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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><b>UNITED
STATES</b></span></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><b>FORM
<span id="xdx_90D_edei--DocumentType_c20221001__20230930_zSLQ33mT5hGj"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:DocumentType" id="ixv-30931">20-F</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
One)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--DocumentRegistrationStatement_c20221001__20230930_zn2wZ2Ua7d1e"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:booleanfalse" name="dei:DocumentRegistrationStatement" id="ixv-30932">&#9744;</ix:nonNumeric></span>
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--DocumentAnnualReport_c20221001__20230930_z6OOlzHcFyVg"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:booleantrue" name="dei:DocumentAnnualReport" id="ixv-30933">&#9746;</ix:nonNumeric></span>
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--DocumentTransitionReport_c20221001__20230930_zpxJzuwNU9E7"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:booleanfalse" name="dei:DocumentTransitionReport" id="ixv-30936">&#9744;</ix:nonNumeric></span>
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the transition period from ___________ to ___________</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--DocumentShellCompanyReport_c20221001__20230930_zJnmOSFW0Xz4"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:booleanfalse" name="dei:DocumentShellCompanyReport" id="ixv-30937">&#9744;</ix:nonNumeric></span>
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number: <b><span style="text-decoration: underline"><span id="xdx_905_edei--EntityFileNumber_c20221001__20230930_z5Bd2PUUDWWe"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityFileNumber" id="ixv-30938">001-40517</ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><b><span id="xdx_906_edei--EntityRegistrantName_c20221001__20230930_zpBJJL2sB9ff"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityRegistrantName" id="ixv-30939">BON
NATURAL LIFE LIMITED</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
Name of Registrant as Specified in Its Charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Not
Applicable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of Registrant&#8217;s Name Into English)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_908_edei--EntityIncorporationStateCountryCode_c20221001__20230930_zlXd2EUpV3o3"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode" id="ixv-30940">Cayman
Islands</ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction
of Incorporation or Organization)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressAddressLine1_c20221001__20230930_zS4ni0LkAKtc"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityAddressAddressLine1" id="ixv-30941">Room
601, Block C, Gazelle Valley,</ix:nonNumeric></span> <span id="xdx_904_edei--EntityAddressAddressLine2_c20221001__20230930_zDJ84RIh0YIa"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityAddressAddressLine2" id="ixv-30942">No.69, Jinye Road</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressAddressLine3_c20221001__20230930_z13A0Uir3aTl"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityAddressAddressLine3" id="ixv-30943">High-Tech
Zone</ix:nonNumeric></span>, <span id="xdx_90E_edei--EntityAddressCityOrTown_c20221001__20230930_zJXSTzIRMw7a"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityAddressCityOrTown" id="ixv-30944">Xi&#8217;an</ix:nonNumeric></span>, Shaanxi, <span id="xdx_902_edei--EntityAddressCountry_c20221001__20230930_zgoiKINEHgf1"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry" id="ixv-30945">China</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of China</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of Principal Executive Offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--ContactPersonnelName_c20221001__20230930__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zoevZAC9iwW7"><ix:nonNumeric contextRef="From2022-10-012023-09-30_dei_BusinessContactMember" name="dei:ContactPersonnelName" id="ixv-30946">Yongwei
Hu</ix:nonNumeric></span>, Chairman and Chief Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressAddressLine1_c20221001__20230930__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zPGyzy85Cmbh"><ix:nonNumeric contextRef="From2022-10-012023-09-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1" id="ixv-30947">Room
601, Block C, Gazelle Valley</ix:nonNumeric></span>, <span id="xdx_90E_edei--EntityAddressAddressLine2_c20221001__20230930__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z9u9MVitDk95"><ix:nonNumeric contextRef="From2022-10-012023-09-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine2" id="ixv-30948">No.69, Jinye Road</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressAddressLine3_c20221001__20230930__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z8V7xBkIHzQ3"><ix:nonNumeric contextRef="From2022-10-012023-09-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine3" id="ixv-30949">High-Tech
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of China</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel:
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--ContactPersonnelEmailAddress_c20221001__20230930__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zALNtqBW6Rf4"><ix:nonNumeric contextRef="From2022-10-012023-09-30_dei_BusinessContactMember" name="dei:ContactPersonnelEmailAddress" id="ixv-30954">bonnatural@appchem.cn</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Stock, $0.0001 par value</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--TradingSymbol_c20221001__20230930_zzpEp6d9Z5Ya"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:TradingSymbol" id="ixv-30956">BON</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--SecurityExchangeName_c20221001__20230930_zapUp7i5VYYg"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-30957">NASDAQ</ix:nonNumeric></span>
    Capital Market</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">None</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">None</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report (September 30, 2023): <span id="xdx_909_edei--EntityCommonStockSharesOutstanding_iI_c20230930_zdyB9ahNQgx7"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-30958">11,738,662</ix:nonFraction></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_907_edei--EntityWellKnownSeasonedIssuer_c20221001__20230930_zD2ZLilzyjL"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityWellKnownSeasonedIssuer" id="ixv-30959">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes &#9744; <span id="xdx_90E_edei--EntityVoluntaryFilers_c20221001__20230930_zm9UpXJ5jc67"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityVoluntaryFilers" id="ixv-30960">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
&#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. <span id="xdx_90D_edei--EntityCurrentReportingStatus_c20221001__20230930_z2tCAedJhHrc"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityCurrentReportingStatus" id="ixv-30961">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files) <span id="xdx_90F_edei--EntityInteractiveDataCurrent_c20221001__20230930_zKUQRLOzHiLe"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:EntityInteractiveDataCurrent" id="ixv-30962">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer, &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    Accelerated Filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    Filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--EntityFilerCategory_c20221001__20230930_zQK0BJ16up78"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory" id="ixv-30963">Non-Accelerated
    Filer</ix:nonNumeric></span></span> &#9746;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; text-align: right"> <span id="xdx_90D_edei--EntityEmergingGrowthCompany_c20221001__20230930_zDTlg1vXjPRe"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany" id="ixv-30964">&#9746;</ix:nonNumeric></span></td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90D_edei--EntityExTransitionPeriod_c20221001__20230930_zjl4Goeb9d7d"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod" id="ixv-30965">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 12%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentAccountingStandard_c20221001__20230930_znJC0K8syQna"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:DocumentAccountingStandard" id="ixv-30966">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 72%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. &#9744; Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; <span id="xdx_90C_edei--EntityShellCompany_c20221001__20230930_z03zSl2Ryy77"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:booleanfalse" name="dei:EntityShellCompany" id="ixv-30967">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_907_edei--DocumentFinStmtErrorCorrectionFlag_c20221001__20230930_z3iPye4vRPw6"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:booleanfalse" name="dei:DocumentFinStmtErrorCorrectionFlag" id="ixv-30968">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D 1(b). &#9744;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
Report on Form 20-F</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
Ended September 30, 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">TABLE
OF CONTENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_001">PART I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_002">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_003">Directors and Senior Management</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_004">Advisors</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_005">Auditors</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_006">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_007">Offer Statistics</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_008">Method and Expected Timetable</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_009">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_010">Selected Financial Data</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_011">Capitalization and Indebtedness</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_012">Reasons for the Offer and Use of Proceeds</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">7</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_013">Risk Factors</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">7</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_014">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_015">History and Development of the Company</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">42</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_016">Business Overview</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizational Structure</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, Plants and Equipment</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">84</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Results</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">84</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity and Capital Resources</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and Development, Patents and Licenses, Etc.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">104</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trend Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">104</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Off Balance Sheet Arrangements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">104</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tabular Disclosure of Contractual Obligations</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">104</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safe Harbor</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors and Senior Management</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">114</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#X1_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board Practices</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">115</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">118</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Ownership</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">118</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">120</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major Shareholders</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">120</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related Party Transactions</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">120</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interests of Experts and Counsel</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">121</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">121</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements and Other Financial Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">121</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant Changes</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">122</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer and Listing Details</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">122</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">122</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markets</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">123</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling Shareholders</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">123</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">123</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses of the Issue</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">123</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">123</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Capital</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center">123</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum and Articles of Association</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">123</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Contracts</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">126</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange Controls</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">127</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">129</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends and Paying Agents</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">137</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement by Experts</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">137</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents on Display</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">138</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">138</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">138</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">139</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">139</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants and Rights</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">139</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">139</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Depositary Shares</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">139</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_033"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_034"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">140</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">140</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">140</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Controls and Procedures</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">140</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Annual Report on Internal Control Over Financial Reporting</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">141</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_039"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attestation Report of the Registered Public Accounting Firm</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">142</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_040"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in Internal Controls over Financial Reporting</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">142</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16A.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_041"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">142</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_042"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">142</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16C.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_043"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">143</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16D.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_044"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">143</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16E.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_045"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">143</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16F.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_046"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGES IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">143</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16G.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_047"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">143</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16H.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_048"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">143</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_049"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART III</span></a></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#SU_050"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">144</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INTRODUCTORY
NOTES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Certain Defined Terms</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise indicated by the context and for the purposes of this Annual Report only, references in this Annual Report to:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Bon
    Natural Life,&#8221; &#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company&#8221; or &#8220;our&#8221;
    are to Bon Natural Life Limited a Cayman Islands corporation, its subsidiaries and its consolidated affiliated entities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;China&#8221;
    or the &#8220;PRC&#8221; are to the People&#8217;s Republic of China, including Hong Kong and Macau, and excluding, for the purposes
    of this Annual Report only, Taiwan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Operating
    subsidiaries&#8221; or &#8220;PRC subsidiaries&#8221; are to Xi&#8217;an App-Chem Bio(Tech) Co., Ltd., a PRC company, and its subsidiary
    entities incorporated in the PRC.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ordinary
    shares&#8221; or &#8220;Shares&#8221; are to our ordinary shares, par value $0.0001 per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;RMB,&#8221;
    &#8220;Renminbi&#8221; &#8220;Yuan,&#8221; or &#8220;&#165;&#8221; are to the legal currency of the People&#8217;s Republic of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Tea
    Essence&#8221; are to Tea Essence Limited, our direct wholly owned subsidiary incorporated in Hong Kong.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;US$,&#8221;
    &#8220;U.S. dollars,&#8221; &#8220;$,&#8221; or &#8220;dollars&#8221; are to the legal currency of the United States; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;WFOEs&#8221;
    is to Xi&#8217;an Cell and Molecule Information Technology Limited and Xi&#8217;an Youpincui Biotechnology Co., Ltd.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Xi&#8217;an
    App-Chem&#8221; are to Xi&#8217;an App-Chem Bio(Tech) Co., Ltd., an entity incorporated in the PRC or, depending on the context,
    Xi&#8217;an App-Chem Bio(Tech) Co., Ltd. and its subsidiaries</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Xi&#8217;an
    CMIT&#8221; are to Xi&#8217;an Cell and Molecule Information Technology Limited, one of our Wholly Foreign-Owned Enterprises incorporated
    in the PRC</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Xi&#8217;an
    Youpincui&#8221; are to Xi&#8217;an Youpincui Biotechnology Co., Ltd., another of our Wholly Foreign-Owned Enterprises incorporated
    in the PRC</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cautionary
Note Regarding Forward-Looking Statements</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to historical information, this Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. We use words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221;
&#8220;project,&#8221; &#8220;target,&#8221; &#8220;plan,&#8221; &#8220;optimistic,&#8221; &#8220;intend,&#8221; &#8220;aim,&#8221; &#8220;will&#8221;
or similar expressions which are intended to identify forward-looking statements. Such statements include, among others, those concerning
market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue,
margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; and any
statements regarding future economic conditions or performance, as well as all assumptions, expectations, predictions, intentions or
beliefs about future events. Investors are cautioned that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause
the results of the Company to differ materially from those expressed or implied by such forward-looking statements. Potential risks and
uncertainties include, among other things, the possibility that we may not be able to maintain or increase our net revenues and profits
due to our failure to anticipate consumer preferences and develop new menswear products, our failure to execute our business expansion
plan, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to China&#8217;s
legal system and economic, political and social events in China, a general economic downturn, a downturn in the securities markets, and
other risks and uncertainties which are generally set forth under Item 3 &#8220;Key information&#8212;D. Risk Factors&#8221; and elsewhere
in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Readers
are urged to carefully review and consider the various disclosures made by us in this Annual Report and our other filings with the SEC.
These reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results
of operations and prospects. The forward-looking statements made in this Annual Report speak only as of the date hereof and we disclaim
any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes
in our expectations or future events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_001"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_002"></span>ITEM
    1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_003"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Senior Management</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_004"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Advisors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_005"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Auditors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_006"></span>ITEM
    2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OFFER
    STATISTICS AND EXPECTED TIMETABLE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_007"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
    Statistics</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_008"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Method
    and Expected Timetable</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_009"></span>ITEM
    3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KEY
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands holding company that conducts all of our operations and operates our business in China through our PRC subsidiaries.
Holders of our ordinary shares do not own equity securities of our subsidiaries that have substantive business operations in China, but
instead are holders of equity securities of a Cayman Islands holding company. Such structure involves unique risks to investors in our
ordinary shares. Although we own and control our PRC operating subsidiaries, investors in our ordinary shares may never hold equity interests
directly in our operating entities. Please see &#8220;<i>Risks Related to Our Corporate Structure</i>&#8221; beginning on page 14 of
this report (the &#8220;Annual report&#8221;) or additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face various legal and operational risks and uncertainties related to being based in and having all of our operations in China. The PRC
government has significant authority to exert influence on the ability of a China-based company, such as us, to conduct its business,
accept foreign investments or list on an U.S. or other foreign exchanges. For example, we face risks associated with regulatory approvals
of offshore offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy. Such risks could result in
a material change in our operations and/or the value of our ordinary shares or could significantly limit or completely hinder our ability
to offer or continue to offer ordinary shares and/or other securities to investors and cause the value of such securities to significantly
decline or be worthless. For a detailed description of risks related to doing business in China, see generally, &#8220;<i>Risks Related
to Legal Uncertainty and Doing Business in China</i>&#8221; beginning on page 15 of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Holding
Foreign Companies Accountable Act</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recently enacted Holding Foreign Companies Accountable Act (&#8220;HFCAA&#8221;), together with a recent joint statement by the United
States Securities and Exchange Commission (&#8220;SEC&#8221;) and the PCAOB call for additional stringent criteria to be applied to emerging
market companies by assessing the qualification of non-U.S. auditors who are not inspected by the PCAOB. Under the HFCAA, our securities
may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not subject to inspection by the PCAOB for
three consecutive years, and this ultimately could result in our Ordinary Shares being delisted from trading on any U.S. stock exchange.
On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023, which, among other things, amended the HFCAA
to reduce the time period under the HFCAA to two consecutive years instead of three consecutive years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the HFCAA, the PCAOB issued a Determination Report on December 16, 2021 (the &#8220;2021 Determination Report&#8221;) which found
that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China because
of a position taken by one or more authorities in mainland China. Our auditor, located in China, is subject to the 2021 Determination
Report. On August 26, 2022, the China Securities Regulatory Commission (&#8220;CSRC&#8221;), the Ministry of Finance of China, and the
PCAOB signed a protocol governing inspections and investigations of audit firms based in China and Hong Kong. On December 15, 2022, the
PCAOB issued a new Determination Report (the &#8220;2022 Determination Report&#8221;) which: (1) vacated the 2021 Determination Report
and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. Although the
2022 Determination Report reversed the conclusion of the 2021 Determination Report with respect to PCAOB&#8217;s ability to conduct inspections
and investigations completely of the registered public accounting firms headquartered in mainland China and Hong Kong, the 2022 Determination
Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to
inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate
completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue
a new determination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit report included in this Annual Report for the year ended September 30, 2023 was issued by YCM CPA, Inc. (&#8216;YCM&#8221;), which
is a U.S.-based accounting firm that is registered with the PCAOB. YCM was not subject to the 2021 Determination Report. We have no intention
of dismissing YCM in the future or of engaging any auditor not based in the U.S. and not subject to regular inspection by the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Cash
Flows Within Our Organization</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established clear policies and procedures to ensure effective cash oversight. Our management team is directly responsible for supervising
cash management, while our finance department is responsible for establishing guidelines and procedures to be followed by all departments
and operating entities. When a department or operating entity requires cash, they must first submit a cash demand plan to designated
management members within our company. The plan outlines the specific amount and timing of the requested funds, and the designated management
member evaluates the request based on available sources of cash and the priority of needs. Once approved, the cash allocation is sent
to our finance department for a second review and further approval. To further ensure effective cash management, we regularly review
our cash position and make adjustments as necessary to maximize the use of available funds. We also maintain a close relationship with
our banking partners to stay informed of any changes in banking regulations or requirements that could affect our cash management activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
structure of cash flows within the entities in our corporate organization, and the applicable regulations, are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Our equity structure is a direct holding structure, that is, the overseas entity listed in the U.S., Bon Natural Life, directly controls
Xi&#8217;an CMIT and Xi&#8217;an Youpincui (the &#8220;WFOEs&#8221;) and other domestic operating entities through the Hong Kong company,
Tea Essence. See &#8220;Corporate History and Structure&#8221; for additional details.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Within our direct holding structure, the cross-border transfer of funds within our corporate group is conducted in compliance with the
laws and regulations of the PRC. After foreign investors&#8217; funds enter Bon Natural Life following an offering of securities, the
funds can be directly transferred to Tea Essence, and then transferred to subordinate operating entities through the WFOE.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
were to distribute dividends, we would transfer the dividends to Tea Essence in accordance with the laws and regulations of the PRC,
and then Tea Essence will transfer the dividends to Bon Natural Life, and the dividends will be distributed from Bon Natural Life to
all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders are U.S. investors or investors
in other countries or regions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
As of January 30, 2024, the only cash transfers from Bon Natural Life Limited to its subsidiaries have been as follows: 1) On June 29,
2021, $9 million was transferred from Bon Natural Life to our Hong Kong subsidiary and then transferred to our WOFE as a capital contribution.
These funds were then transferred to our subsidiary in the PRC. 2) On July 9, 2021, $1 million was transferred from Bon Natural Life
to our Hong Kong subsidiary and then further transferred to our WOFE as a capital contribution. These funds were then transferred to
our subsidiary in the PRC in August 2021. 3) On January 17, 2023, $630,000 was transferred from Bon Natural Life to our Hong Kong subsidiary
and then transferred to our WOFE as a capital contribution. These funds were then transferred to our subsidiary in the PRC in January
2023. Other than the foregoing, there have been no intercompany cash transfers from Bon Natural Life to our subsidiaries or from our
subsidiaries to Bon Natural Life.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, none of our subsidiaries have made any dividends or distributions to Bon Natural Life and we have not made any dividends or distributions
to our shareholders. We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any
cash dividends will be paid to shareholders in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Under Cayman Islands law, the Company may pay dividends on its shares out of either profit or share premium amounts, provided that in
no circumstance may a dividend be paid if such payment would result in the Company being unable to pay its debts as they become due in
the ordinary course of business. If we decide to pay dividends in the future, as a holding company, we will depend on receiving dividends
from our PRC subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
PRC regulations permit our direct PRC subsidiary, or WFOE, to pay dividends to Tea Essence Limited (HK), our Hong Kong subsidiary, only
out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. Cash dividends, if
any, on our Ordinary Shares would be paid in U.S. dollars. The PRC government also imposes control on the conversion of RMB into foreign
currencies and the remittance of currencies out of the PRC. Under existing PRC foreign exchange regulations, payments of current account
items, including profit distributions, interest payments and expenditures from trade-related transactions, can be made in foreign currencies
without prior approval from the State Administration of Foreign Exchange (&#8220;SAFE&#8221;) in the PRC, as long as certain procedural
requirements are met. Approval from appropriate government authorities is required if RMB is converted into foreign currency and remitted
out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may, at its
discretion, impose restrictions on access to foreign currencies for current account transactions and, if this occurs in the future, we
may not be able to pay dividends in foreign currencies (i.e., U.S. dollars) to our shareholders. Furthermore, if our PRC entities incur
debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments.
Due to the above restrictions, if we are unable to receive payments from our PRC operating entities, we would not be able to pay dividends
to our shareholders, should we desire to do so in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">PRC
Government Permissions and Approvals</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we have obtained all material licenses and permits from the PRC government authorities for our business operations in the
PRC. To date, we have not been denied any such licenses and permits. However, we cannot assure you that we will always be able to successfully
obtain, update or renew all the licenses or permits required for our business in a timely manner or that these licenses or permits are
sufficient to conduct all of our present or future business operations. If we (i) do not receive or maintain required permissions or
approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or
interpretations change and we are required to obtain such permissions or approvals in the future, we could be subject to fines, legal
sanctions or an order to suspend or business operations, which may materially and adversely affect our business, financial condition
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2023, the China Securities Regulatory Commission (the &#8220;CSRC&#8221;) promulgated the Trial Administrative Measures
of the Overseas Securities Offering and Listing by Domestic Companies (the &#8220;Overseas Listing Trial Measures&#8221;) and relevant
five guidelines, which became effective on March 31, 2023. According to the Overseas Listing Trial Measures, PRC domestic companies that
seek to offer securities or list in overseas markets, either directly or indirectly, are required to fulfill the filing procedure with
the CSRC. At a press conference held for these new regulations, officials from the CSRC clarified that the domestic companies that have
already been listed overseas before the effective date of the Overseas Listing Trial Measures (i.e. March 31, 2023) shall be deemed as
existing issuers, or the Existing Issuers. Existing Issuers are not required to complete the filling procedures immediately, and they
shall be required to file with the CSRC when subsequent matters such as refinancing are involved.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an Existing Issuer under the Overseas Listing Trial Measures, we would only be required to complete the filing procedures with the CSRC
in connection with a new securities offering conducted after March 31, 2023. Given that the Overseas Listing Trial Measures were recently
promulgated, however, there remain substantial uncertainties as to their interpretation, application, and enforcement. We cannot guarantee
that new rules or regulations promulgated in the future will not impose any additional requirement on us or otherwise tighten the PRC
domestic regulations on companies indirectly listed overseas.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that we are subject to any CSRC approval, filing, other governmental authorization or requirements, whether in connection
with future securities offerings or otherwise, we cannot assure you that we could obtain such approval, complete such filing, or meet
other requirements in a timely manner or at all. If we fail to obtain such approval if and when needed or complete such filings or meet
other requirements in a timely manner, the Chinese regulatory authorities may impose fines and penalties on our operations in China,
limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds
from securities offerings into China, force a delisting of our ordinary shares, or take other actions that could have a material adverse
effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cybersecurity Review Measures provide that an online platform operator, which possesses personal information of at least one million
users, must apply for a cybersecurity review by the CAC if it intends to be listed in foreign countries. Because we currently do not
possess more than one million users&#8217; personal information, we do not believe that we are or will be subject to the cybersecurity
review by the CAC. In addition, to date, we have not been involved in any investigations on cybersecurity review initiated by any PRC
regulatory authority, nor have we received any inquiry, notice, or sanction related to cybersecurity review under the Cybersecurity Review
Measures.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_010"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selected
    Financial Data</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents selected financial data regarding our business. It should be read in conjunction with our consolidated financial
statements and related notes contained elsewhere in this annual report and the information under Item 5 &#8220;Operating and Financial
Review and Prospects.&#8221; The selected consolidated statements of income and comprehensive income data for the fiscal years ended
September 30, 2023 and 2022, and the selected consolidated statements of financial position data as of September 30, 2023 and 2022have
been derived from our audited consolidated financial statements that are included in this annual report beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United
States of America, or U.S. GAAP. The selected financial data information is only a summary and should be read in conjunction with the
historical consolidated financial statements and related notes contained elsewhere herein. The financial statements contained elsewhere
fully represent our financial condition and operations; however, they are not indicative of our future performance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
Sheet Data (Presented in $USD)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14,716,787</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">37,256,849</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">9,611,215</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">10,574,303</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">7,164,353</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statements
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">$</td><td style="text-align: right">8,840,027</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">2,921,386</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">1,711,306</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">969,231</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">1,002,298</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">4,552,682</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6,242,424</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,609,453</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Net income attributable to Bon Natural Life Limited</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,595,982</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6,237,488</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,590,803</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Earnings per share, basic</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Earnings per share, diluted</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.74</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.68</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Weighted average ordinary shares outstanding- basic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,139,600</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,360,774</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,615,833</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted average ordinary shares outstanding- diluted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,198,107</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,396,064</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,706,235</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_011"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization
    and Indebtedness</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_012"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons
    for the Offer and Use of Proceeds</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_013"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    Factors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in our capital stock involves a high degree of risk. You should carefully consider the risks described below, together with
all of the other information included in this Annual Report, before making an investment decision. If any of the following risks actually
occurs, our business, financial condition or results of operations could suffer. In that case, the trading price of our common stock
could decline, and you may lose all or part of your investment.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related To Our Financial Condition and Business Model</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because
we conduct all of our operations in China, our business is subject to the complex and rapidly evolving laws and regulations there. The
Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence
our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares, could
significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our
securities to significantly decline or be worthless.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a business operating in China, we are subject to the laws and regulations of the PRC, which can be complex and evolve rapidly. The PRC
government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations to which
we are subject may change rapidly and with little notice to us or our shareholders. The PRC legal system is based on written statutes.
Unlike common law systems, it is a system in which legal cases have limited value as precedents. In the late 1970s, the PRC government
began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The overall effect of legislation
over the past four decades has significantly increased the protections afforded to various forms of foreign or private-sector investment
in China. As relevant laws and regulations are relatively new and the PRC legal system continues to rapidly evolve with little advance
notice, however, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations
and rules involve uncertainties. The PRC government has the power to exercise significant oversight and discretion over the conduct of
our business, and the regulations to which we are subject may change rapidly and with little notice to us or our shareholders. In addition,
these laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with
our current policies and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with,
and such compliance or any associated inquiries or investigations or any other government actions may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
    or impede our development, </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Result
    in negative publicity or increase our operating costs, </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Render
    it difficult or impossible for us to raise capital through new securities offerings, thus hindering our development, </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Require
    significant management time and attention, and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our products, reduce revenues, increase costs, require us to obtain more licenses,
permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required
to be implemented, our business, financial condition and results of operations could be adversely affected, and any such action could
significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such
securities to significantly decline or be worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
failure to appropriately respond to changing consumer preferences and demand for new products or product enhancements could significantly
harm our customer relationships and product sales and harm our financial condition and operating results.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to changing consumer trends and preferences, especially with respect to weight management; targeted nutrition; energy,
sports, and fitness; and other nutrition products. Our continued success depends in part on our ability to anticipate and respond to
these changes, and we may not respond in a timely or commercially appropriate manner to such changes. Furthermore, the nutritional supplement
industry is characterized by rapid and frequent changes in demand for products and new product introductions and enhancements. Our failure
to accurately predict these trends could negatively impact consumer opinion of our products and cause the loss of sales. Our short term
new product development primarily focuses on health supplements, such as various powder drink products seeking to i) boost immunity;
ii) prevent indigestion; iii) prevent respiratory infection; iv) prevent allergic skin reaction; v) improve sleep quality; vi) prevent
memory loss and vii) alleviate anxiety. Our products have not been approved as effective in treating or preventing any health conditions
and/or diseases by a regulatory agency in the PRC. In terms of product enhancements, we are also working on increasing the purity of
our bioactive food ingredients, such as our ultra-pure stachyose as a dietary supplement for infants, flavanols to seek intestine health
improvement, procyanidin b2 to seek to promote hair growth, and high soluble and low residue sclareolide to seek weight management. The
success of our new product offerings and enhancements depends upon a number of factors, including our ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">accurately
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacture
    and deliver our products in sufficient volumes and in a timely manner; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">differentiate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not introduce new products or make enhancements to meet the changing needs of our customers in a timely manner, some of our product
offerings could be rendered obsolete, which could negatively impact our revenues, financial condition and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
we are unable to build sufficient distribution network to meet increasing demand of our products, our ability to execute on our business
plan as outlined in this Annual Report will be impaired.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell our products through our direct sales force and distribution channel. Although our sales and distribution satisfy our existing business
needs, they might be insufficient to meet demand for our products as we continue to grow our business, which could result in harm to
our sales and business operations, financial condition and results of operations. To mitigate such risk, we intent to invest our internally
generated cash from operations and capital to be raised to add additional teams to our direct sales force, expand our geographic reach
with new distribution channels into other provinces within China and overseas, and establish more sales online. If our planned efforts
to expand our sales and distribution channels are not effective, our ability to execute on our business plan and to realize continued
growth with be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Production
difficulties, quality control problems, inaccurate forecasting and reliance on third-party suppliers could harm our business.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
difficulties, quality control problems, inaccurate forecasting and our reliance on third party suppliers to manufacture and deliver products
that meet our specifications in a timely manner could harm our business. We could experience production difficulties with respect to
our products, including the availability of raw materials, components, packaging and products that do not meet our specifications and
quality control standards. These production difficulties and quality problems could result in stock outages or shortages in our markets
with respect to such products, harm our sales, or create inventory write-downs for unusable products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
inability to obtain adequate supplies of raw materials for products at favorable prices, or at all, could have a material adverse effect
on our business, financial condition, or results of operations.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acquire our raw materials for the manufacture of our products from third-party suppliers. Materials used in manufacturing our products
are purchased through purchase order, often invoking pre-negotiated supply agreements. We have very few long-term agreements for the
supply of these materials. There is a risk that any of our suppliers could discontinue selling raw materials to us. Although we believe
that we could establish alternate sources for most of our products, any delay in locating and establishing relationships with other sources
could result in product shortages or back orders for products, with a resulting loss of net sales. In certain situations, we may be required
to alter our products or to substitute different products from another source. There can be no assurance that suppliers will provide
the raw materials that are needed by us in the quantities that we request or at the prices that we are willing to pay. Because we do
not control the actual production of certain raw materials, we are also subject to delays caused by any interruption in the production
of these materials, based on conditions not within our control, including weather, crop conditions, transportation interruptions, strikes
by supplier employees, and natural disasters or other catastrophic events.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
products have not been clinically proven to be safe or effective, and our quality control efforts are limited to ensuring ingredient
and product purity and certain safety measures. If our products, or similar products distributed by other companies, were proven or asserted
to be unsafe or ineffective, our business would be harmed.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products include nutritional supplements that are made from vitamins, minerals, herbs, and other substances for which there is a long
history of human consumption. Some of our products contain innovative ingredients or combinations of ingredients. Although we believe
that all of our products are safe when taken as directed, there is little long-term experience with human consumption of certain of these
product ingredients or combinations of ingredients in concentrated form. We have not conducted clinical trials on the safety or efficacy
of our products, and no government agency with authority has made any determination regarding their safety or efficacy. Our inspection
and quality control efforts are limited to ensuring ingredient and product purity and quality. We follow industry best practices by inspecting
sourced raw materials and finished products and formulating our products and in accordance to &#8220;ISO22000 Food Safety Management
System-Procurement Control Procedure&#8221;, &#8220;People&#8217;s Republic of China National Standard-Powder Drink&#8221;, and &#8220;People&#8217;s
Republic of China Domestic Trade Industry Standard-Tablet Candy&#8221;. In addition to our self-inspections, we use authorized national
food quality control and safety inspection agencies to inspect our raw materials and finished products. These inspections and practices,
however, do not constitute proof or assurance that our products are safe or effective. We could be adversely affected in the event that
our products, or similar products distributed by other companies, were proven or are asserted to be ineffective or harmful to consumers
or in the event of adverse publicity associated with any illness or other adverse effects resulting from consumers&#8217; use or misuse
of our products or similar products of our competitors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disruptions
resulting from the Covid-19 pandemic have had a material negative impact on our results of operations and pose continuing additional
risks to our operations.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, a novel strain of COVID-19 was reported in Wuhan, China. On March 11, 2020, the World Health Organization categorized
it as a pandemic. To reduce the spread of the COVID-19, the Chinese government has employed measures including city lockdowns, quarantines,
travel restrictions, suspension of business activities and school closures. Due to difficulties resulting from the COVID-19 outbreak,
including, but not limited to, the temporary closure of the Company&#8217;s factory and operations beginning in early February, limited
support from the Company&#8217;s employees, delayed access to raw material supplies and inability to deliver products to customers on
a timely basis, the Company&#8217;s business was negatively impacted and generated lower revenue and net income during the period from
February to April 2020. The Company resumed operations on March 2, 2020 and received and fulfilled an increasing number of customer orders
in the second half of fiscal year 2020, especially for bioactive food ingredients, including Stachyose due to local government recommendation
and increasing consumer demand. Our revenues were $25,494,564 in fiscal year 2021, an increase of $7,274,605, or approximately 39.9%
as compared to $18,219,959 in fiscal year 2020. Our net income increased by 48.8%, from $3,098,317 in fiscal year 2020 to $4,609,453
in fiscal year 2021 because we fulfilled increased sales orders in fiscal year 2021 when COVID-19 was relatively under control in China.
Our revenues were $29,908,561 in fiscal year 2022, an increase of $4,413,997, or approximately 17.3% as compared to $25,494,564 in fiscal
year 2021 due to strong customer demand. Our net income increased from $4,609,453 in fiscal year 2021 to $6,242,424 in fiscal year 2022.
As of the date of this annual report, although the negative impact of the COVID-19 coronavirus outbreak on our business seems to be temporary
in China, there is still uncertainty both in China and globally and potential disruption to business and the economy. A resurgence could
negatively affect the execution of customer contracts, the collection of customer payments, or disruption of the Company&#8217;s supply
chain. The continued uncertainties associated with COVID 19 may cause the Company&#8217;s revenue and cash flows to underperform in the
next 12 months from the date of issuance of our 2022 consolidated financial statements. The extent of the future impact of COVID-19 is
still highly uncertain and cannot be predicted as of the date of this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
may face increased competition from new and existing firms with greater capital resources, which could cause our market share and profitability
to decline if we do not successfully meet competitive challenges.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the strong prospects and recent growth of our existing business, we may face new direct competition from some counterparts engaged
in other categories of the natural products and ingredients business, such as Chenguang Biotech from China, which is engaged in natural
colors, Layn, which engaged in natural sweeteners, and European counterparts like Koninklijke DSM N.V., Symrise AG, and Givaudan SA.
These firms may seek to compete directly with Xi&#8217;an App-Chem in its existing businesses to some extent. The size, financial strength,
technology foundation and development capabilities of the above-mentioned companies are strong, and potential competition from these
firms will be a key competitive challenge in the near future. In addition, large and well-developed food and food ingredient companies
may seek to enter the nutritional health space. These companies may challenge us by seeking to secure key raw material sources for their
products and to acquire stability, reliability and cost advantages for their supply chains. Because of the strong capital and brand strength
of such companies, they might pose challenges to us in the future. If we are unable to continue to expand, innovate, and collaborate
to improve our market position in the face of new competition, our market share, revenues, and profitability will be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
we do not obtain substantial additional financing, our ability to execute on our business plan as outlined in this Annual Report will
be impaired.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
plans for business expansion and development are dependent upon our raising significant additional capital. Our plans call for significant
new investments in research and development, marketing, expanded productions capacity, and working capital for raw materials and other
items. Management estimates that our capital needs for expansion will be approximately $40 million. We will be required to seek additional
investments, loans or debt financing to fully pursue our business plans. Such additional investment may not be available to us on terms
which are favorable or acceptable. Should we be unable to meet our full capital needs, our ability to fully implement our business plan
will be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
we are unable to retain key personnel and hire new key personnel, we may not be able to implement our business plan.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to succeed depends upon the experience and contributions of our key personnel, and in particular, our founder and CEO, Mr. Hu.
The loss of the services of these individuals, if they are not adequately replaced, could have a substantial adverse effect on our financial
condition, results of operations, and prospects. Our future success will also depend on our ability to identify, attract, and retain
additional qualified personnel as we expand our operations. There is no guarantee that we will be successful in identifying, attracting,
and retaining such personnel. Consequently, the loss of any of those individuals may have a substantial effect on our future success
or failure. We may have to recruit qualified personnel with competitive compensation packages, equity participation, and other benefits
that may affect the working capital available for our operations. Management may have to seek to obtain outside independent professionals
to assist them in assessing the merits and risks of any business proposals as well as assisting in the development and operation of many
company projects. No assurance can be given that we will be able to obtain such needed assistance on terms acceptable to us. Our failure
to attract additional qualified employees or to retain the services of key personnel could have a material adverse effect on our operating
results and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Negative
publicity may harm our brand and reputation and have a material adverse effect on our business.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
publicity about us, including our services, management, business model and practices, compliance with applicable rules, regulations and
policies, or our network partners may materially and adversely harm our brand and reputation and have a material adverse effect on our
business. We cannot assure you that we will be able to defuse any such negative publicity within a reasonable period of time, or at all.
Additionally, allegations, directly or indirectly against us, may be posted on the internet by anyone on a named or anonymous basis,
and can be quickly and widely disseminated. Information posted may be inaccurate, misleading and adverse to us, and it may harm our reputation,
business or prospects. The harm may be immediate without affording us an opportunity for redress or correction. Our reputation may be
negatively affected as a result of the public dissemination of negative and potentially inaccurate or misleading information about our
business and operations, which in turn may materially adversely affect our relationships with our customers, employees or business partners,
and adversely affect the price of our Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because
we are an &#8220;emerging growth company,&#8221; we may take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not &#8220;emerging growth companies.&#8221;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company&#8221; as defined under the <i>Jumpstart our Business Startups Act </i>(&#8220;JOBS Act&#8221;).
We will remain an &#8220;emerging growth company&#8221; for up to five years, or until the earliest of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    last day of the first fiscal year in which our total annual gross revenues exceed $1.235 billion,</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date that we become a &#8220;large accelerated filer&#8221; as defined in Rule 12b-2 under the Securities Exchange Act of 1934, which
    would occur if the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the last business
    day of our most recently completed second fiscal quarter, or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an &#8220;emerging growth company&#8221;, we may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not &#8220;emerging growth companies&#8221; including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
    being required to comply with the auditor attestation requirements of section 404(b) of the <i>Sarbanes-Oxley Act</i> (&#8220;Sarbanes
    Oxley&#8221;) (we also will not be subject to the auditor attestation requirements of section 404(b) as long as we are a &#8220;smaller
    reporting company&#8221;, which includes issuers that had a public float of less than $75 million as of the last business day of
    their most recently completed second fiscal quarter); </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exemptions
    from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute
    payments not previously approved. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, section 107 of the JOBS Act provides that an &#8220;emerging growth company&#8221; can take advantage of the extended transition
period provided in section 7(a)(2)(B) of the Securities Act of 1933 (the &#8220;Securities Act&#8221;) for complying with new or revised
accounting standards. Under this provision, an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards
until those standards would otherwise apply to private companies. However, we are choosing to &#8220;opt out&#8221; of such extended
transition period and, as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of
such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that our decision to opt out of the
extended transition period for complying with new or revised accounting standards is irrevocable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Corporate Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
previously carried out our online sales through the ICP license held by Xi&#8217;an App-Chem by means of Contractual Arrangements. If
the PRC government determines that these contractual arrangements did not comply with PRC regulations relating to the relevant industries,
or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or
be forced to relinquish our interests in those operations.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to PRC legal restrictions on foreign ownership in companies that engage in online sales China, we originally carried out our business
through Xi&#8217;an App-Chem, a domestic PRC company holding a value-added telecommunications license, through a variable interest entity
structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
our online sales have historically generated minimal revenues. On September 28, 2021, our Board of Directors approved a restructuring
of our corporate structure to terminate the original VIE contractual agreements, to convert Xi&#8217;an App-Chem from a PRC domestic
company into a Sino-foreign joint venture, and to transfer 100% of the ownership interests in Xi&#8217;an App-Chem from its original
shareholders to Xi&#8217;an CMIT and Xi&#8217;an Youpincui. On October 21, 2021, Xi&#8217;an Ap-Chem&#8217;s original shareholders signed
the share transfer agreement to transfer their 100% ownership interest in Xi-an App-Chem to Xi&#8217;an CMIT and Xi&#8217;an Youpincui.
On October 22, 2021, Xi-an App-Chem completed its business license registration with PRC government and became a foreign investment enterprise</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
even though we terminated the original VIE contractual agreements, there are still substantial uncertainties regarding the interpretation
and application of current and future PRC laws, regulations and rules in respect of our previous use of the variable interest entity
structure; accordingly, the PRC regulatory authorities may impose severe penalties retroactively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were subject to severe penalties retroactively, the relevant PRC regulatory authorities would have broad discretion to take action
in dealing with such violations and failures, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoking
    the business and operating licenses of such entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discontinuing
    or placing restrictions or onerous conditions on our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposing
    fines, confiscating the income from our PRC subsidiaries, or imposing other requirements with which we or our PRC entities may not
    be able to comply;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricting
    or prohibiting our use of the proceeds from a U.S. public offering to finance our business and operations in China.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these actions could cause significant disruption to our business operations and severely damage our reputation, which would in turn
materially and adversely affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
current corporate structure and business operations may be affected by the newly enacted Foreign Investment Law.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2019, the National People&#8217;s Congress approved the Foreign Investment Law, which came into effect on January 1, 2020.
Along with the Foreign Investment Law, the Implementing Rules of Foreign Investment Law promulgated by the State Council and the Interpretation
of the Supreme People&#8217;s Court on Several Issues Concerning the Application of the Foreign Investment Law promulgated by the Supreme
People&#8217;s Court became effective on January 1, 2020. Since the Foreign Investment Law and its current implementation and interpretation
rules are relatively new, uncertainties still exist in relation to their further application and improvement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Foreign Investment Law grants national treatment to foreign-invested entities, except for those foreign-invested entities that operate
in industries specified as either &#8220;restricted&#8221; or &#8220;prohibited&#8221; from foreign investment in a &#8220;negative list&#8221;.
It is unclear whether the &#8220;negative list&#8221; to be published pursuant to the Foreign Investment Law will differ from the current
Special Administrative Measures for Market Access of Foreign Investment (Negative List) (2021 Version). The Foreign Investment Law provides
that foreign-invested entities operating in &#8220;restricted&#8221; industries will require market entry clearance and other approvals
from relevant PRC government authorities. As of the date hereto, the current business activities of our PRC subsidiaries are not within
the &#8220;negative list&#8221;, and foreign investors are allowed to hold 100% equity interests of our PRC subsidiaries under the Foreign
Investment Law. We have no plans at the present to substantially change our PRC subsidiaries&#8217; business activities in the future.
However, it&#8217;s uncertain whether we will engage in business activities that are in the &#8220;negative list&#8221;, as the &#8220;negative
list&#8221; may be amended from time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Legal Uncertainty and Doing Business in China</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because
all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese
government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations
at any time, which could result in a material change in our operations and/or the value of our ordinary shares.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
all of our business operations are conducted in China, we are subject to the laws and regulations of the PRC, which can be complex and
evolve rapidly. The PRC legal system is based on written statutes. Unlike common law systems, it is a system in which legal cases have
limited value as precedents. In the late 1970s, the PRC government began to promulgate a comprehensive system of laws and regulations
governing economic matters in general. The overall effect of legislation over the past four decades has significantly increased the protections
afforded to various forms of foreign or private-sector investment in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
relevant laws and regulations are relatively new and the PRC legal system continues to rapidly evolve with little advance notice, the
interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve
uncertainties. The PRC government has the power to exercise significant oversight and discretion over the conduct of our business, and
the regulations to which we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application,
interpretation, and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and
regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our current policies
and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance
or any associated inquiries or investigations or any other government actions may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
    or impede our development,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Result
    in negative publicity or increase our operating costs,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Require
    significant management time and attention, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our products, reduce revenues, increase costs, require us to obtain more licenses,
permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required
to be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease
the value of our ordinary shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas
and/or foreign investments in China based issuers. PRC has recently proposed new rules that would require companies collecting or holding
large amounts of data to undergo a cybersecurity review prior to listing in foreign countries, a move that would significantly tighten
oversight over China-based internet giants. On July 10, 2021, the CAC issued a revised draft of the Measures for Cybersecurity Review
for public comments, which required that, among others, in addition to &#8220;operator of critical information infrastructure&#8221;,
any &#8220;data processor&#8221; controlling personal information of no less than one million users which seeks to list in a foreign
stock exchange should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the
national security risks of the relevant activities. Later on December 28, 2021, the Measures for Cybersecurity Review (2021 version)
was promulgated and became effective on February 15, 2022, which iterates that any &#8220;online platform operators&#8221; controlling
personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity
review. On November 14, 2021, the CAC published the Network Internet Data Protection Draft Regulations (draft for comments), which reiterates
that data handlers that process the personal information of more than one million users listing in a foreign country should apply for
a cybersecurity review.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry and
we do not believe we are among the &#8220;operator of critical information infrastructure&#8221;, &#8220;data processor&#8221;, &#8220;online
platform operators&#8221; or &#8220;data handler&#8221; as mentioned above. However, since the Measures for Cybersecurity Review (2021
version) was newly adopted and the Network Internet Data Protection Draft Regulations (draft for comments) is in the process of being
formulated, it is unclear on how it will be interpreted, amended and implemented by the relevant PRC governmental authorities. Thus we
could not assure you that we will not be deemed as the &#8220;operator of critical information infrastructure&#8221;, &#8220;data processor&#8221;,
&#8220;online platform operators&#8221; or &#8220;data handler&#8221; as mentioned above. We believe that, as of the date of this Annual
Report, the Company and its subsidiaries, (1) are not required to obtain permissions or approvals from any PRC authorities to operate
or issue our Ordinary Shares to foreign investors; and (2) are not subject to permission requirements from the China Securities Regulatory
Commission (the &#8220;CSRC&#8221;), the Cyberspace Administration of China (the &#8220;CAC&#8221;) or any other entity that is required
to approve of our operations. As of the date of this Annual Report, we and our PRC subsidiaries have not been involved in any investigations
on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and have not received any requirements to
obtain permissions from any PRC authorities to issue our ordinary shares to foreign investors or were denied such permissions by any
PRC authorities. Uncertainties still exist due to the possibility that laws, regulations, or policies in the PRC could change rapidly
in the future. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities
offerings are subject to review by the CRSC or the CAC could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
the Chinese government were to impose new requirements for approval from the PRC Authorities to issue our ordinary shares to foreign
investors or list on a foreign exchange, such action could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors and cause the value of such securities to significantly decline or be worthless.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently,
the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued
the &#8220;Opinions on Severely Cracking Down on Illegal Securities Activities According to Law,&#8221; or the Opinions, which was made
available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities,
and the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction
of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity
and data privacy protection requirements and similar matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 24, 2021, the CSRC released the Administrative Provisions of the State Council Regarding the Overseas Issuance and Listing of
Securities by Domestic Enterprises (Draft for Comments) and the Measures for the Overseas Issuance of Securities and Listing Record-Filings
by Domestic Enterprises (Draft for Comments), which were published for public comments only with the comment period expired on January
23, 2022. The Draft Rules Regarding Overseas Listing lay out the filing regulation arrangement for both direct and indirect overseas
listing, and clarify the determination criteria for indirect overseas listing in overseas market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Draft Rules Regarding Overseas Listing stipulate that the Chinese-based companies, or the issuer, shall fulfill the filing procedures
within three working days after the issuer makes an application for initial public offering and listing in an overseas market. The required
filing materials for an initial public offering and listing should include at least the following: record-filing report and related undertakings;
regulatory opinions, record-filing, approval and other documents issued by competent regulatory authorities of relevant industries (if
applicable); and security assessment opinion issued by relevant regulatory authorities (if applicable); PRC legal opinion; and prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, an overseas offering and listing is prohibited under any of the following circumstances: (1) if the intended securities offering
and listing is specifically prohibited by national laws and regulations and relevant provisions; (2) if the intended securities offering
and listing may constitute a threat to or endangers national security as reviewed and determined by competent authorities under the State
Council in accordance with law; (3) if there are material ownership disputes over the equity, major assets, and core technology, etc.
of the issuer; (4) if, in the past three years, the domestic enterprise or its controlling shareholders or actual controllers have committed
corruption, bribery, embezzlement, misappropriation of property, or other criminal offenses disruptive to the order of the socialist
market economy, or are currently under judicial investigation for suspicion of criminal offenses, or are under investigation for suspicion
of major violations; (5) if, in past three years, directors, supervisors, or senior executives have been subject to administrative punishments
for severe violations, or are currently under judicial investigation for suspicion of criminal offenses, or are under investigation for
suspicion of major violations; (6) other circumstances as prescribed by the State Council. The Administration Provisions defines the
legal liabilities of breaches such as failure in fulfilling filing obligations or fraudulent filing conducts, imposing a fine between
RMB 1 million and RMB 10 million, and in cases of severe violations, a parallel order to suspend relevant business or halt operation
for rectification, revoke relevant business permits or operational license.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
as of the date of this Annual Report, the Draft Rules Regarding Overseas Listing have not yet gone into effect, it is still uncertain
how PRC governmental authorities will regulate overseas listing in general and whether we are required to obtain any specific regulatory
approvals or to fulfill any record-filing requirements. The Draft Rules Regarding Overseas Listing, if enacted, may subject us to additional
compliance requirement in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the
Draft Rules Regarding Overseas List on a timely basis, or at all. If we do not receive any required approvals or record-filing or if
we incorrectly conclude that approvals or record-filing are not required or if the CSRC or other regulatory agencies promulgate new rules,
explanations or interpretations requiring that we obtain their prior approvals or ex-post record-filing for this offering and any follow-on
offering, we may be unable to obtain such approvals and record-filing which could significantly limit or completely hinder our ability
to offer or continue to offer securities to our investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the PRC government authorities may strengthen oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers like us. Such actions taken by the PRC government authorities may intervene or influence our operations at any
time, which are beyond our control. Therefore, any such action may adversely affect our operations and significantly limit or hinder
our ability to offer or continue to offer securities and reduce the value of such securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we and our PRC subsidiaries have not been involved in any investigations on cybersecurity review initiated
by the Cyber Administration of China or related governmental regulatory authorities, and have not received any requirements to obtain
permissions from any PRC authorities to issue our Ordinary Shares to foreign investors or were denied such permissions by any PRC authorities.
However, given the current PRC regulatory environment, it is uncertain when and whether we or our PRC subsidiaries, will be required
to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained, whether
it will be denied or rescinded.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC or other PRC governmental
authorities required for overseas listings, including this offering. As of the date of this Annual Report, except for the potential uncertainties
disclosed above, we have not received any inquiry, notice, warning, sanctions or regulatory objection to this offering from the CSRC
or other PRC governmental authorities. However, there remains significant uncertainty as to the enactment, interpretation and implementation
of regulatory requirements related to overseas securities offerings and other capital markets activities. If it is determined in the
future that the approval of the CSRC, the CAC or any other regulatory authority is required for this offering, the offering will be delayed
until we have obtained the relevant approvals. There is also the possibility that we may not be able to obtain or maintain such approval
or that we inadvertently concluded that such approval was not required. If the approval was required while we inadvertently concluded
that such approval was not required or if applicable laws and regulations or the interpretation of such were modified to require us to
obtain the CSRC approval in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory
agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operations
in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material
adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities.
The CSRC, the CAC, or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering
before settlement and delivery of our ordinary shares. Consequently, if you engage in market trading or other activities in anticipation
of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC,
the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may
be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties
and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of our securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in China&#8217;s economic, political or social conditions or government policies could have a material adverse effect on our business
and operations.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our assets and operations are located in China. Accordingly, our business, financial condition, results of operations and prospects
may be influenced to a significant degree by political, economic and social conditions in China generally. The Chinese economy differs
from the economies of most developed countries in many respects, including the level of government involvement, level of development,
growth rate, control of foreign exchange and allocation of resources. Although the Chinese government has implemented measures emphasizing
the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment of
improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the government.
In addition, the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies.
The Chinese government also exercises significant control over China&#8217;s economic growth through allocating resources, controlling
payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries
or companies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
sectors of the economy, and the rate of growth has been slowing since 2012. Any adverse changes in economic conditions in China, in the
policies of the Chinese government or in the laws and regulations in China could have a material adverse effect on the overall economic
growth of China. Such developments could adversely affect our business and operating results, lead to reduction in demand for our services
and adversely affect our competitive position. The Chinese government has implemented various measures to encourage economic growth and
guide the allocation of resources. Some of these measures may benefit the overall Chinese economy but may have a negative effect on us.
For example, our financial condition and results of operations may be adversely affected by government control over capital investments
or changes in tax regulations. In addition, in the past the Chinese government has implemented certain measures, including interest rate
adjustment, to control the pace of economic growth. These measures may cause decreased economic activity in China, which may adversely
affect our business and operating results.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
may incur material product liability claims, which could increase our costs and harm our financial condition and operating results.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ingestible products include milk thistle extracts, apple polyphenol and other ingredients and are classified as foods or raw materials
of dietary supplements and, unlike prescription medication, our product formulas are not subject to pre-market regulatory approval with
respect to medical efforts in China in which our products are distributed. Our products could contain contaminated substances, and some
of our products contain some ingredients that do not have long histories of human consumption. We rely upon published and unpublished
safety information including clinical studies on ingredients used in our products. These studies include &#8220;Safety and toxicity of
silymarin, the major constituent of milk thistle extract: An updated review&#8221; [available at https://onlinelibrary.wiley.com/doi/abs/10.1002/ptr.6361],
&#8220;The toxicology and safety of apple polyphenol extract&#8221; [available at https://www.sciencedirect.com/science/article/abs/pii/S0278691504000493?via%3Dihub],
&#8220;Public Announcement Regarding Haematococcus Pluvialis and Other New Resource Food&#8221; [Evaluation Division of Food Safety Standard
and Inspection,&#8221; No. 17 issued on October 29, 2010] <i>[available at http://www.nhc.gov.cn/sps/s7891/201011/7957c2f1326c4990b5e67ce2d3ceb783.shtml?from=singlemessage&amp;isappinstalled=0]
</i>(indicating that Stachyose is a safe ordinary food) and other reports by independent research institutions. In addition, stachyose
is permitted for ordinary food production by the Ministry of Health of China. We do not, however, conduct or sponsor clinical studies
of our products. Previously unknown adverse reactions resulting from human consumption of these ingredients could occur. As a marketer
of dietary and nutritional supplements and other products that are ingested by consumers or applied to their bodies, we may be subjected
to various product liability claims, including that (i) the products contain contaminants, (ii) the products include inadequate instructions
as to their uses, or (iii) the products include inadequate warnings concerning side effects and interactions with other substances. It
is possible that widespread product liability claims could increase our costs, and adversely affect our revenues and operating income.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Food
safety regulations regarding the raw ingredients for our products may restrict, inhibit or delay our ability to sell our products.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
2018, the China Food and Drug Administration, or the <b>CFDA</b>, had the regulatory authority to oversee, administer and enforce all
laws, regulations and rules concerning the food industry business operations in China. After the institutions reformed, the CFDA has
been abolished, and relevant regulatory authority has been taken over by the State Administration for Market Regulation, or the <b>SAMR</b>,
under the State Council.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
food industry is subject to extensive regulations in China. The PRC laws and regulations governing the food industry primarily consist
of the <i>PRC Food Safety Law</i> (2009), as last amended in 2018; the <i>Implementation Regulation for the Food Safety Law of PRRC </i>(2009),
or the <i>Food Safety Regulation</i>, as amended in 2019; the <i>Administrative Measures for Food Production Licensing</i> (2010), or
the <i>Food Production Licensing Rule</i>, as amended in 2020; and the <i>Administrative Measures for Food Business Licensing</i> (2015),
or the <i>Food Business Licensing Rule</i><b>,</b> as amended in 2017. Under the <i>PRC Food Safety Law </i>and the <i>Food Safety Regulation</i>,
food product manufacturers and business operators shall obtain the required food production permits; food producers and business operators
are subject to regular quality inspection and supervision by the local governmental agencies and their product permits may be revoked
if they no longer meet the standards and requirements for food production and operation; food-producing enterprises shall establish and
implement food safety management systems, such as ingredient inspection and acceptance, production process safety management, storage
management, equipment management, and substandard product management systems; and packaging of pre-packed food shall bear a label which
states manufacturing permit serial number; among other things. The State Council implements a licensing system for food product manufacture
and distribution. According to the <i>Food Production Licensing Rule</i>, a food production license must be obtained prior to engaging
in food production activities in the PRC. The <i>Food Business Licensing Rule</i> requires food business operators to obtain a food business
license for each business entity engaging in food business operations. We have obtained the required Food Production Licenses and Food
Business Licenses for related products. In order for our business to continue, we must continue to comply with all government inspection
and licensing requirements. If we were to have an unsatisfactory inspection, or otherwise fail to comply with government safety regulations
in all respects, our ability to continue operations and to continue to sell our products may be inhibited or delayed. Additionally, the
term of Food Production Licenses and Food Business Licenses is 5 years. We have been closely monitoring the status of all the permits
and have applied for renewal before the relevant licenses expired. The failure to renew the relevant licenses and/or registrations may
subject us to fines or sanctions which will have negative impact on our production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Any
disruption of our factories or our suppliers&#8217; factories could materially and adversely affect our business and results of operations.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
our products are primarily produced at our factories located in China. We also rely on our suppliers to produce raw materials and components
of our products. Nevertheless, natural disasters or other unanticipated catastrophic events, including storms, fires, explosions, earthquakes,
terrorist attacks and wars, as well as changes in governmental planning for the land where our factories or our suppliers&#8217; factories
are located could significantly impair our ability to manufacture our products and operate our business. Catastrophic events could also
destroy the inventories stored in and those suppliers&#8217; factories. The occurrence of any catastrophic event could result in the
temporary or long-term closure of manufacturing facilities, and severely disrupt our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the factories are subject to fire control and environmental inspections and regulations. As of the date of this Annual Report,
we cannot assure you that all the factories were in strict compliance with such fire control and environmental inspections and regulations
based on our knowledge. If such facilities fail to rectify and pass the fire control and environmental inspections or comply with relevant
fire control and environmental requirements relating to production activities in a timely manner, they may be subject to fines, cohesive
rectification, suspension and closure, which may materially and adversely affect the production of our factories and in turn may impact
our business. In the event of any changes in the PRC laws and/or regulations and/or government policies on environmental protection and
more stringent requirements are imposed on Company, we may have to incur extra costs and expenses to comply with such requirements and
our business and results of operations may be adversely affected. In addition, such facilities are also subject to health and safety
laws and regulations imposed by the PRC governmental authorities to ensure a healthy and safe production environment. Failure to comply
with the existing and future health and safety laws and regulations could subject the factories to monetary damages and fines, disruption
to production plans, suspension of their operations, which may in turn materially and adversely affect our business operations. Furthermore,
if any on-site personnel at such facilities is suspected of having any communicable diseases, such as COVID-19, such facilities may be
subject to temporary closure and quarantine requirements, which may in turn materially and adversely affect our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
various special equipment, such as boilers, pressure vessels, pressure pipes, and elevators, was in use on-site in these factories, which
involve a high degree of safety risks. Proprietors using special equipment shall, before or within 30 days after such special equipment
is put into use, handle registration with the department in charge of the supervision and administration of special equipment safety
and obtain the registration license. The operators and relevant managerial staff may not engage in corresponding operations or management
until they pass certain examination and acquire the certificates of special operators. As of the date of this Annual Report, we cannot
assure you that all such special equipment has been registered with the local governmental authorities as legally required or all operators
and relevant managerial staff have obtained relevant qualifications. Failure to comply with such regulations may subject the factories
to orders to take corrective action within a stipulated time, fines and suspension of their operations, which may in turn materially
and adversely affect our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Besides,
some of our factories are located on leased properties. Though such leases are renewable upon expiration, our ability to renew existing
leases upon their expiration is crucial to our production activities, operations and profitability. If we are unable to negotiate for
a renewal of the relevant leases, we may be forced to relocate our production bases and it may be difficult and costly to replace or
relocate our factories and equipment on a timely basis. We have not registered the lease agreement relating to our factories and offices
with the PRC governmental authorities as required by PRC law and thus we may be ordered by the PRC government authorities to rectify
such noncompliance or we may be subject to fines imposed by PRC government authorities. See also &#8220;We are subject to risks relating
to our leased properties.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we experience any unanticipated disruptions to us or our suppliers or if we are unable to renew our current leases, our production will
be severely disrupted, which may in turn materially and adversely affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
are subject to risks relating to our leased properties.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
lease certain real properties from third parties primarily for our production facilities and offices in China, and such lease agreements
for these properties have not been registered with the PRC governmental authorities as required by PRC law. Although the failure to do
so does not in itself invalidate the leases, we may be ordered by the PRC government authorities to rectify such noncompliance and, if
such noncompliance is not rectified within a given period of time, we may be subject to fines imposed by PRC government authorities ranging
from RMB1,000 and RMB10,000 for each lease agreement that has not been registered with the relevant PRC governmental authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ownership certificates or other similar proof of our leased properties have not been provided to us by the relevant lessors. Therefore,
we cannot assure you that such lessors are entitled to lease the relevant real properties to us. If the lessors are not entitled to lease
the real properties to us and the owners of such real properties decline to ratify the lease agreements between us and the respective
lessors, we may not be able to enforce our rights to lease such properties under the respective lease agreements against the owners.
