Global Mofy AI Ltd 20-F for FY2023

Global Mofy AI Ltd (GMM)

20-F 2024-01-31 For: 2023-09-30

Added on April 10, 2026

About this 20-F

Global Mofy AI Ltd filed this 20-F on January 31, 2024, covering the fiscal year ended September 30, 2023 (FY2023).

Headline figures

Fiscal year ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $26.89M; up 56.4% from $17.19M a year earlier
Net income: $6.55M; compared with a net loss of $267.22K a year earlier
Diluted EPS: $0.29; compared with -$0.01 a year earlier

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Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Ordinary shares, par value $0.000002 per share		GMM		The Nasdaq Stock Market LLC (Nasdaq Capital Market)

Large accelerated filer ☐		Accelerated filer ☐		Non-accelerated filer ☒
				Emerging growth company ☒

U.S. GAAP ☒		International Financial Reporting Standards as issued		Other ☐
		by the International Accounting Standards Board ☐

		Page
PART I
Item 1.	Identity of Directors, Senior Management and Advisers	1
Item 2.	Offer Statistics and Expected Timetable	1
Item 3.	Key Information	1
Item 4.	Information on the Company	46
Item 4A.	Unresolved Staff Comments	77
Item 5.	Operating and Financial Review and Prospects	77
Item 6.	Directors, Senior Management and Employees	94
Item 7.	Major Shareholders and Related Party Transactions	101
Item 8.	Financial Information	104
Item 9.	The Offer and Listing	105
Item 10.	Additional Information	105
Item 11.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 12.	Description of Securities Other than Equity Securities	117

PART II
Item 13.	Defaults, Dividend Arrearages and Delinquencies	118
Item 14.	Material Modifications to the Rights of Security Holders and Use of Proceeds	118
Item 15.	Controls and Procedures	119
Item 16.	[Reserved]	120
Item 16A.	Audit Committee Financial Expert	120
Item 16B.	Code of Ethics	120
Item 16C.	Principal Accountant Fees and Services	120
Item 16D.	Exemptions from the Listing Standards for Audit Committees	121
Item 16E.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	121
Item 16F.	Change in Registrant’s Certifying Accountant	121
Item 16G.	Corporate Governance	121
Item 16H.	Mine Safety Disclosure	121
Item 16I.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.	121
Item 16J.	Insider Trading Policies	121
Item 16K.	Cybersecurity	121

PART III
Item 17.	Financial Statements	122
Item 18.	Financial Statements	122
Item 19.	Exhibits	122

	●	government policies and regulations relating to our industry;

	●	the length and severity of the recent COVID-19 outbreak and its impact on our business and industry

Subsidiaries		Place of Incorporation
Global Mofy HK Limited		Hong Kong SAR
Mofy Metaverse (Beijing) Technology Co., Ltd.		People’s Republic of China
Global Mofy (Beijing) Technology Co., Ltd.		People’s Republic of China
Shanghai Mo Ying Fei Huan Technology Co., Ltd.		People’s Republic of China
Kashi Mofy Interactive Digital Technology Co., Ltd.		People’s Republic of China
Xi’an Digital Cloud Technology Co., Ltd.		People’s Republic of China
Mofy (Beijing) Film Technology Co., Ltd.		People’s Republic of China
Zhejiang Mofy Metaverse Technology Co., Ltd.		People’s Republic of China

Number			Domain Name		Owner
1			globalmofy.cn		Global Mofy (Beijing) Technology Co., Limited

	For the Years Ended September 30,
	2023						2022						Variance
	Amount			% of revenue			Amount			% of revenue			Amount			%
Revenues	$	26,889,911			100.0	%	$	17,188,293			100.0	%	$	9,701,618			56.4	%
Cost of revenues		(12,357,934	)		(46.0	)%		(13,072,732	)		(76.1	)%		714,798			(5.5	)%
Gross profit		14,531,977			54.0	%		4,115,561			23.9	%		10,416,416			253.1	%

