was advanced to Mr. Zhang for business purposes. The advances were considered due on demand in nature and have not been formalized by a promissory note and are non-interest bearing and due on demand without a specified maturity date. As of October 31, 2022 and 2021, the Company has an outstanding receivable of $30,675 and $32,491, respectively, from Mr. Ruchun Huang, the Shangli Jiuzi New Energy Vehicle Co., Ltd.’s legal representative. The amount was advanced to Mr. Huang for business purposes. The advances were considered due on demand in nature and have not been formalized by a promissory note and are non-interest bearing. Related parties payables comprised of the following: October 31, October 31, Mr. Ligui Xu 6,849 - Total 6,849 - As of October 31, 2022 and 2021, the Company has an outstanding payable of $6,849 and $ nil |
Deferred Income and Others Long
Deferred Income and Others Long Term Liabilities | 12 Months Ended |
Oct. 31, 2022 | |
Deferred Income And Others Long Term Liabilities Abstract | |
DEFERRED INCOME AND OTHERS LONG TERM LIABILITIES | NOTE 12 – DEFERRED INCOME AND OTHERS LONG TERM LIABILITIES Deferred income comprised of the following government grants which have not yet been earned: October 31, October 31, Subsidy for the maintenance and repair of the office 236,290 341,580 Rent subsidy for office - 922,260 Total 236,290 1,263,840 Franchise security deposits comprised of the following: October 31, October 31, Guangxi Rongxian Junsheng Automobile Trading Co., Ltd. 20,547 - Chongqing Suiqian Trading Co., Ltd. 27,396 - Guangxi Yulin Shangfeng Automobile Sales Co., Ltd. 27,396 - Jiangxi Haomen Automobile Sales Co., Ltd. 13,698 - Guangxi Zhanyuan Automobile Sales Co., Ltd. 41,094 - Total 130,131 - |
Leases
Leases | 12 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
LEASES | NOTE 13 – LEASES The Company has one operating leases for its corporate office and retail store. The current lease agreement was signed to cover the lease for the period from August 1, 2021 to July 31, 2026. The Company does not expect to receive the subsidy from PRC government as the Company may not meets the requirement of paying RMB 20 million in income taxes to the government, therefore the specific deferred government subsidy was not recognized. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rate for each lease based primarily on its lease term in PRC which is approximately 4.75%. Operating lease expenses were $257,563 and $83,639 for the years ended October 31, 2022 and 2021, respectively. The components of lease expense and supplemental cash flow information related to leases for the period are as follows: Year Ended October 31, 2022 Lease Cost Operating lease cost (included in general and administrative expenses and cost in the Company’s statement of operations) $ 257,563 Other Information Cash paid for amounts included in the measurement of lease liabilities for the year ended October 31, 2022 $ 224,759 Weighted average remaining lease term – operating leases (in years) 3.58 Average discount rate – operating lease 4.75 % The supplemental balance sheet information related to leases is as follows: October 31, October 31, 2022 2021 Operating leases Right-of-use assets $ 725,903 $ 846,200 Operating lease liabilities $ 768,185 $ 700,580 The undiscounted future minimum lease payment schedule as follows: For the years ending October 31, Amounts 2023 399,344 2024 218,583 2025 196,763 Total 814,690 |
Convertible Debentures
Convertible Debentures | 12 Months Ended |
Oct. 31, 2022 | |
Convertible Debentures [Abstract] | |
CONVERTIBLE DEBENTURES | NOTE 14 – CONVERTIBLE DEBENTURES On December 2, 2021 and on December 6, 2021, the Company issued convertible debenture of $6,000,000 with annual interest rate of 5%, which is valid for 12 months from the date of funds receipt. The debentures are carried out in three stages. In the first stage, the company would issue a convertible debenture of $2,500,000 on December 3, 2021, which is the date of signing this Agreement. Second stage, convertible debenture of $2,500,000 was issued by the company on January 4, 2022, which is the date of filing Registration Statement with SEC. In the third stage, convertible debenture of $1,000,000 will be issued on or about the date the Registration Statement has first been declared effective by the SEC. On December 30, 2022 (the “Maturity Date”), the outstanding balance of the convertible debenture dated December 2, 2021 in the amount of $1,300,000 (principal, plus accrued and unpaid interest thereon) were due for payment. The Company and the Debenture Holder agreed to an extension (the “Extension”) that extends the Maturity Date to June 30, 2023, pursuant to which the Company shall repay the outstanding balance in cash through monthly payments beginning on January 6, 2023 and continue on the same day of each successive month, with each monthly payment equals to the sum of $216,667 of principal, the redemption premium and the accrued and unpaid interest on the Convertible Debentures as of each payment date. In addition, if the Company completes any financing transaction with gross proceeds of in excess of $250,000, the Company shall pay to the Debenture Holder as an optional redemption but no more than 50% of the total proceeds, an amount up to the total amount outstanding under the Convertible Debentures. The outstanding convertible debenture were $2,835,400 and $ nil Interest expenses were $1,337,158, $ nil nil |
Taxes Payable
Taxes Payable | 12 Months Ended |
Oct. 31, 2022 | |
Taxes Payable Abstract | |
TAXES PAYABLE | NOTE 15 – TAXES PAYABLE Taxes payable comprised of the following: October 31, October 31, Value-added tax, net 890,620 1,056,332 Company Income tax 1,645,556 1,950,976 Other taxes 116,678 83,321 Total 2,652,854 2,923,987 |
Contract Liability
Contract Liability | 12 Months Ended |
Oct. 31, 2022 | |
Contract Liability [Abstract] | |
CONTRACT LIABILITY | NOTE 16 – CONTRACT LIABILITY Contract liability comprised of the following: October 31, October 31, Customer deposit for car purchase 1,343,442 114,916 Total, net 1,343,442 114,916 Contract liability – related party See Note 11 for details. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Oct. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 17 – SHAREHOLDERS’ EQUITY As of October 31, 2022 and 2021, the Company had 24,545,333 and 21,426,844 shares issued and outstanding. On October 31, 2020, pursuant to a special resolution adopted by its shareholders to amend and restate the memorandum and articles of associations, the Company conducted a subdivision of its par value with each share of a par value of $0.005 of the authorized share capital of the Company (including issued and unissued share capital) be subdivided into 5 shares of a par value of $0.001 each (the “Share Subdivision”). Immediately following the Share Subdivision, the authorized share capital of the Company was $50,000 divided into 50,000,000 shares of a par value of $0.001 each, and the total issued and outstanding shares were 5,000,000. Subsequent to the Share Subdivision, the Company increased its authorized share capital from 50,000,000 shares to 150,000,000 shares with a par value of $0.001 per share, and issued a stock dividend on 2 for 1 on post-Share Subdivision basis, whereby each shareholder holding 1 share of the 5,000,000 shares outstanding immediately preceding this stock dividend was issued an additional 2 shares; therefore, a total of 10,000,000 shares were issued; immediately following this transaction, there were a total of 15,000,000 shares issued and outstanding. All shares and per share amounts for all periods presented herein have been adjusted to reflect the Share Subdivision and stock dividend as if it had occurred at the beginning of the first period presented. On May 20, 2021, we issued 5,200,000 ordinary shares to the investors in connection with the closing of the initial public offering at the offering price of $5.00 per share. On October 28, 2022, the Company issued 200,000 ordinary shares to a non-related party as service compensation for $60,000 For the year ended October 31, 2022, the Company also issued 2,918,489 ordinary shares for conversion of note payable in the amount of $2,236,684. |
Segments and Geographic Informa
Segments and Geographic Information | 12 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHIC INFORMATION | NOTE 18 – SEGMENTS AND GEOGRAPHIC INFORMATION The Company believes that it operates in two business segments which comprised of sales of NEVs and franchise services; and it operates in one geographical location China. The Company disaggregates its revenue into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Sales of goods revenues comprised of sales of vehicles to third party customers and to the franchisees. Franchise services revenues comprised of initial fees and ongoing royalties from the franchisees. Under the franchise arrangement, franchisees are granted the right to operate retail store using the Company’s Jiuzi brand and system. Other service revenues comprised of sublease of vehicles to third party customers with a mark-up to the rental price. Sales revenues comprised of the following: Years Ended October 31, October 31, October 31, NEVs sales 5,908,360 95 % 1,443,917 15 % 398,613 5 % Franchisees service revenues 283,763 5 % 8,093,070 85 % 7,811,982 95 % Other service revenues 23,595 - % - - - - Total 6,215,718 100 % 9,536,987 100 % 8,210,595 100 % Direct costs comprised of the following: Years Ended October 31, October 31, October 31, NEVs sales 5,748,954 88 % 1,400,211 29 % 366,523 17 % Franchisees service revenues 693,143 11 % 3,509,493 71 % 1,824,245 83 % Other service revenues 16,065 1 % - - - - Total 6,458,162 100 % 4,909,704 100 % 2,190,768 100 % Gross profit (loss) comprised of the following: Years Ended October 31, October 31, October 31, NEVs sales 159,406 (66 )% 43,706 1 % 32,090 1 % Franchisees service revenues (409,380 ) 169 % 4,583,577 99 % 5,987,737 99 % Other service revenues 7,530 (3 )% - - - - Total (242,444 ) 100 % 4,627,283 - 6,019,827 - |
Income Tax
Income Tax | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 19 – INCOME TAX The Company is subject to profits tax rate at 25% for income generated for its operation in China and net operating losses can be carried forward for no longer than five years starting from the year subsequent to the year in which the loss was incurred. The net taxable income (losses) before income taxes and its provision for income taxes comprised of the following: Years Ended October 31, October 31, October 31, Income (loss) attributed to China (16,832,172 ) 2,002,809 3,839,535 PRC statutory tax rate 25 % 25 % 25 % Income tax expense at statutory rate - 500,702 959,884 Reconciliation (71 ) 46,123 14,509 Income tax expense/ (benefit) (71 ) 546,825 974,393 |
Concentrations, Risks and Uncer
Concentrations, Risks and Uncertainties | 12 Months Ended |
