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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table)
 6 Months Ended
Mar. 31, 2022
Accrued Liabilities, Current [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities

 

 

September 30,

2021

 

 

March 31, 2022

 

Due to a rental service company (1)

 

 

603,884

 

 

 

589,176

 

Tenant deposits

 

 

102,355

 

 

 

104,713

 

Payable to a constructor for leasehold improvements (2)

 

 

62,498

 

 

 

—

 

Other tax payable

 

 

67,491

 

 

 

67,741

 

Interest payable

 

 

106,439

 

 

 

154,352

 

Accrued utilities

 

 

25,503

 

 

 

28,494

 

Operation service payable

 

 

35,514

 

 

 

35,686

 

Accrued payroll and welfare

 

 

4,471

 

 

 

4,444

 

Others

 

 

16,727

 

 

 

16,604

 

 

 

 

1,024,882

 

 

 

1,001,210

 

 

(1)

As of September 30, 2021 and March 31, 2022, the balance of due to a rental service company primarily represented

 

a) the rental deposits and prepaid rental fee collected from tenants. The rental deposits and prepaid rental fee belonged to the rental service company, for which the Group provided apartment operation services since April 2020, and

 

b) Capital lease payable and other financing payables due to the rental service company. The Group started to cooperate with a rental service company to source and renovate apartments since August 2018. For certain identified newly sourced apartments, the rental service company reimburses the Group for costs incurred for the renovation. The Group then makes payments to the rental service company in instalments equal to the reimbursed renovation costs plus interest and tax over a period of five years. At the end of the five-year period, the ownership of the renovation will be transferred to the Group. The Group accounts for this arrangement with the rental service company as a capital lease. The Group terminated cooperation with the rental service company, and the Group reclassified the capital lease payable and other financing payable to the account of “Due to a rental service company”.

 

(2)

During the six months ended March 31, 2022, the constructor claimed debts with the Court (Note 3), which allocated the proceeds to the constructor. As of March 31, 2022, the Company had no outstanding balance due to the constructor.