Operating expenses:
Selling expenses		(294,587	)		(1.1	)%		(153,822	)		(0.9	)%		(140,765	)		91.5	%
General and administrative expenses		(3,046,037	)		(11.3	)%		(1,041,330	)		(6.1	)%		(2,004,707	)		192.5	%
Research and development expenses		(3,546,155	)		(13.2	)%		(3,207,759	)		(18.7	)%		(338,396	)		10.5	%
Total operating expenses		(6,886,779	)		(25.6	)%		(4,402,911	)		(25.4	)%		2,483,868			56.4	%

Income (loss) from operations		7,645,198			28.4	%		(287,350	)		(1.8	)%		7,932,548			(2,760.6	)%

Other income (expenses):
Interest income		41,230			0.2	%		42,948			0.2	%		(1,718	)		(4.0	)%
Interest expenses		(126,206	)		(0.5	)%		(74,888	)		(0.4	)%		(51,318	)		68.5	%
Other income, net		89,124			0.3	%		54,049			0.3	%		35,075			64.9	%
Total other income, net		4,148			0.0	%		22,109			0.1	%		(17,961	)		(81.2	)%

Income (loss) before income taxes		7,649,346			28.4	%		(265,241	)		(1.5	)%		7,914,587			(2,983.9	)%
Income taxes expense		(1,098,087	)		(4.1	)%		—			0.0	%		(1,115,344	)		0.0	%
Net income (loss)		6,551,259			24.3	%		(265,241	)		(1.5	)%		6,816,500			(2,569.9	)%

	For the Years Ended September 30,
	2023					2022					Variance
	Amount		%			Amount		%			Amount			%
Virtual technology service	$	15,382,324		57.2	%	$	12,536,957		72.9	%	$	2,845,367			22.7	%
Digital marketing		—		—			632,070		3.7	%		(632,070	)		(100	)%
Digital asset development and others		11,507,587		42.8	%		4,019,266		23.4	%		7,488,321			186.3	%
Total	$	26,889,911		100.0	%	$	17,188,293		100.0	%	$	9,701,618			56.4	%

		For the Years Ended September 30,
		2022					2021					Variance
		Amount		% of revenue			Amount		% of revenue			Amount		%
Revenues	$	17,188,293		100.0	%	$	14,268,184		100.0	%	$	2,920,109		20.5	%
Cost of revenues		(13,072,732	)	(76.1	)%		(10,990,076	)	(77.0	)%		(2,082,656	)	19.0	%
Gross profit		4,115,561		23.9	%		3,278,108		23.0	%		837,453		25.5	%

Operating expenses:
Selling expenses		(153,822	)	(0.9	)%		(143,708	)	(1.0	)%		(10,114	)	7.0	%
General and administrative expenses		(1,041,330	)	(6.1	)%		(1,077,102	)	(7.5	)%		35,772		(3.3	)%
Research and development expenses		(3,207,759	)	(18.7	)%		(661,134	)	(4.6	)%		(2,546,625	)	385.2	%
Total operating expenses		(4,402,911	)	(25.4	)%		(1,881,944	)	(13.1	)%		(2,520,967	)	134.0	%

(Loss) income from operations		(287,350	)	(1.8	)%		1,396,164		9.9	%		(1,683,514	)	(120.6	)%

Other (expenses) income:
Interest income		42,948		0.2	%		42,690		0.3	%		258		0.6	%
Interest expenses		(74,888	)	(0.4	)%		(25,183	)	(0.2	)%		(49,705	)	197.4	%
Other income, net		54,049		0.3	%		10,488		0.1	%		43,561		415.3	%
Total other income, net		22,109		0.1	%		27,995		0.2	%		(5,886	)	(21.0	)%

(Loss) income before income taxes		(265,241	)	(1.7	)%		1,424,159		10.1	%		(1,689,400	)	(118.6	)%

