CN Energy (CNEY) 20-F15 Feb 242023 FY Annual report (foreign)Financial data

Company Profile

Cover

Cover	12 Months Ended
Cover	Sep. 30, 2023 shares
Document Information Line Items
Entity Registrant Name	CN ENERGY GROUP. INC.
Entity Central Index Key	0001780785
Document Type	20-F
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--09-30
Entity Well Known Seasoned Issuer	No
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding	2,285,826
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-39978
Entity Incorporation State Country Code	D8
Entity Address Address Line 1	Building 2‑B, Room 206
Entity Address Address Line 2	No. 268 Shiniu Road
Entity Address Address Line 3	Liandu District
Entity Address City Or Town	Lishui City
Entity Address Country	CN
Icfr Auditor Attestation Flag	false
Auditor Name	Enrome LLP
Auditor Location	Singapore
Auditor Firm Id	6907
Security 12b Title	Class A ordinary shares, no par value per share
Trading Symbol	CNEY
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Shell Company Report	false
Document Registration Statement	false
Document Accounting Standard	U.S. GAAP
Business Contact [Member]
Document Information Line Items
City Area Code	571
Local Phone Number	87555823
Contact Personnel Name	Jinwu Huang

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Current Assets
Cash	$ 195,502	$ 18,046,872
Accounts receivable	29,012,866	18,764,549
Inventories	2,655,233	784,251
Advances to suppliers, net	39,044,834	18,262,520
Prepayment for an acquisition of a subsidiary	0	17,746,979
Due from a related party	0	116,250
Prepaid expenses and other current assets	1,541,698	495,344
Total current assets	72,449,365	74,216,765
Property, plant, and equipment, net	13,834,393	14,538,686
Prepayment for property, plant and equipment	3,606,708	4,224,229
Intangible assets, net	3,060	11,913
Land use right, net	6,653,666	511,177
Right-of-use assets	195,813	314,339
Long-term deposits	1,096,628	1,124,763
Biological assets	28,355,589	0
Total Assets	126,195,222	94,941,872
Current Liabilities:
Short-term loans	4,646,382	3,711,253
Long-term loans, current portion	548,245	20,009
Convertible notes	2,027,500	0
Accounts payable	12,565,401	7,487,319
Deferred revenue, current	80,866	96,542
Proceeds from private placement	0	18,000,000
Due to related parties	152,556	0
Taxes payable	83,190	589,315
Lease liabilities	31,602	32,899
Prepayment from customers	1,146,988	0
Accrued expenses and other current liabilities	1,160,540	524,197
Total current liabilities	22,524,707	30,461,534
Long-term loans, non-current portion	34,266	421,733
Deferred revenue, non-current	121,299	207,352
Lease liabilities	0	15,484
Deferred tax liabilities	34,153	53,443
Total liabilities	22,632,988	31,159,546
Shareholders' Equity:
Additional paid-in capital	8,865,199	8,865,199
Statutory reserves	526,217	524,723
(Accumulated deficits) retained earnings	(3,211,885)	2,415,349
Accumulated other comprehensive loss	(8,771,028)	(6,532,472)
Total shareholders' equity	103,562,234	63,782,326
Total Liabilities and Shareholders' Equity	126,195,222	94,941,872
Class A Ordinary Share
Shareholders' Equity:
Common stock, value	101,922,676	54,278,472
Class B Ordinary Share
Shareholders' Equity:
Common stock, value	$ 4,231,055	$ 4,231,055

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Sep. 30, 2022
Class A Ordinary Share
Ordinary shares, par value	$ 0	$ 0
Ordinary shares, issued	2,285,826	668,755
Ordinary shares, outstanding	2,285,826	668,755
Class B Ordinary Share
Ordinary shares, par value	$ 0	$ 0
Ordinary shares, issued	100,698	100,698
Ordinary shares, outstanding	100,698	100,698

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
Revenue	$ 57,899,096	$ 40,205,586	$ 19,846,921
Cost of revenue	(57,110,446)	(36,563,945)	(17,230,306)
Gross profit	788,650	3,641,641	2,616,615
Operating expenses:
Allowance for invenory	(195,355)	0	0
Selling expenses	(53,008)	(89,312)	(198,443)
General and administrative expenses	(5,730,147)	(2,060,122)	(1,449,267)
Research and development expenses	(988,559)	(1,032,378)	(385,525)
Total operating expenses	6,967,069	(3,181,812)	(2,033,235)
(Loss) income from operations	(6,178,419)	459,829	583,380
Other income (expenses):
Interest expense	(712,490)	(157,221)	0
Government subsidy income	925,983	1,636,491	1,079,348
Interest income	489	702,872	191,227
Other income (expenses)	116,575	(97,990)	(120,246)
Total other income, net	330,557	2,084,152	1,150,329
(Loss) income before income taxes	(5,847,862)	2,543,981	1,733,709
Income tax benefits/(expenses)	222,122	(314,273)	(437,349)
Net (loss) income	(5,625,740)	2,229,708	1,296,360
Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares	0	0	(975,000)
Net income (loss) attributable to Shareholders	(5,625,740)	2,229,708	321,360
Net (loss) income	(5,625,740)	2,229,708	1,296,360
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(2,238,556)	(6,655,036)	1,089,346
Comprehensive (loss) income	$ (7,864,296)	$ (4,425,328)	$ 2,385,706
(Loss) earnings per share
Basic	$ (3.12)	$ 3.09	$ 2.56
Diluted	$ (3.12)	$ 3.09	$ 2.56
Weighted average shares outstanding
Basic	1,802,948	721,993	506,584
Diluted	2,267,082	721,993	506,584

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Preferred Shares	Class A Common Shares	Class B Common Shares	Additional Paid-In Capital	Statutory Reserves	Retained Earnings (Accumulated Deficit)	Accumulated other comprehensive loss
Balance, shares at Sep. 30, 2020		500,000	213,967	119,365
Balance, amount at Sep. 30, 2020	$ 23,118,042	$ 1,800,000	$ 8,990,479	$ 5,015,142	$ 7,890,199	$ 129,497	$ 259,507	$ (966,782)
Issuance of Ordinary Shares, net of offering expenses, shares			191,667
Issuance of Ordinary Shares, net of offering expenses, amount	20,135,204	$ 0	$ 20,135,204	0	0	0	0	0
Preferred Shares converted into Ordinary Shares, shares		(500,000)	16,667
Preferred Shares converted into Ordinary Shares, amount	0	$ (1,800,000)	$ 1,800,000	0	0	0	0	0
Issuance of Ordinary Shares for private placement, net, shares			133,333
Issuance of Ordinary Shares for private placement, net, amount	17,040,000		$ 17,040,000	0	0	0	0	0
Exercise of warrants, shares			2,309
Exercise of warrants, amount	0	0	$ 0	0	0	0	0	0
Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares	0	0	0	0	975,000	0	(975,000)	0
Net income for the year	1,296,360	0	0	0	0	0	1,296,360	0
Appropriation to statutory reserve	0	0	0	0	0	186,311	(186,311)	0
Foreign currency translation gain	1,089,346	0	0	0	0	0	0	1,089,346
Balance, amount at Sep. 30, 2021	62,678,952		$ 47,965,683	$ 5,015,142	8,865,199	315,808	394,556	122,564
Balance, shares at Sep. 30, 2021			557,943	119,365
Issuance of Ordinary Shares for private placement, net, shares			92,145
Issuance of Ordinary Shares for private placement, net, amount	5,528,702	0	$ 5,528,702	$ 0	0	0	0	0
Net income for the year	2,229,708	0	0	0	0	0	2,229,708	0
Appropriation to statutory reserve	0	0	0	0	0	208,915	(208,915)	0
Foreign currency translation gain	(6,655,036)	0	$ 0	$ 0	0	0	0	(6,655,036)
Class B Ordinary Shares converted into Class A Ordinary Shares, shares			18,667	(18,667)
Class B Ordinary Shares converted into Class A Ordinary Shares, amount	0	0	$ 784,087	$ (784,087)	0	0	0	0
Balance, amount at Sep. 30, 2022	63,782,326	0	$ 54,278,472	$ 4,231,055	8,865,199	524,723	2,415,349	(6,532,472)
Balance, shares at Sep. 30, 2022			668,755	100,698
Issuance of Ordinary Shares for private placement, net, shares			350,467
Issuance of Ordinary Shares for private placement, net, amount	17,975,000	0	$ 17,975,000	$ 0	0	0	0	0
Net income for the year	(5,625,740)	0	0	0	0	0	(5,625,740)	0
Appropriation to statutory reserve	0	0	0	0	0	1,494	(1,494)	0
Foreign currency translation gain	(2,238,556)	0	$ 0	0	0	0	0	(2,238,556)
Issuance of ordinary shares for acquisition, shares			293,984
Issuance of ordinary shares for acquisition, value	18,373,771	0	$ 18,373,771	0	0	0	0	0
Issuance of ordinary shares and warrants net , shares			606,057
Issuance of ordinary shares and warrants net, value	8,945,433	0	$ 8,945,433	0	0	0	0	0
Issuance of ordinary shares for services, shares			66,667
Issuance of ordinary shares for services, value	1,100,000	0	$ 1,100,000	0	0	0	0	0
Issuance of ordinary shares for convertible bond redemption, shares			299,896
Issuance of ordinary shares for convertible bond redemption, value	1,250,000	0	$ 1,250,000	0	0	0	0	0
Balance, amount at Sep. 30, 2023	$ 103,562,234	$ 0	$ 101,922,676	$ 4,231,055	$ 8,865,199	$ 526,217	$ (3,211,885)	$ (8,771,028)
Balance, shares at Sep. 30, 2023			2,285,826	100,698

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (5,625,740)	$ 2,229,708	$ 1,296,360
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Allowance for accounts receivable	179,562	358,218	39,953
Allowance for advances to suppliers	(207,668)	136,966	0
Allowance for prepaid expenses and other current assets	(3,616)	2,213	0
Allowance for inventories	195,335
Depreciation expenses	1,564,673	1,365,830	1,050,924
Loss on disposal of property, plant and equipment	536	42	68,155
Amortization of operating lease right-of-use assets	114,472	106,011	51,972
Amortization of intangible assets and land use right	207,348	65,852	123,205
Amortization of biological assets	873,358
Deferred income taxes	(961,506)	(9,033)	83,893
Amortization of deferred revenue	(97,366)	(261,533)	(110,438)
Amortization of debts issuance costs	277,500	0	0
Issuance of ordinary shares for services	1,100,000	0	0
Changes in operating assets and liabilities:
Accounts receivable	(11,266,039)	(8,503,455)	(3,159,543)
Inventories	(2,151,007)	248,675	1,828,011
Advances to suppliers	(21,761,492)	(9,286,781)	(9,125,201)
Prepaid expenses and other current assets	(295,191)	(384,367)	(278,122)
Accounts payable	5,446,546	6,357,128	(3,284,531)
Lease liabilities	(16,107)	(366,239)	(71,929)
Taxes payable	(508,292)	398,560	(13,627)
Accrued expenses and other current liabilities	2,769,703	27,586	(92,151)
Net cash used in operating activities	(30,164,971)	(7,514,619)	(11,593,069)
Cash flows from investing activities:
Other receivables	(769,875)	20,790,311	(20,739,840)
Prepayment to acquire a subsidiary		(17,746,979)
Prepayment for purchase of property, plant, and equipment		(1,421,646)	(3,752,528)
Purchase of property, plant, and equipment	(683,392)	(2,493,448)	(434,834)
Proceeds from sale of property, plant, and equipment	0	0	77,527
Term deposits		3,042,843	(3,072,000)
Acquisition of a subsidiary, net of cash	613
Net cash (used in) provided by investing activities	(1,452,654)	2,171,081	(27,921,675)
Cash flows from financing activities:
Proceeds from the Initial Public Offering	0	0	23,000,000
Direct costs disbursed from Initial Public Offering proceeds			(2,377,450)
Proceeds from private placements	0	18,000,000	0
Proceeds from issuance of shares and warrants	8,945,433	5,528,702	18,000,000
Proceeds from convertible notes	3,000,000		(960,000)
Repayment of related-party loans		(2,000,295)
Proceeds from related-party loans	266,739	414,814	534,226
Repayment of bank loans	(4,578,329)	(2,922,341)	(1,689,600)
Proceeds from bank loans	5,798,704	5,918,330	1,231,872
Proceeds from long-term bank loan			284,206
Net cash provided by financing activities	13,432,547	24,939,210	38,023,254
Effect of exchange rate changes on cash	333,708	(1,739,558)	112,213
Net (decrease) increase in cash	(17,851,370)	17,856,114	(1,379,277)
Cash, beginning of year	18,046,872	190,758	1,570,035
Cash, end of year	195,502	18,046,872	190,758
Supplemental disclosure information:
Cash paid for income tax	28,764	71,849	387,595
Cash paid for interest	241,484	45,218	58,703
Supplemental non-cash activities:
Issuance of shares for acquisition	18,373,771
Lease liabilities arising from obtaining right-of-use assets	$ 1,156	$ 2,866
Deferred offering costs funded by a related party through related party loans			487,346
Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares			$ 975,000

Organization and nature of busi

Organization and nature of business	12 Months Ended
Organization and nature of business	Sep. 30, 2023
Organization and nature of business
Organization and nature of business	Note 1 – Organization and nature of business CN ENERGY GROUP. INC. (“CN Energy”) is a holding company incorporated under the laws of the British Virgin Islands on November 23, 2018. CN Energy, through its subsidiaries (collectively, the “Company”), manufactures and supplies wood-based activated carbon that is primarily used in pharmaceutical manufacturing, industrial manufacturing, water purification, environmental protection, and food and beverage production (“Activated Carbon Production”), and produces biomass electricity generated in the process of producing activated carbon (“Biomass Electricity Production”). Reorganization In connection with its initial public offering, the Company undertook a reorganization of its legal structure (the “Reorganization”). The Reorganization involved: (1) the incorporation of CN Energy, a British Virgin Islands holding company; (2) the incorporation of Clean Energy Holdings Limited (“Energy Holdings”), a Hong Kong holding company; (3) the incorporation of Zhejiang CN Energy Technology Development Co., Ltd. (“Zhejiang CN Energy”) and Manzhouli CN Energy Industrial Co., Ltd. (“Manzhouli CN Energy”), two new wholly foreign-owned enterprises (“WFOE”) formed by Energy Holdings under the laws of the People’s Republic of China (“China” or the “PRC”); (4) the incorporation of Manzhouli CN Energy Technology Co., Ltd. (“Manzhouli CN Technology”), a PRC company, of which 90% of the equity interests are owned by Manzhouli CN Energy, and the remaining 10% by Zhejiang CN Energy; (5) the incorporation of CN Energy Industrial Development Co., Ltd. (“CN Energy Development”), a PRC company, of which 70% of the equity interests are owned by Manzhouli CN Technology and the remaining 30% by Zhejiang CN Energy; (6) the acquisition of 100% of the equity interests of Greater Khingan Range Forasen Energy Technology Co., Ltd. (“Khingan Forasen”) by CN Energy Development; and (7) the issuance of 10,000,000 ordinary shares of CN Energy (reflecting an approximate or rounded 71.62‑for‑1 forward split of the Company’s ordinary shares on April 20, 2020) to the original shareholders of Khingan Forasen. In relation to the Reorganization, a series of agreements were signed among CN Energy, the original shareholders of Khingan Forasen, CN Energy Development, and offshore holding companies controlled by the original shareholders of Khingan Forasen on August 12, 2019 and August 28, 2019. All share amounts and per share amounts have been presented giving effect to the forward split. The Company has retroactively restated all shares and per share data for all the periods presented. In accordance with Accounting Standards Codification (“ASC”) 805‑50‑25, the Reorganization has been accounted for as a recapitalization among entities under common control since the same shareholders controlled all these entities prior to the Reorganization. The consolidation of CN Energy and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the period presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period. By eliminating the effects of intra-entity transactions in determining the results of operations for the period before the Reorganization, those results will be on substantially the same basis as the results of operations for the period after the date of Reorganization. The effects of intra-entity transactions on current assets, current liabilities, revenue, and cost of sales for periods presented and on retained earnings (accumulated deficit) at the beginning of the periods presented are eliminated to the extent possible. Furthermore, ASC 805‑50‑45‑5 indicates that the financial statements and financial information presented for prior years also shall be retrospectively adjusted to furnish comparative information. In May and June 2021, the Company conducted another reorganization in order to simplify its corporate structure and make use of supportive government policies. The reorganization consisted of (i) the transfer of 60% of the equity interests in CN Energy Development from Manzhouli CN Technology to Zhejiang CN Energy, (ii) the transfer of 100% of the equity interests in Manzhouli Zhongxing Energy Technology Co., Ltd. (“Zhongxing Energy”) from Khingan Forasen to CN Energy Development, (iii) the transfer of 100% of the equity interests in Hangzhou Forasen Technology Co., Ltd. (“Hangzhou Forasen”) from Khingan Forasen to CN Energy Development, and (iv) the formation of Zhejiang CN Energy New Material Co., Ltd. (“Zhejiang New Material”), a PRC company wholly owned by CN Energy Development. Reorganization (Continued) CN Energy, the ultimate holding company, currently owns 100% of the equity interests of CN Energy Development, which in turn owns 100% of the equity interests of Khingan Forasen, Hangzhou Forasen, Zhongxing Energy, and Zhejiang New Material. On March 31, 2022, CN Energy USA Inc. (“CN Energy USA”) was incorporated under the laws of the State of Delaware, the United States of America. CN Energy owns 100% of the equity interests in CN Energy USA. On April 8, 2022, Zhoushan Xinyue Trading Co., Ltd (“Zhoushan Trading”) was incorporated under the laws of the PRC. Hangzhou Forasen owns 100% of the equity interests in Zhoushan Trading. On April 13, 2022, Ningbo Nadoutong Trading Co., Ltd (“Ningbo Trading”) was incorporated under the laws of the PRC. CN Energy Development owns 100% of the equity interests in Ningbo Trading. On October 11, 2022, Zhejiang Yongfeng New Material Technology Co., Ltd. (“Zhejiang Yongfeng New Material”) was incorporated under the laws of the PRC. Hangzhou Forasen owns 100% of the equity interests in Zhejiang Yongfeng New Material. On November 11, 2022, CN Energy completed an acquisition of MZ Mining International Co., Ltd (“MZ HK”), a Hong Kong company that wholly owns MZ Pintai Mining (Zhejiang) Co., Ltd (“MZ Pintai”), which is a Chinese company that wholly owns Yunnan Yuemu Agriculture and Forestry Technology Co., Ltd (“Yunnan Yuemu”), pursuant to an equity transfer agreement (the “Equity Transfer Agreement”) dated September 30, 2022 with Shenzhen Xiangfeng Trading Co., Ltd. (the “Seller”). The Seller is independent from all directors and officers of CN Energy, and the Company itself. Pursuant to the Equity Transfer Agreement, the Seller first transferred 100% of its equity interests in Yunnan Honghao Forestry Development Co., Ltd. (“Yunnan Honghao”), a wholly owned subsidiary of the Seller, to Yunnan Yuemu, and the Seller then sold and transferred, and CN Energy purchased and acquired, 100% of its equity interests in MZ HK for a consideration of $17,706,575.88 and the issuance of 8,819,520 Class A ordinary shares of CN Energy, having a value of $18,373,771, delivered to the Seller and its designees. Currently, CN Energy has subsidiaries in countries and jurisdictions including the PRC, Hong Kong, the British Virgin Islands, and the State of Delaware. Details of the subsidiaries of CN Energy are set out below: Date of Place of % of Name of Entity Incorporation Incorporation Ownership Principal Activities CN Energy November 23, 2018 British Virgin Islands Parent Holding company Energy Holdings August 29, 2013 Hong Kong, China 100% Holding company Zhejiang CN Energy January 14, 2019 Zhejiang, China 100% Holding company Manzhouli CN Energy January 24, 2019 Inner Mongolia, China 100% Holding company Manzhouli CN Technology June 10, 2019 Inner Mongolia, China 100% Holding company CN Energy Development April 18, 2019 Zhejiang, China 100% Holding company Khingan Forasen March 5, 2009 Heilongjiang, China 100% Produces and distributes activated carbon and biomass electricity Hangzhou Forasen March 16, 2006 Zhejiang, China 100% Distributes activated carbon products Zhongxing Energy May 21, 2018 Inner Mongolia, China 100% Produce activated carbon and steam for heating Zhejiang New Material May 24, 2021 Zhejiang, China 100% Produce and sell wading activated carbon in the future CN Energy USA March 31, 2022 Delaware, U.S. 100% Investment, consultation and trading, inactive Zhoushan Trading April 8, 2022 Zhejiang, China 100% Trading Ningbo Trading April 13, 2022 Zhejiang, China 100% Trading Zhejiang Yongfeng New Material October 11, 2022 Zhejiang, China 100% Trading MZ HK December 6, 2018 Hong Kong, China 100% Holding company MZ Pintai January 22, 2019 Zhejiang, China 100% Holding company Yunnan Yuemu September 2, 2022 Yunnan, China 100% Holding company Yunnan Honghao May 6, 2013 Yunnan, China 100% Forestry project investment and development Zhejiang Yongfeng October 11, 2022 Zhejiang, China 100% Holding company