As of the date of this Annual Report, we are not aware of any claim or challenge brought by any third parties concerning the use of our
leased properties without obtaining proper ownership proof. If our lease agreements are claimed as null and void by third parties who
are the real owners of such leased real properties, we could be required to vacate the properties, in the event of which we could only
initiate the claim against the lessors under relevant lease agreements for indemnities for their breach of the relevant leasing agreements.
We cannot assure you that suitable alternative locations are readily available on commercially reasonable terms, or at all, and if we
are unable to relocate our officers in a timely manner, our operations may be interrupted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
may not be able to protect our intellectual property rights.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on a combination of trademark, fair trade practice, patent, copyright and trade secret protection laws in China. Intellectual property
protection may not be sufficient in China. Accordingly, we may not be able to effectively protect our intellectual property rights or
to enforce our patent rights in China. In addition, policing any unauthorized use of our intellectual property is difficult, time-consuming
and costly and the steps we have taken may be inadequate to prevent the misappropriation of our intellectual property. In the event that
we resort to litigation to enforce our intellectual property rights, such litigation could result in substantial costs and a diversion
of our managerial and financial resources. We can provide no assurance that we will prevail in such litigation. In addition, our trade
secrets may be leaked or otherwise become available to, or be independently discovered by, our competitors. Any failure in protecting
or enforcing our intellectual property rights could have a material adverse effect on our business, financial condition and results of
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Uncertainties
with respect to the PRC legal system could adversely affect us.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil
law system may be cited for reference but have limited precedential value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The
overall effect of legislation over the past four decades has significantly enhanced the protections afforded to various forms of foreign
investments in China. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations may
not sufficiently cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws and
regulations involve uncertainties. Since PRC administrative and court authorities have significant discretion in interpreting and implementing
statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the
level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our ability
to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited or frivolous
legal actions or threats in attempts to extract payments or benefits from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or
at all and may have retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime
after the violation. In addition, any administrative and court proceedings in China may be protracted, resulting in substantial costs
and diversion of resources and management attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in the report based on foreign laws.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated under the laws of the Cayman Islands, we conduct substantially all of our operations in China, and substantially
all of our assets are located in China. In addition, all our senior executive officers reside within China for a significant portion
of the time and most are PRC nationals. As a result, it may be difficult for our shareholders to effect service of process upon us or
those persons inside China. In addition, China does not have treaties providing for the reciprocal recognition and enforcement of judgments
of courts with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in China of judgments
of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult
or impossible.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
claims that are common in the United States, including securities law class actions and fraud claims, generally are difficult to pursue
as a matter of law or practicality in China. For example, in China, there are significant legal and other obstacles to obtaining information
needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. According to Article
177 of the <i>PRC Securities Law</i> which was amended in December 2019, no overseas securities regulator is allowed to directly conduct
investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC
securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities
business activities to overseas parties, leaving no mechanism to obtain information or conduct an investigation, if necessary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
may rely on dividends and other distributions on equity paid by our PRC subsidiary to fund any cash and financing requirements we may
have, and any limitation on the ability of our PRC subsidiary to make payments to us could have a material and adverse effect on our
ability to conduct our business.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands holding company and we rely principally on dividends and other distributions on equity from our PRC subsidiary for
our cash requirements, including for services of any debt we may incur. Our subsidiary&#8217;s ability to distribute dividends is based
upon its distributable earnings. Current PRC regulations permit our PRC subsidiary to pay dividends to their respective shareholders
only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, our
PRC subsidiary and its subsidiaries are required to set aside at least 10% of their after-tax profits each year, if any, to fund a statutory
reserve until such reserve reaches 50% of their registered capital. These reserves are not distributable as cash dividends. A company
may discontinue the contribution when the aggregate sum of the statutory surplus reserve is more than 50% of its registered capital.
The statutory common reserve fund of a company shall be used to cover the losses of the company, expand the business and production of
the company or be converted into additional capital. Subject to above-referenced limitations and at the discretion of board of directors,
the accumulated profits after appropriation of statutory surplus reserve available for dividends were $18,703,996 and $14,695,422 as
of September 30, 2023 and 2022, respectively. If our PRC subsidiary incurs debt on its own behalf in the future, the instruments governing
the debt may restrict its ability to pay dividends or make other payments to us. Any limitation on the ability of our PRC subsidiary
to distribute dividends or other payments to its shareholders could materially and adversely limit our ability to grow, make investments
or acquisitions that could be beneficial to our businesses, pay dividends or otherwise fund and conduct our business. As of September
30, 2023, the statutory surplus reserves of our PRC subsidiary and its subsidiaries, as percentage of their respective registered capitals,
ranged from 2% to 41% and averaged 25% in the aggregate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
address the persistent capital outflow and the RMB&#8217;s depreciation against the U.S. dollar in the fourth quarter of 2016, the People&#8217;s
Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures in the
subsequent months, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions,
dividend payments and shareholder loan repayments. For instance, the <i>Circular on Further Improving Reform of Foreign Exchange Administration
and Optimizing Genuineness and Compliance Verification</i>, or the <i>SAFE Circular 3</i>, issued on January 26, 2017, provides that
the banks shall, when dealing with dividend remittance transactions from domestic enterprise to its offshore shareholders of more than
US$50,000, review the relevant board resolutions, original tax filing form and audited financial statements of such domestic enterprise
based on the principal of genuine transaction. The PRC government may continue to strengthen its capital controls and our PRC subsidiary&#8217;s
dividends and other distributions may be subject to tightened scrutiny in the future. Any limitation on the ability of our PRC subsidiary
to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions
that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the <i>PRC Enterprise Income Tax Law</i> and its implementation rules provide that a withholding tax at a rate of 10% will
be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are tax resident.
Pursuant to the <i>Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and Tax Evasion on Income</i>, the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise
may be reduced to 5% from a standard rate of 10% if, among other requirements, the Hong Kong enterprise directly holds at least 25% of
the PRC enterprise. Under the <i>Circular of the State Administration of Taxation on the Issues concerning the Application of the Dividend
Clauses of Tax Agreements</i>, or <i>SAT Circular 81</i>, promulgated by the State Administration of Taxation, or the SAT, on February
20, 2009, a Hong Kong resident enterprise must meet the following conditions, among others, in order to apply the reduced withholding
tax rate: (i) it must be a company; (ii) it must directly own the required percentage of equity interests and voting rights in the PRC
resident enterprise; and (iii) it must have directly owned such required percentage in the PRC resident enterprise throughout the 12
months prior to receiving the dividends. Nonresident enterprises are not required to obtain pre-approval from the relevant tax authority
in order to enjoy the reduced withholding tax. Instead, nonresident enterprises and their withholding agents may, by self-assessment
and on confirmation that the prescribed criteria to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax
rate, and file necessary forms and supporting documents when performing tax filings, which will be subject to post-tax filing examinations
by the relevant tax authorities. Accordingly, our Hong Kong subsidiary may be able to benefit from the 5% withholding tax rate for the
dividends it receives from our PRC subsidiary, if it satisfies the conditions prescribed under the <i>SAT Circular 81, </i>and other
relevant tax rules and regulations. However, if the relevant tax authorities consider the transactions or arrangements we have are for
the primary purpose of enjoying a favorable tax treatment, the relevant tax authorities may adjust the favorable withholding tax in the
future. Accordingly, there is no assurance that the reduced 5% will apply to dividends received by our Hong Kong subsidiary from our
PRC subsidiary. This withholding tax will reduce the amount of dividends we may receive from our PRC subsidiary.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
custodians or authorized users of our controlling non-tangible assets, including chops and seals, may fail to fulfill their responsibilities,
or misappropriate or misuse these assets.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC laws, legal documents for corporate transactions, including agreements and contracts, are executed using the chop or seal of
the signing entity or with the signature of a legal representative whose designation is registered and filed with relevant PRC market
regulation authorities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to secure the use of our chops and seals, we have established internal control procedures and rules for using these chops and seals.
In any event that the chops and seals are intended to be used, the responsible person will submit the application which will then be
verified and approved by authorized employees in accordance with our internal control procedures and rules. In addition, in order to
maintain the physical security of our chops, we generally have them stored in secured locations accessible only to authorized employees.
Although we monitor such authorized employees, the procedures may not be sufficient to prevent all instances of abuse or negligence.
There is a risk that our employees could abuse their authority, for example, by entering into a contract not approved by us or seeking
to gain control of one of our subsidiaries. If any employee obtains, misuses or misappropriates our chops and seals or other controlling
non-tangible assets for whatever reason, we could experience disruption to our normal business operations. We may have to take corporate
or legal action, which could involve significant time and resources to resolve and divert management from our operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRC
regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion
may delay or prevent us from using the proceeds of any securities offerings to make loans to or make additional capital contributions
to our PRC subsidiary, which could materially and adversely affect our liquidity and our ability to fund and expand our business.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an offshore holding company conducting our operations in China through our PRC subsidiary. We may make loans to our PRC subsidiary
subject to the approval from governmental authorities and limitation of amount, or we may make additional capital contributions to our
PRC subsidiary in China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
loans to our PRC subsidiary in China, which is treated as foreign-invested enterprises under PRC laws, are subject to PRC regulations
and foreign exchange loan registrations. For example, loans by us to our PRC subsidiary in China to finance their activities cannot exceed
statutory limits and must be registered with the local counterpart of the SAFE. In addition, a foreign-invested enterprise shall use
its capital pursuant to the principle of authenticity and self-use within its business scope. The capital of a foreign-invested enterprise
shall not be used for the following purposes: (i) directly or indirectly used for payment beyond the business scope of the enterprises
or the payment prohibited by relevant laws and regulations; (ii) directly or indirectly used for investment in securities investments
other than banks&#8217; principal-secured products unless otherwise provided by relevant laws and regulations; (iii) the granting of
loans to non-affiliated enterprises, except where it is expressly permitted in the business license; and (iv) paying the expenses related
to the purchase of real estate that is not for self-use (except for the foreign-invested real estate enterprises).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
promulgated the Circular of the State Administration of Foreign Exchange on Reforming the Management Approach regarding the Settlement
of Capital of Foreign-invested Enterprises, or SAFE Circular 19, effective June 2015, in replacement of the Circular on the Relevant
Operating Issues Concerning the Improvement of the Administration of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested
Enterprises, the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Strengthening the Administration
of Foreign Exchange Businesses, and the Circular on Further Clarification and Regulation of the Issues Concerning the Administration
of Certain Capital Account Foreign Exchange Businesses. Although SAFE Circular 19 allows RMB capital converted from foreign currency-denominated
registered capital of a foreign-invested enterprise to be used for equity investments within China, it also reiterates the principle
that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used
for purposes beyond its business scope. Thus, it is unclear whether SAFE will permit such capital to be used for equity investments in
China in actual practice. SAFE promulgated the Circular of the State Administration of Foreign Exchange on Reforming and Standardizing
the Foreign Exchange Settlement Management Policy of Capital Account, or SAFE Circular 16, effective on June 9, 2016, which reiterates
some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital converted from foreign currency-denominated
registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition against using such capital to issue loans
to non-associated enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result in administrative penalties. SAFE Circular
19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including the net proceeds from
an offering of our securities, to our PRC subsidiary, which may adversely affect our liquidity and our ability to fund and expand our
business in China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 23, 2019, SAFE issued the Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border
Trade and Investment, or SAFE Circular 28, which took effect on the same day. SAFE Circular 28, subject to certain conditions, allows
foreign-invested enterprises whose business scope does not include investment, or the non-investment foreign-invested enterprises, to
use their capital funds to make equity investments in China. Since SAFE Circular 28 was issued only recently, its interpretation and
implementation in practice are still subject to substantial uncertainties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies,
we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals
on a timely basis, if at all, with respect to future loans to our PRC subsidiary or future capital contributions by us to our PRC subsidiary
in China. As a result, uncertainties exist as to our ability to provide prompt financial support to our PRC subsidiary when needed. If
we fail to complete such registrations or obtain such approvals, our ability to use the proceeds we may receive from any securities offerings
and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity
and our ability to fund and expand our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Although
the audit reports included in this Annual Report was issued by U.S. auditors who are currently inspected by the PCAOB, if it is later
determined that the PCAOB is unable to inspect or investigate our auditor completely, investors would be deprived of the benefits of
such inspection and our ordinary shares may be delisted or prohibited from trading.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit report included in this Annual Report for the year ended September 30, 2023 was issued by YCM CPA, Inc. (&#8216;YCM&#8221;), which
is a U.S.-based accounting firm that is registered with the PCAOB and can be inspected by the PCAOB. We have no intention of dismissing
YCM in the future or of engaging any auditor not based in the U.S. and not subject to regular inspection by the PCAOB. As an auditor
of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB, our auditor
is required under the laws of the United States to undergo regular inspections by the PCAOB to assess its compliance with the laws of
the United States and professional standards. If we were to engage a different auditor in the future, we would engage an auditor that
is U.S.-based and subject to full PCAOB inspection with all materials related to the audit of our financial statements accessible to
the PCAOB. There is no guarantee, however, that any future auditor engaged by the Company would remain subject to full PCAOB inspection
during the entire term of our engagement. In such case, we will engage a new qualified and fully inspected auditor, which may result
in us delaying or restating our financial statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Holding Foreign Companies Accountable Act (the &#8220;HFCAA&#8221;), enacted in December 2020, if the SEC determines that an issuer
has filed audit reports issued by a registered public accounting firm that has not been subject to inspection for the PCAOB for three
consecutive years beginning in 2021, the SEC shall prohibit its securities from being traded on a national securities exchange or in
the over-the-counter trading market in the United States. On December 29, 2022, President Biden signed the Consolidated Appropriations
Act, 2023, which, among other things, amended the HFCAA to reduce the time period under the HFCAA to two consecutive years instead of
three consecutive years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 16, 2021, the PCAOB issued the Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in: (1) China of the China or Hong Kong, because of a position taken by one or more
authorities in China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one
or more authorities in Hong Kong. On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16,
2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the
PRC in 2022. The December 15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time
that would prevent the PCAOB from continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB
determines it no longer can inspect or investigate completely because of a position taken by an authority in the PRC, the PCAOB will
act expeditiously to consider whether it should issue a new determination.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the PCAOB be unable to fully conduct inspection of our auditor&#8217;s work papers in China, it will make it difficult to evaluate the
effectiveness of our auditor&#8217;s audit procedures or equity control procedures. Investors may consequently lose confidence in our
reported financial information and procedures or quality of the financial statements, which would adversely affect us and out securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions in China and by China&#8217;s foreign exchange policies. On July 21, 2005, the PRC government changed its decade-old
policy of pegging the value of the Renminbi to the U.S. dollar, and the Renminbi appreciated more than 20% against the U.S. dollar over
the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the Renminbi and the
U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated against the U.S. dollar, at times significantly
and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between
the Renminbi and the U.S. dollar in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
revaluation of the Renminbi may have a material and adverse effect on your investment. For example, to the extent that we need to convert
U.S. dollars we receive from any securities offerings into Renminbi for our operations, appreciation of the Renminbi against the U.S.
dollar would have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely, if we decide to convert
our Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or for other business purposes,
appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount available to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into
any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging
transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge
our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict
our ability to convert Renminbi into foreign currency.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. We receive substantially all of our revenues in Renminbi. Under our current corporate structure, our Cayman Islands
holding company primarily relies on dividend payments from our PRC subsidiary to fund any cash and financing requirements we may have.
Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments
and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval of the SAFE by
complying with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE,
cash generated from the operations of our PRC subsidiary in China may be used to pay dividends to our company. However, approval from
or registration with appropriate governmental authorities is required where Renminbi is to be converted into foreign currency and remitted
out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. As a result, we need to obtain
SAFE approval to use cash generated from the operations of our PRC subsidiary to pay off their respective debt in a currency other than
Renminbi owed to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi.
The PRC government may at its discretion restrict access to foreign currencies for current account transactions in the future. If the
foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we
may not be able to pay dividends in foreign currencies to our shareholders, including holders of our Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
PRC regulations may make it more difficult for us to pursue growth through acquisitions.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
other things, the <i>Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors</i>, or the <i>M&amp;A Rules</i>,
promulgated by six PRC regulatory agencies in 2006 and amended in 2009, established additional procedures and requirements that could
make merger and acquisition activities by foreign investors more time-consuming and complex. The <i>M&amp;A Rules </i>require, among
other things, that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor acquires control
of a PRC domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that have or may have
an impact on the national economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which
holds a famous trademark or PRC time-honored brand. Moreover, the <i>Anti-Monopoly Law</i> promulgated by the Standing Committee of the
NPC which became effective in 2008 requires that transactions that are deemed concentrations and involve parties with specified turnover
thresholds must be cleared by the MOFCOM before they can be completed. In addition, PRC national security review rules which became effective
in September 2011 require acquisitions by foreign investors of PRC companies engaged in military-related or certain other industries
that are crucial to national security be subject to security review before consummation of any such acquisition. We may pursue potential
strategic acquisitions that are complementary to our business and operations. Complying with the requirements of these regulations to
complete such transactions could be time-consuming, and any required approval processes, including obtaining approval or clearance from
the MOFCOM, may delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business or
maintain our market share.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRC
regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial
owners or our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary&#8217;s
ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2014, SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents&#8217; Offshore
Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, to replace the Circular on Relevant
Issues Concerning Foreign Exchange Administration for Domestic Residents&#8217; Financing and Roundtrip Investment through Offshore Special
Purpose Vehicles, or SAFE Circular 75, which ceased to be effective upon the promulgation of SAFE Circular 37. SAFE Circular 37 requires
PRC residents (including PRC individuals and PRC corporate entities) to register with local branches of SAFE in connection with their
direct or indirect offshore investment activities. SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be
applicable to any offshore acquisitions that we make in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
<i>SAFE Circular 37</i>, PRC residents who control, or have prior to the implementation of SAFE Circular 37 controlled, directly or indirectly
of offshore special purpose vehicles, or SPVs, will be required to register such investments with the SAFE or its local branches. The
term &#8220;control&#8221; under <i>SAFE Circular 37</i> is broadly defined as the operation rights, beneficiary rights or decision-making
rights acquired by PRC residents in the SPVs, by means of acquisition, trust, proxy, voting rights, repurchase, convertible bonds or
other arrangements. In addition, any PRC resident who is a direct or indirect shareholder of an SPV, is required to update its filed
registration with the local branch of SAFE with respect to that SPV, to reflect any material change. Moreover, any subsidiary of such
SPV in China is required to urge the PRC resident shareholders to update their registration with the local branch of SAFE. If any PRC
shareholder of such SPV fails to make the required registration or to update the previously filed registration, the subsidiary of such
SPV in China may be prohibited from distributing its profits or the proceeds from any capital reduction, share transfer or liquidation
to the SPV, and the SPV may also be prohibited from making additional capital contribution into its subsidiary in China. On February
13, 2015, the SAFE promulgated a <i>Circular on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment</i>,
or <i>SAFE Circular 13</i>, which became effective on June 1, 2015. Under <i>SAFE Circular 13</i>, applications for foreign exchange
registration of inbound foreign direct investment and outbound overseas direct investment, including those required under the <i>SAFE
Circular 37</i>, will be filed with qualified banks instead of the SAFE. The qualified banks will directly examine the applications and
accept registrations under the supervision of the SAFE.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
regulations may have a significant impact on our present and future structuring and investment. We have requested or intend to take all
necessary measures to require our shareholders who to our knowledge are PRC residents to make the necessary applications, filings and
amendments as required under these regulations. However, we may not at all times be fully aware or informed of the identities of all
our shareholders or beneficial owners that are required to make such registrations, and we may not always be able to compel them to comply
with all relevant foreign exchange regulations. We further intend to structure and execute our future offshore acquisitions in a manner
consistent with these regulations and any other relevant legislation. However, because it is presently uncertain how the SAFE regulations
and any future legislation concerning offshore or cross-border transactions will be interpreted and implemented by the relevant government
authorities in connection with our future offshore financings or acquisitions, we cannot provide any assurances that we will be able
to comply with, qualify under, or obtain any approvals required by the regulations or other legislation. Furthermore, we cannot assure
you that any PRC shareholders of our company or any PRC company into which we invest will be able to comply with those requirements.
Any failure or inability by such individuals or entities to comply with SAFE regulations may subject us to fines or legal sanctions,
such as restrictions on our cross-border investment activities or our PRC subsidiary&#8217;s ability to distribute dividends to, or obtain
foreign exchange-denominated loans from, our company or prevent us from making distributions or paying dividends. As a result, our business
operations and our ability to make distributions to you could be materially and adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
as these foreign exchange regulations are still relatively new and their interpretation and implementation have been constantly evolving,
it is unclear how these regulations, and any future regulation concerning offshore or cross-border transactions, will be interpreted,
amended and implemented by the relevant governmental authorities. For example, we may be subject to a more stringent review and approval
process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated borrowings,
which may adversely affect our financial condition and results of operations. In addition, if we decide to acquire a PRC domestic company,
we cannot assure you that we or the owners of such company, as the case may be, will be able to obtain the necessary approvals or complete
the necessary filings and registrations required by the foreign exchange regulations. This may restrict our ability to implement our
acquisition strategy and could adversely affect our business and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Any
failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans of overseas, publicly
listed company may subject the PRC plan participants or us to fines and other legal or administrative sanctions.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to <i>SAFE Circular 37</i>, PRC residents who participate in share incentive plans in overseas non-publicly-listed companies may submit
applications to SAFE or its local branches for the foreign exchange registration with respect to offshore special purpose companies before
they obtain the incentive shares or exercise the share options. In the meantime, our directors, executive officers and other employees
who are PRC citizens or who are non-PRC citizens residing in the PRC for a continuous period of not less than one year, subject to limited
exceptions, and who have been granted incentive share awards by us, may follow the <i>Circular of the State Administration of Foreign
Exchange on Issues Relating to the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of
Overseas Listed Company</i>, or the <i>SAFE Circular 7</i>, promulgated by the SAFE in 2012. Pursuant to the <i>SAFE Circular 7</i>,
PRC citizens and non-PRC citizens who reside in China for a continuous period of not less than one year who participate in any stock
incentive plan of an overseas publicly listed company, subject to a few exceptions, are required to register with SAFE through a domestic
qualified agent, which could be the PRC subsidiaries of such overseas listed company, and complete certain other procedures. In addition,
an overseas entrusted institution must be retained to handle matters in connection with the exercise or sale of stock options and the
purchase or sale of shares and interests. Since We are an overseas listed company pursuant to the <i>SAFE Circular 7</i>, our executive
officers and other employees who are PRC citizens or non-PRC citizen residing in the PRC for a continuous period of not less than one
year and who have been granted options will be subject to these regulations. Failure to complete the SAFE registrations may subject them
to fines of up to RMB300,000 for entities and up to RMB50,000 for individuals, and legal sanctions and may also limit our ability to
contribute additional capital into our PRC subsidiary and limit our PRC subsidiary&#8217;s ability to distribute dividends to us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SAT has issued certain circulars concerning employee share options and restricted shares. Under these circulars, our employees working
in China who exercise share options or are granted restricted shares will be subject to PRC individual income tax. Our PRC subsidiary
has obligations to file documents related to employee share options or restricted shares with relevant tax authorities and to withhold
individual income taxes of those employees who exercise their share options. If our employees fail to pay or we fail to withhold their
income taxes according to relevant laws and regulations, we may face sanctions imposed by the tax authorities or other PRC governmental
authorities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Enterprise Income Tax Law</i> and its implementation rules, an enterprise established outside of the PRC with &#8220;de facto
management body&#8221; within the PRC is considered a &#8220;resident enterprise&#8221; and will be subject to the enterprise income
tax on its global income at the rate of 25%. The implementation rules define the term &#8220;de facto management body&#8221; as the body
that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties
of an enterprise. In 2009, the SAT issued the <i>Circular of the State Administration of Taxation on Issues Concerning the Identification
of Chinese-controlled Overseas Registered Enterprises as Resident Enterprises in accordance with the Actual Standards of Organizational
Management</i>, or the <i>SAT Circular 82</i>, which provides certain specific criteria for determining whether the &#8220;de facto management
body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to
offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the
criteria set forth in the circular may reflect the SAT&#8217;s general position on how the &#8220;de facto management body&#8221; text
should be applied in determining the tax resident status of all offshore enterprises. According to <i>SAT Circular 82</i>, an offshore
incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of
having its &#8220;de facto management body&#8221; in China and will be subject to PRC enterprise income tax on its global income only
if all of the following conditions are met: (i) the places where the senior management and senior management departments responsible
for the daily production, operation and management of the enterprise perform their duties are mainly located within the territory of
the PRC; (ii) decisions relating to the enterprise&#8217;s financial matters (such as money borrowing, lending, financing and financial
risk management) and human resource matters (such as appointment, dismissal and salary and wages) are made or are subject to approval
by organizations or personnel in the PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and
board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives
habitually reside in the PRC. In addition, the SAT issued the <i>Bulletin of the State Administration of Taxation on Printing and Distributing
the Administrative Measures for Income Tax on Chinese-controlled Resident Enterprises Incorporated Overseas (Trial Implementation)</i>
in 2011, providing more guidance on the implementation of <i>SAT Circular 82</i>. This bulletin clarifies matters including resident
status determination, post determination administration, and competent tax authorities. In January 2014, the SAT issued the <i>Bulletin
of the State Administration of Taxation on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual
Management Institutions</i>, or <i>SAT Bulletin 9</i>. According to <i>SAT Bulletin 9</i>, a Chinese-controlled offshore incorporated
enterprise that satisfies the conditions prescribed under the <i>SAT Circular 82</i> for being recognized as a PRC tax resident must
apply for being recognized as a PRC tax resident to the competent tax authority at the place of registration of its main investor within
the territory of China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Bon Natural Life Limited is not a PRC resident enterprise for PRC tax purposes. See &#8220;Regulation&#8212;Regulations
Relating to Tax&#8212;Enterprise Income Tax.&#8221; However, the tax resident status of an enterprise is subject to determination by
the PRC tax authorities and uncertainties remain with respect to the interpretation of the term &#8220;de facto management body.&#8221;
If the PRC tax authorities determine that Bon Natural Life Limited or any of our offshore subsidiaries is a PRC resident enterprise for
enterprise income tax purposes, we and our offshore subsidiary will be subject to PRC enterprise income on their worldwide income at
the rate of 25%, which would materially reduce our net income. Furthermore, if we are treated as a PRC tax resident enterprise, we may
be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises. In addition,
non-resident enterprise shareholders may be subject to PRC tax on gains realized on the sale or other disposition of ordinary shares,
if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable
to our non-PRC individual shareholders and any gain realized on the transfer of ordinary shares by such shareholders may be subject to
PRC tax at a rate of 20% unless a reduced rate is available under an applicable tax treaty. It is unclear whether non-PRC shareholders
of Bon Natural Life Limited would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC
in the event that Bon Natural Life Limited is treated as a PRC resident enterprise.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
may incur liability for unpaid taxes, including interest and penalties.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, our Company may be subject to challenges from various PRC taxing authorities regarding the amounts of
taxes due. PRC taxing authorities may take the position that the Company owes more taxes than it has paid. The Company recorded tax liabilities
of $2.7 million as of September 30, 2023, primarily including $1.3 million in income tax payable and $1.3 million in unpaid value added
taxes (&#8220;VAT&#8221; tax). It is possible that the tax liability of the Company for past taxes may be higher than those amounts,
if the PRC authorities determine that we are subject to interest and penalties or that we have not paid the correct amount. To the extent
our Company is unable to settle its tax liabilities as scheduled, or interest and penalties on unpaid tax liabilities assessed by tax
authorities greatly exceed management&#8217;s estimates, our financial condition and operating results may be negatively impacted.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, the SAT issued a Bulletin of State Administration of Taxation on Several Issues concerning the Enterprise Income Tax
on the Indirect Transfer of Properties by Non-resident Enterprises, or SAT Bulletin 7, which came into effect on February 3, 2015, but
will also apply to cases where their PRC tax treatments are not yet concluded. Pursuant to SAT Bulletin 7, an &#8216;&#8216;Indirect
Transfer&#8217;&#8217; of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident
enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets, if
such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise
income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or
other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the
transfer of equity interests in a PRC resident enterprise.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 17, 2017, the SAT issued the Bulletin of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident
Enterprise Income Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies
the practice and procedure of the withholding of non-resident enterprise income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
a non-resident enterprise transfers taxable assets in China indirectly by disposing of the equity interests of an overseas holding company,
the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect
Transfer to the relevant tax authority. Under the &#8220;substance over form&#8221; principle, the PRC tax authority may disregard the
existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and
the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a
rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved.
Our company may be subject to filing obligations or taxed if our company is transferor in such transactions, and we may be subject to
withholding obligations if our company is a transferee in such transactions, under <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i>.
For transfer of shares in our company by investors that are non-PRC resident enterprises, our PRC subsidiary may be requested to assist
in the filing under <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i>. As a result, we may be required to expend valuable resources to
comply with <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i> or to request the relevant transferors from whom we purchase taxable assets
to comply with these circulars, or to establish that our company should not be taxed under these circulars, which may have a material
adverse effect on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
our preferential tax treatments and government subsidies are revoked or become unavailable or if the calculation of our tax liability
is successfully challenged by the PRC tax authorities, we may be required to pay tax, interest and penalties in excess of our tax provisions.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government has provided tax incentives to our operating subsidiary in China, including reduced enterprise income tax rates. For
example, under the <i>PRC Enterprise Income Tax Law</i> and its implementation rules, the statutory enterprise income tax rate is 25%.
However, the income tax of an enterprise that has been determined to be a high and new technology enterprise can be reduced to a preferential
rate of 15%. According to the Administrative Measures for the Accreditation of High-tech Enterprises promulgated by three PRC regulatory
agencies, including SAT, the qualification of high and new enterprise is effective for a renewable three-year permitted. If our operating
subsidiary fails to renew the qualification of high and new enterprise, it will be subject to the statutory enterprise income tax rate
of 25%. In addition, our operating subsidiary enjoys local government subsidies. Any increase in the enterprise income tax rate applicable
to our PRC subsidiary or our operating subsidiary in China, or any discontinuation, retroactive or future reduction or refund of any
of the preferential tax treatments and local government subsidies currently enjoyed by our operating subsidiary in China, could adversely
affect our business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in the ordinary course of our business, we are subject to complex income tax and other tax regulations, and significant judgment is required
in the determination of a provision for income taxes. Although we believe our tax provisions are reasonable, if the PRC tax authorities
successfully challenge our position and we are required to pay tax, interest, and penalties in excess of our tax provisions, our financial
condition and results of operations would be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
failure to fully comply with PRC labor-related laws may expose us to potential penalties.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
operating in China are required to participate in mandatory employee social security schemes that are organized by municipal and provincial
governments, including pension insurance, unemployment insurance, childbirth insurance, work-related injury insurance, medical insurance
and housing provident funds. Such schemes have not been implemented consistently by the local governments in China given the different
levels of economic development in different locations, but generally require us to make contributions to employee social security plans
at specified percentages of the salaries, bonuses and certain allowances of our eligible full-time employees, up to a maximum amount
specified by the local government from time to time. We have accrued in financial statements but not made full contributions to the social
insurance and housing provident funds in accordance for our eligible full-time employees as required by the relevant PRC laws and regulations.
As the date of this Annual Report, none of our subsidiaries had received any notice from local authorities or any claim or request from
the employees in this regard. Our failure to make full contributions to social insurance and to comply with applicable PRC labor-related
laws regarding housing funds may subject us to late payment penalties and other fines or labor disputes, and we could be required to
make up the contributions for these plans, which may adversely affect our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to applicable PRC laws and regulations, employers must open social insurance registration accounts and housing provident fund accounts
and pay social insurance and housing provident funds for employees. Our PRC subsidiary or some its subsidiaries have not opened social
insurance registration accounts or housing provident fund accounts. We may be subject to penalties imposed by the local social insurance
authorities and the local housing provident fund management centers for failing to discharge our obligations in relation to payment of
social insurance and housing provident funds as an employer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
failure to fully comply with PRC construction-related laws may expose us to potential penalties.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
PRC subsidiary has rented a factory in Weinan, Shaanxi for use as our Weinan Raw Materials and Ingredients Production Site (See &#8220;History
and Organizational Structure&#8212;Property, Plants, and Equipment &#8212; Weinan Raw Materials and Ingredients Production Site&#8221;).
The landlord constructed some buildings of this production site without obtaining the planning permits, construction permits, or going
through the completion filing, fire safety filing, or environmental protection procedures in accordance with the PRC laws and regulations.
Such failure to comply with the relevant laws and regulations may subject us to administrative penalties, including but not limited to
paying fines, being required to stop using or demolishing such buildings. As the date of this Annual Report, our PRC subsidiary and its
subsidiaries have not received any notice or any claim from the local authorities with respect to such buildings. We will urge the landlord
to apply for relevant permits and handle relevant procedures or filings with the local authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
buildings are mostly used as the warehouses. If the local authorities require us to stop using such buildings, we will need to rent new
warehouses, which may affect our normal operations and cause operating losses. But we believe that the amount of the loss will not exceed
3% of the Company&#8217;s sale revenues. In addition, the lease term of this production site will expire on December 31, 2024. At that
time, we may not renew the lease of this production site and may transfer the production to a new production base.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
trading price for our Shares may fluctuate significantly, which could result in substantial losses to investors.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Shares are listed on the Nasdaq Capital Market under the symbol &#8220;BON.&#8221; We can provide no assurance that the trading price
of our Shares will not decline. As a result, investors in our securities may experience a significant decrease in the value of their
Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our Shares can be volatile and could fluctuate widely due to factors beyond our control. This may happen because of
broad market and industry factors, including the performance and fluctuation of the market prices of other companies with business operations
located mainly in China that have listed their securities in the United States. In addition to market and industry factors, the price
and trading volume for our Shares may be highly volatile for factors specific to our own operations, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">variations
    in our revenues, earnings and cash flow; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    of new offerings, solutions and expansions by us or our competitors; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in financial estimates by securities analysts; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">detrimental
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    or departures of key personnel; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">release
    of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    litigation or regulatory investigations. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors may result in large and sudden changes in the volume and price at which our Shares will trade.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount
of our management&#8217;s attention and other resources from our business and operations and require us to incur significant expenses
to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other
shareholders.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors and officers collectively own an aggregate of 13.56% of the total voting power of our outstanding ordinary shares. As a
result, they have substantial influence over our business, including significant corporate actions such as mergers, consolidations, sales
of all or substantially all of our assets, election of directors and other significant corporate actions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">They
may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay
or prevent a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their
shares as part of a sale of our company and may reduce the price of the Shares. These actions may be taken even if they are opposed by
our other shareholders. In addition, the significant concentration of share ownership may adversely affect the trading price of the Shares
due to investors&#8217; perception that conflicts of interest may exist or arise. For more information regarding our principal shareholders
and their affiliated entities, see &#8220;Principal Shareholders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding our Shares, the market price for our Shares and trading volume could decline.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Shares will be influenced by research or reports that industry or securities analysts publish about our business.
If one or more analysts who cover us downgrade our Shares, the market price for our Shares would likely decline. If one or more of these
analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn
could cause the market price or trading volume for our Shares to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
sale or availability for sale of substantial amounts of our Shares could adversely affect their market price.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of substantial amounts of our Shares in the public market, or the perception that these sales could occur, could adversely affect the
market price of our Shares and could materially impair our ability to raise capital through equity offerings in the future. Shares held
by our existing shareholders may be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under
the Securities Act. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other
shareholder or the availability of these securities for future sale will have on the market price of our Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Shares for return on your investment.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our
business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment
in our Shares as a source for any future dividend income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and
pay dividends, the timing, amount and form of future dividends, if any, will depend on our future results of operations and cash flow,
our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition,
contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our
Shares will likely depend entirely upon any future price appreciation of our Shares. There is no guarantee that our Shares will appreciate
in value or even maintain the price at which you purchased the Shares. You may not realize a return on your investment in our Shares
and you may even lose your entire investment in our Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles
of association, the Companies Law (2020 Revision) of the Cayman Islands and the common law of the Cayman Islands. The rights of shareholders
to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands
law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from
comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts
are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary
duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent
in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United
States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman
Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of
the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. Our directors have discretion under our articles of association to determine whether
or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available
to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a
shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States. For a discussion of significant differences between the provisions of the Companies Law of the Cayman Islands and
the laws applicable to companies incorporated in the United States and their shareholders, see &#8220;Description of Share Capital&#8212;Differences
in Corporate Law.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
judgments obtained against us by our shareholders may not be enforceable.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands company and substantially all of our assets are located outside of the United States. Substantially all of our current
operations are conducted in China. In addition, all of our current directors and officers are nationals and residents of countries other
than the United States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be
difficult or impossible for you to bring an action against us or against these individuals in the United States in the event that you
believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing
an action of this kind, the laws of the Cayman Islands and of China may render you unable to enforce a judgment against our assets or
the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands and China, see &#8220;Enforceability
of Civil Liabilities.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public companies.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing
of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation
of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange
Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from
trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation
FD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to file an Annual Report on Form 20-F within four months of the end of each fiscal year. In addition, we will continue to
publish our results on a quarterly basis through press releases, distributed pursuant to the rules and regulations of the Nasdaq Stock
Exchange. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the
information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be
filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information, which would be
made available to you, were you investing in a U.S. domestic issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain Nasdaq Stock Exchange corporate governance
standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exempted from certain corporate governance requirements of the Nasdaq Stock Exchange by virtue of being a foreign private issuer.
We are required to provide a brief description of the significant differences between our corporate governance practices and the corporate
governance practices required to be followed by domestic U.S. companies listed on the Nasdaq Stock Exchange. The standards applicable
to us are considerably different than the standards applied to domestic U.S. issuers. For instance, we are not required to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    a majority of the board be independent (although all of the members of the audit committee must be independent under the U.S. Securities
    Exchange Act of 1934, as amended, or the Exchange Act); </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    regularly scheduled executive sessions with only independent directors; or </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    executive sessions of solely independent directors each year. </span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied on and intend to continue to rely on some of these exemptions. As a result, you may not be provided with the benefits of
certain corporate governance requirements of the Nasdaq Stock Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements
or comply with applicable regulations could be impaired.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management has not completed an assessment of the effectiveness of our internal controls over financial reporting, and our independent
registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of auditing
our consolidated financial statements for the years ended September 30, 2023 and 2022, we identified several material weaknesses in our
internal control over financial reporting and other control deficiencies as of September 30, 2023. A &#8220;material weakness&#8221;
is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the company&#8217;s annual or interim financial statements will not be prevented or detected on a timely
basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material weaknesses identified to date relate to a lack of accounting staff and resources with appropriate knowledge of generally accepted
accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and SEC reporting and compliance requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the identification of the material weaknesses and control deficiencies, we have taken remedial measures including (i) hiring more qualified
accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function
and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging
an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal
control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we have not fully addressed the above-referenced weaknesses. However, we have made progress in implementing
remedial measures, specifically:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have hired two additional mid-level financial staff in late 2020, one of whom has been staffed in financial reporting unit and the
    other in internal control department. In addition, we appointed Wallace Lee as our CFO on April 17, 2023, who has extensive
    financial and tax experience in public companies in the U.S. with U.S. Certified Public Accountant qualifications.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
    September 30, 2020, the management team, including our chief executive officer, Mr. Yongwei Hu, our chief financial officer, Mr.
    Wallace Lee, and other management team members of our PRC subsidiary and its subsidiaries in the PRC have held internal meetings,
    discussions, trainings, and seminars on a monthly basis to review our financial statements and operational performance and to identify
    areas to improve our internal control procedures.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have appointed directors and established an audit committee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    April 2021, we engaged Grant Thornton (Special General Partnership), Xiamen Branch to assist us in setting-up our financial and system
    control framework. Grant Thornton has completed the evaluation of the effectiveness of our existing financial and system control
    and formulated an implementation plan with expanded and enhanced control and procedures. We expect to fully complete the setup of
    our financial and system control framework by December 31, 2024.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to fully implement the above-referenced measures prior to December 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting, and
we cannot conclude that they have been fully remedied. Our failure to correct theses material weaknesses or our failure to discover and
address any other material weaknesses could result in inaccuracies in our financial statements and could also impair our ability to comply
with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial
condition, results of operations and prospects, as well as the trading price of our ordinary shares, may be materially and adversely
affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud. In addition,
once we cease to be an &#8220;emerging growth company&#8221; as such term is defined in the JOBS Act, our independent registered public
accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude
that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control
over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing,
may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public
company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems
for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable
year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our ordinary shares.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation will be a passive foreign investment company, or PFIC, for any taxable year if either (1) at least 75% of its gross
income for such year consists of certain types of &#8220;passive&#8221; income; or (2) at least 50% of the value of its assets (based
on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held
for the production of passive income (the &#8220;asset test&#8221;). Based on our current and expected income and assets, we do not presently
expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this regard because
the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part,
upon the composition of our income and assets. Fluctuations in the market price of our Shares may cause us to become a PFIC for the current
or subsequent taxable years because the value of our assets for the purpose of the asset test may be determined by reference to the market
price of our Shares. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were to be or become a PFIC for any taxable year during which a U.S. Holder (as defined in &#8220;Taxation&#8212;United States Federal
Income Tax Considerations&#8221;) holds our ordinary shares, certain adverse U.S. federal income tax consequences could apply to such
U.S. Holder. See &#8220;Taxation&#8212;United States Federal Income Tax Considerations&#8212;Passive Foreign Investment Company Rules.&#8221;</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_014"></span>ITEM
    4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION
    ON THE COMPANY</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_015"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
    and Development of the Company</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
commenced our natural products and ingredients business through Xi&#8217;an App-Chem Bio(Tech) Co., Ltd. (&#8220;Xi&#8217;an App-Chem&#8221;),
a corporation formed in the People&#8217;s Republic of China in April of 2006. On April 23, 2006, Xi&#8217;an App-Chem received its Business
License (Registration No.: 6101012116403) from the Xi&#8217;an Administration for Industry and Commerce.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 11, 2019, Bon Natural Life Limited was incorporated under the laws of the Cayman Islands as our offshore holding company to
facilitate financing and offshore listing. Bon Natural Life Limited subsequently established a Wholly Foreign-Owned Enterprise (&#8220;WOFE&#8221;)
in PRC China, Xi&#8217;an CMIT Information and Technology Co., Ltd. (&#8220;Xi&#8217;an CMIT&#8221;). Xi&#8217;an CMIT is wholly owned
by our direct subsidiary in Hong Kong, Tea Essence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
Public Offering</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 28, 2021, the Company closed its initial public offering (&#8220;IPO&#8221;) of 2,200,000 ordinary shares, par value US$0.0001 per
share at a public offering price of $5.00 per share, and the Company&#8217;s ordinary shares started to trade on the Nasdaq Capital Market
under the ticker symbol &#8220;BON&#8221; since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option
to purchase an additional 330,000 shares, par value US$0.0001 per share at the price of $5.00 per share. Gross proceeds of the Company&#8217;s
IPO, including the proceeds from the sale of the over-allotment shares, totaled $12.65 million, before deducting underwriting discounts
and other related expenses, resulting in net proceeds of approximately $11.3 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Note
regarding financial statements in this Annual Report</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements in this Annual Report and the accompanying footnotes, with regard to the prior fiscal year ended September 30, 2021,
were prepared for a period in which we were operating under a variable interest entity structure and contain various references the former
VIE agreements and related matters. We do not believe that the termination of the VIE agreements, which occurred effective November 1,
2021, will have material impact on our operations going forward in terms of any impairment of our total assets, or any adverse effect
on our business, financial conditions or results of operations, as no changes in control occurred as a result of the termination of our
VIE agreements. Therefore, the Company&#8217;s consolidated financial statements include the operation results of the same entities under
common control before and after the restructuring.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as of the date of this Annual Report:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="form20-f_001.jpg" alt="" style="height: 392px; width: 670px"/></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
structure of cash flows within our organization, and the applicable regulations, are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    equity structure is a direct holding structure, that is, the overseas entity listed in the U.S., Bon Natural Life, directly controls
    Xi&#8217;an CMIT and Xi&#8217;an Youpincui (the &#8220;WFOEs&#8221;) and other domestic operating entities through the Hong Kong
    company, Tea Essence. See &#8220;<i>Corporate History and Structure</i>&#8221; above for additional details.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    our direct holding structure, the cross-border transfer of funds within our corporate group is legal and compliant with the laws
    and regulations of the PRC. After foreign investors&#8217; funds enter Bon Natural Life following an offering of securities, the
    funds can be directly transferred to Tea Essence, and then transferred to subordinate operating entities through the WFOEs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we distribute dividends, we will transfer the dividends to Tea Essence in accordance with the laws and regulations of the PRC, and
    then Tea Essence will transfer the dividends to Bon Natural Life, and the dividends will be distributed from Bon Natural Life to
    all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders are U.S. investors or
    investors in other countries or regions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of the date of this Annual Report, net proceeds of approximately $9 million from our initial public offering (&#8220;IPO&#8221;)
    and net proceeds of approximately $1 million from the exercise of the over-allotment option were transferred from our company to
    the PRC subsidiaries in June and July 2021, respectively, as intercompany loans. Please see &#8220;Parent Company Statements of Cash
    Flows&#8221; in Note 21 (Condensed Financial Information of the Parent Company) to the audited financial statements included in our
    Annual Report on Form 20-F filed with the SEC on January 31, 2022. The inter-company transfers are reflected on the line labelled
    &#8220;Cash lent to subsidiaries and VIE,&#8221; In the reporting periods presented in this Annual Report, no dividends or distributions
    of a subsidiary have been made to us. For the foreseeable future, we intend to use earnings for research and development, to develop
    new products and to expand its production capacity. As a result, we do not expect to pay any cash dividends.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    PRC subsidiaries&#8217; ability to distribute dividends is based upon their distributable earnings. Current PRC regulations permit
    our PRC subsidiaries to pay dividends to their respective shareholders only out of their accumulated profits, if any, determined
    in accordance with PRC accounting standards and regulations. In addition, each of our PRC subsidiaries is required to set aside at
    least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of each of their
    registered capitals. These reserves are not distributable as cash dividends. See &#8220;<i>Regulations Relating to Dividend Distributions</i>&#8221;
    for more information.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
address persistent capital outflows and the RMB&#8217;s depreciation against the U.S. dollar in the fourth quarter of 2016, the People&#8217;s
Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures in the
subsequent months, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions,
dividend payments and shareholder loan repayments. The PRC government may continue to strengthen its capital controls and our PRC subsidiaries&#8217;
dividends and other distributions may be subject to tightened scrutiny in the future. The PRC government also imposes controls on the
conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties
in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits,
if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict
their ability to pay dividends or make other payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax at a rate of 10% will be applicable
to dividends payable by Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements between the PRC
central government and the governments of other countries or regions where the non-PRC resident enterprises are tax resident. Pursuant
to the tax agreement between Mainland China and the Hong Kong Special Administrative Region, the withholding tax rate in respect to the
payment of dividends by a PRC enterprise to a Hong Kong enterprise may be reduced to 5% from a standard rate of 10%. However, if the
relevant tax authorities determine that our transactions or arrangements are for the primary purpose of enjoying a favorable tax treatment,
the relevant tax authorities may adjust the favorable withholding tax in the future. Accordingly, there is no assurance that the reduced
5% withholding rate will apply to dividends received by our Hong Kong subsidiary from our PRC subsidiaries. This withholding tax will
reduce the amount of dividends we may receive from our PRC subsidiaries.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Xi&#8217;an
App-Chem&#8217;s Operating Subsidiaries</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below provides a summary of Xi&#8217;an App-Chem&#8217;s operating subsidiaries (&#8220;Bon Operating Companies&#8221;) and their
primary business functions as of the date of this Annual Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of Entity</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    of Incorporation</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place
    of Incorporation</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    of Ownership</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 27%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Activities</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
    Natural Life</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    11, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
    Islands</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent,
    100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
    Natural Life U.S.A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    07, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tea
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    CMIT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    9, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WFOE,
    Investment holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    Youpincui</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    8, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WFOE,
    Investment holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
    Subsidiaries:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    App- Chem Bio (Tech)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    23, 2006</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by WFOEs</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    administration and sales of the Company&#8217;s products to customers</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    YH</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    15, 2009</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91%
    owned by Xi&#8217;an CMIT, 9% owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
    and development of product</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
    Operating Companies (owned by Xi&#8217;an App-Chem)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">App-Chem
    Health</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    17, 2006</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tongchuan
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
    owner of land with an area of 12,904.5 square meters, no other business activities</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">App-Chem
    Ag-tech</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    19, 2013</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dali
    County, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    manufacturing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">App-Chem
    Guangzhou</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    27, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw
    material purchase</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tongchuan
    DT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    22, 2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tongchuan
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    manufacturing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    DT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    24, 2015</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
    and development of product</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin
    YHX</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    16, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw
    material purchase</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gansu
    BMK</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    11, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jiuquan
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    manufacturing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bozhou
    DT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    9, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bozhou
    City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    manufacturing</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our actual business operations are conducted through Xi&#8217;an App-Chem and its subsidiaries. Bon Natural Life Limited (the Cayman
Islands holding company offering securities through the previously filed prospectus), its immediate Hong Kong subsidiary Tea Essence,
and Tea Essence&#8217;s subsidiaries Xi&#8217;an CMIT and Xi&#8217;an Youpincui, function solely as holding companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Developments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
Notification Letter</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 12, 2023, the Company received a letter (the &#8220;Notification Letter&#8221;) from Nasdaq Stock Market, LLC (&#8220;Nasdaq&#8221;),
notifying the Company that it has not been in compliance with the minimum bid price requirement of $1.00 per share for thirty (30) consecutive
days, as required by the Nasdaq Rules for continued listing (the &#8220;Rules&#8221;). In accordance with the Rules, the Company was
initially provided 180 calendar days, or until December 11, 2023, to regain compliance with the Rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company&#8217;s ordinary shares have not yet regained compliance with the minimum $1 bid price per share requirement, Nasdaq has
determined that the Company is eligible for an additional 180 calendar day period, or until June 10, 2024, to regain compliance. This
determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other
applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and the Company&#8217;s
written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
If at any time during this additional time period the closing bid price of the Company&#8217;s security is at least $1 per share for
a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed. If
compliance cannot be demonstrated by June 10, 2024, Nasdaq will provide written notification that the Company&#8217;s securities will
be delisted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Public
Offering of Shares and Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2023, Company engaged in a public offering of up to $3,000,000 worth of ordinary shares of the Company, par value $0.0001 per
share (the &#8220;Shares&#8221;) in three (3) equal tranches at the subscription price as defined below. Shares issued in the first tranche
will be issued on the first trading day that occurs after 15 calendar days from the filing date of the Company&#8217;s Listing of Additional
Shares Notification Form with Nasdaq. The second tranche of Shares will be issued on the 11th trading day from the closing date of the
first tranche. Shares issued in the third tranche will be issued on the 11th trading day from the closing date of the second tranche.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares will be priced at the lower of (a) $1.00 per share or (b) 80% of the market closing price for the Company&#8217;s Shares as reported
by the Nasdaq Capital Market on the trading day immediately preceding the closing date for the initial tranche. The subscription price
for the first closing date shall remain fixed and will be the subscription price for all the remaining closing dates thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Together
with each Share subscribed for, the Company will issue one (1) warrant to purchase one (1) Share at an exercise price equal to 120% of
the subscription price, exercisable for a period of thirty-six (36) months following the closing date (the &#8220;Warrants&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
registered the Shares by way of a prospectus supplement to our currently effective unallocated shelf registration statement on Form F-3,
(SEC File No. 333-267116).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2023, the Company terminated its direct public offering of up to $3,000,000 worth of ordinary shares of the Company (the &#8220;Shares&#8221;)
as described in its Prospectus Supplement dated March 30, 2023 (the &#8220;Offering&#8221;). The Offering was made by way of such Prospectus
Supplement under the Company&#8217;s currently effective unallocated shelf registration statement on Form F-3, (SEC File No. 333-267116).
Two (2) investors subscribed in the Offering, but neither of them completed valid payment of the required subscription price. As a result,
no shares were validly issued in the Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Close
of Private Offering</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 17, 2023, we closed a private offering of ordinary shares and warrants to purchase ordinary shares. A total of 2,750,000 ordinary
shares (the &#8220;Shares&#8221;) were issued to a total of five (5) investors (the &#8220;Investors&#8221;) at a subscription price
of $0.80 per share, for total subscription proceeds of $2,200,000. In addition, for each share subscribed for by the Investors, we issued
one (1) warrant to purchase one (1) ordinary share at an exercise price of $0.88 per share, exercisable for a period of twenty-four (24)
months (the &#8220;Warrants&#8221;). We have agreed to register the Investors&#8217; re-sale of the Shares by way of a prospectus supplement
to our currently effective unallocated shelf registration statement on Form F-3, (SEC File No. 333-267116). The offer and sale of the
Shares and the Warrants was exempt under Rule 506 of Regulation D under the Securities Act of 1933 (the &#8220;Securities Act&#8221;).
We engaged in no general solicitation or advertising with regard to the offering and the offering was made solely to &#8220;Accredited
Investors&#8221; as defined in Rule 501 of Regulation D under the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Completion
of the Initial Public Offering (&#8220;IPO&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 28, 2021, the Company closed its initial public offering (&#8220;IPO&#8221;) of 2,200,000 ordinary shares, par value US$0.0001 per
share at a public offering price of $5.00 per share, and the Company&#8217;s ordinary shares started to trade on the Nasdaq Capital Market
under the ticker symbol &#8220;BON&#8221; since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option
to purchase an additional 330,000 shares, par value US$0.0001 per share at the price of $5.00 per share. Gross proceeds of the Company&#8217;s
IPO, including the proceeds from the sale of the over-allotment shares, <span style="background-color: white">totaled</span> $12.65 million,
before deducting underwriting discounts and other related expenses, resulting in net proceeds of approximately $11.3 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Acquisition
of Land Use Right for Construction of a New Manufacturing Facility</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 10, 2021, we acquired a land use right of 8.2 acres at cost of $267,000, through a government organized auction bidding in Yumen
City, Gansu Province of China. We have the right to use this land for 50 years until to May 9, 2071. We plan to construct a new manufacturing
facility on this land. Total budget for construction of this new manufacturing plant (&#8220;Yumen Plant&#8221;) is around $5.6 million.
The construction of Yumen Project was initially expected to be completed by October 2022. Due to resurgence of the COVID-19 pandemic,
which resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines and travel bans,
the construction work is estimated to be completed in December 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Newly
formed subsidiary</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 8, 2021, Xi&#8217;an Youpincui Biotechnology Co., Ltd (&#8220;Xi&#8217;an Youpincui&#8221;) was formed as a Wholly Foreign-Owned
Enterprise (&#8220;WFOE&#8221;) in the People&#8217;s Republic of China (&#8220;PRC&#8221;). Tea Essence Limited, our direct wholly owned
subsidiary incorporated in Hong Kong, owns 100% equity interest in Xi&#8217;an Youpincui.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On February 7, 2023, Bon Natural Life U.S.A. Limited
(&#8220;Bon Natural Life U.S.A.&#8221;) was incorporated in accordance with the laws and regulations in the State of Nevada, which is
wholly owned subsidiary of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On March 9, 2023, Bozhou DT was formed in the PRC as a wholly owned subsidiary
of Xi&#8217;an App-Chem.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Terminating
the VIE agreements for corporate restructuring</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to PRC legal restrictions on foreign ownership in companies that engage in online sales China, we originally carried out our business
through Xi&#8217;an App-Chem, a domestic PRC company holding a value-added telecommunications license, through a variable interest entity
structure, because foreign investment in the value-added telecommunication services industry in China is extensively regulated and subject
to numerous restrictions. However, our online sales have historically generated minimal revenues. On September 28, 2021, our Board of
Directors approved a restructuring of our corporate structure to terminate the original VIE contractual agreements, to convert Xi&#8217;an
App-Chem from a PRC domestic company into a Sino-foreign joint venture, and to transfer 100% of the ownership interests in Xi&#8217;an
App-Chem from its original shareholders to Xi&#8217;an CMIT and Xi&#8217;an Youpincui. On October 21, 2021, Xi&#8217;an Ap-Chem&#8217;s
original shareholders signed the share transfer agreement to transfer their 100% ownership interest in Xi-an App-Chem to Xi&#8217;an
CMIT and Xi&#8217;an Youpincui. On October 22, 2021, Xi-an App-Chem completed its business license registration with PRC government and
became a Sino-foreign joint venture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
November 1, 2021, we completed the reorganization of our corporate structure in the PRC and are the indirect sole shareholder of Xi&#8217;an
App-Chem. Xi&#8217;an App-Chem is wholly-owned by two WOFEs Xi&#8217;an CMIT and Xi&#8217;an Youpincui. Each of the WOFEs are in turn
wholly-owned by Tea Essence, our direct wholly-owned subsidiary in Hong Kong. Xi&#8217;an App-Chem&#8217;s financial results are consolidated
into our consolidated financial statements in accordance with U.S. GAAP because we have control over that entity by way of 100% share
ownership through Tea Essence, and in turn, Xi&#8217;an CMIT and Xi&#8217;an Youpincui. The termination of the VIE agreements as described
above does not adversely affect our business, financial condition, and results of operations because we, together with our wholly owned
subsidiaries, are effectively controlled by the same shareholders before and after the restructuring. The restructuring is therefore
considered to be a recapitalization of entities under common control. Following the corporate restructuring, the value-added telecommunication
license held by Xi&#8217;an App-Chem has been revoked and we&#8217;re investigating other feasible ways to explore online sales business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>COVID-19
Impact</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business operations have been affected and may continue to be affected by the ongoing COVID-19 pandemic. Although we resumed our operations
since early March 2020 and the impact of COVID-19 on our operating results and financial performance for fiscal year 2021, 2022 and 2023
were temporary, a resurgence could negatively affect the execution of customer contracts, the collection of customer payments, or disrupt
our supply chain, and the continued uncertainties associated with COVID 19 may cause our revenue and cash flows to underperform in the
next 12 months from the date of issuance of our 2023 consolidated financial statements. The extent of the future impact of the COVID-19
pandemic on our business and results of operations is still uncertain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Key
Financial Performance Indicators</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing our financial performance, we consider a variety of financial performance measures, including principal growth in net revenue
and gross profit, our ability to control costs and operating expenses to improve our operating efficiency and net income. Our review
of these indicators facilitates timely evaluation of the performance of our business and effective communication of results and key decisions,
allowing our business to respond promptly to competitive market conditions and different demands and preferences from our customers.
