Related party transactions

3 Months Ended

Dec. 31, 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 controlling shareholder and director, Weihong Du, signed an agreement to the effect 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 an aggregate principal amount not exceeding $1,000,000 at an interest rate of 7.5% per annum.

As of December 31, 2024 and September 30, 2024, the outstanding balance under this loan agreement was US$224,257 and US$214,748, with interest payable to BEYEBE of US$18,447 and US$14,281, respectively.

In January, 2024, the Group entered into a License Agreement (“License Agreement”) with Shenzhen Beyebe Internet Technology Co. Limited (“SZ BEYEBE”), a related party under the control of Weihong Du. Pursuant to the terms of 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 three months ended December 31, 2024, there were fixed fee license revenue of US$70,500 (2023: Nil) and royalty revenue of US$34,796 (2023: Nil) 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 for 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 three months ended December 31,
	2024		2023
	US$ (Unaudited)		US$ (Unaudited)
BEYEBE AI Technology Inc. (“BEYEBE”)
- Rental expense		—		3,985
- Interest expense		4,166		—
Shenzhen Beyebe Internet Technology Co. Limited (“SZ BEYEBE”)
- Fixed fee license revenue		70,500		—
- Royalty revenue		34,796		—
- Rental expense		4,173		—
Weihong Du
- Payroll expense		7,500		7,500
Li’ou Xie
- Payroll expense		21,831		—

The balances with the related parties are as follows:

	As of December 31, 2024		As of September 30, 2024
	US$ (Unaudited)		US$
Amount due to a shareholder:
Li’ou Xie		2,126		—
Total amount due to a shareholder		2,126		—

	As of December 31, 2024		As of September 30, 2024
	US$ (Unaudited)		US$
Amount due to related parties:
BEYEBE		470,437		456,762
SZ BEYEBE*		335,491		405,110
Total amount due to related parties		805,928		861,872
Amount due from shareholders:
Weihong Du		34		13,836
Li’ou Xie		—		905
Less: allowance for credit losses		—		(295	)
Total amount due from shareholders, net		34		14,446

* As of December 31, 2024, accounts receivables of US$72,700 (September 30, 2024: Nil) was netted off against the balance of amount due to SZ BEYEBE.