Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | Ameritrust Corp | |
Document Type | 10-Q/A | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 7,239,573,961,951 | |
Amendment Flag | true | |
Amendment Description | Amendment No. 1 to FORM 10-Q | |
Entity Central Index Key | 0001372954 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
City Area Code | 475 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 1712 Pioneer Ave. | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Cheyenne | |
Entity Address, Postal Zip Code | 82001 | |
Entity Address, State or Province | WY | |
Entity File Number | 000-53371 | |
Entity Incorporation, State or Country Code | WY | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 26-2877927 | |
Local Phone Number | 217-6124 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 8,743,735 | $ 2,551,600 |
Restricted cash | 12,606,926 | 0 |
Net receivables and notes | 563,432 | 5,992 |
Other receivables | 121,791,514 | 0 |
Advance payment | 14,983,473 | 0 |
Inventory | 19,686 | 0 |
Real estate under development and completed | 70,967,136,331 | 766,210 |
Right to use assets | 50,715 | 50,715 |
Net receivables from related parties | 178,385,320 | 0 |
Other current assets | 65,000 | 65,000 |
Total current assets | 71,304,346,132 | 3,439,517 |
Noncurrent assets | ||
Net estate | 29,526,151 | 0 |
Equity in net assets of nonconsolidated related companies | 1,532,591 | 0 |
Net goodwill and intangible assets | 6,543,809 | 786,136 |
Total noncurrent assets | 37,602,551 | 786,136 |
Total assets | 71,341,948,683 | 4,225,653 |
Current liabilities | ||
Accounts and notes payable | 67,602,455 | 24,754 |
Short-term debt | 196,486,245 | 0 |
Customer deposits | 60,630,713 | 0 |
Other accounts payable and accrued liabilities | 77,652,501 | 0 |
Liability of right to use | 50,715 | 50,715 |
Amounts due to related parties | 263,890,877 | 0 |
Total current liabilities | 666,313,506 | 75,469 |
Non-current liabilities | ||
Long term debt | 8,577,909 | 0 |
Total non- current liabilities | 8,577,909 | 0 |
Total liabilities | 674,891,415 | 75,469 |
Stock right | ||
Common stock, $0.01 par value | 72,395,709,635 | 267,675 |
Additional paid in capital | (1,723,834,011) | 4,782,993 |
Retained earnings | (4,818,356) | (900,484) |
Accumulated other comprehensive losses | ||
Total Shareholder's equity | 70,667,057,268 | 4,150,184 |
Foreign currency translation adjustment | 0 | 0 |
Total share capital | 70,667,057,268 | 4,150,184 |
Total liabilities and equity | $ 71,341,948,683 | $ 4,225,653 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parentheticals) - $ / shares | Mar. 31, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
CONSOLIDATED INCOME STATEMENT (
CONSOLIDATED INCOME STATEMENT (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | |
Net sales and total revenue | $ 6,903,526 | $ 9,225,389 | $ 0 |
Fees and expenses | |||
Cost of real estate sales | 3,038,374 | 3,038,374 | 0 |
Rental cost of real estate | 4,720 | 111,083 | 0 |
Other cost of sales | 0 | 0 | 0 |
Taxes and surcharges | 375,244 | 747,845 | 0 |
Operating expenses | 292,301 | 698,319 | 0 |
General and administrative expenses | 748,295 | 2,119,338 | 782,000 |
Total cost | 4,458,934 | 6,714,959 | 782,000 |
Net interest income | (3,699,628) | (6,693,661) | (205) |
Net other non-operating income | 282,953 | 265,359 | 31,988 |
Income from investment | 0 | 0 | 0 |
Income before income tax | (972,083) | (3,917,872) | (750,217) |
Income tax expense | 0 | 0 | 0 |
Net income | (972,083) | (3,917,872) | (750,217) |
Net loss due to non controlling interests (exchange rate changes) | 0 | 20,434 | 0 |
Net income attributable to shareholders | (972,083) | (3,938,306) | (750,217) |
Net income attributable to common shareholders | (972,083) | (3,938,306) | (750,217) |
Real estate sales | |||
Net sales and total revenue | 6,059,305 | 6,059,305 | 0 |
Real estate rental income | |||
Net sales and total revenue | 441,374 | 672,442 | 0 |
Other sales revenue | |||
Net sales and total revenue | $ 402,847 | $ 2,493,642 | $ 0 |
CONSOLIDATED CASH FLOW STATEMEN
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | |
Cash flow from operating activities | |||
Net income | $ (972,083) | $ (3,938,306) | $ (750,217) |
Accounts receivable and bills | (227,195) | (557,440) | |
Other receivables | (2,363,347) | (121,791,514) | 78,566 |
Inventory | (19,686) | ||
Real estate developed and completed | 7,148,341 | (70,966,370,121) | |
Advance payment | (1,510,536) | (14,983,473) | |
Right to use assets | |||
Due from Related parties | 2,007,207 | (178,385,320) | |
Other current assets | |||
Due to related parties | 1,731,168 | 263,890,877 | |
Accounts and notes payable | 2,118,666 | 67,577,701 | 3,017 |
Customer deposits | 7,439,179 | 60,630,713 | |
Other accounts payable and accrued liabilities | (3,396,259) | 77,652,501 | (549) |
Debt relief benefits | (31,988) | ||
Net cash provided by operating activities | 1,197,514 | (70,816,294,068) | (701,171) |
Cash flow from investment activities | |||
Purchase of property and equipment | (6,482,844) | (36,816,415) | |
Joint control merger | (4,620,046) | 70,655,824,956 | 3,252,771 |
Net cash used in investment activities | (11,102,890) | 70,619,008,541 | 3,252,771 |
Cash flow from financing activities | |||
Repayment of the current portion of short-term and long-term bank loans | (7,443,500) | 205,064,154 | |
Income from current portion of short-term bank loans and long-term bank loans | |||
Cash received from absorbing investment | 4,000,000 | 11,000,000 | |
Net cash provided (used in) by financing activities | (3,443,500) | 216,064,154 | |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 20,434 | 20,434 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (2,571,249) | 18,778,627 | 2,551,600 |
Cash, cash equivalents and restricted cash at the beginning of the period | 23,901,476 | 2,551,600 | |
Cash, cash equivalents and restricted cash at the end of the period | $ 21,350,661 | $ 21,350,661 | $ 2,551,600 |
CONCISE CONSOLIDATED STATEMENT
CONCISE CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) | Common stock | Additional paid in capital | Accumulated deficit | Total |