Income taxes expense		—		0.0	%		(9,992	)	(0.1	)%		9,992		(100.0	)%

Net (loss) income		(265,241	)	(1.7	)%		1,414,167		9.9	%		(1,679,408	)	(118.8	)%

	For the Years Ended September 30,
	2022					2021					Variance
	Amount		%			Amount		%			Amount			%
Virtual technology service	$	9,512,606		72.8	%	$	5,204,186		47.4	%	$	4,308,420			82.8	%
Digital marketing		370,229		2.8	%		5,716,527		52.0			(5,346,298	)		(93.5	)%
Digital asset development and others		3,189,898		24.4	%		69,363		0.6			3,120,535			4,498.9	%
Total	$	13,072,732		100.0	%	$	10,990,076		100.0	%	$	2,082,657			19.0	%

	For the Years Ended September 30,
	2023			2022
Net cash provided by (used in) operating activities	$	5,776,106		$	(1,137,227	)
Net cash (used in) investing activities		(7,732,107	)		(166,176	)
Net cash provided by financing activities		11,639,459			1,469,592
Effect of foreign exchange rate on cash		(381,942	)		(118,819	)
Net increase in cash		9,301,516			47,370
Cash at the beginning of the year		1,136,064			1,088,694
Cash at the end of the year	$	10,437,580		$	1,136,064

	Payments due by period
	Total		Less than 1 year		1 – 2 years		2 – 3 years		More than 3 years
Contractual Obligations
Short-term bank loans	$	2,442,609	$	2,442,609	$	—	$	—	$	—
Loans from third parties	$	22,615	$	22,615	$	—	$	—	$	—
Operating Lease Obligations		849,714		293,040		556,674		—		—
Total	$	3,314,938	$	2,758,264	$	556,674	$	—	$	—

Name	Age	Position(s)
Haogang Yang	33	Chief Executive Officer, Director, Chairman of the Board
Chen Chen	37	Chief Financial Officer, Director
Wenjun Jiang	39	Chief Technology Officer
Qing Li	41	Chief Operating Officer
Chi Chen^(1)(2)(3)	45	Independent Director, Chair of Audit Committee
Rui Dong^(1)(2)(3)	31	Independent Director, Chair of Nominating Committee
Xiaohong Qi^(1)(2)(3)	50	Independent Director, Chair of Compensation Committee

Country of Principal Executive Offices:	PRC
Foreign Private Issuer	Yes
Disclosure Prohibited Under Home Country Law	No
Total Number of Directors	5
Part I: Gender Identity	Female	Male	Non-Binary	Did Not Disclose Gender
Directors	2	3	0	0
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction	—
LGBTQ+	—

Departments	As of the date of this annual report		As of September 30, 2023		As of September 30, 2022
Management and Administration Department		16		16		8
Operation and Commerce Department		3		3		3
R & D Department – Mofy Lab		8		8		8
R & D Department – Others		11		11		12
Total		38		38		31

	Ordinary Shares Beneficially Owned as of the Date of this Annual Report
	Number		Percent
Directors and Executive Officers:
Haogang Yang⁽¹⁾		12,723,036		44.57	%
Chen Chen		—		—	%
Wenjun Jiang⁽²⁾		746,330		2.62	%
Qing Li		—		—	%
Chi Chen		—		—	%
Rui Dong		—		—	%
Xiaohong Qi		—		—	%
All directors and executive officers as a group (7 persons)		13,469,366		47.19	%

5% Shareholders:
James Yang Mofy Limited⁽³⁾		10,913,894		38.23	%
Lianhe Universe Holding Group Limited⁽⁴⁾		2,269,693		7.95	%
New JOLENE&R L.P.⁽⁵⁾		1,809,142		6.34	%

Name		Relationship with the Company
Mr. Jianru Yang		Business officer of the Company
Ms. Yang Li		Finance Controller of the Company
Mr. Yuchao Lu		Directly hold a 5.7% equity interest in the Company
Lianyungang Zongteng Film Studio		Controlled by Mr. Yuchao Lu
Moxing Shangxing (Beijing) Technology Co., Ltd		Controlled by Mr. Jianru Yang
Mofy Filming (Hainan) Co., Ltd. (“Mofy Hainan”)		Ms. Yang Li is finance controller of Mofy Hainan