Oct. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS, RISKS AND UNCERTAINTIES | NOTE 20 – CONCENTRATIONS, RISKS AND UNCERTAINTIES Credit risk Cash deposits with banks are held in financial institutions in China, which deposits are not federally insured. Accordingly, the Company has a concentration of credit risk related to the uninsured part of bank deposits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk. Concentration The Company has a concentration risk related to suppliers and customers. Failure to maintain existing relationships with the suppliers or customers to establish new relationships in the future could negatively affect the Company’s ability to obtain goods sold to customers in a price advantage and timely manner. If the Company is unable to obtain ample supply of goods from existing suppliers or alternative sources of supply, the Company may be unable to satisfy the orders from its customers, which could materially and adversely affect revenues. The concentration on sales revenues generated by customers type comprised of the following: Years Ended October 31, October 31, October 31, Third party sales revenues 5,176,168 83 % 1,355,066 15 % 258,833 3 % Related party sales revenues 596,198 10 % 88,851 1 % 139,780 2 % Third party franchise revenues 229,818 4 % 251,359 3 % - - % Related party franchise revenues 53,945 1 % 7,841,711 81 % 7,811,982 95 % Third party other revenues 159,589 3 % - - % - - % Related party other revenues - - % - - % - - % Total 6,215,718 100 % 9,536,987 100 % 8,210,595 100 % The concentration of sales revenues generated by third-party customers comprised of the following: Years Ended October 31, October 31, October 31, 2022 2021 2020 Customer A - - % - - % 24,842 10 % Customer B - - % - - % 20,453 8 % Customer C - - % - - % 20,425 8 % Customer D - - % - - % 20,393 8 % Customer E - - % 408,577 30 % - - % Customer F - - % 799,865 59 % - - % Customer G - - % 72,513 5 % - - % Customer H 697,056 10 % - - % - - % Total 697,056 10 % 1,280,955 94 % 86,113 34 % |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 21 – SUBSEQUENT EVENTS The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. Subsequent to the date the financial statements were available to be issued. There was no subsequent event that would require disclosure to or adjustment to the financial statements. On December 30, 2022 (the “Maturity Date”), the outstanding balance of a convertible debenture dated December 2, 2021 in the amount of $1,300,000 (principal, plus accrued and unpaid interest thereon) were due for payment. The Company and the Debenture Holder agreed to an extension (the “Extension”) that extends the Maturity Date to June 30, 2023, pursuant to which the Company shall repay the outstanding balance in cash through monthly payments beginning on January 6, 2023 and continue on the same day of each successive month, with each monthly payment equals to the sum of $216,667 of principal, the redemption premium and the accrued and unpaid interest on the Convertible Debentures as of each payment date. In addition, if the Company completes any financing transaction with gross proceeds of in excess of $250,000, the Company shall pay to the Debenture Holder as an optional redemption but no more than 50% of the total proceeds, an amount up to the total amount outstanding under the Convertible Debentures. On November 10, 2022, Zhejiang Jiuzi New Energy Automobile Co., Ltd.(“Zhejiang Jiuzi”), the variable interest entity (the “VIE”) of the Company, entered into a termination agreement (the “Termination Agreement”) with Zhejiang Navalant New Energy Automobile Co. Ltd., a wholly foreign-owned entity of the Company (“Jiuzi WFOE”), pursuant to which the Exclusive Option Agreement, the Exclusive Business Cooperation Agreement and the Equity Pledge Agreement (collectively, the “VIE agreements”) entered into among Zhejiang Jiuzi, Jiuzi WFOE and certain shareholders of Zhejiang Jiuzi shall be terminated effective upon the conditions are met. On November 10, 2022, with approval of Jiuzi WFOE and approval of the board of directors of Zhejiang Jiuzi, Zhejiang Jiuzi issued 0.1% equity interest in Zhejiang Jiuzi to a third-party investor. The issuance was completed on November 27, 2022. On January 20, 2023, Jiuzi WFOE exercised its call option under the Exclusive Option Agreements dated June 15, 2020 with certain shareholder of Zhejiang Jiuzi and entered into equity transfer agreements with all the shareholders of Zhejiang Jiuzi to purchase all the equity interest in Zhejiang Jiuzi. The transaction underlying the equity transfer agreement was completed and the VIE Agreements were terminated pursuant to the Termination Agreement on January 20, 2023. As a result, Zhejiang Jiuzi became a wholly owned subsidiary of Jiuzi WFOE and the VIE structure is dissolved. The Company has filed civil claim suits against certain vendors for failing to deliver the purchased vehicles according to the terms of the agreements. The Company demands the vendors to refund the advance paid and to compensate the Company for liquidated damages. Given the uncertainty of collectability, the Company has fully written off the advance paid to the suppliers of $2,751,743 as of October 31, 2022, despite the fact that the Company has won the some of the cases. The details are shown as follows. Suppliers (Defendant) Status of the case Amount involved Shengzhou Baiyuan New Energy Vehicle Technology Co. Pending 1,949,750 Jiangsu Yakai Auto Sales & Service Co. Out-of-court settled 251,410 Hangzhou Shicheng Auto Trading Co. Successful 279,905 Nanning Huangyang Auto Sales Co. Successful 170,458 Other suppliers Pending 100,220 Total 2,751,743 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. Significant inter-company transactions have been eliminated in consolidation. |
Going Concern and management’s plan | Going Concern and Management’s Plan The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As of October 31, 2022, the Company had an accumulated deficit of $9,342,111. The Company plans to establish provincial regional sales centers nationwide to geographically expand the market and adopt centralized procurement system to reduce overhead cost and obtain volume discount. The company will also cooperate with more brands of NEV, introduce more quality services and strengthen its publicity to attract more franchisees to join. Additionally, the Company will be undertaking capital raising activities to provide additional cash to meet current and future liquidity needs. Management believes that it will be able to obtain the necessary financing and fund future expansion plans; however, there is no assurance that the Company will be successful in securing sufficient funds to sustain or grow its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. In particular, the novel coronavirus (“COVID-19”) pandemic and the resulting adverse impacts to global economic conditions, as well as our operations, may impact future estimates including, but not limited to, our allowance for loan losses, inventory valuations, fair value measurements, asset impairment charges and discount rate assumptions. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding. |
Functional and presentation currency | Functional and presentation currency The functional currency of the Company is the currency of the primary economic environment in which the Company operates which is Chinese Yuan (“RMB”). Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end are included in income statement of the period. For the purpose of presenting these financial statements, the Company’s assets and liabilities are expressed in US$ at the exchange rate on the balance sheet date, stockholder’s equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholder’s equity section of the balance sheets. Exchange rate used for the translation as follows: US$ to RMB Period Average October 31, 2022 7.3003 6.6105 October 31, 2021 6.3968 6.4242 October 31, 2020 6.6925 6.4164 |
Fair Values of Financial Instruments | Fair Values of Financial Instruments The Company adopted ASC 820 “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosures requirements for fair value measures. Current assets and current liabilities qualified as financial instruments and management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their current interest rate is equivalent to interest rates currently available. The three levels are defined as follow: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value. As of the balance sheet date, the estimated fair values of the financial instruments approximated their fair values due to the short-term nature of these instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates the hierarchy disclosures each year. |
Related parties | Related parties The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
Cash and Equivalents | Cash and Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the net value less estimates for expected credit losses. Management regularly reviews outstanding accounts and provides an allowance for doubtful accounts. When collection of the original invoice amounts is no longer probable, the Company will either partially or fully write-off the balance against the allowance for doubtful accounts. |
Short-term investments | Short-term investments Short-term investments consist primarily of investments in fixed deposits with original maturities between three months and one year and certain investments in wealth management products and other investments that the Company has the intention to redeem within one year. As of October 31, 2022 and 2021, the investments in bank wealth management and security that were recorded as short-term investments amounted to $834,303 and $1,180,772, respectively. |
Loans Receivable | Loans Receivable Loans receivable are recorded at origination at the fair value less estimates for expected credit losses. Management regularly reviews outstanding accounts and provides an allowance for credit losses. When collection of the original amounts is no longer probable, the Company will either partially or fully write-off the balance against the allowance for credit losses. |
Revenue Recognition | Revenue Recognition In 2014, the FASB issued guidance on revenue recognition (“ASC 606”), with final amendments issued in 2016. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company has concluded that the new guidance did not require any significant change to its revenue recognition processes. The Company’s revenues consist of sales of vehicle by the Company’s own corporate retail store to third party customers, sales of vehicle to franchisees as a supplier, fees from retail stores operated by franchisees, and sublease of vehicles to third party customers. Revenues from franchised stores include initial franchise fees and annual royalties based on a percent of net incomes. The Company recognizes sales of vehicle revenues at the point in time when the Company has transferred physical possession of the goods to the customer and the customer has accepted the goods, therefore, indicating as control of the goods has been transferred to the customer. The transaction price is determined and allocated to the product prior to the transfer of the goods to the customer. The initial franchise services include a series of performance obligations and an indefinite license to use the Company’s trademark. The series of performance obligations are specific services and deliverables that are set forth in the agreement and are billed and receivable as delivered and accepted by the franchisee. These services and deliverables may be customized and are not transferable to other third parties. The royalty revenues are distinct from the initial franchise services. The Company recognizes royalty revenues only when the franchisee has generated positive annual net income, at which point the Company has the contractual right to request for payment of the royalty. The royalty is calculated as a percentage of the franchisees’ annual net income. The Company subleases vehicles to third party and recognizes revenues over time which is ratably on a monthly basis over the lease period according to the lease agreement. The Company estimates potential returns and records such estimates against its gross revenue to arrive at its reported net sales revenue. The Company has not experienced any sales returns. |
Inventory | Inventory Inventories, which are primarily comprised of finished goods for sale, are stated at the lower of cost or net realizable value, using the first-in first-out method. The Company evaluates the need for reserves associated with obsolete, slow-moving and non-salable inventory by reviewing net realizable values on a periodic basis. Only defects products can be return to our suppliers. |