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Sep. 30, 2023
Summary of significant accounting policies
Summary of significant accounting policies	Note 2 – Summary of significant accounting policies Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.GAAP”). All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date on which control ceases. In preparing the consolidated financial statements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transactions provide evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Use of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the valuation of inventory, accounts receivable, advances to suppliers, other receivables, useful lives of property, plant, and equipment and intangible assets, the recoverability of long-lived assets, provision necessary for contingent liabilities, revenue recognition, and realization of deferred tax assets. Actual results could differ from those estimates. Accounts receivable Accounts receivable are presented net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Company makes estimates of expected credit losses for the allowance for credit losses based on assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of certain accounts receivables, current economic conditions, reasonable and supportable forecasts of future economic conditions and other factors that may affect its ability to collect from the counterparties. Uncollectible accounts receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that is not probable for the balance to be collected. Inventories The Company values its inventory at the lower of cost, determined on a weighted average basis, or net realizable value. Costs include the cost of raw materials, freight, direct labor, and related production overhead. Net realizable value is estimated using selling price in the normal course of business less any costs to complete and sell products. The Company reviews its inventory periodically to determine if any reserves are necessary for potential obsolescence or if the carrying value exceeds net realizable value. Inventory reserves were $0.2 million and nil as of September 30, 2023 and 2022, respectively. The costs of forestry inventories are transferred from biological assets at their costs at the point of harvest. The cost of inventories also includes capitalized production costs, including labor, materials, post-harvest costs, and depreciation. Inventoried costs are transferred to cost of goods sold in the same period as when the products are sold. Forestry inventories, capitalized production costs, and biological asset adjustments are measured at the lower of cost or net realizable value. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period when the write-down or loss occurs. Advances to suppliers Advances to suppliers consist of balances paid to suppliers for services and materials that have not been provided or received. The Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide supplies to the Company or refund an advance. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. The estimated useful lives for significant property, plant, and equipment are as follows: Useful life Property and buildings 20 years Machinery and equipment 10 years Vehicles 4 years Office equipment 3 - 5 years Expenditures for maintenance and repair, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income (loss) and comprehensive income (loss) in income from operations. Construction-in-progress represents property and buildings under construction and consists of construction expenditures, equipment procurement, and other direct costs attributable to the construction. Construction-in-progress is not depreciated. Upon completion and ready for intended use, construction-in-progress is reclassified to the appropriate category within property, plant, and equipment. Prepayment for property, plant and equipment represents payment made for production line equipment to be installed in the new production plant in Manzhouli City. Prepayment for property, plant, and equipment is not depreciated. Upon readiness for intended use, prepayment for property, plant and equipment is reclassified to the appropriate category within property, plant, and equipment. Land use right Land use right is recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful life which is 50 years and represents the shorter of the estimated usage period or the terms of the agreement. Intangible assets Intangible assets consist primarily of patents and software. Intangible assets are stated at cost less accumulated amortization, which are amortized using the straight-line method with the following estimated useful lives: Useful life Patents 10 years Software 10 years Biological assets The Company’s biological assets consist of forests which are not yet harvested. Biological assets are initially measured at cost and subsequently depreciated on a straight-line basis over its estimated useful lives. The Company capitalizes all related direct and indirect costs of production to the biological assets at costs at each reporting date. At the point of harvest, the biological assets are transferred to inventory at their costs. Goodwill In accordance with ASC 350, Intangibles - Goodwill and Other, the Company assesses goodwill for impairment annually as of September 30, and more frequently if events and circumstances indicate that goodwill might be impaired. Goodwill impairment testing is performed at the reporting unit level. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or internally generated, are available to support the value of the goodwill. Traditionally, goodwill impairment testing is a two-step process. Step one involves comparing the fair value of the reporting units to its carrying amount. If the carrying amount of a reporting unit is greater than zero and its fair value is greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is greater than the fair value, the second step must be completed to measure the amount of impairment, if any. Step two involves calculating an implied fair value of goodwill. The Company determines the fair value of its reporting units using an income approach. Under the income approach, the Company determined fair value based on estimated discounted future cash flows of each reporting unit. Determining the fair value of a reporting unit is judgmental in nature and requires the use of significant estimates and assumptions, including revenue growth rates and EBITDA margins, discount rates and future market conditions, among others. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the Company obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year from acquisition date. Impairment of long-lived assets The Company reviews long-lived assets, including definitive-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of September 30, 2023 and 2022. Leases The Company has operating leases for its corporate offices and equipment. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term and renewal options, when it believes it will exercise the renewal option, in calculating the right-of-use assets and liabilities. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Non-lease components include payments for building management services, utilities and property taxes. It separates the non-lease components from the lease components to which they relate. The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. As of September 30, 2022 and 2023, the Company did not have any impairment loss for its operating lease right-of-use assets. Fair value of financial instruments The Company applies ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: · Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. · Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. · Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions about what assumptions market participants would use in pricing the asset or liability based on the best available information. Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized at the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented herein. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, advances to suppliers, other receivables, prepaid expenses and other current assets, short-term bank loans, accounts payable, due to related parties, taxes payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The fair value of long-term bank loan and operating lease liabilities approximate their recorded values as their stated interest rates approximate the rates currently available. The Company accounts for leases following ASC 842, (“Topic 842”). Revenue recognition The Company accounts for revenue recognition under Accounting Standards Codification 606, Revenue from Contracts with Customers The Company also provides technical services to customers who purchase activated carbon from the Company. The revenue of technical services is recognized on a straight-line basis over the service period as earned. The transaction price of activated carbon and technical services is determined based on fixed consideration in the Company’s customer contracts. Pursuant to the power purchase agreements entered into between the Company and the respective provincial power grid company, the Company’s sales of biomass electricity were made to the power grid company at the tariff rates agreed with the provincial power grid company as approved by the relevant government authorities in the PRC. In determining the transaction price, no significant financing components exist since the timing from when the Company invoices its customers to when payment is received is less than one year. Revenue is reported net of all value added taxes. The Company generally does not permit customers to return products and historically, customer returns have been immaterial. In the event the Company receives an advance from a customer, such advance is recorded as a liability to the Company. The Company reduces the liability and recognizes revenue after the delivery of goods occurs. The core principle underlying ASC 606 is that the Company recognizes revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s sales contracts of activated carbon have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Therefore, the sale of activated carbon is recognized at a point in time. The Company’s sales contracts of biomass electricity have a single performance obligation that represents a promise to transfer to the customer a series of distinct goods that are substantially the same and that have the same pattern of transfer to the customer. The Company’s performance obligation is satisfied over time as biomass electricity is delivered. There were no contract assets as of September 30, 2023 and 2022. For the fiscal years ended September 30, 2023, 2022, and 2021, revenue recognized from performance obligations related to prior periods was insignificant. Revenue expected to be recognized in any future periods related to remaining performance obligations is insignificant. Revenue recognition (Continued) The Company has elected the following practical expedients in applying ASC 606: · Unsatisfied Performance Obligations – for all performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption provided in ASC 606, and therefore is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. · Contract Costs - all incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration. · Significant Financing Component - the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. · Sales Tax Exclusion from the Transaction Price - the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from the customer. · Shipping and Handling Activities - the Company elected to account for shipping and handling activities as a fulfillment cost rather than as a separate performance obligation. Refer to “Note 18—Segment reporting” for details of revenue disaggregation. Cost of revenue Cost of revenue includes cost of raw materials purchased, inbound freight cost, cost of direct labor, depreciation expenses, and other overhead. Write-down of inventory for lower of cost or net realizable value adjustments is also recorded in cost of revenue. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development projects, including the cost of salaries and other employee benefits. All costs associated with research and development are expensed as incurred. Shipping and handling All shipping and handling costs are expensed as incurred and included in selling expenses. Total shipping and handling expenses were $24,979, $65,881 and $164,230 for the fiscal years ended September 30, 2023, 2022 and 2021, respectively. Government subsidy income The Company receives various government grants from time to time. There is no guarantee that the Company will continue to receive such grants in the future. For the fiscal years ended September 30, 2023, 2022, and 2021, the Company had the following subsidy income: September 30, September 30, September 30, 2023 2022 2021 Value-added tax refund $ 465,072 $ 636,536 $ 968,909 Becoming a public company - 760,711 - Investment grant 292,487 - - Equipment of energy projects grants 97,366 132,212 110,439 Research and development grants 71,058 - - Other miscellaneous grants - 107,033 - Total $ 925,983 $ 1,636,491 $ 1,079,348 In January 2014, April 2014, and December 2019, the Company received government subsidies of approximately $840,000, $140,000, and $140,000 for equipment of energy projects, respectively. These subsidies were one-time grants, and the Company recognizes the income over the useful lives of the equipment. As of September 30, 2023 and 2022, the balance of unrecognized government grants was $202,165 and $303,894, respectively, which was recorded in deferred revenue. During the fiscal years ended September 30, 2023, 2022, and 2021, $97,366, $132,212, and $110,439 was recorded in government subsidy income, respectively. Income taxes The Company’s subsidiaries in the PRC, Hong Kong, and the U.S. are subject to the income tax laws of the PRC, Hong Kong, and the U.S. The Company accounts for income taxes in accordance with ASC 740, Income Taxes ASC 740‑10‑25 prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures. There were nore material uncertain tax positions as of September 30, 2023 and 2022. As of September 30, 2023, the tax years ended December 31, 2017 through December 31, 2022 for the Company’s subsidiaries remain open for statutory examination by tax authorities. Value added tax (“VAT”) Sales revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of products sold. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products. The Company recorded a VAT payable or receivable net of payments in the accompanying consolidated financial statements. All of the VAT returns filed by the Company’s subsidiaries in the PRC, have been and remain subject to examination by the tax authorities for five years from the date of filing. Each local tax authority at times may grant tax holidays to local enterprises as a way to encourage entrepreneurship and stimulate local economy. Khingan Forasen and its branch office, Greater Khingan Range Forasen Energy Technology Co., Ltd. Tahe Biopower Plant (“Biopower Plant”), are entitled to obtained 70% VAT refund as they meet the requirement of national comprehensive utilization of resources program. For the fiscal years ended September 30, 2023, 2022, and 2021, $465,071, $636,536, and $968,909 of VAT refund was recorded in government subsidy income, respectively. Concentrations of credit risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash, term deposit, accounts receivable, advances to suppliers, and other receivables. Most of the Company’s cash is maintained with banks within the PRC. Per PRC regulations, the maximum insured bank deposit amount is RMB500,000 (approximately $70,889) for each financial institution. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. The Company has not experienced any losses in such accounts. A significant portion of the Company’s sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. The Company also makes cash advances to certain suppliers to ensure the stable supply of key raw materials. The Company performs ongoing credit evaluations of its customers and key suppliers to help further reduce credit risk (please refer to Note 18 for concentration risk details). Comprehensive income Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains, and losses that under U.S. GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment from the Company not using U.S. dollar as its functional currency. Foreign currency translation The Company’s financial information is presented in U.S. dollars. The functional currency of the Company is the Renminbi (“RMB”), the currency of the PRC. Any transactions denominated in currencies other than RMB are translated into RMB at the exchange rate quoted by the People’s Bank of China prevailing at the dates of the transactions, and exchange gains and losses are included in the statements of income (loss) as foreign currency transaction gain or loss. The consolidated financial statements of the Company have been translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters The exchange rates in effect as of September 30, 2023 and 2022, were RMB1 for $0.1371 and $0.1577, respectively. The average exchange rates for the fiscal years ended September 30, 2023, 2022, and 2021, were RMB1 for $0.1418, $0.1570, and $0.1536, respectively. Earnings (Loss) Per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, Earnings per Share Statement of cash flows In accordance with ASC 230, Statement of Cash Flows Risks and uncertainties The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, in addition to the general state of the PRC economy. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. The Company’s sales, purchases, and expense transactions are denominated in RMB, and all of the Company’s assets and liabilities are also denominated in RMB. RMB is not freely convertible into foreign currencies under the current law. In the PRC, foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China, the central bank of the PRC. Remittances in currencies other than RMB may require certain supporting documentation in order to effect the remittance. The Company does not carry any business interruption insurance, product liability insurance, or any other insurance policy except for a limited property insurance policy. As a result, the Company may incur uninsured losses, increasing the possibility that investors would lose their entire investment in the Company. Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016‑13, Financial Instruments - Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial position, statements of operations and cash flows.

Accounts receivable net

Accounts receivable net	12 Months Ended
Accounts receivable net	Sep. 30, 2023
Accounts receivable net
Accounts receivable, net	Note 3 – Accounts receivable, net Accounts receivable consisted of the following: September 30, September 30, 2023 2022 Trade accounts receivable $ 29,509,165 $ 19,095,539 Less: allowance for doubtful accounts (496,299 ) (330,990 ) Accounts receivable, net $ 29,012,866 $ 18,764,549 The Company’s accounts receivable primarily include balances due from customers when the Company’s activated carbon products and biomass electricity are sold and delivered to customers. The movement of allowance for doubtful accounts was as follows: September 30, September 30, 2023 2022 Balance at beginning of year $ 330,990 - Addition to allowance for doubtful accounts 179,562 358,218 Translation adjustments (14,253 ) (27,228 ) Balance at end of year $ 496,299 $ 330,990

Inventories

Inventories	12 Months Ended
Inventories	Sep. 30, 2023
Inventories
Inventories	Note 4 – Inventories Inventories consisted of the following: September 30, September 30, 2023 2022 Raw materials $ 1,619,534 $ 536,368 Finished goods 1,224,555 247,883 Sub-total 2,844,089 784,251 Less: allowance for inventories (188,856 ) - Total $ 2,655,233 $ 784,251

Advances to suppliers net

Advances to suppliers net	12 Months Ended
Advances to suppliers net	Sep. 30, 2023
Advances to suppliers net
Advances to suppliers, net	Note 5 – Advances to suppliers, net Advances to suppliers represent prepayments made to ensure continuous high-quality supply and favorable purchase prices. Advances to suppliers consisted of the following: September 30, September 30, 2023 2022 Advances for raw materials purchase $ 39,098,283 $ 18,524,038 Less: allowance for doubtful accounts (54,217 ) (261,518 ) Advances to suppliers, net $ 39,044,834 $ 18,262,520 The movement of allowance for doubtful accounts was as follows: September 30, September 30, 2023 2022 Balance at beginning of year $ 261,518 $ 148,617 Addition to allowance for doubtful accounts - 136,966 Recovery in allowance for doubtful accounts (207,668 ) - Translation adjustments 367 (24,065 ) Balance at end of year $ 54,217 $ 261,518

Property, plant, and equipment,

Property, plant, and equipment, net	12 Months Ended
Property, plant, and equipment, net	Sep. 30, 2023
Property, plant, and equipment, net
Property, plant, and equipment, net	Note 6 – Property, plant and equipment, net Property, plant and equipment, stated at cost less accumulated depreciation, consisted of the following: September 30, September 30, 2023 2022 Machinery and equipment $ 9,498,312 $ 9,217,130 Property and buildings 7,621,567 7,139,369 Vehicles 215,198 227,030 Office equipment 86,291 101,878 Subtotal 17,421,368 16,685,407 Construction in progress 5,162,523 5,294,970 Less: accumulated depreciation (8,749,498 ) (7,441,691 ) Property, plant and equipment, net $ 13,834,393 $ 14,538,686 Depreciation expenses were $1.6 million, $1.4 million, and $1.1 million for the fiscal years ended September 30, 2023, 2022, and 2021, respectively.

Prepayment for property, plant

Prepayment for property, plant and equipment	12 Months Ended
Prepayment for property, plant and equipment	Sep. 30, 2023
Prepayment for property, plant and equipment
Prepayment for property, plant and equipment	Note 7 – Prepayment for property, plant and equipment As of September 30, 2023, the Company had prepayment in the amount of $3.6 million for the production line equipment to be installed in the new production plant in Manzhouli City. Since the groundwork of the factory workshop was delayed by the local government’s shelter-in-place orders due to the COVID-19 pandemic, the equipment was not delivered as of September 30, 2023. As of the date of this annual report, the construction has been suspended and the delivery of equipment is still under negotiation. As of September 30, 2023, the Company had contractual obligations of approximately $0.2 million, with the payment schedule currently under negotiation.