Balance at Sep. 30, 2019 | $ 267,675 | $ 459,270 | $ (752,042) | $ (25,097) |
Balance (in Shares) at Sep. 30, 2019 | 267,675,000 | |||
10: 1 reverse stock split | $ 0 | 0 | 0 | 0 |
10: 1 reverse stock split (in Shares) | (240,907,182) | |||
Change of control | $ 0 | 27,772 | 729,187 | 756,959 |
Joint control merger | 0 | 4,295,951 | (127,412) | 4,168,539 |
Net loss | 0 | 0 | (750,217) | (750,217) |
Balance at Sep. 30, 2020 | $ 267,675 | 4,782,993 | (900,484) | 4,150,184 |
Balance (in Shares) at Sep. 30, 2020 | 26,767,818 | |||
Issue shares for services, donations and gifts | $ 2,171,563,775 | (52,042,732) | 0 | 2,119,521,043 |
Issue shares for services, donations and gifts (in Shares) | 217,156,377,554 | |||
Change of control | $ 70,223,878,185 | (1,682,954,226) | 0 | 68,540,923,959 |
Change of control (in Shares) | 7,022,387,818,579 | |||
Joint control merger | $ 0 | 7,000,000 | 0 | 7,000,000 |
Net loss | 0 | 0 | (2,966,223) | (2,966,223) |
Balance at Dec. 31, 2020 | $ 72,395,709,635 | (1,723,213,965) | (3,866,707) | 70,668,628,963 |
Balance (in Shares) at Dec. 31, 2020 | 7,239,570,963,951 | |||
Balance at Sep. 30, 2020 | $ 267,675 | 4,782,993 | (900,484) | 4,150,184 |
Balance (in Shares) at Sep. 30, 2020 | 26,767,818 | |||
Balance at Mar. 31, 2021 | $ 72,395,709,635 | (1,723,834,011) | (4,818,356) | 70,667,057,268 |
Balance (in Shares) at Mar. 31, 2021 | 72,239,963,951 | |||
Balance at Dec. 31, 2020 | $ 72,395,709,635 | (1,723,213,965) | (3,866,707) | 70,668,628,963 |
Balance (in Shares) at Dec. 31, 2020 | 7,239,570,963,951 | |||
Issue shares for services, donations and gifts | $ 0 | 0 | 0 | (138,582) |
Change of control | 0 | 0 | 0 | (4,481,464) |
Joint control merger | 0 | 4,000,000 | 0 | 4,000,000 |
Net loss due to non controlling interests (exchange rate changes) | 0 | (4,620,046) | 20,434 | 20,434 |
Net loss | 0 | (972,083) | 0 | (972,083) |
Balance at Mar. 31, 2021 | $ 72,395,709,635 | $ (1,723,834,011) | $ (4,818,356) | $ 70,667,057,268 |
Balance (in Shares) at Mar. 31, 2021 | 72,239,963,951 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Note 1. Nature of Operations and Basis of Presentation Ameritrust Corporation is a real estate holding, development and operation company, and looking for real estate investment. The goal is to acquire, hold, develop and operate commercial real estate. The accompanying consolidated financial statements include the accounts of Ameritrust Corporation, Beespoke Capital Colorado, Inc. and four subsidiaries (entities), namely Liaoning Pacific Industrial Co., Ltd., Panjin Pacific Real Estate Co., Ltd., Shenyang Haojingxiang Real Estate Co., Ltd. and Fushun Fortune Plaza Real Estate Co., Ltd. All inter-company accounts, transactions and balances have been eliminated in the merger. The consolidated financial statements are presented in accordance with the accounting principles related to jointly controlled transactions. ASC 805-50 manages transactions between jointly controlled entities. ASC 805, Business Combination, clearly defines the common control transaction scope of business combination (ASC 805-10-15-4). ASC 805-10-20 defines business combination as a transaction in which the acquirer gains control, which is different from the combination of two entities controlled by the same person, because neither entity can gain control of the other entity. On August 28, 2020, Ameritrust and Gryphon, two entities under common control, merged. The transaction does not meet the definition of a business combination. Our common stock trades on the OTC PINK Marketplace under the ticker symbol "ATCC" (formerly "GRYO"). The recording currency of the company is US dollar and the reporting currency is US dollar. On August 28, 2020, Ameritrust and Gryphon, two entities under common control, merged. The transaction does not meet the definition of a business combination. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2020 Form 10-K. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions, which will affect the reported amount of assets, liabilities and expenses during the reporting period. On an ongoing basis, the company evaluates its estimates. As more information becomes available, actual results may differ significantly from estimates. Our estimates include the valuation of goodwill, the selection of the estimated useful life of real estate and the valuation of deferred income tax assets. Fair value measurements According to the input of asset or liability valuation model, FASB's authoritative guide to fair value measurement establishes a three-level structure. The first level input refers to the quoted price of the same asset in the active market; the second level input is the important observable input; the third level input is the important unobservable input. If available, the company uses quoted prices from active markets to determine fair value. Non-financial assets measured at fair value on a non-recurring basis mainly include goodwill and real estate assets. When events and circumstances indicate that the book value cannot be recovered, the company will review the impairment indicators of these assets. Due to the short-term nature and liquidity of these instruments, the book values of cash and accounts payable are close to their fair values. The management believes that the company has no significant interest or credit risk arising from these financial instruments. Cash Cash consists of highly liquid investments with an original maturity of three months or less. Sometimes, the company's deposits with financial institutions exceed the federal insurance limit. Developing real estate Real estate includes residential land under development. Real estate under construction is valued at the lower of cost and fair value. Land development expenditure, including land use right cost, deed tax, early development cost, project cost, etc., excluding depreciation, is capitalized according to individual identification method and allocated to development projects. When the book value exceeds the fair value, the real estate under development will be subject to valuation adjustment. Only