Advertising | Advertising The Company expenses advertising costs as incurred and includes it in selling expenses. The Company recorded $ nil |
Income Taxes | Income Taxes Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the years of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. A tax benefit from an uncertain tax position may be recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that the relevant taxing authority that has full knowledge of all relevant information will examine each uncertain tax position. Although the Company believes the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. |
Earnings (loss) per share | Earnings (loss) per share Basic income (loss) per share is computed by dividing net income (loss) attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. However, ordinary share equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded. All per share amounts for all periods presented herein have been adjusted to reflect the Share Subdivision and 2 for 1 stock dividend on post-Share Subdivision basis. See Note 17. |
Property and Equipment & Depreciation | Property and Equipment & Depreciation Property and equipment are stated at historical cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Property and equipment are depreciated on a straight-line basis over the following periods: Equipment 5 years Furniture and fixtures 5 years Motor vehicles 10 years |
Intangible Assets & Amortization | Intangible Assets & Amortization Intangible assets are stated at historical cost net of accumulated amortization. Software are amortized on a straight-line basis over the estimated useful life of the software which is 3 years. |
Impairment of Long-lived assets | Impairment of Long-lived assets The Company accounts for impairment of property and equipment and amortizable intangible assets in accordance with ASC 360, “Accounting for Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of”, which requires the Company to evaluate a long-lived asset for recoverability when there is event or circumstance that indicate the carrying value of the asset may not be recoverable. An impairment loss is recognized when the carrying amount of a long-lived asset or asset group is not recoverable (when carrying amount exceeds the gross, undiscounted cash flows from use and disposition) and is measured as the excess of the carrying amount over the asset’s (or asset group’s) fair value. |
New Accounting Pronouncements | New Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires contract assets and contract liabilities (e.g., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, “Revenue from Contracts with Customers”. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in purchase accounting. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-13) related to the measurement of credit losses on financial instruments. This pronouncement, along with subsequent ASUs issued to clarify certain provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. The management adopted the new standard and estimated the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of such financial asset. Besides the above, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted would have a material effect on the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Accounting Policies [Abstract] | ||
Schedule of exchange rate | Period Average October 31, 2022 7.3003 6.6105 October 31, 2021 6.3968 6.4242 October 31, 2020 6.6925 6.4164 | |
Schedule of property and equipment | Equipment 5 years Furniture and fixtures 5 years Motor vehicles 10 years |
Variable Interest Entities an_2
Variable Interest Entities and Other Consolidation Matters (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Variable Interest Entities and other Consolidation Matters [Abstract] | |
Schedule of condensed balance sheet | October 31, October 31, 2022 2021 Current assets Cash and cash equivalents 207,252 433,430 Restricted cash 41,231 - Short-term investment 834,303 1,180,772 Accounts receivables 39,349 6,566 Accounts receivables – related parties 214,946 529,407 Due from related parties 72,363 372,759 Inventories 628,187 266,106 Advances to suppliers 392,776 1,594,278 Loans receivable from related parties, net - current portion, 6,661,290 9,673,893 Other receivables and other current assets 1,080,993 1,228,738 10,172,690 15,285,949 Non-current assets Property, plant and equipment, intangible assets 653,752 391,161 Operating lease right of use asset 725,904 846,200 Loans receivable from related parties, non-current portion 1,631,340 4,136,657 Other non-current assets 66,784 558,702 3,077,780 5,932,720 Total assets of VIE 13,250,470 21,218,669 Current Liabilities Accruals and other payables 295,182 595,364 Accounts payable – related party 6,986 44,366 Accounts payable - 15,695 Taxes payable 2,652,103 2,923,130 Operating lease liabilities - current 374,676 163,148 Amounts due to parent and non-VIE subsidiaries of the Company 9,343,423 6,670,432 Contract liability 1,343,442 114,916 Contract liability – related party-current 825,990 164,804 14,841,802 10,691,855 Non-current liabilities Operating lease liabilities – non-current 393,509 537,432 Contract liability – related party-non current 150,494 - Deferred income 236,290 1,263,840 Other non-current liabilities 130,131 - 910,424 1,801,272 Total liabilities of VIE 15,752,226 12,493,127 |
Schedule of condensed cash flow statement | For the years ended October 31, October 31, October 31, Revenues 6,340,245 9,536,987 8,210,595 Net income (loss) (12,235,731 ) 1,433,167 3,423,542 Net cash (used in) generated by operating activities (306,089 ) (1,160,565 ) 515,297 Net cash (used in) generated by investing activities 236,885 (1,485,306 ) (26,288 ) Net cash provided by financing activities (115,742 ) (38,916 ) (164,056 ) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory net comprised | October 31, October 31, Finished goods 628,187 266,106 Total, net 628,187 266,106 |
Accounts Receivables (Tables)
Accounts Receivables (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Accounts Receivables [Abstract] | |
Schedule of accounts receivables, net | October 31, October 31, Accounts receivables 45,100 6,566 Allowance for doubtful accounts (5,753 ) - Total, net 39,347 6,566 October 31, October 31, Accounts receivables-related parties 354,857 547,865 Allowance for doubtful accounts (139,911 ) (18,458 ) Total, net 214,946 529,407 |
Schedule of the activity in the allowance for doubtful accounts | October 31, October 31, Balance at beginning of year 18,458 53,727 Provision 143,003 - Charge-offs - - Recoveries - (37,591 ) Effect of translation adjustment (15,797 ) 2,322 Balance at end of year 145,664 18,458 |
Short-Term Investment (Tables)
Short-Term Investment (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Short-Term Investment [Abstract] | |
Schedule of short-term investment | As of October 31, 2022 Level 1 Level 2 Level 3 Total Bank Wealth Management - 265,836 - 265,836 Securities - 568,467 - 568,467 - 834,303 - 834,303 As of October 31, 2021 Level 1 Level 2 Level 3 Total Bank Wealth Management - 1,024,443 - 1,024,443 Securities - 156,329 - 156,329 - 1,180,772 - 1,180,772 |
Loans Receivables (Tables)
Loans Receivables (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Receivables [Abstract] | |
Schedule of loans are non-interest bearing | October 31, October 31, Loan to related franchisees, gross 17,678,913 16,591,780 Discount based on imputed interest rate of 11.75% (2,076,767 ) (1,949,060 ) Loan to related franchisees, net of discount 15,602,146 14,642,720 October 31, October 31, Loan to related franchisees, net of discount 15,602,146 14,642,720 Provision for credit losses (7,309,516 ) (832,170 ) Loan to related franchisees, net of discount and allowance 8,292,630 13,810,550 |
Schedule of the activity in the allowance for credit loss | October 31, October 31, Balance at beginning of year 832,170 498,762 Provision 7,267,026 409,762 Charge-offs - - Recoveries - (100,739 ) Effect of translation adjustment (789,680 ) 24,385 Balance at end of year 7,309,516 832,170 |
Schedule of current and non-current loan receivables, net of allowance for credit losses | October 30, October 31, Loan to related franchisees, net of discount and allowances, current 6,661,290 9,673,893 Loan to related franchisees, net of discount and allowances, non-current 1,631,340 4,136,657 8,292,630 13,810,550 |
Schedule of credit quality analysis of franchisee loan receivables | October 31, October 31, Franchisee Financing: Group I 3,622,174 6,972,094 Group II 6,109,130 5,221,311 Group III 4,358,992 1,604,938 Group IV 1,511,850 844,377 Balance at end of year 15,602,146 14,642,720 |
Other Receivables and Other C_2
Other Receivables and Other Current Assets (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Other Receivables and Other Current Assets [Abstract] | |
Schedule of other receivables and other current assets | October 31, October 31, Deposits put down on the car 935,573 42,835 Excess input VAT credits 48,589 28,292 Government grant receivable - 776,640 Prepaid expense - 244,213 Cash advance to employee 55,600 136,758 Total 1,039,762 1,228,738 |
Property & Equipment (Tables)
Property & Equipment (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | October 31, October 31, At Cost: Equipment 73,415 74,114 Motor vehicles 340,462 371,436 Leasehold Improvement 502,969 30,397 Furniture and fixtures 9,054 8,998 925,900 484,945 Less: Accumulated depreciation 284,542 111,837 Total, net 641,358 373,108 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets, net | October 31, October 31, At Cost: Financial software 17,710 17,196 Domain name 2,643 3,068 17,711 20,264 Less: Accumulated Amortization 5,318 2,211 Total, net 12,393 18,053 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of accounts receivable from related franchisees | October 31, October 31, Pingxiang Jiuzi New Energy Automobile Co., Ltd - 2,490 Yichun Jiuzi New Energy Automobile Co., Ltd 112,608 149,010 Puyang Guozheng New Energy Vehicle Sales Co., Ltd - 54,144 Wanzai Jiuzi New Energy Automobile Co., Ltd 23,043 78,384 Xinyu Jiuzi New Energy Automobile Co., Ltd 65,352 151,253 Gao’an Jiuzi New Energy Automobile Co., Ltd - 36,847 Quanzhou Jiuzi New Energy Automobile Co., Ltd 5,919 20,135 Dongming Jiuzi New Energy Automobile Co., Ltd - 9,849 Yulin Jiuzi New Energy Automobile Co., Ltd 8,024 27,295 Total 214,946 529,407 |