Land use right, net

Land use right, net	12 Months Ended
Land use right, net	Sep. 30, 2023
Land use right, net
Land use right, net	Note 8 – Land use right, net Land use right, net, consisted of the following: September 30, September 30, 2023 2022 Land use right $ 6,887,433 $ 554,122 Less: accumulated amortization (233,767 ) (42,945 ) Land use right, net $ 6,653,666 $ 511,177 Amortization expense was $198,499, $11,493, and $12,109 for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. Estimated future amortization expense is as follows: Amortization expense Fiscal 2024 $ 305,605 Fiscal 2025 305,605 Fiscal 2026 305,605 Fiscal 2027 305,605 Fiscal 2028 305,605 Thereafter 5,125,641 Total $ 6,653,666

Intangible assets net

Intangible assets net	12 Months Ended
Intangible assets net	Sep. 30, 2023
Intangible assets net
Intangible assets, net	Note 9 – Intangible assets, net Intangible assets, net, consisted of the following: September 30, September 30, 2023 2022 Software $ 14,049 $ 14,409 Purchased patents 977,287 1,002,360 Subtotal 991,336 1,016,769 Less: accumulated amortization (988,276 ) (1,004,856 ) Intangible assets, net $ 3,060 $ 11,913 Amortization expense was $8,849, $54,359, and $111,096 for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. Estimated future amortization expense is as follows: Amortization expense Fiscal 2024 $ 448 Fiscal 2025 448 Fiscal 2026 448 Fiscal 2027 448 Fiscal 2028 448 Thereafter 820 Total $ 3,060

Long-term deposits

Long-term deposits	12 Months Ended
Long-term deposits	Sep. 30, 2023
Long-term deposits
Long-term deposits	Note 10 – Long-term deposits Long-term deposits consisted of the following: September 30, September 30, 2023 2022 Construction deposit (a) $ 822,505 $ 843,607 Deposit for acquisition of land use rights (b) 274,123 281,156 Long-term deposits $ 1,096,628 $ 1,124,763 (a) On June 25, 2020, the Company entered into a construction agreement with a third party, Manzhouli Lancheng Project Management Co., Ltd., for the first stage of construction of the Company’s new facility in Manzhouli City, China. Pursuant to the agreement, the Company made a payment of RMB6 million (equivalent to $0.8 million as of September 30, 2023) as security deposit. The deposit is interest-free and is refundable upon the completion of the project. (b) The Company paid a deposit of RMB2 million (equivalent to $0.3 million as of September 30, 2023) to the Finance Bureau designated by the Tahe County Land and Resources Bureau, to bid for the acquisition of the land use rights for the land which the Company leases from Tahe County and where Biopower Plant is currently located. The deposit is interest-free and refundable if the Company decides not to purchase the land use rights when the lease expires.

Biological assets

Biological assets	12 Months Ended
Biological assets	Sep. 30, 2023
Biological assets
Biological assets	Note 11 – Biological assets Through the acquisition of 100% shares of MZ HK, CN Energy indirectly acquired 100% of the equity interests in Yunnan Honghao and its biological assets in November 2022. See Note 1 for details. Biological assets mainly consist forest for future wood harvest and sales, of which the Company owned 29 forest right certificates with expiry dates ranging from August 2053 to December 2076 and with an aggregate area of 14.5 square miles. Biological assets are initially measured at cost and subsequently depreciated on a straight-line basis over its estimated useful lives. September 30, September 30, 2023 2022 Biological assets 29,199,895 - Less: accumulated depreciation (844,306 ) - Biological assets, net $ 28,355,589 - Depreciation expenses were $873,358 for the fiscal year ended September 30, 2023.

Acquisition of subsidiaries

Acquisition of subsidiaries	12 Months Ended
Acquisition of subsidiaries	Sep. 30, 2023
Acquisition of subsidiaries
Acquisition of subsidiaries	Note 12 – Acquisition of subsidiaries Through the acquisition of 100% shares of MZ HK, CN Energy indirectly acquired 100% of the equity interests in Yunnan Honghao. See Note 1 for details. The allocation of the purchase price as of the date of acquisition is summarized as follows: For the fiscal year ended September 30, 2023 Cash $ 602 Biological assets 29,655,127 Land use rights 6,446,124 Total assets $ 36,101,853 Other payables $ (21,506) Total liabilities $ (21,506) Net tangible assets $ 36,080,347 Goodwill - Total fair value of purchase price allocation $ 36,080,347 Consideration in the form of shares $ 18,373,771 Consideration in the form of cash 17,706,576 Total consideration $ 36,080,347

Short-term and long-term loans

Short-term and long-term loans	12 Months Ended
Short-term and long-term loans	Sep. 30, 2023
Short-term and long-term loans
Short-term and long-term loans	Note 13 – Short-term and long-term loans September 30, September 30, 2023 2022 Short-term loans Industrial and Commercial Bank of China $ 1,713,267 $ 1,757,223 Bank of Beijing 1,165,022 702,888 China Resources Shenzhen Guotou Trust Co., Ltd 685,307 - China Zheshang Bank Co., Ltd. 671,601 1,251,142 Pingan Bank Co., Ltd. 411,185 - Total short-term loans $ 4,646,382 $ 3,711,253 Long-term loans Long-term loans, current portion Xiaoshan Rural Commercial Bank $ 411,184 - Kincheng Bank Co., Ltd. 137,061 - WeBank Co., Ltd. - $ 20,009 Total long-term loans, current portion $ 548,245 $ 20,009 Long-term loans, non-current portion Xiaoshan Rural Commercial Bank - $ 421,733 Kincheng Bank Co., Ltd. 34,266 - Total long-term loans, non-current portion $ 34,266 $ 421,733 Total long-term loans $ 582,511 $ 441,742 Total short-term and long-term loans $ 5,228,893 $ 4,152,995 The following table summarizing the loan commencement date, loan maturity date, loan amount in RMB and its equivalent to the United States dollar, and the effective interest rate of each secured and unsecured short-term and long-term loan: Loan Loan Loan Loan Effective commencement maturity amount amount interest As of September 30, 2023 date date in RMB in USD rate Note Secured short-term loans Industrial and Commercial Bank of China May 25, 2022 April 19, 2024 4,500,000 $ 616,776 3.75 % 1 Industrial and Commercial Bank of China June 24, 2022 May 28, 2024 5,000,000 685,307 4.35 % 2 Bank of Beijing December 9, 2022 December 8, 2023 5,000,000 685,307 4.50 % 3 Bank of Beijing May 31, 2023 May 30, 2024 3,500,000 479,715 4.00 % 3 China Zheshang Bank Co., Ltd. June 29, 2023 June 28, 2024 4,900,000 671,601 5.50 % 4 Pingan Bank Co., Ltd. December 7, 2022 December 5, 2023 3,000,000 411,185 6.00 % 5 Total secured short-term loans 25,900,000 $ 3,549,891 Unsecured short-term loans China Resources Shenzhen Guotou Trust Co., Ltd July 3, 2023 June 13, 2024 5,000,000 $ 685,307 3.40 % Industrial and Commercial Bank of China December 7, 2022 November 22, 2023 1,500,000 205,592 4.45 % 9 Industrial and Commercial Bank of China December 8, 2022 November 22, 2023 1,500,000 205,592 4.45 % 9 Total unsecured short-term loans 8,000,000 $ 1,096,491 Total short-term loans 33,900,000 $ 4,646,382 Secured long-term loans Kincheng Bank Co., Ltd. November 30, 2022 December 1, 2024 1,250,000 171,327 18.00 % 6 Xiaoshan Rural Commercial Bank July 19, 2022 July 17, 2025 3,000,000 411,184 6.16 % 7 Total long-term loans 4,250,000 $ 582,511 Total short-term and long-term loans 38,150,000 $ 5,228,893 Loan Loan Loan Loan Effective For the fiscal year ended September 30, 2022 commencement maturity amount amount interest Secured short-term loans date date in RMB in USD rate Note Industrial and Commercial Bank of China May 25, 2022 May 25, 2023 4,500,000 $ 632,600 3.80 % 1 Industrial and Commercial Bank of China June 24, 2022 June 24, 2023 5,000,000 702,889 4.35 % 2 China Zheshang Bank Co., Ltd. May 25, 2022 May 23, 2023 4,000,000 562,311 5.5 % 4 China Zheshang Bank Co., Ltd. June 1, 2022 May 31, 2023 4,900,000 688,831 5.5 % 4 Bank of Beijing December 21, 2021 December 20, 2022 5,000,000 702,888 4.75 % 3 Total secured short-term loans 23,400,000 $ 3,289,519 Unsecured short-term loans Industrial and Commercial Bank of China December 14, 2021 December 9, 2022 1,500,000 $ 210,867 3.85 % Industrial and Commercial Bank of China December 15, 2021 December 10, 2022 1,500,000 210,867 3.85 % Total unsecured short-term loans 3,000,000 $ 421,734 Total short-term loans 26,400,000 $ 3,711,253 Secured long-term loans Long-term loan, current portion WeBank Co., Ltd. October 9, 2020 October 9, 2022 142,331 $ 20,009 10.26 % 8 Long-term bank loan, non-current portion Xiaoshan Rural Commercial Bank July 19, 2022 July 17, 2025 3,000,000 421,733 6.31 % 7 Total long-term loans 3,142,331 $ 441,742 Total short-term and long-term loans 29,542,331 $ 4,152,995 (1) The loan is guaranteed by a third party, Heilongjiang Xinzheng Financing Guarantee Group Co., Ltd., for up to 80% of the outstanding principal and normal interest balance. (2) The loan is guaranteed by a third party, Heilongjiang Xinzheng Financing Guarantee Group Co., Ltd., for up to 80% of the outstanding principal and normal interest balance, personal guaranteed by Mr. Wenhua Liu, who is a legal representative of Khingan Forasen and a director of the Company, and is collateralized by the property, plant, and equipment of Khingan Forasen, with a net book value of RMB1.5 million (equivalent to approximately $0.1 million as of September 30, 2023). (3) The loan is guaranteed by a third party, Hangzhou High Tech Financing Guarantee Co., Ltd, Mr. Wenhua Liu, Ms. Yefang Zhang, principal shareholder, and Mr. Zhengyu Wang, former CEO and spouse of principal shareholder, for up to 100% of the outstanding principal and normal interest balance. Approximately $0.5 million of this loan was overdue on December 8, 2023, and the Company is in an on-going negotiation with the lender for an extension. (4) The loan is guaranteed by Ms. Yefang Zhang, principal shareholder, Ms. Xinyang Wang, CEO of the Company and CN Energy Development, a subsidiary of the Company. (5) The loan is guaranteed by Mr. Wenhua Liu, a director of CN Energy, for up to RMB6.5 million ($0.9 million) of the outstanding principal and normal interest balance. Approximately $0.4 million of this loan was overdue on December 5, 2023, and the Company is in an on-going negotiation with the lender for an extension. (6) The loan is guaranteed by Mr. Wenhua Liu, a director of CN Energy, for up to RMB6.5 million ($0.9 million) of the outstanding principal and normal interest balance. (7) The loan is guaranteed by a subsidiary of the Company, CN Energy Development. (8) This line of credit agreement with WeBank Co., Ltd is unconditionally guaranteed by the legal representative of Hangzhou Forasen for a maximum amount of RMB5 million. (9) These loans were overdue as of November 22, 2023, and the Company is in negotiation with the lender for an extension and this process is still on-going.

Convertible note

Convertible note	12 Months Ended
Convertible note	Sep. 30, 2023
Convertible note
Convertible note	Note 14 - Convertible note On December 30, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with Streeterville Capital, LLC, a Utah limited liability company (the “Investor”), pursuant to which the Company issued to the Investor an unsecured convertible note, on December 30, 2022, in the original principal amount of $3,230,000 (the “Note”, and together with the Purchase Agreement, the “Agreement”), convertible into Class A ordinary shares, no par value, of the Company (“Class A Ordinary Shares”). The Note bears an interest rate of 7% per annum and will be matured on December 30, 2023. Under the Agreement, the Investor has the right to redeem the Note sixty (60) days after the purchase price of the Note was delivered by the Investor to the Company, and redemptions may be satisfied in cash or Class A Ordinary Shares, at the Company’s election. However, the Company will be required to pay the redemption amount in cash, if there is an Equity Conditions Failure (as defined in the Note). If the Company elects to satisfy a redemption in Class A Ordinary Shares, such Class A Ordinary Shares shall be issued at a redemption conversion price of the lower of (i) $2.00 per share, subject to adjustment as provided in the Note, and (ii) 80% of the Nasdaq Minimum Price (as defined in the Note). The Note does not contain a floor price for the possible future redemption conversions into Class A Ordinary Shares, and a future conversion pursuant to the Agreement could potentially result in a substantial dilutive effect on the existing shareholders of the Company. Pursuant to the relevant Nasdaq Listing Rule guidance, the Nasdaq Staff has stated its position that, in determining whether the issuance of a future priced security raises public interest concerns, Nasdaq Staff will consider, among other things, whether a future priced security includes features to limit the potential dilutive effect of its conversion or exercise, including floors on the conversion or exercise price. To limit the potential dilutive effect of a redemption conversion on the existing shareholders of the Company, the board of directors of the Company approved on February 15, 2023 that the Company shall repay the Note in cash in the event any redemption conversions would result in the aggregate effective conversion price falling below $0.12. For the fiscal year ended September 30, 2023, 8,996,865 Class A Ordinary Shares were issued for the redemption of $1.25 million convertible notes. After the redemption by Class A Ordinary Shares mentioned above, the outstanding principal of convertible note was $2.0 million and interest payable was $157,801 as of September 30, 2023. On November 29, 2023, the Company entered into a forbearance agreement (the “Agreement”) with the Investor, pursuant to which the Investor agreed to refrain and forbear from bringing any action to enforce any remedies against the Company for failure to deliver the cash amount in accordance to a certain redemption notice delivered to the Company by the Lender on November 20, 2023 (the “Forbearance”). In exchange for the Forbearance, the Company agreed to pay the Lender a forbearance fee equal to 3.25% of the outstanding balance as of the date of the Agreement. The Forbearance will terminate immediately upon the Company’s failure to comply with certain terms and conditions set forth in the Agreement. Upon termination of the Forbearance, the Investor may seek all recourse available to it under the terms of the Note, the Agreement, any other documents entered into in conjunction therewith, or applicable laws. In addition, except as expressly set forth in the Agreement, the Forbearance does not constitute a waiver of, or an amendment to, any right, power, or remedy of the Investor under the Note or all other documents entered into in conjunction therewith as in effect prior to the date of the Agreement. On December 1, 2023, 1,875,000 (or 62,500 after adjusted for the reversed stock split in January 2024) Class A ordinary shares were issued for the redemption of $225,000 convertible notes.

Accrued expenses and other curr

Accrued expenses and other current liabilities	12 Months Ended
Accrued expenses and other current liabilities	Sep. 30, 2023
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	Note 15 – Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: September 30, September 30, 2023 2022 Payroll payable $ 528,902 $ 291,616 Accrued expenses 473,837 232,581 Interest payable 157,801 - Accrued expenses and other current liabilities $ 1,169,540 $ 524,197

Related party transactions

Related party transactions	12 Months Ended
Related party transactions	Sep. 30, 2023
Related party transactions
Related party transactions	Note 16 – Related party transactions The relationship and the nature of related party transactions are summarized as follow: Name of Related Party Relationship to the Company Nature of Transactions Yefang Zhang Principal shareholder Providing personal guarantee as an additional security for loans, payables and receivables, providing personal guarantee for a lawsuit for potential losses Zhengyu Wang Former CEO, spouse of Ms. Yefang Zhang Providing personal guarantee as an additional security for loans Xinyang Wang CEO of the Company Providing personal guarantee as an additional security for loans Hangzhou Forasen Energy Technology Co., Ltd. Controlled by Mr. Zhengyu Wang, spouse of Ms. Yefang Zhang Lease of office space to the Company Wenhua Liu A director of the Company Providing personal guarantee as an additional security for loans Due from a related party As of September 30, 2023 and 2022, amount due from Yefang Zhang was nil and $116,250, respectively. The amount was fully repaid by Yefang Zhang in January 2023. Due to a related party As of September 30, 2023 and 2022, the Company owed Yefang Zhang $114,451 and nil, respectively. The balance of due to related parties 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 Zhejiang 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 $59,268). Guarantees provided by related parties The Company’s related parties provide guarantees for the Company’s short-term and long-term loans (see Note 13).