The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under
&#8220;Results of Operations.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_016"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
    Overview</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
App-Chem&#8217;s business focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds to perfume
and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food
additives and nutritional supplements by its customers. Xi&#8217;an App-Chem is devoted to providing high quality and competitive prices
and a stable supply of products and services for the functional food, personal care, natural medicine and other industries. It provides
these products and services for third party customers, as well as for its own proprietary brands. With &#8220;nourish life with natural
essence&#8221; as the business concept, and &#8220;becoming an innovator (leader) of natural functional ingredients and an integrated
supplier of great health industry&#8221; as the goal, after more than 14 years of efforts, Xi&#8217;an App-Chem has formed four technology
platforms respectively for natural product large-scale separation, natural product safety improvement, natural product activity enhancement,
and natural product function compounding. Its products have not been approved as effective in treating or preventing any health conditions
and/or diseases by a regulatory agency in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were co-founded by a team of top-level executives from China&#8217;s domestic natural products industry, together with experts returned
from overseas. For the past 10 years, we have focused on the core needs of the natural products industry, emphasizing technological innovation
and supply chain integration. We are devoted to providing a stable supply of high-quality products and services at competitive prices
for the functional food, personal care, cosmetic and pharmaceutical industries. &#8220;Nourish life with natural essence&#8221; is our
business concept, and &#8220;Becoming an innovative leader of natural functional ingredients and an integrated supplier for the health
industry&#8221; is our goal. We have formed four technology platforms as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial
    scale natural ingredient extraction and separation platform built with technologies such as continuous dynamic extraction and molecular
    distillation and membrane separation (&#8220;Technical Platform 1&#8221;);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
    extraction safety improvement and assurance platform designed with technology to remove heavy metal, pesticide, and other harmful
    residues (&#8220;Technical Platform 2&#8221;);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platform
    of bioactive ingredient of natural extract enhancement built with technology seeking to increase human absorption rate of naturally
    extracted ingredients by increasing their water solubility and utilizing drug delivery system (&#8220;Technical Platform 3&#8221;);
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
    extract formulation technology platform based on steady state technology with focus on formulation of natural anti-oxidant and functional
    oligosaccharide to achieve stable output, high purity and absorption rate (&#8220;Technical Platform 4&#8221;). </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
four technical platforms are utilized throughout the production process of our products with applications illustrated as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical
Platform 1. Commercial scale natural ingredient extraction and separation platform:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Clary
    Sage concrete </b>is produced by continuous countercurrent extraction, from clary sage;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sclareol
    </b>is produced by molecular distillation separation from clary Sage concrete;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stachyose
    </b>is produced by biological enzymatic hydrolysis-membrane method efficient and continuous separation from stachys affinis; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Apple
    polyphenol</b> is produced with high-efficiency membrane separation from apples.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical
Platform 2. Natural extraction safety improvement and assurance platform:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solvent residues are removed
    in the process of producing <b>ambroxide</b> and <b>Sclareolides </b>with purity in order to maintain aroma when used in fragrance
    products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carbendazim and other pesticide
    residues are removed in the process of producing <b>apple polyphenols</b> to parts per billion (&#8220;PPB&#8221;) level in accordance
    to applicable food safety regulations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heavy metals and other
    metal ions are removed in producing <b>stachyose</b> and the ash content is as low as 0.01%, for product safety purpose, while improving
    product quality and flavor.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical
Platform 3. Bioactive ingredient of natural extract enhancement</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mainly used in dietary
    supplement products currently in early commercial development stage with applications of technology such as water solubility enhancement
    and drug delivery system to seek higher absorption rate by human and to yield with more active ingredients.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical
Platform 4. Natural extract formulation technology platform</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mainly used in dietary
    supplement products currently in early commercial development stage with applications of technology such as molecule steady state
    technology and anti-oxidants to seek consistent product quality and extended shelf life.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the combination and application of the above technology platforms, we seek to produce products with high quality assurance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, based on our technology for rehabilitation of the human microbiome, cell death regulation, and anti-aging product development,
we are able to provide products and services advantageous in terms of cost, safety, performance, function and other aspects for customers
in the food, personal care, cosmetics and pharmaceutical industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
services provided to our customers include customized product development and formulation and after-sale and technical support. These
services are value-added provided to our customers to enhance customer loyalty and our competitiveness in the marketplace.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Product
Categories</span></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Fragrance
compounds:</span></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clary sage extract products
    (Sclareol, Sclareolide, Ambroxide, Clary Sage Oil, Clary Sage Concrete);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lavender essential oil;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
some perfumers may still use the expensive and hard-to-find substance ambergris, which is produced in the intestines of sperm whales,
the industry now increasingly uses a substance known as &#8220;ambroxide,&#8221; synthesized from the compound &#8220;sclareol&#8221;
found in clary sage plant. Ambroxide is used both as a fragrance and as a &#8220;fixative&#8221; for making scents linger longer in products.
Made by our proprietary microbial fermentation process and molecular distillation technology, our ambroxide products are produced with
higher purity and yield than industry average. Based on product testing reports, we have determined that our ambroxide products are produced
with 99.5% purity and above, while the industry average is approximately 99.0%. The yield of our ambroxide production is approximately
63%. Our management believes the industry average yield for ambroxide production to be approximately 40% to 43%.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Health
supplements (natural, functional active ingredients for powder drinks):</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our accumulations in natural functional components separation, biological activity research, product application development, natural
product supply chain and other areas, we are able to provide a host of solutions for functional food (health products, nutrients, etc.),
functional personal care products (whitening, moisturizing, anti-acne, etc.), natural medicine and other needs, including formulation
development, ingredients supply, and product OEM. In addition, we have launched new over-the-counter products, including <i>Bon Natural
Micro-eco Hair Repair Shampoo; Tianmei Jinghao Nutrition Powder.</i> We are also in the development stage of more innovative products
using natural, functional ingredients intended for the precise regulation and control of the humane micro-biome. Examples include our
<i>DuiJiuDangGe (JiuGe)</i> and <i>Gout Ease (Feng Qing Ping<b>)</b></i>. Our products have not been approved as effective in treating
or preventing any health conditions and/or diseases by a regulatory agency in the PRC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Bioactive
food ingredients:</span></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stachyose (P60, P70, P80)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milk thistle extracts (various
    solvent Silymarin, Silybin, Water-soluble silymarin and silybin);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apple extracts (Apple polyphenol,
    Apple dietary fiber, Phloridzin, Phloretin)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pomegranate extract products
    (Ellagic acid, Punicalagin,Urolithin)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aside
from macronutrients such as carbohydrates, proteins, and fatty acids, the term &#8220;bioactive food ingredients&#8221; refers to natural
compounds, mainly from plant foods, with specific physiological functions. These include flavonoids, phenolic acids, organic sulfides,
terpenoids and carotenoids, coenzyme Q, &#947;-aminobutyric acid, melatonin, and L-carnitine and other biologically active ingredients
derived from animal food. These ingredients are believed to participate in the regulation of physiology and pathophysiology, such that
food containing these ingredients is believed to have specific functions in addition to basic nutrition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
biologically active food ingredients and their main uses are as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Apple polyphenol: widely used in high-end personal care products such as weight loss, blood lipid reduction, anti-aging beauty, whitening,
anti-wrinkle and other high-end personal care products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Stachyose: Stachyose is a prebiotic, which can promote the proliferation of human intestinal probiotics. It is widely used in dairy products,
health drinks, personal care, health care products, ice cream, Chinese medicine, and other industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Milk thistle extract: A flavonoid derived from the plant milk thistle. It is known to have (but has not been scientifically proven to
have) liver protection, anti-inflammatory, anti-tumor and blood pressure effects. It is used to seek to improve liver diseases caused
by alcohol and environmental toxins.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Pomegranate extract: A plant-extracted polyphenol with potential effects of anti-oxidation, anti-aging, blood pressure lowering and whitening
effects, and can be used in food, medicine and cosmetics.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_002.jpg" alt="" style="height: 502px; width: 670px"/></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Manufacturing Process</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart illustrates our main manufacturing process from raw material purchase to finish products:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_003.jpg" alt="" style="height: 323px; width: 670px"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
health supplements (powder drinks) are made with naturally extracted active ingredients. For example, stachyose is a single prebiotic,
which seeks to accelerate proliferation of bacillus bifidus. Used together with other prebiotic bacteria, it helps greatly in adjusting
intestinal bacteria groups, relieving constipation and keeping intestines youthful and perpetually healthy. Our quality control is throughout
the entire production and starts souring from the farms with superior quality. The first step is anti-degradation extraction with a special
protective agent followed by continuous resin chromatographic separation and purification to produce high purity stachyose.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
fragrance compound products are plant-based natural extracts widely used as fixatives in fragrance, detergent, health supplements and
tobacco flavoring. There are three different products being produced along our proprietary manufacturing process, Sclareol, Sclareolide
and Ambroxide. Our manufacturing process of clary sage products can be summarized as: i) continuous countercurrent extraction to ensure
faster, more efficient and higher yield than traditional extraction methods; ii) molecular distillation to improve evaporation velocity,
and liquid film distribution as well as to reduce heating time and degradation of thermo-sensitive materials; iii) biological transformation
with water as media, thus no chemical or heavy metal residues; followed by catalytic reduction; and iv) supramolecular crystal reconstruction
to produce our fine ambroxide for use in fragrance or detergent fixatives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
example of our bioactive food ingredients is apple polyphenols, which are major antioxidants extracted from apples and may contribute
to color, flavor, odor and oxidative stability. Therefore, apple polyphenols are widely used in various applications, including health
supplements, cosmetics, and food preservation. Our proprietary manufacturing process of apple polyphenols principally involves the following
steps: continuous anti-oxidant extraction, and continuous resin chromatographic separation and purification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Patents</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of our collection of academic and technological expertise, as of September 30, 2023, we had 12 approved patents and 1 applying
patent in China, as set forth in the following table:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent
    Name</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    No./ Application</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization
    Date/ Application Date</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
    for separating sclareol </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2008
    1 0231943.X </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    20, 2011 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 years
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    App-Chem </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invention</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparation
    method of applephenon </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2010
    1 0179259.9 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    5, 2011 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 years
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    App-Chem </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invention</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
    for preparing osthole </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2010
    1 0531931.6 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    8, 2012 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 years
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    App-Chem </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invention</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 years
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A refinement
    method of proanthocyanidin B2, and the application thereof</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">202210363869.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    8,2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 years</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
    App-ChemChem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invention</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Key
Suppliers and Customers</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
enjoy a broad network of raw materials suppliers and customers and distributors. Our relationships with our customers and suppliers are
based on standardized terms for the supply of specific products with a specific ingredient purity, referred to as content %. Payment
terms are a mixture of cash on delivery and a specifically-agreed maximum days payable outstanding (&#8220;DPO&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a tabular summary of our relationships with our most important suppliers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier
    Name</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    Name</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Molbase</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Shanghai)
    Biotechnology</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co.,
    Ltd.</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clary sage extract</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw materials for fragrance
    and perfume</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Procure for the Company by
    Molbase as the trade platform with commission fee, cash on delivery</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stachys affinis extracts</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw materials for stachyose,
    one of health supplements</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Procure for the Company by
    Molbase as the trade platform with commission fee, cash on delivery</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ambroxide</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw materials for fragrance
    and perfume</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Procure for the Company by
    Molbase as the trade platform with commission fee, cash on delivery</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jiaozuo</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xinzhiyuan</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co.,
    Ltd.</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ambroxide</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw materials
    for fragrance and perfume</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content:
    95%, centralized supply in specific days payable outstanding (DPO)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&#160;</td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dali
    Zhengxin</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Species
    Co., Ltd.</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ambroxide</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw materials for fragrance
    and perfume</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 42%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content: 95%, centralized
    supply in specific days payable outstanding (DPO) </span></td></tr>
  </table>
<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal raw materials used for our production are various natural and plant-based extracts. For the years ended September 30, 2023,
three suppliers accounted for approximately 41.8%, 29.5%, and 11.19% of the total purchases, respectively. For the years ended September
30, 2022, four suppliers accounted for approximately 24.6%, 15.0%, 11.9% and 10.7% of the total purchases, respectively. For the years
ended September 30, 2021, two suppliers accounted for approximately 30.1% and 13.4% of the total purchases, respectively. A change in
suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect our business, financial
position and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a tabular summary of our relationships with our most important customers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customer
    Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Product
    Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Application</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td rowspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin Mingrunbaili
    Trade Co., Ltd.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clary sage extract</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fragrance and perfume</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special specification product,
    long-term cooperation in specific days payable outstanding (DPO) </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stachyose</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bioactive food ingredients</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special specification product,
    long-term cooperation in specific days payable outstanding (DPO)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td rowspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yunsheng
    International Trade Co., Ltd.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apple polyphenol</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health supplement (powder
    drinks)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70% content, low pesticide
    residue, long-term cooperation in specific days payable outstanding (DPO)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milk thistle extracts</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bioactive food ingredients</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30% content, low solvent residue,
    long-term cooperation in specific days payable outstanding (DPO)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OQEMA Ltd</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ambroxide</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fragrance and perfume</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99% content, long-term cooperation
    in specific days payable outstanding (DPO)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Symrise Private Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ambroxide</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fragrance and perfume</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99% content, long-term cooperation
    in specific days payable outstanding (DPO)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell our products primarily through direct distributors in the PRC and, to some extent, to overseas customers in Europe. For the year
ended September 30, 2023, three customers accounted for 42.7%, 24.7%, and 13.2% of the Company&#8217;s total revenue, respectively. For
the year ended September 30, 2022, three customers accounted for 35.5%, 23.9%, and 15.4% of the Company&#8217;s total revenue, respectively.
For the year ended September 30, 2021, two customers accounted for 35.5% and 26.1% of the Company&#8217;s total revenue, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Marketing
and Competition</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Focus &#8212; Raw Materials and Ingredients and Functional Health</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
product sales are carried out by two teams within our sales department &#8211; Raw Materials and Ingredients and Functional Health. Our
Raw Material Ingredients Team sells natural active ingredients such as stachyose, apple polyphenol, Ambroxide, and others to customers
in the functional food and personal care industries, accounting for around 70% of the company&#8217;s total sales. The Functional Health
Team focuses on human micro-biome adjustment and control products, providing small and medium-sized customers in the Chinese domestic
Big Health industry with one-stop solutions from product design, research and development, and procurement to OEM in digestive health,
metabolic health, immune health and other fields. The Functional Health Team accounts for about 30% of the company&#8217;s overall business.
Our marketing efforts are focused in two areas &#8211; the international market and the domestic Chinese market. The international market
is dominated by raw materials and ingredients, while the domestic market is primarily focused on functional health.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
raw materials and ingredients businesses are promoted through exhibitions, professional journals, academic conferences, and social platforms
(social broadcasting), with academic promotion of professional knowledge and general scientific knowledge being the main methods. We
are committed to promoting and maintaining our brand image in the natural ingredients industry. Our brands and slogans, such as App-Chem,
App-Chem Stachyose for Healthy Digestion in China (&#8220;&#22825;&#32654;&#27700;&#33487;&#31958;&#65292;&#20581;&#24247;&#20013;&#22269;&#32928;&#8221;),
App-Chem Cares Life (&#8220;&#22825;&#28982;&#33267;&#32654;&#21621;&#25252;&#29983;&#21629;&#33267;&#32654;&#8221;). are well recognized
and widely praised in the industry. We have established a strong and widely known reputation in the international natural products industry,
especially in the field of micro-biome health.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
functional health business focuses on adjustment and control of the micro-biome and focuses on immune health and digestion health as
the target market. The Company promotes itself through exhibition, social platforms (stachyose social broadcasting), and Internet promotions
(Ning Xiang Tang Nutrition Powder, and Tianmei Jinghao Nutrition Powder). Through continuous efforts, the Company has established a sound
reputation in the Great Health industry and has become a preferred supplier for several leading clients both at home and abroad.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leading
Competitors</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
main competitors are suppliers of functional ingredients, nutrition food, and traditional Chinese medicine functional food in the Big
Health industry. They are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">QHT-
a leading probiotics supplier in China</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantum
Hi-Tech (China) Biotechnology Co., Ltd., publicly listed in 2010, is a national hi-tech enterprise committed to micro-ecology health.
As a leading enterprise in the micro-ecological health industry, Quantum Bio has brands like Oligo, and Sheng He Tang, and operates the
largest production site of oligosaccharide in China. QHT focuses on the field of probiotics with products like oligosaccharide and galactooligosaccharide,
which can regulate intestinal microecological balance in dual manner by stimulating beneficial bacteria and inhibiting harmful bacteria.
These products have been identified by the Public Nutrition and Development Center of the Macro Economy Institution of the National Development
and Reform Commission as advocacy products of nutrition and health, and emerging products with wide-ranging and promising applications.
In 2013, Forbes China included QHT in its Top 200 Listed Small- and Medium-sized Asian Enterprises. QHT and its logo are a well-known
trademark in China. As of March 2020, QHT&#8217;s total market value reached US $1 billion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Chenguang
Biotech (CCGB)- a leading natural ingredients supplier in China</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chenguang
Biotech Group Co., Ltd., another publicly listed company, has twenty subsidiaries and is an export- and foreign-exchange-generation-oriented
enterprise which integrates intensive processing of agricultural products and extract of natural plants. It mainly develops and produces
natural colors, natural spice extracts and essential oils, natural nutrition and medicinal extracts, and protein oils. Among its products,
the production and sales volume of natural colors is the highest in China, and that of capsanthin the highest in the world. Its chili
extracts account for over 85% of total domestic output for that product. Its lutein, beet red and other varieties occupy a significant
share of world production. As of March 2020, the total market value of Chenguang Biotech Group Co., Ltd. reached &#165; 4.7 billion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Tong
Ren Tang- a leading producer of traditional Chinese medicine and health products in China</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
Tong Ren Tang (Group) Co., Ltd., a wholly state-owned company, is authorized by the municipal government to operate state-owned assets.
It was founded in 1669, with a history of 343 years. The group adheres to the development strategy of &#8220;taking modern traditional
Chinese medicine as the core, developing life and health industry, and becoming an internationally renowned modern traditional Chinese
medicine group&#8221;. It takes &#8220;growing, strengthening and expanding&#8221; as its policy, and takes innovation and technology
as its mission. Its sales revenue, profits, export earnings and the number of overseas terminals rank first in the industry in China.
Since 1997, Tong Ren Tang has maintained sustained and healthy development, with its economic indicators reaching double-digit growth
for 15 consecutive years, doubling every five years. As of 2011, the group has a total asset of &#165;14 billion, a sales revenue of &#165;16.3
billion, a profit of &#165;1.316 billion, and foreign exchange earnings of $33.92 million. It has set up 64 pharmacies and 1 overseas
production and research base in 16 overseas countries and regions. Its products are sold to more than 40 overseas countries and regions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the same time, Tong Ren Tang&#8217;s dual function of being both an economic entity and a cultural carrier has become increasingly apparent.
It has achieved fruitful results in brand maintenance and promotion, cultural innovation and inheritance. The &#8220;Tong Ren Tang traditional
Chinese medicine culture&#8221; has been approved as one of the first items to be included in the List of National Intangible Cultural
Heritage. It has signed a strategic cooperation framework agreement with the Confucius Institute Headquarters (Hanban) to jointly promote
Tong Ren Tang traditional Chinese medicine culture and has further strengthened the overseas dissemination of Tong Ren Tang Culture by
using the Confucius Institute platform. As of March 2020, Tong Ren Tang&#8217;s total market value reached &#165; 34.3 billion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">BY-HEALTH-
a leading supplier of nutrients by indirect selling in China</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founded
in October 1995, BY-HEALTH introduced dietary supplements into China&#8217;s indirect selling market systematically in 2002. It has since
grown rapidly into a leading brand and benchmark enterprise of dietary supplements in China. In August 2010, Yao Ming, the former international
basketball superstar, signed contract to become its brand ambassador. On December 15, 2010, BY-HEALTH was listed on the Growth Enterprise
Market (GEM) of Shenzhen Stock Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more than a decade, BY-HEALTH has been adhering to differentiated global quality strategy in three steps, namely, from global raw materials
procurement, to establishment of its global base for the sole purpose of supplying raw materials, and then to the establishment of a
global self-owned organic farm. So far, BY-HEALTH has sources of raw materials from 23 countries and regions worldwide. It has set up
5 exclusive raw materials bases in Brazil, Australia and other places. Now, its own organic farms are under planning. BY-HEALTH will
make unremitting efforts to select high-quality raw materials from all over the world, bringing together the essence of nutrition, and
building a &#8220;United Nations&#8221; of nutrients that selects the best from the better. As of March 2020, the total market value
of BY-HEALTH reached &#165; 27.2 billion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competitive
Challenges and Advantages</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
competitors&#8217; main advantages are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Stronger business scale
    and capital strength</span> &#8211; Our main competitors are listed public companies, with relatively longer development histories,
    larger business scales and stronger financial strength.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Larger and more complete
    sales networks</span> &#8212; Since our main competitors have larger business scales, their market sales networks are accordingly wider.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Brand recognition</span>
    &#8211; Due to the advantages of being well-identified public companies, their high levels of marketing and promotion and, in some
    cases, inherited historical advantages, our main competitors have greater brand recognition. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compared
with our main competitors, our advantages are mainly reflected in the following two aspects:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">More advanced technology
    and products</span> &#8211; Our main competitors&#8217; technologies are mainly traditional physical and chemical techniques such as
    extraction and separation. Relatively speaking, we employ more advanced bio-manufacturing technologies, which give us enormous disproportional
    advantage in production efficiency and cost (a cost advantage of 20% to 60% over our main competitors).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the production of ambroxide
    for example, unlike our main competitors who use chemical synthesis with lengthy and complex process, typically involving 10 steps,
    such as oxidation, crystallization and extraction at multiple stages as well as saponification reaction, we use a bio- technique
    that utilizes a six-step process in a mild environment, including bio-synthesis, continuous separation, reduction, extraction, cyclization
    and crystallization to achieve what we believe is higher yield and efficiency than the industry average. As another example, most
    of our competitors produce stachyose with the traditional approach, resin separation, which is a lower yield method due to its intermittent
    process. Our continuous process is differentiated by our use of bio-enzyme and bio-membrane separation and purification, which we
    believe leads to higher yield and purity.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">First-mover advantage
    </span>&#8211; The primary market focus for our products is nutritional health and personal care adjusted and controlled by the human
    micro-biome. This relatively new and fast-growing product focus has been made possible by recent breakthroughs in human micro-biome
    technology. Unlike our main competitors, we are strongly focused on this rapidly expanding market. We believe this gives us an important
    first-mover advantage. We intend to use this growing market niche to achieve rapid development and growth without immediate and direct
    competitive pressure from larger firms. Our market network, financial strength, brand awareness, and other areas will gradually improve
    as the Company grows and develops. As we become as more powerful market player, we will become better positioned to compete with
    larger, more established companies.</span></td></tr>
  </table>
<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Development
and Expansion Strategy</span></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
key components of our development and expansion strategy over the next two-to-three years are as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Raw
Material and Ingredients</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Using
our current projects as a foothold, we intend to expand our plants to increase productivity and enlarge our markets to ensure sustainable
growth. Over the next two to three years, our raw materials and ingredients business will be centered on the Great Health market and
focus on the core needs of the functional food and personal care industries. We view our current business in this area as foundation
from which we can expand our plants, increase our productivity, improve our technology and equipment, optimize our supply chain, and
broaden our sales channels to ensure a steady and sustainable growth. Management is committed to achieving a compound annual growth rate
in this business line of no less than 30%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our functional health business, we intend a rapid expansion focused on the development and introduction of innovative new products. Over
the next two to three years, we will continue to place an intensive focus on human micro-biome health, and actively develop a series
of functional food and personal care products featuring strong and fasting-acting effects on the respiratory and gastrointestinal areas
of the human micro-biome. These products will be designed to take advantage of precise adjustment and regulation of the human micro-biome.
The quality raw materials produced by our own natural ingredients business will provide us a significant cost advantage in these efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Strengths</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Innovation
in Manufacturing Methods and Product Development</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an App-Chem is
    a supplier of personal care ingredients, and we seek to be a leader in the bio-manufacturing of natural products and health solutions
    in immunity and digestion by leveraging our proprietary natural essence extraction technology to focus on human micro-biome as a
    therapeutic target. Together with our operating subsidiaries, we hold several patents issued by the PRC, relating primarily to composition
    and processing techniques for products and product ingredients.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use bio-manufacturing technology to produce substances such as sclareol, sclareolide, ambroxide, extracted from Clary sage (Salvia sclarea
L.), a very aromatic herbaceous plant, to replace ambergris (ambroxide is a substitute of ambergris which is originated from sperm whale),
novel probiotics stachyose, and natural antioxidant apple polyphenol. Our ambroxide is made using our proprietary technology, which we
believe can be done at a lower cost, than the processes used by some of our competitors. Our stachyose manufacturing process features
a very high productivity rate (over 1,000-ton capacity), and, we believe, a higher product purity, and faster and more extensive proliferation
of probiotics than the primary competing substance, chrysanthemum powder.</span></p></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an App-Chem is
    listed as a key enterprise with ensured supplies in the COVID-19 prevention and control period by various Chinese government agencies
    during the COVID-19 pandemic due to its immunity boosting products such as stachyose. There is no proven efficacy of Stachyose in
    preventing, treating or controlling the spread of COVID-19. In its &#8220;COVID-19 Treatment Solution-version 7*&#8221;, issued on
    March 3, 2020, China&#8217;s National Health Commission recommended the use of supplements regulating the human gut microbiome as
    one of the potential treatments for COVID-19 patients in critical condition. Xi&#8217;an App-Chem, together with other companies
    in bio-medicine, traditional Chinese medicine, medical equipment, information service devices and system, and PPE manufacturing businesses,
    was qualified to be listed as a key enterprise in COVID-19 prevention and control for its stachyose products. Stachyose, the main
    product of Xi&#8217;An App-Chem is the major component of the microecological regulator proposed as part of China&#8217;s treatment
    plan for COVID-19. It has been deemed an &#8220;important raw and auxiliary material&#8221; for pandemic control related drugs and
    substances, thereby allowing Xi&#8217;an App-Chem to meet the qualifications for listing as a key enterprise for the potential prevention
    and control of the COVID-19 pandemic.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The key enterprise selection
    for pandemic prevention and control is an institutional system established by a series of policies issued during February and March
    2020 by the Chinese government in order to combat COVID-19. The main purpose of these policies is to ensure the stable supply of
    medical supplies, medicines, key raw materials, and essential living materials during this special period.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following types of
    companies are qualified to be listed as key enterprises:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturers of important
    medical supplies such as medical masks and non-medical face masks, COVID-19 test kits, infrared thermometers, intelligent monitoring
    and detection systems, and related drugs and medical equipment that have been requested;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A key enterprise that produces
    important daily necessities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Important raw and auxiliary
    material manufacturers, important equipment manufacturers and related supporting enterprises required for the production of the above-mentioned
    materials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An important medical material
    purchase and storage enterprise;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies that provide
    relevant information and communication equipment and service systems to respond to the epidemic;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enterprises that undertake
    the above-mentioned material transportation and sales tasks in response to the epidemic; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other enterprises with
    key guarantees in accordance with the requirements of the State Council&#8217;s joint prevention and control mechanism.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
advantages of this designation to Xi&#8217;an App-Chem include expedited governmental and regulatory approval processes to resume operations,
and preferential bank loans with favorable terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major
supporting measures include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Priority approval of business
    reopening;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Priority early reopening
    for the transportation of raw materials and products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Work and travel support
    for needed employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital support
    for the key enterprises;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferential tax policy
    support to key enterprises; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The government&#8217;s
    commitment to the procurement of special protective and medical equipment.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Items
4 and 5 are issued with official government documents; Items 1, 2, 3, and 6 are temporary support measures by local governments at all
levels without documentation.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our process for manufacturing
    apple polyphenol (a source of anti-oxidants) allows us to achieve a high product anti-oxidant content of 70% to 90%, higher than
    some of our competitors&#8217; products.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an App-Chem launched
    new over-the-counter products, including Bon Natural Micro-eco Hair Repair Shampoo and Tianmei Jinghao Nutrition Powder. In addition,
    the Company is in the development stage of more innovative products using natural, functional ingredients intended for the precise
    regulation and control of the humane micro-biome. Examples include our <b><i>DuiJiuDangGe (JiuGe)</i></b> and <b><i>Gout Ease (Feng
    Qing Ping)</i></b>. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Stable Supply Chain for Raw Materials for the Fragrance, Food and Beverage Industries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an App-Chem seeks
    to have a stable supply chain for raw materials, which is important in the natural ingredient field. The company&#8217;s management
    team, through its operating experience, is constantly improving their selection of various natural raw material sources, supply chain
    management, supplier selection, and risk and quality control. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Advantages
in Cost Control</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&#8217;s management
    team believes that its bio-manufacturing technology gives it an average cost advantage in producing its natural ingredients (i.e.,
    products such as Ambroxide, stachyose, apple polyphenol and other types of natural-ingredient products).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Professional
and Efficient Sales Team and Branding</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are twelve people
    in our sales team, among whom four have professional backgrounds in biology, chemistry, medicine, pharmacy, and related fields. Six
    of our sales professionals majored in English, international trade and related fields. Our sales professionals have an average of
    over five years of relevant work experience. Two of them have been stationed abroad to work on a long-term basis. With more than
    ten years of accumulated experience, we have forged a sales system worldwide (mainly in Europe, East Asia, and North America). </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Challenges</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">We
May Face Competition from Other Companies Currently In Other Categories of the Natural Ingredients and Health Solutions Industry.</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because of the and recent
    growth of our existing business, we may face new direct competition from some counterparts engaged in other categories of the natural
    products and ingredients business, such as Chenguang Biotech from China, which is engaged in natural colors, Layn, which engaged
    in natural sweeteners, and European companies like Koninklijke DSM N.V., Symrise AG, and Givaudan SA. These firms may seek to compete
    directly with Xi&#8217;an App-Chem in its existing businesses. The size, financial strength, technology foundation and development
    capabilities of the above-mentioned companies are strong, and potential competition from these firms will be a key competitive challenge
    in the near future.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Larger,
more Developed Food and Ingredient Companies May Seek to Compete in Our Industry in the Near Future.</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The rapid development of
    human micro-biome technology has resulted in rapid commercialization in the related products of immune health and digestive health,
    which has increasingly attracted the attention of some large-scale companies. For example, the French large-scale food company <i>Danone
    Group </i>recently announced that it continues to place the gut and its micro-biome at the core of its health strategy to deliver
    the company&#8217;s mission &#8220;bringing health through food to as many people as possible.&#8221; Such large companies might
    change the current landscape of the industry, either directly or through mergers and acquisitions. These companies may challenge
    us by seeking to secure key raw material sources for their products and to acquire stability, reliability and cost advantages for
    their supply chains. Because of the strong capital and brand strength of such companies, they might pose challenges to us in the
    future.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">We
May Face Additional Competition from New Entrants to the Health Industry</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Big Health industry
    has experienced sustained and rapid growth worldwide, based on the rapid development of information technology and life science technology
    in recent years. Prompted by the serious emergency caused by the global COVID-19, consumers and public administrators around the
    world have paid more attention to basic health issues than ever before, especially to immune health. At the core of immune health,
    and at the core of our business focus, is the precise adjustment and control of human micro-biome by natural probiotics. This area
    has drawn a wide external attention, which may cause firms outside the health industry to seek market entry. In the future, some
    of the new entrants may become our competitive challengers.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Our
Current Sales and Distribution Network May Be Insufficient to Support Our Planned Growth.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We currently sell our products
    through our direct sales force and distribution channel. Although our sales and distribution network is sufficient for our existing
    needs, it may be insufficient to meet future product demand as we continue to grow our business. As we begin to expand our production
    capacity, an insufficient distribution network may hinder our ability to meet demand and to grow our revenues accordingly.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">We
may face new regulations in the PRC in the future</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently, the PRC government
    initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China
    with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based
    companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity
    reviews, and expanding efforts in anti-monopoly enforcement. We do not believe that we are directly subject to these regulatory actions
    or statements, as we do not have a variable interest entity structure and our business does not involve the collection of user data,
    implicate cybersecurity, or involve any other type of restricted industry. Because these statements and regulatory actions are new,
    however, it is highly uncertain how soon legislative or administrative regulation making bodies in China will respond to them, or
    what existing or new laws or regulations will be modified or promulgated, if any, or the potential impact such modified or new laws
    and regulations will have on our daily business operations or our ability to accept foreign investments and continue to be listed
    on an U.S. exchange.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Our
Strategy for Meeting Potential Challenges</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First, we intend to meet
    our possible competitive challenges by giving full play to our advantages (mainly technology, products, and supply chain) to attain
    greater advantage in terms of quality, cost, and supply stability. We intend to use these advantages to secure a larger market share
    and to boost our rapid development and expansion of our capabilities. Due to the high technical barriers to entry in our field, including
    the complexity of the raw materials involved and the inherent product quality challenges, we believe potential competitors seeking
    to enter our market will require three to five years to enter the market and launch truly competitive products. We believe this will
    allow us to press our advantages described above and stay ahead of new competition.</span></td></tr>
  </table>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second, we intend to accelerate
    our business growth and market expansion, taking full advantage of rapid industrial advancements empowered by information technology
    and life science technology. Our improved financial strength after a successful equity offering, combined with a sustained growth
    of market demand in the Big Health industry (driven in part by the COVID-19 pandemic), will enhance our ability to tackle various
    challenges.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third, we will actively
    seek opportunities for collaboration and cooperation with large-scale enterprises that focus on human micro-biome-related businesses
    (such as Guangzhou Wanglaoji Pharmaceutical, JDB, Wahaha, Mengniu, Yili, Chr. Hansen, etc.), including cooperation in product sales,
    strategic business relationships, and, if possible, equity investment.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fourth, we intend to invest
    some of our available cash generated from operations and capital raising to add additional teams to our direct sales force, to expand
    our geographic reach with new distribution channels into other provinces within China and overseas, and to establish more sales online.
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also face other challenges, risks and uncertainties that may materially and adversely affect our business, financial condition, results
of operations and prospects. You should consider the risks discussed in &#8220;Risk Factors&#8221; and elsewhere in this Annual Report
before investing in our Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGULATIONS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section sets forth a summary of the most significant rules and regulations that affect our business activities in China and the European
Union or our shareholders&#8217; rights to receive dividends and other distributions from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Foreign Investment in China</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
investment law</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2019, the National People&#8217;s Congress, or the NPC, promulgated the <i>Foreign Investment Law of the PRC</i>, or the <i>Foreign
Investment Law</i>, which became effective on January 1, 2020, and replaced the <i>Sino-foreign Equity Joint Venture Enterprise Law</i>,
the <i>Sino-foreign Cooperative Joint Venture Enterprise Law,</i> and the <i>Wholly Foreign-invested Enterprise Law</i>. The organization
form, organization, and activities of foreign-invested enterprises shall be governed, among others, by the <i>PRC Company Law</i> and
the <i>PRC Partnership Enterprise Law</i>. Foreign-invested enterprises established in accordance with the <i>Sino-foreign Equity Joint
Venture Enterprise Law</i>, the <i>Sino-foreign Cooperative Joint Venture Enterprise Law,</i> and the <i>Wholly Foreign-invested Enterprise
Law </i>before the implementation of the <i>Foreign Investment Law</i> may retain the original business organization and so on within
five years after the implementation of the <i>Foreign Investment Law</i>. The <i>Foreign Investment Law</i> provides that that foreign
investment refers to investment activities directly or indirectly conducted within China by foreign natural persons, enterprises or other
entities (the &#8220;foreign investors&#8221;), which include the following forms: (a) a foreign investor, individually or collectively
with other investors, establishes a foreign-invested enterprise within PRC; (b) a foreign investor acquires stock shares, equity shares,
property portions, or other like rights and interests of an enterprise within PRC; (c) a foreign investor, individually or collectively
with other investors, invests in a new project within the PRC; and (d) other forms of investments under laws, administrative regulations,
or provisions prescribed by the State Council of the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 26, 2019, the State Council promulgated the <i>Implementing Regulations of the Foreign Investment Law of the PRC</i>, or the
<i>FIE Implementing Regulations</i>, which became effective on January 1, 2020. The <i>FIE Implementing Regulations</i> strictly implements
the legislative principles and purpose of the <i>Foreign Investment Law</i>, it emphasizes on promoting and protecting the foreign investment
and refines the specific measures. On the same day, the Supreme People&#8217;s Court issued the <i>Interpretation on the Application
of the Foreign Investment Law of the PRC</i>, which also came into effect on January 1, 2020 and provides for interpretations on the
application of laws in cases of investment contracts disputes between equal parties. This interpretation shall apply to any contractual
dispute arising from the acquisition of the relevant rights and interests by a foreign investor by way of gift, division of property,
the merger of enterprises, division of enterprises, etc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the <i>FIE Implementing Regulations</i>, the registration of foreign-invested enterprises shall be handled by the State Administration
for Market Regulation, or the SAMR or its authorized local counterparts. Where a foreign investor invests in an industry or field subject
to licensing in accordance with laws, the relevant competent government department responsible for granting such license shall review
the license application of the foreign investor in accordance with the same conditions and procedures applicable to PRC domestic investors
unless it is stipulated otherwise by the laws and administrative regulations, and the competent government department shall not impose
discriminatory requirements on the foreign investor in terms of licensing conditions, application materials, reviewing steps and deadlines,
etc. However, the relevant competent government departments shall not grant the license or permit enterprise registration if the foreign
investor intends to invest in the industries or fields as specified in the Special Administrative Measures for Market Access of Foreign
Investment (Negative List) (2021 Version), or the Negative List 2021, without satisfying the relevant requirements. If a foreign investor
invests in a prohibited field or industry as specified in the Negative List 2021, the relevant competent government department shall
order the foreign investor to stop the investment activities, dispose of the shares or assets or take other necessary measures within
a specified time limit, and restore to the status prior to the occurrence of the aforesaid investment, and the illegal gains, if any,
shall be confiscated. If the investment activities of a foreign investor violate the special administrative measures for access restrictions
on foreign investments as stipulated in the negative list, the relevant competent government department shall order the investor to make
corrections within the specified time limit and take necessary measures to meet the relevant requirements. If the foreign investor fails
to make corrections within the specified time limit, the aforesaid provisions regarding the circumstance that a foreign investor invests
in the prohibited field or industry shall apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Foreign Investment Law and the FIE Implementing Regulations, Xi&#8217;an CMIT and Xi&#8217;an Youpincui have registered with the
High-tech Branch of Xi&#8217;an Administration Industrial and Commercial Bureau. As the industries engaged by Xi&#8217;an CMIT and Xi&#8217;an
Youpincui are not listed in the <i>Negative List 2021</i>, they do not need to obtain any license from other relevant competent government
departments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Value-Added Telecommunications Services</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
investment in value-added telecommunications</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
direct investment in telecommunications companies in China is regulated by the <i>Administrative Provisions on Foreign-Invested Telecommunications
Enterprises</i>, or the <i>FITE Regulation</i>, which was issued by the State Council on December 11, 2001, most recently amended on
February 6, 2016. The <i>FITE Regulation</i> stipulates that a foreign-invested telecommunications enterprise in the PRC, or the FITE,
must be established as a sino-foreign equity joint venture for operations in the PRC. Under the <i>FITE Regulation</i> and in accordance
with WTO-related agreements, the foreign party investing in a FITE engaging in value-added telecommunications services may hold up to
50% of the ultimate equity interests of the FITE. In addition, the major foreign party as the shareholder of the FITE must satisfy a
number of stringent performance and operational experience requirements, including demonstrating a good track record and experience in
operating a value-added telecommunications business. The FITE that meets these requirements must obtain approvals from the Ministry of
Industry and Information Technology, or the MIIT, and MOFCOM or their authorized local counterparts, which retain considerable discretion
in granting approvals. Furthermore, the foreign party investing in the e-commerce business, as a type of value-added telecommunications
services, has been allowed to hold up to 100% of the equity interests of the FITE based on the <i>Circular of the Ministry of Industry
and Information Technology on Removing the Restrictions on Shareholding Held by Foreign Investors in Online Data Processing and Transaction
Processing (Operating E-commerce) Business </i>issued on June 19, 2015, and the current effective <i>Catalogue of Telecommunications
Services</i>, or the <i>Telecom Catalog</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 13, 2006, the Ministry of Information Industry of the PRC, or the MII (which is the predecessor of the MIIT) promulgated the <i>Notice
of the Ministry of Information Industry on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Business</i>,
or the <i>MII Notice</i>, which reiterates certain requirements of the <i>FITE Regulation</i> and strengthens the administration by the
MII. Under the <i>MII Notice</i>, if a foreign investor intends to invest in PRC value-added telecommunications business, the foreign
investor must establish a FITE and apply for the relevant license for value-added telecommunications services, or the VATS License. In
addition, a domestic company that holds a license for the provision of value-added telecommunications services is prohibited from leasing,
transferring or selling the license to foreign investors in any form, and from providing any assistance, including providing resources,
sites or facilities, to foreign investors to conduct value-added telecommunications businesses illegally in China. Trademarks and domain
names that are used in the provision of value-added telecommunications services must be owned by the license holder or its shareholders.
The <i>MII Notice</i> also requires that each VATS License holder have appropriate facilities for its approved business operations and
maintain such facilities in the business regions covered by its license. The VATS License holder shall perfect relevant measures for
safeguarding the network and information, establish relevant administrative policies on information safety, set up the procedures for
handling network emergencies and information safety and implement the liabilities system for information safety.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Telecommunications
regulations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<i>Telecommunications Regulations of the PRC</i>, or the <i>Telecom Regulations</i>, promulgated on September 25, 2000, and most recently
amended on February 6, 2016, are the primary PRC laws governing telecommunications services, which set out the general framework for
the provision of telecommunications services by domestic PRC companies. The <i>Telecom Regulations</i> require that telecommunications
service providers shall obtain licenses prior to commencing operations. The <i>Telecom Regulations</i> distinguish basic telecommunications
services and value-added telecommunications services. The <i>Telecom Catalog</i>, promulgated by MII on February 21, 2003, and amended
by the MIIT on December 28, 2015, and June 6, 2019, and issued as an attachment to the <i>Telecom Regulations</i>, identifies internet
information services and online data processing and transaction processing as value-added telecommunications services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 3, 2017, the MIIT issued the revised Administrative Measures for the Licensing of Telecommunications Business, or the Telecom License
Measures, which became effective on September 1, 2017, to supplement the Telecom Regulations. The Telecom License Measures require that
an operator of value-added telecommunications services obtain a VATS License from the MIIT or its provincial-level counterparts. The
term of a VATS License is five years and the license holder is subject to the annual inspection.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Internet
information services</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 25, 2000, the State Council promulgated the <i>Measures for the Administration of Internet Information Services</i>, or the
<i>ICP Measures</i>, as amended on January 8, 2011. Under the <i>ICP Measures</i>, the internet information service is categorized into
commercial internet information services and non-commercial internet services. The operators of non-commercial internet information services
must file-record with relevant governmental authorities. However, the operators of commercial internet information services in China
must obtain an ICP License, from the relevant governmental authorities. And the provision of particular information services, such as
news, publishing, education, healthcare, medicine, and medical device must also comply with relevant laws and regulations and obtain
approval from competent governmental authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet
information service providers are required to monitor their websites. They may not post or disseminate any content that falls within
prohibited categories provided by laws or administrative regulations and must stop providing any such content on their websites. The
PRC government may order ICP License holders that violate the content restrictions to correct those violations and revoke their ICP Licenses
under serious conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MIIT released the <i>Circular on Regulating the Use of Domain Names in Internet Information Services</i> on November 27, 2017, effective
from January 1, 2018, which provides that the domain names used by the internet information service provider in providing internet information
services shall be registered and owned by such internet information service provider, and if the internet information service provider
is a legal entity, the domain name registration shall be the legal entity (or any of its shareholders), or its principal or senior manager.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Land Use Right and Construction</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>PRC Land Administration Law</i> promulgated in June 1986 with the latest amendment in August 2019 (effective as of January
2020) and the <i>PRC Civil Code</i>, any entity that needs land for construction must obtain land use right and must register with local
counterparts of Ministry of Natural Resources. Land use right is established at the time of registration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the <i>Measures for the Administration of Grant and Transfer of Right to Use Urban State-owned Land</i> promulgated by the Ministry
of Construction in December 1992 with the latest amendment in 2011, and the <i>PRC Law on Urban and Rural Planning</i> promulgated by
the Standing Committee of the National People&#8217;s Congress in October 2007 and became effective in January 2008 with the latest amendment
in April 2019, the <i>Measures for Administration of Construction Permits of Construction Projects</i> promulgated by the Ministry of
Housing and Urban-Rural Development of the PRC (or the MOHURD) in October 1999 with the latest amendment in March 2021, and the <i>Administrative
Measures on the Filings of Inspection Upon Completion of Construction of Buildings and Municipal Infrastructure </i>promulgated by <i>the
</i>MOHURD in October 2009, after obtaining land use right, the owner of land use right must obtain construction land planning permit,
construction works planning permit from the relevant municipal planning authority, and a construction permit from relevant construction
authority in order to commence construction. After a building is completed, an examination of completion by the relevant governmental
authorities and experts must be organized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Production and Sale of Food Products</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
2018, the China Food and Drug Administration, or the CFDA, had the regulatory authority to oversee, administer, and enforce all laws,
regulations, and rules concerning the food industry business operations in China. After the institutional reforms, the CFDA has been
abolished, and relevant regulatory authority has been taken over by the SAMR under the State Council.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
food industry is subject to extensive regulations in China. The PRC laws and regulations governing the food industry primarily consist
of the <i>PRC Food Safety Law </i>(2009), as last amended in 2021; the <i>Implementation Regulation for the Food Safety Law of PRC </i>(2009),
as amended in 2019, or the <i>Food Safety Regulation</i>; the <i>Administrative Measures for Food Production Licensing</i> (2010), as
last amended in 2020, or the <i>Food Production Licensing Rule</i>; and the <i>Administrative Measures for Food Business Licensing </i>(2015),
as amended in 2017, or the <i>Food Business Licensing Rule</i>. Under the <i>PRC Food Safety Law</i> and the <i>Food Safety Regulation</i>,
food product manufacturers and business operators shall obtain the required food production permits; food producers and business operators
are subject to regular quality inspection and supervision by the local governmental agencies and their product permits may be revoked
if they no longer meet the standards and requirements for food production and operation; food-producing enterprises shall establish and
implement food safety management systems, such as ingredient inspection and acceptance, production process safety management, storage
management, equipment management, and substandard product management systems; and packaging of pre-packed food shall bear a label which
states manufacturing permit serial number; among other things. The State Council implements a licensing system for food product manufacture
and distribution. According to the <i>Food Production Licensing Rule</i>, a food production license must be obtained prior to engaging
in food production activities in the PRC. The <i>Food Business Licensing Rule</i> requires food business operators to obtain a food business
license for each business entity engaging in food business operations. We have obtained the required Food Production Licenses and Food
Business Licenses, as set forth in the table below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License
    Date</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Date</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Production License</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food
    Business License</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">YB17100000290801</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    28, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Production License</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    20, 2027</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tongchuan
    DT</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to PRC laws and regulations, we strictly follow applicable safety regulations in all markets to which we sell our products.
Through our subsidiary, Xi&#8217;an App-Chem, we have obtained REACH certification for our ambroxide in the European Union, and Generally
Recognized as Safe List (&#8220;GRAS&#8221;) certification from the FDA for our clary sage. We have obtained kosher and halal certifications
for certain of our products as well.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GRAS&#8221;
is an acronym for the phrase <b>G</b>enerally <b>R</b>ecognized <b>A</b>s <b>S</b>afe. Under sections 201(s) and 409 of the U.S. Federal
Food, Drug, and Cosmetic Act (the &#8220;Act&#8221;), any substance that is intentionally added to food is a food additive, that is subject
to premarket review and approval by FDA, unless the substance is generally recognized, among qualified experts, as having been adequately
shown to be safe under the conditions of its intended use, or unless the use of the substance is otherwise excepted from the definition
of a food additive. General recognition of safety under for a substance under U.S. law may be achieved under either of two methods:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under sections 201(s) and
    409 of the Act, and FDA&#8217;s implementing regulations in 21 CFR 170.3 and 21 CFR 170.30, the use of a food substance may be GRAS
    either through scientific procedures or, for a substance used in food before 1958, through experience based on common use in food
    Under 21 CFR 170.30(b), general recognition of safety through scientific procedures requires the same quantity and quality of scientific
    evidence as is required to obtain approval of the substance as a food additive. General recognition of safety through scientific
    procedures is based upon the application of generally available and accepted scientific data, information, or methods, which ordinarily
    are published, as well as the application of scientific principles, and may be corroborated by the application of unpublished scientific
    data, information, or methods.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under 21 CFR 170.30(c)
    and 170.3(f), general recognition of safety through experience based on common use in foods requires a substantial history of consumption
    for food use by a significant number of consumers.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
21 CFR 182.20, clary sage has been generally recognized as safe for its intended use.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REACH
stands for &#8220;Registration, Evaluation, Authorization and Restriction of Chemicals&#8221;. REACH is the EU&#8217;s regulation on
preventive management of all chemicals entering its market. The regulation was issued on June 1, 2007, and implemented on June 1, 2008.
According to the EU REACH regulations, companies need to submit a registration to the European Chemicals Agency (ECHA) for chemical substances
(substances, substances in mixtures or substances intentionally released in articles) whose annual output or import volume exceeds 1
ton in the EU in order to continue to manufacture, import or sell the chemical within the EU. Xi&#8217;an App-Chem, sells two non-food
products &#8211; sclareol glycol and ambroxide &#8211; in the EU. Both of these products have EU REACH certification, which satisfies
the EU safety regulations for export and allows them to be sold in compliance with the EU market rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely upon published and unpublished safety information including clinical studies on ingredients used in our products. These studies
include the following:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Safety and toxicity
    of silymarin, the major constituent of milk thistle extract: An updated review,&#8221; (a study on the use of Silymarin in humans
    at therapeutic doses of up to 700 mg three times a day for 24 weeks.) Some gastrointestinal discomforts occurred like nausea and
    diarrhea.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The toxicology and safety
    of apple polyphenol extract,&#8221; (a study on polyphenol use in humans that included a 90-day subchronic-toxicity test).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Public Announcement
    Regarding Haematococcus Pluvialis and Other New Resource Food&#8221; [Evaluation Division of Food Safety Standard and Inspection,
    No. 17 issued on October 29, 2010] (evaluating the use of Stachyose as an ordinary food).</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulation
on Product Liability</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC laws and regulations governing the product liability primarily consist of the <i>PRC Product Quality Law</i> (1993), as lately amended
in 2018; <i>Law on the Protection of the Rights and Interests of Consumers </i>(1993), as lately amended in 2013, or the <i>Consumers
Protection Law</i>; and the <i>PRC Civil Code</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Product Quality Law</i>, producers and vendors of defective products may incur liability for losses and injuries caused by
such products. There are three circumstances under which producers or vendors can have immunity from the defective product liability:
1) the defective products are never put into the market; 2) the products defect which caused the damages did not exist when the products
were put into the market; 3) the exam techniques and skills were not able to find out the defects when the products were put into the
market. So far, our product quality is in conformity with the national requirements and we have passed the regulatory agency&#8217;s
examination and also successfully obtained the certificates of GB/T 199001-2016/ISO 9001:2015, GB/T 22000-2006/ISO 22000:2005, ISO 9001:2008/GB/T
19001-2008 system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Civil Code</i>, manufacturers or retailers of defective products that cause property damage or physical injury to any person
will be subject to civil liability. The <i>Consumers Protection Law</i> was enacted to protect the legitimate rights and interests of
end-users and consumers and to strengthen the supervision and control of the quality of products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Civil Code</i>, a customer who suffers injury from a defective product can claim damages from either the manufacturer or vendor
of the defective product. And, where personal injury is caused by tort, the tortfeasor shall compensate the victim for the reasonable
costs and expenses for treatment and rehabilitation, as well as death compensation and funeral costs and expenses if it causes the death
of the victim. There is no cap on monetary damages the plaintiffs may seek under the <i>PRC Civil Code</i>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Environmental Protection</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>PRC Law on Environment Impact Assessment</i> promulgated in 2002, most recently amended in 2018, and the <i>Administrative
Regulations on the Environmental Protection of Construction Projects</i> promulgated in 1998, most recently amended in 2017, each construction
project is required to undergo an environmental impact assessment, and an environmental impact assessment report, an assessment form,
or a registration form shall be filed with or approved by the relevant governmental authorities before the commencement of construction.
In the event that there is a material change in respect of the construction site, scale, nature, the production techniques employed,
or the measures adopted for preventing pollution and preventing ecological damage of a given project, a new environmental impact assessment
document shall be filed with or approved by the relevant governmental authorities. Moreover, in accordance with the <i>Interim Measure
on the Environmental Protection Completion Acceptance of Construction Projects</i> promulgated in 2017, after the completion of a construction
project, the construction entity is required to conduct acceptance check of the constructed supporting environmental protection facilities
and deliver an acceptance report. Failure to comply with the above-mentioned regulations may subject an enterprise to fines, suspension
of the construction, and other administrative liabilities and even criminal liabilities under severe circumstances.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Intellectual Property Rights</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government has adopted comprehensive legislation governing intellectual property rights, including copyrights, patents, trademarks,
and domain names.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Copyright.
</i></b>Copyright in China, including copyrighted software, is principally protected under the <i>PRC Copyright Law,</i> promulgated
by Standing Committee of NPC in September 1990 and most recently amended in November 2020 and its implementation rules. Under the <i>PRC
Copyright Law</i>, the term of protection for copyrighted software of legal persons is 50 years and ends on December 31 of the 50<sup>th
</sup>year from the date of first publishing of the software.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Patent.
</i></b>The <i>PRC Patent Law</i>, promulgated by Standing Committee of NPC in March 1984 and most recently amended in October 2020,
provides for patentable inventions, utility models, and designs, which must meet three conditions: novelty, inventiveness, and practical
applicability. The State Intellectual Property Office under the State Council is responsible for examining and approving patent applications.
The protection period of a patent right is 10 years for utility models and designs and 20 years for inventions from the date of application.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trademark.
</i></b>The <i>PRC Trademark Law</i>, promulgated by the Standing Committee of NPC in August 1982 and most recently amended in April
2019 and its implementation rules protect registered trademarks. The PRC Trademark Office of State Administration of Industry and Commerce
is responsible for the registration and administration of trademarks throughout China. The <i>PRC Trademark Law</i> has adopted a &#8220;first-to-file&#8221;
principle with respect to trademark registration. Where registration is sought for a trademark that is identical or similar to another
trademark that has already registered or given preliminary examination and approval for use in the same or similar category of commodities
or services, the application for registration of such trademark may be rejected. Trademark registration is effective for a ten-year period
from the date of approval of the trademark application unless otherwise revoked, which may be renewed for another ten years provided
relevant application procedures have been completed within twelve months before the end of the validity period.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Domain
Name.</i></b> Domain names are protected under the <i>Administrative Measures on the Internet Domain Names</i> promulgated by the MIIT
in August 2017. The MITT is the major regulatory body responsible for the administration of the PRC internet domain names, under supervision
of which the China Internet Network Information Center is responsible for the daily administration of &#8220;.cn&#8221; domain names
and the Chinese domain names. Domain name registration is handled through domain name service agencies established under the relevant
regulations, and applicants become domain name holders upon successful registration. We have registered http://en.appchem.cn, http://www.bnlus.com
and other domain names.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Employment</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>PRC Labor Law</i>, promulgated by the Standing Committee of NPC in July 1994 and most recently amended in December 2018, and
the <i>PRC Labor Contract Law</i>, promulgated by the Standing Committee of NPC in June 2007 and amended in December 2012, employers
must execute written labor contracts with full-time employees. If an employer fails to enter into a written employment contract with
an employee within one year from the date on which the employment relationship is established, the employer must rectify the situation
by entering into a written employment contract with the employee and pay the employee twice the employee&#8217;s salary for the period
from the day following the lapse of one month from the date of establishment of the employment relationship to the day prior to the execution
of the written employment contract. All employers must comply with local minimum wage standards. Violation of the <i>PRC Labor Law</i>
and the <i>PRC Labor Contract Law</i> may result in the imposition of fines and other administrative and criminal liability in the case
of a serious violation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2012, the <i>PRC Labor Contract Law</i> was amended to impose more stringent requirements on the use of employees of temp agencies,
who are known in China as &#8220;dispatched workers&#8221;. Dispatched workers are entitled to equal pay with full-time employees for
equal work. Employers are only allowed to use dispatched workers for temporary, auxiliary, or substitutive positions, and the number
of dispatched workers may not exceed 10% of the total number of employees. As of the date hereof, our consolidated subsidiaries did not
use dispatched workers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enterprises
in China are required by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds,
namely a pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan, and a maternity
insurance plan, and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries,
including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate
their businesses or where they are located. According to the <i>PRC Social Insurance Law </i>(amended in 2018), an employer that fails
to make social insurance contributions may be ordered to rectify the non-compliance and pay the required contributions within a stipulated
deadline and be subject to a late fee of up to 0.05% of the unpaid amount per day, as the case may be. If the employer still fails to
rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one
to three times the amount overdue. According to the <i>Regulations on Management of Housing Fund</i> employers must not suspend or reduce
the payment of housing provident funds for their employees. Under the circumstances where financial difficulties indeed exist due to
which an employer is unable to pay or pay up housing provident funds, the permission of the labor union of the employer and the approval
of the local housing provident funds commission must first be obtained before the employer can suspend or reduce their payment of housing
provident funds. Where an employer does not open accounts of housing provident funds for its employees, the relevant authorities have
the power to order such employer to do so within a prescribed period, failure of which can result in a fine of over RMB 10,000 and up
to RMB 50,000 charged on the employer. An enterprise that fails to make housing fund contributions may be ordered to rectify the noncompliance
and pay the required contributions within a stipulated deadline; otherwise, an application may be made to a local court for compulsory
enforcement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Foreign Exchange</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal regulations governing foreign currency exchange in China are the <i>Foreign Exchange Administration Regulations</i>, most recently
amended in August 2008. Payments of current account items, such as profit distributions and trade and service-related foreign exchange
transactions, can usually be made in foreign currencies without prior approval from the SAFE, by complying with certain procedural requirements.
By contrast, approval from or registration with appropriate governmental authorities is required where the Renminbi is to be converted
into foreign currency and remitted out of China to pay capital expenses such as the repayment of foreign currency-denominated loans,
direct investments, repatriation of investments and investments in securities outside of China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2015, SAFE issued the Circular of the State Administration of Foreign Exchange on Reforming the Management Approach regarding
the Settlement of Foreign Exchange Capital of Foreign-invested Enterprises, or SAFE Circular 19, most recently amended in December 2019.
Pursuant to SAFE Circular 19, the foreign exchange capital of foreign-invested enterprises is subject to the discretional foreign exchange
settlement, which means the foreign exchange capital in the capital account of foreign-invested enterprises upon the confirmation of
rights and interests of monetary contribution by the local foreign exchange bureau (or the book-entry registration of monetary contribution
by the banks) may be settled at the banks based on the actual operational needs of the enterprises. The proportion of discretionary settlement
of foreign exchange capital of foreign-invested enterprises is currently 100%. SAFE can adjust such proportion in due time based on the
circumstances of the international balance of payments.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
promulgated the Circular of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement
Management Policy of Capital Account, or SAFE Circular 16, effective June 2016, which reiterates some of the rules set forth in SAFE
Circular 19. SAFE Circular 16 provides that discretionary foreign exchange settlement applies to foreign exchange capital, foreign debt
offering proceeds and remitted foreign listing proceeds, and the corresponding RMB capital converted from the foreign exchange may be
used to extend loans to related parties or repay inter-company loans (including advances by third parties). However, there are substantial
uncertainties with respect to SAFE Circular 16&#8217;s interpretation and implementation in practice. SAFE Circular 19 and SAFE Circular
16 may delay or limit us from using the proceeds of offshore offerings to make additional capital contributions to our PRC subsidiary
and any violations of these circulars could result in severe monetary or other penalties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance
of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine by reviewing
board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements, and (ii) domestic
entities must retain income to account for previous years&#8217; losses before remitting any profits. Moreover, pursuant to SAFE Circular
3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts,
and other proof as a part of the registration procedure for outbound investment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 23, 2019, SAFE issued Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border
Trade and Investment, or SAFE Circular 28, which took effect on the same day. SAFE Circular 28 allows non-investment foreign-invested
enterprises to use their capital funds to make equity investments in China, provided that such investments do not violate the N<span style="background-color: white">egative
List and the target investment projects are genuine and in compliance with laws. Since </span>SAFE <span style="background-color: white">Circular
28 was issued only recently, its interpretation and implementation in practice are still subject to substantial uncertainties.</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
on Dividend Distribution</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to <i>PRC Company Law</i>, wholly foreign-owned companies in China may pay dividends only out of their accumulated profits as determined
in accordance with PRC accounting standards and regulations. In addition, wholly foreign-owned companies are required to set aside at
least 10% of their after-tax profits each year, if any, to fund a statutory reserve fund until the accumulative amount of such fund reaches
50% of its registered capital. Although the statutory reserves can be used, among other ways, to increase the registered capital and
eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends
except in the event of a liquidation. At the discretion of the wholly foreign-owned companies, they may allocate a portion of their after-tax
profits based on PRC accounting standards to staff welfare and bonus funds. These reserve funds and staff welfare and bonus funds are
not distributable as cash dividends.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
on Offshore Financing</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents&#8217; Offshore Investment and
Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, on July 4, 2014, which replaced the former
circular commonly known as SAFE Circular 75. SAFE Circular 37 requires PRC residents to register with local branches of SAFE in connection
with their direct establishment or indirect control of an offshore entity, for the purpose of overseas investment and financing, with
such PRC residents&#8217; legally owned assets or equity interests in domestic enterprises or offshore assets or interests, referred
to in SAFE Circular 37 as a &#8220;special purpose vehicle&#8221;. SAFE Circular 37 further requires an amendment to the registration
in the event of any significant changes with respect to the special purpose vehicle, such as increase or decrease of capital contributed
by PRC individuals, share transfer or exchange, merger, division, or other material events. In the event that a PRC shareholder holding
interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose
vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign
exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiary.
