Short-Term Bank Loans (Tables)

6 Months Ended

Mar. 31, 2024

Short-Term Bank Loans [Abstract]

Schedule of Short-Term Bank Loans

Short-term bank loans consisted of the following:

	March 31, 2024		September 30, 2023
Industrial and Commercial Bank of China (1)	$	4,155,000	$	4,113,000
China Merchants Bank (2)		1,385,000		-
Agricultural Bank of China (3)		2,756,150		-
Jiangsu Bank (4)		1,385,000		-
Total short-term bank loans	$	9,681,150	$	4,113,000

(1) On September 28, 2023, Changzhou Zhongjin signed a loan agreement with Industrial and Commercial Bank of China to borrow $4,155,000 (RMB 30.0 million) as working capital for one year, with a maturity date of September 25, 2024. The loan had a fixed interest rate of 2.90% per annum.

(2) On January 3, 2024, Changzhou Zhongjin entered into a loan agreement with China Merchants Bank to borrow $1,385,000 (RMB 10.0 million) as working capital. The loan has a fixed interest rate of 2.80% per annum and matures in one year. In addition, the Company’s major shareholder Mr. Erqi Wang, signed a maximum guarantee agreement with China Merchants Bank to provide personal credit guarantees for the loan.

(3) On January 3, 2024, Changzhou Zhongjin entered into a loan agreement with Agricultural Bank of China to borrow $2,756,150 (RMB 19.9 million) as working capital. The loan has a fixed interest rate of 2.95% per annum and matures in one year.

(4) On January 10, 2024, Changzhou Zhongjin entered into a loan agreement with Jiangsu Bank to borrow $1,385,000 (RMB 10.0 million) as working capital. The loan has a fixed interest rate of 3% per annum and matures in six months. In addition, the Company’s major shareholder Mr. Erqi Wang, signed a maximum guarantee agreement with Jiangsu Bank to provide personal credit guarantees for the loan. The loan was fully repaid on July 15, 2024.