when the book value of the asset is not recoverable and exceeds the fair value, the impairment loss is recognized. If the book value exceeds the sum of the undiscounted cash flows expected to be generated by the asset, the book value is not recoverable. The company reviews the future losses and impairments of all real estate projects by comparing the estimated future undiscounted cash flow of each project with the book value of the project. Goodwill Goodwill is reviewed for impairment at least annually, or more frequently when events or changes in circumstances indicate that the carrying value may not be recoverable. Judgments regarding indicators of potential impairment are based on market conditions and operational performance of the business. The Company may assess its goodwill for impairment initially using a qualitative approach to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts and circumstances that it is more likely than not that a reporting unit's carrying value is greater than its fair value, then a goodwill impairment charge is recognized for the amount in excess, not to exceed the total amount of goodwill allocated to that reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and no further testing is required. If determined to be impaired, an impairment charge is recorded as a general and administrative expense within the Company's consolidated statement of operations. Right of Use Assets and Lease Liabilities The Company adopted ASU 2016-02 which amended the previous guidance for lease accounting and related disclosure requirements. The new guidance requires the recognition of right-of-use assets and lease liabilities on the balance sheet for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Lessees are required to classify leases as either financing or operating leases. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The Company elected to utilize the package of practical expedients in ASC 842-10-65-1(f) that, upon adoption of ASU 2016-02, allows entities to (1) not reassess whether any expired or existing contracts contain leases, (2) retain the classification of leases (e.g., operation or finance lease) existing at the date of adoption and (3) not reassess initial direct costs for any existing leases. The Company adopted ASU 2016-02 using the modified retrospective method, and accordingly, the new guidance was applied to leases that existed as of December 31, 2020. The adoption of ASU 2016-02 did not have a material impact on the Company's balance sheet, results of operations or cash flows. The Company leases a vehicle used for business. The lease expires in August 2023. Distinguishing Liabilities from Equity The Company relies on the guidance provided by ASC Topic 480, Distinguishing Liabilities from Equity, to classify certain convertible instruments. The Company first determines whether a financial instrument should be classified as a liability. The Company determines a liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that the Company must or may settle by issuing a variable number of its equity shares. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815. Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized. When assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods and in the jurisdictions in which those temporary differences become deductible. The Company records a valuation allowance when it determines it is more likely than not that a portion of the deferred tax assets will not be realized. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company's consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company's deferred tax assets and liabilities. Interest and penalties related to unrecognized tax benefits are recognized in the consolidated financial statements as a component of income tax expense. Significant judgment is required to evaluate uncertain tax positions. The Company evaluates its uncertain tax positions on a quarterly basis. The evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in increases or decreases in the Company's income tax expense in the period in which the change is made. Earnings (Loss) Per Share Basic and diluted earnings (loss) per common share is calculated using the weighted average number of common shares outstanding during the period. The Company's convertible notes are excluded from the computation of diluted earnings per share as they are anti-dilutive due to the Company's losses during those periods. Business Combinations The March 31, 2021 consolidated financial statements present the combined operations of Ameritrust and Gryphon beginning on March 25, 2020, which is the date a Change of Control effected a new beginning of period. Pending Accounting Standards In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which amends disclosure requirements on fair value measurements in Topic 820. This amendment modifies the valuation process of fair value measurements by removing the disclosure requirements for the valuation processes for Level 3 fair value measurements, clarifying the timing of the measurement uncertainty disclosure, and including the changes in unrealized gains and losses for recurring Level 3 fair value measurements in other comprehensive income if held at the end of the reporting period. It also allows the disclosure of other quantitative information in lieu of the weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019 and should be applied prospectively for the most recent period presented in the initial fiscal year of adoption. The Company is currently evaluating the impact that this guidance will have on the Company's results of operations, financial position and cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which modifies ASC 740 to reduce complexity while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 is effective for the Company for interim and annual reporting periods beginning after December 15, 2021. The Company is currently assessing the impact of ASU 2019-12, but it is not expected to have a material impact on the Company's consolidated financial statement. |
Cash and cash equivalents
