$BGM
BGM Group Ltd.

2023 Q3 Form 20-F Financial Statement

#000141057824000053 Filed on February 15, 2024

View on sec.gov

Income Statement

Concept 2023 Q3 2023 2022
Revenue $17.31M $46.47M $64.86M
YoY Change -47.18% -28.35% 13.58%
Cost Of Revenue $17.85M $44.72M $58.63M
YoY Change -39.2% -23.72% 13.93%
Gross Profit -$543.3K $1.751M $6.227M
YoY Change -115.94% -71.87% 10.44%
Gross Profit Margin -3.14% 3.77% 9.6%
Selling, General & Admin $2.277M $3.793M $4.125M
YoY Change -10.06% -8.05% 27.23%
% of Gross Profit 216.57% 66.25%
Research & Development $568.5K $1.224M
YoY Change -53.57% 15204.3%
% of Gross Profit 32.46% 19.66%
Depreciation & Amortization $933.1K $1.143M $1.225M
YoY Change 36.72% -6.66% 1.95%
% of Gross Profit 65.26% 19.67%
Operating Expenses $2.277M $4.362M $5.350M
YoY Change -10.06% -18.47% 64.58%
Operating Profit -$2.821M -$2.610M $2.102M
YoY Change -422.46% -224.17% -11.98%
Interest Expense -$5.674M -$5.424M -$787.9K
YoY Change -3846.76% 588.4% -294.87%
% of Operating Profit -37.49%
Other Income/Expense, Net -$95.34K -$5.293M -$541.4K
YoY Change -157.95% 877.54% -194.84%
Pretax Income -$8.591M -$7.903M $1.561M
YoY Change -821.45% -606.41% -53.6%
Income Tax -$29.09K $219.2K $194.3K
% Of Pretax Income 12.45%
Net Earnings -$8.276M -$7.781M $1.077M
YoY Change -936.96% -822.64% -65.85%
Net Earnings / Revenue -47.82% -16.74% 1.66%
Basic Earnings Per Share -$0.22 $0.03
Diluted Earnings Per Share -$0.23 -$0.22 $0.03
COMMON SHARES
Basic Shares Outstanding 35.75M 35.75M 35.75M
Diluted Shares Outstanding 35.75M 35.75M

Balance Sheet

Concept 2023 Q3 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.42M $22.42M $14.32M
YoY Change 56.57% 56.57% 36.8%
Cash & Equivalents $7.476M
Short-Term Investments $14.94M $14.94M
Other Short-Term Assets $286.6K $747.3K $1.964M
YoY Change -81.62% -61.94% -50.07%
Inventory $4.991M $4.991M $8.879M
Prepaid Expenses $39.08K
Receivables $1.976M $1.976M $815.3K
Other Receivables $247.5K $4.379M $4.056M
Total Short-Term Assets $34.51M $34.51M $30.03M
YoY Change 14.91% 14.91% -25.59%
LONG-TERM ASSETS
Property, Plant & Equipment $12.07M $12.07M $10.27M
YoY Change 18.52% 17.53% 11.18%
Goodwill
YoY Change
Intangibles $3.424M
YoY Change 98.25%
Long-Term Investments $606.0K $606.0K $20.09M
YoY Change -1.87% -96.98% -4.17%
Other Assets $645.2K $645.2K $2.407M
YoY Change -73.2% -73.2% -15.82%
Total Long-Term Assets $16.75M $16.75M $34.49M
YoY Change -51.45% -51.45% -1.42%
TOTAL ASSETS
Total Short-Term Assets $34.51M $34.51M $30.03M
Total Long-Term Assets $16.75M $16.75M $34.49M
Total Assets $51.26M $51.26M $64.53M
YoY Change -20.56% -20.56% -14.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.593M $4.798M $5.991M
YoY Change -32.08% -19.91% -9.83%
Accrued Expenses $73.56K $73.56K $23.86K
YoY Change 208.3% 208.3% -57.28%
Deferred Revenue $1.028M
YoY Change 84.81%
Short-Term Debt $479.7K $479.7K $1.672M
YoY Change -71.31% -71.31% -78.74%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.660M $6.660M $9.181M
YoY Change -27.45% -27.45% -49.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $246.5K $246.5K $382.5K
YoY Change -35.57% -35.57% -24.99%
Total Long-Term Liabilities $246.5K $246.5K $382.5K
YoY Change -35.57% -35.57% -24.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.660M $6.660M $9.181M
Total Long-Term Liabilities $246.5K $246.5K $382.5K
Total Liabilities $6.907M $8.466M $11.47M
YoY Change -27.78% -26.22% -44.01%
SHAREHOLDERS EQUITY
Retained Earnings $5.896M
YoY Change -61.98%
Common Stock $59.58K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.79M $42.79M $53.05M
YoY Change
Total Liabilities & Shareholders Equity $51.26M $51.26M $64.53M
YoY Change -20.56% -20.56% -14.37%