Furthermore, failure to comply with the various SAFE registration requirements described above could result in liability under PRC law
for the evasion of foreign exchange controls. We have taken steps to notify significant beneficial owners of ordinary shares whom we
know are PRC residents of their filing obligations. However, we may not at all times be fully aware or informed of the identities of
all our shareholders or beneficial owners that are required to make such registrations, and we may not always be able to compel them
to comply with all relevant foreign exchange regulations. As a result, we cannot assure you that all of our shareholders or beneficial
owners who are PRC residents will at all times comply with, or in the future make or obtain any applicable registrations or approvals
required by all relevant foreign exchange regulations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 13, 2015, SAFE released Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct
Investment-related Foreign Exchange Administration Policies, or SAFE Circular 13, most recently amended in December 2019, under which
local banks will examine and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange
registration and amendment registration, starting from June 1, 2015.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SAFE
Circular 3</i> stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to
offshore entities, including (i) under the principle of a genuine transaction, banks shall check the board resolutions regarding profit
distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities shall hold income
to account for previous years&#8217; losses before remitting the profits. Moreover, pursuant to <i>SAFE Circular 3</i>, domestic entities
shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts, and
other proof when completing the registration procedures in connection with an outbound investment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Stock Incentive Plans</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Circular of the State Administration of Foreign Exchange on Issues Relating to the Foreign Exchange Administration for Domestic
Individuals Participating in Stock Incentive Plan of Overseas Listed Company, or the SAFE Circular 7, which was issued on February 15,
2012, and other regulations, directors, supervisors, senior management and other employees participating in any share incentive plan
of an overseas publicly-listed company who are PRC citizens or non-PRC citizens residing in China for a continuous period of not less
than one year, subject to certain exceptions, are required to register with the SAFE. All such participants need to authorize a qualified
PRC agent, such as a PRC subsidiary of the overseas publicly-listed company to register with the SAFE and handle foreign exchange matters
such as opening accounts, transferring, and settlement of the relevant proceeds. The SAFE Circular 7 further require an offshore agent
to be designated to handle matters in connection with the exercise of share options and sales of proceeds for the participants of the
share incentive plans. Failure to complete the said SAFE registrations may subject our participating directors, supervisors, senior management,
and other employees to fines and legal sanctions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the SAT, has issued certain circulars concerning employee stock options and restricted shares. Under these circulars, employees
working in the PRC who exercise stock options or are granted restricted shares will be subject to PRC individual income tax. The PRC
subsidiaries of an overseas listed company are required to file documents related to employee stock options and restricted shares with
relevant tax authorities and to withhold individual income taxes of employees who exercise their stock option or purchase restricted
shares. If the employees fail to pay or the PRC subsidiaries fail to withhold income tax in accordance with relevant laws and regulations,
the PRC subsidiaries may face sanctions imposed by the tax authorities or other PRC governmental authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Tax</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend
Withholding Tax</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>PRC Enterprise Income Tax Law </i>and its implementation rules, if a non-resident enterprise has not set up an organization
or establishment in China, or has set up an organization or establishment but the income derived has no actual connection with such organization
or establishment, it will be subject to a withholding tax on its PRC-sourced income at a rate of 10%. Pursuant to the <i>Arrangement
between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income</i>,
the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise is reduced to 5% from a
standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the <i>Circular of the
State Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements</i>, or <i>SAT Circular
81</i>, a Hong Kong resident enterprise must meet the following conditions, among others, in order to enjoy the reduced withholding tax:
(i) it must directly own the required percentage of equity interests and voting rights in the PRC resident enterprise; and (ii) it must
have directly owned such percentage in the PRC resident enterprise throughout the 12 months prior to receiving the dividends. Furthermore,
the <i>Bulletin of the State Taxation Administration on Issuing the Administrative Measures for Entitlement to Treaty Benefits for Non-resident
Taxpayers</i>, which became effective in January 2020, requires that where non-resident taxpayers judge by themselves that they meet
the conditions for entitlement to treaty benefits, they may obtain such entitlement themselves at the time of making tax declarations,
or at the time of making withholding declarations via withholding agents. At the same time, they shall collect, gather, and retain relevant
materials for future reference in accordance with the provisions of these measures, and shall accept the follow-up administration of
tax authorities. Accordingly, our direct subsidiary, Tea Essence Limited (Hong Kong), may be able to enjoy the 5% withholding tax rate
for the dividends they receive from Xi&#8217;an CMIT or Xi&#8217;an Youpincui, if it satisfies the conditions prescribed under <i>SAT
Circular 81</i> and other relevant tax rules and regulations. However, according to <i>SAT Circular 81</i>, if the relevant tax authorities
consider the transactions or arrangements we have are for the primary purpose of enjoying a favorable tax treatment, the relevant tax
authorities may adjust the favorable withholding tax in the future. Additionally, the <i>Announcement of the State Administration of
Taxation on Issues concerning &#8220;Beneficial Owners&#8221; in Tax Treaties</i>, promulgated by the SAT on February 3, 2018, and took
effect on April 1, 2018, further clarified the analysis standard when determining one&#8217;s qualification for beneficial owner status.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Enterprise
Income Tax</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal regulations governing enterprise income tax in China are the <i>PRC Enterprise Income Tax Law</i> and its implementing rules,
which became effective on January 1, 2008, most recently amended in December 2018. Under the <i>PRC Enterprise Income Tax Law</i>, enterprises
are classified as resident enterprises and non-resident enterprises. PRC resident enterprises typically pay an enterprise income tax
at the rate of 25%. Uncertainties exist with respect to how the <i>PRC Enterprise Income Tax Law</i> applies to the tax residence status
of Bon Natural Life Limited and our offshore subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Enterprise Income Tax Law</i>, an enterprise established outside China with its &#8220;de facto management bodies&#8221; located
within China is considered a &#8220;resident enterprise&#8221;, meaning that it is treated in a manner similar to a PRC domestic enterprise
for enterprise income tax purposes. The implementing rules of the <i>PRC Enterprise Income Tax Law </i>define the &#8220;de facto management
body&#8221; as a managing body that in practice exercises &#8220;substantial and overall management and control over the production and
operations, personnel, accounting, and properties&#8221; of the enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SAT issued the Circular of the State Administration of Taxation on Issues Concerning the Identification of Chinese-controlled Overseas
Registered Enterprises as Resident Enterprises in accordance with the Actual Standards of Organizational Management, or SAT Circular
82, in 2009, and most recently amended in December 2017. According to SAT Circular 82, a Chinese-controlled offshore incorporated enterprise
will be regarded as a PRC tax resident by virtue of having a &#8220;de facto management body&#8221; in China and will be subject to PRC
enterprise income tax on its worldwide income only if all of the following criteria are met: (a) the places where the senior management
and senior management departments responsible for the daily production, operation and management of the enterprise perform their duties
are mainly located within the territory of China; (b) decisions relating to the enterprise&#8217;s financial matters (such as money borrowing,
lending, financing and financial risk management) and human resource matters (such as appointment, dismissal and salary and wages) are
made or are subject to approval by organizations or personnel in China; (c) the enterprise&#8217;s primary assets, accounting books and
records, company seals, and board and shareholders meeting minutes are located or maintained in China, and (d) 50% or more of voting
board members or senior executives habitually reside in China. In addition, the SAT issued the Bulletin of the State Administration of
Taxation on Printing and Distributing the Administrative Measures for Income Tax on Chinese-controlled Resident Enterprises Incorporated
Overseas (Trial Implementation) in 2011, most recently amended in June 2018, providing more guidance on the implementation of SAT Circular
82. This bulletin clarifies matters including resident status determination, post determination administration, and competent tax authorities.
In January 2014, the SAT issued the Bulletin of the State Administration of Taxation on Issues concerning the Determination of Resident
Enterprises Based on the Standards of Actual Management Institutions, or SAT Bulletin 9. According to SAT Bulletin 9, a Chinese-controlled
offshore incorporated enterprise that satisfies the conditions prescribed under the SAT Circular 82 for being recognized as a PRC tax
resident must apply for being recognized as a PRC tax resident to the competent tax authority at the place of registration of its main
investor within the territory of China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not believe that we meet all of the conditions outlined in the immediately preceding paragraph. We believe that Bon Natural Life Limited
and our offshore subsidiaries should not be treated as a &#8220;resident enterprise&#8221; for PRC tax purposes if the criteria for &#8220;de
facto management body&#8221; as set forth in <i>SAT Circular 82</i> were deemed applicable to us. However, as the tax residency status
of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of
the term &#8220;de facto management body&#8221; as applicable to our offshore entities, we may be treated as a resident enterprise for
PRC tax purposes under the <i>PRC Enterprise Income Tax Law,</i> and we may, therefore, be subject to PRC income tax on our global income.
We are actively monitoring the possibility of &#8220;resident enterprise&#8221; treatment for the applicable tax years and are evaluating
appropriate organizational changes to avoid this treatment, to the extent possible.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that Bon Natural Life Limited or any of our offshore subsidiaries is considered to be a PRC resident enterprise: Bon Natural
Life Limited or our offshore subsidiaries, as the case may be, may be subject to the PRC enterprise income tax at the rate of 25% on
our worldwide taxable income; dividend income that Bon Natural Life Limited or our offshore subsidiaries, as the case may be, received
from our PRC subsidiaries may be exempt from the PRC withholding tax; and interest paid to our overseas shareholders or Shares holders
who are non-PRC resident enterprises as well as gains realized by such shareholders or Shares holders from the transfer of our shares
or Shares may be regarded as PRC-sourced income and as a result be subject to PRC withholding tax at a rate of up to 10%, subject to
any reduction or exemption set forth in relevant tax treaties, and similarly, dividends paid to our overseas shareholders or Shares holders
who are non-PRC resident individuals, as well as gains realized by such shareholders or Shares holders from the transfer of our shares
or Shares, may be regarded as PRC-sourced income and as a result be subject to PRC withholding tax at a rate of 20%, subject to any reduction
or exemption set forth in relevant tax treaties. &#8220;Risk Factor&#8212;Risks Related to Doing Business in China&#8212;If we are classified
as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and
our non-PRC shareholders or Shares holders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAT
issued Bulletin of the State Administration of Taxation on Several Issues concerning the Enterprise Income Tax on the Indirect Transfers
of Properties by Non-Resident Enterprises, or SAT Bulletin 7, on February 3, 2015, which replaced or supplemented certain previous rules
under the Circular of the State Administration of Taxation on Strengthening the Administration of Enterprise Income Tax on Incomes from
Equity Transfers of Non-Resident Enterprises, or SAT Circular 698. Under SAT Bulletin 7, an &#8220;indirect transfer&#8221; of assets,
including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct
transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose
of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise
income tax. According to SAT Bulletin 7, &#8220;PRC taxable assets&#8221; include assets attributed to an establishment in China, immovable
properties in China, and equity investments in PRC resident enterprises. In respect of an indirect offshore transfer of assets of a PRC
establishment, the relevant gain is to be regarded as effectively connected with the PRC establishment and therefore included in its
enterprise income tax filing, and would consequently be subject to PRC enterprise income tax at a rate of 25%. Where the underlying transfer
relates to the immovable properties in China or to equity investments in a PRC resident enterprise, which is not effectively connected
to a PRC establishment of a non-resident enterprise, a PRC enterprise income tax at 10% would apply, subject to available preferential
tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments has
the withholding obligation. There is uncertainty as to the implementation details of SAT Bulletin 7. If SAT Bulletin 7 was determined
by the tax authorities to be applicable to some of our transactions involving PRC taxable assets, our offshore subsidiaries conducting
the relevant transactions might be required to spend valuable resources to comply with SAT Bulletin 7 or to establish that the relevant
transactions should not be taxed under SAT Bulletin 7.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 17, 2017, the SAT issued the Bulletin of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident
Enterprise Income Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies
the practice and procedure of the withholding of nonresident enterprise income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the payers fail to withhold any or sufficient tax, the non-PRC residents, as the transferors, are required to declare and pay such taxes
to the tax authorities on their own within the statutory time limit. Failure to comply with the tax payment obligations by the non-PRC
residents will result in penalties, including full payment of taxes owed, fines ranging from fifty percent to five times the amount of
unpaid or underpaid tax, and default interest on those taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Enterprises
that are recognized as high and new technology enterprises in accordance with the <i>Administrative Measures for the Determination of
High and New Tech Enterprises</i> issued by the Ministry of Science, or the MOF, and the SAT are entitled to enjoy a preferential enterprise
income tax rate of 15%. Under which the validity period of the high and new technology enterprise qualification shall be three years
from the date of issuance of the certificate. An enterprise can re-apply for such recognition as a high and new technology enterprise
before or after the previous certificate expires.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
Value-Added Tax</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>Interim Regulations on Value-Added Tax of the PRC</i>, which was promulgated by the State Council on December 13, 1993, most
recently amended on November 19, 2017, and the <i>Implementation Rules for the Interim Regulations on Value-Added Tax of the PRC</i>,
which was promulgated by the MOF, and SAT on December25,1993, and became effective on January 1, 2009, and as amended on October 28,
2011, any entity or individual conducting product sales is required to pay a value-added tax, or VAT, on the gross sales price of goods.
VAT rates range up to 17%, depending on the type of products sold. On March 21, 2019, MOF, SAT and the General Administration of Customs
jointly promulgated the <i>Announcement on Relevant Policies for Deepening Value-Added Tax Reform</i>, which became effective on April
1, 2019 and provides that (i) with respect to VAT taxable sales acts or import of goods originally subject to VAT rates of 16% and 10%
respectively, such tax rates shall be adjusted to 13% and 9%, respectively; (ii) with respect to purchase of agricultural products originally
subject to tax rate of 10%, such tax rate shall be adjusted to 9%; (iii) with respect to purchase of agricultural products for the purpose
of production or consigned processing of goods subject to tax rate of 13%, such tax shall be calculated at the tax rate of 10%; (iv)
with respect to export of goods and services originally subject to tax rate of 16% and export tax refund rate of 16%, the export tax
refund rate shall be adjusted to 13%; and (v) with respect to export of goods and cross-border taxable acts originally subject to tax
rate of 10% and export tax refund rate of 10%, the export tax refund rate shall be adjusted to 9%. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
Relating to Overseas Listing and M&amp;A</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2006, six PRC regulatory agencies, including the China Securities Regulatory Commission, or the CSRC, promulgated the <i>Rules
on the Merger and Acquisition of Domestic Enterprises by Foreign Investors</i>, or the <i>M&amp;A Rules</i>, which became effective on
September 8, 2006, and were amended on June 22, 2009. The <i>M&amp;A Rules</i>, among other things, require offshore special purpose
vehicles formed for overseas listing purposes through acquisitions of PRC domestic companies and controlled by PRC domestic enterprises
or individuals to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle&#8217;s securities
on an overseas stock exchange. In September 2006, the CSRC published on its official website procedures regarding its approval of overseas
listings by special purpose vehicles. The CSRC approval procedures require the filing of a number of documents with the CSRC. Although
the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like our recent IPO are subject
to the <i>M&amp;A Rules</i>, the interpretation, and application of the regulations remain unclear, and any future offerings may ultimately
require approval from the CSRC. If CSRC approval is required, it is uncertain whether it would be possible for us to obtain the approval
and any failure to obtain or delay in obtaining CSRC approval for a future securities offering would subject us to sanctions imposed
by the CSRC and other PRC regulatory agencies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<i>M&amp;A Rules</i> and other regulations and rules concerning mergers and acquisitions established additional procedures and requirements
that could make merger and acquisition activities by foreign investors more time-consuming and complex. For example, the <i>M&amp;A Rules
</i>require that MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC
domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that impact or may impact national
economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which holds a famous trademark
or PRC time-honored brand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, according to the <i>Notice on Establishing the Security Review System for Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors</i> issued by the General Office of the State Council on February 3, 2011, and which became effective on March 4,
2011, the <i>Rules on Implementation of Security Review System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors
</i>issued by MOFCOM on August 25, 2011, and which became effective on September 1, 2011, the <i>Measures for the Security Review of
Foreign Investments</i> issued by MOFCOM and NDRC on December 19, 2020, which became Effective on January 18, 2021, mergers and acquisitions
by foreign investors that raise &#8220;national defense and security&#8221; concerns and mergers and acquisitions through which foreign
investors may acquire de facto control over domestic enterprises that raise &#8220;national security&#8221; concerns are subject to strict
review by MOFCOM, and the regulations prohibit any activities attempting to bypass such security review, including by structuring the
transaction through a proxy or contractual control arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_001"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational Structure</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
commenced our natural products and ingredients business through Xi&#8217;an App-Chem Bio(Tech) Co., Ltd. (&#8220;Xi&#8217;an App-Chem&#8221;),
a corporation formed in the People&#8217;s Republic of China in April of 2006. On April 23, 2006, Xi&#8217;an App-Chem received its Business
License (Registration No.: 6101012116403) from the Xi&#8217;an Administration for Industry and Commerce.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 11, 2019, Bon Natural Life Limited was incorporated under the laws of the Cayman Islands as our offshore holding company to
facilitate financing and offshore listing. Bon Natural Life Limited subsequently established a Wholly Foreign-Owned Enterprise (&#8220;WFOE&#8221;)
in PRC China, Xi&#8217;an CMIT Information and Technology Co., Ltd. (&#8220;Xi&#8217;an CMIT&#8221;). Xi&#8217;an CMIT is wholly owned
by our direct subsidiary in Hong Kong, Tea Essence. Due to PRC legal restrictions on foreign ownership in companies that engage in online
sales China, we originally carried out our business through Xi&#8217;an App-Chem, a domestic PRC company, through a variable interest
entity structure. Effective November 1, 2021, however, we reorganized our corporate structure in the PRC and are now the indirect sole
shareholder of Xi&#8217;an App-Chem. Xi&#8217;an App-Chem is wholly-owned by two WFOE&#8217;s Xi&#8217;an CMIT and Xi&#8217;an Youpincui.
Each of the WFOEs are in turn wholly-owned by Tea Essence, our direct wholly-owned subsidiary in Hong Kong. Xi&#8217;an App-Chem&#8217;s
financial results are consolidated into our consolidated financial statements in accordance with U.S. GAAP because we have control over
that entity by way of 100% equity ownership through Tea Essence, and in turn, Xi&#8217;an CMIT and Xi&#8217;an Youpincui.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as of the date of this Annual Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_004.jpg" alt="" style="height: 392px; width: 670px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Xi&#8217;an
App-Chem&#8217;s Operating Subsidiaries</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below provides a summary of Xi&#8217;an App-Chem&#8217;s operating subsidiaries (&#8220;Bon Operating Companies&#8221;) and their
primary business functions as of the date of this Annual Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Incorporation</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place of Incorporation</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of Ownership</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 11, 2019</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent, 100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon Natural Life U.S.A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 07, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tea Essence</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 9, 2020</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an CMIT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 9, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WFOE, Investment holding</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 27%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF">
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</table>
<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75% owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development of
    product</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin YHX</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 16, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51% owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw material purchase</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gansu BMK</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 11, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jiuquan City, PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% owned by Xi&#8217;an
    App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product manufacturing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bozhou DT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 9, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bozhou
    City,</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% owned by Xi&#8217;an
    App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product manufacturing</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="X1_002"></span><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, Plants and Equipment
    </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
Plants, and Equipment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current property and equipment consist of buildings, machinery, vehicles, and construction in progress with a total net book value of
$21,064,043 and $21,624,437 as of September 30, 2023 and 2022, respectively. Xi&#8217;an App-Chem has three facilities, two of which
is in operation, and the other one is under construction:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Weinan
Raw Materials and Ingredients Production Site</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
site, located in Xuzhuang Industrial Park, Dali County, Weinan, Shaanxi, occupies an area of 30 mu, or approximately 5 acres (1 mu=0.165
acre) and a building area of 11,000 m<sup>2</sup>, or 118,403 square feet. It is rented by the Company at RMB 12,500 or $1,920 per month.
It is equipped with a plant extract workshop (which has 4 sets of extraction equipment consisting of 6 m<sup>3 </sup>or 212 cubic feet
multifunctional extraction tanks, 3 sets of concentration equipment, 14 sets of separation equipment and 23 sets of storage and transport
equipment), a refining, drying, and packing workshop (2 sets of spray and drying towers, 6 sets of drying equipment, 2 sets of crushing
equipment and over 20 other related equipment), a spices refinement workshop (70 sets of various production equipment with volume from
2000L to 5000L, 1 set of molecular distillation equipment, 1 set of water treatment equipment, 1 set of ash treatment equipment and 15
sets of refrigeration and pressure equipment). This facility mainly manufactures products in our clary sage series, apple polyphenols
series, and stachyose products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Tongchuan
Functional Health Business Production Site</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
site, located at the intersection of Datang Third Road and Changhong South Road, Southern Industrial Park, New Downtown District, Tongchuan,
Shaanxi, covers an area of 24.8 mu or approximately 4.1 acres (1 mu=0.165 acre) and a construction area of 13,500 m<sup>2 </sup>or approximately
145,313 square feet. The construction of Tongchuan Project was fully completed and put into
production in December 2022 and it&#8217;s equipped with 3 disinfection production lines, 2 production lines of powder
drinks and pressed candies, 3 paste production lines, 2 production lines of special diets and 1 research and development center, quality
inspection center, product exhibition center and a comprehensive office area. After completion, the value of this new plant&#8217;s total
output is expected to reach up $150 million per year. The Company has obtained a long-term land use certificate for this site. No additional expenditures or other conditions are required
to maintain the sustainable land use right.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Yumen
Plant</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 10, 2021, we acquired a land use right of 8.2 acres at cost of $267,000, through a government organized auction bidding in Yumen
City, Gansu Province of China. We have the right to use this land for 50 years until to May 9, 2071. We have started construction on
a new manufacturing facility for raw materials and ingredients on this land. Total budget for construction of this new manufacturing
plant is around $5.6 million. The construction of Yumen Project was initially expected to be completed by October 2022. Due to resurgence
of the COVID-19 pandemic, which resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines
and travel bans, the construction work is estimated to be completed in December 2024. Management expects the remaining required expenditures
to be funded through the Company&#8217;s operational cash flows and bank borrowings, if necessary.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_003"></span>ITEM 4A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNRESOLVED STAFF COMMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_004"></span>ITEM 5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING AND FINANCIAL
    REVIEW AND PROSPECTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="X1_005"></span><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating Results</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Key
Financial Performance Indicators</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing our financial performance, we consider a variety of financial performance measures, including principal growth in net revenue
and gross profit, our ability to control costs and operating expenses to improve our operating efficiency and net income. Our review
of these indicators facilitates timely evaluation of the performance of our business and effective communication of results and key decisions,
allowing our business to respond promptly to competitive market conditions and different demands and preferences from our customers.
The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under
&#8220;Results of Operations&#8221;:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Net
Revenue</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net revenue is driven by changes in the number of customers, sales volume, selling price, and mix of products sold. Our products are
sold with no right of return and we do not provide other credits or sales incentive to customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell our products to our customers in three broad product categories: fragrance compounds, health supplemental powder drinks and bioactive
food ingredients, which accounted for 48.5%, 29.5% and 22.0% of our total revenue for the year ended September 30, 2023, 45.8%, 23.9%
and 30.3% of our total revenue for the year ended September 30, 2022, and accounted for 50.0%, 26.1% and 23.9% of our total revenue for
the year ended September 30, 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
volumes of all of our production, namely fragrance compounds, health supplemental powder drink and bioactive food ingredients increased
by 43.8%, 31.0% and 110.7%, respectively, for the year ended September 30, 2023 as compared to the same period of 2022 due to strong
customer demand and widen products offerings. However, average selling prices of our fragrance compounds and bioactive food ingredients
decreased by 21.8%, and 63.3%, respectively, for the year ended September 30, 2023 as compared to the same period of 2022 as a result
of our adjusted pricing strategy in response to increased raw material purchase costs and market change. The total number of customers
were 126 and 142 customers for the years ended September 30, 2023 and 2022, respectively, a decrease of 16 or 11.3% as a result of business
environment in the PRC. As a result of these change in product mix, change in sales volume, changes in average selling price and exchange
rates, our total revenue decreased by 1.3% for the year ended September 30, 2023 as compared to the same period of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
volumes of our health supplemental powder drinks and bioactive food ingredients increased by 1.0% and 27.3% for the year ended September
30, 2022 as compared to the same period of 2021 due to strong customer demand and increased customer number. However, sales volume of
our fragrance compounds decreased by 15.1% because of shortage of material supply caused by abnormal wet weather, and disruption of logistics
caused by COVID-19 pandemic resurgence in early 2022. Average selling prices of our fragrance compounds, health supplemental powder drinks
and bioactive food ingredients increased by 27.5%, 7.0% and 17.4%, respectively, for the year ended September 30, 2022 as compared to
the same period of 2021 as a result of our adjusted pricing strategy in response to increased raw material purchase costs and market
change. The total number of customers were 142 and 132 customers for the years ended September 30, 2022 and 2021, respectively, increased
by 10 or 9.1% as a result of our marketing efforts. As a result of these changes in product mix, change in sales volume, changes in average
selling price and changes in number of customers, our total revenue increased by 17.3% for the year ended September 30, 2022 as compared
to the same period of 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Gross
Profit</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit is equal to net revenue minus cost of goods sold. Cost of goods sold primarily includes inventory costs (raw materials, labor,
packaging cost, depreciation and amortization, third-party products purchase price, freight costs and overhead). Cost of goods sold generally
changes as our production costs change, as these are affected by factors including the market price of raw materials, labor productivity,
and in changes to the customer and product mix. Our cost of revenues accounted for 70.1%, 68.5% and 72.1% of our total revenue for the
fiscal year 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
gross margin was 29.9% for the year ended September 30, 2023, a decrease by 1.6% from gross margin of 31.5% for the year ended September
30, 2022 due to changes in product mix, and increase in selling price as a result of our adjusted pricing strategy in response to increased
raw material purchase costs and market change.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
gross margin was 31.5% for the year ended September 30, 2022, an increase by 3.6% from gross margin of 27.9% for the year ended September
30, 2021 due to changes in product mix, and increase in selling price as a result of our adjusted pricing strategy in response to increased
raw material purchase costs and market change.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Operating
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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selling expenses primarily include salary and welfare benefit expenses paid to our sales personnel, advertising expenses to increase
the awareness of our brand, shipping ad delivery expenses, expenses incurred for our business travel, meals and other sales promotion
and marketing activities related expenses. Our selling expenses accounted for 1.0%, 0.7% and 0.5% of our total revenue for the years
ended September 30, 2023, 2022 and 2021, respectively. We expect our selling expenses, including, but not limited to, salaries and advertising
expenses, to continue to increase in the foreseeable future, as we plan to put more marketing effort to acquire new client and promote
our sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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general and administrative expenses primarily consist of employee salaries, welfare and insurance expenses, depreciation, bad debt reserve
expenses, inspection and maintenance expenses, office supply and utility expenses, business travel and meals expenses, land and property
taxes and professional service expenses. General and administrative expenses were 7.9%, 7.5% and 5.2% of our revenues for the years ended
September 30, 2023, 2022 and 2021, respectively. We expect our general and administrative expenses, including, but not limited to, salaries
and business consulting expenses, to continue to increase in the foreseeable future, as we plan to hire additional personnel and incur
additional expenses in connection with the expansion of our business operations. We expect our professional fees for legal, audit, and
advisory services to increase as we become a public company since July 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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research and development expenses primarily consist of salaries, welfare and insurance expenses paid to our employees involved in the
research and development activities, materials and supplies used in the development and testing of our new products, depreciation, and
other miscellaneous expenses. Research and development expenses were 1.0%, 1.4% and 1.0% of our revenues for the years ended September
30, 2023, 2022 and 2021, respectively. We expect our research and development expenses, including, but not limited to, salaries and material
expenses, to continue to increase in the foreseeable future, as we plan to develop new products and improving our production process.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Comparison
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table summarizes the results of our operations during the fiscal years ended September 30, 2023 and 2022, respectively, and
provides information regarding the dollar and percentage increase or (decrease) during such periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently produce our products for our customers in three broad product categories: fragrance compounds, health supplemental (powder
drinks) and bioactive food ingredients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
revenues were $29,522,353 in fiscal year 2023, a decrease of $386,208, or approximately 1.3% as compared to $29,908,561 in fiscal year
2022. Specifically, the decrease in revenues was primarily attributable to (i) an decrease in average selling price of fragrance compound,
health supplemental powder drinks and bioactive food ingredients by 27.3%, 7.1% and 65.9%, respectively, as we sold more low price products
during fiscal 2023 ; (ii) the decrease in average price is offset by the increase in sales volume of fragrance compound, health supplemental
powder drinks and bioactive food ingredients by 43.8%, 31.1% and 110.7%, respectively as customers were drawn by the lower price products;
(iii) We sold our products to 126 and 142 customers in fiscal year 2022 and 2021, respectively. In terms of purchase order size, average
purchase order by our customers increased by 11.1% from approximately $210,624 per customer in fiscal year 2022 to approximately $234,304
per customer in fiscal year 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the breakdown of revenues by categories for the periods indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues
from sales of our fragrance compound products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
fragrance compound products primarily include natural compounds extracted from plants for cosmetic applications, such as sclareolide
and ambroxide, a sustainable replacement to ambergris, a secretion by sperm whales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from sales of our fragrance compound products increased by 4.4% or $605,254 to $14,315,810 in fiscal year 2023 from $13,710,556 in the
same period of 2022. This increase was attributable to the following: (i) an increase in average purchase order by our customers by 43.8%
in fiscal year 2023 as compared to fiscal year 2022, mainly attributable to the increase sales in our of low-price products (ii) as more
low-price products were sold during the fiscal year of 2023, the average selling price of our fragrance compound products decreased by
21.8% in fiscal year 2023 as compared to fiscal year 2022 (iii) as discussed above, the average unit cost of our fragrance compound products
also decreased by 24.1% in fiscal year 2023 as compared to fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues
from sales of our health supplement (powder drinks) products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
health supplement (powder drinks) products primarily include Prebiotics series with benefits such as intestine rejuvenation and probiotic
proliferation acceleration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from sales of health supplement (powder drinks) products increased by 21.8% or $1,558,760 to $8,704,468 in fiscal year 2023 from $7,145,708
in the same period of 2022. This increase was attributable to the following: (i) a 31.1% increase in sales volume from 286,026 cases
sold in fiscal year 2022 to 375,035 cases sold in the same period of 2023 due to strong customer demand (ii) the increase in sales volume
affected our average unit cost of health supplement (powder drinks) products in response to increased raw materials purchase price due
to general inflation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues
from sales of our bioactive food ingredient products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bioactive food ingredient products primarily include fruit juice concentrates and extracts for a variety of health benefits that can&#8217;t
be sufficiently sourced from daily dietary intakes, such as fruit concentrates, apple polyphenol, rich in anti-oxidant and derived from
apple, milk thistle extracts with benefits to protect liver and lower blood sugar, and phloretin, an anti-oxidant with skin discoloration
effect extracted from leaves and roots of apple, pear and other fruits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from sales of our bioactive food ingredient products decreased by 28.2% or $2,550,222 to $6,502,075 in fiscal year 2023 from $9,052,297
in the same period of 2022. The decrease was mainly attributable to the following: (i) a 63.3% decrease in average selling price for
the fiscal year 2023 as compared to fiscal year 2022, mainly attributable to increased sales of our apple juice extracts. In April and May 2023, frost damage impacted apple production, resulting
in a shortage of small apples. To address this, we procured a significant quantity of large apples. Extracting high-concentration apple
polyphenols from these larger apples posed technical challenges, prompting a shift to producing low-concentration apple polyphenol juice.
Despite meeting some customer needs, the product&#8217;s lower added value and profit margin significantly contributed to a decline in the overall
revenue (ii) In October 2022, strict pandemic control measures nationwide, prompted
by Xinjiang&#8217;s pandemic spillover, severely hindered our procurement of key raw materials like bota cabbage for water-soluble thistle sugar.
The shortage of critical ingredients, essential for functional foods like water-soluble thistle sugar and apple polyphenols, significantly
impacted production over the past year, which leasd to a decline in sales revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of Revenues</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenues primarily consists of inventory costs (raw materials, labor, packaging cost, depreciation and amortization, freight
costs and overhead) and business tax. Cost of revenues generally changes as our production costs change, which are affected by factors
including the market price of raw materials, or labor productivity, and as the customer and product mix changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenues increased by $203,142, or 1.0 %, from $20,484,996 in fiscal year 2022 to $20,688,138 in the same period of 2023. The
increase in our cost of revenues was mainly attributable to the following: (i) an increase of 43.8%, 31.1%, and 110.7% in the sales volume
of our fragrance compound products, health supplement products and bioactive food ingredients products, respectively (ii) partially offset
by the decrease of unit cost in our fragrance compound products and bioactive food ingredients products, which decreased by 24.1% and
60.5%, respectively in fiscal year 2023 as compared to fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
1.4% increase in cost of revenues for our fragrance compound products from $9,954,572 in fiscal year 2022 to $10,087,289 in the same
period of 2023 was mainly attributable to the following: (i) an increase in average purchase order by our customers by 43.8% from 38,284
kilograms sold in fiscal year 2022 to 55,038 kilograms sold in the same period of 2023, mainly attributable to our offering of low-price
products; (ii) the increase was partially offset by the decrease in average unit cost, which decreased by 24.1% in fiscal year 2023 as
compared to fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
27.7% increase in cost of revenues for our health supplement (powder drinks) products from $4,874,409 in fiscal year 2022 to $6,223,508
in the same period of 2023 was mainly attributable to the following: (i) an increase of 31.1% in sales volume from 286,026 cases sold
in fiscal year 2022 to 375,035 cases sold in the same period of 2023 due to strong customer demand (ii) an slight increase of 4.8% in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
22.7% decrease in cost of revenues for our bioactive food ingredient products from $5,656,015 in fiscal year 2022 to $5,656,015 in the
same period of 2023, which was mainly attributable to the following: (i) a 60.5% decrease in weighted average unit cost of our bioactive
ingredient products in fiscal year 2023 as compared to fiscal year 2022, mainly attributable to our increased sales in apple juice extracts
with lower unit cost (ii) the decrease is offset by the increase in sales volume, which increased by 110.7% from 154,464 kilograms in
fiscal year 2022 to 325,384 kilograms in the same period of 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
Profit</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
gross profit in fiscal year 2023 decreased by $583,538, or 6.2%, to $8,842,274, from $9,423,565 in the same period of 2022. Our gross
margin decreased slightly by 1.6% from 31.5% in fiscal year 2022 to 29.9% in the same period of 2023. The decrease in gross profit was
due to (i) an increase of 43.8% in sales volume of fragrance compound products due to stronger demand and change in sales strategy as
discussed above; (ii) gross profit margin of our fragrance compound products, which increased by 2.1% due to decrease in average unit
cost in response to the product mix change as discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit from sales of our fragrance compound products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit of our fragrance compound products increased by $472,537 or 12.6% from $3,755,984 in fiscal year 2022 to $4,230,768 in the same
period of 2023. The increase was primarily attributable to (i) a 43.8% increase in sales volume as more of the low-price products were
sold during the fiscal year 2023 (ii) the increase is partially offset by the decrease of 21.8% of average selling price of our fragrance
compound products as discussed above. As a result of the above, gross margin for our fragrance compound products increased by 2.1 percentage
point from 27.4% in fiscal year 2022, to 29.5% in the same period of 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit from sales of our health supplement (powder drinks) products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit of our health supplement (powder drinks) products increased by $209,661 or 9.2% from $2,271,300 in fiscal year 2022, to $2,480,960
in the same period of 2023. The increase was primarily attributable to (i) the increase of 31.1% in sales volume due to strong customer
demand (ii) the increase is partially offset by the increase of 4.8% in average unit cost as material price increased due to general
inflation. As a result of the above, gross margin for our health supplement (powder drinks) products decreased by 3.3 percentage point
from 31.8% in fiscal year 2022, to 28.5% in the same period of 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit from sales of our bioactive food ingredient products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit of our bioactive food ingredient products decreased by $1,265,736 or 37.3%, from $3,396,281 in fiscal year 2022, to
$2,130,546 in fiscal year 2023. This decrease was primarily due to (i) in October 2022, pandemic control measures were strictly
enforced nationwide due to a spillover of the pandemic in Xinjiang, affecting regions like Ningxia, Yinchuan, and Gansu. The main
raw material for water-soluble thistle sugar, bota cabbage, is predominantly produced in Ningxia and Yinchuan, leading to
significant disruptions in our procurement of these raw materials. The critical role of water-soluble thistle sugar and apple
polyphenols as essential ingredients in functional foods resulted in a severe shortage of raw materials, impacting the production of
functional foods throughout the past year. This shortage, in turn, caused a dual decline in sales revenue and profit margins for
this category, constituting the primary reasons for the substantial decrease in gross margins in fiscal year 2023 compared to the
previous fiscal year. (ii) in October 2022, strict pandemic control measures nationwide, prompted by Xinjiang&#8217;s pandemic spillover,
severely hindered our procurement of key raw materials like bota cabbage for water-soluble thistle sugar. The shortage of critical
ingredients, essential for functional foods like water-soluble thistle sugar and apple polyphenols, significantly impacted
production over the past year. This scarcity led to a dual decline in sales revenue and profit margins, contributing to the
substantial decrease in gross margins in fiscal year 2023 compared to the previous fiscal year. As a result of the above, gross margin for our bioactive food ingredient products decreased by 4.8 percentage
point from 37.5% in fiscal year 2022, to 32.8% in the same period of 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Selling
expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">1.0</td><td style="text-align: left">%</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
expenses increased by $74,898, or 3.4%, from $218,822 in fiscal year 2022, to $218,822 in the same period of 2023, mainly
attributable to (i) an increase of $41,266 in delivery expense as we shipped more samples and marketing material during fiscal year
2023 (ii) an increase of $57,537 in salaries and social benefits as overall compensation increased for the sales staff. (iii) the
increase was offset by the decrease of $34,062 in advertising expenses as we changed our marketing strategy by attending less
trade show.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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mainly attributable to (i) an increase of $71,890 in salaries and social benefits as the overall compensation increased (ii) an increase
of $173,242 professional service fees such as legal consulting expense, financial consultant and etc. (iii) the increase is offset by
a decreased of $40,016 stock options granted to independent directors and stock option expense in fiscal year 2023 compared to the same
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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and development expenses decreased by $126,089, or approximately 1.4%, from $424,558 in fiscal year 2022, to $298,469 in the same period
of 2023. The decrease was mainly due to (i) a decrease of $85,427 in outsourcing R&amp;D activities to external consulting firms (ii)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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income (expenses) primarily includes interest income generated from our bank deposits, interest expenses incurred on our borrowings from
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currency exchange gain due to our export sales, and investment income of short-term investment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense, net, decreased by $216,687, or approximately 48.6% in fiscal year 2023 as compared to 2022, mainly attributable to decreased
average loan balances we carried during fiscal year 2023 compared to the same period of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
subsidy income primarily relate to local government&#8217;s cash award to HNTEs based on their financial performance to promote entrepreneurship
and stimulate local economies. Such awards are granted on a case-by-case basis by various local governments. Our subsidiary, Xi&#8217;an
App-chem was approved as a HNTE and received government subsidy in the form of an export sales refund and cash awards based on our annual
financial performance. We recognize government subsidies as other operating income when they are received because they are not subject
to any past or future conditions, there are no performance conditions or conditions of use, and they are not subject to future refunds.
Government subsidies received in the form of a grant and recognized as other operating income totaled $35,008 and $1,306,627 during fiscal
year 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
income related to income generated by our short-term investments, amounted to Nil and $20,361 during fiscal year 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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overall changes in our other income (expenses) reflected the above major factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provision
for Income Taxes</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
provision for income taxes was $1,002,298 during fiscal year 2023, a decrease of $264,727, or 20.9% from $1,267,025 in the same period
of 2022 due to our increased taxable income. Under the EIT Law, domestic enterprises and FIEs are usually subject to a unified 25% enterprise
income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on a case-by-case basis. EIT grants
preferential tax treatment to &#8220;HNTEs&#8221;. Under this preferential tax treatment, HNTEs are entitled to an income tax rate of
15%, subject to a requirement that they re-apply for their HNTE status every three years. The corporate income taxes <span style="background-color: white">for
the years ended September 30, 2023 and 2022</span> were reported at a blended reduced rate as a result of Xi&#8217;an App-chem being
approved as a HNTE and enjoying a 15% reduced income tax rate, but subsidiaries of Xi&#8217;an App-chem are subject to a 25% income tax
rate. The impact of the tax holidays noted above decreased foreign taxes by $667,258 and $825,899 <span style="background-color: white">for
the years ended September 30, 2023 and 2022</span>, respectively. The benefit of the tax holidays on net income per share (basic and
diluted) $0.15 and $0.108 for <span style="background-color: white">the years ended September 30, 2023 and 2022</span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
income</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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a result of the foregoing, our net income decreased to $<span style="background-color: white">4,552,680</span> in fiscal year 2023 from
$6,242,424 in fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of Results of Operations for the Years Ended September 30, 2022 and 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the results of our operations during the fiscal years ended September 30, 2021 and 2020, respectively, and
provides information regarding the dollar and percentage increase or (decrease) during such periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently produce our products for our customers in three broad product categories: fragrance compounds, health supplemental (powder
drinks) and bioactive food ingredients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
revenues were $29,908,561 in fiscal year 2022, an increase of $4,413,997, or approximately 17.3% as compared to $25,494,564 in fiscal
year 2021. Specifically, the increase in revenues was primarily attributable to (i) an increase in average selling price of fragrance
compound, health supplemental powder drinks and bioactive food ingredients by 27.5%, 7.0% and 17.4%, respectively, as we raised our selling
prices in response to the rising raw material costs and market change as affected by the COVID-19, as well as product mix change of fragrance
compounds and bioactive food ingredients; (ii) an increase in sales volume of bioactive food ingredients and Health supplements by 27.3%
and 1% respectively, due to strong customer demand and our sales effort to promote sales of milk thistle extracts with benefits to protect
liver and lower blood sugar; (iii) We sold our products to 142 and 132 customers in fiscal year 2022 and 2021, respectively. In terms
of purchase order size, average purchase order by our customers increased by 9.1% from approximately $193,141 per customer in fiscal
year 2021 to approximately $210,754 per customer in fiscal year 2022, and (iv) partially offset by the decrease in sales volume of our
fragrance compounds by 15.1% in fiscal year 2022 as compared to the same period of 2021 due to shortage of material supply caused by
abnormal wet weather, and disruption of logistics caused by COVID-19 pandemic resurgence in early 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the breakdown of revenues by categories for the periods indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues
from sales of our fragrance compound products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
fragrance compound products primarily include natural compounds extracted from plants for cosmetic applications, such as sclareolide
and ambroxide, a sustainable replacement to ambergris, a secretion by sperm whales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from sales of our fragrance compound products increased by 7.6% or $966,527 to $13,710,556 in fiscal year 2022 from $12,744,029 in the
same period of 2021. This increase was attributable to the following: (i) a 27.5% increase in average selling price of our fragrance
compound products in response to increased raw materials purchase price as affected by COVID-19 impact and product mix change, we put
more selling effort in sales of high value added product ambroxide with higher selling price. Weighted average unit cost for this product
category increased by 20.5% in fiscal year 2022, as compared to that in same period of 2021 mainly due to higher raw material purchase
costs and product mix change in 2022; (ii) an increase in average purchase order by our customers by 9.1% in fiscal year 2022 as compared
to fiscal year 2021 as discussed above; and (iii) partially offset by a decrease of 15.1% in sales volume from <span style="background-color: white">45,070
</span>kilograms sold in fiscal year 2021 to 38,284 kilograms sold in the same period of 2022. Our principal raw material, clary sage,
which is used to produce sclareolide and ambroxide, is mainly planted in in North China, which suffered abnormal wet weather in the second
half of 2021. Along with disruption of logistics caused by COVID-19 pandemic resurgence in early 2022, we have experienced a shortage
of material supply for our fragrance compounds in fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues
from sales of our health supplement (powder drinks) products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
health supplement (powder drinks) products primarily include Prebiotics series with benefits such as intestine rejuvenation and probiotic
proliferation acceleration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from sales of health supplement (powder drinks) products increased by 7.4% or $489,726 to $7,145,708 in fiscal year 2022 from $6,655,982
in the same period of 2021. This increase was attributable to the following: (i) a 7.0% increase in average selling price of health supplement
(powder drinks) products in response to increased raw materials purchase price as affected by COVID-19 impact and general inflation.
Weighted average unit cost for this product category increased by 5.7% in fiscal year 2022, as compared to that in same period of 2021
mainly due to higher raw material purchase costs in 2022; and (ii) an increase of 1.0% in sales volume from 283,283 cases sold in fiscal
year 2021 to 286,026 cases sold in the same period of 2022 due to strong customer demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues
from sales of our bioactive food ingredient products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bioactive food ingredient products primarily include fruit juice concentrates and extracts for a variety of health benefits that can&#8217;t
be sufficiently sourced from daily dietary intakes, such as fruit concentrates, apple polyphenol, rich in anti-oxidant and derived from
apple, milk thistle extracts with benefits to protect liver and lower blood sugar, and phloretin, an anti-oxidant with skin discoloration
effect extracted from leaves and roots of apple, pear and other fruits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from sales of our bioactive food ingredient products increased by 48.5% or $2,957,744 to $9,052,297 in fiscal year 2022 from $6,094,553
in the same period of 2021. The increase was mainly attributable to the following: (i) a 27.3% increase in sales volume from 121,323
kilograms in fiscal year 2021 to 154,464 kilograms in the same period of 2022 due to strong customer demand and our sales effort to promote
sales of milk thistle extracts with benefits to protect liver and lower blood sugar; and (ii) a 17.4% increase in average selling price
of our bioactive ingredient products as a result of increased raw materials purchase price as affected by COVID-19 impact and market
change, as well as change in product mix, more milk thistle extracts products with higher price were sold in fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of Revenues</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenues primarily consists of inventory costs (raw materials, labor, packaging cost, depreciation and amortization, freight
costs and overhead) and business tax. Cost of revenues generally changes as our production costs change, which are affected by factors
including the market price of raw materials, or labor productivity, and as the customer and product mix changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenues increased by $2,102,359, or 11.4%, from $18,382,637 in fiscal year 2021 to $20,484,996 in the same period of 2022. The
increase in our cost of revenues was mainly attributable to the following: (i) an increase of 20.5%, 5.7% and 12.1% in the average unit
cost of our fragrance compound products, health supplement products and bioactive food ingredients products, respectively, due to the
increase in raw material purchase costs, as well as product mix change of fragrance compounds and bioactive food ingredients; (ii) sale
volume of our bioactive food ingredients products increased by 27.3% in fiscal year 2022 compared to the same period of 2021 due to strong
customer demand and our sales effort to promote sales of milk thistle extracts with benefits to protect liver and lower blood sugar,
and (iii) partially offset by the decrease in sales volume of our fragrance compounds by 15.1% in fiscal year 2022 as compared to the
same period of 2021 due to shortage of material supply caused by abnormal wet weather in North China and disruption of logistics caused
by COVID-19 pandemic resurgence in early 2022 as discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,666,373</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of Revenues from sales of our fragrance compound products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
1.6% increase in cost of revenues for our fragrance compound products from $9,793,767 in fiscal year 2021 to $9,954,572 in the same period
of 2022 was mainly attributable to the following: (i) an increase of 20.5% in weighted average unit cost for this product category mainly
due to higher raw material purchase costs as affected by the COVID-19 impact and product mix change, we put more selling effort in sales
of high value added product ambroxide with higher cost of revenue; and (ii) partially offset by a decrease of 15.1% in sales volume from
<span style="background-color: white">45,070</span> kilograms sold in fiscal year 2021 to 38,284 kilograms sold in the same period of
2022. Our principal raw material, clary sage, which is used to produce sclareolide and ambroxide, is mainly planted in in North China,
which suffered abnormal wet weather in the second half of 2021. Along with disruption of logistics caused by COVID-19 pandemic resurgence
in early 2022, we have experienced a shortage of material supply for our fragrance compounds in fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of Revenues from sales of our health supplement (powder drinks) products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
6.0% increase in cost of revenues for our health supplement (powder drinks) products from $4,599,228 in fiscal year 2021 to $4,874,409
in the same period of 2022 was mainly attributable to the following: (i) an increase of 5.7% in weighted average unit cost for this product
category mainly due to higher raw material purchase costs as affected by the COVID-19 impact and general inflation; and (ii) an increase
of 1.0% in sales volume from 283,283 cases sold in fiscal year 2021 to 286,026 cases sold in the same period of 2022 due to strong customer
demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of Revenues from sales of our bioactive food ingredient products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
41.8% increase in cost of revenues for our bioactive food ingredient products from $3,989,642 in fiscal year 2021 to $5,656,015 in the
same period of 2022 was mainly attributable to the following: (i) a 27.3% increase in sales volume from 121,323 kilograms in fiscal year
2021 to 154,464 kilograms in the same period of 2022 due to strong customer demand and our sales effort to promote sales of milk thistle
extracts with benefits to protect liver and lower blood sugar; and (ii) an increase of 12.1% in weighted average unit cost of our bioactive
ingredient products as a result of increased raw materials purchase price as affected by COVID-19 impact and general inflation, as well
as change in product mix, more milk thistle extracts products with higher average unit cost were sold in fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
gross profit in fiscal year 2022 increased by $2,311,638, or 32.5%, to $9,423,565, from $7,111,927 in the same period of 2021. Our gross
margin increased by 3.6% from 27.9% in fiscal year 2021 to 31.5% in the same period of 2022. The increase in gross profit was due to
(i) an increase of 27.3% in sales volume of bioactive food ingredient products due to stronger demand and change in sales strategy as
discussed above; (ii) gross profit margin of our fragrance compound products, health supplement products and bioactive food ingredient
products increased by 4.2, 0.9 and 3.0 percentage point due to increase in average selling price in response to increased raw materials
purchase price and product mix change as discussed above; and (iii) partially offset by the decrease in sales volume of our fragrance
compounds by 15.1% in fiscal year 2022 as compared to the same period of 2021 due to shortage of material supply as discussed above.
The increase in our gross margin by 3.6% from 27.9% in fiscal year 2021 to 31.5% in the same period of 2022 was due to changes in product
mix and increase in selling price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit from sales of our fragrance compound products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit of our fragrance compound products increased by $805,722 or 27.3% from $2,950,262 in fiscal year 2021 to $3,755,984 in the same
period of 2022. The increase was primarily attributable to (i) a 27.5% increase in average selling price of our fragrance compound products
in response to increased raw materials purchase price as affected by COVID-19 impact and product mix change as discussed above, while
weighted average unit cost for this product category increased by 20.5% in 2022; and (ii) partially offset by a decrease of 15.1% in
sales volume due to shortage of material supply as discussed above As a result of the above, gross margin for our fragrance compound
products increased by 4.2 percentage point from 23.2% in fiscal year 2021, to 27.4% in the same period of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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profit of our health supplement (powder drinks) products increased by $214,546 or 10.4% from $2,056,754 in fiscal year 2021, to $2,271,300
in the same period of 2022. The increase was primarily attributable to: (i) weighted average unit cost for this product category increased
by 5.7%, while average selling price increased by 7.0%; and (ii) an increase of 1.0% in sales volume due to shortage of material supply
as discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit from sales of our bioactive food ingredient products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit of our bioactive food ingredient products increased by $1,291,370 or 61.4%, from $2,104,911 in fiscal year 2021, to $3,396,281
in fiscal year 2022. This increase was primarily due to (i) a 27.3% increase in sales volume from 121,323 kilograms in fiscal year 2021
to 154,464 kilograms in the same period of 2022 due to strong customer demand and our sales effort to promote sales of milk thistle extracts
with benefits to protect liver and lower blood sugar; and (ii) a 17.4% increase in average selling price of our bioactive ingredient
products as a result of increased raw materials purchase price as affected by COVID-19 impact and market change, as well as change in
product mix, more milk thistle extracts with higher gross margin were sold in fiscal year 2022, while weighted average unit cost increased
by 12.1% compared to the same period of 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Selling
expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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expenses increased by $80,292, or 58.0%, from $138,530 in fiscal year 2021, to $218,822 in the same period of 2022, mainly attributable
to increase of $37,708 in advertising expense as we attended more trade shows when COVID-19 outbreak and spread in China subdued, as
well as $36,717 in salaries and social benefits as we recruited a selling director and two selling assistants to promote our product
in fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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2022, mainly attributable to increase of $543,241 in professional service fees such as directors&#8217; and officers&#8217; liability
insurance, investor relations management, legal consulting expense, etc. as we become a public company since we completed the IPO in
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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various banks and financial institutions, government subsidy income, rental income, income from technology transfer, unrealized foreign
currency exchange gain due to our export sales, and investment income of short-term investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense, net, increased by $31,433, or approximately 7.6% in fiscal year 2022 as compared to 2021. The increase was mainly attributable
to increased average loan balances we carried during fiscal year 2022 compared to the same period of 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
subsidy income primarily relate to local government&#8217;s cash award to HNTEs based on their financial performance to promote entrepreneurship
and stimulate local economies. Such awards are granted on a case-by-case basis by various local governments. Our subsidiary, Xi&#8217;an
App-chem was approved as a HNTE and received government subsidy in the form of an export sales refund and cash awards based on our annual
financial performance. We recognize government subsidies as other operating income when they are received because they are not subject
to any past or future conditions, there are no performance conditions or conditions of use, and they are not subject to future refunds.
Government subsidies received in the form of a grant and recognized as other operating income totaled $1,306,627 and $449,972 during
fiscal year 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiary, Xi&#8217;an App-Chem, leased office space to a third-party and recorded rental income of $68,179 and $38,409 during fiscal
year 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
income related to income generated by our short-term investments, amounted to $20,361 and $565 during fiscal year 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
overall changes in our other income (expenses) reflected the above major factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provision
for Income Taxes</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
provision for income taxes was $1,267,025 during fiscal year 2022, an increase of $446,094, or 54.3% from $820,931 in the same period
of 2021 due to our increased taxable income. Under the EIT Law, domestic enterprises and FIEs are usually subject to a unified 25% enterprise
income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on a case-by-case basis. EIT grants
preferential tax treatment to &#8220;HNTEs&#8221;. Under this preferential tax treatment, HNTEs are entitled to an income tax rate of
15%, subject to a requirement that they re-apply for their HNTE status every three years. The corporate income taxes <span style="background-color: white">for
the years ended September 30, 2022 and 2021</span> were reported at a blended reduced rate as a result of Xi&#8217;an App-chem being
approved as a HNTE and enjoying a 15% reduced income tax rate, but subsidiaries of Xi&#8217;an App-chem are subject to a 25% income tax
rate. The impact of the tax holidays noted above decreased foreign taxes by $825,899 and $<span style="background-color: white">514,327
for the years ended September 30, 2022 and 2021</span>, respectively. The benefit of the tax holidays on net income per share (basic
and diluted) $0.10 and $0.08 for <span style="background-color: white">the years ended September 30, 2022 and 2021</span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_006"></span>B.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
reflected in our consolidated financial statements, we are currently constructing a new manufacturing plant. As of September 30, 2023,
we had future minimum capital expenditure commitments on our construction-in-progress (&#8220;CIP&#8221;) project of $5,000,000 within
the next twelve months. Our Yumen project is estimated to be completed in December 2024. The amount of working capital requirement related
to these projects will be $5.0 million. We also had unpaid tax liabilities of approximately $2.7 million, which are expected to be settled
with local tax authorities within one year. As a result, there is a possibility that our revenue and cash flows may underperform in the
next 12 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing our liquidity, management monitors and analyzes our cash on-hand, our ability to generate sufficient revenue sources in the
future, and our operating and capital expenditure commitments. In June 2021, we closed the initial public offering and received net proceeds
of approximately $11.3 million. In January 2023, we closed a private offering of ordinary shares and received subscription proceeds of
$2.2 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, we had cash on hand of $112,751. We also had outstanding accounts receivable of approximately $4.6 million, of
which approximately $3.5 million or 75.8% has been subsequently collected as of the date of this filing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, we had outstanding bank loans of approximately $3.8 million from several PRC banks (including short-term bank
loans of $2.9 million, current portion of long-term bank loans of approximately $2.5 million and long-term loan of $0.4 million). Management
expects that it would be able to renew all of its existing bank loans upon their maturity based on past experience and our good credit
history. In addition to the current borrowings, from December 2022 to January 2023, we secured an aggregate of $1.7 million of short-term
loans with PRC banks as working capital loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the current operating plan, management believes that the above-mentioned measures, including cash on hand of $112,751<span style="background-color: white">,
</span>$2.2 million <span style="background-color: white">proceeds from our </span>private offering of ordinary shares in January 2023
and the $2.4 million unused line of credit, collectively will provide sufficient liquidity for us to settle the tax liabilities with
local government, to meet our future liquidity and capital expenditure requirement on the CIP project for at least 12 months from the
date our consolidated financial statements for the year ended September 30, 2023 are issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth summary of our cash flows for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(187,121</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,053,124</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,055,651</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,443,745</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,155,247</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,261,516</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,352,682</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(45,780</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(81,750</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(111,301</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net (decrease) increase in cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(728,110</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,063,006</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,850,761</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash, beginning of year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">840,861</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,903,867</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">53,106</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash, end of year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">112,751</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">840,861</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,903,867</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
flows from operating activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities during the year ended September 30, 2023 was $651,912, primarily attributable to net income of $4,552,682
for the year ended September 30, 2023, our taxes payable increased by $1,561,946 primarily due to increased sales in the year ended September
30, 2023, an decrease of $2,081,376 account receivable due to increased account receivable settlement during the year ended September
30, 2023, and increase in advance to suppliers of $11,510,450 due to the advance payment to our suppliers and contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities during the year ended September 30, 2022 was $187,121, primarily attributable to net income of $6,242,424
for the year ended September 30, 2022, our taxes payable decreased by $3,632,922 primarily due to income and VAT tax paid in fiscal year
2022, an increase of $1,300,942 account receivable due to increased sales in the year ended September 30, 2022, and decrease in deferred
revenue of $875,295 due to changes in customer payment pattern related with COVID-19.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities during the year ended September 30, 2021 was $4,053,124, primarily attributable to net income of
$4,609,453 for the year ended September 30, 2021, offset by an increase of $399,262 in advance payment to suppliers for raw material
purchase, an increase in inventory of $209,011 to increase the raw materials stockpile in order to prepare for anticipated increase in
production to fulfill increased sales orders from customers, a decrease of $969,414 in accounts payable for raw material purchase as
we made payment to suppliers during the year ended September 30, 2021 and accordingly we reduced the credit purchase from suppliers.