Schedule of loan to related franchisees | Gross Discount Allowance Net Gross Discount Allowance Net Jiangsu Changshu $ 356,190 $ 41,842 $ 208,300 $ 106,048 $ 268,886 $ 31,587 $ 9,680 $ 227,619 Shandong Dongming 627,826 73,752 211,033 343,041 596,145 70,030 23,846 502,269 Jiangxi Gao’an 605,621 71,143 287,121 247,357 495,861 58,250 19,834 417,777 Hunan Huaihua 719,814 84,558 254,690 380,566 294,331 34,575 10,596 249,160 Jiangxi Jiujiang 279,279 32,807 171,188 75,284 446,122 52,407 17,845 375,870 Hunan Liuyang 413,509 48,576 223,766 141,167 580,250 68,163 23,210 488,877 Hunan Loudi 540,686 63,515 232,408 244,763 583,945 68,597 23,358 491,990 Hunan Pingjiang 392,004 46,049 175,230 170,725 564,977 66,369 22,599 476,009 Jiangxi Pingxiang 583,694 68,567 299,055 216,072 694,826 81,622 27,793 585,411 Henan Puyang 645,124 75,784 245,216 324,124 982,189 115,379 39,288 827,522 Fujian Quanzhou 437,376 51,379 288,737 97,260 439,717 51,654 35,177 352,886 Jiangxi Wanzai 512,867 60,247 207,450 245,170 557,532 65,494 22,301 469,737 Jiangxi Xinyu 921,187 108,213 338,524 474,450 1,191,815 140,004 47,673 1,004,138 Jiangxi Yichun 95,301 11,195 50,234 33,872 102,590 12,051 2,873 87,666 Jiangxi Yudu 565,823 66,468 264,583 234,772 555,343 65,236 22,214 467,893 Guangdong Zengcheng 456,895 53,672 294,661 108,562 544,391 63,950 21,776 458,665 Jiangxi Shanggao 594,055 69,784 177,529 346,742 425,216 49,950 17,009 358,257 Shandong Heze 856,193 100,578 323,148 432,467 750,382 88,148 30,015 632,219 Jiangxi Ganzhou 121,328 14,253 62,408 44,667 122,834 14,429 6,879 101,526 Anhui Fuyang - - - - 31,266 3,672 1,876 25,718 Hunan Liling 66,105 7,765 20,696 37,644 75,443 8,862 4,527 62,054 Hunan Zhuzhou 130,479 15,328 54,913 60,238 109,828 12,902 7,688 89,238 Hunan Changsha 8,904 1,046 1,962 5,896 - - - - Guangxi Guilin 39,499 4,640 8,703 26,156 - - - - Hunan Chenzhou 508,568 59,742 216,675 232,151 556,864 65,416 22,275 469,173 Jiangxi Ji’an 572,830 67,291 232,646 272,893 513,019 60,265 20,521 432,233 Guangxi Nanning 164,740 19,352 87,227 58,161 183,322 21,535 11,733 150,054 Hunan Leiyang 632,745 74,329 221,954 336,462 316,450 37,174 25,316 253,960 Guangdong Dongguan Changping 458,637 53,877 137,329 267,431 262,089 30,788 18,870 212,431 Hunan Changsha County 61,641 7,241 32,369 22,031 70,348 8,264 3,377 58,707 Guizhou Zunyi 242,153 28,446 92,445 121,262 174,745 20,528 11,184 143,033 Jiangsu Xuzhou 231,441 27,188 122,605 81,648 264,134 31,028 19,018 214,088 Hunan Yongxing 242,475 28,484 119,993 93,998 229,312 26,938 14,676 187,698 Hunan Hengyang 168,814 19,831 57,952 91,031 96,830 11,375 5,423 80,032 Hainan Sanya 127,994 15,036 112,958 0 83,542 9,814 4,678 69,050 Hunan Changsha Yuhua 493,196 57,936 131,535 303,725 281,393 33,056 10,130 238,207 Shandong Heze Dingtao 520,592 61,155 140,112 319,325 312,659 36,728 22,511 253,420 Shandong Heze Yuncheng 465,800 54,718 158,529 252,553 406,457 47,747 32,517 326,193 Shandong Heze Gaoxin 54,860 6,445 17,169 31,246 62,532 7,346 3,752 51,434 Shandong Zouping 63,011 7,402 27,280 28,329 56,279 6,611 3,377 46,291 Shandong Juye 411,995 48,398 174,963 188,634 470,114 55,225 37,609 377,280 Shandong Juancheng 449,363 52,787 134,326 262,250 434,596 51,053 34,768 348,775 Shandong Shanxian 494,525 58,093 135,766 300,666 329,855 38,749 26,388 264,718 Jiangxi Zhangshu 67,120 7,885 27,949 31,286 45,336 5,326 2,720 37,290 Guangdong Foshan 96,776 11,368 43,582 41,826 110,447 12,974 6,185 91,288 Jiangxi Jingdezhen 78,079 9,172 18,728 50,179 18,760 2,204 1,125 15,431 Guangxi Yulin 391,435 45,982 266,698 78,755 398,554 46,819 15,941 335,794 Shandong Heze Cao County 438,404 51,500 137,247 249,657 500,254 58,766 40,019 401,469 Dongguan Nancheng 5,479 644 1,207 3,628 - - - - Hubei Macheng 99,023 11,632 21,819 65,572 - - - - Shandong Jining Liangshan 13,698 1,609 3,018 9,071 - - - - Guangdong Zhanjiang 35,957 4,224 7,923 23,810 - - - - Hunan Hengyang Shigu 20,547 2,414 4,527 13,606 - - - - Jiangxi Ji’an Yongfeng 18,492 2,172 4,075 12,245 - - - - Hunan Changde 37,669 4,425 8,300 24,944 - - - - Guangxi Nanning Jiangnan 41,095 4,828 9,055 27,212 - - - - Total $ 17,678,913 $ 2,076,767 $ 7,309,516 $ 8,292,630 $ 16,591,780 $ 1,949,060 $ 832,170 $ 13,810,550 |
Schedule of accounts payable to related parties’ franchisees | October 31, October 31, Liuyang - 13,898 Wanzai - 8,754 Huaihua - 18,744 XinYu - 2,970 Yudu Jiuzi New Energy Automobile Co., Ltd. 6,986 - Total 6,986 44,366 |
Schedule of Contract liability – related party | October 31, October 31, Current Portion Unearned franchise fee 825,990 81,474 Customer deposit - 83,330 825,990 164,804 Non-current Portion Unearned franchise fee 150,494 - Total, net 976,484 164,804 |
Schedule of unearned franchise fee comprised | October 31, October 31, Unearned franchise fee - current Hainan Sanya - 48,462 Hunan Changsha - 4,299 Hunan Yueyang - 4,299 Hunan Jishou - 1,563 Zhejiang Hangzhou Xiaoshan - 4,220 Hunan Yueyang Xiangyin - 4,299 Guangdong Zhongshan - 14,332 Zhejing JiaXing 68,490 - Henan Jiuzi New Energy Vehicle Sales and Service Co. LTD 13,698 - Zhejiang Huasu Automobile Service Co., LTD 68,490 - Huzhou Fengtao New Energy Automobile Sales Co., LTD 41,094 - Shandong Shenglong Automobile Sales Co. LTD 68,490 - Nantong Meixinyao Vehicle Sales Service Co., LTD 27,396 - Anhui Auto e-Link Auto Sales Co., LTD 27,396 - Fengshang Network Technology (Shaoxing) Co., LTD 41,094 - Anhui LiuAn 41,094 - Guangxi Qinzhou 13,698 - Guangxi Qinzhou Lingshan 41,094 - Zhejiang Shaoxing Shengzhou 68,490 - Xinjiang Urumqi 68,490 - Hunan Changzhutan 2,740 - Hunan Shaoyang 1,370 - Guangxi Liuzhou (Guangxi Shuangru Trading Co., Ltd.) 68,490 - Guangxi Nanning 13,697 - Guangxi Yulin 4,109 - Guangxi Nanning (Guangxi Zhanyuan Automobile) 41,094 - Guangxi Yulin (Yulin Qihui Automobile) 82,188 - Zhejiang Huzhou 6,849 Sanmen Xian Wuji Automobile Sales 274 - Shandong Yuncheng (Yuncheng Zhanteng New Energy Automobile Co., Ltd.) 274 - Zhejiang Shaoxing Niuniu Automobile Sales Service Co., Ltd. 274 - Yongkang Yijie Automobile Trading Co., LTD 5479 - Ningbo Jinhui Internet Technology Service Co., LTD 1370 - Xingtai Wanhua Botian Automobile Trading Co., LTD 822 - Zhejiang Hangzhou Xiaoshan Agent 822 - Hunan Changsha Yuelu Agent 822 - Hunan Yueyang Xiangyin Agent 822 - Hunan Yueyang Yueyang Lou Agent 822 - Guangdong Zhongshan City Agent 2,740 - Hunan Yueyang Miluo Agent 822 - Zhejiang Hangzhou Gongshu Agent 274 - Zhejiang Jiaxing Nanhu Agent 822 - 825,990 81,474 Unearned franchise fee – non-current Guizhou 320 Automobile Service Co., LTD 13,698 - Yongkang Yijie Automobile Trading Co., LTD 21,004 - Ningbo Jinhui Internet Technology Service Co., LTD 5,250 - Xingtai Wanhua Botian Automobile Trading Co., LTD 3,219 - Zhejiang Hangzhou Xiaoshan Agent 2,055 - Hunan Changsha Yuelu Agent 2,123 - Hunan Yueyang Xiangyin Agent 2,123 - Hunan Yueyang Yueyang Lou Agent 2,123 - Guangdong Zhongshan City Agent 7,077 - Hunan Yueyang Miluo Agent 2,328 - Henan Luohe Yancheng Agent 2,740 - Guangdong Foshan Shunde Agent 4,109 - Chongqing Banan Agent 1,370 - Zhejiang Hangzhou Gongshu Agent 798 - Jiangsu Jingjiang Agent 2,740 - Shanghai Fengxian Agent 2,740 - Chengdu municipal level Agent 71,230 - Zhejiang Jiaxing Nanhu Agent 2,397 - Hunan Hengyang Agent 1,370 - 150,494 - Total 976,484 81,474 |
Schedule of advance received from related franchisees for purchase car deposits | October 31, October 31, Guangxi Yulin - 46,898 Hunan Huaihua - 36,432 Total, net - 83,330 |
Schedule of advance received from related franchisees for purchase car deposits | October 31, October 31, Mr. Shuibo Zhang 13,556 296,252 Mr. Qi Zhang 22,922 38,806 Mr. Ruchun Huang 30,675 32,491 Total 67,153 367,549 |
Schedule of related parties receivables | October 31, October 31, Mr. Ligui Xu 6,849 - Total 6,849 - |
Deferred Income and Others Lo_2
Deferred Income and Others Long Term Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Deferred Income And Others Long Term Liabilities Abstract | |
Schedule of deferred income | October 31, October 31, Subsidy for the maintenance and repair of the office 236,290 341,580 Rent subsidy for office - 922,260 Total 236,290 1,263,840 |
Schedule of franchise security deposits | October 31, October 31, Guangxi Rongxian Junsheng Automobile Trading Co., Ltd. 20,547 - Chongqing Suiqian Trading Co., Ltd. 27,396 - Guangxi Yulin Shangfeng Automobile Sales Co., Ltd. 27,396 - Jiangxi Haomen Automobile Sales Co., Ltd. 13,698 - Guangxi Zhanyuan Automobile Sales Co., Ltd. 41,094 - Total 130,131 - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Schedule of supplemental cash flow information related to leases | Year Ended October 31, 2022 Lease Cost Operating lease cost (included in general and administrative expenses and cost in the Company’s statement of operations) $ 257,563 Other Information Cash paid for amounts included in the measurement of lease liabilities for the year ended October 31, 2022 $ 224,759 Weighted average remaining lease term – operating leases (in years) 3.58 Average discount rate – operating lease 4.75 % |
Schedule of supplemental balance sheet information related to leases | October 31, October 31, 2022 2021 Operating leases Right-of-use assets $ 725,903 $ 846,200 Operating lease liabilities $ 768,185 $ 700,580 |
Schedule of undiscounted future minimum lease payment schedule | For the years ending October 31, Amounts 2023 399,344 2024 218,583 2025 196,763 Total 814,690 |
Taxes Payable (Tables)
Taxes Payable (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Taxes Payable Abstract | |
Schedule of taxes payable | October 31, October 31, Value-added tax, net 890,620 1,056,332 Company Income tax 1,645,556 1,950,976 Other taxes 116,678 83,321 Total 2,652,854 2,923,987 |
Contract Liability (Tables)
Contract Liability (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Contract Liability [Abstract] | |
Schedule of contract liability | October 31, October 31, Customer deposit for car purchase 1,343,442 114,916 Total, net 1,343,442 114,916 |
Segments and Geographic Infor_2
Segments and Geographic Information (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of sales revenues | Years Ended October 31, October 31, October 31, NEVs sales 5,908,360 95 % 1,443,917 15 % 398,613 5 % Franchisees service revenues 283,763 5 % 8,093,070 85 % 7,811,982 95 % Other service revenues 23,595 - % - - - - Total 6,215,718 100 % 9,536,987 100 % 8,210,595 100 % Years Ended October 31, October 31, October 31, NEVs sales 5,748,954 88 % 1,400,211 29 % 366,523 17 % Franchisees service revenues 693,143 11 % 3,509,493 71 % 1,824,245 83 % Other service revenues 16,065 1 % - - - - Total 6,458,162 100 % 4,909,704 100 % 2,190,768 100 % Years Ended October 31, October 31, October 31, NEVs sales 159,406 (66 )% 43,706 1 % 32,090 1 % Franchisees service revenues (409,380 ) 169 % 4,583,577 99 % 5,987,737 99 % Other service revenues 7,530 (3 )% - - - - Total (242,444 ) 100 % 4,627,283 - 6,019,827 - |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of net taxable income (losses) before income taxes and its provision for income taxes | Years Ended October 31, October 31, October 31, Income (loss) attributed to China (16,832,172 ) 2,002,809 3,839,535 PRC statutory tax rate 25 % 25 % 25 % Income tax expense at statutory rate - 500,702 959,884 Reconciliation (71 ) 46,123 14,509 Income tax expense/ (benefit) (71 ) 546,825 974,393 |
Concentrations, Risks and Unc_2
Concentrations, Risks and Uncertainties (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of concentration on sales revenues generated by customers type comprised | Years Ended October 31, October 31, October 31, Third party sales revenues 5,176,168 83 % 1,355,066 15 % 258,833 3 % Related party sales revenues 596,198 10 % 88,851 1 % 139,780 2 % Third party franchise revenues 229,818 4 % 251,359 3 % - - % Related party franchise revenues 53,945 1 % 7,841,711 81 % 7,811,982 95 % Third party other revenues 159,589 3 % - - % - - % Related party other revenues - - % - - % - - % Total 6,215,718 100 % 9,536,987 100 % 8,210,595 100 % |
Schedule of concentration of sales revenues generated by third-party customers comprised | Years Ended October 31, October 31, October 31, 2022 2021 2020 Customer A - - % - - % 24,842 10 % Customer B - - % - - % 20,453 8 % Customer C - - % - - % 20,425 8 % Customer D - - % - - % 20,393 8 % Customer E - - % 408,577 30 % - - % Customer F - - % 799,865 59 % - - % Customer G - - % 72,513 5 % - - % Customer H 697,056 10 % - - % - - % Total 697,056 10 % 1,280,955 94 % 86,113 34 % |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Subsequent Events [Abstract] | |
Schedule of subsequent events | Suppliers (Defendant) Status of the case Amount involved Shengzhou Baiyuan New Energy Vehicle Technology Co. Pending 1,949,750 Jiangsu Yakai Auto Sales & Service Co. Out-of-court settled 251,410 Hangzhou Shicheng Auto Trading Co. Successful 279,905 Nanning Huangyang Auto Sales Co. Successful 170,458 Other suppliers Pending 100,220 Total 2,751,743 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | 12 Months Ended |