Cashflow Statement

Concept 2023 Q3 2023 2022
OPERATING ACTIVITIES
Net Income -$8.276M -$7.781M $1.077M
YoY Change -936.96% -822.64% -65.85%
Depreciation, Depletion And Amortization $933.1K $1.143M $1.225M
YoY Change 36.72% -6.66% 1.95%
Cash From Operating Activities $762.2K $312.2K $12.65M
YoY Change -91.0% -97.53% 3567.56%
INVESTING ACTIVITIES
Capital Expenditures -$194.8K $179.8K $3.232M
YoY Change -34.25% -94.44% -192.53%
Acquisitions
YoY Change
Other Investing Activities -$2.667M -$2.697M $0.00
YoY Change 2181.68% -100.0%
Cash From Investing Activities -$2.482M -$4.742M -$3.259M
YoY Change -1483.67% 45.52% -86.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.08K -2.921M -5.938M
YoY Change -99.77% -50.8% -124.75%
NET CHANGE
Cash From Operating Activities 762.2K 312.2K 12.65M
Cash From Investing Activities -2.482M -4.742M -3.259M
Cash From Financing Activities -21.08K -2.921M -5.938M
Net Change In Cash -1.741M -7.503M 2.372M
YoY Change 304.78% -416.35% 1614.36%
FREE CASH FLOW
Cash From Operating Activities $762.2K $312.2K $12.65M
Capital Expenditures -$194.8K $179.8K $3.232M
Free Cash Flow $957.0K $132.5K $9.422M
YoY Change -89.08% -98.59% 145.46%

