$FAMI

Farmmi, Inc.

CIK:0001701261|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Consolidated Statements of Operations and Comprehensive Income (Loss)
Sales to third parties	$ 27,971,222	$ 64,128,547	$ 110,364,887
Sales to related parties	138	2,785	0
Revenues	27,971,360	64,131,332	110,364,887
Cost of revenues	(27,169,837)	(60,257,618)	(106,078,132)
Gross profit	801,523	3,873,714	4,286,755
Operating expenses
Impairment loss for biological assets	(8,868,597)	0	0
(Allowance) reversal of allowance for credit losses	(45,112,391)	(418,661)	32,007
Selling and distribution expenses	(309,085)	(135,848)	(145,292)
General and administrative expenses	(2,627,826)	(2,523,520)	(2,132,095)
Total operating expenses	(56,917,899)	(3,078,029)	(2,245,380)
(Loss) income from operations	(56,116,376)	795,685	2,041,375
Other income (expenses)
Change in fair value of derivative liability	0	0	873,767
Interest income	10,517	3,887	743,858
Interest expense	(418,313)	(1,690,551)	(650,813)
Amortization of debt issuance costs	(294,699)	(60,301)	(1,691,609)
Government grant	9,345	0	1,439,208
Other income, net	1,521,887	265,429	101,520
Gain (loss) on disposal of subsidiaries	1,901,693	(3,941,657)	0
Total other income (expenses), net	2,730,430	(5,423,193)	815,931
(Loss) income before income taxes	(53,385,946)	(4,627,508)	2,857,306
Income tax expense	(42)	(264)	(313,493)
Net (loss) income	(53,385,988)	(4,627,772)	2,543,813
Less: Net (loss) income attributable to non-controlling interest	(287,339)	26,907	0
Net (loss) income attributable to Farmmi, Inc.	(53,098,649)	(4,654,679)	2,543,813
Comprehensive (loss) income
Net (loss) income	(53,098,649)	(4,654,679)	2,543,813
Foreign currency translation	(3,649,061)	10,751,380	(4,281,978)
Comprehensive (loss) income attributable to Farmmi, Inc	$ (56,747,710)	$ 6,096,701	$ (1,738,165)
Weighted average number of ordinary shares
Basic	1,836,043	590,694	302,410
Diluted	1,836,043	590,694	704,406
(Loss) earnings per ordinary share
Basic.	$ (28.92)	$ (7.88)	$ 8.41
Diluted.	$ (28.92)	$ (7.88)	$ 3.61