Oct. 31, 2022 CNY (¥) shares | |
Organization and Basis of Presentation (Details) [Line Items] | |
Equity interest | 10% |
Purchase price (in Yuan Renminbi) | ¥ | ¥ 10 |
Exclusive option agreement | 10 years |
Exclusive business cooperation agreement | 10 years |
Share pledge agreement description | Under the Share Pledge Agreement between Jiuzi WFOE and certain shareholders of Zhejiang Jiuzi together holding 1,000,000 shares, or 100% of the equity interests, of Zhejiang Jiuzi (“Zhejiang Jiuzi Shareholders”), the Zhejiang Jiuzi Shareholders pledged all of their equity interests in Zhejiang Jiuzi to Jiuzi WFOE to guarantee the performance of Zhejiang Jiuzi’s obligations under the Exclusive Business Cooperation Agreement. |
Zhejiang Jiuzi [Member] | |
Organization and Basis of Presentation (Details) [Line Items] | |
Equity interest percentage | 59% |
Shangli Jiuzi [Member] | |
Organization and Basis of Presentation (Details) [Line Items] | |
Equity interest percentage | 41% |
Zhejiang Jiuzi [Member] | |
Organization and Basis of Presentation (Details) [Line Items] | |
Equity interest | 100% |
Zhejiang Jiuzi [Member] | Guangxi Nanning [Member] | |
Organization and Basis of Presentation (Details) [Line Items] | |
Equity interest | 90% |
Hangzhou Zhitongche [Member] | |
Organization and Basis of Presentation (Details) [Line Items] | |
Equity interest | 51% |
Investor [Member] | |
Organization and Basis of Presentation (Details) [Line Items] | |
Equity interest | 49% |
Hangzhou Jiuzi Haoche Technology Co., Ltd [Member] | |
Organization and Basis of Presentation (Details) [Line Items] | |
Shares issued (in Shares) | shares | 5,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Accumulated deficit | $ (9,342,111) | $ 7,459,539 | |
Short term investments | 834,303 | 1,180,772 | |
Promotional expense | $ 37,753 | ||
Advertising expense | $ 78,894 | ||
Estimated useful life | 3 years | ||
Going Concern and Management’s Plan [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Accumulated deficit | $ 9,342,111 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of exchange rate - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Schedule Of Exchange Rate Abstract | |||
Exchange rate | $ 7.3003 | $ 6.3968 | $ 6.6925 |
Average rate | $ 6.6105 | $ 6.4242 | $ 6.4164 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment | 12 Months Ended |
Oct. 31, 2022 | |
Schedule Of Property And Equipment Abstract | |
Equipment | 5 years |
Furniture and fixtures | 5 years |
Motor vehicles | 10 years |
Variable Interest Entities an_3
Variable Interest Entities and Other Consolidation Matters (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Variable Interest Entities and Other Consolidation Matters [Abstract] | ||
Due to non-VIE subsidiaries | $ 9,343,423 | $ 8,519,354 |
Variable Interest Entities an_4
Variable Interest Entities and Other Consolidation Matters (Details) - Schedule of condensed balance sheet - VIE [Member] - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 207,252 | $ 433,430 |
Restricted cash | 41,231 | |
Short-term investment | 834,303 | 1,180,772 |
Accounts receivables | 39,349 | 6,566 |
Accounts receivables – related parties | 214,946 | 529,407 |
Due from related parties | 72,363 | 372,759 |
Inventories | 628,187 | 266,106 |
Advances to suppliers | 392,776 | 1,594,278 |
Loans receivable from related parties, net - current portion, | 6,661,290 | 9,673,893 |
Other receivables and other current assets | 1,080,993 | 1,228,738 |
Total current assets | 10,172,690 | 15,285,949 |
Non-current assets | ||
Property, plant and equipment, intangible assets | 653,752 | 391,161 |
Operating lease right of use asset | 725,904 | 846,200 |
Loans receivable from related parties, non-current portion | 1,631,340 | 4,136,657 |
Other non-current assets | 66,784 | 558,702 |
Total non current assets | 3,077,780 | 5,932,720 |
Total assets of VIE | 13,250,470 | 21,218,669 |
Current Liabilities | ||
Accruals and other payables | 295,182 | 595,364 |
Accounts payable – related party | 6,986 | 44,366 |
Accounts payable | 15,695 | |
Taxes payable | 2,652,103 | 2,923,130 |
Operating lease liabilities - current | 374,676 | 163,148 |
Amounts due to parent and non-VIE subsidiaries of the Company | 9,343,423 | 6,670,432 |
Contract liability | 1,343,442 | 114,916 |
Contract liability – related party-current | 825,990 | 164,804 |
Total liabilities current | 14,841,802 | 10,691,855 |
Non-current liabilities | ||
Operating lease liabilities – non-current | 393,509 | 537,432 |
Contract liability – related party-non current | 150,494 | |
Deferred income | 236,290 | 1,263,840 |
Other non-current liabilites | 130,131 | |
Total liabilities non current | 910,424 | 1,801,272 |
Total liabilities of VIE | $ 15,752,226 | $ 12,493,127 |
Variable Interest Entities an_5
Variable Interest Entities and Other Consolidation Matters (Details) - Schedule of condensed cash flow statement - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Schedule of Condensed Cash Flow Statement [Abstract] | |||
Revenues | $ 6,340,245 | $ 9,536,987 | $ 8,210,595 |
Net income (loss) | (12,235,731) | 1,433,167 | 3,423,542 |
Net cash (used in) generated by operating activities | (306,089) | (1,160,565) | 515,297 |
Net cash (used in) generated by investing activities | 236,885 | (1,485,306) | (26,288) |
Net cash provided by financing activities | $ (115,742) | $ (38,916) | $ (164,056) |
Inventory (Details)
Inventory (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Inventory Disclosure [Abstract] | ||
Inventory write-down expense | $ 3,903 |
Inventory (Details) - Schedule
Inventory (Details) - Schedule of inventory net comprised - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Schedule Of Inventory Net Comprised Abstract | ||
Finished goods | $ 628,187 | $ 266,106 |
Total, net | $ 628,187 | $ 266,106 |
Accounts Receivables (Details)
Accounts Receivables (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Accounts Receivables [Abstract] | |||
Bad debt expense | $ 143,003 | $ 37,591 | $ 11,474 |
Accounts Receivables (Details)
Accounts Receivables (Details) - Schedule of accounts receivables, net - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Schedule of Accounts Receivables Net [Abstract] | ||
Accounts receivables | $ 45,100 | $ 6,566 |
Allowance for doubtful accounts | (5,753) | |
Total, net | 39,347 | 6,566 |
Accounts receivables-related parties | 354,857 | 547,865 |
Allowance for doubtful accounts | (139,911) | (18,458) |
Total, net | $ 214,946 | $ 529,407 |
Accounts Receivables (Details_2
Accounts Receivables (Details) - Schedule of the activity in the allowance for doubtful accounts - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule of the Activity in the Allowance for Doubtful Accounts [Abstract] | ||
Balance at beginning of year | $ 18,458 | $ 53,727 |
Provision | 143,003 | |
Charge-offs | ||
Recoveries | (37,591) | |
Effect of translation adjustment | (15,797) | 2,322 |
Balance at end of year | $ 145,664 | $ 18,458 |
Short-Term Investment (Details)
Short-Term Investment (Details) - Schedule of short-term investment - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Short-Term Debt [Line Items] | ||
Bank Wealth Management | $ 265,836 | $ 1,024,443 |
Securities | 568,467 | 156,329 |
Total short-term investment | 834,303 | 1,180,772 |
Level 1 [Member] | ||
Short-Term Debt [Line Items] | ||
Bank Wealth Management | ||
Securities | ||
Total short-term investment | ||
Level 2 [Member] | ||
Short-Term Debt [Line Items] | ||
Bank Wealth Management | 265,836 | 1,024,443 |
Securities | 568,467 | 156,329 |
Total short-term investment | 834,303 | 1,180,772 |
Level 3 [Member] | ||
Short-Term Debt [Line Items] | ||
Bank Wealth Management | ||
Securities | ||
Total short-term investment |
Loans Receivables (Details)
Loans Receivables (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Receivables [Abstract] | |||
Loan receivables charges | $ 407,451 | $ 724,337 | $ 755,707 |
Face amount using an imputed interest rate | 11.75% | 11.75% | 11.75% |
Credit loss | $ 7,267,026 | $ 309,023 | $ 305,128 |
Loans Receivables (Details) - S
Loans Receivables (Details) - Schedule of loans are non-interest bearing - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule Of Loans Are Non Interest Bearing Abstract | ||
Loan to related franchisees, gross | $ 17,678,913 | $ 16,591,780 |
Discount based on imputed interest rate of 11.75% | (2,076,767) | (1,949,060) |
Loan to related franchisees, net of discount | 15,602,146 | 14,642,720 |
Provision for credit losses | (7,309,516) | (832,170) |
Loan to related franchisees, net of discount and allowance | $ 8,292,630 | $ 13,810,550 |
Loans Receivables (Details) -_2
Loans Receivables (Details) - Schedule of loans are non-interest bearing (Parentheticals) | 12 Months Ended |
Oct. 31, 2022 | |
Schedule Of Loans Are Non Interest Bearing Abstract | |
Discount based on imputed interest rate | 11.75% |
Loans Receivables (Details) -_3
Loans Receivables (Details) - Schedule of the activity in the allowance for credit loss - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule of the Activity in the Allowance for Credit Loss [Abstract] | ||
Balance at beginning of year | $ 832,170 | $ 498,762 |
Provision | 7,267,026 | 409,762 |
Charge-offs | ||
Recoveries | (100,739) | |
Effect of translation adjustment | (789,680) | 24,385 |
Balance at end of year | $ 7,309,516 | $ 832,170 |
Loans Receivables (Details) -_4
Loans Receivables (Details) - Schedule of current and non-current loan receivables, net of allowance for credit losses - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Schedule of Current and Non Current Loan Receivables Net of Allowance for Credit Losses [Abstract] | ||
Loan to related franchisees, net of discount and allowances, current | $ 6,661,290 | $ 9,673,893 |
Loan to related franchisees, net of discount and allowances, non-current | 1,631,340 | 4,136,657 |
Loan to related franchisees, net of discount and allowances, total | $ 8,292,630 | $ 13,810,550 |
Loans Receivables (Details) -_5
Loans Receivables (Details) - Schedule of credit quality analysis of franchisee loan receivables - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Loans Receivables (Details) - Schedule of credit quality analysis of franchisee loan receivables [Line Items] | ||
Franchisee loan receivables | $ 15,602,146 | $ 14,642,720 |
Group I [Member] | ||
Loans Receivables (Details) - Schedule of credit quality analysis of franchisee loan receivables [Line Items] | ||
Franchisee loan receivables | 3,622,174 | 6,972,094 |
Group II [Member] | ||
Loans Receivables (Details) - Schedule of credit quality analysis of franchisee loan receivables [Line Items] | ||
Franchisee loan receivables | 6,109,130 | 5,221,311 |
Group III [Member] | ||
Loans Receivables (Details) - Schedule of credit quality analysis of franchisee loan receivables [Line Items] | ||
Franchisee loan receivables | 4,358,992 | 1,604,938 |
Group IV [Member] | ||
Loans Receivables (Details) - Schedule of credit quality analysis of franchisee loan receivables [Line Items] | ||
Franchisee loan receivables | $ 1,511,850 | $ 844,377 |
Other Receivables and Other C_3
Other Receivables and Other Current Assets (Details) - Schedule of other receivables and other current assets - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule Of Other Receivables And Other Current Assets Abstract | ||
Deposits put down on the car | $ 935,573 | $ 42,835 |
Excess input VAT credits | 48,589 | 28,292 |
Government grant receivable | 776,640 | |
Prepaid expense | 244,213 | |
Cash advance to employee | 55,600 | 136,758 |
Total | $ 1,039,762 | $ 1,228,738 |
Property & Equipment (Details)
Property & Equipment (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | $ 206,014 | $ 89,207 | $ 8,504 |