Facts In Submission

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WeightedAverageNumberOfSharesOutstandingBasic
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35750000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35750000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34089286
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34089286
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022 us-gaap Profit Loss
ProfitLoss
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CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
20000
CY2022 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023 us-gaap Profit Loss
ProfitLoss
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CY2023 qli Acquisition Of Equity Interest From Unrelated Third Party Shareholders
AcquisitionOfEquityInterestFromUnrelatedThirdPartyShareholders
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CY2023 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
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CY2023 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
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CY2023 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023 us-gaap Profit Loss
ProfitLoss
-8122070
CY2022 us-gaap Profit Loss
ProfitLoss
1366257
CY2021 us-gaap Profit Loss
ProfitLoss
3108144
CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
25982
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
22451
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
62410
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
20000
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1143064
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1224672
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1201229
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
37885
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-186814
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-7918
CY2023 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
388253
CY2022 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
444894
CY2021 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
92059
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
203544
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
189838
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-46187
CY2023 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-5527381
CY2022 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-853000
CY2021 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
323400
CY2023 us-gaap Investment Income Net
InvestmentIncomeNet
4016
CY2022 us-gaap Investment Income Net
InvestmentIncomeNet
40196
CY2021 us-gaap Investment Income Net
InvestmentIncomeNet
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CY2022 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
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CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1223035
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1027671
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2023 qli Increase Decrease In Bank Acceptance Notes Receivable
IncreaseDecreaseInBankAcceptanceNotesReceivable
1665594
CY2022 qli Increase Decrease In Bank Acceptance Notes Receivable
IncreaseDecreaseInBankAcceptanceNotesReceivable
-8744826
CY2021 qli Increase Decrease In Bank Acceptance Notes Receivable
IncreaseDecreaseInBankAcceptanceNotesReceivable
-387673
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3403831
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2230723
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-46801
CY2023 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
-492858
CY2022 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
-41869
CY2021 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
855977
CY2023 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-1414305
CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
1198646
CY2021 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
1020875
CY2023 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-1618317
CY2022 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-805443
CY2021 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2015833
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
502535
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1827461
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1221897
CY2022 qli Increase Decrease In Contract With Customer Liability Related Parties
IncreaseDecreaseInContractWithCustomerLiabilityRelatedParties
-17066
CY2021 qli Increase Decrease In Contract With Customer Liability Related Parties
IncreaseDecreaseInContractWithCustomerLiabilityRelatedParties
-17467
CY2023 qli Increase Decrease In Deferred Government Grants
IncreaseDecreaseInDeferredGovernmentGrants
126198
CY2022 qli Increase Decrease In Deferred Government Grants
IncreaseDecreaseInDeferredGovernmentGrants
275963
CY2021 qli Increase Decrease In Deferred Government Grants
IncreaseDecreaseInDeferredGovernmentGrants
407563
CY2023 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-612274
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
584693
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1142721
CY2023 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
539782
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
301165
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-897496
CY2023 qli Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
4293
CY2022 qli Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-55036
CY2021 qli Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-12945
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
312209
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12654188
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
345034
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
179759
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2033510
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1494595
CY2023 qli Payments For Construction In Progress
PaymentsForConstructionInProgress
1668924
CY2022 qli Payments For Construction In Progress
PaymentsForConstructionInProgress
1198759
CY2021 qli Payments For Construction In Progress
PaymentsForConstructionInProgress
1996969
CY2023 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1865406
CY2022 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
26683
CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1810
CY2021 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
20000000
CY2023 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1000000
CY2023 qli Acquisition Of Non Controlling Interest
AcquisitionOfNonControllingInterest
28356
CY2021 qli Acquisition Of Non Controlling Interest
AcquisitionOfNonControllingInterest
706658
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4742445
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3258952
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24200032
CY2023 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
496222
CY2022 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
3204541
CY2023 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
141778
CY2022 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
3051944
CY2021 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
7681081
CY2023 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-1544722
CY2022 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-6090126
CY2021 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
7804778
CY2023 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
56711
CY2021 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
23869641
CY2023 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1787517
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2921084
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5937529
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