	September 30, 2023		September 30 2022
Accounts receivable – Related Party
Moxing Shangxing (Beijing) Technology Co.	$	—		298,587

Due from related party
Moxing Shangxing (Beijing) Technology Co.^(a)	$	—		182,751

	Year Ended September 30,
Services	2021		2022		2023
	US$		US$		US$
Audit Fees(1) - Marcum Asia CPAs LLP		—		—		301,200
Audit Fees(1) - Friedman LLP		—		239,609		—
Total		—		239,609		301,200

Exhibit No.		Description of Exhibit
1.1		Amended and Restated Memorandum and Articles of Association of Global Mofy Metaverse Limited (incorporated by reference to Exhibit 3.1 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

2.1*		Description of Registrant’s Securities

2.2		Form of Underwriter’s Warrant (incorporated by reference to Exhibit 4.1 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.1		Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.2		Form of Lock-up Agreement (incorporated by reference to Exhibit 10.2 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.3		Business Operation Agreement dated January 5, 2022 between Global Mofy WFOE and Global Mofy China (incorporated by reference to Exhibit 10.3 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.4		Consultation and Service Agreement dated January 5, 2022 between Global Mofy WFOE and Global Mofy China (incorporated by reference to Exhibit 10.4 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.5		Form of Share Pledge Agreement (incorporated by reference to Exhibit 10.5 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.6		Form of Exclusive Call Option Agreement (incorporated by reference to Exhibit 10.6 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.7		Form of Shareholder Voting Proxy Agreement (incorporated by reference to Exhibit 10.7 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.8		Employment Agreement with Haogang Yang (incorporated by reference to Exhibit 10.8 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.9		Employment Agreement between the Company and Chen Chen (incorporated by reference to Exhibit 10.9 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.10		Employment Agreement with Wenjun Jiang (incorporated by reference to Exhibit 10.10 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.11		Employment Agreement with Qing Li (incorporated by reference to Exhibit 10.11 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.12		Form of Agreement for Virtual Technology Service (incorporated by reference to Exhibit 10.12 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.13		Form of Agreement for Digital Marketing (incorporated by reference to Exhibit 10.13 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.14		Form of Agreement for Licensing Digital Asset (incorporated by reference to Exhibit 10.14 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.15		Form of Agreement with Suppliers (incorporated by reference to Exhibit 10.15 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.16		Form of Equity Transfer Agreement (incorporated by reference to Exhibit 10.16 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.17		Consulting and Service, Business Operation Termination Agreement dated July 8, 2022 between Global Mofy WFOE and Global Mofy China (incorporated by reference to Exhibit 10.17 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.18		Form of Termination Agreement between Global Mofy WFOE and each shareholder of Global Mofy China (incorporated by reference to Exhibit 10.18 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.19		Director Offer Letter with Chi Chen (incorporated by reference to Exhibit 10.19 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.20*		Director Offer Letter with Rui Dong

4.21		Director Offer Letter with Xiaohong Qi (incorporated by reference to Exhibit 10.21 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.22		Share Purchase Agreement, dated November 15, 2022 (incorporated by reference to Exhibit 10.22 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

4.23		Renewed Employment Agreement with Haogang Yang (incorporated by reference to Exhibit 10.23 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

8.1		List of Subsidiaries (incorporated by reference to Exhibit 21.1 to our registration statement on Form F-1 (File No. 333-276277), filed with the SEC on December 26, 2023)

11.1*		Code of Business Conduct and Ethics

11.2*		Insider Trading Policy

12.1*		Certification of Chief Executive Officer Required by Rule 13a-14(a)

12.2*		Certification of Chief Financial Officer Required by Rule 13a-14(a)

13.1**		Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code

13.2**		Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code

97.1*		Executive Compensation Recovery Policy

101.INS*		Inline XBRL Instance Document.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document.