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net (loss) income	$ (53,385,988)	$ (4,627,772)	$ 2,543,813
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Changes in allowances - accounts receivable	34,352,880	280,158	7,915
Changes in allowances - advances to suppliers	9,994,385	(3,217)	0
Changes in allowances - inventories	(8,088)	3,933	(40,963)
Changes in allowances - other current assets	676,460	0	0
Changes in allowances - due from related parties	96,754	0	0
Changes in allowances - long-term investment	0	137,786	92,944
Changes in impairment - biological assets	8,868,597	0	0
Depreciation	14,382	11,121	26,870
Amortization of operating lease right-of-use assets	3,062,366	364,301	45,473
Loss on short-term investment	0	0	5,870
Loss on disposal of property and equipment	0	0	124
(Gain) (loss) from disposal of subsidiaries	(1,901,693)	3,941,657	(5,592)
Amortization of debt issuance costs	294,699	60,301	1,691,609
Interest expenses for promissory note redemption	94,166	1,404,229	0
Amortization of biological assets	212,412	213,240	217,207
Deferred income tax provision	0	0	164,600
Change in fair value of derivative liability	0	0	(873,767)
Changes in operating assets and liabilities:
Accounts receivable, net	(15,950,605)	(10,553,909)	(9,045,179)
Advances to suppliers, net	62,838,313	(9,327,123)	(71,298,597)
Note receivable	0	0	3,558,349
Inventories, net	3,714,122	(1,401,002)	(3,272,753)
Other current assets	1,181,680	(318,052)	(222,440)
Other non-current assets - security deposits	(877,272)	(1,000,000)	0
Accounts payable	841,728	3,006,640	946,285
Operating lease liabilities	(3,066,268)	(359,177)	(63,467)
Other current liabilities	1,408,795	937,330	(232,463)
Other non-current liabilities	0	454,025	0
Net cash provided by (used in) operating activities	52,461,825	(16,775,531)	(75,754,162)
Cash flows from investing activities
Purchase of property and equipment	(16,667)	(29,450)	(314)
Short-term deposits	0	0	35,444,402
Proceeds from disposal of subsidiaries, net of cash	(60,538)	2,097,809	12,998
Cash paid for investment	(59,625,500)	0	(7,088,880)
Other receivables	0	0	7,504,211
Advances to related parties	0	0	(7,096)
Repayment of advances to related party	0	0	30,872
Net cash (used in) provided by investing activities	(59,702,705)	2,068,359	35,896,193
Cash flows from financing activities
Proceeds from promissory notes	0	5,000,000	0
Repayment of promissory notes	(2,586,986)	(130,000)	0
Repayment of convertible promissory notes	0	(6,050,625)	0
Borrowings from a third party loan	4,439,900	2,184,592	0
Repayment of a third party loan	(4,807,712)	(7,000)	0
Repayment of bank acceptance notes payable	0	0	(12,491)
Proceed from issuance of ordinary shares for warrants exercised	781,980	0	0
Proceed from issuance of ordinary shares, net	9,850,000	762,703	7,930,000
Borrowing from bank loans	0	0	4,779,323
Repayments of bank loans	0	(164,719)	(1,688,040)
Repayment of advances from related parties	(115,200)	(482,807)	0
Proceeds from advances from related parties	0	715,226	9,150
Net cash provided by (used in) financing activities	7,561,982	1,827,370	11,017,942
Effect of exchange rate changes on cash	(3,526)	576,589	462,261
Net increase (decrease) in cash	317,576	(12,303,213)	(28,377,766)
Cash and restricted cash, beginning of year	486,522	12,789,735	41,167,501
Cash and restricted cash, end of year	804,098	486,522	12,789,735
Representing:
Cash, end of year	803,477	486,522	12,789,735
Restricted cash, end of year	621	0	0
Total cash and restricted cash, end of year	804,098	486,522	12,789,735
Supplemental disclosure information:
Income taxes paid	0	1,213	67,572
Interest paid	288,402	65,556	165,179
Non-cash investing activities
Note receivable for refund due from cancelled investment	59,625,500	0	0
Non-cash financing activities
Right-of-use assets obtained in exchange for operating lease obligations	13,221,424	7,268,186	2,888
Issuance of ordinary shares for promissory notes redemption	244,284	1,154,000	1,100,000
Interest expenses for promissory note redemption	$ 94,166	$ 1,328,630	$ 1,691,609

Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Sep. 30, 2024
Current assets
Cash and restricted cash	$ 804,098	$ 486,522
Accounts receivable, net	13,095,167	32,460,438
Advances to suppliers, net	46,304,704	122,127,761
Note receivable, current portion	31,005,260	0
Inventories, net	1,544,462	5,490,877
Other current assets, net	372,264	1,047,836
Due from a related party	0	312,362
Total current assets	93,125,955	161,925,796
Non-current assets
Note receivable	28,620,240	0
Long-term investments, net	6,932,404	7,032,573
Biological assets, net	0	9,333,216
Right-of-use assets, net	16,440,531	7,399,841
Security deposits	1,877,272	0
Property and equipment, net	36,780	42,293
Other non-current assets	0	1,000,000
Total non-current assets	53,907,227	24,807,923
Total assets	147,033,182	186,733,719
Current liabilities
Long-term loans - current	0	202,405
Promissory notes	2,519,134	5,256,238
Accounts payable	15,695	69,999
Due to related parties	293,919	501,500
Operating lease liabilities - current	5,030,911	3,391,141
Other current liabilities	2,096,671	638,957
Total current liabilities	9,956,330	10,060,240
Non-current liabilities
Long-term loans - non-current	1,809,780	2,177,592
Operating lease liabilities - non-current	11,409,620	4,025,625
Other non-current liabilities	0	454,025
Total non-current liabilities	13,219,400	6,657,242
Total liabilities	23,175,730	16,717,482
Shareholders' equity
Ordinary shares, $2.40 par value, 5 billion shares authorized, 5,481,874 and 889,906 shares issued and outstanding as of September 30, 2025 and 2024, respectively	13,156,498	2,135,774
Additional paid-in capital	161,426,802	161,571,262
Statutory reserve	687,173	697,443
(Accumulated deficit) Retained earnings	(39,839,384)	13,248,995
Accumulated other comprehensive loss	(11,313,205)	(7,664,144)
Total Farmmi, Inc.'s shareholders' equity	124,117,884	169,989,330
Noncontrolling interest	(260,432)	26,907
Total shareholders' equity	123,857,452	170,016,237
Total liabilities and shareholders' equity	$ 147,033,182	$ 186,733,719