Related Party Transactions

12 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9 — RELATED PARTY TRANSACTIONS

a. Accounts receivable - related parties

Accounts receivable - related parties consists of the following:

Name	Related party relationship	September 30, 2023		September 30, 2022
Shanghai Situma Intelligent Technology Co., Ltd.	Minority shareholder of the Company	$	393,068	$	-
Jiangsu Zhongjin Kanglu Information Technology Co., Ltd.	An entity controlled by the CEO		364,750		162,024
Jinmed International Co., Ltd.	An entity controlled by the CEO		141,131		-
Zhongjin Hongkang Medical Technology (Shanghai) Co., Ltd.	An entity controlled by the CEO		49,000		55,187
Zhongjin Jingau Rehabilitation Equipment (Beijing) Co. Ltd.	An entity controlled by the CEO		-		1,468
Zhongjiankanglu Industrial Development (Shanghai) Co., Ltd.	An entity controlled by the CEO		-		34,794
Subtotal			947,949		253,473
Less: allowance for doubtful accounts			-		-
Total accounts receivable, net - related parties		$	947,949	$	253,473

For accounts receivable due from related parties, approximately 67.5%, or $0.6 million of the September 30, 2023 balances have been subsequently collected. The remaining balance is expected to be collected before September 30, 2024. 

b. Due from related parties

Due from related parties consists of the following:

Name	Related party relationship	September 30, 2023		September 30, 2022
Jiangsu Zhongjin Kanglu Information Technology Co., Ltd. (“Zhongjin Kanglu”) (1)	An entity controlled by the CEO	$	4,189,813	$	-
Huaniaoyuan Catering Management (Changzhou) Co. Ltd.	An entity controlled by the CEO		50,711		33,285
Other	Director of the Company		-		2,972
Total due from related parties		$	4,240,524	$	36,257

(1) As of September 30, 2023, the balance due from a related party, Zhongjin Kanglu, was $4,189,813. During the year ended September 30, 2023, as a business collaboration, the Company made advances to Zhongjin Kanglu in the amount of $4,113,000 (RMB30.0 million) as for its temporary working capital needs during the normal course of business. The $4,113,000 advance made to Zhongjin Kanglu has been fully collected in October 2023. The Company expects to make no such advances to its related parties in the future.

c. Deferred revenue – related parties

Deferred revenue – related parties consist of the following:

Name	Related party relationship	September 30, 2023		September 30, 2022
Jin Med Medical (Korea) Co., Ltd.	An entity controlled by the CEO	$	117,424	$	-
Zhongjiankanglu Industrial Development (Shanghai) Co., Ltd.	An entity controlled by the CEO		1,371		-
Zhongjin Jingau Rehabilitation Equipment (Beijing) Co. Ltd.	An entity controlled by the CEO		325		-
Total deferred revenue – related parties		$	119,120	$	-

d. Due to related parties

Due to related parties consists of the following:

Name	Related party relationship	September 30, 2023		September 30, 2022
Jiangsu Zhongjin Kanglu Information Technology Co., Ltd.	An entity controlled by the CEO	$	-	$	118,066
Huaniaoyuan Environmental Engineering (Changzhou) Co., Ltd.	An entity controlled by the CEO		630		-
Changzhou Zhongjian Kanglu Information Technology Co., Ltd	An entity controlled by the CEO		494		-
Total due to related parties		$	1,124	$	118,066

The balance due to related parties was mainly comprised of advances from entities controlled by the Company’s CEO and used for working capital during the Company’s normal course of business. These advances are non-interest bearing and due on demand.

e. Revenue from related parties

Revenue from related parties consists of the following:

		For the Years Ended September 30,
Name	Related party relationship	2023		2022		2021
Jiangsu Zhongjin Kanglu Information Technology Co., Ltd.	An entity controlled by the CEO	$	858,743	$	737,450	$	578,302
Jinmed International Co., Ltd.	An entity controlled by the CEO		146,268		-		-
Zhongjiankanglu Industrial Development (Shanghai) Co., Ltd.	An entity controlled by the CEO		6,759		276,429		52,274
Zhongjin Hongkang Medical Technology (Shanghai) Co., Ltd.	An entity controlled by the CEO		-		70,816		-
Zhongjin Jingau Rehabilitation Equipment (Beijing) Co. Ltd.	An entity controlled by the CEO		10,588		24,707		26,484
Huaniaoyuan Catering Management (Changzhou) Co. Ltd.	An entity controlled by the CEO		-		1,621		-
Total revenue from related parties		$	1,022,358	$	1,111,023	$	657,060