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed with this annual report on Form 20-F

**	Furnished with this annual report on Form 20-F

Global Mofy Metaverse Limited

By:	/s/ Haogang Yang
	Name:	Haogang Yang
	Title:	Chief Executive Officer

	Page
Report of Independent Registered Public Accounting Firm (PCAOB ID#: 5395)	F-2

Report of Independent Registered Public Accounting Firm (PCAOB ID#: 711)	F-3

Consolidated Balance Sheets as of September 30, 2023 and 2022	F-4

Consolidated Statements of Income and Comprehensive Income for the years ended September 30, 2023, 2022 and 2021	F-5

Consolidated Statements of Changes in Shareholders’ Equity for the years ended September 30, 2023, 2022 and 2021	F-6

Consolidated Statements of Cash Flows for the years ended September 30, 2023, 2022 and 2021	F-7

Notes to Consolidated Financial Statements	F-8

	As of September 30,
	2023			2022
	US$			US$
ASSETS
Current Assets
Cash	$	10,437,580		$	1,136,064
Short-term investments		780,000			—
Accounts receivable, net		3,286,330			2,101,665
Accounts receivable – related party		—			298,587
Advance to vendors		2,593,887			1,543,294
Due from related party		—			182,751
Loans receivable – current		287,829			295,213
Prepaid expenses and other current assets, net		507,336			395,842
Total current assets		17,892,962			5,953,416

Non-current assets
Property and equipment, net		34,431			37,806
Intangible assets		6,505,792			—
Operating lease right-of-use assets		954,771			147,099
Loans receivable – noncurrent		447,505			458,986
Advance to vendor – noncurrent		1,020,874			1,800,000
Prepaid expenses and other non-current assets, net		262,986			129,222
Total non-current assets		9,226,359			2,573,113
Total Assets	$	27,119,321		$	8,526,529

LIABILITIES AND EQUITY
Current Liabilities
Short-term bank loans	$	2,442,609		$	1,532,073
Loans from third parties		22,615			108,245
Accounts payable		531,091			952,249
Advance from customers		345,838			1,154,100
Tax payable		1,555,059			474,370
Accrued expenses and other liabilities		555,440			327,641
Operating lease liabilities – current		293,040			120,418
Total current liabilities		5,745,692			4,669,096

Non-current Liabilities
Loan from third party, noncurrent		—			107,542
Operating lease liabilities – noncurrent		556,674			—
Total non-current liabilities		556,674			107,542
Total Liabilities		6,302,366			4,776,638

Commitments

Equity:
Ordinary shares (US$0.000002 par value, 25,000,000,000 shares authorized, 25,926,155 and 23,618,037 shares issued and outstanding as of September 30, 2023 and 2022, respectively)*		52			47
Additional paid-in capital		16,035,229			5,112,181
Statutory reserves		368,271			39,620
Accumulated earnings (deficit)		5,158,115			(1,065,072	)
Accumulated other comprehensive (loss)		(604,182	)		(193,324	)
Total Global Mofy Metaverse Limited shareholders’ equity		20,957,485			3,893,452
Non-controlling interests		(140,530	)		(143,561	)
Total equity		20,816,955			3,749,891
Total liabilities and equity	$	27,119,321		$	8,526,529