In addition, our taxes payable increased by $410,716 primarily due to increased taxable income. As of September 30, 2021, we had accrued
tax liabilities of approximately $5.1 million, mostly related to the unpaid value added tax and income tax in China. We initially expected
to settle the unpaid income tax liabilities in May 2021 when the 2020 annual income tax return is to be filed with local tax authority,
and settle the unpaid VAT tax liabilities before September 30, 2021. In May 2021, we negotiated with local tax authorities and submitted
a settlement extension application in accordance with the notices issued by local government to encourage enterprises to conduct public
offerings. For the unpaid income tax and VAT tax liabilities, the Company obtained an approval from local tax authority to extend the
tax liability settlement date from May 2021 to December 31, 2021. In December 2021, due to recent COVID-19 resurgence which caused strict
city lockdown in Xi&#8217;an where the Company is headquartered, the Company re-negotiated with local tax authorities and submitted a
settlement extension application in accordance with the notices issued by the State Administration of Taxation to encourage micro, small
and medium-sized enterprises in manufacturing industry. For the unpaid income tax and VAT tax liabilities, we obtained an approval from
local tax authority to further extend the tax liability settlement date from December 31, 2021 to June 30, 2022 without interest and
penalty during this extended time period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
flows from investing activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities during the year ended September 30, 2023 was $1,185,665 which was primarily attributable to the purchase
of intangible assets during the year ended September 30, 2023 of $669,190 as well as the capital expenditure on CIP of $460,125.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities during the year ended September 30, 2022 was $3,055,651 which was primarily attributable to (i) capital
expenditure on construction-in-progress in the amount of $4,708,138. As of September 30, 2022, we had two CIP projects associated with
construction of new manufacturing facilities in Tongchuan and Yumen City, respectively (see Note 8). Our future minimum capital expenditures
on these two CIP projects are estimated to be $728,470, among which $196,809 is required for the next 12 months; (2) purchase of short-term
investments in the amount of $5,097,816 because we purchased wealth management financial products from PRC banks to earn investment income
and (iii) partially offset by proceeds upon redemption of short-term investments in the amount of $6,776,385.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities for the year ended September 30, 2021 was $7,443,745 which was primarily attributable to (i) capital
expenditure on construction-in-progress in the amount of $4,432,941. As of September 30, 2021, we had two CIP projects associated with
construction of new manufacturing facilities in Tongchuan and Yumen City, respectively (see Note 8), these CIP projects are expected
to be completed in late 2022. Our future minimum capital expenditures on these two CIP projects are estimated to be approximately $5.1
million, among which approximately $2.3 million is required for the next 12 months; (2) purchase of short-term investments in the amount
of $2,159,920 because we purchased wealth management financial products from PRC banks to earn investment income and (iii) payment of
acquisition deposit of $1,000,000. On July 6, 2021, we entered into a consulting agreement with a New York based consulting firm, pursuant
to which, the consulting firm will help the Company to (i) identify appropriate business partner candidates in New York or California
in order to jointly establish a research and development center in the United States for future new product development; (ii) find opportunities
to establish business relationship with U.S based companies with OEM demand and utilize the Company&#8217;s manufacturing strength and
capability to manufacture healthcare ingredient products for U.S companies under the OEM arrangement and (iii) help the Company to purchase
or lease appropriate commercial facilities in the U.S., etc. The consulting firm will be compensated with $30,000 in exchange for performing
these designated consulting services. Given the fact that the Company lacks of credit track in the U.S, the Company is required to make
a deposit of $1.5 million to the consulting firm. Due to recent COVID-19 resurgence in Xi&#8217;an City and government mandatory quarantine
and city lockdown, on January 20, 2022, we and the consulting firm signed a supplemental agreement to lower down the required deposit
from original $1.5 million to $1 million. As a result, we do not have further obligation to make additional deposit to the consulting
firm. As of September 30, 2021, we have made deposit of $1 million to the consulting firm and recorded it as acquisition deposit on the
balance sheets. Such deposit is fully refundable if the acquisition target or commercial facilities introduced by the consulting firm
does not meet our expectation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
flows from financing activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities for the year ended September 30, 2023 was $1,155,247, <span style="background-color: white">primarily
include <span style="background-color: white">net </span> proceeds from issuance of our ordinary shares of $2,027,544, proceeds from
short-term loans of $2,879,809, proceeds from long-term loans of $1,132,803, offset by repayment of long-term loans of $2,143,046,
and repayment of short-term loans of $2,728,836</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities for the year ended September 30, 2022 was $2,261,516, <span style="background-color: white">primarily
include proceeds from short-term loans of $2,631,890, proceeds from long-term loans of $578,343, offset by repayment of long-term loans
of $637,147, and principal payment of capital lease of $173,961</span>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities for the year ended September 30, 2021 was $5,352,682, primarily include net proceeds from issuance
of Ordinary Shares in initial public offerings of $11,271,480, proceeds from short-term loans of $1,257,225, proceeds from long-term
loans of $1,245,871, offset by repayment of short-term loans of $2,563,433, repayment of long-term loans of $2,522,101, repayment of
borrowings from related parties in the amount of $2,262,378, and repayment of borrowings from third party loans in the amount of $721,484.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
<span style="background-color: white">the year ended September 30, 2023</span>, we experienced a net decrease in cash of $728,110 as
compared to 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_007"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research and
    Development, Patents and Licenses, Etc.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Item 4.A. &#8220;Information on the Company&#8212;Business Overview&#8212;Intellectual Property,&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="X1_008"></span><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended September 30, 2023 that are reasonably likely to have a material adverse effect on our net revenues, income, profitability,
liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating
results or financial conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023 and 2022, there were no off-balance sheet arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, we had the following contractual obligations:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
As of September 30, 2023, we had total $3,800,868 short-term and long-term borrowings from several PRC banks and financing institutions
(including short-term loans of $2,509,890, current portion of long-term loans of $419,610 and long-term loans of $871,368) (see Footnote
10 &#8211; Debt, for details).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
A two-year capital lease agreement with Taizhongyin Finance Lease (Suzhou) Ltd. (&#8220;the Lessor&#8221;), as well as operating lease
of our factory space in Dali and office space in Xi&#8217;an.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Construction-in-progress (&#8220;CIP&#8221;) represents direct costs of construction incurred for our manufacturing facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 10, 2021, a subsidiary of Xi&#8217;an App-Chem, Gansu Baimeikang Bioengineering Co., Ltd. obtained a land use right and started to
construct a new manufacturing plant in Yumen City (&#8220;Yumen Project&#8221;), Gansu Province, with total budget of RMB 40 million
(approximately $5.6 million) for including the construction of the main body of the manufacturing plant, plant decoration and purchase
of machinery and equipment. The construction of Yumen Project was initially expected to be completed by October 2022. Due to resurgence
of the COVID-19 pandemic, which resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines
and travel bans, the construction work is estimated to be completed in December 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, our future minimum capital expenditure on the Yumen project is estimated to
be $5,000,000 for the next 12 months. We currently plan to support our ongoing CIP project construction through cash flows from operations,
bank borrowings, security offerings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, may result in substantial cost and diversion of our resources, including our management&#8217;s time and attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These
financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported
amounts of our assets and liabilities and revenues and expenses, to disclose contingent assets and liabilities on the date of the consolidated
financial statements, and to disclose the reported amounts of revenues and expenses incurred during the financial reporting period. The
most significant estimates and assumptions include the valuation of accounts receivable and inventories, useful lives of property, plant
and equipment and intangible assets, the recoverability of long-lived assets, provision necessary for contingent liabilities, and revenue
recognition. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely
on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ
from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe
critical accounting policies as disclosed in this report reflect the more significant judgments and estimates used in preparation of
our consolidated financial statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Risks
and Uncertainties</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
main operation is located in the PRC. Accordingly, our business, financial condition, and results of operations may be influenced by
political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. Our results may be adversely
affected by changes in the political, regulatory and social conditions in the PRC. Although we have not experienced losses from these
situations and believes that we are in compliance with existing laws and regulations including our organization and structure, this may
not be indicative of future results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme
weather conditions, health epidemics and other catastrophic incidents. Our operations may be further affected by the ongoing outbreak
of COVID-19 pandemic. Although the Company resumed its operations since March 2, 2020 and the COVID-19 impact on the Company&#8217;s
operating results and financial performance for the years ended September 30, 2022 and 2021 seems to be temporary, a resurgence could
negatively affect the execution of customer contracts, the collection of customer payments, or disruption of our supply chain. The continued
uncertainties associated with COVID-19 may cause our revenue and cash flows to underperform in the next 12 months. The extent of the
future impact of COVID-19 is still highly uncertain and cannot be predicted as of the financial statement reporting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development and commercialization of natural and healthy extracts and compounds products is highly competitive, and the industry currently
is characterized by rapidly changing technologies, significant competition and a strong emphasis on intellectual property. We may face
competition with respect to our current and future pharmaceutical product candidates from major pharmaceutical companies in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial
statements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Uses
of estimates</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America
(&#8220;US GAAP&#8221;), management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates
required to be made by management include, but are not limited to, the allowance for estimated uncollectible receivables, realizability
of advance to suppliers, inventory valuations, useful lives of property, plant and equipment, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Accounts
receivable, net</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable are presented net of allowance for doubtful accounts. We determine the adequacy of reserves for doubtful accounts based on
individual account analysis and historical collection trend. We establish a provision for doubtful receivables when there is objective
evidence that we may not be able to collect amounts due. The allowance is based on management&#8217;s best estimate of specific losses
on individual exposures, as well as a provision on historical trends of collections. Actual amounts received may differ from management&#8217;s
estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful
accounts after management has determined that the collection is not probable, Nil, Nil and $99,528 uncollectable account receivable was
written-off during the years ended September 30, 2023, 2022 and 2021, respectively. Allowance for uncollectable balances amounted to
$13,004 and $13,337 as of September 30, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Inventories,
net</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are stated at net realizable value using weighted average method. Costs include the cost of raw materials, freight, direct labor and
related production overhead. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision
for diminution in the value of inventories. Net realizable value is the estimated selling price in the normal course of business less
any costs to complete and sell products. We evaluate inventories on a quarterly basis for its net realizable value adjustments, and reduces
the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value
based on various factors including aging, expiration dates, as applicable, taking into consideration historical and expected future product
sales. We recorded inventory reserve of $1,079 and $6,869 as of September 30, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Revenue
recognition</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2017, we adopted Accounting Standards Codification (&#8220;ASC&#8221;) 606 using the modified retrospective approach.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
determine revenue recognition for contracts with customers, we perform the following five steps : (i) identify the contract(s) with the
customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration
to the extent that it is probable that a significant future reversal will <i>not</i> occur, (iv) allocate the transaction price to the
respective performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance to ASC 606, we recognize revenue when it transfers its goods and services to customers in an amount that reflects the consideration
to which we expect to be entitled in such exchange. We account for the revenue generated from sales of its products to its customers,
in which we are acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is
responsible for fulfilling the promise to provide customers the specified goods. All of our contracts have single performance obligation
as the promise is to transfer the individual goods to customers, and there are no other separately identifiable promises in the contracts.
Our revenue streams are recognized at a point in time when title and risk of loss passes and the customer accepts the goods, which generally
occurs at delivery. Our products are sold with no right of return and we do not provide other credits or sales incentive to customers.
Our sales are net of value added tax (&#8220;VAT&#8221;) and business tax and surcharges collected on behalf of tax authorities in respect
of product sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Contract
Assets and Liabilities</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
terms are established on our pre-established credit requirements based upon an evaluation of customers&#8217; credit. Contract assets
are recognized for in related accounts receivable. Contract liabilities are recognized for contracts where payment has been received
in advance of delivery. The contract liability balance can vary significantly depending on the timing when an order is placed and when
shipment or delivery occurs. As of September 30, 2022 and 2021, other than accounts receivable and advances from customers, we had no
other material contract assets, contract liabilities or deferred contract costs recorded on its consolidated balance sheet. Costs of
fulfilling customers&#8217; purchase orders, such as shipping, handling and delivery, which occur prior to the transfer of control, are
recognized in selling, general and administrative expense when incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Disaggregation
of Revenues</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
disaggregate our revenue from contracts by product types, as we believe it best depicts how the nature, amount, timing and uncertainty
of the revenue and cash flows are affected by economic factors. The summary of our total revenues by product categories for the years
ended September 30, 2023, 2022 and 2021 was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Revenue
by region</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
summary of our total revenues by region for the years ended September 30, 2023, 2022 and 2021 was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">For Years ended September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 46%; text-align: left">PRC</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">28,971,115</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Revenue
by product categories</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
summary of our total revenues by product categories for the years ended September 30, 2023, 2022 and 2021 was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 46%; text-align: left">Fragrance compounds</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">6,655,982</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,052,297</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,522,353</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,908,561</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Income
Tax</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when
temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amount expected to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
uncertain tax position is recognized only if it is &#8220;more likely than not&#8221; that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the &#8220;more likely than not&#8221; test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income tax are classified as income tax expense in the period incurred. As of September 30, 2022, we had income
tax payable of $576,098, primarily related to the unpaid income tax in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating subsidiaries in China are subject to the income tax laws of the PRC. No significant income was generated outside the PRC for
the years ended September 30, 2023, 2022 and 2021. As of September 30, 2023 and 2023, all of the tax returns of our PRC subsidiary remain
open for statutory examination by PRC tax authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span style="text-decoration: underline">Recent
Accounting Pronouncements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected
credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and
supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial
assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU
2020-02. For public entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years
beginning after December 15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating
the effects of the guidance on the Company&#8217;s consolidated financial statements and related disclosures.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
October 2020, the FASB issued ASU 2020-10, &#8220;Codification Improvements to Subtopic 205-10, presentation of financial statements&#8221;.
The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity
to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the
likelihood that the disclosure requirement would be missed. ASU 2020-10 is effective for the Company for annual and interim reporting
periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial
statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments
at the beginning of the period that includes the adoption date. The Company is currently evaluating the impact of this new standard on
Company&#8217;s consolidated financial statements and related disclosures.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_011"></span>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Safe Harbor</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Introductory Notes&#8212;Forward-Looking Information.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_012"></span>ITEM 6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS, SENIOR MANAGEMENT
    AND EMPLOYEES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span id="X1_013"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors and Senior Management</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding our directors and senior management, as well as employees upon whose work we
are dependent, as of the date of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Board of Directors and management team for Bon Natural Life Limited has been recently constituted, each of our executive officers
has been serving in an equivalent position with Xi&#8217;an App-Chem for some time as indicated in the footnotes to the table below.
Our executive officers and directors and their ages as of the date of this Annual Report are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Age</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    Joined</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
    Natural Life</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Position(s)
    and Office(s) Held</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yongwei Hu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June, 2020<sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer, Director,
    and Chairman</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wallace Lee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yingchun Xue</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June, 2020<sup>(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer and
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenjuan Chen</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June, 2020<sup>(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Marketing Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianli Liu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June, 2020<sup>(4)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Technology Officer and
    Chief Scientist</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianjun Gao</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jing Chen</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhixiang Gao</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Mr. Hu has led Xi&#8217;an App-Chem as President and Chairman of its board since April of 2006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)
</sup>Ms. Xue has served as Vice President of Xi&#8217;an App-Chem since 2011.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)
</sup>Ms. Chen has served as Vice General Manager of Xi&#8217;an App-Chem since 2006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)
</sup>Mr. Liu has served as CTO and Chief Scientist of Xi&#8217;an App-Chem since 2006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business address for all of our officers and directors is Room 601, Block C, Gazelle Valley, No.69, Jinye Road High-Tech Zone, Xi&#8217;an,
Shaanxi, China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is a brief description of the background and business experience of our executive officers and directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Yongwei
Hu</b> is our Chief Executive Officer and Chairman of our Board of Directors. From June 2000 to March 2006, Mr. Hu served as the department
manager and Deputy Executive President of Shaanxi Iko Ostriches Co., Ltd. and Xi&#8217;an England Bioscience Co., Ltd. From January 1999
to May 2000, Mr. Hu served as the trainer-in-charge of Xi&#8217;an Synchrobit Co., Ltd. From July 1997 to December 1998, Mr. Hu served
as trainer-in-charge of Ping An Insurance Group Xi&#8217;an Branch Office. From July 1993 to June1997, Mr. Hu served as staff and department
manager of Shaanxi Agriculture, Industry and Trade Co., Ltd. Mr. Hu obtained a bachelor&#8217;s degree in Biology upon his graduation
from Northwest University in 1993.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Hu has over twenty years of experience in natural products industry, an abundant industry network, and deep familiarity with the global
natural health market, with extensive experience in the Big Health markets in Europe and the United States. In addition, he maintains
sound business relations with well-known large enterprises in the health and pharmaceutical industry. We believe Mr. Hu&#8217;s depth
of experience and extensive industry knowledge make him well-positioned to continue leading the company forward.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Wallace
Lee </b>is our Chief Financial Officer. Mr. Lee served as the Vice President of Finance at Ruanyum Edi Technology, Inc. since February
2022. Mr. Lee has served in a variety of key leadership roles with companies including China SXT Pharmaceuticals, Inc. (Nasdaq:SXTC)
(February 2021 - January 2022 as Chief Financial Officer), Wanda Sports Group Holding Limited (Nasdaq: WSG) (January 2019 - April 2020
as Finance Securities &amp; Operation Director) and Secoo Holding Limited (Nasdaq: SECO) (May 2017- December 2019 as Finance Reporting
Director), Beijing Yongtuo CPA Limited (2012-2017 as Audit Principal of the International Business Department). He received his undergraduate
from University of Houston and is a Certified Public Accountant in the state of Texas.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Yingchun
Xue</b> is our Chief Operating Officer and she has served as the member of our Board of Directors since August 2, 2023. Ms. Xue has worked
for Xi&#8217;an App-Chem Bio (Tech) Co,. Ltd. since 2011 and is currently the Vice President in charge of research and development of
plant extracts, quality control and procurement of trade products. A senior phytochemical engineer, Ms. Xue obtained a bachelor&#8217;s
degree in Applied Chemistry upon graduation from Nanjing University in 1994.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Wenjuan
Chen</b> is our Chief Marketing Officer. She has served as the Vice President of Xi&#8217;an App-Chem Bio (Tech) Co., Ltd. since 2006.
Ms. Chen obtained a bachelor&#8217;s degree after her study at Xi&#8217;an International Studies University from 2000 to 2004, and a
master&#8217;s degree of Business Administration after her study at Shaanxi Master of Business Administration Institute from 2016 to
2018.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jianli
Liu</b> is our Chief Technology Officer and Chief Scientist. In this position, Mr. Liu is responsible for proposing new technical ideas
and concepts for Xi&#8217;an App-Chem and guiding and supervising their execution. He is a professor and the Dean of the Traditional
Chinese Medicine Department at Northwest University. He holds a Ph.D. from the University of Manchester. He is a member of the Royal
Society of Chemistry, and a member of Chinese Patent Medicine Chapter of the China Association of Chinese Medicine. He has published
over sixty academic papers, among which six have been included in SCI (Science Citation Index) journals and three have been included
in EI (Engineering Index) journals.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">His
scientific achievements include the following:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    the world to complete the biomimetic synthesis of anti-cancer drug 10-Hydroxycamptothecin, a research initiated in the early 1970s
    with no prior success in over two decades since its start. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    new subject, i.e., the state of trace elements - study of trace elements in traditional Chinese medicine&#8221;, and for the first
    time used experiments to prove that most of the trace elements in traditional Chinese medicine exist in a bond state, and that the
    amount of free state existence is very minor. This finding was awarded the third prize of the Outstanding Paper of Natural Science
    in Shaanxi Province in 1993.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The successful membrane
    introduction mass spectrometry and its application in detecting and measuring volatile organic matters in water bodies. This finding
    was awarded the second prize of Outstanding Scientific Research Achievements of Shaanxi Universities in 1989.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The successful research
    of simple biomimetic synthesis of rutecarpine, an active ingredient in Chinese medicine fructus evodiae.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The successful research
    of simple biomimetic synthesis of tryptanthrin, an active ingredient in Chinese medicine folium isatidis.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The development and research
    of new drugs using tryptanthrin and rutecarpine.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The successful in-depth
    study of biosynthesis of tryptanthrin in isatis indigotica fortune and its verification by extra addition of precursors.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jianjun
Gao </b>has served as the <span style="background-color: white">member of our Board of Directors and chairman of the Compensation Committee
of the Board of Directors since August 2, 2023. Mr. Gao </span>has served as a Bioinformatics Scientist at Progenesis Inc. since October
of 2022. Prior to that, from September of 2020 to October of 2022, Mr. Gao served as Senior Bioinformatician, and director of the epigenetics
team at The Lundquist Institute, Harbor-UCLA Medical Center. From September 2020 to July 2021, he was a Bioinformatics data scientist
on contract with Genentech. From August 2019 to July 2020, Mr. Gao was a Biostatistics Scientist at Denovo Biopharma LLC. From September
2018 to August 2019, he was a scientist in computational biology at Takeda Pharmaceutical in San Diego. From January 2016 to August 2018,
Mr. Gao was a Sr. Bioinformatician/ Data analyst, at the School of Medicine at the University of California San Diego. From August of
2014 to December of 2016, he was Bioinformatician in the Department of Human Genetics at the University of Chicago. Mr. Gao was also
a data analyst at the Department of Public Health Sciences at the University of Chicago from September 2012 to August 2014. Mr. Gao was
a Postdoctoral Fellow at the Epidemiology Branch, National Institutes of Environmental Health Sciences, National Institutes of Health
from February of 2008 through September of 2012.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Gao holds a Ph.D in Neurobiology and Population Genetics from the Institute for Nutritional Sciences, Chinese Academy of Science, China,
an M.S. in Genetics and Population Heath from the Institute of Population &amp; Health, Northwest University, China, and a B.S. from
the College of Life Science, Lanzhou University, China. Mr. Gao is an expert in genetic, genomic, epigenetic, and epidemiologic data
analysis, and in data visualization and interpretation via bioinformatics pipelines. Bionformatics is an interdisciplinary field that
develops methods and software tools for understanding biological data. Based on Mr. Gao&#8217;s deep technical background, rich experience
and industry resources in the field of biotechnology, he can help the company in the following aspects, 1). Assisting the company to
keep up with the development of cutting-edge biotechnology; 2). Introducing and assisting the company to acquire high level technology
and technical experts; 3). Assisting the company to obtain investment from professional investment institutions based on his rich resources
of biotechnology investment institutions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jing
Chen </b>has served as the <span style="background-color: white">member of our Board of Directors and chairman of the Audit Committee
of the Board of Directors since October 2, 2023. </span>Most recently, Ms. Chen served as the Vice President of Future FinTech Group
Inc. (NASDAQ: FTFT) from November 2020 to April 2023. Previously, she served as the Chief Financial Officer of Future FinTech Group Inc.
from May 2019 to November 2020. Ms. Chen served as the CFO of AnZhiXinCheng (Beijing) Technology Co., Ltd. from August 2018 to May 2019.
Ms. Chen has also served as an independent director of Hello iPayNow (Beijing) Company Ltd. since April 2019. From August 2017 to July
2018, Ms. Chen served as the CFO of Beijing Logis Technology Development Co., Ltd., a company listed on The National Equities Exchange
and Quotations Co., Ltd. of China which is a Chinese over-the-counter stock trading system. From June 2016 to July 2017, Ms. Chen served
as the Group Chief Financial Officer of Beijing AnWuYou Food Co., Ltd. Ms. Chen served as the Chief Financial Officer of Beijing DKI
Investment Management Co., Ltd. from August 2012 to May 2016. Ms. Chen&#8217;s other professional experience includes service as the
Chief Financial Officer of Yayi International Inc. (U.S. OTCBB: YYIN) from February 2010 to April 2012, the Chief Financial Officer of
China Natural Gas, Inc. (NASDAQ GM: CHNG) from May 2009 to January 2010, and Chief Financial Officer of Origin Agritech Inc. (NASDAQ:
SEED) from December 2007 to September 2008. She has also served as the Senior Director of Finance of iKang Healthcare Group Inc. (NASDAQ:
KANG listed on April 9, 2014) from December 2006 to November 2007 and as the Director of Finance of Elong Inc. (NASDAQ: LONG) from August
2001 to November 2006.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Chen received a degree of Doctor of Business Administration from Victoria University, Neuchatel, Switzerland in March 2008 and an MBA
degree from City University of Seattle, Washington, U.S. in April 2000. She graduated from Shanghai Institute of Tourism with a major
in Accounting in July 1985 and completed her studies of Supervisory Skills in Hong Kong Polytechnic Institute in September 1993. She
holds a Fellow Membership of CPA Australia (FCPA) and a Fellow Membership of the Association of International Accountants U.K. (FAIA).
She is also a Member of the Chartered Institute of Management Accountants (CIMA), a Senior Member of the International Financial Management
(SIFM) accredited by the Ministry of Human Resources and Social Security of PRC, and a Certified Internal Control Professional, as granted
by Internal Control Institute (ICI).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Zhixiang
Gao</b> has served as the member of our Board of Directors and chairman of the Nominating Committee of the Board of Directors since <span style="background-color: white">October
2, 2023</span>. Mr. Gao has served as the Deputy General Manager of Xi&#8217;an Shiyuan Logistics Service Company Ltd. since February
2022. Mr. Gao served as the General Manager of Qixia (Xi&#8217;an) Technology Company Ltd. from January 2019 to February 2022. Mr. Gao
served as the Associate Dean of Information Engineering at the Technology Research Institute of Shaanxi Normal University from January
2019 to February 2022. From July 2017 to December 2018, Mr. Gao worked for Eurasia University in Xi&#8217;an to take charge of the preparation
work of the audit department and the improvement of the internal control system. From February 2009 to July 2017, Mr. Gao served as the
General Manager of Logistics Group of Eurasia University in Xi&#8217;an. From May 2006 to July 2017, Mr. Gao served as the Director of
the Procurement Department of Eurasia University in Xi&#8217;an. Mr. Gao served as the Chief of Finance of Sichuan Tianyi College from
May 2004 to May 2005 and as the Finance Supervisor of Xi&#8217;an Oriental Hotel from July 1994 to July 2003.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Gao received a Master of Business Administration degree from Northwestern Polytechnical University, Xi&#8217;an, China in December 2015.
He received a Bachelor of Economics and Management degree from Army and Communication College of Xi&#8217;an, China in September 2007.
Mr. Gao graduated from Shaanxi Tourism Institute, a technical secondary school, with a major in Foreign-related Financial Administration
in September 1994.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_014"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is the compensation paid during the fiscal year ended September 30, 2023 for each of our executive officers and directors.
The figures below represent the compensation paid by Xi&#8217;an App-Chem:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Name</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023 Compensation</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Yongwei Hu</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 20%; text-align: right">US$20,968</td><td style="width: 1%; text-align: left"/></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Wallace Lee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$24,671</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Yingchun Xue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$15,860</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Wenjuan Chen</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$16,138</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Jianli Liu</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Jianjun Gao</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$913 </span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Jing Chen</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Zhixiang Gao</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Zhenchao Li (former CFO)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$730</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">James Edward Burns (former Director)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$26,745 </span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lawrence Leighton (former Director)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$27,000</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Jeffrey J. Guzy (former Director)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$18,000</span></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="X1_015"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board Practices</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Term
of Office</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed
from office in accordance with our Articles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Directors
Service Contracts</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yongwei
Hu serves under a Labor Contract with Xi&#8217;an App-Chem dated November 3, 2014. The term of his contract is open-ended. Mr. Hu is
bound by a non-competition agreement for the three years following the end of his employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yingchun
Xue serves under a Director Service Agreement dated August 3, 2023 (the &#8220;Agreement&#8221;). Under the Agreement, Ms. Xue receives
a stock options of $12,000 per year for each year of service as director. The term of this Agreement is one year. Upon expiration of
this Agreement, Agreement renewal should be based on negotiations between the Company and director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianjun
Gao serves under a Director Service Agreement dated August 3, 2023 (the &#8220;Agreement&#8221;). Under the Agreement Mr. Gao receives
a stipend of $1,000 per month for each month and a stock options of $12,000 per year for each year of service as director. The term of
this Agreement is one year. Upon expiration of this Agreement, Agreement renewal should be based on negotiations between the Company
and director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jing
Chen serves under a Director Service Agreement dated October 3, 2023 (the &#8220;Agreement&#8221;). Under the Agreement, Ms. Chen receives
a stipend of $1,500 per month for each month and stock options having a value of $12,000, to be determined by reference to the closing
price of Company&#8217;s stock on October 3, 2023. The term of this Agreement is one year. Upon expiration of this Agreement, Agreement
renewal should be based on negotiations between the Company and director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhixiang
Gao serves under a Director Service Agreement dated October 3, 2023 (the &#8220;Agreement&#8221;). Under the Agreement, Mr. Gao receives
a stipend of $1,000 per month for each month and stock options having a value of $12,000, to be determined by reference to the closing
price of Company&#8217;s stock on October 3, 2023. The term of this Agreement is one year. Upon expiration of this Agreement, Agreement
renewal should be based on negotiations between the Company and director.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Committees
of the Board</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate
governance committee. We have adopted a charter for each of the three committees. Each committee&#8217;s members and functions are described
below.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
Committee.</i></b> Our audit committee consists of Jing Chen, Jianjun Gao, and Zhixiang Gao. Jing Chen is the chairman of our audit committee.
We have determined that Jing Chen, Jianjun Gao, and Zhixiang Gao each satisfy the &#8220;independence&#8221; requirements of Rule 4200(a)(15)
of The NASDAQ Stock Market, Inc., and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that
Jing Chen qualifies as an &#8220;audit committee financial expert.&#8221; The audit committee oversees our accounting and financial reporting
processes and the audits of the financial statements of our company. The audit committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing the independent
    auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing with the independent
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing the annual audited
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing the adequacy
    and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major
    financial risk exposures; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting separately and
    periodically with management and the independent auditors; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring compliance with
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    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
Committee.</i></b> Our compensation committee consists of Jing Chen, Jianjun Gao, and Zhixiang Gao. Jianjun Gao is the chairman of our
compensation committee. We have determined that Jing Chen, Jianjun Gao, and Zhixiang Gao each satisfy the &#8220;independence&#8221;
requirements of Rule 4200(a)(15) of The NASDAQ Stock Market, Inc. The compensation committee assists the board in reviewing and approving
the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive
officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee is responsible
for, among other things:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving,
    or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers; </span></td></tr>
  </table>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person&#8217;s
    independence from management. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nominating
and Corporate Governance Committee.</i></b> Our nominating and corporate governance committee consists of Jing Chen, Jianjun Gao, and
Zhixiang Gao. Zhixiang Gao is the chairman of our nominating and corporate governance committee. We have determined that Jing Chen, Jianjun
Gao, and Zhixiang Gao each satisfy the &#8220;independence&#8221; requirements of Rule 4200(a)(15) of The NASDAQ Stock Market, Inc. The
nominating and corporate governance committee assists the board of directors in selecting individuals qualified to become our directors
and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible
for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting and recommending
    to the board nominees for election by the shareholders or appointment by the board; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing annually with
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    and diversity; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">making recommendations
    on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advising the board periodically
    with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable
    laws and regulations and making recommendations to the board on all matters of corporate governance and on any remedial action to
    be taken. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Duties
of Directors</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors also
have a duty to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances. In
fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association and the class
rights vested thereunder in the holders of the shares. A shareholder may in certain circumstances have rights to damages if a duty owed
by the directors is breached.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convening
    shareholders&#8217; annual general meetings and reporting its work to shareholders at such meetings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declaring
    dividends and distributions; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    officers and determining the term of office of the officers; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
    the borrowing powers of our company and mortgaging the property of our company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    the transfer of shares in our company, including the registration of such shares in our share register. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Terms
of Directors and Officers</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
officers are elected by and serve at the discretion of the board of directors. Our directors hold officer for one-year terms with automatic
annual renewals, and will continue to hold office until such time as they resign, or until such time as they are removed from office
by ordinary resolution of the shareholders or by the board. A director will be removed from office automatically if, among other things,
the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; or (ii) is found by our company to be or
becomes of unsound mind.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_001"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, we had a total of 96 full time employees, of which 46 are in production, 5 are in quality control, 16 are in R&amp;D,
19 are in sales and marketing, 6 are in finance and accounting, and 4 are in office and administration. We do not have any part time
employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_002"></span>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Ownership</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, as of the date of this Annual Report, the beneficial ownership of our ordinary shares by each executive officer
and director, by each person known by us to beneficially own more than 5% of our ordinary shares and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on 13,938,662 shares of
ordinary shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    Executive Officers and Directors</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 27%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yongwei
    Hu</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,703,652</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.22</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wallace
    Lee</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yingchun
    Xue<sup>(1) (2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000
                                            </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.22</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenjuan
    Chen<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000
                                            </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.14</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianli
    Liu<sup>(3)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">137,069</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.98</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianjun
    Gao</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(5)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jing
    Chen</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(6)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhixiang
    Gao</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(7)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    of All Current Officers and Directors:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,890,721</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.56</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8805;
    5% Beneficial Owners</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pomegranate
    Flower Limited<sup>(4)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">721,162</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.174</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>








<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    proportional beneficial ownership of shares held in Lavender Oil Limited, a company in which Yingchun Xue, our director and COO,
    Wenjuan Chen, our CMO, and Zhenzhao Li, our former CFO, are shareholders and hold the shares through their proportional ownership
    of Lavender Oil Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
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                                            options to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise
                                            price of $0.01 per share. The stock options issued to the Director shall have a value of
                                            $12,000, to be determined by reference to the closing price of Company&#8217;s stock on August
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    proportional beneficial ownership of shares held in Hawthorn Fruit Limited, a company in which Jianli Liu is a shareholder and holds
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pomegranate
    Flower Limited is a company limited by shares incorporated under the laws of British Virgin Islands. The person having voting, dispositive
    or investment powers over Pomegranate Flower Limited is Hao Qu; accordingly, Hao Qu is deemed to control Pomegranate Flower Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(5)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    options to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(6)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    options to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock
    options issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company&#8217;s
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(7)</sup></span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this table, &#8220;beneficial ownership&#8221; means the sole or shared power to vote, or to direct the voting of, a security,
or the sole or shared investment power with respect to a security (i.e., the power to dispose of, or to direct the disposition of, a
security). In addition, for purposes of this table, a person is deemed, as of any date, to have &#8220;beneficial ownership&#8221; of
any security that such person has the right to acquire within 60 days after such date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
persons named above have full voting and investment power with respect to the shares indicated. Under the rules of the Securities and
Exchange Commission, a person (or group of persons) is deemed to be a &#8220;beneficial owner&#8221; of a security if he or she, directly
or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the
disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security. A person
is also deemed to be a beneficial owner of any security, which that person has the right to acquire within 60 days, such as options or
warrants to purchase our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Major
Shareholders</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as set forth above, there are no beneficial owners of 5% or more of our voting securities. The company is not directly or indirectly
owned or controlled by another corporation(s) or by any foreign government. There are no arrangements, known to us, the operation of
which may at a subsequent date result in a change in control of the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_003"></span>ITEM
    7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAJOR
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_004"></span>A.</b></span></td>
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    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to Item 6 &#8220;Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth below, during our preceding three financial years up to the date of this Annual Report, there have been no transactions
or loans between the company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled
by, or are under common control with, the company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the
voting power of the company that gives them significant influence over the company, and close members of any such individual&#8217;s
family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling
the activities of the company, including directors and senior management of companies and close members of such individuals&#8217; families;
and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in
(c) or (d) or over which such a person is able to exercise significant influence:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023 and 2022, the balance of due to related parties was comprised of the Company&#8217;s borrowings from related parties
and was used for working capital during the Company&#8217;s normal course of business. Such advance was non-interest bearing and due
on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) Due from related parties</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 29%; font-size: 10pt; text-align: left">Wenjuan Chen</td><td style="width: 2%; font-size: 10pt">&#160;</td>
    <td style="width: 27%; font-size: 10pt; text-align: left">Senior Management of the Company</td><td style="width: 2%; font-size: 10pt">&#160;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">8,358</td><td style="width: 3%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 2%; font-size: 10pt">&#160;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt">Lu Jiang</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt">Employee of the Company</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">53</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total due from related parties</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">8,411</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of September 30, 2023 and 2022, the balance of
due from related parties was mainly comprised of advance to the employees for business purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)
Loan guarantee provided by related parties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Company&#8217;s short-term and long-term loans borrowed from PRC banks and other financial institutions, the Company&#8217;s
controlling shareholder, Mr. Yongwei Hu pledged his personal bank savings as collateral to safeguard the Company&#8217;s borrowings from
the banks and financial institutions. Mr. Yongwei Hu and his wife Ms. Jing Liu also jointly pledged their personal residence property
to guarantee the Company&#8217;s certain loans (see Note 11 to financial statements).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
related party transactions are in the normal course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_006"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
    of Experts and Counsel</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_007"></span>ITEM
    8.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_008"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Statements and Other Financial Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended consolidated financial statements filed as part of this Annual Report. See Item 18 &#8220;Financial Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, may result in substantial cost and diversion of our resources, including our management&#8217;s time and attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend
Policy</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have not paid any cash dividends on our shares. As a Cayman Islands company, we may only declare and pay dividends except when
the corporation is insolvent or would thereby be made insolvent or when the declaration or payment would be contrary to any restrictions
contained in our Articles of Association. Dividends may be declared and paid out of surplus only; but in case there is no surplus, dividends
may be declared or paid out of the net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year.
We currently anticipate that we will retain any available funds to finance the growth and operation of our business and we do not anticipate
paying any cash dividends in the foreseeable future. Additionally, our cash held in foreign countries may be subject to certain control
limitations or repatriation requirements, limiting our ability to use this cash to pay dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_009"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
    Changes</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
significant change has occurred since the date of our consolidated financial statements filed as part of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_010"></span>ITEM
    9.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
    OFFER AND LISTING</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_011"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
    and Listing Details</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on the NASDAQ Capital Market and trade under the symbol &#8220;BON.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
Number of Holders of Our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2022, there were 16 shareholders of record of our common stock. Certain of our securities are held in nominee or street name
so the actual number of beneficial owners of our securities is greater than the number of record holders set forth above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_012"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan
    of Distribution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_013"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
our disclosures above under &#8220;A. Offer and Listing Details.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_014"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_015"></span>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_016"></span>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses
    of the Issue</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 72px; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_017"></span>ITEM
    10.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADDITIONAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_018"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, our company&#8217;s capital is US$50,000.00 divided into (a) 450,000,000 ordinary shares, par value
of US$0.0001 each and (b) 50,000,000 preference shares, par value of US$0.0001 each. As of the date of this Annual Report, 13,938,662
ordinary shares are issued and outstanding. All of our issued and outstanding ordinary shares are fully paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_019"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
    and Articles of Association</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of material provisions of our memorandum and articles of association and of the Companies Law, insofar as they
relate to the material terms of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Objects
of Our Company.</i></b> Under our memorandum and articles of association, the objects of our company are unrestricted and we have the
full power and authority to carry out any object not prohibited by the law of the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary
Shares.</i></b> Our ordinary shares are issued in registered form and are issued when registered in our register of members. Our shareholders
who are nonresidents of the Cayman Islands may freely hold and vote their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preference
Shares. </i></b>Our preference shares may be issued in the future, upon approval of the Board of Directors, in one or more classes or
series, with rights and limitations of each class or series with regard to voting, dividends, convertability, and other powers, preferences
and relative, participating, optional and other special rights, and any qualifications, limitations and restrictions, as may be designated
by the Board for each designated class.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends.
</i></b>The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors. In addition,
our shareholders may by ordinary resolution declare a final dividend, but no dividend may exceed the amount recommended by our directors.
Our articles of association provide that dividends may be declared and paid out of our profits, realized or unrealized, or from any reserve
set aside from profits which our board of directors determine is no longer needed. Dividends may also be declared and paid out of share
premium account or any other fund or account which can be authorized for this purpose subject to the restrictions of the Companies Law,
provided that in no circumstances may we pay a dividend if this would result in our company being unable to pay its debts as they fall
due in the ordinary course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting
Rights.</i></b> On a show of hands each shareholder is entitled to one vote or, on a poll, each shareholder is entitled to one vote for
each ordinary share, voting together as a single class, on all matters that require a shareholder&#8217;s vote. Voting at any shareholders&#8217;
meeting is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or one or more shareholders
present in person or by proxy entitled to vote and who together hold not less than 10 percent of the paid-up voting share capital for
the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
quorum required for a meeting of shareholders consists of one or more shareholders present and holding at least a majority of the votes
of the issued and outstanding voting shares in our company. Shareholders may be present in person or by proxy or, if the shareholder
is a legal entity, by its duly authorized representative. Shareholders&#8217; meetings may be convened by our board of directors on its
own initiative or upon a request to the directors by shareholders holding no less than 10 percent of our paid voting share capital. Advance
notice of at least seven days is required for the convening of our annual general shareholders&#8217; meeting and any other general shareholders&#8217;
meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the
votes cast attaching to the outstanding ordinary shares at a meeting. A special resolution will be required for important matters such
as a change of name or making changes to our memorandum and articles of association. Holders of the ordinary shares may, among other
things, divide or combine their shares by ordinary resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transfer
of Ordinary Shares.</i></b> Any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer
in the usual or common form or any other form approved by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share whether or not it is fully
paid up without assigning any reason for doing so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration of transfers may be suspended and the register closed at such times and for such periods as our board of directors may from
time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register closed for more
than 45 days in any year as our board may determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation.
</i></b>On a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of shares), assets available
for distribution among the holders of ordinary shares shall be distributed among the holders of our shares on a pro rata basis. If our
assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses
are borne by our shareholders proportionately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Calls
on Shares and Forfeiture of Shares.</i></b> Our board of directors may from time to time make calls upon shareholders for any amounts
unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The
shares that have been called upon and remain unpaid are subject to forfeiture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption
of Shares.</i></b> The Companies Law and our articles of association permit us to purchase, redeem or otherwise acquire our own shares.
In accordance with our articles of association and provided the necessary shareholders or board approval have been obtained, we may issue
shares on terms that are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such
manner, including out of capital, as may be determined by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Variations
of Rights of Shares.</i></b> The rights attached to any class or series of shares (unless otherwise provided by the terms of issue of
the shares of that class or series), whether or not our company is being wound-up, may be varied with the consent in writing of the holders
of two-thirds of the issued shares of that class or series or with the sanction of a special resolution passed at a separate meeting
of the holders of the shares of the class or series. The rights conferred upon the holders of the shares of any class issued shall not,
unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue
of further shares ranking <i>pari passu</i> with such existing class of shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuance
of Additional Shares.</i></b> Our memorandum and articles of association authorizes our board of directors to issue additional ordinary
shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inspection
of Books and Records.</i></b> Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain
copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial
statements. See &#8220;Where You Can Find Additional Information.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-Takeover
Provisions.</i></b> Some provisions of our memorandum and articles of association may discourage, delay or prevent a change of control
of our company or management that shareholders may consider favorable, including a provision that limits the ability of shareholders
to requisition and convene general meetings of shareholders, such that shareholders requisitioning a meeting must hold not less than
ten percent of the paid up voting share capital of the company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of
association for a proper purpose and for what they believe in good faith to be in the best interests of our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exempted
Company.</i></b> We are an exempted company with limited liability under the Companies Law. The Companies Law distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company except that an exempted company that does not hold a license to carry on business in the Cayman Islands:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">does
    not have to file an annual return of its shareholders with the Registrar of Companies; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not required to open its register of members for inspection; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">does
    not have to hold an annual general meeting; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    prohibited from making any invitation to the public in the Cayman Islands to subscribe for any of its securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    issue negotiable or bearer shares or shares with no par value; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first
    instance); </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    register as an exempted limited duration company; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    register as a segregated portfolio company. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Limited
liability&#8221; means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_020"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Contracts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any material contracts other than in the ordinary course of business and other than those described in Item 4 &#8220;Information
on the Company,&#8221; Item 5 &#8220;Operating and Financial Review and Prospects&#8212;F. Tabular Disclosure of Contractual Obligations,&#8221;
Item 7 &#8220;Major Shareholders and Related Party Transactions,&#8221; or filed (or incorporated by reference) as exhibits to this Annual
Report or otherwise described or referenced in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_021"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    Controls</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
Exchange Controls</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Foreign Currency Exchange</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC Foreign Currency Administration Rules promulgated on January 29, 1996 and last amended on August 5, 2008 and various regulations
issued by SAFE and other relevant PRC government authorities, payment of current account items in foreign currencies, such as trade and
service payments, payment of interest and dividends can be made without prior approval from SAFE by following the appropriate procedural
requirements. By contrast, the conversion of RMB into foreign currencies and remittance of the converted foreign currency outside the
PRC for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, requires prior
approval from SAFE or its local office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 13, 2015, SAFE promulgated the Circular on Simplifying and Improving the Foreign Currency Management Policy on Direct Investment,
effective from June 1, 2015, which cancels the requirement for obtaining approvals of foreign exchange registration of foreign direct
investment and overseas direct investment from SAFE. The application for the registration of foreign exchange for the purpose of foreign
direct investment and overseas direct investment may be filed with qualified banks, which, under the supervision of SAFE, may review
the application and process the registration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Circular of the SAFE on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise,
or SAFE Circular 19, was promulgated on March 30, 2015 and became effective on June 1, 2015. According to SAFE Circular 19, a foreign-invested
enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital
account for which the relevant foreign exchange bureau has confirmed monetary contribution rights and interests (or for which the bank
has registered the account-crediting of monetary contribution). For the time being, foreign-invested enterprises are allowed to settle
100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for
its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment
with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and
open a corresponding Account for Foreign Exchange Settlement Pending Payment with the foreign exchange bureau (bank) at the place of
registration. The Circular of the SAFE on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital
Accounts, or SAFE Circular 16, was promulgated and became effective on June 9, 2016. According to SAFE Circular 16, enterprises registered
in PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. SAFE Circular 16 provides
an integrated standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency
capital and foreign debts) on self&#8212;discretionary basis, which applies to all enterprises registered in the PRC. SAFE Circular 16
reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly or indirectly
used for purposes beyond its business scope and may not be used for investments in securities or other investment with the exception
of bank financial products that can guarantee the principal within the PRC unless otherwise specifically provided. Besides, the converted
Renminbi shall not be used to make loans for related enterprises unless it is within the business scope or to build or to purchase any
real estate that is not for the enterprise own use with the exception for the real estate enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 26, 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance
of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine by reviewing
board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements, and (ii) domestic
entities must retain income to account for previous years&#8217; losses before remitting any profits. Moreover, pursuant to SAFE Circular
3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts
and other proof as a part of the registration procedure for outbound investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Foreign Exchange Registration of Overseas Investment by PRC Residents</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
issued the Circular on Relevant Issues Relating to Domestic Resident&#8217;s Investment and Financing and Roundtrip Investment through
Special Purpose Vehicles, or SAFE Circular 37, which became effective in July 2014, to replace the Circular of the State Administration
of Foreign Exchange on Issues Concerning the Regulation of Foreign Exchange in Equity Finance and Roundtrip Investments by Domestic Residents
through Offshore Special Purpose Vehicles, to regulate foreign exchange matters in relation to the use of special purpose vehicles, or
SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment in China. SAFE Circular
37 defines a SPV as an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose
of seeking offshore financing or making offshore investment, using legitimate onshore or offshore assets or interests, while &#8220;round
trip investment&#8221; is defined as direct investment in China by PRC residents or entities through SPVs, namely, establishing foreign-invested
enterprises to obtain the ownership, control rights and management rights. SAFE Circular 37 stipulates that, prior to making contributions
into an SPV, PRC residents or entities be required to complete foreign exchange registration with SAFE or its local branch. In addition,
SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment
in February 2015, which amended SAFE Circular 37 and became effective on June 1, 2015, requiring PRC residents or entities to register
with qualified banks rather than SAFE in connection with their establishment or control of an offshore entity established for the purpose
of overseas investment or financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
residents or entities who had contributed legitimate onshore or offshore interests or assets to SPVs but had not obtained registration
as required before the implementation of the SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified
banks. An amendment to the registration is required if there is a material change with respect to the SPV registered, such as any change
of basic information (including change of the PRC residents, name and operation term), increases or decreases in investment amount, transfers
or exchanges of shares, and mergers or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and
the subsequent notice, or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise that is established
through round-trip investment, may result in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested
enterprise, including payment of dividends and other distributions, such as proceeds from any reduction in capital, share transfer or
liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject relevant PRC
residents or entities to penalties under PRC foreign exchange administration regulations. See &#8220;Risk Factors&#8212;PRC regulations
relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or
our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary&#8217;s
ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Dividend Distribution</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
of dividends of foreign investment enterprises are mainly governed by the Foreign Investment Enterprise Law, issued in 1986 and amended
in 2000 and 2016 respectively, and the Implementation Rules under the Foreign Investment Enterprise Law, issued in 1990 and amended in
2001 and 2014 respectively. Under these regulations, foreign investment enterprises in the PRC may distribute dividends only out of their
accumulative profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, no less than 10% of
the accumulated profits of the foreign investment enterprises in the PRC are required to be allocated to fund certain reserve funds each
year unless these reserves have reached 50% of the registered capital of the enterprises. A PRC company is not permitted to distribute
any profits until any losses from previous fiscal years have been offset. Profits retained from prior fiscal years may be distributed
together with distributable profits from the current fiscal year. Under our current corporate structure, our BVI holding company may
rely on dividend payments from our wholly foreign-owned enterprises incorporated in China to fund any cash and financing requirements
we may have. Limitation on the ability of our operating subsidiaries to make remittance to our WOFEs and on the ability of our WOFEs
to pay dividends to us could limit our ability to access cash generated by the operations of those entities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_022"></span>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of the material Cayman Islands, PRC and U.S. federal income tax consequences of an investment in our ordinary shares
is based upon laws and relevant interpretations thereof in effect as of the date of this registration statement, all of which are subject
to change. This summary does not deal with all possible tax consequences relating to an investment in our ordinary shares, such as the
tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, the People&#8217;s
Republic of China and the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cayman
Islands Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the
jurisdiction of, the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies
except those which hold interests in land in the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the
United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company.
There are no exchange control regulations or currency restrictions in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of China Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Enterprise Income Tax Law</i> and its implementation rules, an enterprise established outside of the PRC with &#8220;de facto
management body&#8221; within the PRC is considered a resident enterprise. The implementation rules define the term &#8220;de facto management
body&#8221; as the body that exercises full and substantial control and overall management over the business, productions, personnel,
accounts and properties of an enterprise. In April 2009, the SAT issued the <i>SAT Circular 82</i>, which provides certain specific criteria
for determining whether the &#8220;de facto management body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located
in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those
controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT&#8217;s general position on how
the &#8220;de facto management body&#8221; text should be applied in determining the tax resident status of all offshore enterprises.
According to <i>SAT Circular 82</i>, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will
be regarded as a PRC tax resident by virtue of having its &#8220;de facto management body&#8221; in China only if all of the following
conditions are met: (i) the places where the senior management and senior management departments responsible for the daily production,
operation and management of the enterprise perform their duties are mainly located within the territory of the PRC; (ii) decisions relating
to the enterprise&#8217;s financial matters (such as money borrowing, lending, financing and financial risk management) and human resource
matters (such as appointment, dismissal and salary and wages) are made or are subject to approval by organizations or personnel in the
PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and board and shareholder resolutions,
are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.
In addition, the SAT issued the <i>Bulletin of the State Administration of Taxation on Printing and Distributing the Administrative Measures
for Income Tax on Chinese-controlled Resident Enterprises Incorporated Overseas (Trial Implementation)</i> in 2011, providing more guidance
on the implementation of <i>SAT Circular 82</i>. This bulletin clarifies matters including resident status determination, post determination
administration, and competent tax authorities. In January 2014, the SAT issued the <i>SAT Bulletin 9</i>. According to <i>SAT Bulletin
9</i>, a Chinese-controlled offshore incorporated enterprise that satisfies the conditions prescribed under the <i>SAT Circular 82</i>
for being recognized as a PRC tax resident must apply for being recognized as a PRC tax resident to the competent tax authority at the
place of registration of its main investor within the territory of China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Bon Natural Life Limited is not a PRC resident enterprise for PRC tax purposes. Bon Natural Life Limited is not controlled
by a PRC enterprise or PRC enterprise group and we do not believe that Bon Natural Life Limited meets all of the conditions above. Bon
Natural Life Limited is a company incorporated outside the PRC. As a holding company, its key assets are its ownership interests in its
subsidiaries, and its key assets are located, and its records (including the resolutions of its board of directors and the resolutions
of its shareholders) are maintained, outside the PRC. However, the tax resident status of an enterprise is subject to determination by
the PRC tax authorities and uncertainties remain with respect to the interpretation of the term &#8220;de facto management body.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the PRC tax authorities determine that Bon Natural Life Limited is a PRC resident enterprise for enterprise income tax purposes, we would
be subject to 25% enterprise income tax on its worldwide income. Furthermore, we may be required to withhold a 10% withholding tax from
dividends we pay to our shareholders that are non-resident enterprises, including the holders of our Shares. In addition, non-resident
enterprise shareholders may be subject to a 10% PRC tax on gains realized on the sale or other disposition of ordinary shares, if such
income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to our non-
resident individual shareholders and any gain realized on the transfer of ordinary shares by such shareholders may be subject to PRC
tax at a rate of 20% unless a reduced rate is available under an applicable tax treaty. It is also unclear whether non- resident shareholders
of Bon Natural Life Limited would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC
in the event that Bon Natural Life Limited is treated as a PRC resident enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, the SAT issued the <i>SAT Bulletin 7</i>, which came into effect on February 3, 2015, but will also apply to cases
where their PRC tax treatments are not yet concluded. Pursuant to <i>SAT Bulletin 7</i>, an &#8216;&#8216;indirect transfer&#8217;&#8217;
of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident enterprise, by non-PRC
resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets, if such arrangement does
not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated
to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 17, 2017, the SAT issued the <i>SAT Bulletin 37</i>, which came into effect on December 1, 2017. The <i>SAT Bulletin 37 </i>further
clarifies the practice and procedure of the withholding of non-resident enterprise income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
a non-resident enterprise transfers taxable assets in China indirectly by disposing of the equity interests of an overseas holding company,
which is an Indirect Transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred,
may report such Indirect Transfer to the relevant tax authority. Using a &#8220;substance over form&#8221; principle, the PRC tax authority
may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose
of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income
tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes. Our company
may be subject to filing obligations or taxed if our company is transferor in such transactions, and we may be subject to withholding
obligations if our company is transferee in such transactions, under <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i>. For transfer of
shares in our company by investors who are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing
under <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i>. As a result, we may be required to expend valuable resources to comply with <i>SAT
Bulletin 7</i> and <i>SAT Bulletin 37</i> or to request the relevant transferors from whom we purchase taxable assets to comply with
these circulars, or to establish that our company should not be taxed under these circulars, which may have a material adverse effect
on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>United
States Federal Income Tax Considerations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our ordinary shares by a U.S. Holder (as defined below) that acquires and holds our Shares as &#8220;capital assets&#8221; (generally,
property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This discussion is based upon existing
U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought
from the Internal Revenue Service, the IRS, with respect to any U.S. federal income tax consequences described below, and there can be
no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal
estate, gift, Medicare, and alternative minimum tax considerations, or any state, local and non-U.S. tax considerations, relating to
the ownership or disposition of our ordinary shares. The following summary does not address all aspects of U.S. federal income taxation
that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such
as:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks
    and other financial institutions; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pension
    plans; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cooperatives;
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
    estate investment trusts; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders
    in securities that elect to use a mark-to-market method of accounting; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    former U.S. citizens or long-term residents; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities (including private foundations); </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    liable for alternative minimum tax; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders
    who acquire their ordinary shares pursuant to any employee share option or otherwise as compensation; </span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investors
    that will hold their ordinary shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction
    for U.S. federal income tax purposes; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investors
    that have a functional currency other than the U.S. dollar; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that actually or constructively own 10% or more of the total combined voting power of all classes of our voting stock; or </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">partnerships
    or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding ordinary shares through such entities.
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
of whom may be subject to tax rules that differ significantly from those discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal tax law to its particular circumstances, and
the state, local, non-U.S. and other tax considerations of the ownership and disposition of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of our ordinary shares that is, for U.S. federal income
tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a citizen or resident of the United States; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the law
    of the United States or any state thereof or the District of Columbia; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons
    who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated
    as a U.S. person under the Code. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our ordinary shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
Partnerships holding our ordinary shares and their partners are urged to consult their tax advisors regarding an investment in our ordinary
shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive
Foreign Investment Company Considerations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if
either (i) 75% or more of its gross income for such year consists of certain types of &#8220;passive&#8221; income or (ii) 50% or more
of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or
are held for the production of passive income. For this purpose, cash and assets readily convertible into cash are categorized as a passive
asset and the company&#8217;s goodwill and other unbooked intangibles are taken into account. Passive income generally includes, among
other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a
proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly
or indirectly, more than 25% (by value) of the stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the law in this regard is not entirely clear, we treat our consolidated subsidiary as being owned by us for U.S. federal income tax purposes
because we control its management decisions and are entitled to substantially all of the economic benefits associated with this entity.
As a result, we consolidate its results of operations in our consolidated U.S. GAAP financial statements. If it were determined, however,
that we are not the owner of the consolidated subsidiary for U.S. federal income tax purposes, we would likely be treated as a PFIC for
the current taxable year and any subsequent taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
that we are the owner of the subsidiary for U.S. federal income tax purposes, and based upon our current and projected income and assets,
and projections as to the value of our assets, based in part on the market value of our Shares, we do not expect to be a PFIC for the
current taxable year or the foreseeable future. While we do not anticipate being or becoming a PFIC in the current or foreseeable taxable
years, no assurance can be given in this regard because the determination of whether we will be or become a PFIC is a factual determination
made annually that will depend, in part, upon the composition of our income and assets. Fluctuations in the market price of our Shares
may cause us to be classified as a PFIC for the current or future taxable years because the value of our assets for purposes of the asset
test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market price of our Shares
from time to time (which may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into
account the cash proceeds and our market capitalization following our initial public offering. If our market capitalization subsequently
declines, we may be or become classified as a PFIC for the current taxable year or future taxable years. Under circumstances where our
revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive
income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC
may substantially increase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are classified as a PFIC for any year during which a U.S. Holder holds our ordinary shares, the PFIC rules discussed below under &#8220;Passive
Foreign Investment Company Rules&#8221; generally will apply to such U.S. Holder for such taxable year, and unless the U.S. Holder makes
certain elections, will apply in future years even if we cease to be a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion below under &#8220;Dividends&#8221; and &#8220;Sale or Other Disposition&#8221; is written on the basis that we will not be
or become classified as a PFIC for U.S. federal income tax purposes. The U.S. federal income tax rules that apply generally if we are
treated as a PFIC are discussed below under &#8220;Passive Foreign Investment Company Rules.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion below under &#8220;Passive Foreign Investment Company Rules,&#8221; any cash distributions (including the amount of
any PRC tax withheld) paid on our ordinary shares out of our current or accumulated earnings and profits, as determined under U.S. federal
income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively
received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles,
any distribution we pay will generally be treated as a &#8220;dividend&#8221; for U.S. federal income tax purposes. Dividends received
on our ordinary shares will not be eligible for the dividends received deduction allowed to corporations. A non-corporate U.S. Holder
will be subject to tax at the lower capital gain tax rate applicable to &#8220;qualified dividend income,&#8221; provided that certain
conditions are satisfied, including that (1) our Shares are readily tradeable on an established securities market in the United States,
or, in the event that we are deemed to be a PRC resident enterprise under the PRC tax law, we are eligible for the benefit of the United
States-PRC income tax treaty, (2) we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the
taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. We expect
our Shares will be readily tradeable on an established securities market in the United States. There can be no assurance, however, that
our Shares will be considered readily tradeable on an established securities market in later years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, a U.S. Holder may be subject to
PRC withholding taxes on dividends paid on our ordinary shares. We may, however, be eligible for the benefits of the United States-PRC
income tax treaty. If we are eligible for such benefits, dividends we pay on our ordinary shares would be eligible for the reduced rates
of taxation described in the preceding paragraph.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category
income. Depending on the U.S. Holder&#8217;s individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of
complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on our ordinary
shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S.
federal income tax purposes, in respect of such withholding, but only for a year in which such holder elects to do so for all creditable
foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder&#8217;s
individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the
foreign tax credit under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sale
or Other Disposition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion below under &#8220;Passive Foreign Investment Company Rules,&#8221; a U.S. Holder will generally recognize capital
gain or loss upon the sale or other disposition of ordinary shares in an amount equal to the difference between the amount realized upon
the disposition and the holder&#8217;s adjusted tax basis in such ordinary shares. Any capital gain or loss will be long-term if the
ordinary shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes.
