Document And Entity Information
Document And Entity Information | 12 Months Ended |
Sep. 30, 2019 | |
Cover [Abstract] | |
Document Type | F-1 |
Amendment Flag | false |
Entity Registrant Name | Origin Agritech LTD |
Entity Central Index Key | 0001321851 |
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 451 | ¥ 3,198 | ¥ 1,990 |
Due from related parties (note 3) | 4,792 | 33,890 | 129,506 |
Accounts receivable | 209 | 1,481 | 0 |
Advances to suppliers (note 5) | 76 | 538 | 1,188 |
Inventories (note 6) | 4,033 | 28,527 | 81,947 |
Other current assets (note 7) | 222 | 1,588 | 247 |
Total current assets | 9,783 | 69,222 | 214,878 |
Asset held for sale (note 8) | 799 | 5,652 | |
Land use rights, net (note 9) | 1,826 | 12,913 | 16,564 |
Plant and equipment, net (note 10) | 21,083 | 149,116 | 172,748 |
Long-term investments (note 11) | 2,311 | 16,347 | 16,347 |
Acquired intangible assets, net (note 12) | 773 | 5,469 | 8,362 |
Other assets (note 13) | 338 | 2,393 | 1,202 |
Total assets (including amounts of the consolidated VIEs without recourse to the Company of RMB423,533 and RMB244,722 as of September 30, 2018 and 2019, respectively) | 36,913 | 261,112 | 430,101 |
Current liabilities: | |||
Current portion of long-term borrowings (note 14) | 11,114 | 78,611 | 78,235 |
Accounts payable | 1,375 | 9,723 | 7,955 |
Due to growers | 1,026 | 7,260 | 7,984 |
Due to related parties | 6,028 | 42,633 | 293,732 |
Advances from customers | 7,387 | 52,244 | 6,338 |
Income tax payable | 93 | 656 | 0 |
Other payables and accrued expenses (note 15) | 8,010 | 56,675 | 37,927 |
Total current liabilities | 35,033 | 247,802 | 432,171 |
Other long-term liability (note 16) | 4,070 | 28,785 | 21,278 |
Total liabilities (including amounts of the consolidated VIEs without recourse to the Company of RMB450,585 and RMB264,074 as of September 30, 2018 and 2019, respectively) | 39,103 | 276,587 | 453,449 |
Commitments and contingencies (note 23) | |||
Shareholders' equity: | |||
Preferred stock (no par value; 1,000,000 shares authorized, none issued) | 0 | 0 | 0 |
Common stock (no par value; 60,000,000 shares authorized, 3,261,153 and 4,866,633 shares issued as of September 30, 2018 and 2019; 3,196,244 and 4,801,724 shares outstanding as of September 30, 2018 and 2019, respectively) | 0 | 0 | 0 |
Additional paid-in capital | 69,876 | 494,098 | 428,311 |
Accumulated deficit | (67,012) | (473,843) | (411,723) |
Treasury stock at cost (64,909 and 64,909 shares as of September 30, 2018 and 2019, respectively) | (2,709) | (19,163) | (19,163) |
Accumulated other comprehensive loss | (3,364) | (23,776) | (22,136) |
Total Origin Agritech Limited shareholders' equity | (3,209) | (22,684) | (24,711) |
Non-controlling interests | 1,019 | 7,209 | 1,363 |
Total equity | (2,190) | (15,475) | (23,348) |
Total liabilities and equity | $ 36,913 | ¥ 261,112 | ¥ 430,101 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019CNY (¥)shares | Sep. 30, 2018$ / shares | Sep. 30, 2018CNY (¥)shares |
Preferred Stock, No Par Value | $ / shares | $ 0 | $ 0 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | 0 | 0 | 0 | |
Common Stock, No Par Value | $ / shares | $ 0 | $ 0 | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 | 60,000,000 | |
Common stock, shares issued | 4,866,633 | 4,866,633 | 3,261,153 | |
Common stock, shares outstanding | 4,801,724 | 4,801,724 | 3,196,244 | |
Treasury stock, shares | 64,909 | 64,909 | 64,909 | |
Total assets | $ 36,913 | ¥ 261,112 | ¥ 430,101 | |
Liabilities | $ 39,103 | 276,587 | 453,449 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Total assets | ¥ | 244,722 | 423,533 | ||
Liabilities | ¥ | ¥ 264,074 | ¥ 450,585 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019CNY (¥)¥ / sharesshares | Sep. 30, 2018CNY (¥)¥ / sharesshares | Sep. 30, 2017CNY (¥)¥ / sharesshares | |
Income Statement [Abstract] | ||||
Revenues, including sales to related parties of RMBnil, RMB7,848, and RMB37,987 for the years ended September 30, 2017, 2018, and 2019 respectively (note 3) | $ 13,426 | ¥ 92,440 | ¥ 12,927 | ¥ 870 |
Cost of revenues | (15,289) | (105,270) | (7,047) | (678) |
Gross profit | (1,863) | (12,830) | 5,880 | 192 |
Operating expenses | ||||
Selling and marketing | (586) | (4,038) | (411) | 0 |
General and administrative | (3,955) | (27,229) | (32,147) | (36,094) |
Research and development | (1,927) | (13,267) | (27,132) | (38,682) |
Other income, net | 149 | 1,028 | 18,291 | 5,028 |
Total operating expenses, net | (6,319) | (43,506) | (41,399) | (69,748) |
Loss from continuing operations | (8,200) | (56,336) | (35,519) | (69,556) |
Interest expense | (680) | (4,680) | (22,787) | (9,006) |
Interest income | 0 | 3 | 6 | 1,427 |
Impairment loss | (600) | (4,130) | (3,807) | (44,706) |
Loss on termination of business disposal | 0 | 0 | (90,683) | 0 |
Loss before income taxes from continuing operations | (9,463) | (65,143) | (152,790) | (121,841) |
Income tax (expense) benefits from continuing operations (note 20) | ||||
Current | (74) | (510) | 0 | 0 |
Net loss from continuing operations | (9,537) | (65,653) | (152,790) | (121,841) |
Discontinued Operations: | ||||
(Loss) income from discontinued operations, net of taxes (note 4) | 0 | 0 | 0 | 18,862 |
Loss on disposal of commercial seed business, net of taxes (note 4) | 0 | 0 | 0 | (3,282) |
Net (loss)income from discontinued operations | 0 | 0 | 0 | 15,580 |
Net loss | (9,537) | (65,653) | (152,790) | (106,261) |
Less: Net (loss) income attributable to non-controlling interests | (513) | (3,533) | 873 | (30,587) |
Net loss attributable to Origin Agritech Limited | (9,024) | (62,120) | (153,663) | (75,674) |
Other comprehensive loss | ||||
Net loss | (9,537) | (65,653) | (152,790) | (106,261) |
Foreign currency translation difference | (238) | (1,640) | (3,315) | (7,644) |
Comprehensive loss | (9,775) | (67,293) | (156,105) | (113,905) |
Less: Comprehensive (loss) income attributable to non-controlling interests | (513) | (3,534) | 873 | (30,587) |
Comprehensive loss attributable to Origin Agritech Limited | $ (9,262) | ¥ (63,759) | ¥ (156,978) | ¥ (83,318) |
Basic and diluted net income (loss) per share (note 21) | ||||
Continuing operations | (per share) | $ (2.16) | ¥ (14.85) | ¥ (50.18) | ¥ (32.20) |
Discontinued operations | (per share) | 0 | 0 | 0 | 5.25 |
Basic and diluted net loss per share attributable to Origin Agritech Limited | (per share) | $ (2.16) | ¥ (14.85) | ¥ (50.18) | ¥ (26.95) |
Shares used in calculating basic and diluted net income (loss) per share | 4,184,032 | 4,184,032 | 3,061,979 | 2,808,293 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | |||
Revenue from related parties | ¥ 37,987 | ¥ 7,848 | ¥ 0 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY $ in Thousands | Common Stock [Member]USD ($)shares | Common Stock [Member]CNY (¥)shares | Additional Paid-in Capital [Member]USD ($) | Additional Paid-in Capital [Member]CNY (¥) | Accumulated Deficit [Member]USD ($) | Accumulated Deficit [Member]CNY (¥) | Accumulated Other Comprehensive Income (Loss) [Member]USD ($) | Accumulated Other Comprehensive Income (Loss) [Member]CNY (¥) | Treasury Stock [Member]USD ($) | Treasury Stock [Member]CNY (¥) | Noncontrolling Interest [Member]USD ($) | Noncontrolling Interest [Member]CNY (¥) | USD ($)shares | CNY (¥)shares |
Balance at Sep. 30, 2016 | ¥ 0 | ¥ 411,296,000 | ¥ (182,386,000) | ¥ (11,177,000) | ¥ (37,445,000) | ¥ 38,329,000 | ¥ 218,617,000 | |||||||
Balance (in shares) at Sep. 30, 2016 | shares | 2,761,334 | 2,761,334 | ||||||||||||
Net loss for the year | ¥ 0 | 0 | (75,674,000) | 0 | 0 | (30,587,000) | (106,261,000) | |||||||
Sale of treasury stock | ¥ 0 | (8,539,000) | 0 | 0 | 14,654,000 | 0 | ¥ 6,115,000 | |||||||
Sale of treasury stock (in shares) | shares | 50,000 | 50,000 | 50,000 | 50,000 | ||||||||||
Exercise of share options | ¥ 0 | 543,000 | 0 | 0 | 0 | 0 | ¥ 543,000 | |||||||
Exercise of share options (in shares) | shares | 5,500 | 5,500 | ||||||||||||
Share-based compensation expense | ¥ 0 | 5,404,000 | 0 | 0 | 0 | 0 | 5,404,000 | |||||||
Share-based compensation expense (in shares) | shares | 13,000 | 13,000 | ||||||||||||
Issuance of common shares | ¥ 0 | 2,885,000 | 0 | 0 | 0 | 0 | 2,885,000 | |||||||
Issuance of common shares (in shares) | shares | 29,834 | 29,834 | ||||||||||||
Business disposal | ¥ 0 | 392,000 | 0 | 0 | 0 | (7,252,000) | (6,860,000) | |||||||
Translation adjustments | 0 | 0 | 0 | (7,644,000) | 0 | 0 | (7,644,000) | |||||||
Balance at Sep. 30, 2017 | ¥ 0 | 411,981,000 | (258,060,000) | (18,821,000) | (22,791,000) | 490,000 | 112,799,000 | |||||||
Balance (in shares) at Sep. 30, 2017 | shares | 2,859,668 | 2,859,668 | ||||||||||||
Net loss for the year | ¥ 0 | 0 | (153,663,000) | 0 | 0 | 873,000 | (152,790,000) | |||||||
Retire and cancellation of common stock | ¥ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Retire and cancellation of common stock (in shares) | shares | (200) | (200) | ||||||||||||
Share-based compensation expense | ¥ 0 | 685,000 | 0 | 0 | 3,628,000 | 0 | 4,313,000 | |||||||
Share-based compensation expense (in shares) | shares | 40,454 | 40,454 | ||||||||||||
Issuance of common shares | ¥ 0 | 15,645,000 | 0 | 0 | 0 | 0 | 15,645,000 | |||||||
Issuance of common shares (in shares) | shares | 296,322 | 296,322 | ||||||||||||
Translation adjustments | ¥ 0 | 0 | 0 | (3,315,000) | 0 | 0 | (3,315,000) | |||||||
Balance at Sep. 30, 2018 | ¥ 0 | 428,311,000 | (411,723,000) | (22,136,000) | (19,163,000) | 1,363,000 | (23,348,000) | |||||||
Balance (in shares) at Sep. 30, 2018 | shares | 3,196,244 | 3,196,244 | ||||||||||||
Net loss for the year | ¥ 0 | 0 | (62,120,000) | 0 | 0 | (3,533,000) | $ (9,537) | (65,653,000) | ||||||
Share-based compensation expense | 12,188,000 | 12,188,000 | ||||||||||||
Share-based compensation expense (in shares) | shares | 207,800 | 207,800 | ||||||||||||
Capital Contribution | ¥ 0 | 0 | 0 | 0 | 0 | 9,379,000 | 9,379,000 | |||||||
Issuance of common shares | ¥ 0 | 53,599,000 | 0 | 0 | 0 | 0 | 53,599,000 | |||||||
Issuance of common shares (in shares) | shares | 1,397,680 | 1,397,680 | ||||||||||||
Translation adjustments | ¥ 0 | 0 | 0 | (1,640,000) | 0 | 0 | (238) | (1,640,000) | ||||||
Balance at Sep. 30, 2019 | $ 0 | ¥ 0 | $ 69,858 | ¥ 494,098,000 | $ (66,994) | ¥ (473,843,000) | $ (3,364) | ¥ (23,776,000) | $ (2,709) | ¥ (19,163,000) | $ 1,019 | ¥ 7,209,000 | $ (2,190) | ¥ (15,475,000) |
Balance (in shares) at Sep. 30, 2019 | shares | 4,801,724 | 4,801,724 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) | Sep. 30, 2019 |
Consolidated Statements Of Equity [Parenthetical] [Abstract] | |
Foreign Currency Exchange Rate, Translation | 7.0729 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | |
Operating activities: | ||||
Net loss | $ (9,537) | ¥ (65,653) | ¥ (152,790) | ¥ (106,261) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,760 | 13,796 | 16,452 | 27,687 |
Loss/(gain)on disposal of plant and equipment | 129 | 914 | (5,299) | 327 |
Gain on disposal of land use right | 0 | 0 | (1,505) | 0 |
Loss on termination of business disposal | 0 | 0 | 90,683 | 0 |
Loss on disposal of subsidiaries and assets | 0 | 0 | 0 | 3,282 |
Allowance for doubtful account | 0 | 0 | 2,105 | 0 |
Recovery on receivables | 0 | 0 | 0 | (712) |
Impairment on intangible assets | 0 | 1,433 | 0 | |
Impairment on long-term equity investment | 0 | 0 | 2,374 | 0 |
Impairment on plant and equipment | 596 | 4,213 | 0 | 25,873 |
Changes in provision for inventories | 844 | 5,973 | (13,601) | 18,833 |
Non-cash interest expense (interest accretion) | 0 | 0 | 16,757 | 3,227 |
Shares issued upon sign off of Equity Purchase Agreement | 0 | 0 | 0 | 1,039 |
Share-based compensation expense | 1,742 | 12,188 | 4,313 | 5,404 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (209) | (1,481) | 24 | 36 |
Due from related parties | 14,310 | 101,216 | 55,940 | 0 |
Advances to growers | 0 | 0 | 0 | 15,318 |
Advances to suppliers | 92 | 650 | 2,062 | (126) |
Inventories | 6,708 | 47,447 | 13,064 | (21,533) |
Income tax recoverable | 0 | 0 | 0 | 49 |
Other current assets | (190) | (1,341) | 1,084 | (4,153) |
Other assets | (168) | (1,191) | (6) | (1,914) |
Accounts payable | 250 | 1,768 | (950) | 4,114 |
Due to growers | (102) | (724) | 1,449 | 21,114 |
Due to related parties | (35,502) | (251,099) | (50,077) | 61,903 |
Advances from customers | 5,468 | 38,675 | 4,018 | (157,407) |
Income tax payable | 93 | 656 | 0 | 0 |
Deferred revenues | 0 | 0 | 0 | (7,008) |
Other long-term liabilities | 1,113 | 7,507 | 810 | 66 |
Other payables and accrued expenses | 3,726 | 26,356 | 1,615 | (9,325) |
Net cash provided by (used in) operating activities | (8,756) | (60,130) | (10,045) | (120,167) |
Investing activities: | ||||
Proceeds from disposal of commercial seed business, net of cash disposed (note 4) | 0 | 0 | 33,600 | 33,165 |
Purchase of plant and equipment | 0 | 0 | (2,982) | (2,624) |
Proceeds from non-controlling interest capital contribution | 1,326 | 9,379 | 0 | 0 |
Proceeds from disposal of plant and equipment and land use right | 0 | 0 | 16,872 | 265 |
Purchase of land use rights | 0 | 0 | 0 | (1,267) |
Cash from termination of second closing of disposal of commercial seed business (note 4) | 0 | 0 | 101 | 0 |
Net cash(used in) provided by investing activities | 1,326 | 9,379 | 47,591 | 29,539 |
Financing activities: | ||||
Restricted cash | 0 | 0 | 0 | 21,181 |
Proceeds from short-term borrowings | 0 | 0 | 19,000 | 15,000 |
Proceeds from issuance of convertible promissory note | 0 | 0 | 0 | 8,628 |
Proceeds from issuance of common stock | 7,578 | 53,599 | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 | 543 |
Proceeds from issuance of treasury stocks | 0 | 0 | 0 | 6,115 |
Repayment of short-term borrowings | 0 | 0 | (34,000) | (90,000) |
Proceeds from long-term borrowings | 0 | 0 | 0 | 120,000 |
Repayment of long-term borrowings | 0 | 0 | (20,376) | (34,459) |
Net cash provided by (used in) financing activities | 7,578 | 53,599 | (35,376) | 47,008 |
Net (decrease) increase in cash and cash equivalents | 149 | 2,848 | 2,170 | (43,620) |
Cash and cash equivalents, beginning of year | 289 | 1,990 | 3,245 | 54,509 |
Effect of exchange rate changes on cash and cash equivalents | 15 | (1,640) | (3,425) | (7,644) |
Cash and cash equivalents, end of the year | 452 | 3,198 | 1,990 | 3,245 |
Supplemental disclosures of cash flow information: | ||||
Income taxes paid | 0 | 0 | 0 | 1,282 |
Interest paid, net of interest capitalized | 680 | 4,680 | 4,861 | 14,486 |
Supplemental disclosure of non-cash financing activities: | ||||
Issuance of commitment shares related to notes payable | 0 | 0 | 0 | 1,847 |
Sale of equipment in repayment of due to related parties | 7,918 | 5,600 | 0 | 0 |
Conversion of convertible promissory note | $ 0 | ¥ 0 | ¥ 15,644 | ¥ 0 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Origin Agritech Limited (“Agritech”), incorporated under the laws of the British Virgin Islands, and its subsidiaries and variable interest entities are referred to in this report as "we", "us", "our", or "the Company". We are principally engaged in hybrid crop seed development, production and distribution business. As of September 30, 2019, the Company’s subsidiaries and variable interest entities included in continuing operations consisted of the following: Date of Place of Percentage Incorporation Incorporation of Principal Name or Establishment or Establishment Ownership Activity Subsidiaries: State Harvest Holdings Limited(“State Harvest”) October 6, 2004 British Virgin Islands 100 % Investment Holding Beijing Origin State Harvest Biotechnology Limited (“BioTech”) December 1, 2004 People’s Republic of China (“PRC”) 100 % Hybrid seed technology development Variable interest entity: Beijing Origin Seed Limited (note (i)) (“Beijing Origin”) December 26, 1997 PRC — Hybrid crop seed development, production and distribution Subsidiaries held by Beijing Origin: Henan Origin Cotton Technology Development Limited (note (i)) (“Henan Cotton”) March 2, 2001 PRC 92.04 % Hybrid crop seed development, production and distribution Xinjiang Originbo Seed Company Limited (note (i)) (“Xinjiang Origin”) July 13, 2011 PRC 51 % Hybrid crop seed development, production and distribution Subsidiaries held by State Harvest: Beijing State Harvest Zhongying Network Technology Limited (“Zhongying Network”) April 27, 2018 PRC 100 % Selling agricultural seed products, other agricultural inputs, foods, household products, and other consumer products on e-commerce platform Shandong Aoruixinong Agricultural Technology Limited (Shandong Aoruixinong) September 27, 2019 PRC 51 % Agricultural seed products distribution through e-commune network Hubei Aoyu Zhongye Limited (Hubei Aoyu) October 22, 2018 PRC 51 % Agricultural seed products distribution through e-commune network Anhui Aoyu Zhongye Limited (Anhui Aoyu) July 25, 2018 PRC 50 % Agricultural seed products distribution through e-commune network Xuzhou Aoyu Zhongye Limited (Xuzhou Aoyu) September 25, 2018 PRC 51 % Agricultural seed products distribution through e-commune network Shandong Aoyu Zhongye Limited (Shandong Aoyu) November 13, 2018 PRC 51 % Agricultural seed products distribution through e-commune network Henan Aoyu Zhongye Limited (note (i)) (“Henan Aoyu”) July 16, 2018 PRC % Agricultural seed products distribution through e-commune network Note (i): Beijing Origin Seed Limited, Henan Origin Cotton Technology Development Limited, Xinjiang Originbo Seed Company Limited, and Zhengzhou Branch of Beijing Origin Seed Limited are collectively referred to as “Beijing Origin”. Reorganization of State Harvest prior to the share exchange transaction with Chardan China Acquisition Corp. (“Chardan”) On December 1, 2004, State Harvest established BioTech, a wholly-owned foreign enterprise (“WOFE”) under the laws of the PRC with an operating period of 20 years. Under PRC law, foreign entities are not currently permitted to own more than 49% of a seed production company. In order to address those restrictions, State Harvest conducts substantially all of its business through contractual agreements with its variable interest entity (“VIE”), Beijing Origin. These agreements are summarized in the following paragraphs. Stock Consignment Agreements As discussed above in “Foreign Ownership Restrictions,” under Chinese law, foreign ownership of businesses engaged in the breeding of new varieties, development, production, marketing, distribution and sale of hybrid food crop seeds is limited to 49% pursuant to the Regulation on the Approval and Registration of Foreign Investment Enterprises in Agricultural Seed Industry and The Foreign Investment Industrial Guidance Catalogue. State Harvest, as a non-Chinese corporation, may not directly own more than 49% of any of the PRC Operating Companies. However, Chinese law does not forbid the owner of stock to consign rights associated with the stock, as long as the owner does not transfer title to the stock. To gain control over the PRC Operating Companies, State Harvest entered into a series of stock consignment agreements with shareholders of those companies. State Harvest has been assigned 97.96% voting rights by the shareholders of Beijing Origin through a consignment agreement which includes the following terms: (1) The shares of Beijing Origin cannot be transferred without the approval of State Harvest; (2) State Harvest has the right to appoint all directors and senior management personnel of Beijing Origin and (3) The shareholder rights including voting rights require the transfer of the shares of Beijing Origin to State Harvest or any party designated by State Harvest within three years upon the removal of the PRC legal restriction. Technical Service Agreements Beijing Origin entered into Technical Service Agreements with BioTech dated December 25, 2004. Under these agreements, BioTech shall provide, with its own technical research resource and team, technical services for the production and distribution of agricultural seeds during the period of the agreements. In return, Beijing Origin is required to pay BioTech service fee calculated according to the weight of corn, rice and cotton seeds sold by the Beijing Origin. Through the contractual agreements described above, State Harvest is deemed the sole beneficiary of Beijing Origin resulting in Beijing Origin being deemed a subsidiary of State Harvest under the requirements of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810‑10‑05. The agreements described above provided for effective control of Beijing Origin to be transferred to State Harvest at December 25, 2004. Neither State Harvest nor BioTech had any operating activity prior to entering into the consignment agreements with Beijing Origin. In substance, State Harvest has substantially all the same shareholders of Beijing Origin. This transaction has been accounted for on a basis similar to reorganization between entities under common control. Accordingly, State Harvest’s consolidated financial statements are prepared by including the consolidated financial statements of Beijing Origin through December 24, 2004, and subsequently the Company’s consolidated financial statements include the financial statements of State Harvest, its majority owned subsidiary and Beijing Origin through the date of the Share Exchange Transaction. Risks in relation to the VIE structure Four of our PRC operating subsidiaries are controlled subsidiaries through stock consignment agreements rather than by direct ownership of shares, the terms of which may have to be enforced, which would require us to incur extra costs, create uncertainty as to ownership of the operating businesses involved and risk the possible loss of rights. There is the risk, however, that a consigning shareholder will not fulfill its obligations under the stock consignment agreement. In that event, we may need to resort to the PRC courts to have our rights under the applicable agreement enforced. Such enforcement will cause us to incur legal expenses. In addition, while a case is pending there will be uncertainty regarding our rights as to the three PRC operating subsidiaries involved. In addition, a PRC court may decide not to enforce the agreements in whole or in part. To the extent these agreements are neither observed nor enforced as intended, the PRC operating subsidiaries will not be controlled by us as intended, which will affect our enterprise value and restrict our ability to obtain the income and other rights of ownership associated with the consigned stock. It may also prevent the consolidation of our financial statements with the PRC operating subsidiaries, which would reduce the reported earnings of the consolidated companies. The uncertainty of ownership may also