Taxes

Taxes	12 Months Ended
Taxes	Sep. 30, 2023
Taxes
Taxes	Note 17 – Taxes Corporation Income Tax The Company is subject to income taxes on an entity basis on income derived from the location in which each entity is domiciled. CN Energy is incorporated in the British Virgin Islands as an offshore holding company and is not subject to tax on income or capital gain under the laws of the British Virgin Islands. Under the Hong Kong tax laws, an entity, that incorporated under the laws of Hong Kong China, is not subject to income tax if no revenue is generated in Hong Kong. Under the Enterprise Income Tax (“EIT”) Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the “FIE”) are usually subject to a unified 25% EIT rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case basis. The PRC tax authorities grant preferential tax treatment to High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. Since Khingan Forasen was approved as an HNTE in November 2016, Khingan Forasen and its branch office, Biopower Plant, are entitled to a reduced income tax rate of 15% beginning November 2016. On December 16, 2021, Khingan Forasen successfully renewed its HNTE certificate and is able to enjoy the reduced income tax rate in the next three years. In addition, according to the national comprehensive utilization of resources program, 10% of the revenue generated from selling certain products is exempt from income tax, upon approval by the tax authority. In fiscal year 2021, the local tax authority notified the Company that its revenue generated from activated carbon did not qualify for the tax exemption from 2018 to 2020 because activated carbon was not included in the program, and the Company paid approximately$135,000 income tax as assessed by the tax authority (see the prior year true-up below). Starting January 1, 2021, activated carbon has been included in the program, and the Company expects to be able to enjoy the income tax exemption going forward. The impact of the reduced tax rate noted above decreased the Company’s income taxes by $12,251, $230,332, and $245,816 for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. The benefits of the reduced tax rate and tax exemption on net income per share (basic and diluted) were $0.01, $0.32, and $0.49 for the fiscal years ended September 30, 2023, 2022 and 2021, respectively. The following table reconciles the statutory rate to the Company’s effective tax rate: For the fiscal years ended September 30, 2023 2022 2021 China Statutory income tax rate 25.0 % 25.0 % 25.0 % Effect of PRC preferential tax rate and tax exemption 0.5 % (10.2 %) (14.2 %) Research and development (“R&D”) tax credit 2.9 % (3.5 %) (3.0 %) Exempt income 0.9 % - - Effect of non-taxable government subsidy income - (4.8 %) (1.0 %) Non-PRC entities not subject to PRC tax (20.8 %) 9.8 % 8.7 % Change in valuation allowance 0.5 % (2.4 %) 0.9 % Prior year true-up - - 7.8 % Others (1.4 %) 2.2 % 1.0 % Effective tax rate 7.6 % 16.1 % 25.2 % The provision for income tax consisted of the following: For the fiscal years ended September 30, 2023 2022 2021 Current income tax provision $ (203,551) $ 323,306 $ 353,456 Deferred income tax provision (18,571 ) (9,033 ) 83,893 Income tax provision $ (222,122) $ 314,273 $ 437,349 Deferred tax liabilities and assets attributable to different tax jurisdictions are not offset. Components of deferred tax assets and liabilities were as follows: September 30, September 30, Deferred tax assets: 2023 2022 Net operating loss carryforwards $ 6,152,427 $ 60,387 Allowance on receivables 583,463 Allowance on inventory 344,474 Valuation allowance on net operating loss (7,080,364 ) (60,387 ) Total - - Deferred tax liabilities: Accelerated depreciation of equipment $ 34,153 $ 53,443 Total $ 34,153 $ 53,443 The Company’s PRC subsidiaries had cumulative net operating loss of approximately $24.6 million and $0.2 million as of September 30, 2023 and 2022, respectively, which may be available for reducing future taxable income. As of each reporting date, management considers evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. On the basis of this evaluation, valuation allowance of $7.1 million and $60,387 was recorded against the gross deferred tax asset balance at September 30, 2023 and 2022, respectively. The amount of the deferred tax asset is considered unrealizable because it is more likely than not that the Company will not generate sufficient future taxable income to utilize this portion of the net operating loss. The net change in valuation allowance for the fiscal years ended September 30, 2023, 2022 and 2021 was an increase of $7.0 million, a decrease of $226,799, and an increase of $29,336, respectively.

Concentration of major customer

Concentration of major customers and suppliers	12 Months Ended
Concentration of major customers and suppliers	Sep. 30, 2023
Concentration of major customers and suppliers
Concentration of major customers and suppliers	Note 18 – Concentration of major customers and suppliers For the fiscal year ended September 30, 2023, three major customers accounted for 13%, 13%, and 10% of the Company’s total sales. For the fiscal year ended September 30, 2022, one major customer accounted for 58% of the Company’s total sales. For the fiscal year ended September 30, 2021, three major customers accounted for approximately 44%, 33%, and 11% of the Company’s total sales, respectively. Any decrease in sales to these major customers may negatively impact the Company’s operations and cash flows if the Company fails to increase its sales to other customers. As of September 30, 2023, three major customers accounted for 21%, 20%, and 10% of the Company’s accounts receivable balance, respectively. As of September 30, 2022, three major customers accounted for 42%, 20%, and 18% of the Company’s accounts receivable balance, respectively. For the fiscal year ended September 30, 2023, two major suppliers accounted for approximately 14% and 12% of the total purchases, respectively. For the fiscal year ended September 30, 2022, two major suppliers accounted for 35% and 14% of the total purchases, respectively. For the fiscal year ended September 30, 2021, three major suppliers accounted for approximately 26%, 25%, and 16% of the total purchases, respectively. As of September 30, 2023, five suppliers accounted for approximately 17%, 16%, 16%, 11%, and 10% of the Company’s advance to suppliers balance, respectively. As of September 30, 2022, four suppliers accounted for 27%, 18%, 17%, and 10% of the Company’s advance to suppliers balance, respectively.

Leases

Leases	12 Months Ended
Leases	Sep. 30, 2023
Leases
Leases	Note 19 – Leases On July 1, 2020, Biopower Plant entered into a lease agreement with Tahe Forestry Bureau (the “Landlord”) to lease the manufacturing facility. The lease period is from July 1, 2020 to March 31, 2025, and the annual rent is RMB126,440 (approximately $19,295). According to the lease agreement, Biopower Plant can only use the land and factory buildings for the operations of Biopower Plant and cannot transfer the lease to a third person without the prior consent of the Landlord; otherwise, the lease agreement shall be terminated. Biopower Plant is required to notify the Landlord at least two months in advance of the lease expiration date to renew the lease agreement. 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, spouse of Ms. Yefang Zhang, to lease approximately 27,147 square feet of office space in Hangzhou. The lease term is for five years with annual rent of RMB454,043 (equivalent of $71,624). The Company prepaid total rent of RMB2,270,214 (equivalent of $358,120) upon the starting date of the lease period. As of September 30, 2023 and 2022, the remaining average lease term was an average of 1.5 years and 1.9 years, respectively. The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on actual incremental borrowing interest rates from financial institutions in order to discount lease payments to present value. The weighted average discount rate of the Company’s operating leases was 4.7% per annum and 4.7% per annum, as of September 30, 2023 and 2022, respectively. Supplemental balance sheet information related to operating leases from the Company’s continuing operations was as follows: As of As of September 30, September 30, 2023 2022 Right-of-use assets under operating leases $ 195,813 $ 314,339 Operating lease liabilities, current 31,602 32,899 Operating lease liabilities, non-current - 15,484 Total operating lease liabilities $ 31,602 $ 48,383 As of September 30, 2023 Fiscal 2024 33,010 Total Future minimum lease payments 33,010 Less: Imputed interest (1,408 ) Total $ 31,602

Segment reporting

Segment reporting	12 Months Ended
Segment reporting	Sep. 30, 2023
Segment reporting
Segment reporting	Note 20 – Segment reporting ASC 280, Segment Reporting The following table presents revenue by major product categories for the fiscal years ended September 30, 2023, 2022 and 2021, respectively: For the fiscal years ended September 30, 2023 2022 2021 Activated carbon $ 57,879,320 $ 39,925,693 $ 19,573,266 Biomass electricity 19,776 150,716 143,240 Technical service - 129,177 130,415 Total $ 57,899,096 $ 40,205,586 $ 19,846,921 All of the Company’s long-lived assets are located in the PRC. All of the Company’s products are sold in the PRC.

Shareholders equity

Shareholders equity	12 Months Ended
Shareholders equity	Sep. 30, 2023
Shareholders equity
Shareholders' equity	Note 21 – Shareholders’ equity Ordinary shares CN Energy is a holding company established under the laws of the British Virgin Islands on November 23, 2018. The original authorized and issued number of ordinary shares was 50,000 shares with a par value of $1.00 per share. In August 2019, the Company amended its Memorandum of Association to increase its authorized shares from 50,000 shares with a par value of $1.00 per share to an unlimited number of ordinary shares with no par value, and subdivide the already issued 50,000 shares to 139,627 shares with no par value. On April 15, 2020, the shareholders and board of directors of the Company approved (i) a forward split of the issued and outstanding ordinary shares of the Company at an approximate or rounded ratio of 71.62‑for‑1 share (the “Forward Split”), and (ii) the creation of a new class of convertible preferred shares of no par value. On April 16, 2020, the Company filed its second amended and restated memorandum and articles of association with the Registrar of Corporate Affairs of the British Virgin Islands to effect such corporate actions, which filing became effective on April 20, 2020. The Company believes it is appropriate to reflect the Forward Split on a retroactive basis pursuant to ASC 260. All shares and per share data for all the periods presented have been retroactively restated. As a result of all events mentioned above, the Company had an unlimited number of no par value ordinary shares authorized, of which 10,000,000 were issued and outstanding after the Forward Split. Share re-designation In July 2022, the shareholders of the Company adopted a resolution to authorize the re-designation of the Company’s shares (a) from (i) an unlimited number of ordinary shares of no par value and an unlimited number of convertible preferred shares of no par value to (ii) an unlimited number of Class A ordinary shares of no par value and an unlimited number of Class B ordinary shares of no par value; and (b) the issued shares in the Company were re-designated and re-classified into Class A or Class B ordinary shares of no par value on a one for one basis, each with the rights and privileges as set forth in the Third Amended and Restated Memorandum and Articles of Association of the Company. Each holder of Class A ordinary shares is entitled to one vote per one Class A ordinary share and each holder of Class B ordinary shares is entitled to 50 votes per one Class B ordinary share. The Class A ordinary shares are not convertible into shares of any other class. The Class B ordinary shares are convertible into Class A ordinary shares at any time after issuance at the option of the holder on a one-to-one basis. The Company believes the re-designation should be accounted for on a retroactive basis pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. As a result, there were 68,574,781 and 20,062,658 Class A ordinary shares issued and outstanding and 3,020,969 and 3,020,969 Class B ordinary shares issued and outstanding as of September 30, 2023 and 2022, respectively. Share consolidation or reverse share split On January 18, 2024, the Company consolidated its issued and outstanding ordinary shares from 70,449,781 Class A ordinary shares of no par value and 3,020,969 Class B ordinary shares of no par value to 2,348,326 Class A ordinary shares of no par value and 100,698 Class B ordinary shares of no par value, on a 30:1 basis. The Company believes the share consolidation should be accounted for on a retroactive basis pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. Private placements On September 27, 2022, CN Energy entered into a series of subscription agreements (collectively, the “2022 Subscription Agreements”) with 15 purchasers, each an unrelated third party to the Company (collectively, the “2022 Purchasers”). Pursuant to the 2022 Subscription Agreements, the 2022 Purchasers agreed to subscribe for and purchase, and CN Energy agreed to issue and sell to the 2022 Purchasers, an aggregate of 10,514,018 Class A ordinary shares of CN Energy, no par value (the “Shares”), at a purchase price of $1.712 per share, and for an aggregate purchase price of $18,000,000 (the “Offering”). The Shares were offered under CN Energy’s registration statement on Form F-3 (File No. 333-264579), initially filed with the U.S. Securities and Exchange Commission on April 29, 2022 and declared effective on June 13, 2022 (the “Registration Statement”). A prospectus supplement to the Registration Statement in connection with this Offering was filed with the U.S. Securities and Exchange Commission on October 3, 2022. The Subscription Agreements, the transactions contemplated thereby, and the issuance of the Shares were approved by CN Energy’s board of directors. On October 13, 2022, CN Energy completed the $18 million private placement by issuing 10,514,018 Class A ordinary shares to 2022 Purchasers. Issuance of ordinary shares for acquisition On November 11, 2022, CN Energy completed an acquisition of MZ HK, a Hong Kong company that wholly owns MZ Pintai, which is a Chinese company that wholly owns Yunnan Yuemu, pursuant to the Equity Transfer Agreement dated September 30, 2022 with the Seller. The Seller is independent from all directors and officers of CN Energy, and the Company itself. Pursuant to the Equity Transfer Agreement, the Seller first transferred 100% of its equity interests in Yunnan Honghao, a wholly owned subsidiary of the Seller, to Yunnan Yuemu, and the Seller then sold and transferred, and CN Energy purchased and acquired, 100% of its equity interests in MZ HK for a consideration of $17,706,575.88 and the issuance of 8,819,520 Class A ordinary shares of CN Energy having a value of $18,373,771, delivered to the Seller and its designees. Through the acquisition of 100% shares of MZ HK, CN Energy indirectly acquired 100% of the equity interests in Yunnan Honghao. Public offering, warrants, and pre-funded warrants On January 30, 2023, CN Energy entered into an underwriting agreement (the “Underwriting Agreement”) with Aegis Capital Corp. (the “Underwriter”), pursuant to which CN Energy agreed to sell to the Underwriter in a firm commitment public offering (the “Offering”) (i) 10,396,974 units, each consisting of one Class A ordinary share, no par value (collectively, the “Class A ordinary shares”) and one warrant, each exercisable to purchase one Class A ordinary share at an exercise price of $0.55 per share (collectively, the “warrants”), at an offering price of $0.55 per unit; and (ii) 7,786,300 units, each consisting of one pre-funded warrant, each exercisable to purchase one Class A ordinary share at an exercise price of $0.0001 per share (collectively, the “Pre-funded Warrants”), and one warrant, at an offering price of $0.5499 per unit (together with the Class A ordinary shares and the warrants, the “Offered Securities”), to those purchasers whose purchase of Class A ordinary shares in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of CN Energy’s outstanding ordinary shares immediately following the consummation of the Offering. The components of the units were issued separately and are immediately separable upon issuance. The Company received approximately $7.8 million in net proceeds from the Offering, after deducting underwriting discounts and other related offering expenses. In connection with the Offering, 10,396,974 Class A ordinary shares were issued, 4,672,700 Pre-funded Warrants were exercised upon issuance which resulted in a total issuance of 15,069,674 Class A ordinary shares and 3,112,046 Pre-funded Warrants were exercised for 3,112,046 Class A ordinary shares in September 2023. As of September 30, 2023, 18,183,274 warrants and 1,554 Pre-funded Warrants were outstanding. The Pre-funded Warrants are exercisable immediately (subject to the beneficial ownership cap) and may be exercised at any time in perpetuity until all of the Pre-funded Warrants are exercised in full. The warrants are exercisable immediately and expire five years, i.e. January 29, 2028, after their issuance date on January 30, 2023. Services agreement with AA Cornerstone Inc On March 7, 2023, the board of directors of CN Energy approved the entry of a services agreement (the “Agreement”) with AA Cornerstone Inc (the “Consultant”), pursuant to which the Consultant agreed to provide to the Company certain consulting services in the areas of strategic advisory, sponsored editorial content, and digital marketing, from March 1, 2023 to May 30, 2023 (the “Services”). As consideration for such Services, on March 13, 2023, CN Energy issued 2,000,000 restricted Class A ordinary shares, no par value, of CN Energy to the Consultant. The Agreement contained customary confidentiality, non-solicitation, indemnification, and arbitration provisions. Issuance of shares for repayment of convertible note On December 30, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with Streeterville Capital, LLC, a Utah limited liability company (the “Investor”), pursuant to which the Company issued to the Investor an unsecured convertible note, on December 30, 2022, in the original principal amount of $3,230,000 (the “Note”, and together with the Purchase Agreement, the “Agreement”), convertible into Class A ordinary shares, no par value, of the Company (“Class A Ordinary Shares”). The Note bears an interest rate of 7% per annum. All outstanding principal and accrued interest on the Note will become due and payable 12 months after the purchase price of the Note is delivered by the Investor to the Company (the “Purchase Price Date,” and 12 months after the Purchase Price Date, the “Maturity Date”), unless earlier prepaid or converted. Under the Agreement, the Investor has the right to redeem the Note 60 days after the purchase price of the Note was delivered by the Investor to the Company, and redemptions may be satisfied in cash or Class A Ordinary Shares, at the Company’s election. However, the Company will be required to pay the redemption amount in cash, if there is an Equity Conditions Failure (as defined in the Note). If the Company elects to satisfy a redemption in Class A Ordinary Shares, such Class A Ordinary Shares shall be issued at a redemption conversion price of the lower of(i) $2.00 per share, subject to adjustment as provided in the Note, and (ii) 80% of the Nasdaq Minimum Price (as defined in the Note). The Note does not contain a floor price for the possible future redemption conversions into Class A Ordinary Shares, and a future conversion pursuant to the Agreement could potentially result in a substantial dilutive effect on the existing shareholders of the Company. Pursuant to the relevant Nasdaq Listing Rule guidance, the Nasdaq Staff has stated its position that, in determining whether the issuance of a future priced security raises public interest concerns, Nasdaq Staff will consider, among other things, whether a future priced security includes features to limit the potential dilutive effect of its conversion or exercise, including floors on the conversion or exercise price. To limit the potential dilutive effect of a redemption conversion on the existing shareholders of the Company, the board of directors of the Company approved on February 15, 2023 that the Company shall repay the Note in cash in the event any redemption conversions would result in the aggregate effective conversion price falling below $0.12. For the fiscal year ended September 30, 2023, 8,996,865 Class A Ordinary Shares were issued for the redemption of $1.25 million convertible note. Statutory reserves and restricted net assets The Company’s ability to pay dividends primarily depends on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. The Company’s PRC subsidiaries are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of their respective registered capital. The Company’s PRC subsidiaries may also allocate a portion of its after-tax profits based on PRC accounting standards to employee welfare and bonus funds at their discretion. These reserves together with paid in capital of the Company’s PRC subsidiaries are not distributable as cash dividends. As of September 30, 2023 and 2022, the balance of the required statutory reserves was $0.5 million and $0.5 million, respectively.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Sep. 30, 2023
Commitments And Contingencies Disclosure Abstract
Commitments and contingencies	Note 22 – Commitments and contingencies (a) Capital expenditure commitments Except as disclosed elsewhere in the consolidated financial statements, the Company has no other capital expenditure commitment as of September 30, 2023, which are expected to be paid within one year. (b) Contingencies The Company’s subsidiaries, CN Energy Development and Hangzhou Foresan, were named as a defendant in a lawsuit arising in their ordinary course of business. As of the date of this annual report, CN Energy Development and its subsidiary, Hangzhou Foresan, continue to use all commercially reasonable efforts to defend themselves in this proceeding. Ms Yefang Zhang has made a full commitment to provide full cover for the obligation that CN Energy Development and Hangzhou Foresan may require to bear in the case. Therefore, in this case, if the mediation before court hearing fails, the risks and losses of RMB8 million ($1.1 million) will be borne by Ms Yefang Zhang. The requirement of employee benefit plans has not been implemented consistently by the local governments in China given the different levels of economic development in different locations. Biopower Plant has not paid adequate social insurance for all its employees, and the Company’s PRC subsidiaries have not made adequate housing provident fund payments for all their employees. The relevant PRC authorities may order the Company to make up the contributions to these plans. In addition, failure to make adequate social insurance payments on time may subject the Company to 0.05% late fees per day, starting from the date of underpayment, and fines equal to one to three times the underpaid amount. For failure to make adequate housing provident fund payments as required, the Company may be fined RMB10,000 to RMB50,000. If the Company is subject to late fees or fines in relation to underpaid employee benefits, the financial condition and results of operations may be adversely affected. However, the risk of regulatory penalty that the relevant authorities may impose on the Company’s PRC subsidiaries in relation to its failure to make adequate contributions to the employee benefit plans for all the Company’s employees as required is remote, because the relevant local authorities confirmed in writing that no records of violation were found on the Company’s PRC subsidiaries for social insurance plan and/or housing provident fund contributions.