Property & Equipment (Details)
Property & Equipment (Details) - Schedule of property and equipment, net - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Schedule Of Property And Equipment Net Abstract | ||
Equipment | $ 73,415 | $ 74,114 |
Motor vehicles | 340,462 | 371,436 |
Leasehold Improvement | 502,969 | 30,397 |
Furniture and fixtures | 9,054 | 8,998 |
Total cost | 925,900 | 484,945 |
Less: Accumulated depreciation | 284,542 | 111,837 |
Total, net | $ 641,358 | $ 373,108 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Intangible Assets [Abstract] | |||
Amortization expenses | $ 3,783 | $ 2,201 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets, net - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
At Cost: | ||
Financial software | $ 17,710 | $ 17,196 |
Domain name | 2,643 | 3,068 |
Total cost, net | 17,711 | 20,264 |
Less: Accumulated Amortization | 5,318 | 2,211 |
Total, net | $ 12,393 | $ 18,053 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Related Party Transactions (Details) [Line Items] | |||
Equity interest ownership | The franchisees were originally incorporated with the Company shown as a 51.0% owner and subsequently as a 1.25% owner. The intent of having such ownership percentage in the franchisees was to enable the franchisees to register their respective individual business name to include the words “Jiuzi” as required by the local business bureau. Subsequent to the successful registration by the franchisees and completion of the Company’s obligations under the franchise and license agreement, the Company will decrease its ownership interest in these franchisees to 0%. The Company’s percentage of shareholding is nominal, inconsequential, and symbolic. The Company’s equity interest of 51.0% and 1.25% in the franchisees were symbolic in nature. | ||
Revenues from related party | $ 35,085 | $ 88,851 | $ 139,780 |
Outstanding payable | $ 6,849 | ||
Maximum [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Ownership interest percentage | 51% | ||
Minimum [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Ownership interest percentage | 1.25% | ||
Shuibo Zhang [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Due from related parties receivables | $ 13,556 | 296,252 | |
Qi Zhang [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Due from related parties receivables | 22,922 | 38,806 | |
Mr. Ruchun Huang [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Due from related parties receivables | $ 30,675 | $ 32,491 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | $ 214,946 | $ 529,407 |
Pingxiang Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | 2,490 | |
Yichun Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | 112,608 | 149,010 |
Puyang Guozheng New Energy Vehicle Sales Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | 54,144 | |
Wanzai Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | 23,043 | 78,384 |
Xinyu Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | 65,352 | 151,253 |
Gao’an Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | 36,847 | |
Quanzhou Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | 5,919 | 20,135 |
Dongming Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | 9,849 | |
Yulin Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts receivable from related franchisees [Line Items] | ||
Accounts receivable | $ 8,024 | $ 27,295 |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of loan to related franchisees - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | $ 17,678,913 | $ 16,591,780 |
Discount | 2,076,767 | 1,949,060 |
Allowance | 7,309,516 | 832,170 |
Net | 8,292,630 | 13,810,550 |
Jiangsu Changshu [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 356,190 | 268,886 |
Discount | 41,842 | 31,587 |
Allowance | 208,300 | 9,680 |
Net | 106,048 | 227,619 |
Shandong Dongming [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 627,826 | 596,145 |
Discount | 73,752 | 70,030 |
Allowance | 211,033 | 23,846 |
Net | 343,041 | 502,269 |
Jiangxi Gao’an [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 605,621 | 495,861 |
Discount | 71,143 | 58,250 |
Allowance | 287,121 | 19,834 |
Net | 247,357 | 417,777 |
Hunan Huaihua [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 719,814 | 294,331 |
Discount | 84,558 | 34,575 |
Allowance | 254,690 | 10,596 |
Net | 380,566 | 249,160 |
Jiangxi Jiujiang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 279,279 | 446,122 |
Discount | 32,807 | 52,407 |
Allowance | 171,188 | 17,845 |
Net | 75,284 | 375,870 |
Hunan Liuyang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 413,509 | 580,250 |
Discount | 48,576 | 68,163 |
Allowance | 223,766 | 23,210 |
Net | 141,167 | 488,877 |
Hunan Loudi [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 540,686 | 583,945 |
Discount | 63,515 | 68,597 |
Allowance | 232,408 | 23,358 |
Net | 244,763 | 491,990 |
Hunan Pingjiang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 392,004 | 564,977 |
Discount | 46,049 | 66,369 |
Allowance | 175,230 | 22,599 |
Net | 170,725 | 476,009 |
Jiangxi Pingxiang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 583,694 | 694,826 |
Discount | 68,567 | 81,622 |
Allowance | 299,055 | 27,793 |
Net | 216,072 | 585,411 |
Henan Puyang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 645,124 | 982,189 |
Discount | 75,784 | 115,379 |
Allowance | 245,216 | 39,288 |
Net | 324,124 | 827,522 |
Fujian Quanzhou [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 437,376 | 439,717 |
Discount | 51,379 | 51,654 |
Allowance | 288,737 | 35,177 |
Net | 97,260 | 352,886 |
Jiangxi Wanzai [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 512,867 | 557,532 |
Discount | 60,247 | 65,494 |
Allowance | 207,450 | 22,301 |
Net | 245,170 | 469,737 |
Jiangxi Xinyu [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 921,187 | 1,191,815 |
Discount | 108,213 | 140,004 |
Allowance | 338,524 | 47,673 |
Net | 474,450 | 1,004,138 |
Jiangxi Yichun [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 95,301 | 102,590 |
Discount | 11,195 | 12,051 |
Allowance | 50,234 | 2,873 |
Net | 33,872 | 87,666 |
Jiangxi Yudu [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 565,823 | 555,343 |
Discount | 66,468 | 65,236 |
Allowance | 264,583 | 22,214 |
Net | 234,772 | 467,893 |
Guangdong Zengcheng [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 456,895 | 544,391 |
Discount | 53,672 | 63,950 |
Allowance | 294,661 | 21,776 |
Net | 108,562 | 458,665 |
Jiangxi Shanggao [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 594,055 | 425,216 |
Discount | 69,784 | 49,950 |
Allowance | 177,529 | 17,009 |
Net | 346,742 | 358,257 |
Shandong Heze [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 856,193 | 750,382 |
Discount | 100,578 | 88,148 |
Allowance | 323,148 | 30,015 |
Net | 432,467 | 632,219 |
Jiangxi Ganzhou [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 121,328 | 122,834 |
Discount | 14,253 | 14,429 |
Allowance | 62,408 | 6,879 |
Net | 44,667 | 101,526 |
Anhui Fuyang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 31,266 | |
Discount | 3,672 | |
Allowance | 1,876 | |
Net | 25,718 | |
Hunan Liling [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 66,105 | 75,443 |
Discount | 7,765 | 8,862 |
Allowance | 20,696 | 4,527 |
Net | 37,644 | 62,054 |
Hunan Zhuzhou [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 130,479 | 109,828 |
Discount | 15,328 | 12,902 |
Allowance | 54,913 | 7,688 |
Net | 60,238 | 89,238 |
Hunan Changsha [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 8,904 | |
Discount | 1,046 | |
Allowance | 1,962 | |
Net | 5,896 | |
Guangxi Guilin [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 39,499 | |
Discount | 4,640 | |
Allowance | 8,703 | |
Net | 26,156 | |
Hunan Chenzhou [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 508,568 | 556,864 |
Discount | 59,742 | 65,416 |
Allowance | 216,675 | 22,275 |
Net | 232,151 | 469,173 |
Jiangxi Ji’an [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 572,830 | 513,019 |
Discount | 67,291 | 60,265 |
Allowance | 232,646 | 20,521 |
Net | 272,893 | 432,233 |
Guangxi Nanning [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 164,740 | 183,322 |
Discount | 19,352 | 21,535 |
Allowance | 87,227 | 11,733 |
Net | 58,161 | 150,054 |
Hunan Leiyang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 632,745 | 316,450 |
Discount | 74,329 | 37,174 |
Allowance | 221,954 | 25,316 |
Net | 336,462 | 253,960 |
Guangdong Dongguan Changping [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 458,637 | 262,089 |
Discount | 53,877 | 30,788 |
Allowance | 137,329 | 18,870 |
Net | 267,431 | 212,431 |
Hunan Changsha County [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 61,641 | 70,348 |
Discount | 7,241 | 8,264 |
Allowance | 32,369 | 3,377 |
Net | 22,031 | 58,707 |
Guizhou Zunyi [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 242,153 | 174,745 |
Discount | 28,446 | 20,528 |
Allowance | 92,445 | 11,184 |
Net | 121,262 | 143,033 |
Jiangsu Xuzhou [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 231,441 | 264,134 |
Discount | 27,188 | 31,028 |
Allowance | 122,605 | 19,018 |
Net | 81,648 | 214,088 |
Hunan Yongxing [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 242,475 | 229,312 |
Discount | 28,484 | 26,938 |
Allowance | 119,993 | 14,676 |
Net | 93,998 | 187,698 |
Hunan Hengyang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 168,814 | 96,830 |
Discount | 19,831 | 11,375 |
Allowance | 57,952 | 5,423 |
Net | 91,031 | 80,032 |
Hainan Sanya [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 127,994 | 83,542 |
Discount | 15,036 | 9,814 |
Allowance | 112,958 | 4,678 |
Net | 0 | 69,050 |
Hunan Changsha Yuhua [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 493,196 | 281,393 |
Discount | 57,936 | 33,056 |
Allowance | 131,535 | 10,130 |
Net | 303,725 | 238,207 |
Shandong Heze Dingtao [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 520,592 | 312,659 |
Discount | 61,155 | 36,728 |
Allowance | 140,112 | 22,511 |
Net | 319,325 | 253,420 |
Shandong Heze Yuncheng [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 465,800 | 406,457 |
Discount | 54,718 | 47,747 |
Allowance | 158,529 | 32,517 |
Net | 252,553 | 326,193 |
Shandong Heze Gaoxin [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 54,860 | 62,532 |
Discount | 6,445 | 7,346 |
Allowance | 17,169 | 3,752 |
Net | 31,246 | 51,434 |
Shandong Zouping [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 63,011 | 56,279 |
Discount | 7,402 | 6,611 |
Allowance | 27,280 | 3,377 |
Net | 28,329 | 46,291 |
Shandong Juye [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 411,995 | 470,114 |
Discount | 48,398 | 55,225 |
Allowance | 174,963 | 37,609 |
Net | 188,634 | 377,280 |
Shandong Juancheng [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 449,363 | 434,596 |
Discount | 52,787 | 51,053 |
Allowance | 134,326 | 34,768 |
Net | 262,250 | 348,775 |
Shandong Shanxian [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 494,525 | 329,855 |
Discount | 58,093 | 38,749 |
Allowance | 135,766 | 26,388 |
Net | 300,666 | 264,718 |
Jiangxi Zhangshu [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 67,120 | 45,336 |
Discount | 7,885 | 5,326 |
Allowance | 27,949 | 2,720 |
Net | 31,286 | 37,290 |
Guangdong Foshan [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 96,776 | 110,447 |
Discount | 11,368 | 12,974 |
Allowance | 43,582 | 6,185 |
Net | 41,826 | 91,288 |
Jiangxi Jingdezhen [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 78,079 | 18,760 |
Discount | 9,172 | 2,204 |
Allowance | 18,728 | 1,125 |
Net | 50,179 | 15,431 |
Guangxi Yulin [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 391,435 | 398,554 |
Discount | 45,982 | 46,819 |
Allowance | 266,698 | 15,941 |
Net | 78,755 | 335,794 |