adversely affect the market value of our ordinary shares. Whether or not a stock consignment agreement is terminated depends on the consensus of our Board and the consignees. Any such termination could result in a possible loss of certain rights or assets held by us without receiving fair value in return. The stock consignment agreements relating to our control of the stock of our PRC operating subsidiaries may be terminated after three years upon mutual agreement between us and the consignees. Holding this amount of stock will allow these officers to control or greatly influence the selection of directors and matters submitted to a vote of our shareholders, including voting to terminate the stock consignment agreements. There are corporate protections in place designed to protect our interests, such as an independent Board of Directors, an audit committee comprised of independent directors that must approve insider transactions, a code of conduct requiring fair dealing with the Company, and the British Virgin Islands statutory provision that a disposition of more than 50% of the assets of a company must be approved by a majority of the shareholders. Moreover, if consigned stock is transferred to us as provided in the stock consignment agreements when the restrictions under PRC law are lifted, that stock will no longer be subject to the stock consignment agreements, and the termination of the stock consignment agreements would then have no effect on the ownership of that stock. However, if the stock consignment agreements are terminated, then we would lose our rights with respect to the consigned stock and the profits from the issuing corporation. Such a loss would impair the value of the Company and would reduce our ability to generate revenues. The Company has aggregated the financial information of Beijing Origin and its subsidiaries in the table below. The aggregated carrying amount of assets and liabilities of Beijing Origin and its subsidiaries after elimination of intercompany transactions and balances consolidated in the Company’s consolidated balance sheets as of September 30, 2018 and 2019 are as follows: Risks in relation to the VIE structure September 30, 2018 2019 2019 RMB RMB US$ ASSETS Current Assets Cash and cash equivalents 1,826 322 46 Due from related party 129,506 33,290 28,193 Accounts receivable — 784 111 Advances to suppliers 1,188 83 12 Inventories 81,903 23,199 3,280 Other current assets 213 2,140 303 Total current assets 214,636 59,818 31,945 Land use rights, net 16,564 12,913 1,826 Plant and equipment, net 172,760 149,175 21,091 Equity investments 16,347 16,347 2,311 Acquired intangible assets, net 2,024 113 16 Other assets 1,202 6,356 899 Total assets 423,533 244,722 58,088 LIABILITIES Current liabilities Short-term borrowings — — — Current portion of long-term borrowings 78,235 78,611 11,114 Accounts payable 7,952 9,723 1,375 Due to growers 7,984 7,260 1,026 Due to related parties 291,882 33,859 4,787 Advances from customers 5,959 42,679 6,034 Other payables and accrued expenses 37,295 63,157 8,929 Total current liabilities 429,307 235,289 33,265 Long-term borrowings — — — Other long-term liability 21,278 28,785 4,070 Total liabilities 450,585 264,074 37,335 As of September 30, 2018 and 2019, consolidated assets of RMB37,415 and RMB37,415, respectively, are collateral for the VIE’s obligations. These consolidated assets consisted of land use right of RMB2,177, and RMB2,177 and plant and equipment of RMB35,238 and RMB35,238 as of September 30, 2018 and 2019, respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”); include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries and variable interest entities. Intercompany balances, transactions and cash flows are eliminated on consolidation. Reverse Stock Split On June 26, 2018, the Company's Shareholders and the Board of Directors approved a reverse stock split pursuant to which all classes of our issued and outstanding shares of common stock at the close of business on such date were combined and reconstituted into a smaller number of shares of common stock in a ratio of 1 share of common stock for every 10 shares of common stock ("1-for-10 reverse stock split"). The 1-for-10 reverse stock split was effective as of close of business on July 10, 2018 and the Company's stock began trading on a split-adjusted basis on July 11, 2018. On the exchange date, the reverse stock split reduced the number of outstanding shares to approximately 2.7 million ordinary shares, subject to additional shares being issued for fractional shares and preservation of round lots. Proportional adjustments have been made to the conversion and exercise prices of the Company's outstanding common stock, treasury stock, warrants, restricted stock awards, and stock options, and to the number of shares issued and issuable under the Company's Stock Incentive Plan. Upon the effectiveness of the 1-for-10 reverse stock split, each ten shares of the Company's issued common stock were automatically combined and converted into one issued share of common stock, no par value. The Company did not issue any fractional shares in connection with the reverse stock split. Instead, fractional share interests were rounded up to the next largest whole share. The reverse split also preserved round lots of 100 shares, meaning that if the reverse split resulted in a shareholder holding less than 100 shares, the Company would issue, at no cost, additional shares to increase the holding to a full 100 shares. The reverse stock split does not modify the rights or preferences of the common stock. The number of authorized shares of the Company's common stock remained at 60 million shares and no par value. The accompanying consolidated financial statements and footnotes have been retroactively adjusted to reflect the effects of the 1-for-10 reverse stock split. Liquidity and Going Concern The Company incurred net losses of RMB106,261, RMB152,790 and RMB65,783 in the years ended September 30, 2017, 2018 and 2019, respectively. Working capital deficit was RMB217,293 and RMB178,580 as of September 30, 2018 and 2019, respectively. Accumulated deficit was RMB411,723 and RMB473,973 as of September 30, 2018 and 2019, respectively. These financial conditions raised substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. We are currently seeking to restructure the terms of our liabilities by raising funds to pay off liabilities. Our ability to continue as a going concern is depend upon obtaining the necessary financing or negotiating the terms of the existing borrowing to meet our current and future liquidity need. On May 17, 2019, the Company entered into a Cooperation Framework Agreement with Beijing Changping Technology Innodevelop Group (BC-TID), an entity owned by the government of Changping District of Beijing City. Under this agreement, BC-TID and Origin planned to form a new entity, which 51% and 49% of equity interests would be owned by BC-TID and the Company, respectively. Based on the agreement, Beijing Origin will contribute the headquarters building in Beijing and certain of its seed technology assets related to genetically modified seeds to the new entity. BC-TID will fund the joint venture with a total of RMB204 million in cash. Also agreed under this agreement, the new entity will pay off the bank loan of RMB78 million, which is collateralized by the Company's headquarters building in Beijing, upon receiving the RMB204 million investment from BC-TID. Since the Cooperation Framework Agreement was signed, both parties have been actively involved to complete the formation of joint venture. However, the process has taken longer than originally expected mainly due to the complicated tax related issues with the Origin Life Science Center building in Beijing. Both parties are now agreed to use Beijing Origin as the joint venture entity in order to expedite the process. The original term remains the same and both parties are cooperating to complete the process as soon as possible. Due diligence has been completed and BC-TID has deposited RMB15 million (US$2.1 million) in an escrow account. The transaction is subject to the satisfaction or waiver of several conditions set forth in the agreement. Besides the expected cash inflows from the aforementioned existing agreements, the Company is also seeking funds from other resources including but not limited to licensing its cord seed traits to its customers, applying for government grants for research and development activities, pursuing other capital investment from investors and selling certain company assets. The Company consistently reviews its working capital requirements and has also taken steps to reduce expenses. The Company has closed down the office of Origin USA and cut down the related personnel and administrative costs. The Company is also currently working with certain vendors and creditors to extend repayment terms. Despite the Company’s effort to obtain additional funding and reduce operating costs, there is no assurance that the Company’s plans and actions will be successful. In addition, there can be no assurance that in the event additional sources of funds are needed they will be available on acceptable terms, if at all. The Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. Convenience translation into United States dollars The consolidated financial statements are presented in Renminbi. The translation of Renminbi amounts into United States dollar amounts has been made for the convenience of the reader and has been made at the exchange rate quoted by the middle rate by the State Administration of Foreign Exchange in China on September 30, 2019 of RMB7.0717 to US $1.00. Such translation amounts should not be construed as representations that the Renminbi amounts could be readily converted into United States dollar amounts at that rate or any other rate. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s consolidated financial statements include inventory valuation, account receivable valuation, useful lives of plant and equipment and acquired intangible assets, the valuation allowance for deferred income tax assets, valuation of long-lived assets and share-based compensation expense. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, cash accounts, interest bearing savings accounts, time certificates of deposit and debt securities with a maturities of three months or less when purchased. Inventories Inventories are stated at the lower of cost, determined by weighted-average method, or net realizable value. Work-in-progress and finished goods inventories consist of raw materials, direct labor and overhead associated with the manufacturing process. Parent seed represents the seeds that are used for research and development activities. The Company periodically performs an analysis of inventory to determine obsolete or slow-moving inventory and determine if its cost exceeds the estimated market value. Write down of potentially obsolete or slow-moving inventory are recorded based on management’s analysis of inventory levels. Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided over the term of the land use right agreements on a straight-line basis for the beneficial period. Plant and equipment, net Plant and equipment are recorded at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to expense as incurred. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Plant and building 20‑40 years Machinery and equipment 10‑15 years Furniture and office equipment 5‑8 years Motor vehicles 5‑10 years Leasehold improvements Shorter of the useful lives or the lease term The Company constructs certain of its facilities. In addition to costs under construction contracts, external costs directly related to the construction of such facilities, including duty and tariff, and equipment installation and shipping costs, are capitalized. Depreciation is recorded at the time assets are placed in service. Acquired intangible assets, net Acquired intangible assets primarily consist of purchased technology rights and distribution network and are stated at cost less accumulated amortization. Amortization is calculated on a straight-line basis over the estimated useful lives of these assets and recorded in operating expenses. Amortization is calculated on a straight-line basis over the following estimated useful lives for the main acquired intangible assets: Technology rights for licensed seeds 3‑20 years Distribution network 6‑14 years Trademark Indefinite Trademarks, which have indefinite lives are not amortized but are reviewed for impairment at least annually, at year end date, or earlier upon the occurrence of certain triggering events. The Company has performed an impairment analysis on the acquired intangible assets in Beijing Origin and recorded no impairment provision during the year ended September 30, 2019. Long-term investments We account for equity investments through which we exercise significant influence but do not have control over the investee under the equity method ("Equity Method Investments"). Under the equity method, the investment is initially recorded at cost and adjusted for the Company’s share of undistributed earnings or losses of the investee. The Company's share of losses is not recognized when the investment is reduced to zero since the Company does not guarantee the investees' obligations nor is the Company committed to providing additional funding. Beginning on October 1, 2018, our equity investment not result in consolidation and not accounted for under the equity method are either carried at fair value or under the measurement alternative upon the adoption of the FASB issued Accounting Standards Update ("ASU") No. 2016-01 ("Non-marketable Equity Investments"). We utilize the measurement alternative for equity investments that do not have readily determinable fair values and measure these investments at cost less impairment plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. We classify our investments as non-current assets on the consolidated balance sheets as those investments do not have stated contractual maturity dates. We periodically review our equity investments for impairment. We consider impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the security is below the carrying amount, we write down the security to fair value. Valuation of long-lived asset The Company reviews the carrying value of long-lived assets to be held and used, including other intangible assets subject to amortization, when events and circumstances warrants such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset and intangible assets. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets and intangible assets to be disposed are determined in a similar manner, except that fair market values are reduced for the cost to dispose. The Company has performed an impairment analysis on the plant and equipment in Xinjiang Origin and recorded an impairment loss of RMB25,873 during the year ended September 30, 2017, and the impairment loss was reported in continuing operations. Impairment of RMBnil and RMB4,213 were recorded during the years ended September 30, 2018 and 2019, respectively Revenue recognition The Company derives most of its revenue from hybrid corn seed. Prior to October 1, 2018, the Company recognized revenue in accordance with Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition ("ASC 605"). Effective with the October 1, 2018 adoption of ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," and the associated ASUs (collectively, "Topic 606"). The Company adopted the standard using the modified retrospective transition approach. Under this approach, the new standard applies to all new contracts initiated on and after October 1, 2018. For existing contracts that have remaining obligations as of October 1, 2018, any difference between the recognition criteria in these ASUs and the Company’s current revenue recognition practices would be recognized using a cumulative effect adjustment to the opening balance of retained earnings. The majority of the Company’s customer contracts, which may be in the form of purchase orders, contracts or purchase agreements, contain performance obligations for delivery of agreed upon goods. Delivery of all performance obligations contained within a contract with a customer typically occurs at the same time. The Company also makes accounting policy elections to 1) treat shipping and handling activities that occur after the customer obtains control of the goods as fulfillment costs and 2) exclude sales (and similar) taxes from the measurement of the transaction price. We have no open contracts as of September 30, 2018, so there was no cumulative effect of applying the new standards. The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Government subsidies A government subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company received the government subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The reclassification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. The Company received several financial supports from various levels of the government. At fiscal years ended 2018 and 2019, the Company received government subsidies of RMB9,193 and RMBnil, respectively for R&D and others. Government subsidies recognized as other income in the statement of income for the years ended September 30, 2017, 2018 and 2019, were RMB1,407, RMB5,516 and RMBnil, respectively. Cost of revenues Cost of revenues consists of expenses directly related to sales, including the purchase prices and development costs for seeds and, during the fiscal years ended September 30, 2017, 2018 and 2019, agricultural chemical products, depreciation and amortization, impairment of inventory, shipping and handling costs, salary and compensation, supplies, license fees, and rent. Research and development costs Research and development costs relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. Advertising costs Advertising costs are expensed when incurred and included in selling and marketing expenses. For the years ended September 30, 2017, 2018 and 2019, advertising costs were RMB521, RMBnil and RMB589, respectively. Borrowing cost Borrowing costs attributable directly to the acquisition, construction or production of qualifying assets which require a substantial period of time to be ready for their intended use or sale, are capitalized as part of the cost of those assets. Income earned on temporary investments of specific borrowings pending their expenditure on those assets is deducted from borrowing costs capitalized. All other borrowing costs are recognized in interest expenses in the statement of income and comprehensive income in the period in which they are incurred. Allowance for doubtful account The Company regularly monitors and assesses the risk of not collecting amounts owed to the Company by customers. This evaluation is based upon a variety of factors including: an analysis of amounts current and past due along with relevant history and facts particular to the customer. Based on the result of this analysis, the Company records an allowance for doubtful accounts of RMBnil, RMB2,105, and RMBnil for the years ended September 30, 2017, 2018, and 2019, respectively. Income taxes Deferred income taxes are recognized for the future tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net of operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities. The Company adopted FASB ASC 740‑10. The Company’s policy on classification of all interest and penalties related to unrecognized tax benefits, if any, as a component of income tax provisions. Foreign currency translation The functional currency of the Company excluding Agritech, Origin USA and State Harvest is Renminbi. Monetary assets and liabilities denominated in currencies other than Renminbi are translated into Renminbi at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than Renminbi are converted into Renminbi at the applicable rates of exchange prevailing the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of income and comprehensive income. The functional currency of Agritech, Origin USA and State Harvest are maintained in United State dollars. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive (loss)/income. The Company has chosen Renminbi as its reporting currency. Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Comprehensive income (loss) for the years has been disclosed within the consolidated statements of income and comprehensive income for presentational purpose of the disclosure of comprehensive income (loss) attributable to Agritech and the non-controlling interests respectively. Income (loss) per share Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the years. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the years. The weighted average number of common shares outstanding is adjusted to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In computing the dilutive effect of potential common shares, the average stock price for the period is used in determining the number of treasury shares assumed to be purchased with the proceeds from the exercise of options. Share-based compensation The Company adopts FASB ASC 718‑10. ASC 718‑10 requires that share-based payment transactions with employees, such as share options, be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. Fair value measurement The Company adopted FASB ASC 820‑10, and which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820‑10 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. ASC 820‑10 establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable inputs, which may be used to measure fair value and include the following: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Discontinued Operations The Company reports operating results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Through September 30, 2018, the Company reported discontinued operations when the operations and cash flows of a component of the Company had been eliminated or intended to be eliminated from ongoing operations. For a component to be disposed of by sale, financial results were classified as discontinued only when held for sale criteria were met. For a component to be disposed of other than by sale, financial results were not classified as discontinued until abandonment, distribution, or exchange occurred, depending on the manner of disposal. In the annual report for the year ended September 30, 2017, the operating results of the seed production and distribution entities and assets mainly including Changchun Origin, Denong, Linze Origin, Zhengzhou Branch and office building in Beijing, PRC are presented as discontinued operations. The office building in Beijing, PRC was previously planned to be sold to Beijing Shihui. However, the Company changed the original plan and decided not to sell this part of assets. On September 21, 2018, the Company and certain subsidiaries of the Company entered into a Termination Agreement. Pursuant to this agreement, the Company will not transfer the above-mentioned office building in Beijing to Beijing Shihui. As the office building in Beijing no longer meets the held-for-sale criteria, this part of assets has been reclassified as held and used and the related operation results were reclassified to continuing operations for all periods presented in this report. During FY2019, the Company sold certain land use right, plant, and equipment with total net book value of RMB12,051 for cash consideration of RMB26,000. The transition of land use right and buildings were not complete due to the time taking to finish the title transfer process although those assets have been transferred to the buyers and related proceeds have been received. See Note 8 for detail of assets held for sale. Recently issued accounting pronouncements · In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) and subsequent amendments to the initial guidance including ASU No. 2017-13, ASU No. 2018-10, ASU No. 2018-11, ASU No. 2018-20, and ASU No. 2019-01 (collectively, "Topic 842"). Topic 842 requires companies to generally recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. The standard is effective for publicly-traded companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. At adoption, this update will be applied using a modified retrospective transition approach, with an option to use certain transition relief. The Company adapted the Topic 842 effective October 1, 2019. The adaption of the Topic 842 resulted in the recognition of the right-of-use assets and the lease liabilities for operating lease as of October 1, 2019 of approximately RMB4,015 and RMB3,350, respectively, · In June 2016, the FASB issued ASU No. 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. ASU No. 2016‑13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU No. 2016‑13 on its consolidated financial statements. The Company believes that other recent accounting pronouncement updates will not have a material effect on the Company's consolidated financial statements. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 3. RELATED PARTY BALANCES AND TRANSACTIONS (1) Related party relationships Name of related parties Relationship Beijing Shihui Being owned by close family members of the Company's Chairman Zhangye Shihui Being owned by close family members of the Company's Chairman Xinjiang Ginbo Seeds Center Being the non-controlling interest of Xinjiang Origin Jilin Jinong Hi-tech Development Shares Co., Ltd.(“Jinong”) Being long-term investment of the Company (note 11) Henan Agricultural University Being the non-controlling interest of Beijing Origin Linze Origin Seeds Ltd Being owned by close family members of the Company's Chairman De Nong Zheng Cheng Seed Limited Being owned by close family members of the Company's Chairman Henan Yingde Agricultural Ltd. Being owned by close family members of the Company's Chairman Beijing Origin Zhengzhou Branch("Zhengzhou Branch") Being controlled by close family members of the Company's Chairman from August 16, 2017 to September 21, 2018 Non-controlling shareholders (“NCI”) Non- controlling shareholders of Hubei Aoyu, Anhui Aoyu, Xuzhou Aoyu, Shandong Aoyu, Henan Aoyu, Shandong Aoruixinong (1) Due from related parties September 30, 2018 2019 RMB RMB Beijing Shihui — 24,819 De Nong Zheng Cheng Seed Limited 129,506 — Henan Yingde Agricultural Ltd. — 2,252 Close family of the Company’s Chairman — 100 NCI — 6,719 129,506 33,890 (2) Due to related parties September 30, 2018 2019 RMB RMB Beijing Shihui — Zhangye Shihui — Linze Origin Seeds Limited Henan Agriculture University 1,000 — Xinjiang Ginbo Seeds Center (i) 10,000 10,000 Companies controlled by the Company’s directors 1,634 1,706 NCI — 14,948 The Company’s Chairman 9,692 13,213 Close family of the Company’s Chairman — 552 Ex-shareholders 16 — 293,732 42,633 Note (i): Xinjiang Origin has received a cash advance of RMB10,000 from Xinjiang Ginbo Seeds Center during the year ended September 30, 2016, which is unsecured, interest-free and repayable on demand. (3) Transactions with related parties (a) Sales to Year ended September 30, 2017 2018 2019 RMB RMB RMB Linze Origin Seeds Limited — 45 83 Beijing Shihui — — 20,823 NCI — — 17,081 Zhengzhou Branch — 7,803 — — 7,848 37,987 (b) Service income received from Year ended September 30, 2017 2018 2019 RMB RMB RMB Beijing Shihui 396 — — (c) Service fee charged by Year ended September 30, 2017 2018 2019 RMB RMB RMB Beijing Shihui 600 — — (d) License usage fees charged to Year ended September 30, 2017 2018 2019 RMB RMB RMB Beijing Shihui — 1,575 — (e) Guarantee The Company guaranteed a loan of RMB11,850 taken by Beijing Shihui from July 24, 2018 to July 23, 2019. (f) Termination of assets sold to and a subsidiary acquired from a related party As further described in note 4, on September 26, 2016, the Company entered into a Master Agreement to sell its proprietary China-based commercial corn seed production and distribution business for RMB400,000 to Beijing Shihui. On August 16, 2017, the Company entered into a supplemental agreement to the Master Agreement to increase the total consideration to RMB421,000 and modify the payment terms. On September 21, 2018, the Company and certain subsidiaries of the Company entered into a Termination Agreement with Beijing Shihui to terminate that certain Master Agreement, dated as of September 26, 2016, by and among the Company, Beijing Shihui, and certain subsidiaries of the Company. Pursuant to the Termination Agreement, the Company and Beijing Shihui agreed to terminate the Master Agreement and not to pursue the second closing contemplated under the Master Agreement. As a result of the Termination Agreement, the Company will not transfer certain assets, including the headquarters building of the Company located in Beijing, PRC and certain other assets, to Beijing Shihui, meanwhile, the transfer of control of Zhengzhou Branch was rewound as a result of termination of the Management Agreement on September 21, 2018. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. DISCONTINUED OPERATIONS On September 26, 2016, the Company entered into a Master Agreement with Beijing Shihui, under which the Buyer agreed to purchase the corn seed production and distribution assets, the office building in Beijing, China, and generally the business of commercial corn seed production and sales operated by the Company. On August 16, 2017, the Company entered into a Supplemental Agreement to the Master Agreement, pursuant to which, the aggregate purchase price was increased from RMB400,000 to RMB421,000 and certain payment arrangement provisions were amended. The overall transaction is conducted in two steps. The first step is the sale of the equity held by Beijing Origin of each of the Denong, Changchun Origin and Linze Origin companies, and the second step is the sale of a company holding the assets of Zhengzhou Branch and the office building in Beijing, PRC. The second step requires Beijing Origin to effect a restructuring to form an entity to own the current office building located in Beijing, China and certain other assets (together the “Zhengzhou Branch Assets”), which entity is sold to the Buyer so as to transfer the building and assets to the Buyer. When the first step is completed (the “First Closing”), the Buyer should give Beijing Origin a total consideration of RMB221,000, consisting of cash payment of RMB79,000 and bank loans reduction of RMB142,000, for the 98.58% equity ownership interest in Denong, 100% equity ownership interest in Changchun Origin and 100% equity ownership interest in Linze Origin (together the “VIE Subsidiaries”). The First Closing is conditioned (among other things) on Beijing Origin acquiring the current minority percentage ownership of Changchun Origin that is held by the Company’s Chairman, so as to deliver to the Buyer 100% of the equity ownership of Changchun Origin. The minority interest of Denong should continue to be held by two third parties and should not be sold to the Buyer. When the second step is completed (the “Second Closing”), the Buyer should give Beijing Origin a total consideration of RMB200,000, payable in cash after offsetting the then outstanding payables to the Buyer up to RMB150,000, for the 100% ownership interest in an entity formed by Beijing Origin as part of its reorganization to hold the Zhengzhou Branch Assets. On July 31, 2017, the Company completed the First Closing and sold the VIE subsidiaries. On August 31, 2017, the Company transferred the control of Zhengzhou Branch to Beijing Shihui pursuant to a Management Agreement and the net assets in Zhengzhou Branch intended to be sold at the Second Closing are considered disposed. Of the total purchase price of RMB421,000, RMB347,085 was allocated to the aforementioned disposed entities and assets and RMB73,915 was allocated to the office building in Beijing, China. As of September 30, 2017, (1) total cash consideration of RMB45,400 inclusive of the RMB10,000 deposits was received, (2) principal amount of the bank loans amounted to RMB142,000 in the VIE subsidiaries was offset against the purchase price, (3) outstanding payables of RMB121,485 by Zhengzhou Branch to Buyer was offset against the purchase price. During the year ended September 30, 2017, we recognized a loss of RMB3,282 on the sale of commercial corn seed production and sales business operated by the Company. The loss is reported in discontinued operations in the consolidated statements of operations and comprehensive income. On September 21, 2018, the Company and certain subsidiaries of the Company entered into a Termination Agreement ("Termination Agreement") with Beijing Shihui to terminate that certain Master Agreement, dated as of September 26, 2016, by and among the Company, Beijing Shihui, and certain subsidiaries of the Company. Pursuant to the Termination Agreement, the Company and Beijing Shihui agreed to terminate the Master Agreement and not to pursue the second closing contemplated under the Master Agreement. As a result of the Termination Agreement, the Company will not transfer certain assets, including the headquarters building of the Company located in Beijing, PRC and certain other assets, to Beijing Shihui, meanwhile, the transfer of control of Zhengzhou Branch was rewound as a result of termination of the Management Agreement on September 21, 2018. The Company reports operating results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Through September 30, 2018, the Company reported discontinued operations when the operations and cash flows of a component of the Company had been eliminated or intended to be eliminated from ongoing operations. For a component to be disposed of by sale, financial results were classified as discontinued only when held for sale criteria were met. For a component to be disposed of other than by sale, financial results were not classified as discontinued until abandonment, distribution, or exchange occurred, depending on the manner of disposal. In the annual report for the year ended September 30, 2016 and 2017, the operating results of the seed production and distribution entities and assets mainly including Changchun Origin, Denong, Linze Origin, Zhengzhou Branch and office building in Beijing, PRC are presented as discontinued operations. The office building in Beijing, PRC was previously planned to be sold to Beijing Shihui. However, the Company changed the original plan and decided not to sell this part of assets. On September 21, 2018, the Company and certain subsidiaries of the Company entered into a Termination Agreement. Pursuant to this agreement, the Company will not transfer the above-mentioned office building in Beijing to Beijing Shihui. As the above-mentioned office building in Beijing no longer meets the held-for-sale criteria, this part of assets has been reclassified as held and used and the related operation results were reclassified to continuing operations for all periods presented in this report. The effect in the results of discontinued operations due to the aforesaid reclassification are summarized as follows: Results of operations reclassified from discontinued operations to continued operations for the fiscal years 2017: Year Ended September 30, 2017 RMB Revenues 871 Cost of revenues (679) Gross profit 192 Operating expenses General and administrative (1,188) Total operating expenses, net (1,188) Impairment loss (44,706) Loss before income taxes (45,702) Net Loss (45,702) The assets and liabilities of the entities that were sold and to be sold have been reclassified as “assets of discontinued operations” and “liabilities of discontinued operations” within current and non-current assets and liabilities, respectively, on the consolidated balance sheets as of September 30, 2017. The results of operations of the entities or assets that were sold and to be sold have been reclassified to “net income (loss) from discontinued operations” in the consolidated statements of income and comprehensive income for the years ended September 30, 2017. Results of discontinued operations are summarized as follows: Year ended September 30, 2017 RMB Revenues 234,952 Cost of revenues (171,501) Gross profit 63,451 Operating expenses Selling and marketing (21,149) General and administrative (16,414) Research and development (659) Other income, net 360 Total operating expenses, net (37,862) Income from discontinued operations 25,589 Interest expense (5,480) Interest income 34 Impairment on plant and equipment and inventories — Income before income taxes from discontinued operations 20,143 Income tax expense from discontinued operations Current (1,281) Deferred — Income tax expenses from discontinued operations (1,281) Loss on disposal of commercial seed business (3,282) Net income from discontinued operations 15,580 Less: Net income attributable to non-controlling interests 821 Net income from discontinued operations attributable to Origin Agritech Ltd. 14,759 |
ADVANCES TO SUPPLIERS
ADVANCES TO SUPPLIERS | 12 Months Ended |
Sep. 30, 2019 | |
Advances To Suppliers [Abstract] | |
Advances To Suppliers Disclosure [Text Block] | 5. ADVANCES TO SUPPLIERS Advances to suppliers consist of the following: September 30, 2018 2019 RMB RMB Prepayments for testing fee 140 246 Deposits for research and development fee 207 — Others 841 292 1,188 538 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 6. INVENTORIES Inventories consist of the following: September 30, 2018 2019 RMB RMB Low value supplies 2,063 — Parent seeds 81 — Work in progress 79,803 28,527 81,947 28,527 No inventories have been pledged as collateral for bank loans as of September 30, 2018 and 2019. Written-off of provision for inventories for the years ended September 30, 2018 and 2019 were RMB13,601 and RMB5,973 respectively. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Sep. 30, 2019 | |
Other Current Assets [Abstract] | |
Other Current Assets Disclosure [Text Block] | 7. OTHER CURRENT ASSETS Other current assets consist of the following: September 30, 2018 2019 RMB RMB Advances to staff for business use 119 1,426 Deposits for rental 7 — Others 121 162 247 1,588 |
ASSETS HELD FOR SALES
ASSETS HELD FOR SALES | 12 Months Ended |
Sep. 30, 2019 | |
Assets Held For Sales | |
Assets Held For Sales [Text Block] | 8. ASSETS HELD FOR SALES During FY2019, the Company sold certain land use right, plant, and equipment with total net book value of RMB12,051 for cash consideration of RMB26,000. The transition of land use right and buildings with book value of RMB5,652 for cash consideration of RMB20,400 was not complete due to the time taking to finish the title transfer process although those assets have been transferred to the buyers and related proceeds have been received to pay down certain account payables. |
LAND USE RIGHTS, NET
LAND USE RIGHTS, NET | 12 Months Ended |
Sep. 30, 2019 | |
Land Use Rights [Abstract] | |
Land Use Rights Disclosure [Text Block] | 9. LAND USE RIGHTS, NET Land use rights, net consist of the following: September 30, 2018 2019 RMB RMB Land use rights 22,275 16,564 Accumulated amortization (5,711) (3,651) Land use rights, net 16,564 12,913 Land use rights have been pledged as collateral for bank loans as of September 30, 2018 and 2019 were RMB2,177 and RMB2,177, respectively. Amortization expenses for the years ended September 30, 2017, 2018 and 2019 were RMB701, RMB668 and RMB677, respectively. |
PLANT AND EQUIPMENT, NET
PLANT AND EQUIPMENT, NET | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 10. PLANT AND EQUIPMENT, NET Plant and equipment, net consist of the following: September 30, 2018 2019 RMB RMB Plant and building 162,507 143,808 Machinery and equipment 101,543 96,537 Furniture and office equipment 12,367 12,367 Motor vehicles 3,591 3,590 Total 280,008 256,302 Accumulated depreciation (85,600) (81,313) Accumulated impairment (25,873) (25,873) Construction in progress 4,213 — Plant and equipment, net 172,748 149,116 Included in plant and building with net values of RMB35,238 and RMB34,041 have been pledged for bank loans as of September 30, 2018 and September 30, 2019. The Company sold certain equipment to a third party with net book value of RMB6,398 for the consideration of RMB5,600. Loss of disposal RMB798 was booked in other income (expense) for the year ended September 30, 2019. The depreciation expenses for the years ended September 30, 2017, 2018 and 2019 were RMB13,305, RMB9,840, and RMB10,226, respectively. Construction in progress mainly refers to the new seed incubation facilities under construction. The construction project is put on hold and construction in progress was impaired for the year ended September 30, 2019. |
LONG TERM INVESTMENTS
LONG TERM INVESTMENTS | 12 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments Disclosure [Text Block] | 11. LONG TERM INVESTMENTS The Company owns 17.94% equity interest in Jinong and accounted for the equity investment without readily determinable fair value (previously known as cost method investment) as of September 30, 2018 and 2019. The Company recorded an impairment loss of RMBnil, RMB2,374, and RMBnil on its Equity investment without readily determinable fair value for the years ended September 30, 2017, 2018 and 2019, respectively. |
ACQUIRED INTANGIBLE ASSETS, NET
ACQUIRED INTANGIBLE ASSETS, NET | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | 12. ACQUIRED INTANGIBLE ASSETS, NET Acquired intangible assets, net consist of the following: September 30, 2018 2019 RMB RMB Technology rights for licensed seeds 75,899 75,899 Others 4,739 4,739 80,638 80,638 Accumulated amortization (67,806) (70,699) Impairment provision (4,470) (4,470) Acquired intangible assets, net 8,362 5,469 Amortization expenses for the years ended September 30, 2017, 2018 and 2019 were RMB6,153, RMB5,944, and RMB2,893 respectively. RMBnil, RMB1,433, and RMBnil were charged for impairment for the years ended September 30, 2017, 2018 and 2019, respectively. Amortization expense on these intangible assets for each of the next five years is as follows: Year ending September 30, RMB 2020 1,356 2021 652 2022 580 2023 557 2024 545 Total 3,690 The Company enters into technology transfer and usage agreements with strategic partners and pays up-front fees for the exclusive rights to certain seed technologies. Technology rights are amortized over an average usage period of 3 to 20 years and are charged to general and administrative expenses. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Sep. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets [Text Block] | 13. OTHER ASSETS Other assets consist of the following: September 30, 2018 2019 RMB RMB Prepaid lease 1,202 2,393 1,202 2,393 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings Disclosure [Text Block] | 14. BORROWINGS Borrowings consisted of the following: September 30, 2018 2019 RMB RMB Borrowing from Beijing Agriculture Finance Leasing, LLC.(“BAFL”) under Beijing Origin, payable on installment, due on December 29, 2020 with annual interest rate of 6%, secured by Beijing’s properties and land use right * 78,235 78,611 Long-term borrowings 78,235 78,611 Current portion of long-term borrowings 78,235 78,611 * Beijing Origin did not make any principal payments for the borrowing. Beijing Origin entered into negotiations with BAFL regarding modification of payment schedule. As of the date of this report, there is no formed agreements signed regarding modification of payment schedule. As of September 30, 2018, the Company reclassified the borrowing as current liability in consolidated balance sheets result from the default. Interest expense related to borrowings amounted to MB8,760, RMB15,370 and RMB4,680 for the years ended September 30, 2017, 2018 and 2019, respectively. |
OTHER PAYABLES AND ACCRUED EXPE
OTHER PAYABLES AND ACCRUED EXPENSES | 12 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 15. OTHER PAYABLES AND ACCRUED EXPENSES Other payables and accrued expenses consist of: September 30, 2018 2019 RMB RMB Payable for purchase of plant and equipment 470 20,181 Payable for purchase of construction-in-progress 7,989 — Professional fee payable 8,578 7,983 Salaries and bonus payable 9,272 13,314 Accrued interest 390 1,430 Deposits from others 665 — Payable for labor union, housing fund and education expenses 1,399 — Deferred government subsidies 7,649 10,339 Others 1,515 3,428 37,927 56,675 |
OTHER LONG-TERM LIABILITY
OTHER LONG-TERM LIABILITY | 12 Months Ended |
Sep. 30, 2019 | |
Other Long Term Liabilities Disclosure [Abstract] | |