Cash and cash equivalents | 6 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | Note 3. Cash and cash equivalents The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet to the total amount shown in the consolidated cash flow statement: March 31, 2021 December 31, 2020 Cash and cash equivalents Cash and fixed deposits(a) $ 8,743,735 $ 11,601,437 Limited cash 12,606,926 12,300,039 |
Real estate under development a
Real estate under development and completed | 6 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Real estate under development and completed | Note 4. Real estate under development and completed March 31, 2021 December 31, 2020 Development completed: Panjin Fortune Building 64,188,024 64,188,025 Jingbin Garden 2,291 2,292 Hunnan project 54,904 54,905 Jinzhaoyuan International Building - Intelligent choice hotel of Shenyang North Railway Station 2,086,731 2,086,732 North 2nd Road Project 1,442 1,443 Shopping malls connected with Jinzhaoyuan international building and world financial center phase I and II 185,055 185,056 Jinzhaoyuan International Building - Mulongquan bath 60,857 60,852 Total amount of real estate development completed 66,579,304 66,579,305 Real estate under development: Jinzhaoyuan international building north station building phase I 4,428,761 4,428,762 World Financial Center - North Station building phase II 89,100,900 91,944,238 World Financial Center - Marriott Hotel 45,262,601 45,187,463 Financial Building (Holiday Inn) 5,814,858 5,814,858 Financial Building (Whole building) 19,234,824 19,232,527 Financial Building (Anshan Office) 417,990 418,625 Financial Building (Anshan Sales Office) 82,370 82,371 Financial Building (Stereo parking equipment) 577,920 577,921 Financial Building (Heat exchange station, fire pump) 340,546 340,546 Financial Building (Chaoshan kitchen) 391,923 391,924 Fushun Today Sunshine Real Estate(1-1 × plot) 50,208,513 49,278,651 Bedford land, New York 0 766,210 Prepaid taxes related to real estate 2,826,133 7,371,583 Proposed investment in 29 properties(1) 70,681,869,688 70,681,869,688 Total real estate under development 70,900,557,027 70,907,705,367 Total number of completed and developing real estate development projects $ 70,967,136,331 $ 70,974,284,672 (1) The details of these 29 properties are as follows: Appraisal Value RMB) Appraisal Value (USD: $) (Ratio is 1:7.06) Estimated total investment (RMB) E stimated total investment (USD: $) (Ratio is 1:7.06) 1. Hai Wancheng Project 4,100,000,000 580,736,544 40,600,000,000 5,750,708,215 2. Changchun Meixin Fortune Plaza Project 3,533,333,333 500,472,143 10,600,000,000 1,501,416,431 3. Beijing Meixin Fortune Plaza Project 11,366,666,667 1,610,009,443 34,100,000,000 4,830,028,329 4. Shanghai Meixin Fortune Plaza Project 11,233,333,333 1,591,123,702 33,700,000,000 4,773,371,105 5 Sanya Meixin Fortune Plaza Project 5,266,666,667 745,986,780 15,800,000,000 2,237,960,340 6. Harbin Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 7. Shenyang Meixin Fortune Plaza Project 7,333,333,333 1,038,715,770 22,000,000,000 3,116,147,309 8. Hangzhou Meixin Fortune Plaza Project 9,600,000,000 1,359,773,371 28,800,000,000 4,079,320,113 9. Fuzhou Meixin Fortune Plaza Project 4,600,000,000 651,558,074 13,800,000,000 1,954,674,221 10. Jinan Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 11. Guangzhou Meixin Fortune Plaza Project 9,733,333,333 1,378,659,112 29,200,000,000 4,135,977,337 12. Wuhan Meixin Fortune Plaza Project 4,600,000,000 651,558,074 13,800,000,000 1,954,674,221 13. Chengdu Meixin Fortune Plaza Project 5,933,333,333 840,415,486 17,800,000,000 2,521,246,459 14. Kunming Meixin Fortune Plaza Project 4,100,000,000 580,736,544 12,300,000,000 1,742,209,632 15. Lanzhou Meixin Fortune Plaza Project 3,533,333,333 500,472,143 10,600,000,000 1,501,416,431 16. Nanning Meixin Fortune Plaza Project 3,333,333,333 472,143,532 10,000,000,000 1,416,430,595 17.Yinchuan Meixin Fortune Plaza Project 3,033,333,333 429,650,614 9,100,000,000 1,288,951,841 18. Taiyuan Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 19. Nanjing Meixin Fortune Plaza Project 5,400,000,000 764,872,521 16,200,000,000 2,294,617,564 20. Hefei Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 21. Zhengzhou Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 22. Changsha Meixin Fortune Plaza Project 4,100,000,000 580,736,544 12,300,000,000 1,742,209,632 23. Guiyang Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 24. Xi'an Meixin Fortune Plaza Project 5,266,666,667 745,986,780 15,800,000,000 2,237,960,340 25. Chongqing Meixin Fortune Plaza Project 7,266,666,667 1,029,272,899 21,800,000,000 3,087,818,697 26. Tianjin Meixin Fortune Plaza Project 7,266,666,667 1,029,272,899 21,800,000,000 3,087,818,697 27. Shenzhen Meixin Fortune Plaza Project 11,366,666,667 1,610,009,443 34,100,000,000 4,830,028,329 28. Fushun Bank Co., Ltd. Project 10,000,000,000 1,416,430,595 10,000,000,000 1,416,430,595 29.Dalian plastic surgery hospital project 14,000,000 1,983,003 14,000,000 1,983,003 Total 163,580,666,666 23,170,066,100 499,014,000,000 70,681,869,688 |
Goodwill
Goodwill | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill [Abstract] | |
Goodwill | Note 5. Goodwill When events and circumstances indicate that the book value cannot be recovered, the company measures goodwill at fair value on a non-recurring basis. As of March 31, 2021, such assets or liabilities do not need to be regularly measured at fair value. |
Long term equity investment
Long term equity investment | 6 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Long term equity investment | Note 6. Long term equity investment March 31 2021 Initial cost Ownership USD USD Shenyang Yuhong Yong'an Village Bank Co., Ltd. 1,532,591 10% 1,532,591 Total 1,532,591 10% 1,532,591 |
Income tax