In the event that gain from the disposition of the ordinary shares is subject to tax in the PRC, such gain may be treated as PRC source
gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are
urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our ordinary shares,
including the availability of the foreign tax credit under their particular circumstances.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive
Foreign Investment Company Rules</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares, and unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution
that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than
125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding
period for the ordinary shares), and (ii) any gain realized on the sale or other disposition of ordinary shares. Under the PFIC rules:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    excess distribution or gain will be allocated ratably over the U.S. Holder&#8217;s holding period for the ordinary shares; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the current taxable year and any taxable years in the U.S. Holder&#8217;s holding period prior to the first taxable
    year in which we are classified as a PFIC (each, a &#8220;pre-PFIC year&#8221;), will be taxable as ordinary income; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
    for individuals or corporations, as appropriate, for that year; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year,
    other than a pre-PFIC year. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares and any of our subsidiaries is also a PFIC, such
U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application
of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an alternative to the foregoing rules, a U.S. Holder of &#8220;marketable stock&#8221; in a PFIC may make a mark-to-market election with
respect to such stock, provided that such stock is regularly traded. For those purposes, our ordinary shares are treated as marketable
stock due to their listing on the Nasdaq Capital Market. We anticipate that our Shares should qualify as being regularly traded, but
no assurances may be given in this regard. If a U.S. Holder makes this election, the holder will generally (i) include as ordinary income
for each taxable year that we are a PFIC the excess, if any, of the fair market value of Shares held at the end of the taxable year over
the adjusted tax basis of such Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Shares
over the fair market value of such Shares held at the end of the taxable year, but such deduction will only be allowed to the extent
of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder&#8217;s adjusted tax basis in
the Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market
election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the holder will not
be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC.
If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Shares
in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only
be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC
rules with respect to such U.S. Holder&#8217;s indirect interest in any investments held by us that are treated as an equity interest
in a PFIC for U.S. federal income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would
result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder owns our ordinary shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS Form
8621. You should consult your tax advisors regarding the U.S. federal income tax consequences of owning and disposing of our ordinary
shares if we are or become a PFIC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
Reporting</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders may be required to report information to the IRS with respect to the beneficial ownership of our ordinary shares. These
rules also impose penalties if a U.S. Holder is required to submit such information to the IRS and fails to do so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, U.S. Holders may be subject to information reporting to the IRS with respect to dividends on and proceeds from the sale or
other disposition of our ordinary shares. Each U.S. Holder is advised to consult with its tax advisor regarding the application of the
U.S. information reporting rules to their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_023"></span>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and Paying Agents</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_024"></span>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by Experts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_025"></span>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on Display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed this Annual Report on Form 20-F with the SEC under the Exchange Act. Statements made in this Annual Report as to the contents
of any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this Annual Report,
reference is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified
in its entirety by such reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this Annual Report, may be inspected and copied at the
public reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this Annual Report by mail
from the Public Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of
this material may be obtained from the SEC&#8217;s Internet site at http://www.sec.gov. The SEC&#8217;s telephone number is 1-800-SEC-0330.
In accordance with NASDAQ Stock Market Rule 5250(d).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_026"></span>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Item 4.a, Information on the Company &#8211; History and Development of the Company, above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_027"></span>ITEM
    11.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Exchange Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Substantially all of our revenue-generating transactions, and a majority of our expense-related transactions, are denominated in Renminbi,
which is the functional currency of our operations. We do not hedge against currency risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions. To the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi
against the U.S. dollar would reduce the Renminbi amount we receive from the conversion. Conversely, if we decide to convert Renminbi
into U.S. dollars for the purpose of making payments for dividends on our ordinary shares, servicing outstanding debts, or for other
business purposes, appreciation of the U.S. dollar against the Renminbi would reduce the U.S. dollar amounts available to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB depreciated by 10.2% for the year
ended September 30, 2022 and depreciated by 2.6% for the year ended September 30, 2023. It is difficult to predict how market forces
or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value
of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any
underlying changes in our business or results of operations. Currently, our assets, liabilities, revenues and costs are denominated in
RMB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
Rate Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not currently exposed to interest rate risk. We do not own any interest-bearing instruments and our interest-bearing debt carries
a fixed rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Price Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not currently exposed to commodity price risk or market price risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflation
does not materially affect our business or the results of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seasonality
does not materially affect our business or the results of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 72px; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_028"></span>ITEM
    12.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_029"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_030"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
    and Rights</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we had the following warrants and options outstanding:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    issued to our directors as follows:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock options
    issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company&#8217;s stock
    on August 3, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock options
    issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company&#8217;s stock
    on August 3, 2023.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>



<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock options
    issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company&#8217;s stock
    on October 3, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock options
    issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company&#8217;s stock
    on October 3, 2023.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
    issued to investors as follows:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
    to purchase a total of 2,750,000 ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.88 per share.
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_031"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_032"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American
    Depositary Shares</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have any American Depositary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_033"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_034"></span>ITEM
    13.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_035"></span>ITEM
    14.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_036"></span>ITEM
    15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONTROLS
    AND PROCEDURES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_037"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
    Controls and Procedures</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, with the participation of our CEO and CFO, has evaluated the effectiveness of the Company&#8217;s disclosure controls and
procedures, as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act, as of September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;disclosure controls and procedures&#8221; as defined in Rules 13a-15(e) and 15d-15(e) means controls and other procedures
of the Company that are designed to ensure that information required to be disclosed by a company in reports, such as this Annual Report,
that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the company&#8217;s management, including its principal executive and principal financial officers, as appropriate to allow timely
decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated,
can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the
cost-benefit relationship of possible controls and procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of September 30, 2023,
due to material weaknesses in our internal control over financial reporting related to a lack of accounting staff and resources with
appropriate knowledge of generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and SEC reporting and
compliance requirements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the identification of the material weaknesses and control deficiencies, we have taken remedial measures including (i) hiring more qualified
accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function
and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging
an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal
control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we have not fully addressed the above-referenced weaknesses. However, we have made progress in implementing
remedial measures, specifically:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
We have hired three additional mid-level financial staff as of the date of this Annual Report, one of whom has been staffed in the financial
reporting unit and the other in the internal control department.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">In addition, we appointed a new <span style="background-color: white">Chief Financial Officer, Mr. Wallace Lee, </span>in
April 2023 <span style="background-color: white">to assume the responsibilities previously held by Mr. Zhenchao Li. Mr. Lee is a U.S.
Certified Public Accountant and he has over 20 years of experience in U.S. accounting. He previously held various senior roles with a
handful of U.S.-listed companies. We believe </span>his extensive experience in U.S. accounting will be critical to our remedial measures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Since September 30, 2020, the management team in the PRC has held internal meetings, discussions, trainings, and seminars on a monthly
basis to review our financial statements and operational performance and to identify areas to improve our internal control procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
We have appointed directors and established an audit committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
In April 2021, we engaged Grant Thornton (Special General Partnership), Xiamen Branch to assist us in setting-up our financial and system
control framework. Grant Thornton has completed the evaluation of the effectiveness of our existing financial and system control and
formulated an implementation plan with expanded and enhanced control and procedures. We expect to fully complete the setup of our financial
and system control framework by December 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_038"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
    Annual Report on Internal Control Over Financial Reporting</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over
financial reporting is designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation
of our consolidated financial statements in accordance with GAAP. Our accounting policies and internal controls over financial reporting,
established and maintained by management, are under the general oversight of the Board&#8217;s audit committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
internal control over financial reporting includes those policies and procedures that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our
    assets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could
    have a material effect on the financial statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree or compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
assessed our internal control over financial reporting as of September 30, 2023. The standard measures adopted by management in
making its evaluation are the measures in the Internal-Control Integrated Framework published by the Committee of Sponsoring
Organizations of the Treadway Commission.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on management&#8217;s assessment using the COSO criteria, our CEO and CFO concluded that our internal control over financial reporting
as of September 30, 2023 was not effective. We have taken, and are taking, certain actions to remediate the material weaknesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span id="SU_039"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation
    Report of the Registered Public Accounting Firm</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Company is a non-accelerated filer, this Annual Report does not include an attestation report of our registered public accounting
firm regarding internal control over financial reporting. Management&#8217;s report was not subject to attestation by our registered
public accounting firm pursuant to rules of the SEC where domestic and foreign registrants that are non-accelerated filers, which we
are, and &#8220;emerging growth companies,&#8221; which we also are, are not required to provide the auditor attestation report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_040"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
    in Internal Controls over Financial Reporting</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described above, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the
Exchange Act) that occurred during the year ended September 30, 2023 that have materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_041"></span>ITEM
    16A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AUDIT
    COMMITTEE FINANCIAL EXPERT</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee of our board of directors currently consists of three members, Jing Chen, Jianjun Gao, and Zhixiang Gao. Our board of
directors has determined that all of our audit committee members are &#8220;independent&#8221; under the Exchange Act and have the requisite
financial knowledge and experience to serve as members of our audit committee. In addition, our board of directors has determined that
Jing Chen is an &#8220;audit committee financial expert&#8221; as defined in Item 16A of the Instructions to Form 20-F and meets NASDAQ&#8217;s
financial sophistication requirements due to his current and past experience in various companies in which he was responsible for, amongst
others, the financial oversight responsibilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_042"></span>ITEM
    16B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CODE
    OF ETHICS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a Code of Business Conduct and Ethics (the &#8220;Code of Ethics&#8221;) that applies to all of the directors, officers
and employees of the Company and its subsidiaries, including our principal executive officer, principal financial officer and principal
accounting officer. The Code of Ethics addresses, among other things, honesty and ethical conduct, conflicts of interest, compliance
with laws, regulations and policies, including disclosure requirements under the federal securities laws, confidentiality, trading on
inside information, and reporting of violations of the code. A copy of the Code of Ethics is filed as Exhibit 14.1 to our amended registration
statement on Form F-1 filed on May 14, 2021. During the fiscal year ended September 30, 2023, there were no waivers of our Code of Ethics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_043"></span>ITEM
    16C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with services rendered by our principal external
auditors for the periods indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Fiscal Year Ended <br/>September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Audit Fees*</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">190,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">300,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
    Fees&#8221; consisted of the aggregate fees billed for professional services rendered for the audit of our annual financial statements
    or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Audit Committee pre-approves all auditing services and permitted non-audit services to be performed for us by our independent auditor,
including the fees and terms thereof (subject to the de minimums exceptions for non-audit services described in Section 10A(i)(l)(B)
of the Exchange Act that are approved by our Audit Committee prior to the completion of the audit).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_044"></span>ITEM
    16D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_045"></span>ITEM
    16E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no purchases of equity securities made by or on behalf of us or any &#8220;affiliated purchaser&#8221; as defined in Rule 10b-18
of the Exchange Act during the period covered by this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_046"></span>ITEM
    16F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGES
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_047"></span>ITEM
    16G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CORPORATE
    GOVERNANCE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated in the Cayman Islands and our corporate governance practices are governed by applicable Cayman Islands law and our
Memorandum and Articles. In addition, because our common stock is listed on NASDAQ, we are subject to NASDAQ&#8217;s corporate governance
requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_048"></span>ITEM
    16H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MINE
    SAFETY DISCLOSURE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_049"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_050"></span>ITEM
    17.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    STATEMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_051"></span>ITEM
    18.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    STATEMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements are filed as part of this Annual Report beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.7in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_052"></span>ITEM
    19.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBITS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    No.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315222030926/ex3-1.htm" style="-sec-extract: exhibit">Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect<sup>(4)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315221011470/ex4-1.htm" style="-sec-extract: exhibit">Registrant&#8217;s Specimen Certificate for Ordinary Shares<sup>(2)</sup></a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315222030926/ex4-1.htm" style="-sec-extract: exhibit">2022 Equity Incentive Plan<sup>(4)</sup></a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315220023056/ex10-7.htm" style="-sec-extract: exhibit">Labor Contract between Xi&#8217;an App-Chem and Yongwei Hu<sup>(1)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315220023056/ex10-11.htm" style="-sec-extract: exhibit">Loan Agreement<sup>(1)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315223026800/ex10-2.htm" style="-sec-extract: exhibit">Director Service Agreement with Yingchun Xue<sup>(7)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315223026800/ex10-1.htm" style="-sec-extract: exhibit">Director Service Agreement with Jianjun Gao<sup>(7)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315223036352/ex10-1.htm" style="-sec-extract: exhibit">Director Service Agreement with Jing Chen<sup>(8)</sup></a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315223036352/ex10-2.htm" style="-sec-extract: exhibit">Director Service Agreement with Zhixiang Gao<sup>(8)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1816815/000149315220023056/ex10-14.htm" style="-sec-extract: exhibit">English translation of Property Lease Agreement for Weinan Raw Materials and Ingredients Production Site<sup>(1)</sup></a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315223002057/ex10-1.htm" style="-sec-extract: exhibit">Form of Subscription Agreement for private offering closed January 17, 2023<sup>(6)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315223002057/ex10-2.htm" style="-sec-extract: exhibit">Form of Warrant issued in private offering closed January 17, 2023<sup>(6)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315220023056/ex14-1.htm" style="-sec-extract: exhibit">Code of Business Conduct and Ethics<sup>(1)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1816815/000149315222002688/ex21-1.htm" style="-sec-extract: exhibit">Significant subsidiaries of the Registrant<sup>(5)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex31-1.htm">Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)<sup>(9)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex31-2.htm">Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)<sup>(9)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex32-1.htm">Certifications of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002<sup>(9)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex32-2.htm">Certifications of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002<sup>(9)</sup></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Incorporated by reference to Registration Statement on Form F-1 filed December 7, 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Incorporated by reference to Registration Statement on Form F-1/A filed May 14, 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed June 30, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed November 8, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
Incorporated by reference to Annual Report on Form 20-F filed January 31, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed January 20, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed August 4, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed October 5, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)
Filed herewith</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    February 9, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
    Natural Life Limited</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Yongwei Hu</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yongwei
    Hu</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO CONSOLDIATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">TABLE
OF CONTENTS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Financial Statements</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SU_053">Report of Independent Registered Public Accounting Firm</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SU_054">Consolidated Balance Sheets as of September 30, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SU_055">Consolidated Statements of Income and Comprehensive Income for the Years Ended September 30, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SU_056">Consolidated Statements of Changes in Shareholders&#8217; Equity for the Years Ended September 30, 2023, 2023 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SU_057">Consolidated Statements of Cash Flows for the Years Ended September 30, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SU_058">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7
    &#8211; F-45</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Sans-Serif; margin: 0; color: Red"><img src="form20-f_005.jpg" alt=""/></p>

<p style="font: 9pt Sans-Serif; margin: 0; color: Red">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="background-color: white"><b><span id="SU_053"></span>REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">To the Board of Directors and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Shareholders of Bon Natural Life Ltd &#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Opinion on
the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We have audited
the accompanying consolidated balance sheets of Bon Natural Life Ltd and Subsidiaries (collectively, the &#8220;Company&#8221;) as of
September&#160;30, 2023 and 2022, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholders&#8217;
equity, and cash flows for the years ended September&#160;30, 2023 and 2022, and the related notes (collectively referred to as the &#8220;financial
statements&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">In our opinion,
the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September&#160;30,
2023 and 2022, and the results of its operations and its cash flows for years ended September&#160;30, 2023 and 2022, in conformity with
accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Basis for
Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">These consolidated
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules&#160;and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we
are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Our audits included
performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audits provide
a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="background-color: white">/s/ <i><span id="xdx_909_edei--AuditorName_c20221001__20230930_zJoEqwm2ljJj"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:AuditorName" id="ixv-30969">YCM CPA, Inc</ix:nonNumeric></span>.</i></span></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="background-color: white">We have served as the
Company&#8217;s auditor since 2022. </span></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="background-color: white">PCAOB ID <span id="xdx_90D_edei--AuditorFirmId_c20221001__20230930_zgNsAlQZBaB9"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:AuditorFirmId" id="ixv-30970">6781</ix:nonNumeric></span><br/>
<span id="xdx_902_edei--AuditorLocation_c20221001__20230930_z31wOi8UbIRb"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="dei:AuditorLocation" id="ixv-30971">Irvine, California</ix:nonNumeric></span><br/>
February 9, 2024</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="SU_054"></span>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
BALANCE SHEETS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 10pt">Acquisition deposit</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 10pt">Due from related parties</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0082">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Prepaid expenses and other current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-30984">2,355,293</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-30988">21,064,043</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 10pt">Intangible assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-30990">995,227</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 10pt">Right-of-use lease assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-30992">312,067</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxAssetsNet" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-30994">1,335</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_405_eus-gaap--OtherLiabilities_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCz0Ok_zzriQ51lvmvi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--TaxesPayableCurrent_i02I_pp0p0_maLCz0Ok_zG8M75vJ7dG8" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--DeferredRevenueCurrent_i02I_pp0p0_maLCz0Ok_zjZ22paay4a6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_i02I_pp0p0_maLCz0Ok_zvDz6Qr15264" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--FinanceLeaseLiabilityCurrent_i02I_pp0p0_maLCz0Ok_zTdF2hi1lyma" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0132">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pp0p0_maLCz0Ok_ziBsWoiAGjWl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Operating lease liability, current</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31013">227,297</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31014">230,182</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesCurrent_i02TI_pp0p0_mtLCz0Ok_maLz6zb_zyg9rEZYJrWi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">TOTAL CURRENT LIABILITIES</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--LongTermDebtNoncurrent_i01I_pp0p0_maLz6zb_zgQBjwRWbbS8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Long-term loans</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--FinanceLeaseLiabilityNoncurrent_i01I_pp0p0_maLz6zb_ziSti3Ey2ZH" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Finance lease liabilities, noncurrent</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0144">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0145">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_pp0p0_maLz6zb_zTw6825YYLCa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Operating lease liability, noncurrent</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31019">91,720</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31020">327,202</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--Liabilities_i01TI_pp0p0_mtLz6zb_maLASEzoOt_zzAjepaCrSm5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31021">10,574,303</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31022">7,164,353</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--CommitmentsAndContingencies_i01I_pp0p0_maLASEzoOt_zWCXnSx1TsH4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">COMMITMENTS AND CONTINGENCIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0153">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0154">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">EQUITY</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--CommonStockValue_i02I_pp0p0_maSEzRZu_zBOZ9lsWERle" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Ordinary shares, $<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pip0_c20230930_zWBgM4iM7TS9" title="Ordinary shares, par value"><span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pip0_c20220930_zsk2vrlDnRDh" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-31023"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-31024">0.0001</ix:nonFraction></ix:nonFraction></span></span> par value, <span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_c20230930_z1y5Txe1RfN6" title="Ordinary shares, shares authorized"><span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_c20220930_zYCiTtsNMrMf" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31025"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31026">500,000,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized, <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20230930_z3tWv6mg1F15" title="Ordinary shares, shares issued"><span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_c20230930_zCCNLiIEDuTg" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31027"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31028">11,738,662</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_90A_eus-gaap--CommonStockSharesIssued_iI_c20220930_zTCzopVYb303" title="Ordinary shares, shares issued"><span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_c20220930_zgUm0H2KHuU1" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31029"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31030">8,396,226</ix:nonFraction></ix:nonFraction></span></span> shares issued and outstanding as of September 30, 2023 and 2022, respectively</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31031">1,174</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31032">840</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_pp0p0_maSEzRZu_zzAb7ncRsImi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Additional paid in capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31033">18,088,056</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31034">15,711,450</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--StatutoryReserve_i02I_pp0p0_maSEzRZu_zE1CU7HQJytk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Statutory reserve</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BON:StatutoryReserve" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31035">2,372,871</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BON:StatutoryReserve" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31036">1,804,116</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_pp0p0_maSEzRZu_zPN7lSnRPexg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Retained earnings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31037">18,703,996</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31038">14,676,769</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_pp0p0_maSEzRZu_zFOIG256A0N7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Accumulated other comprehensive income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD" id="ixv-31039">3,681,445</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD" id="ixv-31040">2,631,171</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--StockholdersEquity_i02TI_pp0p0_mtSEzRZu_maSEIPAzKAs_zYW42ILYhpXj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">TOTAL BON NATURAL LIFE LIMITED SHAREHOLDERS&#8217; EQUITY</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31041">35,484,652</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31042">29,562,004</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--InvestmentIncomeInterest_i01_maNIEzVvB_zwPgI8TdewK3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31073">9,419</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31075">3,207</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--InterestExpense_i01N_di_msNIEzVvB_zv8QOXBnyjca" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31076">238,224</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31077">446,884</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31078">417,266</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--ForeignCurrencyTransactionGainLossUnrealized_i01_maNIEzVvB_zexXRpXFKWpd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Unrealized foreign transaction exchange gain (loss)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31079">35,008</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31081">45,124</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_ecustom--GovernmentSubsidies_i01_maNIEzVvB_zKv6XCoYR2Hb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Government subsidies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BON:GovernmentSubsidies" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31082">25,415</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BON:GovernmentSubsidies" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31084">449,972</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--InterestIncomeShortTermInvestmentIncreaseDecrease_i01_maNIEzVvB_zwtIHUkbgix1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income from short-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0258">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InterestIncomeShortTermInvestmentIncreaseDecrease" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31085">20,343</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InterestIncomeShortTermInvestmentIncreaseDecrease" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31086">565</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OtherNonoperatingIncomeExpense_i01_maNIEzVvB_zgidmb8HcXIi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31087">195,279</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31088">68,922</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31089">38,409</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--NonoperatingIncomeExpense_i01T_pp0p0_mtNIEzVvB_maILFCOz3KY_z5BcgHYeybN4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total other income (expenses) , net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD" id="ixv-31090">363,661</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31091">969,231</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31092">29,763</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOz3KY_maPLzEG8_z5oAvIHVGwGj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">INCOME BEFORE INCOME TAX PROVISION</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31093">5,554,980</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31094">7,509,449</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31095">5,430,384</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--IncomeTaxExpenseBenefit_iN_di_msPLzEG8_zwKYObswy8E6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">INCOME TAX PROVISION</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31096">1,002,298</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31097">1,267,025</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31098">820,931</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--ProfitLoss_iT_mtPLzEG8_maNILzkZm_maCINOTzofc_z47gQseTgKBe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">NET INCOME</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31099">4,552,682</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31100">6,242,424</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31101">4,609,453</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_msNILzkZm_zyYREE9Ya4R5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: net income (loss) attributable to non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31102">43,300</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31103">4,936</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31104">18,650</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--NetIncomeLoss_iT_mtNILzkZm_zOXnv461VIVk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">NET INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31105">4,595,982</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31106">6,237,488</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31107">4,590,803</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParentAbstract_iB_zJ5BKEQynkJ6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">OTHER COMPREHENSIVE INCOME (LOSS)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent_i01_maCINOTzofc_zTseNbjfPoYb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="SU_056"></span>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_407_ecustom--AmortizationOfStockoptions_zIySTdRfxxa9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0387">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left; padding-left: 20pt">Amortization of stock-based compensation</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 20pt">Gain on disposal of property and equipment</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zDRaRvb0ByQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 20pt">Accounts receivable</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 20pt">Inventories</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31288">209,011</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i03N_di_msNCPBUzBVl_zMPsmUqoC5Gd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Advance to suppliers, net</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31290">407,022</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 20pt">Prepaid expenses and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31292">2,170,541</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31293">265,446</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 20pt">Accounts payable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31296">141,927</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31297">969,414</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_maNCPBUzBVl_znMUfd1nt5a7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31298">232,147</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31299">147,812</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31300">49,648</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 20pt">Taxes payable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedTaxesPayable" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31302">3,632,922</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedTaxesPayable" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31303">410,716</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInDeferredRevenue_i03_maNCPBUzBVl_zyqb9W56A8Je" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Deferred revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31304">80,176</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31305">875,295</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31306">684,030</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31307">2,097,424</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31308">97,925</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31309">33,092</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Net cash (used in) provided by operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31311">187,121</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31312">4,053,124</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zF5As7DqERV2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash flows from investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--PaymentsToAcquireShortTermInvestments_i01N_di_msNCPBUzhQs_zNwMZMUCmNuj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Purchase of short-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31313">67</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 20pt">Proceeds upon redemption of short-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0692">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUzhQs_zOZSxNEuxvr4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Purchase of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31318">61,906</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31319">27,695</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31320">51,878</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_i01_maNCPBUzhQs_zlf37yGSNfY4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Proceeds from sales of property and equipment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--CapitalExpendituresOnConstructioninprogress_i01N_di_msNCPBUzhQs_zdLbNdbczQ4b" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Capital expenditures on construction-in-progress</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="BON:CapitalExpendituresOnConstructioninprogress" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31322">460,125</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--PaymentsToAcquireIntangibleAssets_i01N_di_msNCPBUzhQs_zXc79knjndeh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Purchase of intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31325">669,190</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0709">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31326">269,088</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--ProceedsFromCollectionOfLoansReceivable_i01_maNCPBUzhQs_zRRtJZFr5e33" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Proceeds of borrowings to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromCollectionOfLoansReceivable" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31327">5,623</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0713">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0714">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--PaymentOfAcquisitionDeposit_i01N_di_msNCPBUzhQs_z3YS77bLM8Ik" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Payment of acquisition deposit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0716">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0717">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="BON:PaymentOfAcquisitionDeposit" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31328">1,000,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUzhQs_maCCERCzNFS_zhwVA53b8SMa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31330">3,055,651</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31331">7,443,745</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zd8QXrXh9yHa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash flows from financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_i01_maNCPBUzHPd_zyBOGy1BsFtf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Net proceeds from issuance of ordinary shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31332">2,027,544</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0729">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31333">11,271,480</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--ProceedsFromStockOptionsExercised_i01_maNCPBUzHPd_zwWsTJYVePJ9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Proceeds from exercise of stock options</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromStockOptionsExercised" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31334">140</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0734">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--ProceedsFromShortTermDebt_i01_maNCPBUzHPd_zaRQq989QQ44" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Proceeds from short-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31335">2,879,809</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31336">2,631,890</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31337">1,257,225</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--ProceedsFromLongtermLoans_i01_maNCPBUzHPd_zfDRwFWarMF6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Proceeds from long-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BON:ProceedsFromLongtermLoans" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31338">1,132,803</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BON:ProceedsFromLongtermLoans" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31339">578,343</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BON:ProceedsFromLongtermLoans" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31340">1,245,871</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--RepaymentsOfShortTermDebt_i01N_di_msNCPBUzHPd_z6h6S7kKC1H6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Repayment of short-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31341">2,728,836</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31342">40,780</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31343">2,563,433</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--RepaymentsOfLongTermDebt_i01N_di_msNCPBUzHPd_zV6jS8yI49Hc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Repayment of long-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfLongTermDebt" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31344">2,143,046</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfLongTermDebt" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31345">637,147</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfLongTermDebt" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31346">2,522,101</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_i01_maNCPBUzHPd_z9P7Rv4qYRVj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">(Repayment of) proceeds from borrowings from related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31347">13,482</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31348">96,969</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31349">2,262,378</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_ecustom--ProceedsFromRepaymentOfThirdPartyLoans_i01N_di_msNCPBUzHPd_zU99UkwfFB4e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">(Repayment of) proceeds from third party loans</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_maCCERCzNFS_z1Jt00V2XwWi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zs1mcCfAOilh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zs6ywnrj7wac" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Supplemental disclosure of cash flow information</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--InterestPaidNet_i01_zJq7zbhmhka" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Cash paid for interest expense</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_iB_zC67IDVomkT7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Supplemental disclosure of non-cash investing and financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--AmortizationOfSharebasedCompensationForInitialPublicOfferingServices_i01_zbNrKvN1MC41" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Amortization of share-based compensation for initial public offering services</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_40C_ecustom--ExerciseOfOptions_i01_zYLDCwuBQ9n9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Exercise of options</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_405_ecustom--RightofuseAssetsObtainedInExchangeForOperatingLeaseObligations_i01_z2gXmxOvzXjh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Right-of-use assets obtained in exchange for operating lease obligations</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0818">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt -20pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="SU_058"></span>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:NatureOfOperations" id="ixv-20264"><p id="xdx_801_eus-gaap--NatureOfOperations_z4XET7tI3Zv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 &#8211; <span id="xdx_82B_z2WMdmUxP8na">ORGANIZATION AND BUSINESS DESCRIPTION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
Natural Life Limited (&#8220;Bon Natural&#8221; or the &#8220;Company&#8221;), through its wholly-owned subsidiaries, is engaged in the
research and development, manufacturing and sales of functional active ingredients extracted from natural herb plants which are widely
used by manufacturer customers in the functional food, personal care, cosmetic and pharmaceutical industries. The Company sells its products
to customers located in both Chinese and international markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Organizations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
Natural Life Limited was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on <span id="xdx_907_edei--EntityIncorporationDateOfIncorporation_dd_c20221001__20230930_zWd4xt3XqWll" title="Entity date of incorporation"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation" id="ixv-31381">December
11, 2019</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
Natural owns <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230207__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TeaEssenceLimitedMember_znSnPViGzKji" title="Equity ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-02-07_custom_TeaEssenceLimitedMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31382">100</ix:nonFraction></span>% equity interest of Bon Natural Life U.S.A. Limited (&#8220;Bon Natural Life U.S.A.&#8221;), an entity incorporated
on February 7, 2023 in accordance with the laws and regulations in the State of Nevada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
Natural owns <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20200109__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TeaEssenceLimitedMember_zAFlQeG7gh8j" title="Equity ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-01-09_custom_TeaEssenceLimitedMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31383">100</ix:nonFraction></span>% equity interest of Tea Essence Limited (&#8220;Tea Essence&#8221;), an entity incorporated on January 9, 2020 in accordance
with the laws and regulations in Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
Cell and Molecule Information Technology Limited. (&#8220;Xi&#8217;an CMIT&#8221;) was formed on April 9, 2020, as a Wholly Foreign-Owned
Enterprise (&#8220;WFOE&#8221;) in the People&#8217;s Republic of China (&#8220;PRC&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
Natural, Tea Essence, and Xi&#8217;an CMIT are currently not engaging in any active business operations and merely acting as holding
companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 &#8211; ORGANIZATION AND BUSINESS DESCRIPTION (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the reorganization described below, Mr. Yongwei Hu, the chairman of the board of directors and the chief executive officer of the
Company, was the controlling shareholder of Xi&#8217;an App-Chem Bio(Tech) Co., Ltd. (&#8220;Xi&#8217;an App-Chem&#8221;), an entity
incorporated on April 23, 2006 in accordance with PRC laws. Xi&#8217;an App-Chem owns <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20060423__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--XianAppChemMember_z08I4I64a81j" title="Equity ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2006-04-23_custom_XianAppChemMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31384">100</ix:nonFraction></span>% of the equity interests of the following subsidiaries:
(1) Shaanxi App-Chem Health Industry Co., Ltd. (&#8220;App-Chem Health&#8221;) was incorporated on April 17, 2006 in Tongchuan City in
accordance with PRC laws; (2), Shaanxi App-Chem Ag-tech Co., Ltd (&#8220;App-Chem Ag-tech&#8221;) was incorporated on April 19, 2013
in Dali County, Shaanxi Province in accordance with PRC laws; (3) Xi&#8217;an Yanhuang TCM Medical Research &amp; Development Co., Ltd
(&#8220;Xi&#8217;an YH&#8221;) was incorporated on September 15, 2009 in Xi&#8217;an City in accordance with PRC laws; (4) Balikun Tianmei
Bio(Tech) Co., Ltd. (&#8220;Balikun&#8221;) was incorporated on December 16, 2016 in Balikun City in accordance with PRC laws; (5) App-Chem
Bio (Tech) (Guangzhou) Co., Ltd. (&#8220;App-Chem Guangzhou&#8221;) was incorporated on April 27, 2018 in Guangzhou City in accordance
with PRC laws and (6) Tongchuan Dietary Therapy Health Technology Co., Ltd. (&#8220;Tongchuan DT&#8221;) was incorporated on May 22,
2017 in Tongchuan City in accordance with PRC laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Xi&#8217;an App-Chem also owns majority of the equity interest in the following two entities: Xi&#8217;an Dietary Therapy Medical
Technology Co., Ltd (&#8220;Xi&#8217;an DT&#8221;) was incorporated on April 24, 2015 in accordance with PRC laws, with <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20150424__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--XianDTMember_z4pyFrlolgI1" title="Equity ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2015-04-24_custom_XianDTMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31385">75</ix:nonFraction></span>% equity ownership
interest owned by Xi&#8217;an App-Chem; Tianjin Yonghexiang Bio(Tech) Co., Ltd. (&#8220;Tianjin YHX&#8221;) was incorporated on September
16, 2019 in accordance with PRC laws, with <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20190916__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TianjinYHXMember_zqOb2JWtG4i7" title="Equity ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2019-09-16_custom_TianjinYHXMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31386">51</ix:nonFraction></span>% equity ownership interest owned by Xi&#8217;an App-Chem. On March 11, 2020, Xi&#8217;an
App-Chem established a new <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20200311__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AppChemHealthMember_zCF8SaW3S4ma" title="Equity ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-03-11_custom_AppChemHealthMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31387">100</ix:nonFraction></span>% controlled subsidiary, Gansu Baimeikang Bioengineering Co., Ltd. (&#8220;Gansu BMK&#8221;). On March
9, 2023, Xi&#8217;an App-Chem established a new <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AppChemHealthMember_z8gc5QfQ9C7a" title="Equity ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-03-29_custom_AppChemHealthMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31388">100</ix:nonFraction></span>% controlled subsidiary, Bozhou Dietary Therapy Health Technology Co., Ltd. (&#8220;Bozhou
DT&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 27, 2021, the Company disposed Balikun to a third party for RMB <span id="xdx_902_eus-gaap--AssetsOfDisposalGroupIncludingDiscontinuedOperation_iI_c20210927__dei--LegalEntityAxis__custom--BalikunMember_z9iTShDb8Hva" title="Disposal operation, assets"><ix:nonFraction name="us-gaap:AssetsOfDisposalGroupIncludingDiscontinuedOperation" contextRef="AsOf2021-09-27_custom_BalikunMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31389">1.00</ix:nonFraction></span>. As Balikun had no operating activity and no material
assets, the disposal of Balikun did not constitute discontinued operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&#8217;an
App-Chem, together with its subsidiaries are collectively referred to as the &#8220;Bon Operating Companies&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reorganization</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reorganization of our legal structure (&#8220;Reorganization&#8221;) was completed on May 28, 2020. The reorganization involved the incorporation
of Bon Natural Life, Tea Essence and Xi&#8217;an CMIT, and entering into certain contractual arrangements between Xi&#8217;an CMIT, the
shareholders of Bon Operating Companies and the Bon Operating Companies. Consequently, the Company became the ultimate holding company
of Tea Essence, Xi&#8217;an CMIT and Bon Operating Companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 &#8211; ORGANIZATION AND BUSINESS DESCRIPTION (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2020, Xi&#8217;an CMIT entered into a series of contractual arrangements with the shareholders of the Bon Operating Companies.
These agreements include, Exclusive Service Agreement, Share Pledge Agreement, Proxy Agreement, Exclusive Option Agreement, Powers of
Attorney, Spousal Consent Letter, and Loan Agreement intended to guarantee the exercise of the Exclusive Option Agreements and Spouse
Consents (collectively the &#8220;VIE Agreements&#8221;). Pursuant to the VIE Agreements, Xi&#8217;an CMIT has the exclusive right to
provide to the Bon Operating Companies consulting services related to business operations including technical and management consulting
services. The VIE Agreements are designed to provide Xi&#8217;an CMIT with the power, rights, and obligations equivalent in all material
respects to those it would possess as the sole equity holder of each of the Bon Operating Companies, including control rights and the
rights to the assets, property, and revenue of each of the Bon Operating Companies. As a result of our direct ownership in Xi&#8217;an
CMIT and the VIE Agreements, we believe that the Bon Operating Companies should be treated as Variable Interest Entities (&#8220;VIEs&#8221;)
under the Statement of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;)
810 Consolidation and we are regarded as the primary beneficiary of our VIEs. We treat our VIEs as our consolidated entities under U.S.
GAAP. The Company, together with its wholly owned subsidiaries and its VIEs, is effectively controlled by the same shareholders before
and after the Reorganization and therefore the Reorganization is considered as a recapitalization of entities under common control. The
consolidation of the Company, its subsidiaries, and its VIEs 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. Upon the completion of the Reorganization, the Company has subsidiaries in countries and jurisdictions in the PRC
and Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 8, 2021, Xi&#8217;an Youpincui Biotechnology Co., Ltd (&#8220;Xi&#8217;an Youpincui&#8221;) was formed as a Wholly Foreign-Owned
Enterprise (&#8220;WFOE&#8221;) in the PRC. Tea Essence owns <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20210908__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TianjinYonghexiangBioTechCoLtdMember_zjiezoMvwHa4" title="Equity ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-09-08_custom_TianjinYonghexiangBioTechCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31390">100</ix:nonFraction></span>% equity interest in Xi&#8217;an Youpincui. Xi&#8217;an Youpincui currently
is not engaging in any active business operations and merely acting as an investment holding company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 28, 2021, the Company closed its initial public offering (&#8220;IPO&#8221;) of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210626__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z97ZDPvq4wn4" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-06-262021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31391">2,200,000</ix:nonFraction></span> ordinary shares, par value US$<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zwxcELoSfrT2" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31392">0.0001</ix:nonFraction></span> per
share at a public offering price of $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zHex71H6lHaa" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31393">5.00</ix:nonFraction></span> per share, and the Company&#8217;s ordinary shares started to trade on the Nasdaq Capital Market
under the ticker symbol &#8220;BON&#8221; since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option
to purchase an additional <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210701__20210702__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zVNiG4Bz5Yob" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-07-012021-07-02_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31394">330,000</ix:nonFraction></span> shares, par value US$<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210702__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zaqT1aIi1ijg" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-07-02_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31395">0.0001</ix:nonFraction></span> per share at the price of $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_c20210702__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zEfWCUfjnfTi" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-07-02_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31396">5.00</ix:nonFraction></span> per share. Gross proceeds of the Company&#8217;s
IPO, including the proceeds from the sale of the over-allotment shares, <span style="background-color: white">totalled</span> $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn4n6_c20210701__20210702__us-gaap--SubsidiarySaleOfStockAxis__custom--InitialPublicOfferingAndOverAllotmentOptionMember_z5YnanE05dN7" title="Gross proceeds from issuance initial public offering and over-allotment shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-07-012021-07-02_custom_InitialPublicOfferingAndOverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD" id="ixv-31397">12.65</ix:nonFraction></span>
million, before deducting underwriting discounts and other related expenses, resulting in net proceeds of approximately $<span id="xdx_904_eus-gaap--PaymentsOfStockIssuanceCosts_pn5n6_c20210701__20210702__us-gaap--SubsidiarySaleOfStockAxis__custom--InitialPublicOfferingAndOverAllotmentOptionMember_zWet42J6gXH7" title="Underwriting discounts and other related expenses"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2021-07-012021-07-02_custom_InitialPublicOfferingAndOverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31398">11.3</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Terminating
the VIE agreements for corporate restructuring</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to PRC legal restrictions on foreign ownership in companies that engage in online sales China, the Company originally carried out its
business through Xi&#8217;an App-Chem, a domestic PRC company holding a value-added telecommunications license, through a variable interest
entity structure, because foreign investment in the value-added telecommunication services industry in China is extensively regulated
and subject to numerous restrictions. However, the Company&#8217;s online sales have historically generated minimal revenues. On September
28, 2021, the Company&#8217;s Board of Directors approved a restructuring of the Company&#8217;s corporate structure to terminate the
original VIE contractual agreements, to convert Xi&#8217;an App-Chem from a PRC domestic company into a Sino-foreign joint venture, and
to transfer <span id="xdx_90E_eus-gaap--VariableInterestEntityOwnershipPercentage_pid_dp_uPure_c20210926__20210928__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--XianAppChemBioTechMember_z75DLnA2Chf4" title="Variable interest entity ownership percentage"><ix:nonFraction name="us-gaap:VariableInterestEntityOwnershipPercentage" contextRef="From2021-09-262021-09-28_custom_XianAppChemBioTechMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31399">100</ix:nonFraction></span>% of the ownership interests in Xi&#8217;an App-Chem from its original shareholders to Xi&#8217;an CMIT and Xi&#8217;an
Youpincui. Effective November 1, 2021, the Company completed the reorganization of its corporate structure in the PRC and are the indirect
sole shareholder of Xi&#8217;an App-Chem. Xi&#8217;an App-Chem is wholly-owned by two WOFEs Xi&#8217;an CMIT and Xi&#8217;an Youpincui.
Each of the WOFEs are in turn wholly-owned by Tea Essence, the Company&#8217;s direct wholly-owned subsidiary in Hong Kong. The termination
of the VIE agreements as described above does not adversely affect the Company&#8217;s business, financial condition, and results of
operations because the Company, together with its wholly owned subsidiaries, are effectively controlled by the same shareholders before
and after the restructuring. The restructuring is therefore considered to be a recapitalization of entities under common control. Following
the corporate restructuring, the value-added telecommunication license held by Xi&#8217;an App-Chem has been revoked.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 158; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 &#8211; ORGANIZATION AND BUSINESS DESCRIPTION (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfSubsidiariesCompanyTableTextBlock" id="ixv-20449"><p id="xdx_89D_ecustom--ScheduleOfSubsidiariesCompanyTableTextBlock_zhmeTdhTXUdl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of the subsidiaries of the Company as of September 30, 2023 were set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span id="xdx_8BC_zCuSbidsBhCe" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF SUBSIDIARIES COMPANY&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    of Incorporation</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place
    of Incorporation</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    of Ownership</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Activities</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
    Natural Life</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntityIncorporationDateOfIncorporation_c20221001__20230930__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--BonNaturalLifeMember_zraCtapsdR37" title="Date of Incorporation"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_BonNaturalLifeMember" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation" id="ixv-31400">December
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent,
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20230930__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TongchuanDTMember_zEDdZefmQLhc" title="% of Ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-09-30_custom_TongchuanDTMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31442">100</ix:nonFraction></span>%
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20221001__20230930__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TianjinYHXMember_zU4aOGCgavBk" title="Principal activities" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_TianjinYHXMember" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities" id="ixv-31451">Raw
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    BMK</span></td>
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    11, 2020</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--EntityIncorporationPlaceOfIncorporation_c20221001__20230930__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GansuBMKMember_zHsAhiduyhli" title="Place of Incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_GansuBMKMember" name="BON:EntityIncorporationPlaceOfIncorporation" id="ixv-31453">Jiuquan
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20221001__20230930__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GansuBMKMember_zuopj4MhTfhj" title="Principal activities" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_GansuBMKMember" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities" id="ixv-31455">Product
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    DT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td id="xdx_987_ecustom--EntityIncorporationPlaceOfIncorporation_c20221001__20230930__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--BozhouDTMember_zn6KkFb7uPM9" title="Place of Incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_BozhouDTMember" name="BON:EntityIncorporationPlaceOfIncorporation" id="ixv-31457">Bozhou
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20230930__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--BozhouDTMember_zAbC1kKddI8h" title="% of Ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-09-30_custom_BozhouDTMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31458">100</ix:nonFraction></span>%
    owned by Xi&#8217;an App-Chem</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A1_zbkIK9DTg5Ng" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 159; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock" id="ixv-21019"><p id="xdx_807_eus-gaap--SignificantAccountingPoliciesTextBlock_zQxG76SuwMPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; <span id="xdx_826_zx8XcPhQUmD5">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="ixv-21026"><p id="xdx_847_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z8mWdMN4IWl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_869_zfOQBHxMDf19">Basis
of Presentation and Principles of Consolidation</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission
(&#8220;SEC&#8221;). The accompanying consolidated financial statements include the financial statements of the Company, and its wholly
owned subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:NoncontrollingInterestsPolicyTextBlock" id="ixv-21039"><p id="xdx_849_ecustom--NoncontrollingInterestsPolicyTextBlock_zzr8UaYzmhfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86E_zeRaoLfabVq4">Non-controlling
interests</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
interests represent minority shareholders&#8217; <span id="xdx_907_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20230930__srt--OwnershipAxis__custom--XianDTMember_zuJgPdS6DtNd" title="Non-controlling interests rate"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2023-09-30_custom_XianDTMember51507421" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31460">25</ix:nonFraction></span>% ownership interest in Xi&#8217;an DT and a minority shareholder&#8217;s <span id="xdx_90F_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20220930__srt--OwnershipAxis__custom--TianjinYHXMember_zFqRHq771BMf" title="Non-controlling interests rate"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2022-09-30_custom_TianjinYHXMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31461">49</ix:nonFraction></span>% ownership
interest in Tianjin YHX as of September 30, 2023 and 2022. The non-controlling interests are presented in the consolidated balance sheets,
separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented
on the face of the consolidated statements of income and comprehensive income as an allocation of the total income or loss for the years
ended September 30, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:UseOfEstimates" id="ixv-21054"><p id="xdx_844_eus-gaap--UseOfEstimates_zmEqHaLp8K1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_864_zVh8SJnIGGxh">Uses
of estimates</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America
(&#8220;US GAAP&#8221;), management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during
the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates
required to be made by management include, but are not limited to, the allowance for estimated uncollectible receivables, realizability
of advance to suppliers, inventory valuations, useful lives of property, plant and equipment, intangible assets, the recoverability of
long-lived assets, provision necessary for contingent liabilities, fair value of stock-based compensation, revenue recognition and realization
of deferred tax assets. The inputs into the Company&#8217;s judgments and estimates consider the economic implications of COVID-19 on
the Company&#8217;s critical and significant accounting estimates. Actual results could differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:RisksAndUncertaintiesPolicyTextBlock" id="ixv-21067"><p id="xdx_846_ecustom--RisksAndUncertaintiesPolicyTextBlock_zUQfiSjvIYXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86B_zZPumtOai2Yh">Risks
and Uncertainties</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main operation of the Company is located in the PRC. Accordingly, the Company&#8217;s business, financial condition, and results of operations
may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The
Company&#8217;s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although
the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations
including its organization and structure disclosed in Note 1, this may not be indicative of future results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development and commercialization of natural and healthy extracts and compounds products is highly competitive, and the industry currently
is characterized by rapidly changing technologies, significant competition and a strong emphasis on intellectual property. The Company
may face competition with respect to its current and future pharmaceutical product candidates from major pharmaceutical companies in
China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
March 2023, the Company has recovered from the COVID-19 pandemic. However, the Company&#8217;s operations may be further affected by
the ongoing outbreak of COVID-19 pandemic, A COVID-19 resurgence could negatively affect the execution of customer contracts, the collection
of customer payments, or disruption of the Company&#8217;s supply chain. The continued uncertainties associated with COVID-19 may cause
the Company&#8217;s revenue and cash flows to underperform in the next 12 months. The extent of the future impact of COVID-19 is still
highly uncertain and cannot be predicted as of the date the Company&#8217;s consolidated financial statements are released.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="ixv-21088"><p id="xdx_84B_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zZOTJ2sxIng4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_861_zUSfxGCBZ2Z9">Cash</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains most
of its bank accounts in the PRC. Cash balances in bank accounts in PRC are insured by the PRC regulation and are not insured by the
Federal Deposit Insurance Corporation (see Note 16)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy" id="ixv-21101"><p id="xdx_84B_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zIa0GzexErof" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_863_zzttG8mDGaMc">Accounts
receivable, net</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trend.
The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect
amounts due. The allowance is based on management&#8217;s best estimate of specific losses on individual exposures, as well as a provision
on historical trends of collections. Actual amounts received may differ from management&#8217;s estimate of credit worthiness and the
economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined
that the collection is not probable, <span id="xdx_908_ecustom--UncollectableAccountReceivableWrittenoff_iI_dxL_c20230930_zCmEiZZv9ucc" title="Uncollectable account receivable written-off::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1000">Nil</span></span>, <span id="xdx_907_ecustom--UncollectableAccountReceivableWrittenoff_iI_dxL_c20220930_zyRG7VCdAGA3" title="Uncollectable account receivable written-off::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1002">Nil</span></span> and $<span id="xdx_905_ecustom--UncollectableAccountReceivableWrittenoff_iI_c20210930_zYU1RTbPp4e4" title="Uncollectable account receivable written-off"><ix:nonFraction name="BON:UncollectableAccountReceivableWrittenoff" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31462">99,528</ix:nonFraction></span> uncollectable account receivable was written-off during the years ended September
30, 2023, 2022 and 2021, respectively. Allowance for uncollectable balances amounted to $<span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_c20230930_zvYE9j1rKun4" title="Allowance for uncollectable balances"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31463">13,004</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_c20220930_zITkHj3f98W9" title="Allowance for uncollectable balances"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31464">13,337</ix:nonFraction></span> as of September 30, 2023
and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 160; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:AdvancesToSuppliersNetPolicyTextBlock" id="ixv-21145"><p id="xdx_84F_ecustom--AdvancesToSuppliersNetPolicyTextBlock_zRsItTMWb3Tc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86C_zJsCXjSuKBEd">Advances
to Suppliers, net</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances
to suppliers consist of balances paid to suppliers for inventory raw materials and construction materials associated with the Company&#8217;s
construction-in-progress projects that have not been provided or received. Advances to suppliers are reviewed periodically to determine
whether their carrying value has become impaired. The Company considers the assets to be impaired if the collectability of the advance
becomes doubtful. The Company uses the aging method to estimate the allowance for unrealizable balances. In addition, at each reporting
date, the Company generally determines the adequacy of allowance for doubtful accounts by evaluating all available information, and then
records specific allowances for those advances based on the specific facts and circumstances. As of September 30, 2023 and 2022, <span id="xdx_909_ecustom--AllowanceForDoubtfulAccounts_iNI_dioxL_c20230930_z73HfEctdkAa" title="Allowance for doubtful accounts::XDX::-"><span id="xdx_906_ecustom--AllowanceForDoubtfulAccounts_iNI_dioxL_c20220930_zcYfAPD5DtRd" title="Allowance for doubtful accounts::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1012"><span style="-sec-ix-hidden: xdx2ixbrl1014">no</span></span></span></span> allowance
for doubtful account was recorded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:InventoryPolicyTextBlock" id="ixv-21162"><p id="xdx_84E_eus-gaap--InventoryPolicyTextBlock_zbAgrVpG6n4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86A_zGmiOQmdnZRe">Inventories,
net</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are stated at net realizable value using weighted average method. Costs include the cost of raw materials, freight, direct labor and
related production overhead. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision
for diminution in the value of inventories. Net realizable value is the estimated selling price in the normal course of business less
any costs to complete and sell products. The Company evaluates inventories on a quarterly basis for its net realizable value adjustments,
and reduces the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable
value based on various factors including aging, expiration dates, as applicable, taking into consideration historical and expected future
product sales. The Company recorded inventory reserve of $<span id="xdx_90B_eus-gaap--InventoryValuationReserves_iI_c20230930_zH5GfzWavgt4" title="Inventory reserve"><ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31465">1,079</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--InventoryValuationReserves_iI_c20220930_zoOtzSKEMZag" title="Inventory reserve"><ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31466">6,869</ix:nonFraction></span> as of September 30, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ShortTermInvestmentsPolicyTextBlock" id="ixv-21177"><p id="xdx_84D_ecustom--ShortTermInvestmentsPolicyTextBlock_zBoKHUQxUQfk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86A_zG9RIoxqEtDa">Short-term
investments</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s short-term investments consist of wealth management financial products purchased from PRC banks, which can be redeemed
at any time. The banks invest the Company&#8217;s fund in certain financial instruments including money market funds, bonds or mutual
funds, with floating interest rates. The carrying values of the Company&#8217;s short-term investments approximate fair value because
of their short-term maturities. The interest earned is recognized in the consolidated statements of income and comprehensive income over
the contractual term of these investments. As of September 30, 2023 and 2022, short-term investments consisted of the following:</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:SummaryOfInvestmentHoldingsScheduleOfInvestmentsTableTextBlock" id="ixv-21188"><p id="xdx_897_eus-gaap--SummaryOfInvestmentHoldingsScheduleOfInvestmentsTableTextBlock_zOMHcDFMQUTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zUvFNBoKtIm9" style="display: none">SCHEDULE OF SHORT-TERM INVESTMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--ShortTermInvestmentsMember_zfOU1wXYdK1" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20211001__20220930__us-gaap--AwardTypeAxis__us-gaap--ShortTermInvestmentsMember_ztdIyHSx2PO1" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--ShortTermInvestments_iS_zMFAa6vatUHg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Beginning balance</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1026">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40A_eus-gaap--PaymentsToAcquireShortTermInvestments_zeliZeZ363jj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Add: purchase wealth management financial products</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2022-10-012023-09-30_us-gaap_ShortTermInvestmentsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31468">65</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2021-10-012022-09-30_us-gaap_ShortTermInvestmentsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31469">5,097,816</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--ProceedsFromSaleOfShortTermInvestments_iN_di_zW75eyoa04y5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Less: proceeds received upon maturity of short-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1032">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromSaleOfShortTermInvestments" contextRef="From2021-10-012022-09-30_us-gaap_ShortTermInvestmentsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31470">6,776,385</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_ecustom--ForeignCurrencyTranslationAdjustments_ztQ2csqoMcBf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1035">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="BON:ForeignCurrencyTranslationAdjustments" contextRef="From2021-10-012022-09-30_us-gaap_ShortTermInvestmentsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31471">24,745</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--ShortTermInvestments_iE_zqD4XcRU9YQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Ending balance of short-term investments</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1039">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A4_zPKYqSgGMr19" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 161; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
income generated from short-term investments amounted to <span id="xdx_90F_eus-gaap--InterestIncomeShortTermInvestmentIncreaseDecrease_dxL_c20221001__20230930__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherIncomeMember_zn8ZsntDRIr6" title="Short term investments::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1041">Nil</span></span>, $<span id="xdx_90E_eus-gaap--InterestIncomeShortTermInvestmentIncreaseDecrease_c20211001__20220930__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherIncomeMember_zbahrlNNRBxa" title="Short term investments"><ix:nonFraction name="us-gaap:InterestIncomeShortTermInvestmentIncreaseDecrease" contextRef="From2021-10-012022-09-30_us-gaap_OtherIncomeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31473">20,343</ix:nonFraction></span>, and $<span id="xdx_901_eus-gaap--InterestIncomeShortTermInvestmentIncreaseDecrease_c20201001__20210930__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherIncomeMember_zpz0vjZMg2dk" title="Short term investments"><ix:nonFraction name="us-gaap:InterestIncomeShortTermInvestmentIncreaseDecrease" contextRef="From2020-10-012021-09-30_us-gaap_OtherIncomeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31474">565</ix:nonFraction></span> for the years ended September 30, 2023, 2022 and 2021,
respectively. The amount is included in other income in consolidated statements of income and comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy" id="ixv-21297"><p id="xdx_844_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zTKX8gmqW5ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86F_zP468Apgj4M6">Fair
value of financial instruments</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The
hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of
inputs used to measure fair value are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1&#8201;&#8212;&#8201;inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in
    active markets.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2&#8201;&#8212;&#8201;inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets,
    quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable
    and inputs derived from or corroborated by observable market data.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3&#8201;&#8212;&#8201;inputs to the valuation methodology are unobservable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise disclosed, the fair value of the Company&#8217;s cash, short-term investment, accounts receivable, inventories, advance to
suppliers, prepaid expenses and other current assets, accounts payable, short-term bank loans, accrued expenses and other current liabilities,
taxes payable and due to related parties, approximate the fair value of the respective assets and liabilities as of September 30, 2023
and 2022 based upon the short-term nature of the assets and liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes that the carrying amount of long-term loans approximates fair value at September 30, 2023 and 2022 based on the terms
of the borrowings and current market rates as the rates of the borrowings are reflective of the current market rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" id="ixv-21342"><p id="xdx_84D_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z0SuY0r5veZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_868_zpi0wxJB8YUi">Property,
plant and equipment, net</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock" id="ixv-21351"><p id="xdx_892_ecustom--ScheduleOfUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock_z5hr8lD3skvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and
equipment is provided using the straight-line method over their expected useful lives, as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zfG2kOZGJU66" style="display: none">SCHEDULE OF USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful
    life</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buildings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_z5NWTKiZg8u1" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-09-30_us-gaap_BuildingMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-31475">20</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery
    and equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zMXfru4XPb8g" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-09-30_us-gaap_MachineryAndEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-31476">5</ix:nonNumeric></span>&#8211;<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zre9CtDapwUf" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-09-30_us-gaap_MachineryAndEquipmentMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-31477">10</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automobiles</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zSrQ5FfHFPve" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-09-30_us-gaap_AutomobilesMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-31478">8</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    and electric equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeAndElectricEquipmentMember__srt--RangeAxis__srt--MinimumMember_zyWOR9Gvr1t4" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-09-30_custom_OfficeAndElectricEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-31479">3</ix:nonNumeric></span>&#8211;<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeAndElectricEquipmentMember__srt--RangeAxis__srt--MaximumMember_zmzbkUlJcXcg" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-09-30_custom_OfficeAndElectricEquipmentMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-31480">5</ix:nonNumeric></span>
    years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A4_zMB5Ulri7fy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditures
for maintenance and repairs, 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 and comprehensive income in other income or expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ConstructionInProgressPolicyTextBlock" id="ixv-21405"><p id="xdx_840_ecustom--ConstructionInProgressPolicyTextBlock_zWLlJeFvskI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86F_zkjjezgvpRMd">Construction-in-Progress
(&#8220;CIP&#8221;)</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 162; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:IntangibleAssetsFiniteLivedPolicy" id="ixv-21442"><p id="xdx_840_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zpVHkXhLcQYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_860_zS21RratSmsg">Intangible
assets, net</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s intangible assets primarily include two land use rights. A land use right in the PRC represents an exclusive right to
occupy, use and develop a piece of land during the contractual term of the land use right. The cost of a land use right is usually paid
in one lump sum at the date the right is granted. The prepayment usually covers the entire period of the land use right. The lump sum
advance payment is capitalized and recorded as land use right and then charged to expense on a straight-line basis over the period of
the right, which is normally <span id="xdx_900_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20221001__20230930_zPwQkTt9WLkk" title="Estimated useful lives of intangible assets"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" format="ixt-sec:duryear" name="us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" id="ixv-31481">50</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company acquired the first land use right of 4.1 acres located at Tongchuan City, Shaanxi Province of China at cost of approximately
$<span id="xdx_903_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20101001__20110930__us-gaap--TypeOfArrangementAxis__custom--TongchuanCipProjectMember_zIvCb04PzoC9" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2010-10-012011-09-30_custom_TongchuanCipProjectMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31482">0.2</ix:nonFraction></span> million in 2011. The Company is now constructing a new manufacturing plant on this land and the construction of Tongchuan CIP Project
was completed and put into production in December 2022. On May 10, 2021, the Company acquired another land use right of <span id="xdx_905_eus-gaap--AreaOfLand_iI_pid_uSQFT_c20210510_z1w9ZjOjISPi" title="Land acquired"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2021-05-10" format="ixt:numdotdecimal" decimals="INF" unitRef="SQFT" id="ixv-31483">8.2</ix:nonFraction></span> acres at
cost of approximately $<span id="xdx_907_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20210509__20210510__us-gaap--TypeOfArrangementAxis__custom--YumenCipProjectMember_z20EObltys5f" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-05-092021-05-10_custom_YumenCipProjectMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31484">0.3</ix:nonFraction></span> million, through a government organized auction bidding in Yumen City, Gansu Province of China. The Company
is now constructing a new manufacturing plant on this land and the construction of Yumen CIP Project is expected to be completed by December
2024 (see Note 8).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" id="ixv-21463"><p id="xdx_84C_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zMJ6F8VgDro" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_861_zr1NQ8GjQr8">Impairment
of long-lived Assets</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, such as property, plant and equipment, land use rights and long-term investment, are reviewed for impairment when events or changes
in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of a long-lived asset or asset
group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted
future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its
estimated undiscounted future cash flows, an impairment charge is recognized by the amount that the carrying value exceeds the estimated
fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow
models, quoted market values and third-party independent appraisals, as considered necessary. Assets to be disposed are reported at the
lower of carrying amount or fair value less costs to sell, and are no longer depreciated. <span id="xdx_90E_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20221001__20230930_zKS6D7IzgsRk" title="Impairment of long-lived assets"><span id="xdx_900_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20211001__20220930_zqJ8NTllC7Y5" title="Impairment of long-lived assets"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2022-10-01to2023-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD" id="ixv-31485"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2021-10-012022-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD" id="ixv-31486">No</ix:nonFraction></ix:nonFraction></span></span> impairment of long-lived assets was recognized
as of September 30, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock" id="ixv-21478"><p id="xdx_842_eus-gaap--LesseeLeasesPolicyTextBlock_z3xVWAWw5WNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_866_zS4n1gKczGh4">Leases</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
842 requires that lessees recognize ROU assets and lease liabilities calculated based on the present value of lease payments for all
lease agreements with terms that are greater than twelve months. ASC 842 distinguishes leases as either a finance lease or an operating
lease that affects how the leases are measured and presented in the statement of operations and statement of cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
operating leases, the Company calculated ROU assets and lease liabilities based on the present value of the remaining lease payments
as of the date of adoption. There were no changes in the Company&#8217;s capital lease portfolio, which are now titled &#8220;finance
leases&#8221; under ASC 842.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the adoption of the new guidance on October 1, 2020, the Company recognized operating lease right of use assets and operating lease liabilities
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and the non-current portion of operating lease liabilities on the consolidated balance sheets (see Note 13).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 163; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" id="ixv-21527"><p id="xdx_841_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zs2evDzsjbha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_867_zvj3EGhrMqAe">Foreign
Currency Translation</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currency for Bon Natural is the U.S Dollar (&#8220;US$&#8221;). Tea Essence uses Hong Kong dollar as its functional currency.