Shandong Heze Cao County [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 438,404 | 500,254 |
Discount | 51,500 | 58,766 |
Allowance | 137,247 | 40,019 |
Net | 249,657 | 401,469 |
Dongguan Nancheng [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 5,479 | |
Discount | 644 | |
Allowance | 1,207 | |
Net | 3,628 | |
Hubei Macheng [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 99,023 | |
Discount | 11,632 | |
Allowance | 21,819 | |
Net | 65,572 | |
Shandong Jining Liangshan [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 13,698 | |
Discount | 1,609 | |
Allowance | 3,018 | |
Net | 9,071 | |
Guangdong Zhanjiang [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 35,957 | |
Discount | 4,224 | |
Allowance | 7,923 | |
Net | 23,810 | |
Hunan Hengyang Shigu [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 20,547 | |
Discount | 2,414 | |
Allowance | 4,527 | |
Net | 13,606 | |
Jiangxi Ji’an Yongfeng [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 18,492 | |
Discount | 2,172 | |
Allowance | 4,075 | |
Net | 12,245 | |
Hunan Changde [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 37,669 | |
Discount | 4,425 | |
Allowance | 8,300 | |
Net | 24,944 | |
Guangxi Nanning Jiangnan [Member] | ||
Related Party Transactions (Details) - Schedule of loan to related franchisees [Line Items] | ||
Gross | 41,095 | |
Discount | 4,828 | |
Allowance | 9,055 | |
Net | $ 27,212 |
Related Party Transactions (D_4
Related Party Transactions (Details) - Schedule of accounts payable to related parties’ franchisees - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Related Party Transactions (Details) - Schedule of accounts payable to related parties’ franchisees [Line Items] | ||
Total | $ 6,986 | $ 44,366 |
Liuyang [Member] | ||
Related Party Transactions (Details) - Schedule of accounts payable to related parties’ franchisees [Line Items] | ||
Total | 13,898 | |
Wanzai [Member] | ||
Related Party Transactions (Details) - Schedule of accounts payable to related parties’ franchisees [Line Items] | ||
Total | 8,754 | |
Huaihua [Member] | ||
Related Party Transactions (Details) - Schedule of accounts payable to related parties’ franchisees [Line Items] | ||
Total | 18,744 | |
XinYu [Member] | ||
Related Party Transactions (Details) - Schedule of accounts payable to related parties’ franchisees [Line Items] | ||
Total | 2,970 | |
Yudu Jiuzi New Energy Automobile Co., Ltd [Member] | ||
Related Party Transactions (Details) - Schedule of accounts payable to related parties’ franchisees [Line Items] | ||
Total | $ 6,986 |
Related Party Transactions (D_5
Related Party Transactions (Details) - Schedule of Contract liability – related party - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Current Portion | ||
Unearned franchise fee | $ 825,990 | $ 81,474 |
Customer deposit | 83,330 | |
Total, net | 825,990 | 164,804 |
Non-current Portion | ||
Unearned franchise fee | 150,494 | |
Total, net | $ 976,484 | $ 164,804 |
Related Party Transactions (D_6
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | $ 825,990 | $ 81,474 |
Unearned franchise fee – non-current | 150,494 | |
Total | 976,484 | 81,474 |
Hainan Sanya [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 48,462 | |
Hunan Changsha [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 4,299 | |
Hunan Yueyang [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 4,299 | |
Hunan Jishou [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 1,563 | |
Zhejiang Hangzhou Xiaoshan [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 4,220 | |
Hunan Yueyang Xiangyin [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 4,299 | |
Guangdong Zhongshan [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 14,332 | |
Zhejing JiaXing [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 68,490 | |
Henan Jiuzi New Energy Vehicle Sales and Service Co. LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 13,698 | |
Zhejiang Huasu Automobile Service Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 68,490 | |
Huzhou Fengtao New Energy Automobile Sales Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 41,094 | |
Shandong Shenglong Automobile Sales Co. LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 68,490 | |
Nantong Meixinyao Vehicle Sales Service Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 27,396 | |
Anhui Auto e-Link Auto Sales Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 27,396 | |
Fengshang Network Technology (Shaoxing) Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 41,094 | |
Anhui LiuAn [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 41,094 | |
Guangxi Qinzhou [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 13,698 | |
Guangxi Qinzhou Lingshan [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 41,094 | |
Zhejiang Shaoxing Shengzhou [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 68,490 | |
Xinjiang Urumqi [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 68,490 | |
Hunan Changzhutan [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 2,740 | |
Hunan Shaoyang [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 1,370 | |
Guangxi Liuzhou (Guangxi Shuangru Trading Co., Ltd.) [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 68,490 | |
Guangxi Nanning [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 13,697 | |
Guangxi Yulin [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 4,109 | |
Guangxi Nanning (Guangxi Zhanyuan Automobile) [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 41,094 | |
Guangxi Yulin (Yulin Qihui Automobile) [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 82,188 | |
Zhejiang Huzhou [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 6,849 | |
Sanmen Xian Wuji Automobile Sales [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 274 | |
Shandong Yuncheng (Yuncheng Zhanteng New Energy Automobile Co., Ltd.) [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 274 | |
Zhejiang Shaoxing Niuniu Automobile Sales Service Co., Ltd. [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 274 | |
Yongkang Yijie Automobile Trading Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 5,479 | |
Unearned franchise fee – non-current | 21,004 | |
Ningbo Jinhui Internet Technology Service Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 1,370 | |
Unearned franchise fee – non-current | 5,250 | |
Xingtai Wanhua Botian Automobile Trading Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 822 | |
Unearned franchise fee – non-current | 3,219 | |
Zhejiang Hangzhou Xiaoshan Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 822 | |
Unearned franchise fee – non-current | 2,055 | |
Hunan Changsha Yuelu Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 822 | |
Unearned franchise fee – non-current | 2,123 | |
Hunan Yueyang Xiangyin Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 822 | |
Unearned franchise fee – non-current | 2,123 | |
Hunan Yueyang Yueyang Lou Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 822 | |
Unearned franchise fee – non-current | 2,123 | |
Guangdong Zhongshan City Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 2,740 | |
Unearned franchise fee – non-current | 7,077 | |
Hunan Yueyang Miluo Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 822 | |
Unearned franchise fee – non-current | 2,328 | |
Zhejiang Hangzhou Gongshu Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 274 | |
Unearned franchise fee – non-current | 798 | |
Zhejiang Jiaxing Nanhu Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee - current | 822 | |
Unearned franchise fee – non-current | 2,397 | |
Guizhou 320 Automobile Service Co., LTD [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee – non-current | 13,698 | |
Henan Luohe Yancheng Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee – non-current | 2,740 | |
Guangdong Foshan Shunde Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee – non-current | 4,109 | |
Chongqing Banan Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee – non-current | 1,370 | |
Jiangsu Jingjiang Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee – non-current | 2,740 | |
Shanghai Fengxian Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee – non-current | 2,740 | |
Chengdu municipal level Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee – non-current | 71,230 | |
Hunan Hengyang Agent [Member] | ||
Related Party Transactions (Details) - Schedule of unearned franchise fee comprised [Line Items] | ||
Unearned franchise fee – non-current | $ 1,370 |
Related Party Transactions (D_7
Related Party Transactions (Details) - Schedule of advance received from related franchisees for purchase car deposits - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Related Party Transactions (Details) - Schedule of advance received from related franchisees for purchase car deposits [Line Items] | ||
Total, net | $ 83,330 | |
Guangxi Yulin [Member] | ||
Related Party Transactions (Details) - Schedule of advance received from related franchisees for purchase car deposits [Line Items] | ||
Total, net | 46,898 | |
Hunan Huaihua [Member] | ||
Related Party Transactions (Details) - Schedule of advance received from related franchisees for purchase car deposits [Line Items] | ||
Total, net | $ 36,432 |
Related Party Transactions (D_8
Related Party Transactions (Details) - Schedule of related parties receivables - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Related Party Transactions (Details) - Schedule of related parties receivables [Line Items] | ||
Total | $ 67,153 | $ 367,549 |
Mr. Shuibo Zhang [Member] | ||
Related Party Transactions (Details) - Schedule of related parties receivables [Line Items] | ||
Total | 13,556 | 296,252 |
Mr. Qi Zhang [Member] | ||
Related Party Transactions (Details) - Schedule of related parties receivables [Line Items] | ||
Total | 22,922 | 38,806 |
Mr. Ruchun Huang [Member] | ||
Related Party Transactions (Details) - Schedule of related parties receivables [Line Items] | ||
Total | $ 30,675 | $ 32,491 |
Related Party Transactions (D_9
Related Party Transactions (Details) - Schedule of related parties payables - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Related Party Transactions (Details) - Schedule of related parties payables [Line Items] | ||
Total | $ 6,849 | |
Mr. Ligui Xu [Member] | ||
Related Party Transactions (Details) - Schedule of related parties payables [Line Items] | ||
Total | $ 6,849 |
Deferred Income and Others Lo_3
Deferred Income and Others Long Term Liabilities (Details) - Schedule of deferred income - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule Of Deferred Income Abstract | ||
Subsidy for the maintenance and repair of the office | $ 236,290 | $ 341,580 |
Rent subsidy for office | 922,260 | |
Total | $ 236,290 | $ 1,263,840 |
Deferred Income and Others Lo_4
Deferred Income and Others Long Term Liabilities (Details) - Schedule of franchise security deposits - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Deferred Income and Others Long Term Liabilities (Details) - Schedule of franchise security deposits [Line Items] | ||
Total franchise security deposits | $ 130,131 | |
Guangxi Rongxian Junsheng Automobile Trading Co., Ltd [Member] | ||
Deferred Income and Others Long Term Liabilities (Details) - Schedule of franchise security deposits [Line Items] | ||
Total franchise security deposits | 20,547 | |
Chongqing Suiqian Trading Co., Ltd [Member] | ||
Deferred Income and Others Long Term Liabilities (Details) - Schedule of franchise security deposits [Line Items] | ||
Total franchise security deposits | 27,396 | |
Guangxi Yulin Shangfeng Automobile Sales Co., Ltd [Member] | ||
Deferred Income and Others Long Term Liabilities (Details) - Schedule of franchise security deposits [Line Items] | ||
Total franchise security deposits | 27,396 | |