Income tax | 6 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income tax | Note 7. Income tax Deferred income tax assets and liabilities are determined based on the estimated future tax impact of net operating loss and credit carry forward, as well as the temporary differences between the tax base of assets and liabilities and their respective financial reporting amounts measured at the current promulgated tax rates. If the possibility of realization of the deferred income tax assets is not great, the company records the estimated valuation allowance of the deferred income tax assets. When evaluating the variability of deferred income tax assets, the management considers whether some or all of the deferred income tax assets are more likely to be unrealized. The realization of deferred income tax assets depends on the generation of sufficient taxable income in the future period and in the jurisdiction where these temporary differences can be deducted. When the company determines that part of the deferred income tax assets are likely to be unrealized, the company records the valuation allowance. The accounting of deferred income tax is based on the estimation of future results. The difference between the expected and actual results of these future results may have a significant impact on the company's comprehensive operating results or financial position. In addition, changes in current federal and state tax laws and rates may affect future tax results and the valuation of the company's deferred tax assets and liabilities. Interest and penalties associated with unrecognized tax benefits are recognized as part of income tax expenses in the consolidated financial statements. Assessing an uncertain tax situation requires significant judgment. The company assesses its uncertain tax position on a quarterly basis. Assessment is based on many factors, including changes in facts or circumstances, changes in tax laws, correspondence with tax authorities during the audit process, and effective solutions to audit problems. Changes in the recognition or measurement of uncertain tax status may result in an increase or decrease in corporate income tax expenses during the change period. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Estimates | Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions, which will affect the reported amount of assets, liabilities and expenses during the reporting period. On an ongoing basis, the company evaluates its estimates. As more information becomes available, actual results may differ significantly from estimates. Our estimates include the valuation of goodwill, the selection of the estimated useful life of real estate and the valuation of deferred income tax assets. |
Fair value measurements | Fair value measurements According to the input of asset or liability valuation model, FASB's authoritative guide to fair value measurement establishes a three-level structure. The first level input refers to the quoted price of the same asset in the active market; the second level input is the important observable input; the third level input is the important unobservable input. If available, the company uses quoted prices from active markets to determine fair value. Non-financial assets measured at fair value on a non-recurring basis mainly include goodwill and real estate assets. When events and circumstances indicate that the book value cannot be recovered, the company will review the impairment indicators of these assets. Due to the short-term nature and liquidity of these instruments, the book values of cash and accounts payable are close to their fair values. The management believes that the company has no significant interest or credit risk arising from these financial instruments. |
Cash | Cash Cash consists of highly liquid investments with an original maturity of three months or less. Sometimes, the company's deposits with financial institutions exceed the federal insurance limit. |
Developing real estate | Developing real estate Real estate includes residential land under development. Real estate under construction is valued at the lower of cost and fair value. Land development expenditure, including land use right cost, deed tax, early development cost, project cost, etc., excluding depreciation, is capitalized according to individual identification method and allocated to development projects. When the book value exceeds the fair value, the real estate under development will be subject to valuation adjustment. Only when the book value of the asset is not recoverable and exceeds the fair value, the impairment loss is recognized. If the book value exceeds the sum of the undiscounted cash flows expected to be generated by the asset, the book value is not recoverable. The company reviews the future losses and impairments of all real estate projects by comparing the estimated future undiscounted cash flow of each project with the book value of the project. |
Goodwill | Goodwill Goodwill is reviewed for impairment at least annually, or more frequently when events or changes in circumstances indicate that the carrying value may not be recoverable. Judgments regarding indicators of potential impairment are based on market conditions and operational performance of the business. The Company may assess its goodwill for impairment initially using a qualitative approach to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts and circumstances that it is more likely than not that a reporting unit's carrying value is greater than its fair value, then a goodwill impairment charge is recognized for the amount in excess, not to exceed the total amount of goodwill allocated to that reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and no further testing is required. If determined to be impaired, an impairment charge is recorded as a general and administrative expense within the Company's consolidated statement of operations. |