However, Bon Natural, and Tea Essence currently only serve as the holding companies and did not have active operations as of September
30, 2023. The Company operates its business through its subsidiaries in the PRC as of September 30, 2023. The functional currency of
the Company&#8217;s subsidiaries is the Chinese Yuan (&#8220;RMB&#8221;). The Company&#8217;s consolidated financial statements have
been translated into US$.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at
historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting
translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency
transactions and balances are reflected in the results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock" id="ixv-21548"><p id="xdx_891_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zPD8zB3RShC8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table outlines the currency exchange rates that were used in creating the consolidated financial statements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zeppxBBXakud" style="display: none">SCHEDULE OF CURRENCY EXCHANGE RATES</span></span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A0_zgZ3LZsEYPV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock" id="ixv-21617"><p id="xdx_842_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zWfj9JW9pmje" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_860_zhPGBPTTiMm3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Revenue
recognition</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
determine revenue recognition for contracts with customers, the Company performs the following five steps : (i) identify the contract(s)
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will <i>not</i> occur, (iv) allocate the transaction
price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance to ASC 606, the Company recognizes revenue when it transfers its goods and services to customers in an amount that reflects
the consideration to which the Company expects to be entitled in such exchange. The Company accounts for the revenue generated from sales
of its products to its customers, in which the Company is acting as a principal in these transactions, is subject to inventory risk,
has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods. All of the
Company&#8217;s contracts have single performance obligation as the promise is to transfer the individual goods to customers, and there
are no other separately identifiable promises in the contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s revenue streams are recognized at a point in time when title and risk of loss passes and the customer accepts the goods,
which generally occurs at delivery. The Company&#8217;s products are sold with no right of return and the Company does not provide other
credits or sales incentive to customers. The Company&#8217;s sales are net of value added tax (&#8220;VAT&#8221;) and business tax and
surcharges collected on behalf of tax authorities in respect of product sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 164; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ContractAssetsAndLiabilitiesPolicyTextBlock" id="ixv-21662"><p id="xdx_846_ecustom--ContractAssetsAndLiabilitiesPolicyTextBlock_zPv0LBUnOJG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86F_zVpKJK4ey4qf">Contract
Assets and Liabilities</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
terms are established on the Company&#8217;s pre-established credit requirements based upon an evaluation of customers&#8217; credit.
The Company did not have contract assets as of September 30, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s contract liability primarily relates to unsatisfied performance obligations when payment has been received from customers
before the Company&#8217;s products are delivered, and are recorded as deferred revenue on the consolidated balance sheets. Costs of
fulfilling customers&#8217; purchase orders, such as shipping, handling and delivery, which occur prior to the transfer of control, are
recognized in selling, general and administrative expense when incurred. Deferred revenue amounted to $<span id="xdx_90A_eus-gaap--DeferredRevenueCurrent_iI_c20230930_zQ3cbMr82IA7" title="Deferred revenue"><ix:nonFraction name="us-gaap:DeferredRevenueCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31501">106,514</ix:nonFraction></span>, $<span id="xdx_904_eus-gaap--DeferredRevenueCurrent_iI_c20220930_ztP7IXxbJHS6" title="Deferred revenue"><ix:nonFraction name="us-gaap:DeferredRevenueCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31502">188,745</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--DeferredRevenueCurrent_iI_c20210930_zgtmOkWQ9d57" title="Deferred revenue"><ix:nonFraction name="us-gaap:DeferredRevenueCurrent" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31503">1,096,101</ix:nonFraction></span>
as of September 30, 2023, 2022 and 2021, respectively. Revenue included in the beginning balance of deferred revenue and recognized in
the years ended September 30, 2023, 2022 and 2021 amounted to $<span id="xdx_906_eus-gaap--DeferredRevenueRevenueRecognized1_c20221001__20230930_zdU9G2tLuwIf" title="Deferred revenue, revenue recognized"><ix:nonFraction name="us-gaap:DeferredRevenueRevenueRecognized1" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31504">133,533</ix:nonFraction></span>, $<span id="xdx_903_eus-gaap--DeferredRevenueRevenueRecognized1_c20211001__20220930_zZCzeUocjDjl" title="Deferred revenue, revenue recognized"><ix:nonFraction name="us-gaap:DeferredRevenueRevenueRecognized1" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31505">1,080,178</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--DeferredRevenueRevenueRecognized1_c20201001__20210930_zgKizdZHI4Kh" title="Deferred revenue, revenue recognized"><ix:nonFraction name="us-gaap:DeferredRevenueRevenueRecognized1" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31506">403,399</ix:nonFraction></span> respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:DisaggregationOfRevenuesPolicyTextBlock" id="ixv-21685"><p id="xdx_842_ecustom--DisaggregationOfRevenuesPolicyTextBlock_zUsKOgm5u8I5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86F_zQgxru6sa2lk">Disaggregation
of Revenues</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company disaggregates its revenue from contracts by product types, as the Company believes it best depicts how the nature, amount, timing
and uncertainty of the revenue and cash flows are affected by economic factors. The Company&#8217;s disaggregation of revenues for the
years ended September 30, 2023, 2022 and 2021 are disclosed in Note 18 of the consolidation financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ResearchAndDevelopmentExpensePolicy" id="ixv-21698"><p id="xdx_84B_eus-gaap--ResearchAndDevelopmentExpensePolicy_zPFVTNQar8tg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_869_zApSUXgGU3jc">Research
and development expenses</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expenses all internal research and development costs as incurred, which primarily comprise employee costs, internal and external
costs related to execution of studies, including manufacturing costs, facility costs of the research center, and amortization and depreciation
to intangible assets and property, plant and equipment used in the research and development activities. For the years ended September
30, 2023, 2022 and 2021, research and development expense were approximately $<span id="xdx_901_eus-gaap--ResearchAndDevelopmentExpense_c20221001__20230930_zXvTAajhV48k" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31507">298,469</ix:nonFraction></span>, $<span id="xdx_902_eus-gaap--ResearchAndDevelopmentExpense_c20211001__20220930_z00YcDXgW2gi" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31508">424,558</ix:nonFraction></span> and $<span id="xdx_90A_eus-gaap--ResearchAndDevelopmentExpense_c20201001__20210930_zuAAgT1zSmnj" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31509">249,050</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock" id="ixv-21714"><p id="xdx_84E_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_zony7ygKHsC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86A_znCaDmiSZTIj">Selling,
General and Administrative Expenses</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
expenses represents primarily costs of payroll, benefits, commissions for sales representatives and advertising expenses. General and
administrative expenses represent primarily payroll and benefits costs for administrative employees, rent and operating costs of office
premises, depreciation and amortization of office facilities, professional fees and other administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:AdvertisingCostsPolicyTextBlock" id="ixv-21727"><p id="xdx_84C_eus-gaap--AdvertisingCostsPolicyTextBlock_zKVMMLqGJv84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_864_zUDg165AwWSi">Advertising
expense</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising
expenses primarily relate to promotion of the Company&#8217;s brand name and products through outdoor billboards and social media such
as Weibo and WeChat. Advertising expenses are included in selling expenses in the consolidated statements of income and comprehensive
income. Advertising expenses amounted to $<span id="xdx_900_eus-gaap--AdvertisingExpense_c20221001__20230930__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_z4YorpGc1lRa" title="Advertising expenses"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2022-10-012023-09-30_us-gaap_SellingAndMarketingExpenseMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31510">11,344</ix:nonFraction></span>, $<span id="xdx_906_eus-gaap--AdvertisingExpense_c20211001__20220930__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zfu5p1EKpNm4" title="Advertising expenses"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2021-10-012022-09-30_us-gaap_SellingAndMarketingExpenseMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31511">41,578</ix:nonFraction></span> and $<span id="xdx_906_eus-gaap--AdvertisingExpense_c20201001__20210930__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zAkMR03mbTY5" title="Advertising expenses"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2020-10-012021-09-30_us-gaap_SellingAndMarketingExpenseMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31512">25,397</ix:nonFraction></span> for the years ended September 30, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:GovernmentSubsidiesPolicyTextBlock" id="ixv-21743"><p id="xdx_84D_ecustom--GovernmentSubsidiesPolicyTextBlock_zLqUWG4TTrsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_864_z2wYjeT4PVj1">Government
subsidies</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
subsidies primarily relate to local government&#8217;s cash award to High and New Technology Enterprises (&#8220;HNTEs&#8221;) to encourage
entrepreneurship and stimulate local economy. Such awards are granted on a case-by-case basis by local government. The Company&#8217;s
subsidiary, Xi&#8217;an App-chem was approved as a HNTE and received government subsidy in the form of export sales refund and cash awards
based on annual financial performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes government subsidies as other operating income when they are received because they are not subject to any past or
future conditions, there are no performance conditions or conditions of use, and they are not subject to future refunds. Government subsidies
received and recognized as other operating income totaled $<span id="xdx_906_ecustom--GovernmentSubsidies_c20221001__20230930_zKw7U12NbdM3" title="Government subsidies"><ix:nonFraction name="BON:GovernmentSubsidies" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31513">25,415</ix:nonFraction></span>, $<span id="xdx_90D_ecustom--GovernmentSubsidies_c20211001__20220930_zIcopIqOkUa9" title="Government subsidies"><ix:nonFraction name="BON:GovernmentSubsidies" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31514">1,306,627</ix:nonFraction></span> and $<span id="xdx_90C_ecustom--GovernmentSubsidies_c20201001__20210930_zXsDTeaDt6se" title="Government subsidies"><ix:nonFraction name="BON:GovernmentSubsidies" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31515">449,972</ix:nonFraction></span> for the years ended September 30, 2023, 2022
and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock" id="ixv-21787"><p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_zCg5UrN4ERv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_868_zhSJKmgT7Wrj">Income
taxes</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized
when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amount expected to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
uncertain tax position is recognized only if it is &#8220;more likely than not&#8221; that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the &#8220;more likely than not&#8221; test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income tax are classified as income tax expense in the period incurred. As of September 30, 2023, the Company
had income tax payable of $<span id="xdx_90B_eus-gaap--AccruedIncomeTaxes_iI_c20230930__srt--StatementGeographicalAxis__country--CN_zvb0OdeAFoMf" title="Income tax payable"><ix:nonFraction name="us-gaap:AccruedIncomeTaxes" contextRef="AsOf2023-09-30_country_CN" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31516">1,041,862</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiaries in China are subject to the income tax laws of the PRC. No significant income was generated outside the
PRC for the years ended September 30, 2023, 2022 and 2021. As of September 30, 2023 and 2022, all of the Company&#8217;s tax returns
of its PRC subsidiaries remain open for statutory examination by PRC tax authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ValueAddedTaxPolicyTextBlock" id="ixv-21809"><p id="xdx_84C_ecustom--ValueAddedTaxPolicyTextBlock_za70PNJjAiOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86B_zphj79gHOzRe">Value
added tax (&#8220;VAT&#8221;)</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_90F_ecustom--ValueAddedTaxRateDescription_c20221001__20230930_zWPcRQuoOy1b" title="Value added tax rate description"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="BON:ValueAddedTaxRateDescription" id="ixv-31517">17% (starting
from May 1, 2018, VAT rate was lowered to 16%, and starting from April 1, 2019, VAT rate was further lowered to 13%)</ix:nonNumeric></span>, 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 recoverable net of VAT payments in the accompanying
consolidated financial statements. As of September 30, 2023, the Company had VAT tax payable of $<span id="xdx_90E_eus-gaap--AccruedIncomeTaxes_iI_c20230930__us-gaap--IncomeTaxAuthorityAxis__custom--ValueAddedTaxMember_z6Xvk2qen2W" title="Income tax payable"><ix:nonFraction name="us-gaap:AccruedIncomeTaxes" contextRef="AsOf2023-09-30_custom_ValueAddedTaxMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31518">1,338,800</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
export sales, VAT is not imposed on gross sales price, and the VAT related to purchasing raw materials is refunded after the export is
completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:EmployeeDefinedContributionPlanPolicyTextBlock" id="ixv-21852"><p id="xdx_84D_ecustom--EmployeeDefinedContributionPlanPolicyTextBlock_zPTrQnxqMSae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_867_zwp7mP7rF1Hg">Employee
Defined Contribution Plan</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiaries in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which
pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund are provided to
eligible full-time employees. The relevant labor regulations require the Company&#8217;s subsidiaries in the PRC to pay the local labor
and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government.
The contributions to the plan are expensed as incurred. Employee social security and welfare benefits included as expenses in the accompanying
consolidated statements of income and comprehensive income amounted to $<span id="xdx_90B_eus-gaap--DefinedContributionPlanCostRecognized_c20221001__20230930_zwDKnRTmSGcb" title="Employee defined cost"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31519">93,190</ix:nonFraction></span>, $<span id="xdx_903_eus-gaap--DefinedContributionPlanCostRecognized_c20211001__20220930_zlkheLRCONs1" title="Employee defined cost"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31520">80,150</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--DefinedContributionPlanCostRecognized_c20201001__20210930_zApkCMwDHACa" title="Employee defined cost"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31521">54,189</ix:nonFraction></span> for the years ended September 30,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Based Compensation</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for share-based payment awards exchanged for services at the estimated grant date fair value of the award. The Company
issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20221001__20230930__srt--TitleOfIndividualAxis__custom--ThirdPartyConsultantsMember_zxSxlzXy5vq1"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-10-012023-09-30_custom_ThirdPartyConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31522">570,000</ix:nonFraction></span>, <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20211001__20220930__srt--TitleOfIndividualAxis__custom--ThirdPartyConsultantsMember_zMorot08tMG2"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-10-012022-09-30_custom_ThirdPartyConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31523">633,333</ix:nonFraction></span> and <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_dxL_c20201001__20210930__srt--TitleOfIndividualAxis__custom--ThirdPartyConsultantsMember_zBq8Lz4Xklk" title="Number of ordianary shares::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1183">Nil</span></span> of its ordinary shares to third-party consultants for the years ended September 30, 2023, 2022 and 2021,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and the assumptions used in calculating
the fair value of stock-based awards represent management&#8217;s best estimates and involve inherent uncertainties and the application
of management&#8217;s judgment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
Term - The expected term of options represents the period that the Company&#8217;s stock-based awards are expected to be outstanding
based on the simplified method, which is the half-life from vesting to the end of its contractual term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
Volatility - The Company computes stock price volatility over expected terms based on its historical common stock trading prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-Free
Interest Rate - The Company bases the risk-free interest rate on the benchmark interest rate for loans from financial institutions provided
by the People&#8217;s Bank of China with an equivalent remaining term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
Dividend - The Company has never declared or paid any cash dividends on its common shares and does not plan to pay cash dividends in
the foreseeable future, and, therefore, uses an expected dividend yield of zero in its valuation models.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 167; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock" id="ixv-21933"><p id="xdx_84B_eus-gaap--EarningsPerSharePolicyTextBlock_zHPMWww6IHo" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_861_zzoFIxKkO3Pc">Earnings
per Share</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes earnings per share (&#8220;EPS&#8221;) in accordance with ASC 260, &#8220;Earnings per Share&#8221; (&#8220;ASC 260&#8221;).
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided
by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential
common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented,
or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or
decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended September 30, 2023, <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20221001__20230930__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionSharesMember_znIXx3jDcCFk" title="Antidilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-10-012023-09-30_custom_OptionSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31528">58,507</ix:nonFraction></span> shares of options
were considered in the diluted EPS calculation using treasury stock method. For the years ended September 30, 2022, <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20211001__20220930__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionSharesMember_zbTjfyw0zO4i" title="Antidilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-10-012022-09-30_custom_OptionSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31529">35,290</ix:nonFraction></span> shares of
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shares and <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20201001__20210930__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsMember_zjomgJNA2mFi" title="Antidilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-10-012021-09-30_custom_UnderwriterWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31531">101,200</ix:nonFraction></span> underwriter warrants were considered in the diluted EPS calculation using treasury stock method. There were no diluted
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table sets forth the computation of basic and diluted earnings per share for the years ended September 30, 2023, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zxM1gPkODFM5" style="display: none">SCHEDULE OF EARNINGS PER SHARE</span></span></p>

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  <tr style="display: none; vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AA_z9QpYUaPJ0l1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock" id="ixv-22139"><p id="xdx_846_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zGfKX2G6R0j5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_866_zQEfoJXQYix5">Comprehensive
income</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
income consists of two components, net income and other comprehensive income (loss). The foreign currency translation gain or loss resulting
from translation of the financial statements expressed in RMB to US$ is reported in other comprehensive income (loss) in the consolidated
statements of income and comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:StatementOfCashFlowsPolicyTextBlock" id="ixv-22152"><p id="xdx_848_ecustom--StatementOfCashFlowsPolicyTextBlock_zYYYJcMuL8fh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_869_zKrcmwmj1WJ6">Statement
of Cash Flows</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 230, &#8220;Statement of Cash Flows&#8221;, cash flows from the Company&#8217;s operations are formulated based upon
the local currencies. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will
not necessarily agree with changes in the corresponding balances on the consolidated balance sheets</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="ixv-22189"><p id="xdx_840_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zIEvxC7FKGzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_863_zS6VetAurqW1">Recent
Accounting Pronouncements</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected
credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and
supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial
assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU
2020-02. For public entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years
beginning after December 15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating
the effects of the guidance on the Company&#8217;s consolidated financial statements and related disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2020, the FASB issued ASU 2020-10, &#8220;Codification Improvements to Subtopic 205-10, presentation of financial statements&#8221;.
The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity
to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the
likelihood that the disclosure requirement would be missed. ASU 2020-10 is effective for the Company for annual and interim reporting
periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial
statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments
at the beginning of the period that includes the adoption date. The Company is currently evaluating the impact of this new standard on
Company&#8217;s consolidated financial statements and related disclosures.</span></p>

</ix:nonNumeric><p id="xdx_859_zKoSqq3uz9p7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 169; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:LiquidityDisclosureTextBlock" id="ixv-22225"><p id="xdx_80C_ecustom--LiquidityDisclosureTextBlock_zbv7Rac7UEi4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3&#8212; <span id="xdx_825_zT2kz9gj0VZh">LIQUIDITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
reflected in the Company&#8217;s consolidated financial statements, the Company is currently constructing two new manufacturing plants.
As of September 30, 2023, the Company had future minimum capital expenditure commitment on its construction-in-progress (&#8220;CIP&#8221;)
project of approximately $<span id="xdx_90F_eus-gaap--ConstructionInProgressGross_iI_pn5n6_c20230930_zfS36BVLGqm6" title="Construction in progress"><ix:nonFraction name="us-gaap:ConstructionInProgressGross" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31554">5.0</ix:nonFraction></span> million within the next twelve months. The Company&#8217;s Yumen project is estimated to be completed in
December 2024. The Company also had unpaid tax liabilities of approximately $<span id="xdx_906_eus-gaap--AccruedIncomeTaxesCurrent_iI_pn5n6_c20230930_zsbOXzqxKq42" title="Unpaid tax liabilities"><ix:nonFraction name="us-gaap:AccruedIncomeTaxesCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31555">2.7</ix:nonFraction></span> million, which are expected to be settled with local
tax authorities within one year. As a result, there is a possibility that the Company&#8217;s revenue and cash flows may underperform
in the next 12 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing its liquidity, management monitors and analyzes the Company&#8217;s cash on-hand, its ability to generate sufficient
revenue sources in the future, and its operating and capital expenditure commitments. In June 2021, the Company closed its initial
public offering and received net proceeds of approximately $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20210629__20210630_zSPSGdXlYNnl" title="Proceeds from initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-06-292021-06-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31556">11.3</ix:nonFraction></span>
million (see Note 1 and Note 14). On January 17, 2023, the Company closed a private offering of ordinary shares and received
subscription net proceeds of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20220116__20220117_zMTIxKtczES4" title="Proceeds from initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-01-162022-01-17" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31557">2.0</ix:nonFraction></span>
million (see Note 14).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, the Company had cash on hand of $<span id="xdx_90E_eus-gaap--Cash_iI_c20230930_zsVYw5iwAj1a" title="Cash on hand"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31558">112,751</ix:nonFraction></span>.
The Company also had outstanding accounts receivable of approximately $<span id="xdx_90C_eus-gaap--AccountsReceivableNetCurrent_iI_pn5n6_c20230930_zTQJvwWrpEzg" title="Accounts receivable"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31559">4.6</ix:nonFraction></span>
million, of which approximately $<span id="xdx_90C_eus-gaap--AccountsReceivableNetCurrent_iI_pn5n6_c20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zIDBLpMvFe4b" title="Accounts receivable related parties current"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-09-30_us-gaap_RelatedPartyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31560">3.5</ix:nonFraction> </span>million
or <span id="xdx_907_ecustom--AccountReceivablePercentage_pid_dp_uPure_c20221001__20230930_zRhBy19ix0h2" title="Accounts receivable percentage"><ix:nonFraction name="BON:AccountReceivablePercentage" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31561">75.8</ix:nonFraction></span>%
has been subsequently collected as of the date of this filing. As of September 30, 2023, the Company had outstanding bank loans of
approximately $<span id="xdx_904_eus-gaap--LoansPayableCurrent_iI_pn5n6_c20230930__us-gaap--CreditFacilityAxis__custom--PRCBanksMember_zYcaJAFSjk2" title="Loans Payables"><ix:nonFraction name="us-gaap:LoansPayableCurrent" contextRef="AsOf2023-09-30_custom_PRCBanksMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31562">3.8</ix:nonFraction></span>
million from several PRC banks (including short-term bank loans of $<span id="xdx_905_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20230930__us-gaap--CreditFacilityAxis__custom--PRCBanksMember_zaSBNYvnqE21" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-09-30_custom_PRCBanksMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31563">2.5</ix:nonFraction></span>
million, current portion of long-term bank loans of approximately $<span id="xdx_901_eus-gaap--LongTermDebtCurrent_iI_pn5n6_c20230930__us-gaap--CreditFacilityAxis__custom--PRCBanksMember_zywu6L35jirl" title="Long-term bank loans current"><ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2023-09-30_custom_PRCBanksMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31564">0.4</ix:nonFraction></span>
million and long-term loan of $<span id="xdx_905_eus-gaap--LongTermDebtNoncurrent_iI_pn5n6_c20230930__us-gaap--CreditFacilityAxis__custom--PRCBanksMember_zkMNNG6VAfyi" title="Long-term bank loans non-current"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2023-09-30_custom_PRCBanksMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31565">0.9</ix:nonFraction></span>
million). Management expects that it would be able to renew all of its existing bank loans upon their maturity based on past
experience and the Company&#8217;s good credit history. In addition to the current borrowings, from December 2022 to January 2023,
the Company secured an aggregate of $<span id="xdx_909_eus-gaap--LineOfCredit_iI_pn5n6_uUSD_c20221231__us-gaap--CreditFacilityAxis__custom--PRCBanksAndFinancialInstitutionsMember_zCIs5ANPymLl" title="Lines of credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2022-12-31_custom_PRCBanksAndFinancialInstitutionsMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31566">1.7</ix:nonFraction></span>
million of short-term loans with PRC banks as working capital loan (see Note 19).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the current operating plan, management believes that the above-mentioned measures, including cash on hand of $<span id="xdx_902_eus-gaap--Cash_iI_c20230930_zQ7Rj4Gp5sQj" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31567">112,751</ix:nonFraction></span><span style="background-color: white">, </span>$<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pn5n6_c20230101__20230131_zsc4xZijM0F6" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2023-01-012023-01-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31568">2.0</ix:nonFraction></span>
million net <span style="background-color: white">proceeds from </span>private offering of ordinary shares in January 2023 and the
$<span id="xdx_90A_eus-gaap--DebtInstrumentUnusedBorrowingCapacityAmount_iI_pn5n6_uUSD_c20230930__us-gaap--FinancialInstrumentAxis__us-gaap--UnusedLinesOfCreditMember_z8neCRfkqNFa" title="Unused line of credit"><ix:nonFraction name="us-gaap:DebtInstrumentUnusedBorrowingCapacityAmount" contextRef="AsOf2023-09-30_us-gaap_UnusedLinesOfCreditMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31569">1.7</ix:nonFraction></span>
million of short-term loans, collectively will provide sufficient liquidity for the Company to settle the tax liabilities, to meet
its future liquidity and capital expenditure requirement on the CIP projects for at least 12 months from the date the
Company&#8217;s consolidated financial statements are issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:AccountsAndNontradeReceivableTextBlock" id="ixv-22266"><p id="xdx_803_eus-gaap--AccountsAndNontradeReceivableTextBlock_zZ0GhUvdhSPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8212; <span id="xdx_821_zF2GrcjrBoE">ACCOUNTS RECEIVABLE, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" id="ixv-22273"><p id="xdx_89D_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zIhnsn3E8Mdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable, net, consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zNUzpZ7Ttneg" style="display: none">SCHEDULE OF ACCOUNTS RECEIVABLE, NET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49B_20230930_zT6uSs91b2n" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_494_20220930_zhB2xZtXkx9k" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--AccountsReceivableGross_iI_maARNz051_zeueYvpHxUM9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Accounts receivable</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableGross" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31570">4,615,470</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableGross" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31571">6,797,644</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_di_msARNz051_zmqmzhVs3Sw8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: allowance for doubtful accounts</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31572">13,004</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31573">13,337</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--AccountsReceivableNetCurrent_iTI_mtARNz051_zXid3bRtxgcl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accounts receivable, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31574">4,602,466</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31575">6,784,307</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zYhvB2BDPK6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 170; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8212; ACCOUNTS RECEIVABLE, NET (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s accounts receivable primarily includes balance due from customers when the Company&#8217;s products are sold and delivered
to customers. Approximately $<span id="xdx_905_eus-gaap--AccountsReceivableNetCurrent_iI_pn5n6_c20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zRWg3bPzlisa" title="Accounts receivable, net"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-09-30_us-gaap_AccountsReceivableMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31576">3.5</ix:nonFraction></span> million or <span id="xdx_906_ecustom--AccountReceivablePercentage_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zrmb1VO63A9j" title="Account receivable, percentage"><ix:nonFraction name="BON:AccountReceivablePercentage" contextRef="From2022-10-012023-09-30_us-gaap_AccountsReceivableMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31577">75.8</ix:nonFraction></span>% of the net accounts receivable balance as of September 30, 2023 has been collected
as of the date of the Company&#8217;s consolidated financial statements are released.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfAccountsReceivableAndSubsequentCollectionByAgingBucketTableTextBlock" id="ixv-22358"><p id="xdx_89C_ecustom--ScheduleOfAccountsReceivableAndSubsequentCollectionByAgingBucketTableTextBlock_zMMBftkgsXr9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company&#8217;s accounts receivable and subsequent collection by aging bucket:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zTLmYcVz37Ve" style="display: none">SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION BY AGING BUCKET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Accounts Receivable by aging bucket</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Balance as of September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Subsequent collection</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of subsequent collection</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Less than 3 months</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__srt--StatementScenarioAxis__custom--LessThanThreeMonthsMember_zApoX1S9jvvj" title="Total gross accounts receivable" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2023-09-30_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31578">4,603,299</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember__srt--StatementScenarioAxis__custom--LessThanThreeMonthsMember_z9YMhDZUBwzd" title="Total gross accounts receivable" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2023-09-30_custom_SubsequentCollectionMember_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31579">3,487,207</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><span id="xdx_90E_ecustom--PercentageOfSubsequentCollection_iI_pid_dp_uPure_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember__srt--StatementScenarioAxis__custom--LessThanThreeMonthsMember_zSHM8VQRxQf4" title="Percentage of subsequent collection"><ix:nonFraction name="BON:PercentageOfSubsequentCollection" contextRef="AsOf2023-09-30_custom_SubsequentCollectionMember_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31580">75.8</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">From 4 to 6 months</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__srt--StatementScenarioAxis__custom--FromFourToSixmonthsMember_zXgl7GQxN8ig" title="Total gross accounts receivable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1302">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember__srt--StatementScenarioAxis__custom--FromFourToSixmonthsMember_zH9smiLYKqR2" title="Total gross accounts receivable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1304">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">From 7 to 9 months</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__srt--StatementScenarioAxis__custom--FromSevenToNinemonthsMember_zlJDPpke6zmc" title="Total gross accounts receivable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1306">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember__srt--StatementScenarioAxis__custom--FromSevenToNinemonthsMember_zegnZw3EPAX9" title="Total gross accounts receivable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1308">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">From 10 to 12 months</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__srt--StatementScenarioAxis__custom--FromTenToTwelveMonthsMember_zLZmxD77ATj1" title="Total gross accounts receivable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1310">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember__srt--StatementScenarioAxis__custom--FromTenToTwelveMonthsMember_zJsJqUtN5hp8" title="Total gross accounts receivable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1312">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Over 1 year</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__srt--StatementScenarioAxis__custom--OverOneyearMember_zbtysuOs9e5j" title="Total gross accounts receivable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2023-09-30_custom_OverOneyearMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31581">12,171</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember__srt--StatementScenarioAxis__custom--OverOneyearMember_zyWMwaT0Rmni" title="Total gross accounts receivable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1316">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total gross accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930_zGAmdDC7SADi" title="Total gross accounts receivable" style="text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31582">4,615,470</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--AccountsReceivableGrossCurrent_iI_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember_zTsRDBZafjcg" title="Total gross accounts receivable" style="text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2023-09-30_custom_SubsequentCollectionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31583">3,487,207</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90B_ecustom--PercentageOfSubsequentCollection_iI_pid_dp_uPure_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember_ztJ2xxxsRldf" title="Percentage of subsequent collection"><ix:nonFraction name="BON:PercentageOfSubsequentCollection" contextRef="AsOf2023-09-30_custom_SubsequentCollectionMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31584">75.8</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Allowance for doubtful accounts</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_di_c20230930_z0Z04aq8Teb2" title="Allowance for doubtful accounts" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31585">13,004</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accounts Receivable, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--AccountsReceivableNetCurrent_iI_c20230930_zimIeupKJu7d" title="Accounts Receivable, net" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31586">4,602,466</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--AccountsReceivableNetCurrent_iI_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember_zvlXAdCjn4Ua" title="Accounts Receivable, net" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-09-30_custom_SubsequentCollectionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31587">3,487,207</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_ecustom--PercentageOfSubsequentCollectionNet_iI_dp_uPure_c20230930__us-gaap--AwardTypeAxis__custom--SubsequentCollectionMember_zFIY7TFB7Pmb" title="% of account receivable subsequent collection"><ix:nonFraction name="BON:PercentageOfSubsequentCollectionNet" contextRef="AsOf2023-09-30_custom_SubsequentCollectionMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31588">75.8</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zXxmH42yFsJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock" id="ixv-22511"><p id="xdx_898_ecustom--ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock_zO5Bv9hu752e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance
for doubtful accounts movement is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_ziTgSY43Vkdl" style="display: none">SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_493_20221001__20230930_zz0l8AkDIeFk" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_492_20211001__20220930_ztVr1WQ25zo" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_zu7nPaUZgBzi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Beginning balance</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31589">13,337</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31590">14,691</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--AllowanceForDoubtfulAccountsReceivableAdditions_zfXw29FyXPHh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1337">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1338">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--WriteoffUncollectibleBalance_zpxyIsTETiw1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Write-off uncollectible balance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1340">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1341">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_zxb6bVl10yxe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Foreign currency translation adjustments</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31591">334</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-31592">1,354</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_zsnKsg7zTX23" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Ending balance</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31593">13,004</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31594">13,337</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A0_zjCpLqRpJUle" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:InventoryDisclosureTextBlock" id="ixv-22590"><p id="xdx_802_eus-gaap--InventoryDisclosureTextBlock_zY4L5aAW6dxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8211; <span id="xdx_828_zr0ggcuuwsVa">INVENTORIES, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock" id="ixv-22597"><p id="xdx_898_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zSsuE0wXGWnj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories,
net, consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zgIJOeFbxf5f" style="display: none">SCHEDULE OF INVENTORIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_497_20230930_zjuQjDuDGso2" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49C_20220930_zrhaKpuKPJll" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--InventoryRawMaterialsAndSupplies_iI_maINzjSW_z92taJtCBrf3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Raw materials</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InventoryRawMaterialsAndSupplies" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31595">12,715</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InventoryRawMaterialsAndSupplies" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31596">677,042</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--InventoryFinishedGoods_iI_maINzjSW_zwfKWYfygij4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Finished goods</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31597">975,651</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31598">1,051,947</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--InventoryValuationReserves_iNI_di_msINzjSW_zUJqnGMUnaX" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Inventory valuation allowance</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31599">1,079</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31600">6,869</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--InventoryNet_iTI_mtINzjSW_zwqMhTmDUkyb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total inventory, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31601">987,287</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31602">1,722,120</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_z6qv5QIISO4g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:AdvancesToSuppliersNetTextBlock" id="ixv-22662"><p id="xdx_802_ecustom--AdvancesToSuppliersNetTextBlock_z8wdjU4ud2i5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 &#8211;<span id="xdx_82B_zHCoDr2r9izd">ADVANCES TO SUPPLIERS, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfAdvancesToSuppliersNetTableTextBlock" id="ixv-22669"><p id="xdx_89A_ecustom--ScheduleOfAdvancesToSuppliersNetTableTextBlock_zSkrE8ITdN0d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances
to suppliers, net, consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zBfWkSZJW3gk" style="display: none">SCHEDULE OF ADVANCES TO SUPPLIERS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Schedule of Advances to suppliers:</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_490_20230930_z0J96fpWw1Gg" style="border-bottom: Black 1.5pt solid; text-align: center">September
    30, 2023</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20220930_zkmHm8xAgP5l" style="border-bottom: Black 1.5pt solid; text-align: center">September
    30, 2022</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_402_ecustom--AdvancesToSuppliersForInventoryRawMaterials_iI_maDFRPCz68R_zZgR1laWBmeg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Raw materials purchase</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="BON:AdvancesToSuppliersForInventoryRawMaterials" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31603">6,406,488</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Construction of the CIP</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,716,009</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,105</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Machinery and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,918,860</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Others</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">75,834</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">435,365</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--AllowanceForDoubtfulAccounts_iI_maDFRPCz68R_ziM05HTKOtBf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Less: allowance for doubtful accounts</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1372">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1373">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--AdvanceToSuppliersNet_iTI_maDFRPCz68R_zYAP3zwctf2e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Advances to suppliers, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="BON:AdvanceToSuppliersNet" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31605">15,117,191</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="BON:AdvanceToSuppliersNet" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31606">4,091,990</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zAKAfTz98Yr" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
30, 2022 advance to supplier balance has been fully realized by March 2023. For the balance as of September 30, 2023, approximately $<span id="xdx_90F_eus-gaap--OtherReceivables_iI_pn5n6_c20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zftGdF5ujUQj" title="Due from related parties current"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-09-30_us-gaap_RelatedPartyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31607">2.8</ix:nonFraction></span>
million or <span id="xdx_906_ecustom--PrepaidInventoryPercentage_pid_dp_uPure_c20221001__20230930_zF9fzdHjZSbe" title="Prepaid inventory, percentage"><ix:nonFraction name="BON:PrepaidInventoryPercentage" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31608">18.7</ix:nonFraction></span>% of advances to suppliers for inventory raw materials balances has been realized when the Company received the purchased
inventory raw materials from suppliers, and the remaining balance is expected to be realized in March 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 171; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:AssetAcquisitionTextBlock" id="ixv-22781"><p id="xdx_802_eus-gaap--AssetAcquisitionTextBlock_zgFNK3eFDdb7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7&#8212; <span id="xdx_824_z0fq5EhyWFY1">ACQUISITION DEPOSIT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2021, the Company entered into a consulting agreement with a New York based consulting firm (&#8220;the consulting
firm&#8221;), pursuant to which, the consulting firm will help the Company to (i) identify appropriate business partner candidates
in New York or California in order to jointly establish a research and development center in the United States for future new
product development; (ii) find opportunities to establish business relationship with U.S based companies with OEM demand and utilize
the Company&#8217;s manufacturing strength and capability to manufacture healthcare ingredient products for U.S companies under the
OEM arrangement and (iii) help the Company to purchase or lease appropriate commercial facilities in the U.S., etc. The consulting
firm will be compensated with $<span id="xdx_903_eus-gaap--BusinessCombinationConsiderationTransferred1_c20221001__20230930_zu2CLj9rMuRk" title="Business combination, consideration transferred"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31609">30,000</ix:nonFraction></span>
in exchange for performing these designated consulting services. Given the fact that the Company lacks credit history in the U.S,
the Company is required to make a deposit of $<span id="xdx_907_eus-gaap--DepositAssets_iI_pn5n6_c20210706__us-gaap--BusinessAcquisitionAxis__custom--TheConsultingFirmGlobalCapitalLPMember_z5oLdq1twhl6" title="Deposit assets"><ix:nonFraction name="us-gaap:DepositAssets" contextRef="AsOf2021-07-06_custom_TheConsultingFirmGlobalCapitalLPMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31610">1.5</ix:nonFraction></span>
million to the consulting firm. As of September 30, 2021, the Company has made a deposit of $<span id="xdx_90A_eus-gaap--DepositAssets_iI_pn6n6_c20210930__us-gaap--BusinessAcquisitionAxis__custom--TheConsultingFirmGlobalCapitalLPMember_zaG7iGBNz9W4" title="Deposit assets"><ix:nonFraction name="us-gaap:DepositAssets" contextRef="AsOf2021-09-30_custom_TheConsultingFirmGlobalCapitalLPMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD" id="ixv-31611">1.0</ix:nonFraction></span>
million to the consulting firm and recorded it as acquisition deposit on the balance sheets. No additional deposit was made
during the years ended September 30, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to recent COVID-19 resurgence in Xi&#8217;an City and government mandatory quarantine and city lockdown, on January 20, 2022, the Company
and the consulting firm signed a supplemental agreement to lower down the required deposit from original $<span id="xdx_902_eus-gaap--DepositsAssetsCurrent_iI_pn5n6_c20230930__us-gaap--BusinessAcquisitionAxis__custom--TheConsultingFirmGlobalCapitalLPMember_zXzowtxsVokf" title="Acquisition deposit"><ix:nonFraction name="us-gaap:DepositsAssetsCurrent" contextRef="AsOf2023-09-30_custom_TheConsultingFirmGlobalCapitalLPMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31612">1.5</ix:nonFraction></span> million to $<span id="xdx_906_eus-gaap--DepositsAssetsCurrent_iI_pn6n6_c20230930_z8GnhlBSNK9k" title="Acquisition deposit"><ix:nonFraction name="us-gaap:DepositsAssetsCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD" id="ixv-31613">1.0</ix:nonFraction></span> million.
As a result, the Company does not have further obligation to make additional deposit to the consulting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, the consulting firm has delivered a potential acquisition target to the Company, which is a small R&amp;D
firm developing anti-aging formulas. The consulting firm is now helping the Company to perform due diligence work and the Company is
now negotiating the detailed terms with this acquisition target. The intended acquisition is expected to be completed around
December 2024. The Company may, at its discretion, terminate the consulting agreement and request for a full refund of the deposit
anytime if the due diligence work fails or the final acquisition terms not reached by both parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock" id="ixv-22805"><p id="xdx_80B_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zVTlx1ruDXi4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8&#8212; <span id="xdx_824_zFXv9mqDNNa2">PROPERTY, PLANT AND EQUIPMENT, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock" id="ixv-22812"><p id="xdx_893_eus-gaap--PropertyPlantAndEquipmentTextBlock_zOIyrUKYuR0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, net, consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zekMScIEE62d" style="display: none">SCHEDULE OF PROPERTY, PLANT, AND EQUIPMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_491_20230930_zh6GjNtpkcOg" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49D_20220930_zrTHl1ubFDF5" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_z7HW7x0TiqVl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Buildings</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-09-30_us-gaap_BuildingMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31614">11,621,665</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-09-30_us-gaap_BuildingMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31615">967,530</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zRiicjR0iYI7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Machinery, equipment and furniture</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-09-30_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31616">6,207,931</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-09-30_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31617">1,866,760</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zC6JwXTCj3Bf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Motor Vehicles</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-09-30_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31618">210,201</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_zufkkAqhGuA7" style="vertical-align: bottom; background-color: White">
    <td id="xdx_F4B_z1AgOMV72FMk" style="text-align: left">Construction-in-progress (&#8220;CIP&#8221;) (1)</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-09-30_us-gaap_ConstructionInProgressMember" id="Fact001408" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,274,698</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzKGB_zlFrc5eM9Fkb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Subtotal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31622">23,622,010</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31623">23,310,525</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzKGB_zlLAlZgQlHa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: accumulated depreciation</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31624">2,557,967</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31625">1,686,088</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzKGB_zF7y6Am0hnNi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Property, plant and equipment, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31626">21,064,043</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31627">21,624,437</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense was $<span id="xdx_905_eus-gaap--Depreciation_c20221001__20230930_z1iACtSGzWvd" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31628">945,507</ix:nonFraction></span>, $<span id="xdx_904_eus-gaap--Depreciation_c20211001__20220930_zuSjzZ3KmQxd" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31629">210,916</ix:nonFraction></span> and $<span id="xdx_90F_eus-gaap--Depreciation_c20201001__20210930_zckD56KX3EC9" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31630">219,906</ix:nonFraction></span> for the years ended September 30, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0B_zAgEF9sbRCmk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zwxdj2CE2RRh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001424" xml:lang="en-US">Construction-in-progress
    (&#8220;CIP&#8221;) represents direct costs of construction incurred for the Company&#8217;s manufacturing facilities. On August
    16, 2017, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem Bio (Tech) Co.,Ltd. started to construct a new manufacturing plant
    in Tongchuan City (&#8220;Tongchuan Project&#8221;), Shaanxi Province, with total budget of RMB <span id="xdx_906_eus-gaap--ConstructionInProgressGross_iI_pn5n6_uRMB_c20230930__dei--LegalEntityAxis__custom--XianAppChemBioTechCoLtdMember_zLYhRC9lnJF1" title="Construction in progress" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZLCBQTEFOVCwgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:ConstructionInProgressGross" contextRef="AsOf2023-09-30_custom_XianAppChemBioTechCoLtdMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31631">95.0</ix:nonFraction></span> million (approximately $<span id="xdx_902_eus-gaap--ConstructionInProgressGross_iI_pn5n6_uUSD_c20230930__dei--LegalEntityAxis__custom--XianAppChemBioTechCoLtdMember_z1Dj55gubtV5" title="Construction in progress" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZLCBQTEFOVCwgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:ConstructionInProgressGross" contextRef="AsOf2023-09-30_custom_XianAppChemBioTechCoLtdMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31632">13.4</ix:nonFraction></span>
    million) for construction of the main body of the manufacturing plant, plant decoration and purchase of machinery and equipment.
    The total budget increased to RMB <span id="xdx_90C_ecustom--FutureMinimumCapitalExpendituresOnConstructioninprogress_iI_pn5n6_uRMB_c20230930_zUzRH58KYXzb" title="Future minimum capital expenditures on construction in progress" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZLCBQTEFOVCwgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="BON:FutureMinimumCapitalExpendituresOnConstructioninprogress" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31633">114.0</ix:nonFraction></span> million (approximately $<span id="xdx_903_ecustom--FutureMinimumCapitalExpendituresOnConstructioninprogress_iI_pn5n6_uUSD_c20230930_zvS5WQ08jRCj" title="Future minimum capital expenditures on construction in progress" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZLCBQTEFOVCwgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="BON:FutureMinimumCapitalExpendituresOnConstructioninprogress" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31634">16.0</ix:nonFraction></span> million) on July 2, 2021 due to increased material and labor
    cost, as well as longer construction period caused by COVID-19 pandemic. The construction of Tongchuan Project was fully completed
    and put into production in December 2022, of which $<span id="xdx_902_eus-gaap--ConstructionInProgressGross_iI_uUSD_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BulidingsAndMachinaeryMember_z9M9V1puT3lb" title="Construction in progress" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZLCBQTEFOVCwgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:ConstructionInProgressGross" contextRef="AsOf2023-09-30_custom_BulidingsAndMachinaeryMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31635">10,678,336</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--ConstructionInProgressGross_iI_uUSD_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentAndFurnitureMember_zOtnYjoVE9sj" title="Construction in progress" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZLCBQTEFOVCwgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:ConstructionInProgressGross" contextRef="AsOf2023-09-30_custom_EquipmentAndFurnitureMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31636">4,305,847</ix:nonFraction></span> were transferred to Buildings and Machinery, equipment
    and furniture, respectively, from CIP as of September 30, 2023. </ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A4_z8ousYlN2lqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 172; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8&#8212; PROPERTY, PLANT AND EQUIPMENT, NET (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 10, 2021, a subsidiary of the Company&#8217;s Xi&#8217;an App-Chem, Gansu Baimeikang Bioengineering Co., Ltd. obtained a land use
right and started to construct a new manufacturing plant in Yumen City (&#8220;Yumen Project&#8221;), Gansu Province, with an initial
budget of RMB <span id="xdx_905_ecustom--FutureMinimumCapitalExpendituresOnConstructioninprogress_iI_pn5n6_uRMB_c20210510__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--YumenCipProjectMember__srt--RangeAxis__srt--MaximumMember_zi2saTasqxCh" title="Future minimum capital expenditures on construction in progress"><ix:nonFraction name="BON:FutureMinimumCapitalExpendituresOnConstructioninprogress" contextRef="AsOf2021-05-10_custom_YumenCipProjectMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31637">40.0</ix:nonFraction></span> million (approximately $<span id="xdx_90D_ecustom--FutureMinimumCapitalExpendituresOnConstructioninprogress_iI_pn5n6_uUSD_c20210510__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--YumenCipProjectMember_zJRd44JGMTxi" title="Future minimum capital expenditures on construction in progress"><ix:nonFraction name="BON:FutureMinimumCapitalExpendituresOnConstructioninprogress" contextRef="AsOf2021-05-10_custom_YumenCipProjectMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31638">5.6</ix:nonFraction></span> million) including the construction of the main body of the manufacturing plant, plant
decoration and purchase of machinery and equipment. The budget increased to a total of RMB <span id="xdx_90D_ecustom--FutureMinimumCapitalExpendituresOnConstructioninprogress_iI_pn4n6_uRMB_c20210510__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--YumenCipProjectMember_ziKporweAuL3" title="Future minimum capital expenditures on construction in progress"><ix:nonFraction name="BON:FutureMinimumCapitalExpendituresOnConstructioninprogress" contextRef="AsOf2021-05-10_custom_YumenCipProjectMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="RMB" id="ixv-31639">200.00</ix:nonFraction></span> million due to the increase in scale.