Other Long Term Liabilities Disclosure [Text Block] | 16. OTHER LONG-TERM LIABILITY During the fiscal year 2011, the Company received government subsidies from the local PRC government for plant and equipment projects of RMB14.00 million and land use right of RMB10.90 million; in fiscal year 2016, the Company received government subsidies from the local PRC government for equipment projects of RMB8.63 million. In fiscal year 2017, the Company received government subsidies from the local PRC government for equipment projects of RMB4.04 million (US$0.6 million). In fiscal year 2018, the Company received government subsidies from the local PRC government for equipment projects of RMB3.7 million (US$0.5 million). In fiscal year 2019, the Company didn’t receive government subsidies. The non-current portion of such government subsidies are recorded as long-term liability for, which will be amortized over the estimated useful lives related to the plant and equipment and land use right. The increase in deferred government subsidies was due to reclassification from other payable account. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 17. STOCK-BASED COMPENSATION On November 8, 2005, the Company adopted the 2005 Performance Equity Plan (the “2005 Plan”) which allows the Company to offer a variety of incentive awards to employees to acquire up to 150,000 ordinary shares under the 2005 Plan. On April 22, 2010, the Company adopted the 2009 Performance Equity Plan (the “2009 Plan”) and is authorized to issue equity based awards for up to 150,000 ordinary shares to the Company’s employees and senior managements. On December 22, 2014 the Company adopted the 2014 Performance Equity Plan, under which we are able to issue equity awards with the right to acquire up to 500,000 ordinary shares to our directors, officers, employees, individual consultants and advisors. The main purpose of the plan is to provide an existing structure and renewable benefit plan for senior management and directors and others providing services to the company. In addition to current equity awards to the directors and officers, we plan to expand our equity awards to a broader range of employees in order to align our employee incentives towards the stock performance. The main purpose of the two plans is to provide an existing structure and renewable benefit plan for senior management and directors, employees and consultants. Under the terms of the 2005 Plan on January 4, 2010 the Company granted its employees options to purchase 12,500 ordinary shares at the price of US$122.3 (“Tranche 5”). Under the terms of the 2009 Plan, on January 3, 2011, the Company granted its employees options to purchase 12,000 ordinary shares at the price of US$108.4 (“Tranche 6”); and on January 3, 2012, the Company granted its employees options to purchase 36,500 ordinary shares at the price of US$25.5 (“Tranche 7”), and on January 2, 2013, the Company granted its employees options to purchase 36,000 ordinary shares at the price of US$14.4 (“Tranche 8”) Subject to the modifications discussed below, and on January 2, 2014, the Company granted its employees options to purchase 35,000 ordinary shares at the price of US$12.7 (“Tranche 9”). Under the terms of the 2014 Plan, on January 2, 2015 the Company granted its employees options to purchase 19,500 ordinary shares at the price of US$14.8 (“Tranche 10”), on January 4, 2016 the Company granted its employees options to purchase 18,500 ordinary shares at the price of US$13.8 (“Tranche 11”), on April 19, 2016 the Company granted its employees options to purchase 60,000 ordinary shares at the price of US$20.5 (“Tranche 12”), on May 16, 2016 the Company granted its employees options to purchase 20,000 ordinary shares at the price of US$16.5 (“Tranche 13”),on August 3, 2016 the Company granted its employees options to purchase 20,000 ordinary shares at the price of US$20.0 (“Tranche 14”), on January 3, 2017 the Company granted its employees options to purchase 18,000 ordinary shares at the price of US$20.7 (“Tranche 15”), on October 2, 2017 the Company granted its employees options to purchase 2,500 ordinary shares at the price of US$16.5 (“Tranche 16”), on December 22, 2017 the Company granted its employees options to purchase 8,800 ordinary shares at the price of US$8.0 (“Tranche 17”), on January 2, 2018 the Company granted its employees options to purchase 29,000 ordinary shares at the price of US$9.1 (“Tranche 18”), on March 1, 2018 the Company granted its employees options to purchase 20,000 ordinary shares at the price of US$8.2 (“Tranche 19”), on January 2, 2019 the Company granted its employees options to purchase 36,000 ordinary shares at the price of US$5.19 (“Tranche 20”). All the options have an expiration date that is 5 to 10 years from the date of grant and vest immediately or over a period of 1 to 5 years. 70,000 and 59,000 options under the 2009 Plan, and 211,300 and 247,300 options under the 2014 Plan were outstanding as of September 30, 2018 and 2019, respectively. After the adjusted awards, all the option awards have an exercise price of US$5.19 to US$20.7 and expire 5 to 10 years from the date of grant and vest immediately or over a period of 1 to 10 years. For the options outstanding at September 30, 2018 and 2019, the weighted average remaining contractual lives are 4.17 and 4.02 years, respectively. The Company recorded share-based compensation expense for share options of RMB3,016, RMB4,313 and RMB904 for the years ended September 30, 2017, 2018 and 2019 respectively. As of September 30,2018 and 2019, there were RMB1,228 and RMBnil of total unrecognized compensation expense related to non-vested share-based compensation arrangement under the 2014 Plan. Under the terms of the 2009 Plan, on December 28, 2017 the Company granted 33,000 restricted shares to its management at an aggregate value of US$287,100, based on the stock closing price of US $8.7 at December 28, 2017. The vesting period of these shares was five-days from grant date, which was January 3, 2018. Under the term of the 2014 Plan, on March 1, 2018, June 1, 2018 and September 1, 2018 the Company granted total of 22,500 restricted shares to its management at an aggregate value of US$167,925, based on the stock closing price of US$8.6, US$7.2 and US$6.6 at March 1, 2018, June 1, 2018 and September 1, 2018, respectively. The vesting period of these shares was 1 year from the grant date, which is March 1, 2019, June 1, 2019 and September 1, 2019, respectively. The company issued a total of 207,800 restricted shares to its management and employees during the year ended September 30, 2019. The Company recorded share-based compensation expense for restricted shares of RMBnil, RMB2,272 and RMB11,218 for the years ended September 30, 2017, 2018 and 2019, respectively. A summary of the stock option activity under the 2005, 2009 and 2014 Plans is as follows: Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche 8 9 10 11 12 13 14 15 16 17 18 19 20 January 2, January 2, January 2, January 4, April 19, May 16, August 3, January 3, October 2, December 22, January 2, March 1, January 2, Grant date 2013 2014 2015 2016 2016 2016 2016 2017 2017 2017 2018 2018 2019 Outstanding as of September 30, 2017 35,500 34,500 19,500 13,500 60,000 20,000 20,000 18,000 — — — — — Number of options granted — — — — — — — — 2,500 8,800 29,000 20,000 — Options exercised — — — — — — — — — — — — — Options cancelled/expired (355,000) — — — — — — — — — — — — Outstanding as of September 30, 2018 — 34,500 19,500 13,500 60,000 20,000 20,000 18,000 2,500 8,800 29,000 20,000 — Number of options granted — — — — — — — — — — — — 36,000 Options exercised — — — — — — — — — — — — — Options cancelled/expired — — — — — — — — — — — — — Outstanding as of September 30, 2019 — 34,500 19,500 13,500 60,000 20,000 20,000 18,000 2,500 8,800 29,000 20,000 36,000 Options vested and exercisable At September 30, 2018 — 34,500 19,500 13,500 60,000 20,000 20,000 18,000 2,500 8,800 29,000 29,000 — At September 30, 2019 — 34,500 19,500 13,500 60,000 20,000 20,000 18,000 2,500 8,800 29,000 20,000 36,000 Weighted average fair value at the grant date (US$) 7.6 6.5 7.5 9.0 15.4 12.4 14.4 4.0 7.7 4.4 5.1 5.1 4.0 The fair value of each option granted is estimated on the date of grant using the Black-Scholes Option Pricing Model: Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche 8 9 10 11 12 13 14 15 16 17 18 19 20 Exercise price (US$) Average risk-free interest rate % % % % % % % % % % % Expected option life (year) Volatility rate 86.32 % % % % % % % % % % % Dividend yield — — — — — — — — — — — — — |
TREASURY STOCK
TREASURY STOCK | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Treasury Stock [Text Block] | 18. TREASURY STOCK During the year ended September 30, 2007, the Company repurchased 49,885 common stock of the Company with a total cost of RMB29,377 under the approval of the Board of Directors. In February 2013, the board of directors approved a share repurchase program for open market and negotiated transactions for a 12 month period in the amount of US$5 million, under which 61,139 and 16,738 shares with a total cost of RMB6,286 and RMB1,782 were bought in the Nasdaq market during the year ended September 30, 2013 and 2014, respectively, in compliance with U.S. securities laws. The Company recorded the entire purchase price of the treasury stock as a reduction of equity. During the year ended September 30, 2017, the Company sold 50,000 shares of treasury stock with a total cost of RMB14,654 for a total sale price of RMB6,115. During the year ended September 30, 2018, the Company granted 12,853 shares of treasury stock to its employee under stock-based compensation. The treasury stock outstanding is 64,909 shares as of September 30, 2019. |
EQUITY FINANCING
EQUITY FINANCING | 12 Months Ended |
Sep. 30, 2019 | |
Liabilities and Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 19. EQUITY FINANCING In October 2018, we identified a strategic investor, Longhan Investment Management, Co., Ltd ("Longhan") and entered into a Share Subscription Agreement with Longhan, and the agreement was later assigned to Tiger Capital Fund SPC (“Tiger Fund”). On January 25, 2019, Tiger Fund purchased 1,397,680 shares of the Company’s common stock for an aggregate purchase price of US$7,743 (RMB53,599). In addition, Tiger Fund management has been awarded for 1 million shares of warrants with the strike price of $6.47 and expiration period of five years. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 20. INCOME TAXES Agritech and its subsidiary, State Harvest are incorporated in the British Virgin Islands and are exempted from the income tax under the laws of the British Virgin Islands. State Harvest’s subsidiaries and State Harvest’s variable interest entity, Beijing Origin and its majority owned subsidiaries (together, the “PRC entities”) were incorporated in the PRC and governed by the PRC laws. The applicable tax rate of the PRC Enterprise Income Tax (“EIT”) was changed from 33% to 25% on January 1, 2008, according to the Corporate Income Tax Law. The preferential tax rate previously enjoyed by the PRC entities is gradually transitioned to the new standard rate of 25% over a five-year transitional period. In addition, article 28 of the new tax law stated that the income tax rate of a “high technology” company (high-tech status) is to remain at 15%. Preferential tax treatment of Beijing Origin as “high technology” company (High-tech Status) from October 28, 2017 to October 27, 2020 has been granted by the relevant tax authorities. Beijing Origin is entitled to a preferential tax rate of 15% which is subject to annual review. As a result of these preferential tax treatments, the reduced tax rates applicable to Beijing Origin Seed Limited for 2017, 2018 and 2019 are 15%. Xinjiang Origin is entitled to a preferential tax of 2 years exemption and 3 years of half EIT from January 1, 2012 to December 31, 2016 in accordance with Cai Shui [2011] No. 53 and Cai Shui [2011] No. 60 issued by the PRC State Administration of Taxation and Xin Cai Fa Shui [2011] No. 51 issued by the Xinjiang Local Taxation Bureau. Xinjiang Origin is currently in the status of 25% for the year ended September 30, 2019. Had all the above tax holidays and concessions not been available, the tax charges would have been (decreased)/increased by RMB4,274, RMBnil and RMBnil and the basic net loss on per share would have been (decreased)/increased by RMB(0.25), RMB0.18 and RMBnil for the years ended September 30, 2017, 2018 and 2019, respectively. The diluted net loss per share for the years ended September 30, 2017, 2018 and 2019 would have been (decreased)/increased by RMB0.18, RMBnil and RMBnil, respectively. The Company’s liability for income taxes includes the liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by taxing authorities. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. Until September 30, 2019, the management considered that the Company had no uncertain tax positions affected its consolidated financial position. The Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities and the major one is the China tax authority. The open tax years for examinations in China are 5 years. The principal components of the deferred income tax assets are as follows: September 30, 2018 2019 RMB RMB Non-current deferred tax assets: Net operating loss carry forward 94,750 157,093 Impairment loss 2,178 10,186 Others 4,644 4,644 Non-current deferred income tax assets 101,572 171,923 Valuation allowances (101,572) (171,923) Net non-current deferred income tax assets — — The Company did not have any significant temporary differences relating to deferred tax liabilities as of September 30, 2018 and 2019. A significant portion of the deferred tax assets recognized relates to net operating loss and credit carry forwards. The Company operates through the PRC entities and the valuation allowance is considered on each individual basis. Reconciliation between total income tax expenses and the amount computed by applying the statutory income tax rate to income before taxes is as follows: Year ended September 30, 2017 2018 2019 % % % Statutory rate 25 25 25 Effect of preferential tax treatment 3 (3) — Change in valuation allowance (27) (26) (24) Over provision in prior year (1) 4 — Effective income tax rate — — 1 |
INCOME_(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 21. INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted loss per share for the years indicated: Year ended September 30, 2017 2018 2019 RMB RMB RMB Numerator: Net loss from continuing operations attributable to Origin Agritech Limited (90,433) (153,663) (62,120) Net income (loss) from discontinued operations attributable to Origin Agritech Limited 14,759 — — Net loss attributable to Origin Agritech Limited (75,674) (153,663) (62,120) Denominator: Average common stock outstanding - basic 2,808,293 3,061,979 4,185,840 Dilutive effect of share options — — — Diluted shares 2,808,293 3,061,979 4,185,840 Basic and Diluted Per Share Data: Basic and diluted loss per share attributable to Origin Agritech Limited: Continuing operations (32.20) (50.18) (14.85) Discontinued operations 5.25 — — (26.95) (50.18) (14.85) For the years ended September 30, 2017, 2018 and 2019, the effect of the outstanding options was anti-dilutive. |
EMPLOYEE BENEFIT PLAN AND PROFI
EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION | 12 Months Ended |
Sep. 30, 2019 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 22. EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION Full time employees of the PRC entities participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Company to accrue for these benefits based on certain percentages of the employees’ salaries. The total provisions for such employee benefits were RMB7,241, RMB4,615, and RMB2,170 for the years ended September 30, 2017, 2018 and 2019 respectively. Pursuant to the laws applicable to the PRC, domestic PRC entities must make appropriations from after-tax profit to non-distributable reserves funds including: (i) the statutory surplus reserve and; (ii) the statutory public welfare fund. Subject to the limits of 50% of the entity’s registered capital, the statutory surplus reserve fund requires annual appropriations of 10% of after-tax profit (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). The Company’s wholly foreign owned subsidiary, BioTech, however subject to the law applicable to foreign invested enterprises in the PRC, was required annual appropriation of the general reserve fund, no less than 10% of after-tax profit (as determined under PRC GAAP at each year-end). These reserve funds can only be used for specific purposes of enterprise expansion and staff welfare and are not distributable as cash dividends. No appropriation has been made for the years ended September 30, 2017, 2018 and 2019. There was no after-tax profit recorded in the PRC statutory accounts for 2018 and 2019. On the other hand, the amount set aside as of September 30, 2018 and 2019 were RMB20,848 and RMB21,513. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 23. COMMITMENTS AND CONTINGENCIES (a) Operating lease The Company leased certain land use rights for seed development and office premises under non-cancellable leases. Rental expenses under operating leases for the years ended September 30, 2017, 2018 and 2019 were RMB2,908, RMB3,859, and RMB515, respectively. As of September 30, 2019, the Company was obligated under operating leases requiring minimum rental as follows: Year ending September 30, RMB 2020 548 2021 516 2022 500 2023 422 2024 422 Thereafter 3,371 5,779 (c) Legal proceeding There are legal proceedings against Linze Origin Seed Limited and Beijing Origin involving unsettled purchase orders to suppliers of Linze Origin Seed Limited. Pursuant to court order and mediations, the total compensation of these proceedings amounted to RMB23.7 million plus interests which primarily shall be settled by Linze Origin Seed Limited, and Beijing Origin shall be jointly and severally liable for these claims. With respect to the legal proceedings and claims described above, such claims primarily shall be settled by Linze Origin Seed Limited and the Company's liability, if any, with respect to such claims, is uncertain. At present, the Company is unable to estimate a reasonably possible range of loss, if any, that may result from such litigation. If an unfavorable outcome were to occur in the litigation described above, the impact could be material to the Company's business, financial condition, or results of operations. We may from time to time be subject to various legal or administrative proceedings, either as plaintiff or defendant, arising in the ordinary course of our business. Except otherwise disclosed in this report, we are not currently a party to, nor are we aware of, any legal proceeding, investigation or claim that, in the view of our management, is likely to materially and adversely affect our business, financial position or results of operations. |
OPERATING RISK
OPERATING RISK | 12 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 24. OPERATING RISK Concentrations of customers and risk During the fiscal year 2019, our largest and second largest customers represented approximately 22% and 10% of total consolidated revenues. Interest risk The interest rate and term of repayment of other borrowing is 6.0%, which are fixed at the inception of the borrowing. Other financial assets and liabilities do not have material interest rate risk. Liquidity risk We believe our working capital is sufficient to meet our present requirements. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. In the long-term, we intend to rely primarily on cash flow from operations and additional borrowings from banks to meet our anticipated cash needs. If our anticipated cash flow is insufficient to meet our requirements, we may also seek to sell additional equity, debt or equity-linked securities. Country risk The Company has significant investments in the PRC. The operating results of the Company may be adversely affected by changes in the political and social conditions in the PRC and by changes in Chinese government policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods taxation, among other things. There can be no assurance; however, those changes in political and other conditions will not result in any adverse impact. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 25. SUBSEQUENT EVENTS The Company entered into a Cooperation Framework Agreement with BC-TID. For additional information, see note 2 - Liquidity and Going Concern. There is no other significant subsequent events. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 12 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 26. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY The condensed financial statements of Origin Agritech Limited (the “parent company”) have been prepared in accordance with accounting principles generally accepted in the United States of America. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the parent company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital, capital surplus and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling RMB84,517 and RMB45,457 as of September 30, 2018 and 2019, respectively. The following represents condensed unconsolidated financial information of the parent company only: CONDENSED BALANCE SHEET September 30 2018 2019 2019 RMB RMB US$ ASSETS (LIABILITIES) Current assets (liabilities) Cash and cash equivalents 47 252 36 Other receivables 4 4 1 Due from inter-companies 132,842 191,349 27,054 Due to related parties (1,634) (2,740) (389) Total current assets (liabilities) 131,259 188,865 26,702 Investment in unconsolidated subsidiaries (155,970) (211,548) (29,910) Total net liabilities (24,711) (22,683) (3,208) AND EQUITY Total stockholders’ equity (24,711) (22,683) (3,208) CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME Year ended September 30, 2017 2018 2019 2019 RMB RMB RMB US$ Revenues — — — — Operating expenses General and administrative (3,016) (5,147) (12,597) (1,832) Loss from operations (3,016) (5,147) (12,597) (1,832) Equity method loss (72,491) (148,514) (49,163) (6,951) Interest expense (167) (2) — — Loss before income taxes (75,674) (153,663) (62,120) (8,783) Income tax expense — — — — Net loss (75,674) (153,663) (62,120) (8,783) Other comprehensive loss Foreign currency translation difference (7,644) (3,315) (1,640) (232) Total comprehensive loss (83,318) (156,978) (63,760) (9,015) CONDENSED STATEMENT OF CASH FLOWS Year ended September 30, 2017 2018 2019 2019 RMB RMB RMB US$ Net cash provided by operating activities 20,456 3,345 1,845 19,883 Net cash used in financing activities (13,376) — — — Net increase in cash and cash equivalents 7,080 3,345 1,845 19,883 Cash and cash equivalents, beginning of year 581 17 47 7 Effect of exchange rate changes on cash and cash equivalents (7,644) (3,315) (1,640) (232) Cash and cash equivalents, end of year 17 47 252 36 BASIS OF PRESENTATION The condensed financial information has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company has used equity method to account for its investments in subsidiaries. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”); include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries and variable interest entities. Intercompany balances, transactions and cash flows are eliminated on consolidation. |