Right of Use Assets and Lease Liabilities | Right of Use Assets and Lease Liabilities The Company adopted ASU 2016-02 which amended the previous guidance for lease accounting and related disclosure requirements. The new guidance requires the recognition of right-of-use assets and lease liabilities on the balance sheet for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Lessees are required to classify leases as either financing or operating leases. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The Company elected to utilize the package of practical expedients in ASC 842-10-65-1(f) that, upon adoption of ASU 2016-02, allows entities to (1) not reassess whether any expired or existing contracts contain leases, (2) retain the classification of leases (e.g., operation or finance lease) existing at the date of adoption and (3) not reassess initial direct costs for any existing leases. The Company adopted ASU 2016-02 using the modified retrospective method, and accordingly, the new guidance was applied to leases that existed as of December 31, 2020. The adoption of ASU 2016-02 did not have a material impact on the Company's balance sheet, results of operations or cash flows. The Company leases a vehicle used for business. The lease expires in August 2023. |
Distinguishing Liabilities from Equity | Distinguishing Liabilities from Equity The Company relies on the guidance provided by ASC Topic 480, Distinguishing Liabilities from Equity, to classify certain convertible instruments. The Company first determines whether a financial instrument should be classified as a liability. The Company determines a liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that the Company must or may settle by issuing a variable number of its equity shares. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized. When assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods and in the jurisdictions in which those temporary differences become deductible. The Company records a valuation allowance when it determines it is more likely than not that a portion of the deferred tax assets will not be realized. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company's consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company's deferred tax assets and liabilities. Interest and penalties related to unrecognized tax benefits are recognized in the consolidated financial statements as a component of income tax expense. Significant judgment is required to evaluate uncertain tax positions. The Company evaluates its uncertain tax positions on a quarterly basis. The evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in increases or decreases in the Company's income tax expense in the period in which the change is made. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic and diluted earnings (loss) per common share is calculated using the weighted average number of common shares outstanding during the period. The Company's convertible notes are excluded from the computation of diluted earnings per share as they are anti-dilutive due to the Company's losses during those periods. |
Business Combinations | Business Combinations The March 31, 2021 consolidated financial statements present the combined operations of Ameritrust and Gryphon beginning on March 25, 2020, which is the date a Change of Control effected a new beginning of period. |
Pending Accounting Standards | Pending Accounting Standards In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which amends disclosure requirements on fair value measurements in Topic 820. This amendment modifies the valuation process of fair value measurements by removing the disclosure requirements for the valuation processes for Level 3 fair value measurements, clarifying the timing of the measurement uncertainty disclosure, and including the changes in unrealized gains and losses for recurring Level 3 fair value measurements in other comprehensive income if held at the end of the reporting period. It also allows the disclosure of other quantitative information in lieu of the weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019 and should be applied prospectively for the most recent period presented in the initial fiscal year of adoption. The Company is currently evaluating the impact that this guidance will have on the Company's results of operations, financial position and cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which modifies ASC 740 to reduce complexity while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 is effective for the Company for interim and annual reporting periods beginning after December 15, 2021. The Company is currently assessing the impact of ASU 2019-12, but it is not expected to have a material impact on the Company's consolidated financial statement. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of reconciliation of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet to the total amount shown in the consolidated cash flow statement: March 31, 2021 December 31, 2020 Cash and cash equivalents Cash and fixed deposits(a) $ 8,743,735 $ 11,601,437 Limited cash 12,606,926 12,300,039 |
Real estate under development_2
Real estate under development and completed (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of real estate under development and completed | March 31, 2021 December 31, 2020 Development completed: Panjin Fortune Building 64,188,024 64,188,025 Jingbin Garden 2,291 2,292 Hunnan project 54,904 54,905 Jinzhaoyuan International Building - Intelligent choice hotel of Shenyang North Railway Station 2,086,731 2,086,732 North 2nd Road Project 1,442 1,443 Shopping malls connected with Jinzhaoyuan international building and world financial center phase I and II 185,055 185,056 Jinzhaoyuan International Building - Mulongquan bath 60,857 60,852 Total amount of real estate development completed 66,579,304 66,579,305 Real estate under development: Jinzhaoyuan international building north station building phase I 4,428,761 4,428,762 World Financial Center - North Station building phase II 89,100,900 91,944,238 World Financial Center - Marriott Hotel 45,262,601 45,187,463 Financial Building (Holiday Inn) 5,814,858 5,814,858 Financial Building (Whole building) 19,234,824 19,232,527 Financial Building (Anshan Office) 417,990 418,625 Financial Building (Anshan Sales Office) 82,370 82,371 Financial Building (Stereo parking equipment) 577,920 577,921 Financial Building (Heat exchange station, fire pump) 340,546 340,546 Financial Building (Chaoshan kitchen) 391,923 391,924 Fushun Today Sunshine Real Estate(1-1 × plot) 50,208,513 49,278,651 Bedford land, New York 0 766,210 Prepaid taxes related to real estate 2,826,133 7,371,583 Proposed investment in 29 properties(1) 70,681,869,688 70,681,869,688 Total real estate under development 70,900,557,027 70,907,705,367 Total number of completed and developing real estate development projects $ 70,967,136,331 $ 70,974,284,672 |