Subsequent events

Subsequent events	12 Months Ended
Subsequent events	Sep. 30, 2023
Subsequent events
Subsequent events	Note 23 – Subsequent events Management has reviewed events occurring through the date the consolidated financial statements were issued and, except as disclosed elsewhere in the consolidated financial statements, no subsequent events occurred that require accrual or disclosure.

Condensed financial information

Condensed financial information of the parent company	12 Months Ended
Condensed financial information of the parent company	Sep. 30, 2023
Condensed financial information of the parent company
Condensed financial information of the parent company	Note 24 – Condensed financial information of the parent company Pursuant to the requirements of Rule 12‑04(a), 5‑04(c), and 4‑08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to the Company as the restricted net assets of the Company’s PRC subsidiaries exceeded 25% of the consolidated net assets of the Company. Therefore, the condensed financial statements of the parent company are included herein. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the Company’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances, or cash dividends without the consent of a third party. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries. Such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and the respective profit or loss as “Equity in earnings of subsidiaries” on the condensed statements of income (loss). The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The Company did not pay any dividend for the periods presented. As of September 30, 2023 and 2022, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those separately disclosed in the consolidated financial statements, if any. As of As of September 30, September 30, 2023 2022 Assets Current assets Cash $ 32,589 $ 16,099 Non-current assets Investment in subsidiaries 103,950,542 64,002,904 Total assets $ 103,983,131 $ 64,019,003 Liabilities and Shareholders’ Equity Current liabilities Due to related parties, 300,177 236,677 Accrued expenses and other current liabilities 120,720 - Total liabilities $ 420,897 $ 236,677 Commitments and contingencies Shareholders’ equity Class A ordinary share, no par value, unlimited number of shares authorized; 2,285,826 and 668,755 shares issued and outstanding as of September 30, 2023 and 2022, respectively.* 101,922,676 54,278,472 Class B ordinary share, no par value, unlimited number of shares authorized; 100,698 shares issued and outstanding as of September 30, 2023 and 2022.* 4,231,055 4,231,055 Additional paid-in capital 8,865,199 8,865,199 Statutory reserves 526,217 524,723 (Accumulated deficits) retained earnings (3,211,885 ) 2,415,349 Accumulated other comprehensive loss (8,771,028 ) (6,532,472 ) Total shareholders’ equity 103,562,234 63,782,326 Total liabilities and shareholders’ equity $ 103,983,131 $ 64,019,003 * Retrospectively restated for effect of share re-designation on July 22, 2022 and 1-for-30 reverse share split on January 18, 2024 (see Note 21). For the fiscal years ended September 30, 2023 2022 2021 General and administrative expenses $ (3,202,589 ) $ (218,663 ) $ (438,020 ) Equity in earnings of subsidiaries (2,423,151 ) 2,448,371 1,734,380 Net (loss) income (5,625,740 ) 2,229,708 1,296,360 Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares - - (975,000 ) Net (loss) income attributable to Shareholders $ (5,625,740 ) 2,229,708 321,360 Net (loss) income (5,625,740 ) 2,229,708 1,296,360 Foreign currency translation (loss) gain (2,238,556 ) (6,655,036 ) 1,089,346 Comprehensive (loss) income $ (7,864,296 ) $ (4,425,328 ) $ 2,385,706 For the fiscal years ended September 30, 2023 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (5,625,740) $ 2,229,708 $ 1,296,360 Adjustments to reconcile net (loss) income to net cash used in operating activities: Amortization of debts issuance costs 277,500 - - Issuance of ordinary shares for services 1,100,000 - - Equity in earnings of subsidiaries 2,423,151 (2,448,371 ) (1,734,380 ) Prepaid expenses and other current assets - 92,000 - Accrued expenses and other current liabilities 278,521 (202,001 ) - Net cash used in operating activities (1,546,568 ) (328,664 ) (438,020 ) CASH FLOWS FROM INVESTING ACTIVITIES: Other receivables (769,875 ) - - Investment in subsidiaries (9,676,000 ) (3,211,899 ) (38,075,908 ) Net cash used in investing activities (10,445,875 ) (3,211,899 ) (38,075,908 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the Initial Public Offering - - 23,000,000 Direct costs disbursed from Initial Public Offering proceeds - - (2,377,450 ) Issuance of Ordinary Shares for private placement - 5,528,702 18,000,000 Proceeds from convertible notes 3,000,000 - - Proceeds from issuance of shares and warrants 8,945,433 - - Direct costs disbursed from private placement proceeds - - (960,000 ) Proceeds from related party loans 63,500 - 859,483 Repayment of related party loans - (1,980,145 ) - Net cash provided by financing activities 12,008,933 3,548,557 38,522,033 CHANGES IN CASH 16,490 7,994 8,105 CASH, beginning of year 16,099 8,105 - CASH, end of year $ 32,589 $ 16,099 $ 8,105 SUPPLEMENTAL NON-CASH ACTIVITIES: Accrued deferred offering costs - - $ 385,193 Deferred offering costs funded by a related party through related party loans - - $ 102,153 Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares - - $ 975,000

Significant accounting policies

Significant accounting policies (Policies)	12 Months Ended
Significant accounting policies (Policies)	Sep. 30, 2023
Summary of significant accounting policies
Basis of presentation and principles of consolidation	The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.GAAP”). All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date on which control ceases. In preparing the consolidated financial statements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transactions provide evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company.
Use of estimates	In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the valuation of inventory, accounts receivable, advances to suppliers, other receivables, useful lives of property, plant, and equipment and intangible assets, the recoverability of long-lived assets, provision necessary for contingent liabilities, revenue recognition, and realization of deferred tax assets. Actual results could differ from those estimates.
Accounts receivable	Accounts receivable are presented net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Company makes estimates of expected credit losses for the allowance for credit losses based on assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of certain accounts receivables, current economic conditions, reasonable and supportable forecasts of future economic conditions and other factors that may affect its ability to collect from the counterparties. Uncollectible accounts receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that is not probable for the balance to be collected.
Inventories	The Company values its inventory at the lower of cost, determined on a weighted average basis, or net realizable value. Costs include the cost of raw materials, freight, direct labor, and related production overhead. Net realizable value is estimated using selling price in the normal course of business less any costs to complete and sell products. The Company reviews its inventory periodically to determine if any reserves are necessary for potential obsolescence or if the carrying value exceeds net realizable value. Inventory reserves were $0.2 million and nil as of September 30, 2023 and 2022, respectively. The costs of forestry inventories are transferred from biological assets at their costs at the point of harvest. The cost of inventories also includes capitalized production costs, including labor, materials, post-harvest costs, and depreciation. Inventoried costs are transferred to cost of goods sold in the same period as when the products are sold. Forestry inventories, capitalized production costs, and biological asset adjustments are measured at the lower of cost or net realizable value. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period when the write-down or loss occurs.
Advances to suppliers	Advances to suppliers consist of balances paid to suppliers for services and materials that have not been provided or received. The Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide supplies to the Company or refund an advance.
Property, plant and equipment	Property, plant and equipment are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. The estimated useful lives for significant property, plant, and equipment are as follows: Useful life Property and buildings 20 years Machinery and equipment 10 years Vehicles 4 years Office equipment 3 - 5 years Expenditures for maintenance and repair, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income (loss) and comprehensive income (loss) in income from operations. Construction-in-progress represents property and buildings under construction and consists of construction expenditures, equipment procurement, and other direct costs attributable to the construction. Construction-in-progress is not depreciated. Upon completion and ready for intended use, construction-in-progress is reclassified to the appropriate category within property, plant, and equipment. Prepayment for property, plant and equipment represents payment made for production line equipment to be installed in the new production plant in Manzhouli City. Prepayment for property, plant, and equipment is not depreciated. Upon readiness for intended use, prepayment for property, plant and equipment is reclassified to the appropriate category within property, plant, and equipment.
Land use right	Land use right is recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful life which is 50 years and represents the shorter of the estimated usage period or the terms of the agreement.
Intangible assets	Intangible assets consist primarily of patents and software. Intangible assets are stated at cost less accumulated amortization, which are amortized using the straight-line method with the following estimated useful lives: Useful life Patents 10 years Software 10 years
Biological assets	The Company’s biological assets consist of forests which are not yet harvested. Biological assets are initially measured at cost and subsequently depreciated on a straight-line basis over its estimated useful lives. The Company capitalizes all related direct and indirect costs of production to the biological assets at costs at each reporting date. At the point of harvest, the biological assets are transferred to inventory at their costs.
Goodwill	In accordance with ASC 350, Intangibles - Goodwill and Other, the Company assesses goodwill for impairment annually as of September 30, and more frequently if events and circumstances indicate that goodwill might be impaired. Goodwill impairment testing is performed at the reporting unit level. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or internally generated, are available to support the value of the goodwill. Traditionally, goodwill impairment testing is a two-step process. Step one involves comparing the fair value of the reporting units to its carrying amount. If the carrying amount of a reporting unit is greater than zero and its fair value is greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is greater than the fair value, the second step must be completed to measure the amount of impairment, if any. Step two involves calculating an implied fair value of goodwill. The Company determines the fair value of its reporting units using an income approach. Under the income approach, the Company determined fair value based on estimated discounted future cash flows of each reporting unit. Determining the fair value of a reporting unit is judgmental in nature and requires the use of significant estimates and assumptions, including revenue growth rates and EBITDA margins, discount rates and future market conditions, among others. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the Company obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year from acquisition date.
Impairment of long-lived assets	The Company reviews long-lived assets, including definitive-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of September 30, 2023 and 2022.
Leases	The Company has operating leases for its corporate offices and equipment. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term and renewal options, when it believes it will exercise the renewal option, in calculating the right-of-use assets and liabilities. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Non-lease components include payments for building management services, utilities and property taxes. It separates the non-lease components from the lease components to which they relate. The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. As of September 30, 2022 and 2023, the Company did not have any impairment loss for its operating lease right-of-use assets.
Fair value of financial instruments	The Company applies ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: · Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. · Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. · Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions about what assumptions market participants would use in pricing the asset or liability based on the best available information. Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized at the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented herein. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, advances to suppliers, other receivables, prepaid expenses and other current assets, short-term bank loans, accounts payable, due to related parties, taxes payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The fair value of long-term bank loan and operating lease liabilities approximate their recorded values as their stated interest rates approximate the rates currently available. The Company accounts for leases following ASC 842, (“Topic 842”).
Revenue recognition	The Company accounts for revenue recognition under Accounting Standards Codification 606, Revenue from Contracts with Customers The Company also provides technical services to customers who purchase activated carbon from the Company. The revenue of technical services is recognized on a straight-line basis over the service period as earned. The transaction price of activated carbon and technical services is determined based on fixed consideration in the Company’s customer contracts. Pursuant to the power purchase agreements entered into between the Company and the respective provincial power grid company, the Company’s sales of biomass electricity were made to the power grid company at the tariff rates agreed with the provincial power grid company as approved by the relevant government authorities in the PRC. In determining the transaction price, no significant financing components exist since the timing from when the Company invoices its customers to when payment is received is less than one year. Revenue is reported net of all value added taxes. The Company generally does not permit customers to return products and historically, customer returns have been immaterial. In the event the Company receives an advance from a customer, such advance is recorded as a liability to the Company. The Company reduces the liability and recognizes revenue after the delivery of goods occurs. The core principle underlying ASC 606 is that the Company recognizes revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s sales contracts of activated carbon have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Therefore, the sale of activated carbon is recognized at a point in time. The Company’s sales contracts of biomass electricity have a single performance obligation that represents a promise to transfer to the customer a series of distinct goods that are substantially the same and that have the same pattern of transfer to the customer. The Company’s performance obligation is satisfied over time as biomass electricity is delivered. There were no contract assets as of September 30, 2023 and 2022. For the fiscal years ended September 30, 2023, 2022, and 2021, revenue recognized from performance obligations related to prior periods was insignificant. Revenue expected to be recognized in any future periods related to remaining performance obligations is insignificant. The Company has elected the following practical expedients in applying ASC 606: · Unsatisfied Performance Obligations – for all performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption provided in ASC 606, and therefore is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. · Contract Costs - all incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration. · Significant Financing Component - the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. · Sales Tax Exclusion from the Transaction Price - the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from the customer. · Shipping and Handling Activities - the Company elected to account for shipping and handling activities as a fulfillment cost rather than as a separate performance obligation. Refer to “Note 18—Segment reporting” for details of revenue disaggregation.
Cost of revenue	Cost of revenue includes cost of raw materials purchased, inbound freight cost, cost of direct labor, depreciation expenses, and other overhead. Write-down of inventory for lower of cost or net realizable value adjustments is also recorded in cost of revenue.
Research and development expenses	Research and development expenses include costs directly attributable to the conduct of research and development projects, including the cost of salaries and other employee benefits. All costs associated with research and development are expensed as incurred.
Shipping and handling	All shipping and handling costs are expensed as incurred and included in selling expenses. Total shipping and handling expenses were $24,979, $65,881 and $164,230 for the fiscal years ended September 30, 2023, 2022 and 2021, respectively.
Government subsidy income	The Company receives various government grants from time to time. There is no guarantee that the Company will continue to receive such grants in the future. For the fiscal years ended September 30, 2023, 2022, and 2021, the Company had the following subsidy income: September 30, September 30, September 30, 2023 2022 2021 Value-added tax refund $ 465,072 $ 636,536 $ 968,909 Becoming a public company - 760,711 - Investment grant 292,487 - - Equipment of energy projects grants 97,366 132,212 110,439 Research and development grants 71,058 - - Other miscellaneous grants - 107,033 - Total $ 925,983 $ 1,636,491 $ 1,079,348 In January 2014, April 2014, and December 2019, the Company received government subsidies of approximately $840,000, $140,000, and $140,000 for equipment of energy projects, respectively. These subsidies were one-time grants, and the Company recognizes the income over the useful lives of the equipment. As of September 30, 2023 and 2022, the balance of unrecognized government grants was $202,165 and $303,894, respectively, which was recorded in deferred revenue. During the fiscal years ended September 30, 2023, 2022, and 2021, $97,366, $132,212, and $110,439 was recorded in government subsidy income, respectively.
Income taxes	The Company’s subsidiaries in the PRC, Hong Kong, and the U.S. are subject to the income tax laws of the PRC, Hong Kong, and the U.S. The Company accounts for income taxes in accordance with ASC 740, Income Taxes ASC 740‑10‑25 prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures. There were nore material uncertain tax positions as of September 30, 2023 and 2022. As of September 30, 2023, the tax years ended December 31, 2017 through December 31, 2022 for the Company’s subsidiaries remain open for statutory examination by tax authorities.
Value added tax ("VAT")	Sales revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of products sold. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products. The Company recorded a VAT payable or receivable net of payments in the accompanying consolidated financial statements. All of the VAT returns filed by the Company’s subsidiaries in the PRC, have been and remain subject to examination by the tax authorities for five years from the date of filing. Each local tax authority at times may grant tax holidays to local enterprises as a way to encourage entrepreneurship and stimulate local economy. Khingan Forasen and its branch office, Greater Khingan Range Forasen Energy Technology Co., Ltd. Tahe Biopower Plant (“Biopower Plant”), are entitled to obtained 70% VAT refund as they meet the requirement of national comprehensive utilization of resources program. For the fiscal years ended September 30, 2023, 2022, and 2021, $465,071, $636,536, and $968,909 of VAT refund was recorded in government subsidy income, respectively.
Concentrations of credit risk	Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash, term deposit, accounts receivable, advances to suppliers, and other receivables. Most of the Company’s cash is maintained with banks within the PRC. Per PRC regulations, the maximum insured bank deposit amount is RMB500,000 (approximately $70,889) for each financial institution. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. The Company has not experienced any losses in such accounts. A significant portion of the Company’s sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. The Company also makes cash advances to certain suppliers to ensure the stable supply of key raw materials. The Company performs ongoing credit evaluations of its customers and key suppliers to help further reduce credit risk (please refer to Note 18 for concentration risk details).
Comprehensive income	Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains, and losses that under U.S. GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment from the Company not using U.S. dollar as its functional currency.
Foreign currency translation	The Company’s financial information is presented in U.S. dollars. The functional currency of the Company is the Renminbi (“RMB”), the currency of the PRC. Any transactions denominated in currencies other than RMB are translated into RMB at the exchange rate quoted by the People’s Bank of China prevailing at the dates of the transactions, and exchange gains and losses are included in the statements of income (loss) as foreign currency transaction gain or loss. The consolidated financial statements of the Company have been translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters The exchange rates in effect as of September 30, 2023 and 2022, were RMB1 for $0.1371 and $0.1577, respectively. The average exchange rates for the fiscal years ended September 30, 2023, 2022, and 2021, were RMB1 for $0.1418, $0.1570, and $0.1536, respectively.
Earnings (Loss) Per Share	The Company computes earnings per share (“EPS”) in accordance with ASC 260, Earnings per Share
Statement of cash flows	In accordance with ASC 230, Statement of Cash Flows
Risks and uncertainties	The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, in addition to the general state of the PRC economy. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. The Company’s sales, purchases, and expense transactions are denominated in RMB, and all of the Company’s assets and liabilities are also denominated in RMB. RMB is not freely convertible into foreign currencies under the current law. In the PRC, foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China, the central bank of the PRC. Remittances in currencies other than RMB may require certain supporting documentation in order to effect the remittance. The Company does not carry any business interruption insurance, product liability insurance, or any other insurance policy except for a limited property insurance policy. As a result, the Company may incur uninsured losses, increasing the possibility that investors would lose their entire investment in the Company.
Recent accounting pronouncements	In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016‑13, Financial Instruments - Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial position, statements of operations and cash flows.