Jiangxi Haomen Automobile Sales Co., Ltd [Member] | ||
Deferred Income and Others Long Term Liabilities (Details) - Schedule of franchise security deposits [Line Items] | ||
Total franchise security deposits | 13,698 | |
Guangxi Zhanyuan Automobile Sales Co., Ltd [Member] | ||
Deferred Income and Others Long Term Liabilities (Details) - Schedule of franchise security deposits [Line Items] | ||
Total franchise security deposits | $ 41,094 |
Leases (Details)
Leases (Details) ¥ in Millions | 12 Months Ended | ||
Oct. 31, 2022 USD ($) | Oct. 31, 2022 CNY (¥) | Oct. 31, 2021 USD ($) | |
Leases [Abstract] | |||
Number of operating leases | 1 | 1 | |
Requirement amount | ¥ | ¥ 20 | ||
Incremental borrowing rate | 4.75% | 4.75% | |
Operating lease expense | $ | $ 257,563 | $ 83,639 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of supplemental cash flow information related to leases | 12 Months Ended |
Oct. 31, 2022 USD ($) | |
Schedule of Supplemental Cash Flow Information Related to Leases [Abstract] | |
Operating lease cost (included in general and administrative expenses and cost in the Company’s statement of operations) | $ 257,563 |
Cash paid for amounts included in the measurement of lease liabilities for the year ended October 31, 2022 | $ 224,759 |
Weighted average remaining lease term – operating leases (in years) | 3 years 6 months 29 days |
Average discount rate – operating lease | 4.75% |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of supplemental balance sheet information related to leases - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Schedule of Supplemental Balance Sheet Information Related to Leases [Abstract] | ||
Right-of-use assets | $ 725,903 | $ 846,200 |
Operating lease liabilities | $ 768,185 | $ 700,580 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of undiscounted future minimum lease payment schedule | Oct. 31, 2022 USD ($) |
Schedule of Undiscounted Future Minimum Lease Payment Schedule [Abstract] | |
2023 | $ 399,344 |
2024 | 218,583 |
2025 | 196,763 |
Total | $ 814,690 |
Convertible Debentures (Details
Convertible Debentures (Details) - USD ($) | 12 Months Ended | |||||||
Jan. 06, 2023 | Jan. 04, 2022 | Dec. 06, 2021 | Dec. 03, 2021 | Dec. 02, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Convertible Debentures (Details) [Line Items] | ||||||||
Convertible debenture issued | $ 2,500,000 | $ 6,000,000 | $ 2,500,000 | $ 6,000,000 | ||||
Annual interest rate | 5% | 5% | ||||||
Convertible debenture | $ 1,000,000 | |||||||
Outstanding balance of convertible debenture | $ 1,300,000 | |||||||
Maturity date | Jun. 30, 2023 | |||||||
Convertible debenture outstanding | $ 2,835,400 | |||||||
Interest expenses | $ 1,337,158 | |||||||
Subsequent Event [Member] | ||||||||
Convertible Debentures (Details) [Line Items] | ||||||||
Principal amount | $ 216,667 | |||||||
Financing transaction with gross proceeds | $ 250,000 | |||||||
Total proceeds percentage | 50% |
Taxes Payable (Details) - Sched
Taxes Payable (Details) - Schedule of taxes payable - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Schedule Of Taxes Payable Abstract | ||
Value-added tax, net | $ 890,620 | $ 1,056,332 |
Company Income tax | 1,645,556 | 1,950,976 |
Other taxes | 116,678 | 83,321 |
Total | $ 2,652,854 | $ 2,923,987 |
Contract Liability (Details) -
Contract Liability (Details) - Schedule of contract liability - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule of Contract Liability [Abstract] | ||
Customer deposit for car purchase | $ 1,343,442 | $ 114,916 |
Total, net | $ 1,343,442 | $ 114,916 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Oct. 28, 2022 | Oct. 31, 2020 | Oct. 31, 2022 | Oct. 31, 2021 | May 20, 2021 | |
Shareholders' Equity (Details) [Line Items] | |||||
Shares outstanding | 24,545,333 | 21,426,844 | |||
Shares issued | 24,545,333 | 21,426,844 | |||
Subdivided shares | 5 | ||||
Shares, par value (in Dollars per share) | $ 0.001 | ||||
Ordinary shares issued | 200,000 | 2,918,489 | 5,200,000 | ||
Offering price per share (in Dollars per share) | $ 5 | ||||
Service compensation (in Dollars) | $ 60,000 | ||||
Conversion of note payable (in Dollars) | $ 2,236,684 | ||||
Stock dividend description | issued a stock dividend on 2 for 1 on post-Share Subdivision basis, whereby each shareholder holding 1 share of the 5,000,000 shares outstanding immediately preceding this stock dividend was issued an additional 2 shares | ||||
Share Subdivision [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Shares issued | 10,000,000 | ||||
Authorized share capital par value (in Dollars per share) | $ 0.005 | ||||
Common stock, par value (in Dollars per share) | $ 0.001 | ||||
Authorized share capital (in Dollars) | $ 50,000 | ||||
Shares, authorized | 50,000,000 | ||||
Shares, par value (in Dollars per share) | $ 0.001 | ||||
Total shares issued | 5,000,000 | 15,000,000 | |||
Total shares outstanding | 5,000,000 | 15,000,000 | |||
Minimum [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Shares, authorized | 50,000,000 | ||||
Maximum [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Shares, authorized | 150,000,000 |
Segments and Geographic Infor_3
Segments and Geographic Information (Details) | 12 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
Segments and Geographic Infor_4
Segments and Geographic Information (Details) - Schedule of sales revenues - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total, sales revenues | $ 6,215,718 | $ 9,536,987 | $ 8,210,595 |
Total, sales revenues, percentage | 100% | 100% | 100% |
Total, direct costs | $ 6,458,162 | $ 4,909,704 | $ 2,190,768 |
Total, direct costs, percentage | 100% | 100% | 100% |
Total, gross profit (loss) | $ (242,444) | $ 4,627,283 | $ 6,019,827 |
Total, gross profit (loss), percentage | 100% | ||
NEVs sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Total, sales revenues | $ 5,908,360 | $ 1,443,917 | $ 398,613 |
Total, sales revenues, percentage | 95% | 15% | 5% |
Total, direct costs | $ 5,748,954 | $ 1,400,211 | $ 366,523 |
Total, direct costs, percentage | 88% | 29% | 17% |
Total, gross profit (loss) | $ 159,406 | $ 43,706 | $ 32,090 |
Total, gross profit (loss), percentage | (66.00%) | 1% | 1% |
Franchisees service revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Total, sales revenues | $ 283,763 | $ 8,093,070 | $ 7,811,982 |
Total, sales revenues, percentage | 5% | 85% | 95% |
Total, direct costs | $ 693,143 | $ 3,509,493 | $ 1,824,245 |
Total, direct costs, percentage | 11% | 71% | 83% |
Total, gross profit (loss) | $ (409,380) | $ 4,583,577 | $ 5,987,737 |
Total, gross profit (loss), percentage | 169% | 99% | 99% |
Other service revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Total, sales revenues | $ 23,595 | ||
Total, sales revenues, percentage | |||
Total, direct costs | $ 16,065 | ||
Total, direct costs, percentage | 1% | ||
Total, gross profit (loss) | $ 7,530 | ||
Total, gross profit (loss), percentage | (3.00%) |
Income Tax (Details)
Income Tax (Details) | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Profit tax rate | 25% |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of net taxable income (losses) before income taxes and its provision for income taxes - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Schedule of Net Taxable Income Losses Before Income Taxes and its Provision for Income Taxes [Abstract] | |||
Income (loss) attributed to China | $ (16,832,172) | $ 2,002,809 | $ 3,839,535 |
PRC statutory tax rate | 25% | 25% | 25% |
Income tax expense at statutory rate | $ 500,702 | $ 959,884 | |
Reconciliation | (71) | 46,123 | 14,509 |
Income tax expense/ (benefit) | $ (71) | $ 546,825 | $ 974,393 |
Concentrations, Risks and Unc_3
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration on sales revenues generated by customers type comprised - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Schedule Of Concentration On Sales Revenues Generated By Customers Type Comprised Abstract | |||
Third party sales revenues | $ 5,176,168 | $ 1,355,066 | $ 258,833 |
Third party sales revenues, Percentage | 83% | 15% | 3% |
Related party sales revenues | $ 596,198 | $ 88,851 | $ 139,780 |
Related party sales revenues, Percentage | 10% | 1% | 2% |
Third party franchise revenues | $ 229,818 | $ 251,359 | |
Third party franchise revenues, Percentage | 4% | 3% | |
Related party franchise revenues | $ 53,945 | $ 7,841,711 | $ 7,811,982 |
Related party franchise revenues, Percentage | 1% | 81% | 95% |
Third party other revenues | $ 159,589 | ||
Third party other revenues, Percentage | 3% | ||
Related party other revenues | |||
Related party other revenues, Percentage | |||
Total | $ 6,215,718 | $ 9,536,987 | $ 8,210,595 |
Total Percentage | 100% | 100% | 100% |
Concentrations, Risks and Unc_4
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Customer A [Member] | |||
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised [Line Items] | |||
Total | $ 24,842 | ||
Total | 10% | ||
Customer B [Member] | |||
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised [Line Items] | |||
Total | $ 20,453 | ||
Total | 8% | ||
Customer C [Member] | |||
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised [Line Items] | |||
Total | $ 20,425 | ||
Total | 8% | ||
Customer D [Member] | |||
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised [Line Items] | |||
Total | $ 20,393 | ||
Total | 8% | ||
Customer E [Member] | |||
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised [Line Items] | |||
Total | $ 408,577 | ||
Total | 30% | ||
Customer F [Member] | |||
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised [Line Items] | |||
Total | $ 799,865 | ||
Total | 59% | ||
Customer G [Member] | |||
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised [Line Items] | |||
Total | $ 72,513 | ||
Total | 5% | ||
Customer H [Member] | |||
Concentrations, Risks and Uncertainties (Details) - Schedule of concentration of sales revenues generated by third-party customers comprised [Line Items] | |||
Total | $ 697,056 | ||
Total | 10% | ||
Total | $ 697,056 | $ 1,280,955 | $ 86,113 |
Total | 10% | 94% | 34% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jan. 06, 2023 | Dec. 02, 2021 | Oct. 31, 2022 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | Nov. 10, 2022 | |
Subsequent Events (Details) [Line Items] | |||||||
Convertible debenture | $ 1,300,000 | ||||||
Maturity date | Jun. 30, 2023 | ||||||
Suppliers | $ 2,751,743 | $ (1,833,355) | |||||
Subsequent Event [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
Principal amount | $ 216,667 | ||||||
Gross proceeds | $ 250,000 | ||||||
Debenture holder optional redemption percentage | 50% | ||||||
Zhejiang Jiuzi [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
Equity interest rate | 0.10% |
Subsequent Events (Details) - S
Subsequent Events (Details) - Schedule of subsequent events | 12 Months Ended |
Oct. 31, 2022 USD ($) | |
Shengzhou Baiyuan New Energy Vehicle Technology Co. [Member] | |
Variable Interest Entity [Line Items] | |
Status of the case | Pending |
Amount involved (USD equivalent) | $ 1,949,750 |
Jiangsu Yakai Auto Sales & Service Co. [Member] | |
Variable Interest Entity [Line Items] | |
Status of the case | Out-of-court settled |
Amount involved (USD equivalent) | $ 251,410 |
Hangzhou Shicheng Auto Trading Co. [Member] | |
Variable Interest Entity [Line Items] | |
Status of the case | Successful |
Amount involved (USD equivalent) | $ 279,905 |
Nanning Huangyang Auto Sales Co. [Member] | |
Variable Interest Entity [Line Items] | |
Status of the case | Successful |
Amount involved (USD equivalent) | $ 170,458 |
Other suppliers [Member] | |
Variable Interest Entity [Line Items] | |
Status of the case | Pending |
Amount involved (USD equivalent) | $ 100,220 |
Total | $ 2,751,743 |