Schedule of 29 properties | Appraisal Value RMB) Appraisal Value (USD: $) (Ratio is 1:7.06) Estimated total investment (RMB) E stimated total investment (USD: $) (Ratio is 1:7.06) 1. Hai Wancheng Project 4,100,000,000 580,736,544 40,600,000,000 5,750,708,215 2. Changchun Meixin Fortune Plaza Project 3,533,333,333 500,472,143 10,600,000,000 1,501,416,431 3. Beijing Meixin Fortune Plaza Project 11,366,666,667 1,610,009,443 34,100,000,000 4,830,028,329 4. Shanghai Meixin Fortune Plaza Project 11,233,333,333 1,591,123,702 33,700,000,000 4,773,371,105 5 Sanya Meixin Fortune Plaza Project 5,266,666,667 745,986,780 15,800,000,000 2,237,960,340 6. Harbin Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 7. Shenyang Meixin Fortune Plaza Project 7,333,333,333 1,038,715,770 22,000,000,000 3,116,147,309 8. Hangzhou Meixin Fortune Plaza Project 9,600,000,000 1,359,773,371 28,800,000,000 4,079,320,113 9. Fuzhou Meixin Fortune Plaza Project 4,600,000,000 651,558,074 13,800,000,000 1,954,674,221 10. Jinan Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 11. Guangzhou Meixin Fortune Plaza Project 9,733,333,333 1,378,659,112 29,200,000,000 4,135,977,337 12. Wuhan Meixin Fortune Plaza Project 4,600,000,000 651,558,074 13,800,000,000 1,954,674,221 13. Chengdu Meixin Fortune Plaza Project 5,933,333,333 840,415,486 17,800,000,000 2,521,246,459 14. Kunming Meixin Fortune Plaza Project 4,100,000,000 580,736,544 12,300,000,000 1,742,209,632 15. Lanzhou Meixin Fortune Plaza Project 3,533,333,333 500,472,143 10,600,000,000 1,501,416,431 16. Nanning Meixin Fortune Plaza Project 3,333,333,333 472,143,532 10,000,000,000 1,416,430,595 17.Yinchuan Meixin Fortune Plaza Project 3,033,333,333 429,650,614 9,100,000,000 1,288,951,841 18. Taiyuan Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 19. Nanjing Meixin Fortune Plaza Project 5,400,000,000 764,872,521 16,200,000,000 2,294,617,564 20. Hefei Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 21. Zhengzhou Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 22. Changsha Meixin Fortune Plaza Project 4,100,000,000 580,736,544 12,300,000,000 1,742,209,632 23. Guiyang Meixin Fortune Plaza Project 3,600,000,000 509,915,014 10,800,000,000 1,529,745,042 24. Xi'an Meixin Fortune Plaza Project 5,266,666,667 745,986,780 15,800,000,000 2,237,960,340 25. Chongqing Meixin Fortune Plaza Project 7,266,666,667 1,029,272,899 21,800,000,000 3,087,818,697 26. Tianjin Meixin Fortune Plaza Project 7,266,666,667 1,029,272,899 21,800,000,000 3,087,818,697 27. Shenzhen Meixin Fortune Plaza Project 11,366,666,667 1,610,009,443 34,100,000,000 4,830,028,329 28. Fushun Bank Co., Ltd. Project 10,000,000,000 1,416,430,595 10,000,000,000 1,416,430,595 29.Dalian plastic surgery hospital project 14,000,000 1,983,003 14,000,000 1,983,003 Total 163,580,666,666 23,170,066,100 499,014,000,000 70,681,869,688 |
Long term equity investment (Ta
Long term equity investment (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of long term equity investment | March 31 2021 Initial cost Ownership USD USD Shenyang Yuhong Yong'an Village Bank Co., Ltd. 1,532,591 10% 1,532,591 Total 1,532,591 10% 1,532,591 |
Significant Accounting Polici_2
Significant Accounting Policies (Details) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Lease expiration date | August 2023 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - Schedule of reconciliation of cash, cash equivalents and restricted cash - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||
Cash and fixed deposits(a) | $ 8,743,735 | $ 11,601,437 |
Limited cash | $ 12,606,926 | $ 12,300,039 |
Real estate under development_3
Real estate under development and completed (Details) - Schedule of real estate under development and completed - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Development completed: | |||
Total amount of real estate development completed | $ 66,579,304 | $ 66,579,305 | |
Prepaid taxes related to real estate | 2,826,133 | 7,371,583 | |
Proposed investment in 29 properties(1) | 70,681,869,688 | 70,681,869,688 | |
Total real estate under development | 70,900,557,027 | 70,907,705,367 | |
Total number of completed and developing real estate development projects | 70,967,136,331 | 70,974,284,672 | $ 766,210 |
Panjin Fortune Building [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 64,188,024 | 64,188,025 | |
Jingbin Garden [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 2,291 | 2,292 | |
Hunnan project [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 54,904 | 54,905 | |
Jinzhaoyuan International Building - Intelligent choice hotel of Shenyang North Railway Station [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 2,086,731 | 2,086,732 | |
North 2nd Road Project [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 1,442 | 1,443 | |
Shopping malls connected with Jinzhaoyuan international building and world financial center phase I and II [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 185,055 | 185,056 | |
Jinzhaoyuan International Building - Mulongquan bath [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 60,857 | 60,852 | |
Jinzhaoyuan international building north station building phase I [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 4,428,761 | 4,428,762 | |
World Financial Center - North Station building phase II [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 89,100,900 | 91,944,238 | |
World Financial Center - Marriott Hotel [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 45,262,601 | 45,187,463 | |
Financial Building (Holiday Inn) [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 5,814,858 | 5,814,858 | |
Financial Building (Whole building) [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 19,234,824 | 19,232,527 | |
Financial Building (Anshan Office) [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 417,990 | 418,625 | |