Reverse Stock Split Policy [Text Block] | Reverse Stock Split On June 26, 2018, the Company's Shareholders and the Board of Directors approved a reverse stock split pursuant to which all classes of our issued and outstanding shares of common stock at the close of business on such date were combined and reconstituted into a smaller number of shares of common stock in a ratio of 1 share of common stock for every 10 shares of common stock ("1-for-10 reverse stock split"). The 1-for-10 reverse stock split was effective as of close of business on July 10, 2018 and the Company's stock began trading on a split-adjusted basis on July 11, 2018. On the exchange date, the reverse stock split reduced the number of outstanding shares to approximately 2.7 million ordinary shares, subject to additional shares being issued for fractional shares and preservation of round lots. Proportional adjustments have been made to the conversion and exercise prices of the Company's outstanding common stock, treasury stock, warrants, restricted stock awards, and stock options, and to the number of shares issued and issuable under the Company's Stock Incentive Plan. Upon the effectiveness of the 1-for-10 reverse stock split, each ten shares of the Company's issued common stock were automatically combined and converted into one issued share of common stock, no par value. The Company did not issue any fractional shares in connection with the reverse stock split. Instead, fractional share interests were rounded up to the next largest whole share. The reverse split also preserved round lots of 100 shares, meaning that if the reverse split resulted in a shareholder holding less than 100 shares, the Company would issue, at no cost, additional shares to increase the holding to a full 100 shares. The reverse stock split does not modify the rights or preferences of the common stock. The number of authorized shares of the Company's common stock remained at 60 million shares and no par value. The accompanying consolidated financial statements and footnotes have been retroactively adjusted to reflect the effects of the 1-for-10 reverse stock split. |
Liquidity and Going Concern Disclosure [Policy Text Block] | Liquidity and Going Concern The Company incurred net losses of RMB106,261, RMB152,790 and RMB65,783 in the years ended September 30, 2017, 2018 and 2019, respectively. Working capital deficit was RMB217,293 and RMB178,580 as of September 30, 2018 and 2019, respectively. Accumulated deficit was RMB411,723 and RMB473,973 as of September 30, 2018 and 2019, respectively. These financial conditions raised substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. We are currently seeking to restructure the terms of our liabilities by raising funds to pay off liabilities. Our ability to continue as a going concern is depend upon obtaining the necessary financing or negotiating the terms of the existing borrowing to meet our current and future liquidity need. On May 17, 2019, the Company entered into a Cooperation Framework Agreement with Beijing Changping Technology Innodevelop Group (BC-TID), an entity owned by the government of Changping District of Beijing City. Under this agreement, BC-TID and Origin planned to form a new entity, which 51% and 49% of equity interests would be owned by BC-TID and the Company, respectively. Based on the agreement, Beijing Origin will contribute the headquarters building in Beijing and certain of its seed technology assets related to genetically modified seeds to the new entity. BC-TID will fund the joint venture with a total of RMB204 million in cash. Also agreed under this agreement, the new entity will pay off the bank loan of RMB78 million, which is collateralized by the Company's headquarters building in Beijing, upon receiving the RMB204 million investment from BC-TID. Since the Cooperation Framework Agreement was signed, both parties have been actively involved to complete the formation of joint venture. However, the process has taken longer than originally expected mainly due to the complicated tax related issues with the Origin Life Science Center building in Beijing. Both parties are now agreed to use Beijing Origin as the joint venture entity in order to expedite the process. The original term remains the same and both parties are cooperating to complete the process as soon as possible. Due diligence has been completed and BC-TID has deposited RMB15 million (US$2.1 million) in an escrow account. The transaction is subject to the satisfaction or waiver of several conditions set forth in the agreement. Besides the expected cash inflows from the aforementioned existing agreements, the Company is also seeking funds from other resources including but not limited to licensing its cord seed traits to its customers, applying for government grants for research and development activities, pursuing other capital investment from investors and selling certain company assets. The Company consistently reviews its working capital requirements and has also taken steps to reduce expenses. The Company has closed down the office of Origin USA and cut down the related personnel and administrative costs. The Company is also currently working with certain vendors and creditors to extend repayment terms. Despite the Company’s effort to obtain additional funding and reduce operating costs, there is no assurance that the Company’s plans and actions will be successful. In addition, there can be no assurance that in the event additional sources of funds are needed they will be available on acceptable terms, if at all. The Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. |
Convenience Translation [Policy Text Block] | Convenience translation into United States dollars The consolidated financial statements are presented in Renminbi. The translation of Renminbi amounts into United States dollar amounts has been made for the convenience of the reader and has been made at the exchange rate quoted by the middle rate by the State Administration of Foreign Exchange in China on September 30, 2019 of RMB7.0717 to US $1.00. Such translation amounts should not be construed as representations that the Renminbi amounts could be readily converted into United States dollar amounts at that rate or any other rate. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s consolidated financial statements include inventory valuation, account receivable valuation, useful lives of plant and equipment and acquired intangible assets, the valuation allowance for deferred income tax assets, valuation of long-lived assets and share-based compensation expense. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents consist of cash on hand, cash accounts, interest bearing savings accounts, time certificates of deposit and debt securities with a maturities of three months or less when purchased. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost, determined by weighted-average method, or net realizable value. Work-in-progress and finished goods inventories consist of raw materials, direct labor and overhead associated with the manufacturing process. Parent seed represents the seeds that are used for research and development activities. The Company periodically performs an analysis of inventory to determine obsolete or slow-moving inventory and determine if its cost exceeds the estimated market value. Write down of potentially obsolete or slow-moving inventory are recorded based on management’s analysis of inventory levels. |
Land Use Rights [Policy Text Block] | Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided over the term of the land use right agreements on a straight-line basis for the beneficial period. |
Property, Plant and Equipment, Policy [Policy Text Block] | Plant and equipment, net Plant and equipment are recorded at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to expense as incurred. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Plant and building 20‑40 years Machinery and equipment 10‑15 years Furniture and office equipment 5‑8 years Motor vehicles 5‑10 years Leasehold improvements Shorter of the useful lives or the lease term The Company constructs certain of its facilities. In addition to costs under construction contracts, external costs directly related to the construction of such facilities, including duty and tariff, and equipment installation and shipping costs, are capitalized. Depreciation is recorded at the time assets are placed in service. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Acquired intangible assets, net Acquired intangible assets primarily consist of purchased technology rights and distribution network and are stated at cost less accumulated amortization. Amortization is calculated on a straight-line basis over the estimated useful lives of these assets and recorded in operating expenses. Amortization is calculated on a straight-line basis over the following estimated useful lives for the main acquired intangible assets: Technology rights for licensed seeds 3‑20 years Distribution network 6‑14 years Trademark Indefinite Trademarks, which have indefinite lives are not amortized but are reviewed for impairment at least annually, at year end date, or earlier upon the occurrence of certain triggering events. The Company has performed an impairment analysis on the acquired intangible assets in Beijing Origin and recorded no impairment provision during the year ended September 30, 2019. |
Investment, Policy [Policy Text Block] | Long-term investments We account for equity investments through which we exercise significant influence but do not have control over the investee under the equity method ("Equity Method Investments"). Under the equity method, the investment is initially recorded at cost and adjusted for the Company’s share of undistributed earnings or losses of the investee. The Company's share of losses is not recognized when the investment is reduced to zero since the Company does not guarantee the investees' obligations nor is the Company committed to providing additional funding. Beginning on October 1, 2018, our equity investment not result in consolidation and not accounted for under the equity method are either carried at fair value or under the measurement alternative upon the adoption of the FASB issued Accounting Standards Update ("ASU") No. 2016-01 ("Non-marketable Equity Investments"). We utilize the measurement alternative for equity investments that do not have readily determinable fair values and measure these investments at cost less impairment plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. We classify our investments as non-current assets on the consolidated balance sheets as those investments do not have stated contractual maturity dates. We periodically review our equity investments for impairment. We consider impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the security is below the carrying amount, we write down the security to fair value. |
Valuation Of Long Lived Assets [Policy Text Block] | Valuation of long-lived asset The Company reviews the carrying value of long-lived assets to be held and used, including other intangible assets subject to amortization, when events and circumstances warrants such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset and intangible assets. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets and intangible assets to be disposed are determined in a similar manner, except that fair market values are reduced for the cost to dispose. The Company has performed an impairment analysis on the plant and equipment in Xinjiang Origin and recorded an impairment loss of RMB25,873 during the year ended September 30, 2017, and the impairment loss was reported in continuing operations. Impairment of RMBnil and RMB4,213 were recorded during the years ended September 30, 2018 and 2019, respectively |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition The Company derives most of its revenue from hybrid corn seed. Prior to October 1, 2018, the Company recognized revenue in accordance with Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition ("ASC 605"). Effective with the October 1, 2018 adoption of ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," and the associated ASUs (collectively, "Topic 606"). The Company adopted the standard using the modified retrospective transition approach. Under this approach, the new standard applies to all new contracts initiated on and after October 1, 2018. For existing contracts that have remaining obligations as of October 1, 2018, any difference between the recognition criteria in these ASUs and the Company’s current revenue recognition practices would be recognized using a cumulative effect adjustment to the opening balance of retained earnings. The majority of the Company’s customer contracts, which may be in the form of purchase orders, contracts or purchase agreements, contain performance obligations for delivery of agreed upon goods. Delivery of all performance obligations contained within a contract with a customer typically occurs at the same time. The Company also makes accounting policy elections to 1) treat shipping and handling activities that occur after the customer obtains control of the goods as fulfillment costs and 2) exclude sales (and similar) taxes from the measurement of the transaction price. We have no open contracts as of September 30, 2018, so there was no cumulative effect of applying the new standards. The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. |
Government Subsidies [Policy Text Block] | Government subsidies A government subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company received the government subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The reclassification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. The Company received several financial supports from various levels of the government. At fiscal years ended 2018 and 2019, the Company received government subsidies of RMB9,193 and RMBnil, respectively for R&D and others. Government subsidies recognized as other income in the statement of income for the years ended September 30, 2017, 2018 and 2019, were RMB1,407, RMB5,516 and RMBnil, respectively. |
Cost of Sales, Policy [Policy Text Block] | Cost of revenues Cost of revenues consists of expenses directly related to sales, including the purchase prices and development costs for seeds and, during the fiscal years ended September 30, 2017, 2018 and 2019, agricultural chemical products, depreciation and amortization, impairment of inventory, shipping and handling costs, salary and compensation, supplies, license fees, and rent. |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs Research and development costs relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. |
Advertising Costs, Policy [Policy Text Block] | Advertising costs Advertising costs are expensed when incurred and included in selling and marketing expenses. For the years ended September 30, 2017, 2018 and 2019, advertising costs were RMB521, RMBnil and RMB589, respectively. |
Borrowing Cost [Policy Text Block] | Borrowing cost Borrowing costs attributable directly to the acquisition, construction or production of qualifying assets which require a substantial period of time to be ready for their intended use or sale, are capitalized as part of the cost of those assets. Income earned on temporary investments of specific borrowings pending their expenditure on those assets is deducted from borrowing costs capitalized. All other borrowing costs are recognized in interest expenses in the statement of income and comprehensive income in the period in which they are incurred. |
Allowance For Doubtful Account [Policy Text Block] | Allowance for doubtful account The Company regularly monitors and assesses the risk of not collecting amounts owed to the Company by customers. This evaluation is based upon a variety of factors including: an analysis of amounts current and past due along with relevant history and facts particular to the customer. Based on the result of this analysis, the Company records an allowance for doubtful accounts of RMBnil, RMB2,105, and RMBnil for the years ended September 30, 2017, 2018, and 2019, respectively. |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred income taxes are recognized for the future tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net of operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities. The Company adopted FASB ASC 740‑10. The Company’s policy on classification of all interest and penalties related to unrecognized tax benefits, if any, as a component of income tax provisions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The functional currency of the Company excluding Agritech, Origin USA and State Harvest is Renminbi. Monetary assets and liabilities denominated in currencies other than Renminbi are translated into Renminbi at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than Renminbi are converted into Renminbi at the applicable rates of exchange prevailing the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of income and comprehensive income. The functional currency of Agritech, Origin USA and State Harvest are maintained in United State dollars. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive (loss)/income. The Company has chosen Renminbi as its reporting currency. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Comprehensive income (loss) for the years has been disclosed within the consolidated statements of income and comprehensive income for presentational purpose of the disclosure of comprehensive income (loss) attributable to Agritech and the non-controlling interests respectively. |
Earnings Per Share, Policy [Policy Text Block] | Income (loss) per share Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the years. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the years. The weighted average number of common shares outstanding is adjusted to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In computing the dilutive effect of potential common shares, the average stock price for the period is used in determining the number of treasury shares assumed to be purchased with the proceeds from the exercise of options. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation The Company adopts FASB ASC 718‑10. ASC 718‑10 requires that share-based payment transactions with employees, such as share options, be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurement The Company adopted FASB ASC 820‑10, and which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820‑10 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. ASC 820‑10 establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable inputs, which may be used to measure fair value and include the following: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations The Company reports operating results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Through September 30, 2018, the Company reported discontinued operations when the operations and cash flows of a component of the Company had been eliminated or intended to be eliminated from ongoing operations. For a component to be disposed of by sale, financial results were classified as discontinued only when held for sale criteria were met. For a component to be disposed of other than by sale, financial results were not classified as discontinued until abandonment, distribution, or exchange occurred, depending on the manner of disposal. In the annual report for the year ended September 30, 2017, the operating results of the seed production and distribution entities and assets mainly including Changchun Origin, Denong, Linze Origin, Zhengzhou Branch and office building in Beijing, PRC are presented as discontinued operations. The office building in Beijing, PRC was previously planned to be sold to Beijing Shihui. However, the Company changed the original plan and decided not to sell this part of assets. On September 21, 2018, the Company and certain subsidiaries of the Company entered into a Termination Agreement. Pursuant to this agreement, the Company will not transfer the above-mentioned office building in Beijing to Beijing Shihui. As the office building in Beijing no longer meets the held-for-sale criteria, this part of assets has been reclassified as held and used and the related operation results were reclassified to continuing operations for all periods presented in this report. During FY2019, the Company sold certain land use right, plant, and equipment with total net book value of RMB12,051 for cash consideration of RMB26,000. The transition of land use right and buildings were not complete due to the time taking to finish the title transfer process although those assets have been transferred to the buyers and related proceeds have been received. See Note 8 for detail of assets held for sale. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements · In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) and subsequent amendments to the initial guidance including ASU No. 2017-13, ASU No. 2018-10, ASU No. 2018-11, ASU No. 2018-20, and ASU No. 2019-01 (collectively, "Topic 842"). Topic 842 requires companies to generally recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. The standard is effective for publicly-traded companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. At adoption, this update will be applied using a modified retrospective transition approach, with an option to use certain transition relief. The Company adapted the Topic 842 effective October 1, 2019. The adaption of the Topic 842 resulted in the recognition of the right-of-use assets and the lease liabilities for operating lease as of October 1, 2019 of approximately RMB4,015 and RMB3,350, respectively, · In June 2016, the FASB issued ASU No. 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. ASU No. 2016‑13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU No. 2016‑13 on its consolidated financial statements. The Company believes that other recent accounting pronouncement updates will not have a material effect on the Company's consolidated financial statements. |
ORGANIZATION AND PRINCIPAL AC_2
ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Schedule Of Subsidiaries and Variable Interest Entities [Table Text Block] | As of September 30, 2019, the Company’s subsidiaries and variable interest entities included in continuing operations consisted of the following: Date of Place of Percentage Incorporation Incorporation of Principal Name or Establishment or Establishment Ownership Activity Subsidiaries: State Harvest Holdings Limited(“State Harvest”) October 6, 2004 British Virgin Islands 100 % Investment Holding Beijing Origin State Harvest Biotechnology Limited (“BioTech”) December 1, 2004 People’s Republic of China (“PRC”) 100 % Hybrid seed technology development Variable interest entity: Beijing Origin Seed Limited (note (i)) (“Beijing Origin”) December 26, 1997 PRC — Hybrid crop seed development, production and distribution Subsidiaries held by Beijing Origin: Henan Origin Cotton Technology Development Limited (note (i)) (“Henan Cotton”) March 2, 2001 PRC 92.04 % Hybrid crop seed development, production and distribution Xinjiang Originbo Seed Company Limited (note (i)) (“Xinjiang Origin”) July 13, 2011 PRC 51 % Hybrid crop seed development, production and distribution Subsidiaries held by State Harvest: Beijing State Harvest Zhongying Network Technology Limited (“Zhongying Network”) April 27, 2018 PRC 100 % Selling agricultural seed products, other agricultural inputs, foods, household products, and other consumer products on e-commerce platform Shandong Aoruixinong Agricultural Technology Limited (Shandong Aoruixinong) September 27, 2019 PRC 51 % Agricultural seed products distribution through e-commune network Hubei Aoyu Zhongye Limited (Hubei Aoyu) October 22, 2018 PRC 51 % Agricultural seed products distribution through e-commune network Anhui Aoyu Zhongye Limited (Anhui Aoyu) July 25, 2018 PRC 50 % Agricultural seed products distribution through e-commune network Xuzhou Aoyu Zhongye Limited (Xuzhou Aoyu) September 25, 2018 PRC 51 % Agricultural seed products distribution through e-commune network Shandong Aoyu Zhongye Limited (Shandong Aoyu) November 13, 2018 PRC 51 % Agricultural seed products distribution through e-commune network Henan Aoyu Zhongye Limited (note (i)) (“Henan Aoyu”) July 16, 2018 PRC % Agricultural seed products distribution through e-commune network Note (i): Beijing Origin Seed Limited, Henan Origin Cotton Technology Development Limited, Xinjiang Originbo Seed Company Limited, and Zhengzhou Branch of Beijing Origin Seed Limited are collectively referred to as “Beijing Origin”. |
Schedule of Variable Interest Entities [Table Text Block] | The Company has aggregated the financial information of Beijing Origin and its subsidiaries in the table below. The aggregated carrying amount of assets and liabilities of Beijing Origin and its subsidiaries after elimination of intercompany transactions and balances consolidated in the Company’s consolidated balance sheets as of September 30, 2018 and 2019 are as follows: Risks in relation to the VIE structure September 30, 2018 2019 2019 RMB RMB US$ ASSETS Current Assets Cash and cash equivalents 1,826 322 46 Due from related party 129,506 33,290 28,193 Accounts receivable — 784 111 Advances to suppliers 1,188 83 12 Inventories 81,903 23,199 3,280 Other current assets 213 2,140 303 Total current assets 214,636 59,818 31,945 Land use rights, net 16,564 12,913 1,826 Plant and equipment, net 172,760 149,175 21,091 Equity investments 16,347 16,347 2,311 Acquired intangible assets, net 2,024 113 16 Other assets 1,202 6,356 899 Total assets 423,533 244,722 58,088 LIABILITIES Current liabilities Short-term borrowings — — — Current portion of long-term borrowings 78,235 78,611 11,114 Accounts payable 7,952 9,723 1,375 Due to growers 7,984 7,260 1,026 Due to related parties 291,882 33,859 4,787 Advances from customers 5,959 42,679 6,034 Other payables and accrued expenses 37,295 63,157 8,929 Total current liabilities 429,307 235,289 33,265 Long-term borrowings — — — Other long-term liability 21,278 28,785 4,070 Total liabilities 450,585 264,074 37,335 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives Of Assets [Table Text Block] | Depreciation is calculated on a straight-line basis over the following estimated useful lives: Plant and building 20‑40 years Machinery and equipment 10‑15 years Furniture and office equipment 5‑8 years Motor vehicles 5‑10 years Leasehold improvements Shorter of the useful lives or the lease term |
Estimated Useful Lives Of Intangible Assets [Table Text Block] | Amortization is calculated on a straight-line basis over the following estimated useful lives for the main acquired intangible assets: Technology rights for licensed seeds 3‑20 years Distribution network 6‑14 years Trademark Indefinite |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Relationships [Table Text Block] | (1) Related party relationships Name of related parties Relationship Beijing Shihui Being owned by close family members of the Company's Chairman Zhangye Shihui Being owned by close family members of the Company's Chairman Xinjiang Ginbo Seeds Center Being the non-controlling interest of Xinjiang Origin Jilin Jinong Hi-tech Development Shares Co., Ltd.(“Jinong”) Being long-term investment of the Company (note 11) Henan Agricultural University Being the non-controlling interest of Beijing Origin Linze Origin Seeds Ltd Being owned by close family members of the Company's Chairman De Nong Zheng Cheng Seed Limited Being owned by close family members of the Company's Chairman Henan Yingde Agricultural Ltd. Being owned by close family members of the Company's Chairman Beijing Origin Zhengzhou Branch("Zhengzhou Branch") Being controlled by close family members of the Company's Chairman from August 16, 2017 to September 21, 2018 Non-controlling shareholders (“NCI”) Non- controlling shareholders of Hubei Aoyu, Anhui Aoyu, Xuzhou Aoyu, Shandong Aoyu, Henan Aoyu, Shandong Aoruixinong |
Schedule Of Amounts Due From Related Parties [Table Text Block] | (1) Due from related parties September 30, 2018 2019 RMB RMB Beijing Shihui — 24,819 De Nong Zheng Cheng Seed Limited 129,506 — Henan Yingde Agricultural Ltd. — 2,252 Close family of the Company’s Chairman — 100 NCI — 6,719 129,506 33,890 |
Schedule Of Amounts Due To Related Parties [Table Text Block] | (1) Due to related parties September 30, 2018 2019 RMB RMB Beijing Shihui — Zhangye Shihui — Linze Origin Seeds Limited Henan Agriculture University 1,000 — Xinjiang Ginbo Seeds Center (i) 10,000 10,000 Companies controlled by the Company’s directors 1,634 1,706 NCI — 14,948 The Company’s Chairman 9,692 13,213 Close family of the Company’s Chairman — 552 Ex-shareholders 16 — 293,732 42,633 Note (i): Xinjiang Origin has received a cash advance of RMB10,000 from Xinjiang Ginbo Seeds Center during the year ended September 30, 2016, which is unsecured, interest-free and repayable on demand. |
Schedule of Related Party Transactions [Table Text Block] | (1) Transactions with related parties (a) Sales to Year ended September 30, 2017 2018 2019 RMB RMB RMB Linze Origin Seeds Limited — 45 83 Beijing Shihui — — 20,823 NCI — — 17,081 Zhengzhou Branch — 7,803 — — 7,848 37,987 (b) Service income received from Year ended September 30, 2017 2018 2019 RMB RMB RMB Beijing Shihui 396 — — (c) Service fee charged by Year ended September 30, 2017 2018 2019 RMB RMB RMB Beijing Shihui 600 — — (d) License usage fees charged to Year ended September 30, 2017 2018 2019 RMB RMB RMB Beijing Shihui — 1,575 — |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results Of Operations Reclassified From Discontinued Operations [Table Text Block] | Results of operations reclassified from discontinued operations to continued operations for the fiscal years 2017: Year Ended September 30, 2017 RMB Revenues 871 Cost of revenues (679) Gross profit 192 Operating expenses General and administrative (1,188) Total operating expenses, net (1,188) Impairment loss (44,706) Loss before income taxes (45,702) Net Loss (45,702) |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Results of discontinued operations are summarized as follows: Year ended September 30, 2017 RMB Revenues 234,952 Cost of revenues (171,501) Gross profit 63,451 Operating expenses Selling and marketing (21,149) General and administrative (16,414) Research and development (659) Other income, net 360 Total operating expenses, net (37,862) Income from discontinued operations 25,589 Interest expense (5,480) Interest income 34 Impairment on plant and equipment and inventories — Income before income taxes from discontinued operations 20,143 Income tax expense from discontinued operations Current (1,281) Deferred — Income tax expenses from discontinued operations (1,281) Loss on disposal of commercial seed business (3,282) Net income from discontinued operations 15,580 Less: Net income attributable to non-controlling interests 821 Net income from discontinued operations attributable to Origin Agritech Ltd. 14,759 |
ADVANCES TO SUPPLIERS (Tables)
ADVANCES TO SUPPLIERS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Advances To Suppliers [Abstract] | |
Schedule Of Prepaid Expenses and Other Assets [Table Text Block] | September 30, 2018 2019 RMB RMB Prepayments for testing fee 140 246 Deposits for research and development fee 207 — Others 841 292 1,188 538 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: September 30, 2018 2019 RMB RMB Low value supplies 2,063 — Parent seeds 81 — Work in progress 79,803 28,527 81,947 28,527 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Other Current Assets [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other current assets consist of the following: September 30, 2018 2019 RMB RMB Advances to staff for business use 119 1,426 Deposits for rental 7 — Others 121 162 247 1,588 |
LAND USE RIGHTS, NET (Tables)
LAND USE RIGHTS, NET (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Land Use Rights [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Land use rights, net consist of the following: September 30, 2018 2019 RMB RMB Land use rights 22,275 16,564 Accumulated amortization (5,711) (3,651) Land use rights, net 16,564 12,913 |
PLANT AND EQUIPMENT, NET (Table
PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Plant and equipment, net consist of the following: September 30, 2018 2019 RMB RMB Plant and building 162,507 143,808 Machinery and equipment 101,543 96,537 Furniture and office equipment 12,367 12,367 Motor vehicles 3,591 3,590 Total 280,008 256,302 Accumulated depreciation (85,600) (81,313) Accumulated impairment (25,873) (25,873) Construction in progress 4,213 — Plant and equipment, net 172,748 149,116 |
ACQUIRED INTANGIBLE ASSETS, N_2
ACQUIRED INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Acquired intangible assets, net consist of the following: September 30, 2018 2019 RMB RMB Technology rights for licensed seeds 75,899 75,899 Others 4,739 4,739 80,638 80,638 Accumulated amortization (67,806) (70,699) Impairment provision (4,470) (4,470) Acquired intangible assets, net 8,362 5,469 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization expense on these intangible assets for each of the next five years is as follows: Year ending September 30, RMB 2020 1,356 2021 652 2022 580 2023 557 2024 545 Total 3,690 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets [Table Text Block] | Other assets consist of the following: September 30, 2018 2019 RMB RMB Prepaid lease 1,202 2,393 1,202 2,393 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Borrowings consisted of the following: September 30, 2018 2019 RMB RMB Borrowing from Beijing Agriculture Finance Leasing, LLC.(“BAFL”) under Beijing Origin, payable on installment, due on December 29, 2020 with annual interest rate of 6%, secured by Beijing’s properties and land use right * 78,235 78,611 Long-term borrowings 78,235 78,611 Current portion of long-term borrowings 78,235 78,611 * Beijing Origin did not make any principal payments for the borrowing. Beijing Origin entered into negotiations with BAFL regarding modification of payment schedule. As of the date of this report, there is no formed agreements signed regarding modification of payment schedule. As of September 30, 2018, the Company reclassified the borrowing as current liability in consolidated balance sheets result from the default. |
OTHER PAYABLES AND ACCRUED EX_2
OTHER PAYABLES AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Other payables and accrued expenses consist of: September 30, 2018 2019 RMB RMB Payable for purchase of plant and equipment 470 20,181 Payable for purchase of construction-in-progress 7,989 — Professional fee payable 8,578 7,983 Salaries and bonus payable 9,272 13,314 Accrued interest 390 1,430 Deposits from others 665 — Payable for labor union, housing fund and education expenses 1,399 — Deferred government subsidies 7,649 10,339 Others 1,515 3,428 37,927 56,675 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the stock option activity under the 2005, 2009 and 2014 Plans is as follows: Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche 8 9 10 11 12 13 14 15 16 17 18 19 20 January 2, January 2, January 2, January 4, April 19, May 16, August 3, January 3, October 2, December 22, January 2, March 1, January 2, Grant date 2013 2014 2015 2016 2016 2016 2016 2017 2017 2017 2018 2018 2019 Outstanding as of September 30, 2017 35,500 34,500 19,500 13,500 60,000 20,000 20,000 18,000 — — — — — Number of options granted — — — — — — — — 2,500 8,800 29,000 20,000 — Options exercised — — — — — — — — — — — — — Options cancelled/expired (355,000) — — — — — — — — — — — — Outstanding as of September 30, 2018 — 34,500 19,500 13,500 60,000 20,000 20,000 18,000 2,500 8,800 29,000 20,000 — Number of options granted — — — — — — — — — — — — 36,000 Options exercised — — — — — — — — — — — — — Options cancelled/expired — — — — — — — — — — — — — Outstanding as of September 30, 2019 — 34,500 19,500 13,500 60,000 20,000 20,000 18,000 2,500 8,800 29,000 20,000 36,000 Options vested and exercisable At September 30, 2018 — 34,500 19,500 13,500 60,000 20,000 20,000 18,000 2,500 8,800 29,000 29,000 — At September 30, 2019 — 34,500 19,500 13,500 60,000 20,000 20,000 18,000 2,500 8,800 29,000 20,000 36,000 Weighted average fair value at the grant date (US$) 7.6 6.5 7.5 9.0 15.4 12.4 14.4 4.0 7.7 4.4 5.1 5.1 4.0 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each option granted is estimated on the date of grant using the Black-Scholes Option Pricing Model: Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche Tranche 8 9 10 11 12 13 14 15 16 17 18 19 20 Exercise price (US$) Average risk-free interest rate % % % % % % % % % % % Expected option life (year) Volatility rate 86.32 % % % % % % % % % % % Dividend yield — — — — — — — — — — — — — |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The principal components of the deferred income tax assets are as follows: September 30, 2018 2019 RMB RMB Non-current deferred tax assets: Net operating loss carry forward 94,750 157,093 Impairment loss 2,178 10,186 Others 4,644 4,644 Non-current deferred income tax assets 101,572 171,923 Valuation allowances (101,572) (171,923) Net non-current deferred income tax assets — — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation between total income tax expenses and the amount computed by applying the statutory income tax rate to income before taxes is as follows: Year ended September 30, 2017 2018 2019 % % % Statutory rate 25 25 25 Effect of preferential tax treatment 3 (3) — Change in valuation allowance (27) (26) (24) Over provision in prior year (1) 4 — Effective income tax rate — — 1 |
INCOME_(LOSS) PER SHARE (Tables
INCOME/(LOSS) PER SHARE (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted loss per share for the years indicated: Year ended September 30, 2017 2018 2019 RMB RMB RMB Numerator: Net loss from continuing operations attributable to Origin Agritech Limited (90,433) (153,663) (62,120) Net income (loss) from discontinued operations attributable to Origin Agritech Limited 14,759 — — Net loss attributable to Origin Agritech Limited (75,674) (153,663) (62,120) Denominator: Average common stock outstanding - basic 2,808,293 3,061,979 4,185,840 Dilutive effect of share options — — — Diluted shares 2,808,293 3,061,979 4,185,840 Basic and Diluted Per Share Data: Basic and diluted loss per share attributable to Origin Agritech Limited: Continuing operations (32.20) (50.18) (14.85) Discontinued operations 5.25 — — (26.95) (50.18) (14.85) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending September 30, RMB 2020 548 2021 516 2022 500 2023 422 2024 422 Thereafter 3,371 5,779 |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet [Table Text Block] | CONDENSED BALANCE SHEET September 30 2018 2019 2019 RMB RMB US$ ASSETS (LIABILITIES) Current assets (liabilities) Cash and cash equivalents 47 252 36 Other receivables 4 4 1 Due from inter-companies 132,842 191,349 27,054 Due to related parties (1,634) (2,740) (389) Total current assets (liabilities) 131,259 188,865 26,702 Investment in unconsolidated subsidiaries (155,970) (211,548) (29,910) Total net liabilities (24,711) (22,683) (3,208) AND EQUITY Total stockholders’ equity (24,711) (22,683) (3,208) |
Schedule of Comprehensive Income (Loss) [Table Text Block] | CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME Year ended September 30, 2017 2018 2019 2019 RMB RMB RMB US$ Revenues — — — — Operating expenses General and administrative (3,016) (5,147) (12,597) (1,832) Loss from operations (3,016) (5,147) (12,597) (1,832) Equity method loss (72,491) (148,514) (49,163) (6,951) Interest expense (167) (2) — — Loss before income taxes (75,674) (153,663) (62,120) (8,783) Income tax expense — — — — Net loss (75,674) (153,663) (62,120) (8,783) Other comprehensive loss Foreign currency translation difference (7,644) (3,315) (1,640) (232) Total comprehensive loss (83,318) (156,978) (63,760) (9,015) |
Schedule of Condensed Cash Flow Statement [Table Text Block] | CONDENSED STATEMENT OF CASH FLOWS Year ended September 30, 2017 2018 2019 2019 RMB RMB RMB US$ Net cash provided by operating activities 20,456 3,345 1,845 19,883 Net cash used in financing activities (13,376) — — — Net increase in cash and cash equivalents 7,080 3,345 1,845 19,883 Cash and cash equivalents, beginning of year 581 17 47 7 Effect of exchange rate changes on cash and cash equivalents (7,644) (3,315) (1,640) (232) Cash and cash equivalents, end of year 17 47 252 36 |
ORGANIZATION AND PRINCIPAL AC_3
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Beijing Origin Seed Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Dec. 26, 1997 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 0.00% |
Principal Activity | Hybrid crop seed development, production and distribution |
Henan Origin Cotton Technology Development Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Mar. 2, 2001 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 92.04% |
Principal Activity | Hybrid crop seed development, production and distribution |
Xinjiang Originbo Seed Company Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Jul. 13, 2011 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51.00% |
Principal Activity | Hybrid crop seed development, production and distribution |
Beijing State Harvest Zhongying Network Technology Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Apr. 27, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activity | Selling agricultural seed products, other agricultural inputs, foods, household products, and other consumer products on e-commerce platform |
Shandong Aoruixinong Agricultural Technology Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Sep. 27, 2019 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51.00% |
Principal Activity | Agricultural seed products distribution through e-commune network |
Hubei Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Oct. 22, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51.00% |
Principal Activity | Agricultural seed products distribution through e-commune network |
Anhui Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Jul. 25, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 50.00% |
Principal Activity | Agricultural seed products distribution through e-commune network |
Xuzhou Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Sep. 25, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51.00% |
Principal Activity | Agricultural seed products distribution through e-commune network |
Shandong Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Nov. 13, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51.00% |
Principal Activity | Agricultural seed products distribution through e-commune network |
Henan Aoyu Zhongye Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Jul. 16, 2018 |
Entity Incorporation, Place of Incorporation or Establishment | PRC |
Percentage of Ownership | 51.00% |
Principal Activity | Agricultural seed products distribution through e-commune network |
State Harvest Holdings Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Oct. 6, 2004 |
Entity Incorporation, Place of Incorporation or Establishment | British Virgin Islands |
Percentage of Ownership | 100.00% |
Principal Activity | Investment Holding |
Beijing Origin State Harvest Biotechnology Limited [Member] | |
Entity Incorporation, Date of Incorporation or Establishment | Dec. 1, 2004 |
Entity Incorporation, Place of Incorporation or Establishment | People’s Republic of China (“PRC”) |
Percentage of Ownership | 100.00% |
Principal Activity | Hybrid seed technology development |
ORGANIZATION AND PRINCIPAL AC_4
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2019CNY (¥) | |
Current assets: | ||||
Cash and cash equivalents | $ 451 | ¥ 1,990 | ¥ 3,198 | |
Due from related party | 4,792 | 129,506 | 33,890 | |
Accounts receivable | 209 | 0 | 1,481 | |
Advances to suppliers | 76 | 1,188 | 538 | |
Inventories | 4,033 | 81,947 | 28,527 | |
Other current assets | 222 | 247 | 1,588 | |
Total current assets | 9,783 | 214,878 | 69,222 | |
Land use rights, net | 1,826 | 16,564 | 12,913 | |
Plant and equipment, net | 21,083 | 172,748 | 149,116 | |
Acquired intangible assets, net | 773 | 8,362 | 5,469 | |
Other assets | 338 | 1,202 | 2,393 | |
Total assets | 36,913 | 430,101 | 261,112 | |
Current liabilities | ||||
Current portion of long-term borrowings | 11,114 | 78,235 | 78,611 | |
Accounts payable | 1,375 | 7,955 | 9,723 | |
Due to related parties | 6,028 | 293,732 | 42,633 | |
Advances from customers | 7,387 | 6,338 | 52,244 | |
Other payables and accrued expenses | 8,010 | 37,927 | 56,675 | |
Total current liabilities | 35,033 | 432,171 | 247,802 | |
Other long-term liability | 4,070 | 21,278 | 28,785 | |
Total liabilities | 39,103 | 453,449 | 276,587 | |
Variable Interest Entity [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 46 | 1,826 | 322 | |
Due from related party | 28,193 | 129,506 | 33,290 | |
Accounts receivable | 111 | 0 | 784 | |
Advances to suppliers | 12 | 1,188 | 83 | |
Inventories | 3,280 | 81,903 | 23,199 | |
Other current assets | 303 | 213 | 2,140 | |
Total current assets | 31,945 | 214,636 | 59,818 | |
Land use rights, net | 1,826 | 16,564 | 12,913 | |
Plant and equipment, net | 21,091 | 172,760 | 149,175 | |