Organization and nature of bu_2

Organization and nature of business (Tables)	12 Months Ended
Organization and nature of business (Tables)	Sep. 30, 2023
Organization and nature of business
Schedule of major subsidiaries	Date of Place of % of Name of Entity Incorporation Incorporation Ownership Principal Activities CN Energy November 23, 2018 British Virgin Islands Parent Holding company Energy Holdings August 29, 2013 Hong Kong, China 100% Holding company Zhejiang CN Energy January 14, 2019 Zhejiang, China 100% Holding company Manzhouli CN Energy January 24, 2019 Inner Mongolia, China 100% Holding company Manzhouli CN Technology June 10, 2019 Inner Mongolia, China 100% Holding company CN Energy Development April 18, 2019 Zhejiang, China 100% Holding company Khingan Forasen March 5, 2009 Heilongjiang, China 100% Produces and distributes activated carbon and biomass electricity Hangzhou Forasen March 16, 2006 Zhejiang, China 100% Distributes activated carbon products Zhongxing Energy May 21, 2018 Inner Mongolia, China 100% Produce activated carbon and steam for heating Zhejiang New Material May 24, 2021 Zhejiang, China 100% Produce and sell wading activated carbon in the future CN Energy USA March 31, 2022 Delaware, U.S. 100% Investment, consultation and trading, inactive Zhoushan Trading April 8, 2022 Zhejiang, China 100% Trading Ningbo Trading April 13, 2022 Zhejiang, China 100% Trading Zhejiang Yongfeng New Material October 11, 2022 Zhejiang, China 100% Trading MZ HK December 6, 2018 Hong Kong, China 100% Holding company MZ Pintai January 22, 2019 Zhejiang, China 100% Holding company Yunnan Yuemu September 2, 2022 Yunnan, China 100% Holding company Yunnan Honghao May 6, 2013 Yunnan, China 100% Forestry project investment and development Zhejiang Yongfeng October 11, 2022 Zhejiang, China 100% Holding company

Summary of significant accoun_2

Summary of significant accounting policies (Tables)	12 Months Ended
Summary of significant accounting policies (Tables)	Sep. 30, 2023
Summary of significant accounting policies
Schedule of property plant and equipment useful life	Useful life Property and buildings 20 years Machinery and equipment 10 years Vehicles 4 years Office equipment 3 - 5 years
Schedule of finite-lived intangible assets, useful life	Useful life Patents 10 years Software 10 years
Schedule of government subsidy income	September 30, September 30, September 30, 2023 2022 2021 Value-added tax refund $ 465,072 $ 636,536 $ 968,909 Becoming a public company - 760,711 - Investment grant 292,487 - - Equipment of energy projects grants 97,366 132,212 110,439 Research and development grants 71,058 - - Other miscellaneous grants - 107,033 - Total $ 925,983 $ 1,636,491 $ 1,079,348

Accounts receivable net (Tables

Accounts receivable net (Tables)	12 Months Ended
Accounts receivable net (Tables)	Sep. 30, 2023
Accounts receivable net
Schedule of components of accounts receivable	September 30, September 30, 2023 2022 Trade accounts receivable $ 29,509,165 $ 19,095,539 Less: allowance for doubtful accounts (496,299 ) (330,990 ) Accounts receivable, net $ 29,012,866 $ 18,764,549
Schedule of allowance for doubtful accounts	September 30, September 30, 2023 2022 Balance at beginning of year $ 330,990 - Addition to allowance for doubtful accounts 179,562 358,218 Translation adjustments (14,253 ) (27,228 ) Balance at end of year $ 496,299 $ 330,990

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Sep. 30, 2023
Inventories
Schedule of Inventory	September 30, September 30, 2023 2022 Raw materials $ 1,619,534 $ 536,368 Finished goods 1,224,555 247,883 Sub-total 2,844,089 784,251 Less: allowance for inventories (188,856 ) - Total $ 2,655,233 $ 784,251

Advances to suppliers net (Tabl

Advances to suppliers net (Tables)	12 Months Ended
Advances to suppliers net (Tables)	Sep. 30, 2023
Advances to suppliers net
Schedule of advances to suppliers	September 30, September 30, 2023 2022 Advances for raw materials purchase $ 39,098,283 $ 18,524,038 Less: allowance for doubtful accounts (54,217 ) (261,518 ) Advances to suppliers, net $ 39,044,834 $ 18,262,520
Schedule of movement of allowance for doubtful accounts	September 30, September 30, 2023 2022 Balance at beginning of year $ 261,518 $ 148,617 Addition to allowance for doubtful accounts - 136,966 Recovery in allowance for doubtful accounts (207,668 ) - Translation adjustments 367 (24,065 ) Balance at end of year $ 54,217 $ 261,518

Property plant and equipment ne

Property plant and equipment net (Tables)	12 Months Ended
Property plant and equipment net (Tables)	Sep. 30, 2023
Property, plant, and equipment, net
Schedule of property, plant and equipment, stated at cost less accumulated depreciation	September 30, September 30, 2023 2022 Machinery and equipment $ 9,498,312 $ 9,217,130 Property and buildings 7,621,567 7,139,369 Vehicles 215,198 227,030 Office equipment 86,291 101,878 Subtotal 17,421,368 16,685,407 Construction in progress 5,162,523 5,294,970 Less: accumulated depreciation (8,749,498 ) (7,441,691 ) Property, plant and equipment, net $ 13,834,393 $ 14,538,686

Land use right, net (Tables)

Land use right, net (Tables)	12 Months Ended
Land use right, net (Tables)	Sep. 30, 2023
Land use right, net
Schedule of right to use land	September 30, September 30, 2023 2022 Land use right $ 6,887,433 $ 554,122 Less: accumulated amortization (233,767 ) (42,945 ) Land use right, net $ 6,653,666 $ 511,177
Schedule of future amortization expenses	Amortization expense Fiscal 2024 $ 305,605 Fiscal 2025 305,605 Fiscal 2026 305,605 Fiscal 2027 305,605 Fiscal 2028 305,605 Thereafter 5,125,641 Total $ 6,653,666

Intangible assets net (Tables)

Intangible assets net (Tables)	12 Months Ended
Intangible assets net (Tables)	Sep. 30, 2023
Intangible assets net
Schedule of Intangible assets, net	September 30, September 30, 2023 2022 Software $ 14,049 $ 14,409 Purchased patents 977,287 1,002,360 Subtotal 991,336 1,016,769 Less: accumulated amortization (988,276 ) (1,004,856 ) Intangible assets, net $ 3,060 $ 11,913
Schedule of estimated future amortization expense	Amortization expense Fiscal 2024 $ 448 Fiscal 2025 448 Fiscal 2026 448 Fiscal 2027 448 Fiscal 2028 448 Thereafter 820 Total $ 3,060

Long-term deposits (Tables)

Long-term deposits (Tables)	12 Months Ended
Long-term deposits (Tables)	Sep. 30, 2023
Long-term deposits
Schedule of long-term deposits	September 30, September 30, 2023 2022 Construction deposit (a) $ 822,505 $ 843,607 Deposit for acquisition of land use rights (b) 274,123 281,156 Long-term deposits $ 1,096,628 $ 1,124,763

Biological assets (Tables)

Biological assets (Tables)	12 Months Ended
Biological assets (Tables)	Sep. 30, 2023
Biological assets
Schedule of biological assets	September 30, September 30, 2023 2022 Biological assets 29,199,895 - Less: accumulated depreciation (844,306 ) - Biological assets, net $ 28,355,589 -

Acquisition of subsidiaries (Ta

Acquisition of subsidiaries (Tables)	12 Months Ended
Acquisition of subsidiaries (Tables)	Sep. 30, 2023
Acquisition of subsidiaries
Schedule of acquisition of subsidiaries	For the fiscal year ended September 30, 2023 Cash $ 602 Biological assets 29,655,127 Land use rights 6,446,124 Total assets $ 36,101,853 Other payables $ (21,506) Total liabilities $ (21,506) Net tangible assets $ 36,080,347 Goodwill - Total fair value of purchase price allocation $ 36,080,347 Consideration in the form of shares $ 18,373,771 Consideration in the form of cash 17,706,576 Total consideration $ 36,080,347

Short-term and long-term loans

Short-term and long-term loans (Tables)	12 Months Ended
Short-term and long-term loans (Tables)	Sep. 30, 2023
Short-term and long-term loans
Schedule of Short-term and long-term loans	September 30, September 30, 2023 2022 Short-term loans Industrial and Commercial Bank of China $ 1,713,267 $ 1,757,223 Bank of Beijing 1,165,022 702,888 China Resources Shenzhen Guotou Trust Co., Ltd 685,307 - China Zheshang Bank Co., Ltd. 671,601 1,251,142 Pingan Bank Co., Ltd. 411,185 - Total short-term loans $ 4,646,382 $ 3,711,253 Long-term loans Long-term loans, current portion Xiaoshan Rural Commercial Bank $ 411,184 - Kincheng Bank Co., Ltd. 137,061 - WeBank Co., Ltd. - $ 20,009 Total long-term loans, current portion $ 548,245 $ 20,009 Long-term loans, non-current portion Xiaoshan Rural Commercial Bank - $ 421,733 Kincheng Bank Co., Ltd. 34,266 - Total long-term loans, non-current portion $ 34,266 $ 421,733 Total long-term loans $ 582,511 $ 441,742 Total short-term and long-term loans $ 5,228,893 $ 4,152,995 Loan Loan Loan Loan Effective commencement maturity amount amount interest As of September 30, 2023 date date in RMB in USD rate Note Secured short-term loans Industrial and Commercial Bank of China May 25, 2022 April 19, 2024 4,500,000 $ 616,776 3.75 % 1 Industrial and Commercial Bank of China June 24, 2022 May 28, 2024 5,000,000 685,307 4.35 % 2 Bank of Beijing December 9, 2022 December 8, 2023 5,000,000 685,307 4.50 % 3 Bank of Beijing May 31, 2023 May 30, 2024 3,500,000 479,715 4.00 % 3 China Zheshang Bank Co., Ltd. June 29, 2023 June 28, 2024 4,900,000 671,601 5.50 % 4 Pingan Bank Co., Ltd. December 7, 2022 December 5, 2023 3,000,000 411,185 6.00 % 5 Total secured short-term loans 25,900,000 $ 3,549,891 Unsecured short-term loans China Resources Shenzhen Guotou Trust Co., Ltd July 3, 2023 June 13, 2024 5,000,000 $ 685,307 3.40 % Industrial and Commercial Bank of China December 7, 2022 November 22, 2023 1,500,000 205,592 4.45 % 9 Industrial and Commercial Bank of China December 8, 2022 November 22, 2023 1,500,000 205,592 4.45 % 9 Total unsecured short-term loans 8,000,000 $ 1,096,491 Total short-term loans 33,900,000 $ 4,646,382 Secured long-term loans Kincheng Bank Co., Ltd. November 30, 2022 December 1, 2024 1,250,000 171,327 18.00 % 6 Xiaoshan Rural Commercial Bank July 19, 2022 July 17, 2025 3,000,000 411,184 6.16 % 7 Total long-term loans 4,250,000 $ 582,511 Total short-term and long-term loans 38,150,000 $ 5,228,893 Loan Loan Loan Loan Effective For the fiscal year ended September 30, 2022 commencement maturity amount amount interest Secured short-term loans date date in RMB in USD rate Note Industrial and Commercial Bank of China May 25, 2022 May 25, 2023 4,500,000 $ 632,600 3.80 % 1 Industrial and Commercial Bank of China June 24, 2022 June 24, 2023 5,000,000 702,889 4.35 % 2 China Zheshang Bank Co., Ltd. May 25, 2022 May 23, 2023 4,000,000 562,311 5.5 % 4 China Zheshang Bank Co., Ltd. June 1, 2022 May 31, 2023 4,900,000 688,831 5.5 % 4 Bank of Beijing December 21, 2021 December 20, 2022 5,000,000 702,888 4.75 % 3 Total secured short-term loans 23,400,000 $ 3,289,519 Unsecured short-term loans Industrial and Commercial Bank of China December 14, 2021 December 9, 2022 1,500,000 $ 210,867 3.85 % Industrial and Commercial Bank of China December 15, 2021 December 10, 2022 1,500,000 210,867 3.85 % Total unsecured short-term loans 3,000,000 $ 421,734 Total short-term loans 26,400,000 $ 3,711,253 Secured long-term loans Long-term loan, current portion WeBank Co., Ltd. October 9, 2020 October 9, 2022 142,331 $ 20,009 10.26 % 8 Long-term bank loan, non-current portion Xiaoshan Rural Commercial Bank July 19, 2022 July 17, 2025 3,000,000 421,733 6.31 % 7 Total long-term loans 3,142,331 $ 441,742 Total short-term and long-term loans 29,542,331 $ 4,152,995

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	12 Months Ended
Accrued expenses and other current liabilities (Tables)	Sep. 30, 2023
Accrued expenses and other current liabilities
Schedule of accrued expenses and other current liabilities	September 30, September 30, 2023 2022 Payroll payable $ 528,902 $ 291,616 Accrued expenses 473,837 232,581 Interest payable 157,801 - Accrued expenses and other current liabilities $ 1,169,540 $ 524,197

Taxes (Tables)

Taxes (Tables)	12 Months Ended
Taxes (Tables)	Sep. 30, 2023
Taxes
Summary of reconciliation of statutory rate to the Company's effective tax rate	For the fiscal years ended September 30, 2023 2022 2021 China Statutory income tax rate 25.0 % 25.0 % 25.0 % Effect of PRC preferential tax rate and tax exemption 0.5 % (10.2 %) (14.2 %) Research and development (“R&D”) tax credit 2.9 % (3.5 %) (3.0 %) Exempt income 0.9 % - - Effect of non-taxable government subsidy income - (4.8 %) (1.0 %) Non-PRC entities not subject to PRC tax (20.8 %) 9.8 % 8.7 % Change in valuation allowance 0.5 % (2.4 %) 0.9 % Prior year true-up - - 7.8 % Others (1.4 %) 2.2 % 1.0 % Effective tax rate 7.6 % 16.1 % 25.2 %
Summary of provision for income tax	For the fiscal years ended September 30, 2023 2022 2021 Current income tax provision $ (203,551) $ 323,306 $ 353,456 Deferred income tax provision (18,571 ) (9,033 ) 83,893 Income tax provision $ (222,122) $ 314,273 $ 437,349
Summary of components of deferred tax liabilities and assets	September 30, September 30, Deferred tax assets: 2023 2022 Net operating loss carryforwards $ 6,152,427 $ 60,387 Allowance on receivables 583,463 Allowance on inventory 344,474 Valuation allowance on net operating loss (7,080,364 ) (60,387 ) Total - - Deferred tax liabilities: Accelerated depreciation of equipment $ 34,153 $ 53,443 Total $ 34,153 $ 53,443

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases
Schedule of operating lease liabilities	As of As of September 30, September 30, 2023 2022 Right-of-use assets under operating leases $ 195,813 $ 314,339 Operating lease liabilities, current 31,602 32,899 Operating lease liabilities, non-current - 15,484 Total operating lease liabilities $ 31,602 $ 48,383
Schedule of operating lease future minimum lease payments	As of September 30, 2023 Fiscal 2024 33,010 Total Future minimum lease payments 33,010 Less: Imputed interest (1,408 ) Total $ 31,602

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
Segment reporting (Tables)	Sep. 30, 2023
Segment reporting
Summary of revenue from major product categories	For the fiscal years ended September 30, 2023 2022 2021 Activated carbon $ 57,879,320 $ 39,925,693 $ 19,573,266 Biomass electricity 19,776 150,716 143,240 Technical service - 129,177 130,415 Total $ 57,899,096 $ 40,205,586 $ 19,846,921

Condensed financial informati_2

Condensed financial information of the parent company (Tables)	12 Months Ended
	Sep. 30, 2023
Condensed financial information of the parent company
Schedule of parent company's balance sheet	As of As of September 30, September 30, 2023 2022 Assets Current assets Cash $ 32,589 $ 16,099 Non-current assets Investment in subsidiaries 103,950,542 64,002,904 Total assets $ 103,983,131 $ 64,019,003 Liabilities and Shareholders’ Equity Current liabilities Due to related parties, 300,177 236,677 Accrued expenses and other current liabilities 120,720 - Total liabilities $ 420,897 $ 236,677 Commitments and contingencies Shareholders’ equity Class A ordinary share, no par value, unlimited number of shares authorized; 2,285,826 and 668,755 shares issued and outstanding as of September 30, 2023 and 2022, respectively.* 101,922,676 54,278,472 Class B ordinary share, no par value, unlimited number of shares authorized; 100,698 shares issued and outstanding as of September 30, 2023 and 2022.* 4,231,055 4,231,055 Additional paid-in capital 8,865,199 8,865,199 Statutory reserves 526,217 524,723 (Accumulated deficits) retained earnings (3,211,885 ) 2,415,349 Accumulated other comprehensive loss (8,771,028 ) (6,532,472 ) Total shareholders’ equity 103,562,234 63,782,326 Total liabilities and shareholders’ equity $ 103,983,131 $ 64,019,003
Schedule of parent company's statements of income and comprehensive income	For the fiscal years ended September 30, 2023 2022 2021 General and administrative expenses $ (3,202,589 ) $ (218,663 ) $ (438,020 ) Equity in earnings of subsidiaries (2,423,151 ) 2,448,371 1,734,380 Net (loss) income (5,625,740 ) 2,229,708 1,296,360 Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares - - (975,000 ) Net (loss) income attributable to Shareholders $ (5,625,740 ) 2,229,708 321,360 Net (loss) income (5,625,740 ) 2,229,708 1,296,360 Foreign currency translation (loss) gain (2,238,556 ) (6,655,036 ) 1,089,346 Comprehensive (loss) income $ (7,864,296 ) $ (4,425,328 ) $ 2,385,706
Schedule of parent company's statements of cash flows	For the fiscal years ended September 30, 2023 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (5,625,740) $ 2,229,708 $ 1,296,360 Adjustments to reconcile net (loss) income to net cash used in operating activities: Amortization of debts issuance costs 277,500 - - Issuance of ordinary shares for services 1,100,000 - - Equity in earnings of subsidiaries 2,423,151 (2,448,371 ) (1,734,380 ) Prepaid expenses and other current assets - 92,000 - Accrued expenses and other current liabilities 278,521 (202,001 ) - Net cash used in operating activities (1,546,568 ) (328,664 ) (438,020 ) CASH FLOWS FROM INVESTING ACTIVITIES: Other receivables (769,875 ) - - Investment in subsidiaries (9,676,000 ) (3,211,899 ) (38,075,908 ) Net cash used in investing activities (10,445,875 ) (3,211,899 ) (38,075,908 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the Initial Public Offering - - 23,000,000 Direct costs disbursed from Initial Public Offering proceeds - - (2,377,450 ) Issuance of Ordinary Shares for private placement - 5,528,702 18,000,000 Proceeds from convertible notes 3,000,000 - - Proceeds from issuance of shares and warrants 8,945,433 - - Direct costs disbursed from private placement proceeds - - (960,000 ) Proceeds from related party loans 63,500 - 859,483 Repayment of related party loans - (1,980,145 ) - Net cash provided by financing activities 12,008,933 3,548,557 38,522,033 CHANGES IN CASH 16,490 7,994 8,105 CASH, beginning of year 16,099 8,105 - CASH, end of year $ 32,589 $ 16,099 $ 8,105 SUPPLEMENTAL NON-CASH ACTIVITIES: Accrued deferred offering costs - - $ 385,193 Deferred offering costs funded by a related party through related party loans - - $ 102,153 Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares - - $ 975,000