Financial Building (Anshan Sales Office) [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 82,370 | 82,371 | |
Financial Building (Stereo parking equipment) [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 577,920 | 577,921 | |
Financial Building (Heat exchange station, fire pump) [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 340,546 | 340,546 | |
Financial Building (Chaoshan kitchen) [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 391,923 | 391,924 | |
Fushun Today Sunshine Real Estate [Member] | |||
Development completed: | |||
Total amount of real estate development completed | 50,208,513 | 49,278,651 | |
Bedford land, New York [Member] | |||
Development completed: | |||
Total amount of real estate development completed | $ 0 | $ 766,210 |
Real estate under development_4
Real estate under development and completed (Details) - Schedule of 29 properties - 6 months ended Mar. 31, 2021 | USD ($) | CNY (¥) |
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | $ 23,170,066,100 | ¥ 163,580,666,666 |
Estimated total investment | 70,681,869,688 | 499,014,000,000 |
Hai Wancheng Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 580,736,544 | 4,100,000,000 |
Estimated total investment | 5,750,708,215 | 40,600,000,000 |
Changchun Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 500,472,143 | 3,533,333,333 |
Estimated total investment | 1,501,416,431 | 10,600,000,000 |
Beijing Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,610,009,443 | 11,366,666,667 |
Estimated total investment | 4,830,028,329 | 34,100,000,000 |
Shanghai Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,591,123,702 | 11,233,333,333 |
Estimated total investment | 4,773,371,105 | 33,700,000,000 |
Sanya Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 745,986,780 | 5,266,666,667 |
Estimated total investment | 2,237,960,340 | 15,800,000,000 |
Harbin Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 509,915,014 | 3,600,000,000 |
Estimated total investment | 1,529,745,042 | 10,800,000,000 |
Shenyang Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,038,715,770 | 7,333,333,333 |
Estimated total investment | 3,116,147,309 | 22,000,000,000 |
Hangzhou Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,359,773,371 | 9,600,000,000 |
Estimated total investment | 4,079,320,113 | 28,800,000,000 |
Fuzhou Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 651,558,074 | 4,600,000,000 |
Estimated total investment | 1,954,674,221 | 13,800,000,000 |
Jinan Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 509,915,014 | 3,600,000,000 |
Estimated total investment | 1,529,745,042 | 10,800,000,000 |
Guangzhou Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,378,659,112 | 9,733,333,333 |
Estimated total investment | 4,135,977,337 | 29,200,000,000 |
Wuhan Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 651,558,074 | 4,600,000,000 |
Estimated total investment | 1,954,674,221 | 13,800,000,000 |
Chengdu Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 840,415,486 | 5,933,333,333 |
Estimated total investment | 2,521,246,459 | 17,800,000,000 |
Kunming Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 580,736,544 | 4,100,000,000 |
Estimated total investment | 1,742,209,632 | 12,300,000,000 |
Lanzhou Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 500,472,143 | 3,533,333,333 |
Estimated total investment | 1,501,416,431 | 10,600,000,000 |
Nanning Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 472,143,532 | 3,333,333,333 |
Estimated total investment | 1,416,430,595 | 10,000,000,000 |
Yinchuan Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 429,650,614 | 3,033,333,333 |
Estimated total investment | 1,288,951,841 | 9,100,000,000 |
Taiyuan Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 509,915,014 | 3,600,000,000 |
Estimated total investment | 1,529,745,042 | 10,800,000,000 |
Nanjing Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 764,872,521 | 5,400,000,000 |
Estimated total investment | 2,294,617,564 | 16,200,000,000 |
Hefei Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 509,915,014 | 3,600,000,000 |
Estimated total investment | 1,529,745,042 | 10,800,000,000 |
Zhengzhou Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 509,915,014 | 3,600,000,000 |
Estimated total investment | 1,529,745,042 | 10,800,000,000 |
Changsha Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 580,736,544 | 4,100,000,000 |
Estimated total investment | 1,742,209,632 | 12,300,000,000 |
Guiyang Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 509,915,014 | 3,600,000,000 |
Estimated total investment | 1,529,745,042 | 10,800,000,000 |
Xi'an Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 745,986,780 | 5,266,666,667 |
Estimated total investment | 2,237,960,340 | 15,800,000,000 |
Chongqing Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,029,272,899 | 7,266,666,667 |
Estimated total investment | 3,087,818,697 | 21,800,000,000 |
Tianjin Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,029,272,899 | 7,266,666,667 |
Estimated total investment | 3,087,818,697 | 21,800,000,000 |
Shenzhen Meixin Fortune Plaza Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,610,009,443 | 11,366,666,667 |
Estimated total investment | 4,830,028,329 | 34,100,000,000 |
Fushun Bank Co., Ltd. Project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,416,430,595 | 10,000,000,000 |
Estimated total investment | 1,416,430,595 | 10,000,000,000 |
Dalian plastic surgery hospital project [Member] | ||
Real estate under development and completed (Details) - Schedule of 29 properties [Line Items] | ||
Appraisal Value | 1,983,003 | 14,000,000 |
Estimated total investment | $ 1,983,003 | ¥ 14,000,000 |
Long term equity investment (De
Long term equity investment (Details) - Schedule of long term equity investment - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Initial cost | $ 1,532,591 | |
Ownership | 10% | |
Long term equity investment | $ 1,532,591 | $ 0 |
Shenyang Yuhong Yong'an Village Bank Co., Ltd [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Initial cost | $ 1,532,591 | |
Ownership | 10% | |
Long term equity investment | $ 1,532,591 |