23993338
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-151446
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1086067
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
601903
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7502766
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2371640
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
740243
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14979013
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12607373
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11867130
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7476247
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14979013
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12607373
CY2023 us-gaap Interest Paid Net
InterestPaidNet
3656
CY2022 us-gaap Interest Paid Net
InterestPaidNet
122237
CY2021 us-gaap Interest Paid Net
InterestPaidNet
152499
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
27440
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
820972
CY2023Q3 qli Bank Acceptance Notes Receivable
BankAcceptanceNotesReceivable
4131392
CY2023 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Reclassification of Prior Year Presentation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Certain prior year amounts have been reclassified for consistency with the current year presentation. The reclassification has no impact on the total assets and total liabilities as of September 30, 2023, 2022 and 2021 or on the total cash flows and the consolidated statements of operations and comprehensive income (loss) and change in shareholders' equity for the years ended September 30, 2023, 2022 and 2021.</p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company, its subsidiaries, the VIE and VIE’s subsidiaries’ accounting estimates included, but are not limited to: allowance for estimated uncollectible receivables, inventory valuations, impairment of long-lived assets, useful lives of property and equipment and intangible assets, fair value of investment in trading securities, impairment of intangible assets, realization of deferred tax assets and uncertain tax position, and income taxes. Actual results could differ from those estimates.</p>
CY2023Q3 qli Cash And Cash Equivalents Subject To Exchange Rate Risks
CashAndCashEquivalentsSubjectToExchangeRateRisks
6197461
CY2023Q3 qli Cash And Cash Equivalents Subject To Exchange Rate Risks
CashAndCashEquivalentsSubjectToExchangeRateRisks
45216675
CY2022Q3 qli Cash And Cash Equivalents Subject To Exchange Rate Risks
CashAndCashEquivalentsSubjectToExchangeRateRisks
10277243
CY2022Q3 qli Cash And Cash Equivalents Subject To Exchange Rate Risks
CashAndCashEquivalentsSubjectToExchangeRateRisks
73107168
CY2022Q3 qli Bank Acceptance Notes Receivable
BankAcceptanceNotesReceivable
2585886
CY2023Q3 qli Unmatured Bank Acceptance Notes Receivables Endorsed To Make Payments
UnmaturedBankAcceptanceNotesReceivablesEndorsedToMakePayments
4338304
CY2022 qli Number Of Units In Fund
NumberOfUnitsInFund
2022
CY2023 qli Number Of Units In Fund
NumberOfUnitsInFund
20000
CY2023Q3 qli Fair Value Of Fund
FairValueOfFund
13943019
CY2022Q3 qli Fair Value Of Fund
FairValueOfFund
19470400
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
200000
CY2023 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
28356
CY2023 qli Percentage Of Additional Equity Interest Acquired
PercentageOfAdditionalEquityInterestAcquired
0.002
CY2023Q3 us-gaap Minority Interest
MinorityInterest
1559268
CY2022Q3 us-gaap Minority Interest
MinorityInterest
1911394
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1028318
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
556418
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
531140
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2467296
CY2023 qli Government Grants
GovernmentGrants
66177
CY2022 qli Government Grants
GovernmentGrants
137754
CY2021 qli Government Grants
GovernmentGrants
152265
CY2023 qli Government Grants Income Recognized
GovernmentGrantsIncomeRecognized
192375
CY2022 qli Government Grants Income Recognized
GovernmentGrantsIncomeRecognized
413717
CY2021 qli Government Grants Income Recognized
GovernmentGrantsIncomeRecognized
559828
CY2023Q3 qli Deferred Government Grants
DeferredGovernmentGrants
298691
CY2022Q3 qli Deferred Government Grants
DeferredGovernmentGrants
431485
CY2023 qli Governments Grants Weighted Average Remaining Period
GovernmentsGrantsWeightedAverageRemainingPeriod
P6Y7M9D
CY2022 qli Governments Grants Weighted Average Remaining Period
GovernmentsGrantsWeightedAverageRemainingPeriod
P6Y3M29D
CY2023 us-gaap Selling Expense
SellingExpense
961679
CY2022 us-gaap Selling Expense
SellingExpense
751428
CY2021 us-gaap Selling Expense
SellingExpense
979925
CY2023 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2831444
CY2022 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2149522
CY2021 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2262560
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
568470
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1224344
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8000
CY2023 qli Selling General And Administrative Research And Development Expense
SellingGeneralAndAdministrativeResearchAndDevelopmentExpense
4361593
CY2022 qli Selling General And Administrative Research And Development Expense
SellingGeneralAndAdministrativeResearchAndDevelopmentExpense
4125294
CY2021 qli Selling General And Administrative Research And Development Expense
SellingGeneralAndAdministrativeResearchAndDevelopmentExpense
3250485
CY2023 us-gaap Advertising Expense
AdvertisingExpense
145916
CY2022 us-gaap Advertising Expense
AdvertisingExpense
166064
CY2021 us-gaap Advertising Expense
AdvertisingExpense
118020
CY2021 qli Underwriter Warrants Diluted Earnings Per Share Calculation Using Treasury Stock Method
UnderwriterWarrantsDilutedEarningsPerShareCalculationUsingTreasuryStockMethod
300000
CY2022 qli Underwriter Warrants Diluted Earnings Per Share Calculation Using Treasury Stock Method
UnderwriterWarrantsDilutedEarningsPerShareCalculationUsingTreasuryStockMethod
300000
CY2023 qli Underwriter Warrants Diluted Earnings Per Share Calculation Using Treasury Stock Method
UnderwriterWarrantsDilutedEarningsPerShareCalculationUsingTreasuryStockMethod
300000
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-7780620
CY2022 us-gaap Net Income Loss
NetIncomeLoss
1076693
CY2021 us-gaap Net Income Loss
NetIncomeLoss
3152868
CY2023 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
35750000
CY2022 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
35750000
CY2021 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
34089286
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35750000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35750000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34089286
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2023 qli Fair Value Discount Rate Valuation Of Trading Securities
FairValueDiscountRateValuationOfTradingSecurities
0.28
CY2023 qli Fair Value Recurring Basis Assets And Liability Transfers Between Level1 And Level2 Net
FairValueRecurringBasisAssetsAndLiabilityTransfersBetweenLevel1AndLevel2Net
0
CY2022Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
19470400
CY2021Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
20323400
CY2023 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
-5527381
CY2022 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
-853000
CY2023Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
13943019
CY2022Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
19470400
