Related party transactions |
6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||
| Related party transactions | ||||||||||
| Related party transactions | Note 15 – Related party transactions
The relationship and the nature of related party transactions are summarized as follow:
Due to a related party
As of March 31, 2026 and September 30, 2025, the Company owed Yefang Zhang $611,327 and $611,327 (of which $311,150 was a loan from Yefang Zhang and $300,177 was payment of expenses on behalf of the Company), respectively. The balance of due to a related party is interest-free, unsecured, and due upon demand.
Operating lease from related parties
On October 8, 2021, Zhejiang New Material entered into a lease agreement with Hangzhou Forasen Energy Technology Co., Ltd., a PRC company controlled by Mr. Zhengyu Wang, to lease approximately 27,147 square feet of office space in Hangzhou. The lease term is for five years with annual rent of RMB432,043 (equivalent of $62,688). |