Equity investments | 2,311 | 16,347 | 16,347 | |
Acquired intangible assets, net | 16 | 2,024 | 113 | |
Other assets | 899 | 1,202 | 6,356 | |
Total assets | 58,088 | 423,533 | 244,722 | |
Current liabilities | ||||
Short-term borrowings | 0 | 0 | 0 | |
Current portion of long-term borrowings | 11,114 | 78,235 | 78,611 | |
Accounts payable | 1,375 | 7,952 | 9,723 | |
Due to growers | 1,026 | ¥ 7,260 | 7,984 | |
Due to related parties | 4,787 | 291,882 | 33,859 | |
Advances from customers | 6,034 | 5,959 | 42,679 | |
Other payables and accrued expenses | 8,929 | 37,295 | 63,157 | |
Total current liabilities | 33,265 | 429,307 | 235,289 | |
Long-term borrowings | 0 | 0 | 0 | |
Other long-term liability | 4,070 | 21,278 | 28,785 | |
Total liabilities | $ 37,335 | ¥ 450,585 | ¥ 264,074 |
ORGANIZATION AND PRINCIPAL AC_5
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2004 | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | May 17, 2019 | Sep. 30, 2018CNY (¥) | Aug. 31, 2017 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 36,913 | ¥ 261,112,000 | ¥ 430,101,000 | |||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||||
Changchun Origin [Member] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||||
Denong [Member] | ||||||
Equity Method Investment, Ownership Percentage | 98.58% | 98.58% | ||||
Linze Origin [Member] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | ¥ 37,415,000 | 37,415,000 | ||||
Plant and Equipment [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 35,238,000 | 35,238,000 | ||||
Land Use Rights [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | ¥ 2,177,000 | ¥ 2,177,000 | ||||
State Harvest Holdings Limited [Member] | ||||||
Share Exchange Transaction Variable Interest Entity Voting Rights Assigned | 97.96% | |||||
Period Of Operations | 20 years | |||||
Assets Disposed Of By Methods Other Than Sale In Period Of Disposition | 50.00% | |||||
State Harvest Holdings Limited [Member] | Criteria One [Member] | ||||||
Business Combination Restriction On Control Obtained Description | 49 | |||||
State Harvest Holdings Limited [Member] | Criteria Two [Member] | ||||||
Business Combination Restriction On Control Obtained Description | 49 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Leasehold improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of the useful lives or the lease term |
Maximum [Member] | Plant and building [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum [Member] | Furniture and office equipment [Member] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Motor vehicles [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Plant and building [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Furniture and office equipment [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Motor vehicles [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 12 Months Ended |
Sep. 30, 2019 | |
Maximum [Member] | Technology Rights [Member] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Maximum [Member] | Distribution Rights [Member] | |
Finite-Lived Intangible Asset, Useful Life | 14 years |
Minimum [Member] | Technology Rights [Member] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Minimum [Member] | Distribution Rights [Member] | |
Finite-Lived Intangible Asset, Useful Life | 6 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) $ / shares in Units, ¥ in Thousands, $ in Thousands | May 17, 2019CNY (¥) | Jun. 26, 2018shares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | Oct. 01, 2019CNY (¥) | Sep. 30, 2019CNY (¥)shares | Sep. 30, 2018$ / shares | Sep. 30, 2018CNY (¥)shares | Jul. 10, 2018$ / sharesshares | Aug. 31, 2017 | Aug. 16, 2017CNY (¥) | Sep. 26, 2016CNY (¥) |
Government Subsidies Recognized | ¥ 0 | ¥ 5,516 | ¥ 1,407 | |||||||||||
Foreign Currency Exchange Rate, Translation | 7.0729 | 7.0729 | ||||||||||||
Net Income (Loss), Including Portion Attributable To Noncontrolling Interest | $ (9,537) | (65,653) | (152,790) | (106,261) | ||||||||||
Retained Earnings (Accumulated Deficit) | (67,012) | ¥ (473,843) | ¥ (411,723) | |||||||||||
Working Capital Deficit | 178,580 | 217,293 | ||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||||||||||||
Due To Related Parties, Current | $ 6,028 | ¥ 42,633 | ¥ 293,732 | |||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | shares | 2,700,000 | |||||||||||||
Common Stock, Shares Authorized | shares | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | ||||||||||
Selling and Marketing Expense | $ 586 | 4,038 | 411 | 0 | ||||||||||
Common Stock, No Par Value | $ / shares | $ 0 | $ 0 | $ 0 | |||||||||||
Reserve Stock Split Minimum Shares Applicability | shares | 100 | |||||||||||||
Share Holders Equity Reverse Stock Split Description | 1-for-10 reverse stock split | |||||||||||||
Proceeds from (Repayments of) Debt | ¥ 78,000 | |||||||||||||
Assets Held-for-sale, Not Part of Disposal Group | $ 799 | ¥ 5,652 | ||||||||||||
Cash consideration | 26,000 | |||||||||||||
Amount deposited in escrow account | 2,100 | 15,000 | ||||||||||||
Provision for Doubtful Accounts | 0 | 0 | 2,105 | 0 | ||||||||||
Asset Impairment Charges | $ 596 | 4,213 | 0 | 25,873 | ||||||||||
ASU 2016-02 | ||||||||||||||
Operating Lease, Right-of-Use Asset | ¥ 4,015 | |||||||||||||
Operating Lease, Liability | ¥ 3,350 | |||||||||||||
Beijing Changping Technology Innodevelop Group [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | |||||||||||||
Funding By Coventurer | ¥ 204,000 | |||||||||||||
Beijing Shihui [Member] | ||||||||||||||
Due To Related Parties, Current | ¥ 137,811 | |||||||||||||
Assets Held-for-sale, Not Part of Disposal Group | ¥ 12,051 | |||||||||||||
Minimum [Member] | ||||||||||||||
Foreign Currency Exchange Rate, Translation | 1 | 1 | ||||||||||||
Research and Development [Member] | ||||||||||||||
Government Subsidies Recognized | 0 | 9,193 | ||||||||||||
Advertising Expenses [Member] | ||||||||||||||
Advertising Expense | ¥ 589 | ¥ 0 | ¥ 521 | |||||||||||
China-Based Commercial Corn Seed Production and Distribution Business [Member] | ||||||||||||||
Expected Cash Proceeds From Sale Of Business | ¥ 421,000 | ¥ 400,000 |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Beijing Shihui [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company's Chairman |
Zhangye Shihui [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company's Chairman |
Xinjiang Ginbo Seeds Center [Member] | |
Related Party Nature Of Relationship | Being the non-controlling interest of Xinjiang Origin |
Jilin Jinong Hi-tech Development Shares Co Ltd ("Jinong") [Member] | |
Related Party Nature Of Relationship | Being long-term investment of the Company (note 11) |
Henan Agriculture University [Member] | |
Related Party Nature Of Relationship | Being the non-controlling interest of Beijing Origin |
Linze Origin Seeds Ltd [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company's Chairman |
Denong Zhengcheng Seed Limited [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company's Chairman |
Henan Yingde Agricultural Ltd [Member] | |
Related Party Nature Of Relationship | Being owned by close family members of the Company's Chairman |
Beijing Origin Zhengzhou Branch Zhengzhou [Member] | |
Related Party Nature Of Relationship | Being controlled by close family members of the Company's Chairman from August 16, 2017 to September 21, 2018 |
NCI [Member] | |
Related Party Nature Of Relationship | Non- controlling shareholders of Hubei Aoyu, Anhui Aoyu, Xuzhou Aoyu, Shandong Aoyu, Henan Aoyu, Shandong Aoruixinong |
RELATED PARTY BALANCES AND TR_4
RELATED PARTY BALANCES AND TRANSACTIONS (Details 1) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Due From Related Parties, Current | $ 4,792 | ¥ 33,890 | ¥ 129,506 |
Beijing Shihui [Member] | |||
Due From Related Parties, Current | 24,819 | 0 | |
Denong Zhengcheng Seed Limited [Member] | |||
Due From Related Parties, Current | 129,506 | ||
Henan Yingde Agricultural Ltd. [Member] | |||
Due From Related Parties, Current | 2,252 | 0 | |
Close family of the Company's Chairman [Member] | |||
Due From Related Parties, Current | 100 | 0 | |
NCI [Member] | |||
Due From Related Parties, Current | ¥ 6,719 | ¥ 0 |
RELATED PARTY BALANCES AND TR_5
RELATED PARTY BALANCES AND TRANSACTIONS (Details 2) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Due to related parties (note 4) | $ 6,028 | ¥ 42,633 | ¥ 293,732 |
Beijing Shihui [Member] | |||
Due to related parties (note 4) | 137,811 | ||
Zhangye Shihui [Member] | |||
Due to related parties (note 4) | 10,000 | ||
Linze Origin Seeds Ltd [Member] | |||
Due to related parties (note 4) | 2,214 | 123,579 | |
Henan Agriculture University [Member] | |||
Due to related parties (note 4) | 0 | 1,000 | |
Xinjiang Ginbo Seeds Center [Member] | |||
Due to related parties (note 4) | 10,000 | 10,000 | |
Companies controlled by the Company's directors [Member] | |||
Due to related parties (note 4) | 1,706 | 1,634 | |
Board of Directors Chairman [Member] | |||
Due to related parties (note 4) | 13,213 | 9,692 | |
Close family of the Company's Chairman [Member] | |||
Due to related parties (note 4) | ¥ 552 | ||
Ex-shareholders of State Harvest [Member] | |||
Due to related parties (note 4) | ¥ 16 |
RELATED PARTY BALANCES AND TR_6
RELATED PARTY BALANCES AND TRANSACTIONS (Details 3) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction, Amounts of Transaction | ¥ 37,987 | ¥ 7,848 | ¥ 0 |
Revenue from Related Parties | 37,987 | 7,848 | 0 |
Linze Origin Seeds Ltd [Member] | |||
Related Party Transaction, Amounts of Transaction | 83 | 45 | 0 |
Beijing Shihui [Member] | |||
Related Party Transaction, Amounts of Transaction | 20,823 | 1,575 | 0 |
Revenue from Related Parties | 0 | 0 | 396 |
Service Fee Charged By Related Party | 0 | 0 | 600 |
NCI [Member] | |||
Related Party Transaction, Amounts of Transaction | 17,081 | 0 | |
Zhengzhou Branch [Member] | |||
Related Party Transaction, Amounts of Transaction | ¥ 0 | ¥ 7,803 | ¥ 0 |
RELATED PARTY BALANCES AND TR_7
RELATED PARTY BALANCES AND TRANSACTIONS (Details Textual) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Aug. 16, 2017CNY (¥) | Sep. 30, 2016CNY (¥) | Sep. 26, 2016CNY (¥) |
Due From Related Parties, Current | $ 4,792 | ¥ 33,890 | ¥ 129,506 | |||
Xinjiang Ginbo Seeds Center [Member] | ||||||
Due From Related Parties, Current | ¥ 10,000 | |||||
China-Based Commercial Corn Seed Production and Distribution Business [Member] | ||||||
Expected Cash Proceeds From Sale Of Business | ¥ 421,000 | ¥ 400,000 | ||||
Beijing Shihui [Member] | ||||||
Guarantees Provided | 11,850 | |||||
Due From Related Parties, Current | ¥ 24,819 | ¥ 0 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | |
Revenues | ¥ 234,952 | |||
Cost of revenues | (171,501) | |||
Gross profit | 63,451 | |||
Operating expenses | ||||
Selling and marketing | (21,149) | |||
General and administrative | (16,414) | |||
Research and development | (659) | |||
Other income, net | 360 | |||
Total operating expenses, net | (37,862) | |||
Income from discontinued operations | 25,589 | |||
Interest expense | (5,480) | |||
Interest income | 34 | |||
Income before income taxes from discontinued operations | 20,143 | |||
Income tax (expense) benefits from discontinued operations | ||||
Current | (1,281) | |||
Income tax (expenses) benefit from discontinued operations | (1,281) | |||
Loss on disposal of commercial seed business, net of taxes (note 4) | $ 0 | ¥ 0 | ¥ 0 | (3,282) |
Net income from discontinued operations | $ 0 | 0 | 0 | 15,580 |
Less: Net income attributable to non-controlling interests | 821 | |||
Net income from discontinued operations attributable to Origin Agritech Ltd. | ¥ 0 | ¥ 0 | 14,759 | |
Reclassified To Continuing Operations [Member] | ||||
Revenues | 871 | |||
Cost of revenues | (679) | |||
Gross profit | 192 | |||
Operating expenses | ||||
General and administrative | (1,188) | |||
Total operating expenses, net | (1,188) | |||
Impairment on plant and equipment and inventories | (44,706) | |||
Income before income taxes from discontinued operations | (45,702) | |||
Income tax (expense) benefits from discontinued operations | ||||
Net income from discontinued operations | ¥ (45,702) |
DISCONTINUED OPERATIONS (Deta_2
DISCONTINUED OPERATIONS (Details Textual) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | May 17, 2019 | Aug. 31, 2017CNY (¥) | Aug. 16, 2017CNY (¥) | |
Disposal Group, Including Discontinued Operation, Consideration | ¥ 421,000 | ||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||||
Disposal Group Including Discontinued Operation, Consideration Allocated to Disposed Entities | ¥ 347,085 | ||||||
Disposal Group Including Discontinued Operation, Consideration Allocated to Office Building | ¥ 73,915 | ||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | ¥ 45,400 | ||||||
Securities Loaned, Amount Offset Against Collateral | 142,000 | ||||||
Notes Payable, Amount Offset Against Collateral | 121,485 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | ¥ 0 | ¥ 0 | (3,282) | |||
Beijing Origin Seeds Limited [Member] | |||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||
Deposits [Member] | |||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | ¥ 10,000 | ||||||
First Closing [Member] | Beijing Origin Seeds Limited [Member] | |||||||
Subsidiary or Equity Method Investee, Cumulative Proceeds Receivable | ¥ 221,000 | ||||||
Subsidiary or Equity Method Investee, Proceeds Receivable by cash | 79,000 | ||||||
Subsidiary or Equity Method Investee, Proceeds To Be Settled For Bank Loans | 142,000 | ||||||
Second Closing [Member] | Beijing Origin Seeds Limited [Member] | |||||||
Subsidiary or Equity Method Investee, Cumulative Proceeds Receivable By Cash | 200,000 | ||||||
Subsidiary or Equity Method Investee, Proceeds to be Settled For Outstanding Payables | ¥ 150,000 | ||||||
Minimum [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | ¥ 400,000 | ||||||
Maximum [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | ¥ 421,000 | ||||||
Denong [Member] | |||||||
Equity Method Investment, Ownership Percentage | 98.58% | ||||||
Changchun Origin [Member] | |||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||
Linze Origin [Member] | |||||||
Equity Method Investment, Ownership Percentage | 100.00% |
ADVANCES TO SUPPLIERS (Details)
ADVANCES TO SUPPLIERS (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Advances To Suppliers [Abstract] | |||
Prepayments for testing fee | ¥ 246 | ¥ 140 | |
Deposits for research and development fee | 207 | ||
Others | 292 | 841 | |
Advances to suppliers | $ 76 | ¥ 538 | ¥ 1,188 |
INVENTORIES (Details)
INVENTORIES (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Work in progress | ¥ 28,527 | ¥ 79,803 | |
Inventories | $ 4,033 | ¥ 28,527 | 81,947 |
Low value supplies [Member] | |||
Inventory, Gross | 2,063 | ||
Parent seeds [Member] | |||
Inventory, Gross | ¥ 81 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - CNY (¥) ¥ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Inventories pledged as collateral for bank loans | ¥ 0 | ¥ 0 |
Written-off of provision for inventories | ¥ 5,973 | ¥ 13,601 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Other Current Assets [Abstract] | |||
Advances to staff for business use | ¥ 1,426 | ¥ 119 | |
Deposits for rental | 7 | ||
Others | 162 | 121 | |
Other Assets, Current | $ 222 | ¥ 1,588 | ¥ 247 |
ASSETS HELD FOR SALES (Details)
ASSETS HELD FOR SALES (Details) - 12 months ended Sep. 30, 2019 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | CNY (¥) |
Assets Held For Sales | |||
Carrying amount of plant and equipment sold | $ 799 | ¥ 5,652 | |
Cash consideration | ¥ 26,000 | ||
Transition of Land Use Right and Buildings | 5,652 | ||
Transition of Land Use Right and Buildings cash consideration received | ¥ 20,400 |
LAND USE RIGHTS, NET (Details)
LAND USE RIGHTS, NET (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Land Use Rights [Abstract] | |||
Land use rights | ¥ 16,564 | ¥ 22,275 | |
Accumulated amortization | (3,651) | (5,711) | |
Land use rights, net | $ 1,826 | ¥ 12,913 | ¥ 16,564 |
LAND USE RIGHTS, NET (Details T
LAND USE RIGHTS, NET (Details Textual) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | |
Land use rights, net (note 9) | ¥ 16,564 | $ 1,826 | ¥ 12,913 | ||
Amortization of Intangible Assets | ¥ 2,893 | 5,944 | ¥ 6,153 | ||
Use Rights [Member] | |||||
Amortization of Intangible Assets | ¥ 677 | 668 | ¥ 701 | ||
Asset Pledged As Collateral [Member] | |||||
Land use rights, net (note 9) | ¥ 2,177 | ¥ 2,177 |
PLANT AND EQUIPMENT, NET (Detai
PLANT AND EQUIPMENT, NET (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Property, Plant and Equipment [Abstract] | |||
Plant and building | ¥ 143,808 | ¥ 162,507 | |
Machinery and equipment | 96,537 | 101,543 | |
Furniture and office equipment | 12,367 | 12,367 | |
Motor vehicles | 3,590 | 3,591 | |
Total | 256,302 | 280,008 | |
Accumulated depreciation | (81,313) | (85,600) | |
Accumulated impairment | (25,873) | (25,873) | |
Construction in progress | 4,213 | ||
Plant and equipment, net | $ 21,083 | ¥ 149,116 | ¥ 172,748 |
PLANT AND EQUIPMENT, NET (Det_2
PLANT AND EQUIPMENT, NET (Details Textual) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | |
Buildings and Improvements Gross Collateral To Bank Loan | ¥ 35,238 | ¥ 34,041 | |||
Depreciation | ¥ 10,226 | ¥ 9,840 | ¥ 13,305 | ||
Carrying amount of plant and equipment sold | $ 799 | 5,652 | |||
Cash consideration | 26,000 | ||||
Third Party [Member] | |||||
Carrying amount of plant and equipment sold | ¥ 6,398 | ||||
Cash consideration | 5,600 | ||||
Loss of disposal | ¥ 798 |
LONG TERM INVESTMENTS (Details)
LONG TERM INVESTMENTS (Details) - CNY (¥) ¥ in Thousands | Sep. 30, 2019 | May 17, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Aug. 31, 2017 |
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||
Impairment on Equity investment without readily determinable fair value | ¥ 0 | ¥ 2,374 | ¥ 0 | ||
Jinong [Member] | |||||
Equity Method Investment, Ownership Percentage | 17.94% | 17.94% |
ACQUIRED INTANGIBLE ASSETS, N_3
ACQUIRED INTANGIBLE ASSETS, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | |
Acquired Finite Lived Intangible Asset Gross | ¥ 80,638 | ¥ 80,638 | |||
Accumulated amortization | (67,806) | (70,699) | |||
Impairment provision | (4,470) | (4,470) | |||
Acquired intangible assets, net | 8,362 | $ 773 | 5,469 | ||
Impairment on intangible assets | ¥ 0 | 1,433 | ¥ 0 | ||
Technology Rights [Member] | |||||
Acquired Finite Lived Intangible Asset Gross | 75,899 | 75,899 | |||
Others [Member] | |||||
Acquired Finite Lived Intangible Asset Gross | ¥ 4,739 | ¥ 4,739 |
ACQUIRED INTANGIBLE ASSETS, N_4
ACQUIRED INTANGIBLE ASSETS, NET (Details 1) ¥ in Thousands | Sep. 30, 2019CNY (¥) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | ¥ 1,356 |
2021 | 652 |
2022 | 580 |
2023 | 557 |
2024 | 545 |
Total | ¥ 3,690 |
ACQUIRED INTANGIBLE ASSETS, N_5
ACQUIRED INTANGIBLE ASSETS, NET (Details Textual) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization of Intangible Assets | ¥ 2,893 | ¥ 5,944 | ¥ 6,153 |
Minimum [Member] | Technology Rights [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||
Maximum [Member] | Technology Rights [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years |
OTHER ASSETS (Details)
OTHER ASSETS (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepaid lease | ¥ 2,393 | ¥ 1,202 | |
Other Assets, Noncurrent, Total | $ 338 | ¥ 2,393 | ¥ 1,202 |
BORROWINGS (Details)
BORROWINGS (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Short-term Debt [Line Items] | |||
Long-term borrowings | ¥ 78,611 | ¥ 78,235 | |
Current portion of long-term borrowings | $ 11,114 | 78,611 | 78,235 |
Beijing Agriculture Finance Leasing, LLC. [Member] | |||
Short-term Debt [Line Items] | |||
Long-term borrowings | ¥ 78,611 | ¥ 78,235 |
BORROWINGS (Parenthetical) (Det
BORROWINGS (Parenthetical) (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Short-term Debt [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Beijing Agriculture Finance Leasing, LLC. [Member] | |
Short-term Debt [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Debt Instrument, Maturity Date | Dec. 29, 2020 |
BORROWINGS (Details Textual)
BORROWINGS (Details Textual) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |||
Interest Expense, Debt | ¥ 4,680 | ¥ 15,370 | ¥ 8,760 |
OTHER PAYABLES AND ACCRUED EX_3
OTHER PAYABLES AND ACCRUED EXPENSES (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) |
Payables and Accruals [Abstract] | |||
Payable for purchase of plant and equipment | ¥ 20,181 | ¥ 470 | |
Payable for purchase of construction-in-progress | 7,989 | ||
Professional fee payable | 7,983 | 8,578 | |
Salaries and bonus payable | 13,314 | 9,272 | |
Accrued interest | 1,430 | 390 | |
Deposits from others | 665 | ||
Payable for labor union, housing fund and education expenses | 1,399 | ||
Deferred government subsidies | 10,339 | 7,649 | |
Others | 3,428 | 1,515 | |
Other Payables and Accrued Expenses Current | $ 8,010 | ¥ 56,675 | ¥ 37,927 |
OTHER LONG-TERM LIABILITY (Deta
OTHER LONG-TERM LIABILITY (Details Textual) ¥ in Thousands, $ in Millions | 12 Months Ended | ||||||
Sep. 30, 2019CNY (¥) | Sep. 30, 2018USD ($) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017USD ($) | Sep. 30, 2017CNY (¥) | Sep. 30, 2016CNY (¥) | Sep. 30, 2011CNY (¥) | |
Plant and Equipment [Member] | |||||||
Subsidiary Received | ¥ 0 | $ 0.5 | ¥ 3,700 | $ 0.6 | ¥ 4,040 | ¥ 8,630 | ¥ 14,000 |
Land Use Rights [Member] | |||||||
Subsidiary Received | ¥ 10,900 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 12 Months Ended | |
Sep. 30, 2019¥ / sharesshares | Sep. 30, 2018shares | |
Tranche 7 [Member] | ||
Grant date | Jan. 3, 2012 | |
Tranche 8 [Member] | ||
Options outstanding | 0 | 35,500 |
Number of options granted | 0 | |
Options exercised | 0 | |
Options cancelled/expired | (355,000) | |
Options outstanding | 0 | |
Options vested and exercisable | 0 | 0 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 7.60 | |
Tranche 9 [Member] | ||
Grant date | Jan. 2, 2014 | |
Options outstanding | 34,500 | |
Number of options granted | 0 | |
Options exercised | 0 | |
Options cancelled/expired | (34,500) | |
Options outstanding | 34,500 | |
Options vested and exercisable | 34,500 | 34,500 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 6.50 | |
Tranche 10 [Member] | ||
Grant date | Jan. 2, 2015 | |
Options outstanding | 19,500 | 19,500 |
Number of options granted | 0 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 19,500 | 19,500 |
Options vested and exercisable | 19,500 | 19,500 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 7.50 | |
Tranche 11 [Member] | ||
Grant date | Jan. 4, 2016 | |
Options outstanding | 13,500 | 13,500 |
