Summary of Principal Accounting Policies (Tables)

6 Months Ended

Mar. 31, 2021

Schedule of Assets and Liabilities of VIE

The following assets and liabilities of the VIE, which has been dormant since September 30, 2018, are included in the accompanying consolidated financial statements of the Company as of March 31, 2021 and September 30, 2019:

	March 31, 2021		September 30, 2020

Current assets	$	-	$	-
Non-current assets		-		-
Total assets	$	-	$	-

Current liabilities	$	-	$	-
Non-current liabilities		-		-
Total liabilities	$	-	$	-

Schedule of Straight-line Method Over Estimated Useful Lives

Depreciation and amortization are computed using the straight-line method over the estimated useful lives as follows:

	Electronic equipment	3-6 years

	Furniture and fixtures	3-6 years

	Leasehold improvements	Shorter of estimated useful life or term of lease

Summary of Exchange Rates of Balance Sheet Items, Except for Equity Accounts

The exchange rates applied are as follows:

Balance sheet items, except for equity accounts	March 31, 2021		September 30, 2020
RMB:USD		6.5527		6.8141
HKD:USD		7.7743		7.7502

Summary of Statements of Operations, Comprehensive Loss and Cash Flows

Items in the unaudited condensed consolidated statements of operations and comprehensive loss, and unaudited condensed consolidated statements of cash flows

	Six Months Ended March 31,
	2021		2020
RMB:USD		6.5532		7.0125
HKD:USD		7.7546		7.7928

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Moxian, Inc. 10-Q