Organization and nature of bu_3

Organization and nature of business (Details)	12 Months Ended
Organization and nature of business (Details)	Sep. 30, 2023
Subsidiary One [Member]
Name of Entity	CN Energy
Date of Incoporation	Nov. 23, 2018
Percentage of Ownership	Parent
Place of Incorporation	British Virgin Islands
Principal Activities	Holding company
Subsidiary Two [Member]
Name of Entity	Energy Holdings
Date of Incoporation	Aug. 29, 2013
Percentage of Ownership	100%
Place of Incorporation	Hong Kong, China
Principal Activities	Holding company
Subsidiary Three [Member]
Name of Entity	Zhejiang CN Energy
Date of Incoporation	Jan. 14, 2019
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Holding company
Subsidiary Four [Member]
Name of Entity	Manzhouli CN Energy
Date of Incoporation	Jan. 24, 2019
Percentage of Ownership	100%
Place of Incorporation	Inner Mongolia, China
Principal Activities	Holding company
Subsidiary Five [Member]
Name of Entity	Manzhouli CN Technology
Date of Incoporation	Jun. 10, 2019
Percentage of Ownership	100%
Place of Incorporation	Inner Mongolia, China
Principal Activities	Holding company
Subsidiary Six [Member]
Name of Entity	CN Energy Development
Date of Incoporation	Apr. 18, 2019
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Holding company
Subsidiary Seven [Member]
Name of Entity	Khingan Forasen
Date of Incoporation	Mar. 05, 2009
Percentage of Ownership	100%
Place of Incorporation	Heilongjiang, China
Principal Activities	Produces and distributes activated carbon and biomass electricity
Subsidiary Eight [Member]
Name of Entity	Hangzhou Forasen
Date of Incoporation	Mar. 16, 2006
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Distributes activated carbon products
Subsidiary Nine [Member]
Name of Entity	Zhongxing Energy
Date of Incoporation	May 21, 2018
Percentage of Ownership	100%
Place of Incorporation	Inner Mongolia, China
Principal Activities	Produce activated carbon and steam for heating
Subsidiary Ten [Member]
Name of Entity	Zhejiang New Material
Date of Incoporation	May 24, 2021
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Produce and sell wading activated carbon in the future
Subsidiary Eleven [Member]
Name of Entity	CN Energy USA
Date of Incoporation	Mar. 31, 2022
Percentage of Ownership	100%
Place of Incorporation	Delaware, U.S.
Principal Activities	Investment, consultation and trading, inactive
Subsidiary Twelve [Member]
Name of Entity	Zhoushan Trading
Date of Incoporation	Apr. 08, 2022
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Trading
Subsidiary Thirteen [Member]
Name of Entity	Ningbo Trading
Date of Incoporation	Apr. 13, 2022
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Trading
Subsidiary Fourteen [Member]
Name of Entity	Zhejiang Yongfeng New Material
Date of Incoporation	Oct. 11, 2022
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Trading
Subsidiary Fifteen [Member]
Name of Entity	MZ HK
Date of Incoporation	Dec. 06, 2018
Percentage of Ownership	100%
Place of Incorporation	Hong Kong, China
Principal Activities	Holding company
Subsidiary Sixteen [Member]
Name of Entity	MZ Pintai
Date of Incoporation	Jan. 22, 2019
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Holding company
Subsidiary Seventeen [Member]
Name of Entity	Yunnan Yuemu
Date of Incoporation	Sep. 02, 2022
Percentage of Ownership	100%
Place of Incorporation	Yunnan, China
Principal Activities	Holding company
Subsidiary Eighteen [Member]
Name of Entity	Yunnan Honghao
Date of Incoporation	May 06, 2013
Percentage of Ownership	100%
Place of Incorporation	Yunnan, China
Principal Activities	Forestry project investment and development
Subsidiary Nineteen [Member]
Name of Entity	Zhejiang Yongfeng
Date of Incoporation	Oct. 11, 2022
Percentage of Ownership	100%
Place of Incorporation	Zhejiang, China
Principal Activities	Holding company

Organization and nature of bu_4

Organization and nature of business (Details Narrative)		2 Months Ended	12 Months Ended
Organization and nature of business (Details Narrative)	Apr. 25, 2020	Jun. 30, 2021	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022
Forward Split ratio	71.62		71.62
Represents the information pertaining to CN Energy Development. [Member] \| Represents the information pertaining to Hangzhou Forasen Technology Co., Ltd. [Member]
Transfer of equity interest in subsidiaries		100%
Represents the information pertaining to Manzhouli Zhongxing Energy Technology Co., Ltd. [Member]
Transfer of equity interest in subsidiaries		100%
Represents the information pertaining to Manzhouli CN Energy. [Member]
Ownership interest (as a percent)			90%
Ownership interest held by non controlling owners			70%
CnEnergy Development [Member]
Ownership interest (as a percent)			10%	100%
Ownership interest held by non controlling owners			100%
Issuance of Ordinary Shares, net of offering expenses (in shares) \| shares			10,000,000
Zhejiang CN Energy. [Member]
Ownership interest (as a percent)				100%
Ownership interest held by non controlling owners			30%
Consideration Amount \| $			$ 17,706,575
Issuance of ordinary shares for acquisition, amount \| $			$ 18,373,771
Issuance of ordinary shares for acquisition, shares \| shares			8,819,520
Zhejiang CN Energy. [Member] \| Represents the information pertaining to Hangzhou Forasen Technology Co., Ltd. [Member]
Transfer of equity interest in subsidiaries			100%
Zhejiang CN Energy. [Member] \| Represents the information pertaining to CN Energy Development. [Member]
Transfer of equity interest in subsidiaries		60%

Summary of significant accoun_3

Summary of significant accounting policies (Details)	12 Months Ended
Summary of significant accounting policies (Details)	Sep. 30, 2023
Machinery and Equipment [Member]
Property plant and equipment useful life	10 years
Vehicles [Member]
Property plant and equipment useful life	4 years
Office Equipment [Member] \| Minimum [Member]
Property plant and equipment useful life	3 years
Office Equipment [Member] \| Maximum [Member]
Property plant and equipment useful life	5 years
Property plant and equipment useful life [Member]
Property plant and equipment useful life	20 years

Summary of significant accoun_4

Summary of significant accounting policies (Details 1)	12 Months Ended
Summary of significant accounting policies (Details 1)	Sep. 30, 2023
Software [Member]
Estimated useful lives of intangible assets	10 years
Patents [Member]
Estimated useful lives of intangible assets	10 years

Summary of significant accoun_5

Summary of significant accounting policies (Details 2) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Summary of significant accounting policies
Value-added tax refund	$ 465,072	$ 636,536	$ 968,909
Becoming a public company	0	760,711	0
Investment grant	292,487	0	0
Equipment of energy projects grants	97,366	132,212	110,439
Research and development grants	71,058	0	0
Other miscellaneous grants	0	107,033	0
Total	$ 925,983	$ 1,636,491	$ 1,079,348

Summary of significant accoun_6

Summary of significant accounting policies (Details Narrative)	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2019 USD ($)	Apr. 30, 2014 USD ($)	Jan. 31, 2014 USD ($)
Summary of significant accounting policies
Value-added tax refund	$ 465,071	$ 636,536	$ 968,909
Fixed annual interest rate	2%
Inventory reserve	$ 0	$ 0
Estimated useful life of land use right		50 years
Shipping and handling expenses	24,979	$ 65,881	164,230
Government subsidy income	97,366	132,212	$ 110,439
Government subsidies received, equipment of energy projects				$ 140,000	$ 140,000	$ 840,000
Unrecognized government grants	$ 202,165	$ 303,894
Maximum rate of VAT	13%
Percentage of VAT refund	70%
Effect of exchange rate on foreign currency translation	0.1371	0.1577
Average exchange rates	0.1418	0.1570	0.1536
Maximum insured amount deposit in bank	$ 70,889

Accounts receivable, net (Detai

Accounts receivable, net (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Accounts receivable net
Trade accounts receivable	$ 29,509,165	$ 19,095,539
Less: allowance for doubtful accounts	(496,299)	(330,990)
Accounts receivable, net	$ 29,012,866	$ 18,764,549

Accounts receivable, net (Det_2

Accounts receivable, net (Details 1) - USD ($)	12 Months Ended
Accounts receivable, net (Details 1) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Accounts receivable net
Balance at beginning of year	$ 330,990	$ 0
Addition to allowance for doubtful accounts	179,562	358,218
Translation adjustments	(14,253)	(27,228)
Balance at end of year	$ 496,299	$ 330,990

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Inventories
Raw materials	$ 1,619,534	$ 536,368
Finished goods	1,224,555	247,883
Sub-total	2,844,089	784,251
Less: allowance for inventories	(188,856)	0
Total	$ 2,655,233	$ 784,251

Advances to suppliers, net (Det

Advances to suppliers, net (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Advances to suppliers net
Advances for raw materials purchase	$ 39,098,283	$ 18,524,038
Less: allowance for doubtful accounts	(54,217)	(261,518)
Total	$ 39,044,834	$ 18,262,520

Advances to suppliers, net (D_2

Advances to suppliers, net (Details 1) - USD ($)	12 Months Ended
Advances to suppliers, net (Details 1) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Advances to suppliers net
Balance at beginning of year	$ 261,518	$ 148,617
Addition to allowance for doubtful accounts	0	136,966
Recovery in allowance for doubtful accounts	(207,668)	0
Translation adjustments	367	(24,065)
Balance at end of year	$ 54,217	$ 261,518

Property, plant, and equipmen_2

Property, plant, and equipment, net (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Subtotal	$ 17,421,368	$ 16,685,407
Construction in progress	5,162,523	5,294,970
Less: accumulated depreciation	(8,749,498)	(7,441,691)
Property, plant and equipment, net	13,834,393	14,538,686
Machinery and Equipment [Member]
Subtotal	9,498,312	9,217,130
Vehicles [Member]
Subtotal	215,198	227,030
Property and Building [Member]
Subtotal	7,621,567	7,139,369
Office Equipment [Member]
Subtotal	$ 86,291	$ 101,878

Property, plant and equipment,

Property, plant and equipment, net (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Property, plant, and equipment, net
Depreciation expenses	$ 1.6	$ 1.4	$ 1.1

Prepayment for property, plan_2

Prepayment for property, plant and equipment (Details Narrative) $ in Millions	12 Months Ended
	Sep. 30, 2023 USD ($)
Prepayment for property, plant and equipment
Prepayment for property, plant and equipment	$ 3.6
Contractual obligations paid	$ 0.2

Land use right, net (Details)

Land use right, net (Details) - Land use right [Member] - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Land use right	$ 6,887,433	$ 554,122
Less: accumulated amortization	(233,767)	(42,945)
Intangible assets, net	$ 6,653,666	$ 511,177

Land use right, net (Details 1)

Land use right, net (Details 1) - Land use right [Member] - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Fiscal 2024	$ 305,605
Fiscal 2025	305,605
Fiscal 2026	305,605
Fiscal 2027	305,605
Fiscal 2028	305,605
Thereafter	5,125,641
Intangible assets, net	$ 6,653,666	$ 511,177

Land use right, net (Details Na

Land use right, net (Details Narrative) - USD ($)	12 Months Ended
Land use right, net (Details Narrative) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Land use right, net
Amortization	$ 198,499	$ 11,493	$ 12,109

Intangible assets, net (Details

Intangible assets, net (Details) - Intangible Assets [Member] - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Subtotal	$ 991,336	$ 1,016,769
Less: accumulated amortization	(988,276)	(1,004,856)
Intangible assets, net	3,060	11,913
Amortization expense	8,849	54,359	$ 111,096
Software[Member]
Subtotal	14,049	14,409
Patents [Member]
Subtotal	$ 977,287	$ 1,002,360

Intangible assets, net (Detai_2

Intangible assets, net (Details 1) - Intangible Assets [Member] - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Fiscal 2024	$ 448
Fiscal 2025	448
Fiscal 2026	448
Fiscal 2027	448
Fiscal 2028	448
Thereafter	820
Intangible assets, net	$ 3,060	$ 11,913

Long-term deposits (Details)

Long-term deposits (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Long-term deposits
Construction deposit	$ 822,505	$ 843,607
Deposit for acquisition of land use rights	274,123	281,156
Long-term deposits	$ 1,096,628	$ 1,124,763

Long-term deposits (Details Nar

Long-term deposits (Details Narrative) ¥ in Millions	12 Months Ended
Long-term deposits (Details Narrative) ¥ in Millions	Sep. 30, 2023 CNY (¥)
Long-term deposits
Payment of construction deposit	¥ 6
Payment of deposit for acquisition of land use rights	¥ 2

Biological assets (Details)

Biological assets (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Biological assets
Biological assets	$ 29,199,895	$ 0
Less: accumulated depreciation	(844,306)	0
Biological assets, net	$ 28,355,589	$ 0

Biological assets (Details Narr

Biological assets (Details Narrative)	12 Months Ended
Biological assets (Details Narrative)	Sep. 30, 2023 USD ($)
Biological assets
Amortization of biological assets	$ 873,358
Biological assets description	Company owned 29 forest right certificates with expiry dates ranging from August 2053 to December 2076 and with an aggregate area of 14.5 square miles

Acquisition of subsidiaries (De

Acquisition of subsidiaries (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Cash	$ 195,502	$ 18,046,872
Total Assets	126,195,222	$ 94,941,872
Yunnan Honghao [Member]
Cash	602
Biological assets	29,655,127
Land use rights	6,446,124
Total Assets	36,101,853
Other payables	(21,506)
Total liabilities	(21,506)
Net tangible assets	36,080,347
Goodwill	0
Total fair value of purchase price allocation	36,080,347
Consideration in the form of shares	18,373,771
Consideration in the form of cash	17,706,576
Total consideration	$ 36,080,347

Short-term and long-term loan_2

Short-term and long-term loans (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Total short-term bank loans	$ 4,646,382	$ 3,711,253
Long-term bank loans, current portion	548,245	20,009
Long-term bank loans, non-current portion	34,266	421,733
Total long-term bank loans	582,511	441,742
Total short-term and long-term bank loans	5,228,893	4,152,995
Represents the information pertaining to Industrial and Commercial Bank of China. [Member]
Total short-term bank loans	1,713,267	1,757,223
Represents information pertaining to China Zheshang Bank Co., Ltd. [Member]
Total short-term bank loans	671,601	1,251,142
Represents the information pertaining to Bank of Beijing. [Member]
Total short-term bank loans	1,165,022	702,888
Represents information pertaining to WeBank Co., Ltd. [Member]
Long-term bank loans, current portion	0	20,009
Represents information pertaining to Xiaoshan Rural Commercial Bank. [Member]
Long-term bank loans, current portion	411,184	0
Long-term bank loans, non-current portion	0	421,733
Represents information pertaining to Pingan Bank Co., Ltd. [Member]
Total short-term bank loans	411,185	0
Represents information pertaining to China Resources Shenzhen Guotou Trust Co., Ltd [Member]
Total short-term bank loans	685,307	0
Represents information pertaining to Kincheng Bank Co., Ltd. [Member]
Long-term bank loans, current portion	137,061	0
Long-term bank loans, non-current portion	$ 34,266	$ 0

Short-term and long-term loan_3

Short-term and long-term loans (Details 1) - USD ($)	12 Months Ended
Short-term and long-term loans (Details 1) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Total short-term bank loans	$ 4,646,382	$ 3,711,253
Long-term bank loans, current portion	548,245	20,009
Long-term bank loans, non-current portion	34,266	421,733
Total long-term bank loans	582,511	441,742
Total short-term and long-term bank loans	5,228,893	4,152,995
Property, plant and equipment, net	$ 13,834,393	14,538,686
Mr. Wenhua Liu [Member]
Descriptin of loan	Approximately $0.4 million of this loan was overdue on December 5, 2023
Outstanding principal and normal interest balance	$ 900,000
Mr. Wenhua Liu One [Member]
Outstanding principal and normal interest balance	900,000
Represents information pertaining to Secured short-term bank loans with Pingan Bank Co., Ltd, Due December 05, 2023. [Member]
Total short-term bank loans	$ 411,185
Effective interest rate	6%
Represents information pertaining to China Resources Shenzhen Guotou Trust Co., Ltd Due on June 13, 2023 [Member]
Total short-term bank loans	$ 685,307
Effective interest rate	3.40%
Represents information pertaining to Kincheng Bank Co., Ltd. Due on December 1, 2024 [Member]
Long-term bank loans, current portion	$ 171,327
Effective interest rate	18%
Represents information pertaining to Secured short-term bank loans with Industrial and Commercial Bank of China (Tahe Branch), Due May 25, 2023. [Member]
Total short-term bank loans	$ 616,776	$ 632,600
Effective interest rate	3.75%	3.80%
Maximum percentage of outstanding principal and normal interest balance guaranteed	80%
Represents information pertaining to Secured short-term bank loans with Industrial and Commercial Bank of China (Tahe Branch), Due June 24, 2023. [Member]
Total short-term bank loans	$ 685,307	$ 702,889
Effective interest rate	4.35%	4.35%
Maximum percentage of outstanding principal and normal interest balance guaranteed	80%
Represents information pertaining to Secured short-term bank loans with China Zheshang Bank Co., Ltd., Due May 25, 2023. [Member]
Total short-term bank loans	$ 671,601	$ 562,311
Effective interest rate	5.50%	5.50%
Represents information pertaining to Secured short-term bank loans with China Zheshang Bank Co., Ltd., Due May 25, 2023. [Member] \| Asset Pledged as Collateral [Member]
Property, plant and equipment, net	$ 100,000
Represents information pertaining to Secured short-term bank loans with China Zheshang Bank Co., Ltd., Due May 31, 2023. [Member]
Total short-term bank loans	0	$ 688,831
Effective interest rate		5.50%
Represents information pertaining to Secured short-term bank loans with Bank of Beijing (Yangzhou Branch), Due December 20, 2022. [Member]
Total short-term bank loans	$ 685,307	$ 702,888
Effective interest rate	4.50%	4.75%
Maximum percentage of outstanding principal and normal interest balance guaranteed	100%
Descriptin of loan	Approximately $0.5 million of this loan was overdue on December 8, 2023
Represents information pertaining to Secured short-term bank loans. [Member]
Total short-term bank loans	$ 3,549,891	$ 3,289,519
Represents information pertaining to Unsecured short-term bank loans with Industrial and Commercial Bank of China (Tahe Branch), Due December 9, 2022. [Member]
Total short-term bank loans	$ 205,592	$ 210,867
Effective interest rate	4.45%	3.85%
Represents information pertaining to Unsecured short-term bank loans with Industrial and Commercial Bank of China (Tahe Branch), Due December 10, 2022. [Member]
Total short-term bank loans	$ 205,592	$ 210,867
Effective interest rate	4.45%	3.85%
Represents information pertaining to Unsecured short-term bank loans. [Member]
Total short-term bank loans	$ 1,096,491	$ 421,734
Represents information pertaining to Secured long-term bank loans with WeBank Co., Ltd., Due October 9, 2022. [Member]
Long-term bank loans, current portion		$ 20,009
Effective interest rate		10.26%
Represents information pertaining to Secured long-term bank loans with Xiaoshan Rural Commercial Bank, Due July 17, 2025. [Member]
Long-term bank loans, non-current portion	$ 411,184	$ 421,733
Effective interest rate	6.16%	6.31%
Represents information pertaining to Secured short-term bank loans with Bank of Beijing (Yangzhou Branch), Due May 30, 2024. [Member]
Total short-term bank loans	$ 479,715	$ 0
Effective interest rate	4%

