LONG-TERM INVESTMENT

12 Months Ended

Sep. 30, 2022

LONG-TERM INVESTMENT

LONG-TERM INVESTMENT

NOTE 8 – LONG-TERM INVESTMENT

In July 2017, Gansu QLS acquired 40% ownership interest of JiuQuan Funong Biotech Co., Ltd (“Funong”) with a total investment amount of RMB3,300,000, which have been paid in the amount of RMB1,200,000 ($176,121 equivalent) in 2017, RMB1,658,750 ($253,596 equivalent) in 2018, and RMB441,250 ($64,165 equivalent) in 2019, respectively. The investment was accounted for using equity method.

Equity method investment consisted of the following:

	As of		As of
	September 30, 2022		September 30, 2021
Equity method investment:
Cost of equity method investment		463,907		510,994
Profit from equity method investment		208,255		188,605
Dividend Distribution received		(54,592)		(60,133)
Total long-term investment	$	617,570	$	639,466

The investment income attributable to the equity investment of $40,196, $69,494 and $32,093 for the years ended September 30, 2022, 2021 and 2020, respectively, were included in other income (expense) on the statements of operations and comprehensive income.