	Ordinary shares*				Additional paid-in		Statutory		Accumulated			Accumulated other comprehensive			Non- controlling			Total Equity
	Shares		Amount		capital		reserves		deficit			income (loss)			interests			(deficit)
			US$		US$		US$		US$			US$			US$			US$
Balance as of October 1, 2020		23,015,777	$	46	$	2,293,919	$	650	$	(2,175,342	)	$	3,694		$	(150,124	)	$	(27,157	)
Capital contribution		—		—		818,263		—		—			—			—			818,263
Net income (loss) for the year		—		—		—		—		1,416,462			—			(2,295	)		1,414,167
Appropriation to statutory reserve		—		—		—		38,970		(38,970	)		—			—			—
Foreign currency translation adjustment		—		—		—		—		—			1,429			6,554			7,983
Balance as of September 30, 2021		23,015,777	$	46	$	3,112,182	$	39,620	$	(797,850	)	$	5,123		$	(145,865	)	$	2,213,256
Capital contribution		602,260		1		1,999,999		—		—			—			—			2,000,000
Net (loss) income for the year		—		—		—		—		(267,222	)		—			1,981			(265,241	)
Appropriation to statutory reserve		—		—		—		—		—			—			—			—
Foreign currency translation adjustment		—		—		—		—		—			(198,447	)		323			(198,124	)
Balance as of September 30, 2022		23,618,037	$	47	$	5,112,181	$	39,620	$	(1,065,072	)	$	(193,324	)	$	(143,561	)	$	3,749,891

Capital contribution		2,308,118		5		10,923,048		—		—			—			—			10,923,053
Net income (loss) for the year		—		—		—		—		6,551,838			—			(579	)		6,551,259
Appropriation to statutory reserve		—		—		—		328,651		(328,651	)		—			—			—
Foreign currency translation adjustment		—		—		—		—		—			(410,858	)		3,610			(407,248	)
Balance as of September 30, 2023		25,926,155	$	52	$	16,035,229	$	368,271	$	5,158,115		$	(604,182	)	$	(140,530	)	$	20,816,955

Name of Entity	Date of Incorporation	Place of Incorporation	% of Ownership			Principal Activities
Global Mofy HK Limited (“Global Mofy HK”)	October 21, 2021	Hong Kong		100	%	Investment holding
Mofy Metaverse (Beijing) Technology Co., Ltd (“Global Mofy WFOE”)	December 09, 2021	PRC		100	%	Investment holding
Zhejiang Mofy Metaverse Technology Co., Ltd (“Zhejiang WFOE”)	April 03, 2023	PRC		100	%	Virtual technology service and digital marketing
Global Mofy (Beijing) Technology Co., Ltd. (“Global Mofy China”)	November 22, 2017	PRC		100	%	Virtual technology service, digital marketing and digital asset development
Kashi Mofy Interactive Digital Technology Co., Ltd. (“Kashi Mofy”)	July 31, 2019	PRC		100	%	Virtual technology service and digital marketing
Shanghai Moying Feihuan Technology Co., Ltd. (“Shanghai Mofy”)	May 11, 2020	PRC		100	%	Virtual technology service and digital marketing
Xi’an Shuzi Yunku Technology Co., Ltd (Xi’an Mofy)	June 8, 2018	PRC		60	%	Virtual technology service
Mofy (Beijing) Filming Technology Co., Ltd. (Beijing Mofy)	February 7, 2018	PRC		60	%	Virtual technology service

Category		Estimated useful lives
Office equipment		3 years
Leasehold improvement		Shorter of lease terms and estimated useful lives

Category		Estimated useful lives
Licensed digital assets		3-5 years

	Level 1		Level 2		Level 3
As of September 30, 2023
Short-term investments	$	—	$	780,000	$	—
Total	$	—	$	780,000	$	—

		September 30, 2023				September 30, 2022
Year-end spot rate			7.2960				7.1135

	As of September 30, 2023
	Gross Carrying Amount		Accumulated Amortization
	US$		US$
Intangible assets
Licensed digital assets	$	6,918,572	$	(412,780	)
Total	$	6,918,572	$	(412,780	)

Aggregate Amortization expenses:
For year ended 9/30/2023		$	412,780

Estimated Amortization Expenses:
For year ended 9/30/2024	$	1,512,046
For year ended 9/30/2025	$	1,507,914
For year ended 9/30/2026	$	1,287,201
For year ended 9/30/2027	$	1,197,414
For year ended 9/30/2028	$	1,001,217