Number of options granted | 0 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 13,500 | 13,500 |
Options vested and exercisable | 13,500 | 13,500 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 9 | |
Tranche 12 [Member] | ||
Grant date | Apr. 19, 2016 | |
Options outstanding | 60,000 | 60,000 |
Number of options granted | 0 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 60,000 | 60,000 |
Options vested and exercisable | 60,000 | 60,000 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 15.40 | |
Tranche 13 [Member] | ||
Grant date | May 16, 2016 | |
Options outstanding | 20,000 | 20,000 |
Number of options granted | 0 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 20,000 | 20,000 |
Options vested and exercisable | 20,000 | 20,000 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 12.40 | |
Tranche 14 [Member] | ||
Grant date | Aug. 3, 2016 | |
Options outstanding | 20,000 | 20,000 |
Number of options granted | 0 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 20,000 | 20,000 |
Options vested and exercisable | 20,000 | 20,000 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 14.40 | |
Tranche 15 [Member] | ||
Grant date | Jan. 3, 2017 | |
Options outstanding | 18,000 | 18,000 |
Number of options granted | 0 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 18,000 | 18,000 |
Options vested and exercisable | 18,000 | 18,000 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 4 | |
Tranche 16 [Member] | ||
Grant date | Oct. 2, 2017 | |
Options outstanding | 2,500 | 0 |
Number of options granted | 2,500 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 2,500 | 2,500 |
Options vested and exercisable | 2,500 | 2,500 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 7.70 | |
Tranche 17 [Member] | ||
Grant date | Dec. 22, 2017 | |
Options outstanding | 8,800 | 0 |
Number of options granted | 8,800 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 8,800 | 8,800 |
Options vested and exercisable | 8,800 | 8,800 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 4.40 | |
Tranche 18 [Member] | ||
Grant date | Jan. 2, 2018 | |
Options outstanding | 29,000 | 0 |
Number of options granted | 29,000 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 29,000 | 29,000 |
Options vested and exercisable | 29,000 | 29,000 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 5.10 | |
Tranche 19 [Member] | ||
Grant date | Mar. 1, 2018 | |
Options outstanding | 20,000 | 0 |
Number of options granted | 20,000 | |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 20,000 | 20,000 |
Options vested and exercisable | 20,000 | 29,000 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 5.10 | |
Tranche 20 [Member] | ||
Grant date | Jan. 2, 2019 | |
Options outstanding | 0 | 0 |
Number of options granted | 36,000 | 0 |
Options exercised | 0 | |
Options cancelled/expired | 0 | |
Options outstanding | 36,000 | 0 |
Options vested and exercisable | 36,000 | 0 |
Weighted average fair value at the grant date (USD) | ¥ / shares | ¥ 4 |
STOCK-BASED COMPENSATION (Det_2
STOCK-BASED COMPENSATION (Details 1) | 12 Months Ended |
Sep. 30, 2019$ / shares | |
Tranche 8 [Member] | |
Exercise price (US$) | $ 14.40 |
Average risk-free interest rate | 0.37% |
Expected option life (year) | 3 years |
Volatility rate | 86.32% |
Dividend yield | 0.00% |
Tranche 9 [Member] | |
Exercise price (US$) | $ 12.70 |
Average risk-free interest rate | 0.76% |
Expected option life (year) | 3 years |
Volatility rate | 79.20% |
Dividend yield | 0.00% |
Tranche 10 [Member] | |
Exercise price (US$) | $ 14.80 |
Average risk-free interest rate | 1.07% |
Expected option life (year) | 3 years |
Volatility rate | 79.67% |
Dividend yield | 0.00% |
Tranche 11 [Member] | |
Exercise price (US$) | $ 13.80 |
Average risk-free interest rate | 1.73% |
Expected option life (year) | 5 years |
Volatility rate | 80.72% |
Dividend yield | 0.00% |
Tranche 12 [Member] | |
Exercise price (US$) | $ 20.50 |
Average risk-free interest rate | 1.79% |
Expected option life (year) | 10 years |
Volatility rate | 69.27% |
Dividend yield | 0.00% |
Tranche 13 [Member] | |
Exercise price (US$) | $ 16.50 |
Average risk-free interest rate | 1.75% |
Expected option life (year) | 10 years |
Volatility rate | 69.92% |
Dividend yield | 0.00% |
Tranche 14 [Member] | |
Exercise price (US$) | $ 20 |
Average risk-free interest rate | 1.55% |
Expected option life (year) | 10 years |
Volatility rate | 65.37% |
Dividend yield | 0.00% |
Tranche 15 [Member] | |
Exercise price (US$) | $ 20.70 |
Average risk-free interest rate | 1.94% |
Expected option life (year) | 5 years |
Volatility rate | 63.87% |
Dividend yield | 0.00% |
Tranche 16 [Member] | |
Exercise price (US$) | $ 16.50 |
Average risk-free interest rate | 1.94% |
Expected option life (year) | 5 years |
Volatility rate | 52.40% |
Dividend yield | 0.00% |
Tranche 17 [Member] | |
Exercise price (US$) | $ 8 |
Average risk-free interest rate | 2.26% |
Expected option life (year) | 5 years |
Volatility rate | 63.20% |
Dividend yield | 0.00% |
Tranche 18 [Member] | |
Exercise price (US$) | $ 9.10 |
Average risk-free interest rate | 2.25% |
Expected option life (year) | 5 years |
Volatility rate | 64.60% |
Dividend yield | 0.00% |
Tranche 19 [Member] | |
Exercise price (US$) | $ 8.20 |
Average risk-free interest rate | 2.58% |
Expected option life (year) | 5 years |
Volatility rate | 68.20% |
Dividend yield | 0.00% |
Tranche 20 [Member] | |
Exercise price (US$) | $ 5.19 |
Average risk-free interest rate | 2.49% |
Expected option life (year) | 5 years |
Volatility rate | 103.00% |
Dividend yield | 0.00% |
SHARE OPTION PLANS (Details Tex
SHARE OPTION PLANS (Details Textual) $ / shares in Units, ¥ in Thousands | Jan. 02, 2019$ / sharesshares | Sep. 01, 2018$ / shares | Jun. 01, 2018$ / shares | Mar. 01, 2018$ / sharesshares | Jan. 02, 2018$ / sharesshares | Dec. 28, 2017USD ($)$ / sharesshares | Dec. 22, 2017$ / sharesshares | Oct. 02, 2017$ / sharesshares | Jan. 03, 2017$ / sharesshares | Aug. 03, 2016$ / sharesshares | May 16, 2016$ / sharesshares | Apr. 19, 2016$ / sharesshares | Jan. 04, 2016$ / sharesshares | Jan. 02, 2015$ / sharesshares | Jan. 02, 2014$ / sharesshares | Jan. 02, 2013$ / sharesshares | Jan. 03, 2012$ / sharesshares | Jan. 03, 2011$ / sharesshares | Jan. 04, 2010$ / sharesshares | Jan. 31, 2014$ / shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019CNY (¥)shares | Sep. 30, 2018CNY (¥)shares | Sep. 30, 2017CNY (¥) | Dec. 22, 2014shares | Apr. 22, 2010shares | Nov. 08, 2005shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 7 days | 4 years 7 days | 4 years 2 months 1 day | |||||||||||||||||||||||||
Share-based compensation expense | $ 1,742,000 | ¥ 12,188 | ¥ 4,313 | ¥ 5,404 | ||||||||||||||||||||||||
Tranche 9 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 0 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 12.70 | |||||||||||||||||||||||||||
Tranche 10 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 0 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 14.80 | |||||||||||||||||||||||||||
Tranche 11 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 0 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 13.80 | |||||||||||||||||||||||||||
Tranche 12 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 0 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 20.50 | |||||||||||||||||||||||||||
Tranche 13 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 0 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 16.50 | |||||||||||||||||||||||||||
Tranche 14 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 0 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 20 | |||||||||||||||||||||||||||
Tranche 15 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 0 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 20.70 | |||||||||||||||||||||||||||
Tranche 16 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 2,500 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 16.50 | |||||||||||||||||||||||||||
Tranche 17 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 8,800 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 8 | |||||||||||||||||||||||||||
Tranche 18 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 29,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | 9.10 | |||||||||||||||||||||||||||
Tranche 19 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 20,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 8.20 | |||||||||||||||||||||||||||
Tranche 20 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 36,000 | 36,000 | 0 | |||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 5.19 | |||||||||||||||||||||||||||
2005 Performance Equity Plan [Member] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 150,000 | |||||||||||||||||||||||||||
2005 Performance Equity Plan [Member] | Tranche 5 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 12,500 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 122.30 | $ 20.70 | ||||||||||||||||||||||||||
2005 Performance Equity Plan [Member] | Tranche 9 [Member] | ||||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 5.19 | |||||||||||||||||||||||||||
2009 Performance Equity Plan [Member] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 150,000 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 59,000 | 59,000 | 70,000 | |||||||||||||||||||||||||
2009 Performance Equity Plan [Member] | Tranche 6 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 12,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 108.40 | |||||||||||||||||||||||||||
2009 Performance Equity Plan [Member] | Tranche 7 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 36,500 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 25.50 | |||||||||||||||||||||||||||
2009 Performance Equity Plan [Member] | Tranche 8 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 36,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 14.40 | |||||||||||||||||||||||||||
2009 Performance Equity Plan [Member] | Tranche 9 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 35,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 12.70 | |||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||
Number of options granted | 207,800 | 207,800 | ||||||||||||||||||||||||||
Share-based compensation expense | ¥ | ¥ 11,218 | ¥ 2,272 | 0 | |||||||||||||||||||||||||
Restricted Stock [Member] | Board of Directors Chairman [Member] | ||||||||||||||||||||||||||||
Number of options granted | 33,000 | 22,500 | ||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 6.6 | $ 7.2 | $ 8.6 | $ 8.7 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 days | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ | $ 287,100 | $ 167,925 | ||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 247,300 | 247,300 | 211,300 | |||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | ¥ | ¥ 1,228 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 10 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 19,500 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 14.80 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 11 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 18,500 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 13.80 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 12 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 60,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 20.50 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 13 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 20,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 16.50 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 14 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 20,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 20 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 15 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 18,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 20.70 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 16 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 2,500 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 16.5 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 17 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 8,800 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 8 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 18 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 29,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 9.1 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 19 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 20,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 8.2 | |||||||||||||||||||||||||||
2014 Performance Equity Plan [Member] | Tranche 20 [Member] | ||||||||||||||||||||||||||||
Number of options granted | 36,000 | |||||||||||||||||||||||||||
Exercise price (USD) | $ / shares | $ 5.19 | |||||||||||||||||||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||||
Share-based compensation expense | ¥ | ¥ 904 | ¥ 4,313 | ¥ 3,016 | |||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Expiration Period | 5 years | 5 years | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | 1 year | ||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Expiration Period | 10 years | 10 years | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years |
TREASURY STOCK (Details Textual
TREASURY STOCK (Details Textual) ¥ in Thousands, $ in Millions | 12 Months Ended | ||||||
Sep. 30, 2018CNY (¥)shares | Sep. 30, 2017CNY (¥)shares | Sep. 30, 2014CNY (¥)shares | Sep. 30, 2013CNY (¥)shares | Sep. 30, 2007CNY (¥)shares | Sep. 30, 2019shares | Feb. 28, 2013USD ($) | |
Stock Repurchased During Period, Shares (in shares) | 49,885 | ||||||
Stock Repurchased During Period, Value | ¥ | ¥ 0 | ¥ 1,782 | ¥ 6,286 | ¥ 29,377 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 16,738 | 61,139 | |||||
Stock Repurchase Program, Authorized Amount | $ | $ 5 | ||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 50,000 | ||||||
Stock Issued During Period, Value, Treasury Stock Reissued | ¥ | ¥ 6,115 | ||||||
Treasury stock, shares | 64,909 | 64,909 | |||||
Treasury Stock [Member] | |||||||
Stock Repurchased During Period, Value | ¥ | ¥ 0 | ||||||
Stock Issued During Period, Value, Treasury Stock Reissued | ¥ | ¥ 14,654 | ||||||
Share-based Compensation Arrangement by share-based Payment Award, Non-Option Equity Instruments, Granted | 12,853 |
EQUITY FINANCING (Details Textu
EQUITY FINANCING (Details Textual) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jan. 25, 2019USD ($)shares | Jan. 25, 2019CNY (¥)shares | Jan. 25, 2018$ / sharesshares | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) |
Aggregate purchase price | ¥ | ¥ 53,599 | ¥ 15,645 | ¥ 2,885 | |||
Tiger Capital Fund SPC | ||||||
Shares of warrants | 1,000,000 | |||||
Strike price | $ / shares | $ 6.47 | |||||
Class Of Warrant Or Right Term | 5 years | |||||
Stock Issued During Period, Shares, New Issues | 1,397,680 | 1,397,680 | ||||
Aggregate purchase price | $ 7,743 | ¥ 53,599 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - CNY (¥) ¥ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Non-current deferred tax assets: | ||
Net operating loss carry forward | ¥ 157,093 | ¥ 94,750 |
Impairment loss | 10,186 | 2,178 |
Others | 4,644 | 4,644 |
Non-current deferred income tax assets | 171,923 | 101,572 |
Valuation allowances | (171,923) | (101,572) |
Net non-current deferred income tax assets | ¥ 0 | ¥ 0 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 25.00% | 25.00% | 25.00% |
Effect of preferential tax treatment | (3.00%) | 3.00% | |
Change in valuation allowance | (24.00%) | (26.00%) | (27.00%) |
Over provision in prior year | 4.00% | (1.00%) | |
Effective income tax rate | 1.00% | 0.00% | 0.00% |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - CNY (¥) | 1 Months Ended | 12 Months Ended | ||
Jan. 30, 2008 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25.00% | 25.00% | 25.00% | |
Effective Income Tax Rate, Continuing Operations | 1.00% | 0.00% | 0.00% | |
Income Tax Holiday Effect On Tax Charges | ¥ 0 | ¥ 0 | ¥ 4,274,000 | |
Income Tax Holiday, Income Tax Benefits Per Share | ¥ 0.18 | ¥ (0.25) | ||
Income Tax Holiday Income Tax Diluted Earnings Per Share | ¥ 0.18 | |||
Operating Loss Carryforwards, Limitations on Use | a preferential tax of 2 years exemption and 3 years of half EIT from January 1, 2012 to December 31, 2016 | |||
Preferential Tax Rate Applicable Period Description | The open tax years for examinations in China are 5 years | |||
Preferential Tax Rate | ¥ 15 | ¥ 15 | ¥ 15 | |
Maximum [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 33.00% | |||
Minimum [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25.00% | |||
Beijing Origin Seed Limited [Member] | ||||
Preferential Tax Rate | ¥ 25 |
INCOME_(LOSS) PER SHARE (Detail
INCOME/(LOSS) PER SHARE (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019CNY (¥)¥ / sharesshares | Sep. 30, 2018CNY (¥)¥ / sharesshares | Sep. 30, 2017CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss from continuing operations attributable to Origin Agritech Limited | ¥ | ¥ (62,120) | ¥ (153,663) | ¥ (90,433) | |
Net income from discontinued operations attributable to Origin Agritech Ltd. | ¥ | 0 | 0 | 14,759 | |
Net loss attributable to Origin Agritech Limited | $ (9,024) | ¥ (62,120) | ¥ (153,663) | ¥ (75,674) |
Denominator: | ||||
Average common stock outstanding - basic | 4,185,840 | 4,185,840 | 3,061,979 | 2,808,293 |
Dilutive effect of share options | 0 | 0 | 0 | 0 |
Diluted shares | 4,185,840 | 4,185,840 | 3,061,979 | 2,808,293 |
Basic and diluted loss per share attributable to Origin Agritech Limited: | ||||
Continuing operations | (per share) | $ (2.16) | ¥ (14.85) | ¥ (50.18) | ¥ (32.20) |
Discontinued operations | (per share) | 0 | 0 | 0 | 5.25 |
Earnings Per Share, Basic and Diluted | (per share) | $ (2.16) | ¥ (14.85) | ¥ (50.18) | ¥ (26.95) |
EMPLOYEE BENEFIT PLAN AND PRO_2
EMPLOYEE BENEFIT PLAN AND PROFIT APPROPRIATION (Details Textual) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Cost Recognized | ¥ 2,170 | ¥ 4,615 | ¥ 7,241 |
Percentage Of Entity Registered Capital | 50.00% | ||
Statutory Surplus Reserve Fund Annual Appropriation Percentage | 10.00% | ||
Statutory Surplus Reserve Fund Appropriations | ¥ 21,513 | ¥ 20,848 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details 1) ¥ in Thousands | Sep. 30, 2019CNY (¥) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | ¥ 548 |
2021 | 516 |
2022 | 500 |
2023 | 422 |
2024 | 422 |
Thereafter | 3,371 |
Operating Leases, Future Minimum Payments Due | ¥ 5,779 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Textual) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Leases, Rent Expense | ¥ 515 | ¥ 3,859 | ¥ 2,908 |
Beijing Origin Seeds Limited [Member] | Linze Origin [Member] | |||
Share-based compensation arrangement by share-based payment award, compensation cost | ¥ 23,700 |
OPERATING RISK (Details Textual
OPERATING RISK (Details Textual) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |
Concentration risk percentage | 22.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Second Largest Customer [Member] | |
Concentration risk percentage | 10.00% |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details) ¥ in Thousands, $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | Sep. 30, 2016CNY (¥) |
Current assets | |||||
Cash and cash equivalents | $ 451 | ¥ 3,198 | ¥ 1,990 | ||
Due from inter-companies | 4,792 | 33,890 | 129,506 | ||
Due to related parties | 6,028 | 42,633 | 293,732 | ||
Total current assets | 9,783 | 69,222 | 214,878 | ||
Total assets | 36,913 | 261,112 | 430,101 | ||
LIABILITIES AND EQUITY | |||||
Total stockholders' equity | (2,190) | (15,475) | (23,348) | ¥ 112,799 | ¥ 218,617 |
Parent Company [Member] | |||||
Current assets | |||||
Cash and cash equivalents | 36 | 252 | 47 | ||
Other receivables | 1 | 4 | 4 | ||
Due from inter-companies | 27,054 | 191,349 | 132,842 | ||
Due to related parties | (389) | (2,740) | (1,634) | ||
Total current assets | 26,702 | 188,865 | 131,259 | ||
Investment in unconsolidated subsidiaries | (29,910) | (211,548) | (155,970) | ||
Total assets | (3,208) | (22,683) | (24,711) | ||
LIABILITIES AND EQUITY | |||||
Total stockholders' equity | $ (3,208) | ¥ (22,683) | ¥ (24,711) |
CONDENSED FINANCIAL INFORMATI_4
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | |
Revenues | $ 13,426 | ¥ 92,440 | ¥ 12,927 | ¥ 870 |
Operating expenses | ||||
General and administrative | 3,955 | 27,229 | 32,147 | 36,094 |
Interest expense | (680) | (4,680) | (22,787) | (9,006) |
Loss before income taxes | (9,463) | (65,143) | (152,790) | (121,841) |
Net loss | (9,537) | (65,653) | (152,790) | (106,261) |
Other comprehensive loss | ||||
Foreign currency translation difference | (238) | (1,640) | (3,315) | (7,644) |
Total comprehensive loss | (9,262) | (63,759) | (156,978) | (83,318) |
Parent Company [Member] | ||||
Operating expenses | ||||
General and administrative | (1,832) | (12,597) | (5,147) | (3,016) |
Operating Income (Loss) | (1,832) | (12,597) | (5,147) | (3,016) |
Equity method loss | (6,951) | (49,163) | (148,514) | (72,491) |
Interest expense | (2) | (167) | ||
Loss before income taxes | (8,783) | (62,120) | (153,663) | (75,674) |
Net loss | (8,783) | (62,120) | (153,663) | (75,674) |
Other comprehensive loss | ||||
Foreign currency translation difference | (232) | (1,640) | (3,315) | (7,644) |
Total comprehensive loss | $ (9,015) | ¥ (63,760) | ¥ (156,978) | ¥ (83,318) |
CONDENSED FINANCIAL INFORMATI_5
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2019CNY (¥) | Sep. 30, 2018CNY (¥) | Sep. 30, 2017CNY (¥) | |
Net cash provided by operating activities | $ (8,756) | ¥ (60,130) | ¥ (10,045) | ¥ (120,167) |
Net cash (used in) financing activities | 7,578 | 53,599 | (35,376) | 47,008 |
Net increase in cash and cash equivalents | (149) | (2,848) | (2,170) | 43,620 |
Cash and cash equivalents, beginning of year | 289 | 1,990 | 3,245 | 54,509 |
Effect of exchange rate changes on cash and cash equivalents | 15 | (1,640) | (3,425) | (7,644) |
Cash and cash equivalents, end of the year | 452 | 3,198 | 1,990 | 3,245 |
Parent Company [Member] | ||||
Net cash provided by operating activities | 19,883 | 1,845 | 3,345 | 20,456 |
Net cash (used in) financing activities | (13,376) | |||
Net increase in cash and cash equivalents | 19,883 | 1,845 | 3,345 | 7,080 |
Cash and cash equivalents, beginning of year | 7 | 47 | 17 | 581 |
Effect of exchange rate changes on cash and cash equivalents | (232) | (1,640) | (3,315) | (7,644) |
Cash and cash equivalents, end of the year | $ 36 | ¥ 252 | ¥ 47 | ¥ 17 |
CONDENSED FINANCIAL INFORMATI_6
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details Textual) - CNY (¥) ¥ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | ¥ 45,457 | ¥ 84,517 |