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations and Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A majority of the Company, its subsidiaries, the VIE and VIE’s subsidiaries’ expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries, the VIE and VIE’s subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company, its subsidiaries, the VIE and VIE’s subsidiaries in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2023 and 2022, $6,197,461 and $10,277,243 of the Company’s cash and cash equivalents and restricted cash were on deposit at financial institutions in the PRC which are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance. The maximum protection is up to RMB500,000 per depositor per Scheme member, including both principal and interest. Cash and cash equivalent of $1,001,568 and $1,001,568 were deposited at financial institutions in Hong Kong as of September 30, 2023 and 2022, which are insured by Hong Kong Deposit Board and subject to a certain limitation of HKD 500,000 (approximately $ 65,000). As of September 30, 2023 and 2022, $277,218 and $3,700,202 of the Company’s cash were on deposit at financial institutions in the U.S. which were insured by the FDIC subject to certain limitations. The Company has not experienced any losses in such accounts.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Substantially all of the Company’s sales are made to customers that are located in China. The Company has a concentration of its revenues and receivables with specific customers. For the year ended September 30, 2023, two customers accounted for 15% and 14% of total revenue, respectively and no vendor accounted for more than 10% of total purchase. As of September 30, 2023, four major customer’s account receivable accounted for 31%, 19%, 11% and 10% of the total account receivable, respectively, and no vendor accounted for more than 10% of the total accounts payable outstanding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For the year ended September 30, 2022, two customers accounted for 11% and 11% of total revenue, respectively and one vendor accounted for 14% of total purchase. As of September 30, 2022, three major customer’s account receivable accounted for 61%, 13% and 11% of the total account receivable, respectively, and one vendor accounted for 18% of the total accounts payable outstanding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For the year ended September 30, 2021, three customers accounted for 11%, 11% and 10% of total revenue, respectively and one vendor accounted for 13% of total purchase, respectively. As of September 30, 2021, one major customer’s account receivable accounted for 77% of the total account receivable, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A loss of any of these customers or suppliers could adversely affect the operating results or cash flows of the Company.</p>
CY2023Q3 qli Cash And Cash Equivalents Uninsured Amount
CashAndCashEquivalentsUninsuredAmount
6197461
CY2022Q3 qli Cash And Cash Equivalents Uninsured Amount
CashAndCashEquivalentsUninsuredAmount
10277243
CY2023Q3 qli Maximum Cash Cash Equivalents And Restricted Cash Protection Under Deposit Protection Scheme
MaximumCashCashEquivalentsAndRestrictedCashProtectionUnderDepositProtectionScheme
500000
CY2023Q3 qli Cash And Cash Equivalents Deposited In Financial Institutions
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CY2022Q3 qli Cash And Cash Equivalents Deposited In Financial Institutions
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1001568
CY2023Q3 qli Cash And Cash Equivalents Deposited In Financial Institutions Annual Limit
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CY2023Q3 qli Cash And Cash Equivalents Deposited In Financial Institutions Annual Limit
CashAndCashEquivalentsDepositedInFinancialInstitutionsAnnualLimit
65000
CY2023Q3 us-gaap Cash Fdic Insured Amount
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4222103
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254828
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CY2022 us-gaap Depreciation
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CY2022Q3 us-gaap Restricted Cash Current
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CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022 qli Effectiveincome Tax Rate Reconciliation At Federal Statutory Income Tax Rates
EffectiveincomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates
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CY2021 qli Effectiveincome Tax Rate Reconciliation At Federal Statutory Income Tax Rates
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EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
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0.241
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.196
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CY2022 qli Effective Income Tax Rate Reconciliation Deferred Tax Provision Percent
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0.122
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0.125
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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109346
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CY2022Q3 us-gaap Operating Lease Liability Current
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CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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54825
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
102796
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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4661
CY2023Q3 us-gaap Operating Lease Liability
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98135
CY2021Q1 qli Warrant Term
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CY2021Q1 us-gaap Sale Of Stock Price Per Share
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CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
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300000
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
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300000
CY2023 qli Minimum Percentage Of Reserve Of Registered Capital For Statutory Surplus Reserve
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CY2023Q3 qli Percentage Of Statutory Surplus Reserve
PercentageOfStatutorySurplusReserve
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CY2023Q3 qli Statutory Reserve
StatutoryReserve
3162333
CY2022Q3 qli Statutory Reserve
StatutoryReserve
3118542
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
46471478
CY2023 us-gaap Cost Of Revenue
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CY2023 us-gaap Gross Profit
GrossProfit
1751494
CY2023 qli Depreciation And Amortization Excluding Amortization Of Right Of Use Assets
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1143064
CY2023 qli Capital Expenditures
CapitalExpenditures
3714089
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Cost Of Revenue
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CY2022 us-gaap Gross Profit
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CY2022 qli Depreciation And Amortization Excluding Amortization Of Right Of Use Assets
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CY2022 qli Capital Expenditures
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Cost Of Revenue
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51461354
CY2021 us-gaap Gross Profit
GrossProfit
5638530
CY2021 qli Depreciation And Amortization Excluding Amortization Of Right Of Use Assets
DepreciationAndAmortizationExcludingAmortizationOfRightOfUseAssets
1201229
CY2021 qli Capital Expenditures
CapitalExpenditures
3493374
CY2023Q3 us-gaap Assets
Assets
51257994
CY2022Q3 us-gaap Assets
Assets
64526617
CY2023Q3 qli Commitments Amount Paid
CommitmentsAmountPaid
3200000
CY2023Q3 qli Commitments Amount Paid
CommitmentsAmountPaid
22600000

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