Convertible note (Details Narra

Convertible note (Details Narrative) - USD ($)		12 Months Ended
Convertible note (Details Narrative) - USD ($)	Dec. 01, 2023	Sep. 30, 2023	Dec. 30, 2022	Sep. 30, 2022
Convertible note
Ordinary shares issued	1,875,000
Redemption of convertible notes	$ 225,000
Unsecured convertible note principal amount			$ 3,230,000
Interest rate			7%
Note mature date		Dec. 30, 2023
Common share conversion price		$ 2
Conversion of convertible note into number of ordinary share		8,996,865
Conversion of convertible note into number of ordinary share conversion rate per share		$ 0.12
Interest payable		$ 157,801		$ 0
Convertible note redemption		1,250,000
Outstanding principal of convertible		$ 2,000,000
Adjusted for the reversed stock split, shares	62,500

Accrued expenses and other cu_3

Accrued expenses and other current liabilities (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Accrued expenses and other current liabilities
Payroll payable	$ 528,902	$ 291,616
Accrued expenses	473,837	232,581
Interest payable	157,801	0
Accrued expenses and other current liabilities	$ 1,169,540	$ 524,197

Related party transactions (Det

Related party transactions (Details Narrative)	Oct. 08, 2021 USD ($) a	Oct. 08, 2021 CNY (¥) a	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Represents the information pertaining to Hangzhou Forasen Technology Co., Ltd. [Member]
Area of office space leased \| a	27,147	27,147
Annual rent	$ 59,268	¥ 432,043
Term of the lease	five years
Yefang Zhang. [Member]
Due from a related party			$ 116,250	$ 116,250
Due to a related party			$ 114,451	$ 114,451

Taxes (Details)

Taxes (Details)	12 Months Ended
Taxes (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Statutory rate to the Company's effective tax rate
China Statutory income tax rate	25%	25%	25%
Effect of PRC preferential tax rate and tax exemption	0.50%	(10.20%)	(14.20%)
Research and development ("R&D") tax credit	2.90%	(3.50%)	(3.00%)
Exempt income	0.90%	0%	0%
Effect of non-taxable government subsidy income	0%	(4.80%)	(1.00%)
Non-PRC entities not subject to PRC tax	(20.80%)	9.80%	8.70%
Change in valuation allowance	0.50%	(2.40%)	0.90%
Prior year true-up	0%	0%	7.80%
Others	(1.40%)	2.20%	1%
Effective tax rate	7.60%	16.10%	25.20%

Taxes (Details 1)

Taxes (Details 1) - USD ($)	12 Months Ended
Taxes (Details 1) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Provision for income tax
Deferred income tax provision	$ (961,506)	$ (9,033)	$ 83,893
Income tax provision	222,122	(314,273)	(437,349)
Provision for Income Tax [Member]
Provision for income tax
Current income tax provision	(203,551)	323,306	353,456
Deferred income tax provision	(18,571)	(9,033)	83,893
Income tax provision	$ (222,122)	$ 314,273	$ 437,349

Taxes (Details 2)

Taxes (Details 2) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Components of deferred tax assets
Net operating loss carryforwards	$ 6,152,427	$ 60,387
Allowance on receivables	583,463
Allowance on inventory	344,474
Valuation allowance on net operating loss	(7,080,364)	(60,387)
Total	0	0
Deferred tax liabilities:
Accelerated depreciation of equipment	34,153	53,443
Total	$ 34,153	$ 53,443

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($)	12 Months Ended
Taxes (Details Narrative) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Taxes
Cumulative net operating loss	$ 24,600,000	$ 200,000
Enterprise Income Tax	25%
Valuation allowance	$ 7,100,000	60,387
Preferential tax rate	15%
Recovery in valuation allowance	$ 7,000,000	(226,799)	$ 29,336
High and New Technology Enterprises effective period	3 years
Revenue of from selling activated carbon exempt from income tax (as a percent)	10%
Decrease in income tax due to impact of reduced tax rate	$ 12,251	$ 230,332	$ 245,816
Benefit of the reduced tax rate and tax exemption on net income per share (basic and diluted)	$ 0.01	$ 0.32	$ 0.49
Income tax paid as assessed by Tax Authority	$ 135,000

Concentration of major custom_2

Concentration of major customers and suppliers (Details Narrative) - integer	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Supplier One [Member]
Number of customers	2	2	3
Concentration risk percentage	14%	35%	26%
Supplier One [Member] \| Accounts Receivable [Member]
Number of customers	5	4
Concentration risk percentage	17%	27%
Customer one [Member]
Concentration risk percentage	13%	58%	44%
Customer one [Member] \| Accounts Receivable [Member]
Number of customers	3	3
Concentration risk percentage	21%	42%
Customer Two [Member]
Concentration risk percentage	13%		33%
Customer Two [Member] \| Accounts Receivable [Member]
Concentration risk percentage	20%	20%
Customer Three [Member]
Concentration risk percentage	10%		11%
Customer Three [Member] \| Accounts Receivable [Member]
Concentration risk percentage	10%	18%
Supplier Two [Member]
Concentration risk percentage	12%	14%	25%
Supplier Two [Member] \| Accounts Receivable [Member]
Concentration risk percentage	16%	18%
Supplier Three [Member]
Concentration risk percentage			16%
Supplier Three [Member] \| Accounts Receivable [Member]
Concentration risk percentage	16%	17%
Supplier Four [Member] \| Accounts Receivable [Member]
Concentration risk percentage	11%	10%
Supplier Five [Member] \| Accounts Receivable [Member]
Concentration risk percentage	10%

Leases (Details)

Leases (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Leases
Right-of-use assets under operating leases	$ 195,813	$ 314,339
Operating lease liabilities, current	31,602	32,899
Operating lease liabilities, non-current	0	15,484
Total operating lease liabilities	$ 31,602	$ 48,383

Leases (Details 1)

Leases (Details 1) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Leases
Reminder of fiscal 2023	$ 35,418
Fiscal 2024	33,010
Total Future minimum lease payments	33,010
Less: Imputed interest	(1,408)
Total	$ 31,602	$ 48,383

Leases (Details Narrative)

Leases (Details Narrative)			12 Months Ended
Leases (Details Narrative)	Oct. 08, 2021 CNY (¥) a	Jul. 01, 2020 USD ($)	Sep. 30, 2023	Sep. 30, 2022
Weighted-average remaining lease term			1 year 6 months	1 year 10 months 24 days
Weighted-average discount rate			4.70%	4.70%
Represents the information pertaining to Hangzhou Forasen Technology Co., Ltd. [Member]
Annual rent	¥ 71,624
Area of office space leased \| a	27,147
Prepaid total rent	¥ 358,120
Tahe Forestry Bureau.
Annual rent \| $		$ 19,295

Segment reporting (Details)

Segment reporting (Details) - USD ($)	12 Months Ended
Segment reporting (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Total	$ 57,899,096	$ 40,205,586	$ 19,846,921
Activated Carbon [Member]
Total	57,879,320	39,925,693	19,573,266
Biomass Electricity [Member]
Total	19,776	150,716	143,240
Technology Services [Member]
Total	$ 0	$ 129,177	$ 130,415

Shareholders equity (Details Na

Shareholders equity (Details Narrative)			1 Months Ended			12 Months Ended
Shareholders equity (Details Narrative)	Oct. 13, 2022 USD ($) shares	Apr. 25, 2020	Jan. 18, 2024	Jan. 31, 2023 USD ($)	Sep. 27, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Jan. 30, 2023 shares	Nov. 11, 2022 USD ($) shares	Apr. 20, 2020 shares	Aug. 31, 2019 $ / shares shares	Nov. 23, 2018 $ / shares shares
Number of ordinary shares authorized												50,000	50,000
Description of share consolidation			the Company consolidated its issued and outstanding ordinary shares from 70,449,781 Class A ordinary shares of no par value and 3,020,969 Class B ordinary shares of no par value to 2,348,326 Class A ordinary shares of no par value and 100,698 Class B ordinary shares of no par value, on a 30:1 basis.
Proceeds from the Offering \| $						$ 0	$ 0	$ 23,000,000
Minimum number of ordinary shares issued												50,000
Maximum number of ordinary shares issued												139,627
Class A Number of ordinary shares issued											10,000,000
Restricted stock issued						2,000,000
Statutory reserves \| $						$ 500,000	500,000
Proceeds from private placement \| $						$ 0	18,000,000	0
Par value of ordinary shares \| $ / shares												$ 1	$ 1
Forward Split ratio		71.62				71.62
Parent Company [Member]
Proceeds from the Offering \| $						$ 0	0	23,000,000
Proceeds from private placement \| $						$ 0	$ 0	$ 960,000
CN Energy [Member]
Underwriting agreement, Description				public offering (the “Offering”) (i) 10,396,974 units, each consisting of one Class A ordinary share, no par value (collectively, the “Class A ordinary shares”) and one warrant, each exercisable to purchase one Class A ordinary share at an exercise price of $0.55 per share (collectively, the “warrants”), at an offering price of $0.55 per unit; and (ii) 7,786,300 units, each consisting of one pre-funded warrant, each exercisable to purchase one Class A ordinary share at an exercise price of $0.0001 per share (collectively, the “Pre-funded Warrants”), and one warrant, at an offering price of $0.5499 per unit (together with the Class A ordinary shares and the warrants, the “Offered Securities”), to those purchasers whose purchase of Class A ordinary shares in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of CN Energy’s outstanding ordinary shares immediately following the consummation of the Offering. The components of the units were issued separately and are immediately separable upon issuance
Proceeds from the Offering \| $				$ 7,800,000
Common Class A [Member]
Number of ordinary shares issued						68,574,781	20,062,658
Number of ordinary shares outstanding						68,574,781	20,062,658
Conversion of ordinary shares						3,112,046
Number of Warrants outstanding						18,183,274
Pre-funded Warrants exercised						3,112,046			4,672,700
Pre-funded Warrants outstanding						1,554			4,672,700
Issuance of stock									15,069,674
Common Class A [Member] \| Parent Company [Member]
Number of ordinary shares issued						8,996,865
Convertible note \| $						$ 1,250,000
Conversion price \| $ / shares						$ 0.12
Common Class A [Member] \| Private Placement [Member] \| CN Energy [Member]
Issuance of ordinary shares for private placement, net, shares	10,514,018
Proceeds from private placement \| $	$ 18,000,000
Common Class A [Member] \| Private Placement [Member]
Issuance of ordinary shares for private placement, net, shares					10,514,018
Purchase price of ordinary shares \| $ / shares					$ 1.712
Proceeds from private placement \| $					$ 18,000,000
Common Class A [Member] \| Issuance of Ordinary Shares for Acquisition [Member]
Number of ordinary shares issued										8,819,520
Number of ordinary shares \| $										$ 18,373,771
Purchase price \| $										$ 17,706,575
Acquisition										100%
Common Class B [Member]
Number of ordinary shares issued						3,020,969	3,020,969
Number of ordinary shares outstanding						3,020,969	3,020,969

Commitments and contingencies (

Commitments and contingencies (Details Narrative)	12 Months Ended
Commitments and contingencies (Details Narrative)	Sep. 30, 2023 CNY (¥) integer
Late fees per day (as a percent)	0.05%
Maximum [Member]
Number of times fines equals to the underpaid amount \| integer	3
Amount of fine \| ¥	¥ 50,000
Minimum [Member]
Number of times fines equals to the underpaid amount \| integer	1
Amount of fine \| ¥	¥ 10,000

Condensed financial informati_3

Condensed financial information of the parent company (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Cash	$ 195,502	$ 18,046,872
Total Assets	126,195,222	94,941,872
Due to related parties	152,556	0
Accrued expenses and other current liabilities	1,160,540	524,197
Total liabilities	22,632,988	31,159,546
Additional paid-in capital	8,865,199	8,865,199
Statutory reserves	526,217	524,723
(Accumulated deficits) retained earnings	(3,211,885)	2,415,349
Accumulated other comprehensive loss	(8,771,028)	(6,532,472)
Total shareholders' equity	103,562,234	63,782,326	$ 62,678,952	$ 23,118,042
Total Liabilities and Shareholders' Equity	126,195,222	94,941,872
Parent Company [Member]
Cash	32,589	16,099
Investment in subsidiaries	103,950,542	64,002,904
Total Assets	103,983,131	64,019,003
Due to related parties	300,177	236,677
Accrued expenses and other current liabilities	120,720	0
Total liabilities	420,897	236,677
Additional paid-in capital	8,865,199	8,865,199
Statutory reserves	526,217	524,723
(Accumulated deficits) retained earnings	(3,211,885)	2,415,349
Accumulated other comprehensive loss	(8,771,028)	(6,532,472)
Total shareholders' equity	103,562,234	63,782,326
Total Liabilities and Shareholders' Equity	103,983,131	64,019,003
Class A Common Share [Member]
Class A ordinary share, no par value, unlimited number of shares authorized; 2,285,826 and 668,755 shares issued and outstanding as of September 30, 2023 and 2022, respectively	101,922,676	54,278,472
Class B Common Share [Member]
Class A ordinary share, no par value, unlimited number of shares authorized; 2,285,826 and 668,755 shares issued and outstanding as of September 30, 2023 and 2022, respectively	$ 4,231,055	$ 4,231,055

Condensed financial informati_4

Condensed financial information of the parent company (Details 1) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
General and administrative expenses	$ (5,730,147)	$ (2,060,122)	$ (1,449,267)
Net (loss) income	(5,625,740)	2,229,708	1,296,360
Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares	0	0	(975,000)
Net (loss) income attributable to Shareholders	(5,625,740)	2,229,708	321,360
Net (loss) income	(5,625,740)	2,229,708	1,296,360
Comprehensive (loss) income	(7,864,296)	(4,425,328)	2,385,706
Parent Company [Member]
General and administrative expenses	(3,202,589)	(218,663)	(438,020)
Equity in earnings of subsidiaries	(2,423,151)	2,448,371	1,734,380
Net (loss) income	(5,625,740)	2,229,708	1,296,360
Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares	0	0	(975,000)
Net (loss) income attributable to Shareholders	(5,625,740)	2,229,708	321,360
Net (loss) income	(5,625,740)	2,229,708	1,296,360
Foreign currency translation (loss) gain	(2,238,556)	(6,655,036)	1,089,346
Comprehensive (loss) income	$ (7,864,296)	$ (4,425,328)	$ 2,385,706

Condensed financial informati_5

Condensed financial information of the parent company (Details 2) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Net (loss) income	$ (5,625,740)	$ 2,229,708	$ 1,296,360
Amortization of debts issuance costs	277,500	0	0
Issuance of ordinary shares for services	1,100,000	0	0
Prepaid expenses and other current assets	(295,191)	(384,367)	(278,122)
Accrued expenses and other current liabilities	2,769,703	27,586	(92,151)
Net cash used in operating activities	(30,164,971)	(7,514,619)	(11,593,069)
Other receivables	(769,875)	20,790,311	(20,739,840)
Net cash (used in) provided by investing activities	(1,452,654)	2,171,081	(27,921,675)
Proceeds from the Initial Public Offering	0	0	23,000,000
Direct costs disbursed from Initial Public Offering proceeds			(2,377,450)
Proceeds from convertible notes	3,000,000		(960,000)
Proceeds from issuance of shares and warrants	8,945,433	5,528,702	18,000,000
Direct costs disbursed from private placement proceeds	0	(18,000,000)	0
Proceeds from related-party loans	266,739	414,814	534,226
Repayment of related-party loans		(2,000,295)
Net cash provided by financing activities	13,432,547	24,939,210	38,023,254
Net (decrease) increase in cash	(17,851,370)	17,856,114	(1,379,277)
Cash, beginning of year	18,046,872	190,758	1,570,035
Cash, end of year	195,502	18,046,872	190,758
Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares			975,000
Deferred offering costs funded by a related party through related party loans			487,346
Parent Company [Member]
Net (loss) income	(5,625,740)	2,229,708	1,296,360
Amortization of debts issuance costs	277,500	0	0
Issuance of ordinary shares for services	1,100,000	0	0
Equity in earnings of subsidiaries	2,423,151	(2,448,371)	(1,734,380)
Prepaid expenses and other current assets	0	92,000	0
Accrued expenses and other current liabilities	278,521	(202,001)	0
Net cash used in operating activities	(1,546,568)	(328,664)	(438,020)
Other receivables	(769,875)	0	0
Investment in subsidiaries	(9,676,000)	(3,211,899)	(38,075,908)
Net cash (used in) provided by investing activities	(10,445,875)	(3,211,899)	(38,075,908)
Proceeds from the Initial Public Offering	0	0	23,000,000
Direct costs disbursed from Initial Public Offering proceeds	0	0	(2,377,450)
Issuance of Ordinary Shares for private placement	0	5,528,702	18,000,000
Proceeds from convertible notes	3,000,000	0	0
Proceeds from issuance of shares and warrants	8,945,433	0	0
Direct costs disbursed from private placement proceeds	0	0	(960,000)
Proceeds from related-party loans	63,500	0	859,483
Repayment of related-party loans	0	(1,980,145)	0
Net cash provided by financing activities	12,008,933	3,548,557	38,522,033
Net (decrease) increase in cash	16,490	7,994	8,105
Cash, beginning of year	16,099	8,105	0
Cash, end of year	32,589	16,099	8,105
Deemed dividend on conversion of Convertible Preferred Shares to Ordinary Shares	0	0	975,000
Accrued deferred offering costs	0	0	385,193
Deferred offering costs funded by a related party through related party loans	$ 0	$ 0	$ 102,153