Related party transactions

12 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related party transactions

8. Related party transactions

On July 1, 2023, the Group and BEYEBE AI Technology Inc (“BEYEBE”), a related party under same shareholder, Weihong Du’s control of the Group, signed an agreement providing that BEYEBE was going to pay all operating expenses for the Group until the end of the agreement when the Group will reimburse all payments made on behalf of the Group in a lump sum to BEYEBE. On December 31, 2023, the Group signed a loan agreement with BEYEBE for a 3 year credit loan of up to an aggregate principal amount not exceeding $1,000,000 at an interest rate of 7.5% per annum.

As of September 30, 2024, the outstanding balance under this loan agreement was US$214,748, with interest payable to BEYEBE of US$14,281.

During the year ended September 30, 2024, the Group had entered into a License and Supply Agreement (“License Agreement”) with Shenzhen Beyebe Internet Technology Co. Limited (“SZ BEYEBE”), a related party under same shareholder, Weihong Du’s control of the Group. Pursuant to the terms of the License Agreement, the Group granted to SZ BEYEBE the right to use and grant others a sublicense to use the Group’s Licensed Intellectual Property, as such term is defined in the License Agreement, and to use and sell the Group’s Licensed Products, as defined in the License Agreement, within mainland China, at a consideration of (i) a fixed license fee of US$300,000 for the first year and (ii) a royalty equal to 15% of the revenue generated by SZ BEYEBE from the distribution of the Licensed Products and Licensed Intellectual Property. The fixed license fee for each year thereafter will be such amount as is agreed upon by the parties. The License Agreement has a term which expires on December 31, 2040.

During the year ended September 30, 2024, the rights to the Group’s intellectual properties had not yet been transferred to SZ BEYEBE, and thus there was no fixed fee license revenue and royalty revenue arising from the License Agreement.

Weihong Du, one of the shareholders of the Group, entered into an employment contract with the Company. Pursuant to the employment contract date July 1, 2023, Mr. Du is entitled to an annual salary of US$60,000 for being the Chief Executive Officer of the Company.

Li’ou Xie, one of the shareholders of the Group, entered into a labor contract with the Group’s wholly-owned subsidiary, SGTCL, on January 1, 2024. Pursuant to the terms of the labor contract, Mr. Xie serves as the financial manager for a term of three years, concluding on December 31, 2026, at a monthly salary and bonus of RMB52,200 (approximately US$7,357).

The related party transactions of the Group are as follows:

	For the year ended September 30, 2024		For the period from Establishment Date (June 1, 2023) to September 30, 2023
	US$		US$
BEYEBE AI Technology Inc. (“BEYEBE”)
- Rental expense		3,985		11,955
- Interest expense		14,281		-
Shenzhen Beyebe Internet Technology Co. Limited (“SZ BEYEBE”)
- Rental expense		12,844		—
Weihong Du
- Payroll expense		60,000		7,500
Li’ou Xie
- Payroll expense		67,108		—

The balances with the related parties are as follows:

	As of September 30, 2024			As of September 30, 2023
	US$			US$
Weihong Du		13,836			—
Li’ou Xie		905			—
Less: allowance for credit losses		(295	)		—
Total amount due from shareholders, net		14,446			—
BEYEBE		456,762			116,347
SZ BEYEBE		405,110			—
Total amount due to related parties		861,872			116,347