and development activities during fiscal year 2021. Management is committed to expanding our research and development activities to enhance competitive advantage.
We incurred $1,123,555 in research and development expenses for the fiscal year ended September 30, 2020, compared to $1,452,061 for the fiscal year ended September 30, 2019. R&D expenses decreased by $328,506, or 22.62%, for the fiscal year ended September 30, 2020 compared to the fiscal year ended September 30, 2019. The decrease was primarily due to the decreased research and development activities as a result of the disruption caused by the pandemic.
Income from operations
As a result of the factors described above, operating loss was $3,653,589 for the fiscal year ended September 30, 2021, compared to operating loss of $1,879,376 for the fiscal year ended September 30, 2020, an increase of operating loss of $1,774,213 or approximately 94.40%.
As a result of the factors described above, operating loss was $1,879,376 for the fiscal year ended September 30, 2020, compared to operating income of $8,646,557 for the fiscal year ended September 30, 2019, a decrease of operating income of $10,525,933, or approximately 121.74%.
Other income and expenses
Our interest income and expenses were $13,733 and $1,196,648, respectively, for the fiscal year ended September 30, 2021, compared to interest income and expenses of $7,192 and $1,000,554, respectively, for the fiscal year ended September 30, 2020. We also had government grant of $446,480 for financial support to the Company under local government’s innovation incentive programs which was recorded as other income in our Statement of Operations.
Our interest income and expenses were $7,192 and $1,000,554, respectively, for the fiscal year ended September 30, 2020, compared to interest income and expenses of $24,437 and $1,151,045, respectively, for the fiscal year ended September 30, 2019. We also had gain of $536,612 for the fiscal year ended September 30, 2020 for selling one subsidiary company to unaffiliated individual, government grant of $327,651 for financial support to the Company under local government’s innovation incentive programs, and a loss incurred due to failed acquisition which caused surrender of long-term deposit we pledged to the company with an amount of $256,937.
Net Income
As a result of the factors described above, our net loss for the fiscal year ended September 30, 2021 was $3,802,271 compared to net loss of $837,016 for the fiscal year ended September 30, 2020, an increase in loss of $2,965,255 or approximately 354.27%.
Our net income for the fiscal year ended September 30, 2020 was $837,016 compared to net profit of $8,193,694 for the fiscal year ended September 30, 2019, a decrease in profit of $9,030,710, or approximately 110.22%.
Foreign currency translation
Our consolidated financial statements are expressed in U.S. dollars but the functional currency of our operating subsidiaries is RMB. Results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period and equity is translated at historical exchange rates. Translation adjustments resulting from the process of translating the financial statements denominated in RMB into U.S. dollars are included in determining comprehensive income. Our foreign currency translation gain for the fiscal year ended September 30, 2021 was $2,423,439, compared to a currency translation gain of $2,319,048 for the fiscal year ended September 30, 2020, an increase of $104,391. The increased currency translation gain is primarily due to the appreciation of RMB against the U.S. dollars. Our foreign currency translation loss for the fiscal year ended September 30, 2020 was $2,319,048, compared to a currency translation loss of $1,694,278 for the fiscal year ended September 30, 2019, an decrease of $4,013,326 . The increased loss is primarily due to the depreciation of RMB against the U.S. dollars.
B.
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Liquidity and Capital Resources
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As of September 30, 2021, 2020 and 2019, we had cash and cash equivalents of $13,525,298 , $3,759,535, and $3,451,138 respectively. We believe that our current cash, cash to be generated from our operations and access to capital market will be sufficient to meet our working capital needs for at least the next twelve months. However, we do not have any amounts committed to be provided by our related party. We are also not dependent upon future financing to meet our liquidity needs for the next twelve months. However,