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Related Party Transactions
 12 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 10 — RELATED PARTY TRANSACTIONS

 

a. Accounts receivable - related parties

 

Accounts receivable - related parties consists of the following:

 

Name  Related party relationship  September 30,
2024		   September 30,
2023		 
Zhongjiankanglu Industrial Development (Shanghai) Co., Ltd.  An entity controlled by the CEO  $1,492,024   $
-
 
Zhongjin Hongkang Medical Technology (Shanghai) Co., Ltd.  An entity controlled by the CEO   911,987    49,000 
Jiangsu Zhongjin Kanglu Information Technology Co., Ltd.  An entity controlled by the CEO   141,007    364,750 
Shanghai Situma Intelligent Technology Co., Ltd.  Minority shareholder of the Company  $
-
   $393,068 
Jinmed International Co., Ltd.  An entity controlled by the CEO   
-
    141,131 
Zhongjin Jingau Rehabilitation Equipment (Beijing) Co. Ltd.  An entity controlled by the CEO   1,340    
-
 
Subtotal      2,546,358    947,949 
Less: allowance for credit losses      
-
    
-
 
Total accounts receivable, net - related parties     $2,546,358   $947,949 

 

For accounts receivable due from related parties, approximately 39.2%, or $1.0 million of the September 30, 2024 balances have been subsequently collected. The remaining balance is expected to be collected before September 30, 2025. 

 

b. Due from related parties

 

Due from related parties consists of the following:

 

Name  Related party relationship  September 30,
2024		   September 30,
2023		 
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   101,906    50,711 
Total due from related parties     $101,906   $4,240,524 

 

(1) As of September 30, 2023, the balance due from Zhongjin Kanglu was $4,189,813, the amount included an advance made to Zhongjin Kanglu in the amount of $4,113,000 (RMB30.0 million) 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,
2024		   September 30,
2023		 
Jin Med Medical (Korea) Co., Ltd.  An entity controlled by the CEO  $121,269   $117,424 
Zhongjiankanglu Industrial Development (Shanghai) Co., Ltd.  An entity controlled by the CEO   
-
    1,371 
Jinmed International Co., Ltd.  An entity controlled by the CEO   4,394    
-
 
Zhongjin Jingau Rehabilitation Equipment (Beijing) Co. Ltd.  An entity controlled by the CEO   
-
    325 
Total deferred revenue – related parties     $125,663   $119,120 

 

d. Due to related parties

 

Due to related parties consists of the following:

 

Name  Related party relationship  September 30,
2024		   September 30,
2023		 
Jiangsu Zhongjin Kanglu Information Technology Co., Ltd.  An entity controlled by the CEO  $257,359   $
-
 
Shanghai Situma Intelligent Technology Co., Ltd.  Minority shareholder of the Company   21,854    
-
 
Huaniaoyuan Environmental Engineering (Changzhou) Co., Ltd.  An entity controlled by the CEO   656    630 
Changzhou Zhongjian Kanglu Information Technology Co., Ltd  An entity controlled by the CEO   684    494 
Total due to related parties     $280,553   $1,124 

 

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  2024   2023   2022 
Zhongjiankanglu Industrial Development (Shanghai) Co., Ltd.  An entity controlled by the CEO  $1,697,061   $6,759   $276,429 
Zhongjin Hongkang Medical Technology (Shanghai) Co., Ltd.  An entity controlled by the CEO   742,762    
-
    70,816 
Jiangsu Zhongjin Kanglu Information Technology Co., Ltd.  An entity controlled by the CEO   416,696    858,743    737,450 
Jinmed International Co., Ltd.  An entity controlled by the CEO   
-
    146,268    
-
 
Zhongjin Jingau Rehabilitation Equipment (Beijing) Co. Ltd.  An entity controlled by the CEO   
-
    10,588    24,707 
Huaniaoyuan Catering Management (Changzhou) Co. Ltd.  An entity controlled by the CEO   
-
    
-
    1,621 
Jin Med Medical (Korea) Co., Ltd.  An entity controlled by the CEO   50,240    
-
    
-
 
Total revenue from related parties     $2,906,759   $1,022,358   $1,111,023