The construction of Yumen Project is initially expected to be completed by October 2022. Due to the increase in scale and the resurgence
of the COVID-19 pandemic, which resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines
and travel bans, the construction work is estimated to be completed in December 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, the Company has spent approximately $<span id="xdx_90F_eus-gaap--ConstructionInProgressGross_iI_pn5n6_uUSD_c20230930__srt--TitleOfIndividualAxis__custom--TongchuanAndYumenCipProjectMember_zVvWGwkivyp2" title="Construction in progress"><ix:nonFraction name="us-gaap:ConstructionInProgressGross" contextRef="AsOf2023-09-30_custom_TongchuanAndYumenCipProjectMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31640">5.6</ix:nonFraction></span> million on the CIP projects located in Yumen, with deposit of additional
construction of $<span id="xdx_906_ecustom--AdditionConstructionInProgress_iI_pn5n6_uUSD_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_z9a2KqkLTG" title="Addition construction in progress"><ix:nonFraction name="BON:AdditionConstructionInProgress" contextRef="AsOf2023-09-30_us-gaap_ConstructionInProgressMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31641">6.7</ix:nonFraction></span> million and equipment procurement of $<span id="xdx_90E_ecustom--AdditionConstructionInProgress_iI_pn5n6_uUSD_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_z2yEJ7Mhpjwd" title="Addition construction in progress"><ix:nonFraction name="BON:AdditionConstructionInProgress" contextRef="AsOf2023-09-30_us-gaap_EquipmentMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31642">1.9</ix:nonFraction></span> million. The future minimum capital expenditure on this CIP project is
estimated to be approximately $<span id="xdx_908_eus-gaap--CapitalLeasesFutureMinimumPaymentsDueCurrent_iI_pn6n6_c20230930__srt--TitleOfIndividualAxis__custom--TongchuanAndYumenCipProjectMember_zPaP00n60P34" title="Future minimum capital expenditures on construction in progress next twelve months"><ix:nonFraction name="us-gaap:CapitalLeasesFutureMinimumPaymentsDueCurrent" contextRef="AsOf2023-09-30_custom_TongchuanAndYumenCipProjectMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD" id="ixv-31643">5.0</ix:nonFraction></span> million for the next 12 months. The Company currently plans to support its ongoing CIP project construction
through cash flows from operations, cash on hand, bank borrowings and equity offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfFutureMinimumCapitalExpendituresOnConstructionInprogressTableTextBlock" id="ixv-22968"><p id="xdx_891_ecustom--ScheduleOfFutureMinimumCapitalExpendituresOnConstructionInprogressTableTextBlock_znWHvmVdJ1a6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, future minimum capital expenditures on the Company&#8217;s the CIP project are estimated as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zwjlnMSQfSma" style="display: none">SCHEDULE OF FUTURE MINIMUM CAPITAL EXPENDITURES ON THE CONSTRUCTION-IN-PROGRESS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Years ending September 30,</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Yumen<br/> CIP Project</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--CapitalLeasesFutureMinimumPaymentsDueCurrent_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--YumenCipProjectMember_zo9TkzgsHs8g" title="2023" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:CapitalLeasesFutureMinimumPaymentsDueCurrent" contextRef="AsOf2023-09-30_custom_YumenCipProjectMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31644">5,000,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--CapitalLeasesFutureMinimumPaymentsDueInTwoYears_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--YumenCipProjectMember_zbQL25vVGD0e" title="2024" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1456">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--CapitalLeasesFutureMinimumPaymentsDueInThreeYears_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--YumenCipProjectMember_zuctggDYuwIf" title="2025" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1458">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2027</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--CapitalLeasesFutureMinimumPaymentsDueInFourYears_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--YumenCipProjectMember_zn1NxJDUOUpd" title="2026" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1460">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--CapitalLeasesFutureMinimumPaymentsDue_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--YumenCipProjectMember_zx1qF82uo0Uc" title="Total" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CapitalLeasesFutureMinimumPaymentsDue" contextRef="AsOf2023-09-30_custom_YumenCipProjectMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31645">5,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zfxlcxcay3h5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock" id="ixv-23015"><p id="xdx_80D_eus-gaap--IntangibleAssetsDisclosureTextBlock_ztttfXEh0gja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 &#8211; <span id="xdx_829_zpylbFQ6i2zl">INTANGIBLE ASSETS, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" id="ixv-23022"><p id="xdx_893_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zNu8ykL13Ev7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets, net mainly consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zFy934TILjXl" style="display: none">SCHEDULE OF INTANGIBLE ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49E_20230930_zsFApHCc3k83" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_493_20220930_zhVXLBWvegXi" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 60%; text-align: left">Land use rights</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31647">430,985</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msFLIANz4E3_zoi2rKDBaLN6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: accumulated amortization</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31648">71,907</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31649">64,818</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANz4E3_zlxel8m8KAY8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Land use rights, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31650">995,227</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31651">366,167</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A6_z5EWDUbXv4Fj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expenses were $<span id="xdx_90F_eus-gaap--AmortizationOfIntangibleAssets_c20221001__20230930_z3GJssW2VJf9" title="Amortization of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31652">9,010</ix:nonFraction></span>, $<span id="xdx_907_eus-gaap--AmortizationOfIntangibleAssets_c20211001__20220930_zYGKI9c4GmTa" title="Amortization of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31653">7,610</ix:nonFraction></span> and $<span id="xdx_90A_eus-gaap--AmortizationOfIntangibleAssets_c20201001__20210930_zLByj66FELR1" title="Amortization of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31654">8,641</ix:nonFraction></span> for the years ended September 30, 2023, 2022 and 2021, respectively. Estimated future amortization
expense for intangible assets is as follows:</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock" id="ixv-23082"><p id="xdx_898_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zFz026eVWIyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_z8dz7seD7PO4"><span id="xdx_8B6_z3wAvbQ5BGS4" style="display: none">SCHEDULE OF AMORTIZATION EXPENSES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" id="xdx_49D_20230930_z7538OtMmk9h" style="border-bottom: Black 1.5pt solid; text-align: center">Amortization expense</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_maIANEGzvVl_z9KIepbmKP61" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31655">21,649</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31656">21,649</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_maIANEGzvVl_zhOn4HpUIeM2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31657">21,649</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_maIANEGzvVl_zIpqIiKaqlG4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31658">21,649</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_maIANEGzvVl_z5otENlxhpZd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2028</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31659">21,649</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_maIANEGzvVl_zA75F6XyhSC3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Thereafter</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31660">886,982</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_mtIANEGzvVl_zkPD0QUSOgXk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Total</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31661">995,227</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_z2feylEnTAnb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 173; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:DebtDisclosureTextBlock" id="ixv-23161"><p id="xdx_80C_eus-gaap--DebtDisclosureTextBlock_zNCjuDTP3Bgg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10&#8212; <span id="xdx_82D_z2GsFZafMww7">DEBT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company borrowed from PRC banks, other financial institutions and third-parties as working capital funds. As of September 30, 2023 and
2022, the Company&#8217;s debt consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfShortTermDebtTextBlock" id="ixv-23172"><p id="xdx_896_eus-gaap--ScheduleOfShortTermDebtTextBlock_zgi5N3ymXlG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Short-term loans:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zWrQfa7w8Rx" style="display: none">SCHEDULE OF SHORT-TERM LOANS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 53%; text-align: left">China Construction Bank (&#8220;CCB&#8217;)</td><td style="width: 2%">&#160;</td>
    <td style="width: 5%; text-align: center">(1)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShortTermBorrowings_iI_c20230930__us-gaap--ShortTermDebtTypeAxis__custom--XianXinchangMicroLendingCoLtdMember_fKDEp_znHXd0GWPSYd" title="Short-term loans" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-09-30_custom_XianXinchangMicroLendingCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31662">42,785</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ShortTermBorrowings_iI_c20220930__us-gaap--ShortTermDebtTypeAxis__custom--XianXinchangMicroLendingCoLtdMember_fKDEp_zwryiN5xtWDk" title="Short-term loans" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-09-30_custom_XianXinchangMicroLendingCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31663">34,765</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shanghai Pudong Development Bank (&#8220;SPD Bank&#8221;)</td><td>&#160;</td>
    <td style="text-align: center">(2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_c20230930__us-gaap--ShortTermDebtTypeAxis__custom--ChinaConstructionBankOneMember_fKDMp_zgrp6Q4lf5q2" title="Short-term loans" style="text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-09-30_custom_ChinaConstructionBankOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31664">1,370,614</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShortTermBorrowings_iI_c20220930__us-gaap--ShortTermDebtTypeAxis__custom--ChinaConstructionBankOneMember_fKDMp_zFiBmdKuWZo1" title="Short-term loans" style="text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-09-30_custom_ChinaConstructionBankOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31665">1,405,777</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">China Construction Bank</td><td>&#160;</td>
    <td style="text-align: center">(3)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_c20230930__us-gaap--ShortTermDebtTypeAxis__custom--ShanghaiPudongDevelopmentBankMember_zI3Vflwk69eb" title="Short-term loans" style="text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-09-30_custom_ShanghaiPudongDevelopmentBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31666">137,061</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShortTermBorrowings_iI_c20220930__us-gaap--ShortTermDebtTypeAxis__custom--ShanghaiPudongDevelopmentBankMember_zUnlBilrN5Yh" title="Short-term loans" style="text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-09-30_custom_ShanghaiPudongDevelopmentBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31667">140,578</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Beijing Bank</td><td>&#160;</td>
    <td style="text-align: center">(4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShortTermBorrowings_iI_c20230930__us-gaap--ShortTermDebtTypeAxis__custom--ChinaConstructionBankTwoMember_fKDMp_zTWuhHuGnGbd" title="Short-term loans" style="text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-09-30_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31668">822,368</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_c20220930__us-gaap--ShortTermDebtTypeAxis__custom--ChinaConstructionBankTwoMember_fKDMp_zjxaaUbj3Q4f" title="Short-term loans" style="text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-09-30_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31669">843,467</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Industrial and Commercial Bank of China</td><td>&#160;</td>
    <td style="text-align: center">(5)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShortTermBorrowings_iI_c20230930__us-gaap--ShortTermDebtTypeAxis__custom--BeijingBankMember_zjjFGRcqUQKc" title="Short-term loans" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-09-30_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31670">137,061</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShortTermBorrowings_iI_c20220930__us-gaap--ShortTermDebtTypeAxis__custom--BeijingBankMember_zJ6YnjYlirw9" title="Short-term loans" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1521">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total short-term loans</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShortTermBorrowings_iI_c20230930_z3GW9X358af7" title="Total short-term loans" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31671">2,509,890</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--ShortTermBorrowings_iI_c20220930_zfeSYvq2Kjv8" title="Total short-term loans" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31672">2,424,587</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A4_zna3oqCUk3Ff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
On January 13, 2022, Tongchuan DT entered into another loan agreement with China Construction Bank (&#8220;CCB&#8217;) to borrow RMB
<span id="xdx_904_eus-gaap--ShortTermBorrowings_iI_uRMB_c20220113__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_z0eCF9HRbtg6" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-01-13_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31673">247,300</ix:nonFraction></span> (equivalent to US$<span id="xdx_909_eus-gaap--ShortTermBorrowings_iI_uUSD_c20220113__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_zFFjt2cQJVM5" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-01-13_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31674">34,765</ix:nonFraction></span>) <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDateDescription_c20220112__20220113__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_zyV95P2mpueg" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2022-01-122022-01-13_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23279">as working capital for one year, with maturity date on <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20220112__20220113__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_zs6eyEBWDkEi" title="Debt maturity date"><ix:nonNumeric contextRef="From2022-01-122022-01-13_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31675">January 13, 2023</ix:nonNumeric></span></ix:nonNumeric></span> and interest rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220113__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_zktWpertY81g" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-01-13_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31676">3.8525</ix:nonFraction></span>%
per annum. The loan was fully repaid upon maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 30, 2022, the Company&#8217;s subsidiary, Tongchuan DT entered into a loan agreement with CCB to borrow RMB <span id="xdx_90F_eus-gaap--ShortTermBorrowings_iI_uRMB_c20221230__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_zov7bSkWTn2i" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-30_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31677">312,159</ix:nonFraction></span> (equivalent
to US$<span id="xdx_909_eus-gaap--ShortTermBorrowings_iI_uUSD_c20221230__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_zTevfBOsARp6" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-30_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31678">42,785</ix:nonFraction></span>) <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDateDescription_c20221230__20221230__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_zyt0HTbYwi36" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2022-12-302022-12-30_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23289">as working capital for one year, with maturity date on <span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20221230__20221230__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankOneMember_znyz5oRCF2R6" title="Debt maturity date"><ix:nonNumeric contextRef="From2022-12-302022-12-30_custom_LoanAgreementMember_custom_ChinaConstructionBankOneMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31679">December 30, 2023</ix:nonNumeric></span></ix:nonNumeric></span> and interest rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20221231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z06An0msvbib" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31680">3.95</ix:nonFraction></span>% per annum. The loan
was fully repaid upon maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
On December 6, 2021, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem, obtained an approval of line of credit from Shanghai Pudong
Development Bank (&#8220;SPD Bank&#8221;) for a maximum of RMB <span id="xdx_906_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uRMB_c20211206__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_zvWgCrckyVJl" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2021-12-06_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31681">15.0</ix:nonFraction></span> million (approximately $<span id="xdx_906_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uUSD_c20211206__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_zbCNZX7d3iDc" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2021-12-06_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31682">2.1</ix:nonFraction></span> million) loans as working capital for
one year. On January 10, 2022, the Company borrowed RMB <span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uRMB_c20220110__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_zslUXYxnZpo6" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-01-10_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31683">10.0</ix:nonFraction></span> million (equivalent to US$<span id="xdx_909_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uUSD_c20220110__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_zn6HlSlEpgk7" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-01-10_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31684">1.4</ix:nonFraction></span> million) short-term loan out of this line
of credit as working capital for one year, with interest rate of <span id="xdx_90D_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20220110__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_z4dgGutyovR7" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2022-01-10_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31685">5.0</ix:nonFraction></span>% per annum and maturity date on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20220110__20220110__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_z8NakrdK5Z84" title="Debt maturity date"><ix:nonNumeric contextRef="From2022-01-102022-01-10_custom_SpdBankMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31686">January 10, 2023</ix:nonNumeric></span>. <span id="xdx_901_eus-gaap--LineOfCreditFacilityCollateral_c20220109__20220110__dei--LegalEntityAxis__custom--SpdBankMember_zq3R6XLuNhnj" title="Line of credit, collateral"><ix:nonNumeric contextRef="From2022-01-092022-01-10_custom_SpdBankMember" name="us-gaap:LineOfCreditFacilityCollateral" id="ixv-31687">A third-party
Xi&#8217;an Financial Guarantee Co., Ltd. provided guarantee to this loan and the Company paid $15,260 for the guarantee service. In
addition, the Company pledged its 100% ownership interest in App-Chem Health and certain free patent owned by the Company as collateral
to guarantee this loan</ix:nonNumeric></span>. As of the date of this filing, the Company had the availability to borrow additional approximately RMB <span id="xdx_903_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_uRMB_c20220110__dei--LegalEntityAxis__custom--SpdBankMember_z6Y06nkL3KC1" title="Line of credit remaining borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-01-10_custom_SpdBankMember51518968" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31688">5.0</ix:nonFraction></span> million
(equivalent to US$<span id="xdx_90A_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_uUSD_c20220110__dei--LegalEntityAxis__custom--SpdBankMember_zV7fLW3ClK95" title="Line of credit remaining borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-01-10_custom_SpdBankMember51518968" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31689">0.7</ix:nonFraction></span> million) from SPD Bank before December 5, 2022. The loan was fully repaid upon maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2023, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem, obtained an approval of line of credit from SPD Bank for a maximum
of RMB <span id="xdx_90F_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uRMB_c20230116__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_z0GLo27UaK19" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-01-16_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31690">10.0</ix:nonFraction></span> million (approximately $<span id="xdx_90B_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uUSD_c20230116__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_zoCfLKnupWs6" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-01-16_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31691">1.4</ix:nonFraction></span> million) loans as working capital for one year. On January 10, 2022, the Company borrowed RMB
<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uRMB_c20220110__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_zASpR2WEk3r3" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-01-10_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31692">10.0</ix:nonFraction></span> million (equivalent to US$<span id="xdx_909_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uUSD_c20220110__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_zNuo2Af41vig" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-01-10_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31693">1.4</ix:nonFraction></span> million) short-term loan out of this line of credit as working capital for one year, with interest
rate of <span id="xdx_90A_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20230116__us-gaap--ShortTermDebtTypeAxis__custom--SpdBankMember_zOE7LeJiie5h" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2023-01-16_custom_SpdBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31694">4.3</ix:nonFraction></span>% per annum and maturity date on January 16, 2024. <span id="xdx_90A_eus-gaap--LineOfCreditFacilityCollateral_c20230116__20230116__dei--LegalEntityAxis__custom--SpdBankMember_zZc3nXoCfZag" title="Line of credit, collateral"><ix:nonNumeric contextRef="From2023-01-162023-01-16_custom_SpdBankMember" name="us-gaap:LineOfCreditFacilityCollateral" id="ixv-31695">A third-party Xi&#8217;an Financial Guarantee Co., Ltd. provided guarantee
to this loan and the Company paid $15,260 for the guarantee service. In addition, the Company pledged its 100% ownership interest in
App-Chem Health and certain free patent owned by the Company as collateral to guarantee this loan</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 174; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10&#8212; DEBT(continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
On May 18, 2022, Xi&#8217;an App-Chem&#8217;s subsidiary, Tianjin YHX, entered into a loan agreement with China Construction Bank to
borrow RMB <span id="xdx_90F_eus-gaap--ShortTermBorrowings_iI_pn5n6_uRMB_c20220518__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zrOjb06YOk84" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-05-18_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31696">1.0</ix:nonFraction></span> million (equivalent to US$<span id="xdx_90B_eus-gaap--ShortTermBorrowings_iI_pp0p0_uUSD_c20220518__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zynQWzE93CTf" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-05-18_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31697">140,578</ix:nonFraction></span>) <span id="xdx_908_eus-gaap--DebtInstrumentMaturityDateDescription_c20220517__20220518__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zMqWy7Qqfyvf" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2022-05-172022-05-18_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23347">as working capital for one year, with maturity date on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20220517__20220518__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zgcysb3rOZIg" title="Debt maturity date"><ix:nonNumeric contextRef="From2022-05-172022-05-18_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31698">May 18, 2023</ix:nonNumeric></span></ix:nonNumeric></span> and interest rate
of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220518__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_znGBUu5F6eck" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-05-18_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31699">3.96</ix:nonFraction></span>% per annum. The loan was fully repaid upon maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 15, 2023, Xi&#8217;an App-Chem&#8217;s subsidiary, Tianjin YHX, entered into a loan agreement with China Construction Bank to borrow
RMB <span id="xdx_90D_eus-gaap--ShortTermBorrowings_iI_pn5n6_uRMB_c20230515__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zh8ddB9Y3VDb" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-05-15_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31700">1.0</ix:nonFraction></span> million (equivalent to US$<span id="xdx_903_eus-gaap--ShortTermBorrowings_iI_pp0p0_uUSD_c20230515__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zoGOIQeGIn9b" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-05-15_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31701">137,061</ix:nonFraction></span>) <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDateDescription_c20230514__20230515__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zoFQJRywNkje" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2023-05-142023-05-15_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23357">as working capital for one year, with maturity date on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20230514__20230515__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zhJDX3NKhs0f" title="Debt maturity date"><ix:nonNumeric contextRef="From2023-05-142023-05-15_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31702">May 15, 2024</ix:nonNumeric></span></ix:nonNumeric></span> and interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230515__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zd31JGgX42Md" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-05-15_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31703">3.80</ix:nonFraction></span>%
per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
On June 23, 2022, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem, entered into a loan agreement with Beijing Bank to borrow RMB
<span id="xdx_90E_eus-gaap--ShortTermBorrowings_iI_pn5n6_uRMB_c20220623__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--BeijingBankMember_zwkFVYEJsfbe" title="Short term loan"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-06-23_custom_LoanAgreementMember_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31704">6.0</ix:nonFraction></span> million (approximately US$<span id="xdx_90E_eus-gaap--ShortTermBorrowings_iI_pn5n6_uUSD_c20220623__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--BeijingBankMember_zK1jvX9Yhtei" title="Short term loan"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-06-23_custom_LoanAgreementMember_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31705">0.8</ix:nonFraction></span> million) short-term loan as working capital for one year, with interest rate of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220623__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--BeijingBankMember_zU1cK3hgzJ9i" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-06-23_custom_LoanAgreementMember_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31706">5.22</ix:nonFraction></span>% per annum and
maturity date on <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20220622__20220623__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--BeijingBankMember_zA4p23WHa5o7" title="Debt maturity date"><ix:nonNumeric contextRef="From2022-06-222022-06-23_custom_LoanAgreementMember_custom_BeijingBankMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31707">June 22, 2023</ix:nonNumeric></span>. The Company&#8217;s controlling shareholder, Mr. Yongwei Hu and his wife Ms. Jing Liu provided guarantee
to this loan. In addition, the Company pledged its <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20220623__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--BeijingBankMember_zstrKA7egJZ5" title="% of Ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-06-23_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31708">100</ix:nonFraction></span>% ownership interest in App-Chem Ag-tech and certain patent owned by the Company
as collateral to guarantee this loan. The loan was fully repaid upon maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 11, 2023, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem, entered into a loan agreement with Beijing Bank to borrow RMB <span id="xdx_904_eus-gaap--ShortTermBorrowings_iI_pn5n6_uRMB_c20230511__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--BeijingBankMember_zjXDD1mR3Urc" title="Short term loan"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-05-11_custom_LoanAgreementMember_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31709">6.0</ix:nonFraction></span>
million (approximately US$<span id="xdx_90D_eus-gaap--ShortTermBorrowings_iI_pn5n6_uUSD_c20230511__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--BeijingBankMember_z9rc2lQUmOS3" title="Short term loan"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-05-11_custom_LoanAgreementMember_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31710">0.8</ix:nonFraction></span> million) short-term loan as working capital for one year, with interest rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230511__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--BeijingBankMember_zSkRJmpyceHa" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-05-11_custom_LoanAgreementMember_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31711">5.17</ix:nonFraction></span>% per annum and maturity
date on <span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20230510__20230511__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--BeijingBankMember_zbOMu9GV145d" title="Debt maturity date"><ix:nonNumeric contextRef="From2023-05-102023-05-11_custom_LoanAgreementMember_custom_BeijingBankMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31712">May 10, 2024</ix:nonNumeric></span>. The Company&#8217;s controlling shareholder, Mr. Yongwei Hu and his wife Ms. Jing Liu provided guarantee to this
loan. In addition, the Company pledged its <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20230511__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--BeijingBankMember_zykB9foHej99" title="% of Ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-05-11_custom_BeijingBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31713">100</ix:nonFraction></span>% ownership interest in App-Chem Ag-tech and certain patent owned by the Company as collateral
to guarantee this loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
On March 14, 2023, Xi&#8217;an App-Chem&#8217;s subsidiary, Tianjin YHX, entered into a loan agreement with Industrial and Commercial
Bank of China (&#8220;ICBC&#8221;) to borrow RMB <span id="xdx_90B_eus-gaap--ShortTermBorrowings_iI_pn5n6_uRMB_c20230314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zPR577LZw6y5" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-03-14_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31714">1.0</ix:nonFraction></span> million (equivalent to US$<span id="xdx_908_eus-gaap--ShortTermBorrowings_iI_pp0p0_uUSD_c20230314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zLgx3RJj1Kuc" title="Short-term bank loans"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-03-14_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31715">137,061</ix:nonFraction></span>) <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDateDescription_c20230314__20230314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zyNxTa4g5qQd" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2023-03-142023-03-14_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-31716">as working capital for one year, with maturity
date on March 13, 2024</ix:nonNumeric></span> and interest rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaConstructionBankTwoMember_zxN4rhzqLCqf" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-03-14_custom_LoanAgreementMember_custom_ChinaConstructionBankTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31717">3.70</ix:nonFraction></span>% per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfDebtInstrumentsTextBlock" id="ixv-23388"><p id="xdx_893_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zCZnIiPqOTXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Long-term loans:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zT71efp3jam5" style="display: none">SCHEDULE OF LONG -TERM LOANS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 53%; text-align: left">Xi&#8217;an High-Tech Emerging Industry Investment Fund Partnership</td><td style="width: 2%">&#160;</td>
    <td style="width: 5%; text-align: left">(6)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--LongTermDebt_iI_c20230930__us-gaap--LongtermDebtTypeAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_fKDcp_zuVWIP53J993" title="Long-term Debt" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-30_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31718">44,747</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--LongTermDebt_iI_c20220930__us-gaap--LongtermDebtTypeAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_fKDcp_zZqu9opcmZk7" title="Long-term Debt" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-09-30_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31719">1,082,449</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Webank Co., Ltd.</td><td>&#160;</td>
    <td style="text-align: left">(7)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--LongTermDebt_iI_c20230930__us-gaap--LongtermDebtTypeAxis__custom--WeBankCoLtdMember_fKDgp_zn67lXF5nGHi" title="Long-term Debt" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-30_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31720">209,133</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--LongTermDebt_iI_c20220930__us-gaap--LongtermDebtTypeAxis__custom--WeBankCoLtdMember_fKDgp_z10V80LJsVif" title="Long-term Debt" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-09-30_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31721">262,813</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">China Resources Shenzhen International Investment Trust</td><td>&#160;</td>
    <td style="text-align: left">(8)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--LongTermDebt_iI_c20230930__us-gaap--LongtermDebtTypeAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_fKDgp_zhzPSn78ztK4" title="Long-term Debt" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-30_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31722">22,844</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--LongTermDebt_iI_c20220930__us-gaap--LongtermDebtTypeAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_fKDgp_zezq5TZBcon8" title="Long-term Debt" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-09-30_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31723">179,237</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Huaxia Bank</td><td>&#160;</td>
    <td style="text-align: left">(9)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--LongTermDebt_iI_c20230930__us-gaap--LongtermDebtTypeAxis__custom--HuaxiaBankMember_fKDkp_z101waAe6Ace" title="Long term Debt" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-30_custom_HuaxiaBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31724">603,070</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--LongTermDebt_iI_c20220930__us-gaap--LongtermDebtTypeAxis__custom--HuaxiaBankMember_fKDkp_zwEJEujGwYIc" title="Long term Debt" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-09-30_custom_HuaxiaBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31725">590,426</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Qishang Bank</td><td>&#160;</td>
    <td style="text-align: left">(10)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--LongTermDebt_iI_c20230930__us-gaap--LongtermDebtTypeAxis__custom--QishangBankMember_fKDEwKQ_____z5c1qU3E3BBe" title="Long term Debt" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-30_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31726">411,184</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--LongTermDebt_iI_c20220930__us-gaap--LongtermDebtTypeAxis__custom--QishangBankMember_fKDEwKQ_____znG9decPeVRh" title="Long term Debt" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-09-30_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31727">210,867</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--LongTermDebt_iI_c20230930_zyz7OlPniHM8" title="Total" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31728">1,290,978</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--LongTermDebt_iI_c20220930_z1uv6qcA7qPd" title="Total" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31729">2,325,792</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Less: current portion of long-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--LongTermDebtCurrent_iNI_di_c20230930_zFsLUvjYGcF" title="Less: current portion of long-term loans" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31730">419,610</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--LongTermDebtCurrent_iNI_di_c20220930_zXQhIj5Fa1m5" title="Less: current portion of long-term loans" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31731">2,135,979</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total long-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--LongTermDebtNoncurrent_iI_c20230930_zoqY5HbLNDgg" title="Total long-term loans" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31732">871,368</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--LongTermDebtNoncurrent_iI_c20220930_zO6c66JuPlLl" title="Total long-term loans" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31733">189,813</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zwL8glLJWsbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)
On June 26, 2017, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem, entered into a loan agreement with third-party Xi&#8217;an High-tech
Emerging Industries Investment Fund Partnership (the &#8220;Lender&#8221;) to borrow RMB <span id="xdx_90D_eus-gaap--LongTermDebt_iI_pn5n6_uRMB_c20170626__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zY9EYsoqaQC3" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2017-06-26_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31734">8.0</ix:nonFraction></span> million (approximately $<span id="xdx_90D_eus-gaap--LongTermDebt_iI_pn5n6_uUSD_c20170626__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zmffcq81ttW2" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2017-06-26_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31735">1.2</ix:nonFraction></span> million) <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDateDescription_c20170624__20170626__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zGeNOaVKhGsb" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2017-06-242017-06-26_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23518">as
working capital for three years, with maturity date on <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20170624__20170626__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zwCtYKiDprDb" title="Debt maturity date"><ix:nonNumeric contextRef="From2017-06-242017-06-26_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31736">June 25, 2020</ix:nonNumeric></span></ix:nonNumeric></span> and an interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20170626__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zoPIaOr6DcV3" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2017-06-26_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31737">3.8</ix:nonFraction></span>% per annum. The Company&#8217;s controlling
shareholder, Mr. Yongwei Hu, pledged his proportionate ownership interest in Xi&#8217;an App-chem as collateral to safeguard this loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 175; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10&#8212; DEBT (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loan matured on June 25, 2020 and not repaid on time due to COVID-19 impact. <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDateDescription_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zYWEf4BZdddk" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-31738">The Company has negotiated with the Lender to extend the
loan repayment date to December 25, 2022 in accordance with a COVID-19 relief notice issued by local government, with adjusted interest
rate of 4.75% per annum during the period from June 26, 2020 to June 25, 2021, and 5.225% per annum during the period from June 26, 2021
to December 31, 2023</ix:nonNumeric></span>. During the year ended September 30, 2023, the Company repaid RMB <span id="xdx_90E_eus-gaap--RepaymentsOfLongTermDebt_pn5n6_uRMB_c20220928__20220930__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zXnhspjepzAg" title="Repayment of long  term debt"><ix:nonFraction name="us-gaap:RepaymentsOfLongTermDebt" contextRef="From2022-09-282022-09-30_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31739">7.3</ix:nonFraction></span> million (equivalent to $<span id="xdx_906_eus-gaap--RepaymentsOfLongTermDebt_pn5n6_uUSD_c20220927__20220929__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zAWm5sF692vf" title="Repayment of long  term debt"><ix:nonFraction name="us-gaap:RepaymentsOfLongTermDebt" contextRef="From2022-09-272022-09-29_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31740">1.1</ix:nonFraction></span> million), and
the remaining balance of RMB <span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uRMB_c20220930__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianXinchangMicroLendingCoLtdMember_zZKakoNpFA0e" title="Remaining balance"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-09-30_custom_LoanAgreementMember_custom_XianXinchangMicroLendingCoLtdMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31741">0.3</ix:nonFraction></span> million (approximately $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn4n6_uUSD_c20220929__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianXinchangMicroLendingCoLtdMember_zTuSuWVqsDsa" title="Remaining balance"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-09-29_custom_LoanAgreementMember_custom_XianXinchangMicroLendingCoLtdMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD" id="ixv-31742">0.05</ix:nonFraction></span> million) was reclassified as current portion of long-term loans as of September
30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)
On February 10, 2022, Xi&#8217;an App-Chem, entered into two loan agreements with Shenzhen Qianhai WeBank Co., Ltd, to borrow an aggregate
of RMB <span id="xdx_901_eus-gaap--LongTermDebt_iI_pn4n6_uRMB_c20220210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zzxUAKT0z1wj" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-10_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="RMB" id="ixv-31743">1.51</ix:nonFraction></span> million (equivalent to US$<span id="xdx_906_eus-gaap--LongTermDebt_iI_uUSD_c20220210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_z45UtmiPOgk6" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-10_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31744">212,808</ix:nonFraction></span>) loans <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDateDescription_c20220208__20220210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zYxeCLM0NZo4" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2022-02-082022-02-10_custom_LoanAgreementMember_custom_WeBankCoLtdMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-31745">as working capital for two years, with maturity date on February 12, 2024</ix:nonNumeric></span> and interest
rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zZXc3s1ctkea" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-02-10_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31746">8.1</ix:nonFraction></span>% per annum. Loans from Shenzhen Qianhai WeBank Co., Ltd, in the amount of RMB <span id="xdx_90D_eus-gaap--LongTermDebt_iI_uRMB_c20220210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zm09IsmpGhyg" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-10_custom_LoanAgreementMember_custom_WeBankCoLtdMember51519500" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31747">623,333</ix:nonFraction></span> (equivalent to US$<span id="xdx_90C_eus-gaap--LongTermDebt_iI_uUSD_c20220210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_z2bzIkgF1R6e" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-10_custom_LoanAgreementMember_custom_WeBankCoLtdMember51519500" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31748">85,435</ix:nonFraction></span>) was reclassified
as current portion of long-term loans as of September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 20, 2021, Xi&#8217;an App-Chem&#8217;s subsidiary, Tianjin YHX, entered into a loan agreement with Shenzhen Qianhai WeBank Co.,
Ltd, to borrow RMB <span id="xdx_90B_eus-gaap--LongTermDebt_iI_pp0p0_uRMB_c20210620__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zghOauh2TwZb" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2021-06-20_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="RMB" id="ixv-31749">620,000</ix:nonFraction></span> (equivalent to US$<span id="xdx_909_eus-gaap--LongTermDebt_iI_uUSD_c20210620__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zTWALnN6DGt5" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2021-06-20_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31750">96,005</ix:nonFraction></span>) <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDateDescription_c20210618__20210620__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zsKLogzYN32i" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2021-06-182021-06-20_custom_LoanAgreementMember_custom_WeBankCoLtdMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23571">as working capital for 24 months, with maturity date on <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_dd_c20210620__20210620__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zM9wC05HcTlk" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-06-202021-06-20_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31751">June 20, 2023</ix:nonNumeric></span></ix:nonNumeric></span> and interest
rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20210620__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zSqvYz1WSR0b"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-06-20_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31752">14.4</ix:nonFraction></span>% per annum. The loan was fully repaid during the year ended September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 14, 2022, Tianjin YHX, entered into another loan agreement with Shenzhen Qianhai WeBank Co., Ltd, to borrow RMB <span id="xdx_90C_eus-gaap--LongTermDebt_iI_pp0p0_uRMB_c20220314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zcDr325fxBk7" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-03-14_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="RMB" id="ixv-31753">90,000</ix:nonFraction></span> (equivalent
to US$<span id="xdx_908_eus-gaap--LongTermDebt_iI_uUSD_c20220314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zKa6LRAQMm29" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-03-14_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31754">12,652</ix:nonFraction></span>) <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDateDescription_c20220314__20220314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zzO9CA4Lm9ve" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2022-03-142022-03-14_custom_LoanAgreementMember_custom_WeBankCoLtdMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23581">as working capital for 24 months, with maturity date on <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20220314__20220314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zDzps73wSzV8" title="Debt maturity date"><ix:nonNumeric contextRef="From2022-03-142022-03-14_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31755">March 20, 2024</ix:nonNumeric></span></ix:nonNumeric></span> and interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20220314__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_z7jewBwSM1E6"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-03-14_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31756">15.39</ix:nonFraction></span>% per annum. The loan
was fully repaid on its maturity date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 12, 2023, Tianjin YHX, entered into another loan agreement with Shenzhen Qianhai WeBank Co., Ltd, to borrow RMB <span id="xdx_902_eus-gaap--LongTermDebt_iI_pp0p0_uRMB_c20230112__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_z4JBHadoREEb" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-01-12_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="RMB" id="ixv-31757">150,000</ix:nonFraction></span> (equivalent
to US$<span id="xdx_90F_eus-gaap--LongTermDebt_iI_uUSD_c20230112__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zjccFAZRcg9g" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-01-12_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31758">20,559</ix:nonFraction></span>) <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDateDescription_c20230112__20230112__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zws6dJK7LCTa" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2023-01-122023-01-12_custom_LoanAgreementMember_custom_WeBankCoLtdMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23591">as working capital for 24 months, with maturity date on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20230112__20230112__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--XianHighTechEmergingIndustryInvestmentFundPartnershipMember_zs2IFIdqpiKc" title="Debt maturity date"><ix:nonNumeric contextRef="From2023-01-122023-01-12_custom_LoanAgreementMember_custom_XianHighTechEmergingIndustryInvestmentFundPartnershipMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31759">January 20, 2025</ix:nonNumeric></span></ix:nonNumeric></span> and interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20230112__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zO0zg3rXkKW9"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-01-12_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31760">13.77</ix:nonFraction></span>% per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 23, 2023, Tianjin YHX, entered into another loan agreement with Shenzhen Qianhai WeBank Co., Ltd, to borrow RMB <span id="xdx_900_eus-gaap--LongTermDebt_iI_uRMB_c20230823__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zWM3DjG89Yga" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-08-23_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31761">500,000</ix:nonFraction></span> (equivalent
to US$<span id="xdx_909_eus-gaap--LongTermDebt_iI_uUSD_c20230823__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zbtrUDwAope1" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-08-23_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31762">68,531</ix:nonFraction></span>) <span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDateDescription_c20230821__20230823__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zZMXljSvAjMl" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2023-08-212023-08-23_custom_LoanAgreementMember_custom_WeBankCoLtdMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-31763">as working capital for 24 months, with maturity date on August 20, 2025</ix:nonNumeric></span> and interest rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230823__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zo2NeS12P7J6" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-08-23_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31764">14.76</ix:nonFraction></span>% per annum. As of September
30, 2023, RMB<span id="xdx_906_eus-gaap--LongTermDebt_iI_uRMB_c20230823__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zfGYCVGfj8ef" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-08-23_custom_LoanAgreementMember_custom_WeBankCoLtdMember51519875" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31765">250,000</ix:nonFraction></span> ($<span id="xdx_902_eus-gaap--LongTermDebt_iI_uUSD_c20230823__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_z9it9OmmEMVa" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-08-23_custom_LoanAgreementMember_custom_WeBankCoLtdMember51519875" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31766">34,265</ix:nonFraction></span>) was reclassified as current portion of long-term loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 15, 2023, Tianjin YHX, entered into another loan agreement with Shenzhen Qianhai WeBank Co., Ltd, to borrow RMB <span id="xdx_908_eus-gaap--LongTermDebt_iI_uRMB_c20230915__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zeQkJYU44ja9" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-15_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31767">27,000</ix:nonFraction></span> (equivalent
to US$<span id="xdx_907_eus-gaap--LongTermDebt_iI_uUSD_c20230915__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zQ8qcJYGPbr8" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-15_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31768">3,701</ix:nonFraction></span>) <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDateDescription_c20230913__20230915__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zo4f5Py21FH7" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2023-09-132023-09-15_custom_LoanAgreementMember_custom_WeBankCoLtdMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-31769">as working capital for 24 months, with maturity date on September 15, 2025</ix:nonNumeric></span> and interest rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230915__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--WeBankCoLtdMember_zOA0FQvMf9mj" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-09-15_custom_LoanAgreementMember_custom_WeBankCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31770">14.76</ix:nonFraction></span>% per annum. As of
September 30, 2023, RMB<span id="xdx_906_eus-gaap--LongTermDebt_iI_uRMB_c20230915__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zmQvWt91IXCj" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-15_custom_LoanAgreementMember_custom_WeBankCoLtdMember51520031" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31771">13,500</ix:nonFraction></span> ($<span id="xdx_90E_eus-gaap--LongTermDebt_iI_uUSD_c20230915__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--WeBankCoLtdMember_zdCOfC91fS47" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-09-15_custom_LoanAgreementMember_custom_WeBankCoLtdMember51520031" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31772">34,265</ix:nonFraction></span>) was reclassified as current portion of long-term loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 176; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10&#8212; DEBT (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)
On February 11, 2022, Xi&#8217;an App-Chem, entered into another loan agreement with China Resources Shenzhen International Investment
Trust to borrow RMB <span id="xdx_909_eus-gaap--LongTermDebt_iI_uRMB_c20220211__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_zZjnQNOd7bgi" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-11_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31773">566,667</ix:nonFraction></span> (equivalent to US$<span id="xdx_903_eus-gaap--LongTermDebt_iI_uUSD_c20220211__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_zHkHCJjzZNt2" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-11_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31774">79,661</ix:nonFraction></span>) loans <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDateDescription_c20220208__20220211__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_zShncm9NUSW1" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2022-02-082022-02-11_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-31775">as working capital for two years, with maturity date on February 12, 2024</ix:nonNumeric></span>
and interest rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220211__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_zunJW1eH0Bw5" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-02-11_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31776">12.6</ix:nonFraction></span>% per annum. Loans from China Resources Shenzhen International Investment Trust in the amount of RMB <span id="xdx_905_eus-gaap--LongTermDebt_iI_uRMB_c20220211__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_znd5NMWifNOi" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-11_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember51520171" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31777">166,667</ix:nonFraction></span>
(equivalent to US$ $<span id="xdx_907_eus-gaap--LongTermDebt_iI_uUSD_c20220211__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_ztlOerekYUU2" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-11_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember51520171" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31778">22,844</ix:nonFraction></span>) was reclassified as current portion of long-term loans as of September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 1, 2022, Tianjin YHX, entered into a loan agreement with China Resources Shenzhen International Investment Trust, to borrow RMB
<span id="xdx_90E_eus-gaap--LongTermDebt_iI_pn5n6_uRMB_c20220301__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_z5sDnVu4yfP9" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-03-01_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31779">0.7</ix:nonFraction></span> million (equivalent to US$<span id="xdx_900_eus-gaap--LongTermDebt_iI_uUSD_c20220301__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_zcHv123NrnZi" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-03-01_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31780">99,576</ix:nonFraction></span>) <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDateDescription_c20220301__20220301__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_zCU4dPJ6Ycy9" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2022-03-012022-03-01_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-31781">as working capital for 24 months, with maturity date on February 20, 2024</ix:nonNumeric></span> and interest rate of
<span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220301__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ChinaResourcesShenzhenInternationalInvestmentTrustOneMember_zXsI5t0NJDe8" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-03-01_custom_LoanAgreementMember_custom_ChinaResourcesShenzhenInternationalInvestmentTrustOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31782">16.2</ix:nonFraction></span>% per annum. The amount was repaid in fully during September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)
On April 3, 2020, Xi&#8217;an App-Chem, obtained a line of credit approval from Huaxia Bank for a maximum of RMB <span id="xdx_906_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_uRMB_c20200403__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember_ztId0bp4BOid" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2020-04-03_custom_HuaxiaBankMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB" id="ixv-31783">15</ix:nonFraction></span> million (approximately
$<span id="xdx_906_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uUSD_c20200403__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember_za2PYAfxfFwl" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2020-04-03_custom_HuaxiaBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31784">2.1</ix:nonFraction></span> million) loans, including RMB <span id="xdx_909_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_uRMB_c20200403__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--DebtInstrumentAxis__custom--OneYearWithNinePercentageMember_zNxblLpbH1b5" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2020-04-03_custom_HuaxiaBankMember_custom_OneYearWithNinePercentageMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB" id="ixv-31785">3</ix:nonFraction></span> million (approximately US$<span id="xdx_90C_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uUSD_c20200403__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--DebtInstrumentAxis__custom--OneYearWithNinePercentageMember_zkmC6V2xJKA5" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2020-04-03_custom_HuaxiaBankMember_custom_OneYearWithNinePercentageMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31786">0.4</ix:nonFraction></span> million) loans as working capital for one year with fixed interest
rate of <span id="xdx_907_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20200403__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--DebtInstrumentAxis__custom--OneYearWithNinePercentageMember_zVcmLALP5AUa" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2020-04-03_custom_HuaxiaBankMember_custom_OneYearWithNinePercentageMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31787">9</ix:nonFraction></span>% per annum and RMB <span id="xdx_90C_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_uRMB_c20200403__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--DebtInstrumentAxis__custom--ThreeYearWithSixPointSixPercentageMember_z3bbOCltLWa2" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2020-04-03_custom_HuaxiaBankMember_custom_ThreeYearWithSixPointSixPercentageMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB" id="ixv-31788">12</ix:nonFraction></span> million (approximately $<span id="xdx_90A_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uUSD_c20200403__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--DebtInstrumentAxis__custom--ThreeYearWithSixPointSixPercentageMember_zU90J4jxCs84" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2020-04-03_custom_HuaxiaBankMember_custom_ThreeYearWithSixPointSixPercentageMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31789">1.7</ix:nonFraction></span> million) loans as working capital for three years with fixed interest rate
of <span id="xdx_903_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20200403__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--DebtInstrumentAxis__custom--ThreeYearWithSixPointSixPercentageMember_znK1x2VcBCqj" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2020-04-03_custom_HuaxiaBankMember_custom_ThreeYearWithSixPointSixPercentageMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31790">6.6</ix:nonFraction></span>% per annum. On April 16, 2020, the Company borrowed RMB <span id="xdx_90A_eus-gaap--LongTermDebt_iI_pn5n6_uRMB_c20200416__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zXMkVuND2WN9" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2020-04-16_custom_HuaxiaBankMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31791">2.0</ix:nonFraction></span> million (approximately $<span id="xdx_90C_eus-gaap--LongTermDebt_iI_pn5n6_uUSD_c20200416__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zj8vLjjMFe1c" title="Long term borrowings"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2020-04-16_custom_HuaxiaBankMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31792">0.3</ix:nonFraction></span> million) out of a line of credit from
Huaxia Bank <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDateDescription_c20200415__20200416__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zJi1w8MK26a2" title="Debt maturity date, description"><ix:nonNumeric contextRef="From2020-04-152020-04-16_custom_HuaxiaBankMember_custom_LoanAgreementMember" name="us-gaap:DebtInstrumentMaturityDateDescription" id="ixv-23672">as working capital for three years, with the interest rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200416__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember_zGLfPFbPi5e6" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-04-16_custom_HuaxiaBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31793">6.6</ix:nonFraction></span>% per annum and maturity date on <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20200415__20200416__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember_z4ykoKVfdaLf" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-04-152020-04-16_custom_HuaxiaBankMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-31794">April 16, 2023</ix:nonNumeric></span></ix:nonNumeric></span>. From May
14, 2021 to July 7, 2021, Xi&#8217;an App-Chem, entered into additional two loan agreements with Huaxia Bank, to borrow total of RMB
<span id="xdx_90B_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uRMB_c20210707__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zB5L6NHVWuT2" title="Line of credit, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2021-07-07_custom_HuaxiaBankMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31795">3.0</ix:nonFraction></span> million (approximately $<span id="xdx_900_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uUSD_c20210707__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zTRyDGUVv0af" title="Line of credit, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2021-07-07_custom_HuaxiaBankMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31796">0.4</ix:nonFraction></span> million) as working capital for two years, with interest rate of <span id="xdx_906_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_c20210707__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z43j46Md3lHc" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2021-07-07_custom_HuaxiaBankMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31797">8.5</ix:nonFraction></span>% per annum and maturity date on
May 14, 2023 and July 8, 2023, respectively. The loan was repaid in full during September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 30, 2023, Xi&#8217;an App-Chem, obtained a RMB <span id="xdx_904_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_uRMB_c20230530__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember_z7tpXvS8F747" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-05-30_custom_HuaxiaBankMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB" id="ixv-31798">2</ix:nonFraction></span> million ($<span id="xdx_90B_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_uUSD_c20230530__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember_zzNIn5RDa3D8" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-05-30_custom_HuaxiaBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31799">274,123</ix:nonFraction></span>) working capital loans from Huaxia Bank with fixed interest rate
of <span id="xdx_90A_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20230530__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--DebtInstrumentAxis__custom--FivePointZeroPercentageMember_zPqgOse6ypnf" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2023-05-30_custom_HuaxiaBankMember_custom_FivePointZeroPercentageMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31800">5.0</ix:nonFraction></span>% per annum for three years with a maturity date on May 30, 2026. As of September 30, 2023, RMB<span id="xdx_905_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_uRMB_c20230930__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zuuBbhJtBaA9" title="Line of credit, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-09-30_custom_HuaxiaBankMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31801">200,000</ix:nonFraction></span> ($<span id="xdx_909_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_uUSD_c20230930__us-gaap--CreditFacilityAxis__custom--HuaxiaBankMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zpRhn80Jo3p2" title="Line of credit, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-09-30_custom_HuaxiaBankMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31802">27,412</ix:nonFraction></span>) was reclassified
as current portion of long-term loans as of September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 30, 2023, Xi&#8217;an App-Chem, obtained a RMB <span id="xdx_903_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_uRMB_c20230530__us-gaap--CreditFacilityAxis__custom--HuaxiaBankOneMember_zJddklJA6Aea" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-05-30_custom_HuaxiaBankOneMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31803">2.4</ix:nonFraction></span> million ($<span id="xdx_902_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_uUSD_c20230530__us-gaap--CreditFacilityAxis__custom--HuaxiaBankOneMember_zLANmmLyw9D9" title="Line of credit maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-05-30_custom_HuaxiaBankOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31804">328,947</ix:nonFraction></span>) working capital loans from Huaxia Bank with fixed interest
rate of <span id="xdx_90E_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20230530__us-gaap--CreditFacilityAxis__custom--HuaxiaBankOneMember__us-gaap--DebtInstrumentAxis__custom--SixPointFivePercentageMember_zCWaVBFNYpal" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2023-05-30_custom_HuaxiaBankOneMember_custom_SixPointFivePercentageMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31805">6.5</ix:nonFraction></span>% per annum for two years with a maturity date on May 30, 2025. As of September 30, 2023, RMB<span id="xdx_901_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_uRMB_c20230930__us-gaap--CreditFacilityAxis__custom--HuaxiaBankOneMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zGqDD2OIxuYb" title="Line of credit, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-09-30_custom_HuaxiaBankOneMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31806">200,000</ix:nonFraction></span> ($<span id="xdx_909_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_uUSD_c20230930__us-gaap--CreditFacilityAxis__custom--HuaxiaBankOneMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zy6mk5KihUcc" title="Line of credit, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-09-30_custom_HuaxiaBankOneMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31807">27,412</ix:nonFraction></span>) was reclassified
as current portion of long-term loans as of September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)
On December 10, 2020, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem, obtained an approval of line of credit from Qishang Bank
Co., Ltd. (&#8220;Qishang Bank&#8221;) for a maximum of RMB <span id="xdx_90C_eus-gaap--LongTermDebt_iI_pn6n6_uRMB_c20201210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zs7zynygZw31" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2020-12-10_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB" id="ixv-31808">13</ix:nonFraction></span> million (approximately $<span id="xdx_90C_eus-gaap--LongTermDebt_iI_pn5n6_uUSD_c20201210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zBoNUy5gfZth" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2020-12-10_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31809">1.8</ix:nonFraction></span> million) loans as working capital. On December
15, 2020, the Company borrowed RMB <span id="xdx_90C_eus-gaap--LongTermDebt_iI_pn5n6_uRMB_c20201215__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zDkimIJhkY1e" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2020-12-15_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31810">3.0</ix:nonFraction></span> million (approximately $<span id="xdx_90E_eus-gaap--LongTermDebt_iI_pn5n6_uUSD_c20201215__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zIXAwqltpuQj" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2020-12-15_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31811">0.4</ix:nonFraction></span> million) as working capital for three years, with maturity date on
December 13, 2023 and interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20201215__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_z1QTDPl0AxM6" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-12-15_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31812">6.65</ix:nonFraction></span>% per annum. The Company pledged certain free patent owned by the Company as collateral to
safeguard this loan. In addition, the Company&#8217;s controlling shareholder, Mr. Yongwei Hu and his wife Ms. Jing Liu, also pledged
their personal residence properties as collateral to safeguard this loan. The Company repaid RMB <span id="xdx_907_eus-gaap--RepaymentsOfDebt_pn5n6_uRMB_c20220901__20220930__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_za6Pv6XCTUm8" title="Repayment of debt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2022-09-012022-09-30_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31813">1.5</ix:nonFraction></span> million (equivalent to $<span id="xdx_904_eus-gaap--RepaymentsOfDebt_c20220901__20220930__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zWw9KWitWVU5" title="Repayment of debt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2022-09-012022-09-30_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31814">210,867</ix:nonFraction></span>)
before September 30, 2022 and the outstanding loan balance as of September 30, 2022 was RMB <span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uRMB_c20220930__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_z47YkK0iYHPd" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-09-30_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB" id="ixv-31815">1.5</ix:nonFraction></span> million (equivalent to $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20220930__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zY94eRMmEBLf" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-09-30_custom_LoanAgreementMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31816">210,867</ix:nonFraction></span>). The
loan amount was repaid in full during September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 22, 2023, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem, obtained a working capital loan of RMB<span id="xdx_906_eus-gaap--LongTermDebt_iI_pn6n6_uRMB_c20230822__us-gaap--TypeOfArrangementAxis__custom--WorkingCapitalLoanMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zvre3NUg99U4" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-08-22_custom_WorkingCapitalLoanMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB" id="ixv-31817">3.0</ix:nonFraction></span> million ($<span id="xdx_908_eus-gaap--LongTermDebt_iI_uUSD_c20230822__us-gaap--TypeOfArrangementAxis__custom--WorkingCapitalLoanMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zJvvlV6ZrZKc" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-08-22_custom_WorkingCapitalLoanMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31818">411,184</ix:nonFraction></span>) wiht
an interest rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230822__us-gaap--TypeOfArrangementAxis__custom--WorkingCapitalLoanMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_zTApkwoOBQo1" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-08-22_custom_WorkingCapitalLoanMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31819">5.80</ix:nonFraction></span>% per annum for three years, with a maturity date of August 21, 2026. As of September 30, 2023, RMB<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_uRMB_c20230930__us-gaap--TypeOfArrangementAxis__custom--WorkingCapitalLoanMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_z5stjX5S3MM1" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-09-30_custom_WorkingCapitalLoanMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB" id="ixv-31820">1,000,000</ix:nonFraction></span>
($<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20230930__us-gaap--TypeOfArrangementAxis__custom--WorkingCapitalLoanMember__us-gaap--CreditFacilityAxis__custom--QishangBankMember_z3TWj9QhXpo3" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-09-30_custom_WorkingCapitalLoanMember_custom_QishangBankMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31821">137,061</ix:nonFraction></span>) was reclassified as current portion of long-term loans as of September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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$<span id="xdx_909_eus-gaap--InterestExpense_pp0p0_c20211001__20220930_z0lP9N2dMfU"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31823">446,884</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--InterestExpense_pp0p0_c20201001__20210930_z1Tr3SFdx0K8"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31824">417,266</ix:nonFraction></span> for the years ended September 30, 2023, 2022 and 2021, respectively.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 177; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="ixv-23747"><p id="xdx_80F_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zOftfZMTJ7xg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 &#8212; <span id="xdx_825_zxNjpIurMXJ1">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock" id="ixv-23756"><p id="xdx_891_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zazrk7md2Ai5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zAPKONtlzoql" style="display: none">SCHEDULE
OF DUE FROM TO RELATED PARTIES</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Due to related parties</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="width: 38%; text-align: justify"><span id="xdx_90B_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20211001__20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WenhuGuoMember_zt0K6i5pcFje" title="Related party relationship description"><span id="xdx_907_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20221001__20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WenhuGuoMember_zeP1DGozAQu5" title="Related party relationship description"><ix:nonNumeric contextRef="From2021-10-012022-09-30_custom_WenhuGuoMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31825"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_WenhuGuoMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31826">Senior Management of the Company</ix:nonNumeric></ix:nonNumeric></span></span></td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Yongwei Hu</td><td>&#160;</td>
    <td style="text-align: justify"><span id="xdx_907_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20211001__20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YongweiHuMember_zlXExIlPW4q1" title="Related party relationship description"><span id="xdx_90A_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20221001__20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YongweiHuMember_zUWvX90sQdoh" title="Related party relationship description"><ix:nonNumeric contextRef="From2021-10-012022-09-30_custom_YongweiHuMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31829"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_YongweiHuMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31830">Chief Executive Officer and Controlling shareholder of the Company</ix:nonNumeric></ix:nonNumeric></span></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YongweiHuMember_zAxj9aR2iE9f" title="Due to related parties" style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-09-30_custom_YongweiHuMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31831">3,392</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YongweiHuMember_zWfAtZsNrBGg" title="Due to related parties" style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-09-30_custom_YongweiHuMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31832">6,583</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Jing Liu</td><td>&#160;</td>
    <td style="text-align: justify"><span id="xdx_90F_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20211001__20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JingLiuMember_zGfsjzWe41Dd" title="Related party relationship description"><span id="xdx_903_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20221001__20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JingLiuMember_zYQISHuOGCT5" title="Related party relationship description"><ix:nonNumeric contextRef="From2021-10-012022-09-30_custom_JingLiuMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31833"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_JingLiuMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31834">Wife of the controlling shareholder</ix:nonNumeric></ix:nonNumeric></span></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JingLiuMember_ztSa5ghNAygf" title="Due to related parties" style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-09-30_custom_JingLiuMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31835">18,925</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JingLiuMember_z6sY7oWh5S74" title="Due to related parties" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1871">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sheying Wang</td><td>&#160;</td>
    <td style="text-align: justify"><span id="xdx_90C_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20211001__20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SheyingWangMember_zXIOcHY42GHe" title="Related party relationship description"><span id="xdx_900_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20221001__20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SheyingWangMember_zggxHwOQgoD7" title="Related party relationship description"><ix:nonNumeric contextRef="From2021-10-012022-09-30_custom_SheyingWangMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31836"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_SheyingWangMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31837">Senior Management of the Company</ix:nonNumeric></ix:nonNumeric></span></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SheyingWangMember_zIBQhs8v6Seh" title="Due to related parties" style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-09-30_custom_SheyingWangMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31838">3,016</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SheyingWangMember_zW7tXraVHXsd" title="Due to related parties" style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-09-30_custom_SheyingWangMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31839">3,093</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Yuantao Wang</td><td>&#160;</td>
    <td style="text-align: justify"><span id="xdx_90E_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20211001__20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YuantaoWangMember_zrjnZL8uhcS5"><span id="xdx_908_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20221001__20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YuantaoWangMember_zmcrWnAVoyBh"><ix:nonNumeric contextRef="From2021-10-012022-09-30_custom_YuantaoWangMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31840"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_YuantaoWangMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31841">49% shareholder of Tianjin YHX</ix:nonNumeric></ix:nonNumeric></span></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YuantaoWangMember_zGeKZ0yCI03g" style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-09-30_custom_YuantaoWangMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31842">23,650</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: justify"><span id="xdx_90B_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20211001__20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShujieMouMember_zafgTGVsdza6"><span id="xdx_908_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20221001__20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShujieMouMember_zYI7aNHjdfIa"><ix:nonNumeric contextRef="From2021-10-012022-09-30_custom_ShujieMouMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31844"><ix:nonNumeric contextRef="From2022-10-012023-09-30_custom_ShujieMouMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction" id="ixv-31845">Senior Management of Tianjin YHX</ix:nonNumeric></ix:nonNumeric></span></span></td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShujieMouMember_z1gDLWWB8Om4" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-09-30_custom_ShujieMouMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31846">28,229</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20220930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShujieMouMember_z8jCUq2zPNF8" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1887">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total due to related parties</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20230930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z8VU6hmbxnHl" title="Due to related parties" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-09-30_us-gaap_RelatedPartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31847">83,380</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023 and 2022, the balance of due to related parties was comprised of the Company&#8217;s borrowings from related parties
and was used for working capital during the Company&#8217;s normal course of business. Such advance was non-interest bearing and due
on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Due from related parties</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023 and 2022, the balance of due from related parties was mainly comprised of advance to the employees for business
purposes.</span></p>

</ix:nonNumeric><p id="xdx_8A7_zG3w6rbizaP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Loan guarantee provided by related parties</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Company&#8217;s short-term and long-term loans borrowed from PRC banks and other financial institutions, the Company&#8217;s
controlling shareholder, Mr. Yongwei Hu pledged his proportionate ownership interest in Xi&#8217;an App-chem, and his personal bank savings
as collateral to safeguard the Company&#8217;s borrowings from the banks and financial institutions. Mr. Yongwei Hu and his wife Ms.
Jing Liu also jointly pledged their personal residence property to guarantee the Company&#8217;s certain loans (see Note 10).</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock" id="ixv-23990"><p id="xdx_802_eus-gaap--IncomeTaxDisclosureTextBlock_zIxPA3XF0my" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 &#8212; <span id="xdx_824_zMMd8CEsFpjk">TAXES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
Corporate Income Taxes (&#8220;CIT&#8221;)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Cayman
Islands</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current tax laws of the Cayman Islands, Bon Natural Life Limited (&#8220;Bon Natural Life&#8221;) is not subject to tax on its income
or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its
shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Hong
Kong</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tea
Essence Limited (&#8220;Tea Essence&#8221;) is incorporated in Hong Kong and is subject to profit taxes in Hong Kong at a rate of <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_c20221001__20230930__srt--ConsolidatedEntitiesAxis__custom--TeaEssenceLimitedMember__srt--StatementGeographicalAxis__country--HK_zKapEoVkRfPh" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" contextRef="From2022-10-012023-09-30_custom_TeaEssenceLimitedMember_country_HK" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31856">16.5</ix:nonFraction></span>%.
However, Tea Essence did not generate any assessable profits derived from Hong Kong sources in the years ended September 30, 2023, 2022
and 2021, and accordingly <span id="xdx_90D_eus-gaap--IncomeTaxExpenseBenefit_dpo_c20221001__20230930__srt--ConsolidatedEntitiesAxis__custom--TeaEssenceLimitedMember__srt--StatementGeographicalAxis__country--HK_znaZIfoC2MVk" title="Provision for income taxes"><span id="xdx_90B_eus-gaap--IncomeTaxExpenseBenefit_dpo_c20211001__20220930__srt--ConsolidatedEntitiesAxis__custom--TeaEssenceLimitedMember__srt--StatementGeographicalAxis__country--HK_zPmjdWAVCpv3" title="Provision for income taxes"><span id="xdx_904_eus-gaap--IncomeTaxExpenseBenefit_dpo_c20201001__20210930__srt--ConsolidatedEntitiesAxis__custom--TeaEssenceLimitedMember__srt--StatementGeographicalAxis__country--HK_zEdGmiyUTXPa" title="Provision for income taxes"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-10-012023-09-30_custom_TeaEssenceLimitedMember_country_HK" format="ixt-sec:numwordsen" decimals="0" scale="-2" unitRef="USD" id="ixv-31857"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-10-012022-09-30_custom_TeaEssenceLimitedMember_country_HK" format="ixt-sec:numwordsen" decimals="0" scale="-2" unitRef="USD" id="ixv-31858"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2020-10-012021-09-30_custom_TeaEssenceLimitedMember_country_HK" format="ixt-sec:numwordsen" decimals="0" scale="-2" unitRef="USD" id="ixv-31859">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> provision for Hong Kong profits tax has been made in these periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">PRC</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC CIT Law, domestic enterprises and Foreign Investment Enterprises (&#8220;FIEs&#8221;) are usually subject to a unified <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20221001__20230930__srt--StatementGeographicalAxis__country--CN_zaXPR9pgfiy8" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" contextRef="From2022-10-012023-09-30_country_CN" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31860">25</ix:nonFraction></span>% enterprise
income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on a case-by-case basis by local government
as preferential tax treatment to High and New Technology Enterprises (&#8220;HNTEs&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--IncomeTaxExaminationDescription_c20221001__20230930_zAnsHc78XiQ" title="Income tax description"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="us-gaap:IncomeTaxExaminationDescription" id="ixv-24037">Under
this preferential tax treatment, HNTEs are entitled to an income tax rate of <span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20221001__20230930__dei--LegalEntityAxis__custom--HighAndNewTechnologyEnterprisesMember_zF2gCG9qRz3f" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" contextRef="From2022-10-012023-09-30_custom_HighAndNewTechnologyEnterprisesMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31861">15</ix:nonFraction></span>%, subject to a requirement that they re-apply for their
HNTE status every three years. The Company&#8217;s subsidiary, Xi&#8217;an App-Chem was approved as a HNTE and is entitled to a reduced
income tax rate of 15% beginning October 18, 2017, which is valid for three years. In December 2020, Xi&#8217;an App-Chem successfully
renewed its HNTE Certificate with local government and will continue to enjoy the reduced income tax rate of 15% for another three years
by December 1, 2023.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CIT
is typically governed by the local tax authority in PRC. Each local tax authority at times may grant tax holidays to local enterprises
as a way to encourage entrepreneurship and stimulate local economy. The corporate income taxes for the years ended September 30, 2023,
2022 and 2021 were reported at a blended reduced rate as a result of Xi&#8217;an App-chem being approved as a HNTE and enjoying a 15%
reduced income tax rate, but subsidiaries of Xi&#8217;an App-chem are subject to a 25% income tax rate. The impact of the tax holidays
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The benefit of the tax holidays on net income per share (basic and diluted) $<span id="xdx_90C_eus-gaap--IncomeTaxHolidayIncomeTaxBenefitsPerShare_c20221001__20230930_zUUmY1t3IH87" title="Benefit of tax holidays on net income per share"><ix:nonFraction name="us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31865">0.15</ix:nonFraction></span>, $<span id="xdx_90D_eus-gaap--IncomeTaxHolidayIncomeTaxBenefitsPerShare_c20211001__20220930_z1HTkIUyoPk1" title="Benefit of tax holidays on net income per share"><ix:nonFraction name="us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31866">0.10</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--IncomeTaxHolidayIncomeTaxBenefitsPerShare_c20201001__20210930_zOBDcu5CA9Wg" title="Benefit of tax holidays on net income per share"><ix:nonFraction name="us-gaap:IncomeTaxHolidayIncomeTaxBenefitsPerShare" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31867">0.08</ix:nonFraction></span> for the years ended September 30,
2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 &#8212; TAXES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" id="ixv-24075"><p id="xdx_895_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zj2CaaDw7En2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reconciles the China statutory rates to the Company&#8217;s effective tax rate for the years ended September 30,
2023, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BC_zBqVv2XFP95d" style="display: none">SCHEDULE
OF EFFECTIVE TAX RATE</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td id="xdx_493_20221001__20230930_zBPJPyItSJW6" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td id="xdx_49B_20211001__20220930_zW62A0IQ8GLi" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td id="xdx_497_20201001__20210930_zLiohVPrgPxd" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 37%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
    statutory income tax rate</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31868">25.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31869">25.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31870">25.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr id="xdx_406_ecustom--EffectiveIncomeTaxRateReconciliationTaxHoliday_iN_pid_dpi_uPure_maEtrCalc_zgg6oWGs6Ju1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of income tax holiday</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="BON:EffectiveIncomeTaxRateReconciliationTaxHoliday" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31871">12.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="BON:EffectiveIncomeTaxRateReconciliationTaxHoliday" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31872">11.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="BON:EffectiveIncomeTaxRateReconciliationTaxHoliday" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31873">9.5</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr>
  <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maEtrCalc_z5JvXGT4QqFc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permanent
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31874">0.6</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31875">0.1</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31876">0.5</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31877">5.4</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31878">4.2</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31879">3.4</ix:nonFraction></span></td>
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31880">9.8</ix:nonFraction></span></td>
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    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31885">15.1</ix:nonFraction></span></td>
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  </table>
</ix:nonNumeric><p id="xdx_8A8_z1OMdsazmLRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" id="ixv-24291"><p id="xdx_898_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zxHArUlwlYpj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
components of the income tax provision (benefit) are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B9_z55AyGv5Tjc5" style="display: none">SCHEDULE
OF COMPONENTS OF THE INCOME TAX PROVISION (BENEFIT)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td id="xdx_493_20221001__20230930_zS82LUNi5D4g" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td id="xdx_49B_20211001__20220930_zl23r5sT7fnd" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td id="xdx_497_20201001__20210930_zvt8Dligj2J9" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Years Ended September 30,</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    tax provision:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
    Islands</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1969">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1970">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1971">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--CurrentIncomeTaxExpenseBenefit_hsrt--StatementGeographicalAxis__country--HK_zbd1YS11wRE1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1974">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1975">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--CurrentIncomeTaxExpenseBenefit_hsrt--StatementGeographicalAxis__country--CN_zuZl82FCr505" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2022-10-012023-09-30_country_CN" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31886">1,000,887</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2021-10-012022-09-30_country_CN" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31887">1,248,013</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2020-10-012021-09-30_country_CN" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31888">791,822</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--CurrentIncomeTaxExpenseBenefit_zvmbrMJIAJo" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31889">1,000,887</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31890">1,248,013</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31891">791,822</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Deferred
tax assets</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company&#8217;s deferred tax assets are comprised of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B7_z3dQi4pqnFK9" style="display: none">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsGross" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31908">257,947</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Deferred tax assets</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zmZAiLqfmVla" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows ASC 740, &#8220;Income Taxes&#8221;, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income
taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their
financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which
the differences are expected to affect taxable income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 180; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 &#8212; TAXES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
valuation allowance is provided against deferred tax assets when the Company determines that it is more likely than not that the deferred
tax assets will not be utilized in the future. The Company has subsidiaries in the PRC, among which 7 entities, including Xi&#8217;an
CMIT, App-Chem Ag-tech, App-Chem Guangzhou, Tongchuan DT, Xi&#8217;an DT, Tianjin YHX and Gansu BMK, reported recurring operating losses
since their inception and the chances for these subsidiaries that suffered recurring losses in prior period to become profitable in the
foreseeable near future and to utilize their net operating loss carry forwards were remote. Accordingly, the Company provided valuation
allowance of $<span id="xdx_90B_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_c20230930_zYSXqH7F5Vie" title="Deferred tax assets valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31913">299,511</ix:nonFraction></span> and $<span id="xdx_90A_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_c20220930_zF5qBuH8iIti" title="Deferred tax assets valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31914">255,179</ix:nonFraction></span> for the deferred tax assets of these subsidiaries as of September 30, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, all of the Company&#8217;s tax returns of its PRC subsidiaries remain open for statutory examination by PRC tax
authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Taxes payable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfTaxesPayableTableTextBlock" id="ixv-24807"><p id="xdx_895_ecustom--ScheduleOfTaxesPayableTableTextBlock_zDVGwEz3BDX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
payable consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zB96y3rjl1ff" style="display: none">SCHEDULE
OF TAXED PAYABLE</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49C_20230930_zVadXvdeMGG1" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49B_20220930_z7fvPB7YA0Q3" style="border-bottom: Black 1.5pt solid; text-align: center">September 30, 2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--TaxesPayableCurrent_iI_pp0p0_hus-gaap--BalanceSheetLocationAxis__custom--IncomeTaxMember_zj0XbPZv76Ck" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Income tax payable</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-09-30_custom_IncomeTaxMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31915">1,296,206</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-09-30_custom_IncomeTaxMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31916">576,098</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--TaxesPayableCurrent_iI_pp0p0_hus-gaap--BalanceSheetLocationAxis__custom--ValueAddedTaxVATMember_zl5CXYnVt7e5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Value added tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-09-30_custom_ValueAddedTaxVATMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31917">1,338,800</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-09-30_custom_ValueAddedTaxVATMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31918">572,306</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--TaxesPayableCurrent_iI_pp0p0_hus-gaap--BalanceSheetLocationAxis__custom--OtherTaxesMember_zSBXzNe3mfRi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other taxes payable</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-09-30_custom_OtherTaxesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31919">83,681</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-09-30_custom_OtherTaxesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31920">91,304</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--TaxesPayableCurrent_iI_pp0p0_zoVyAO5ZoBij" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total taxes payable</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31921">2,718,687</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31922">1,239,708</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A3_zPBVTLoD8I97" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023 and 2022, Company had accrued tax liabilities of approximately $<span id="xdx_904_eus-gaap--TaxesPayableCurrent_iI_pn5n6_c20230930__srt--StatementGeographicalAxis__country--CN_z6ZfBdQkXVj" title="Accrued tax liabilities"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-09-30_country_CN" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31923">2.7</ix:nonFraction></span> million and $<span id="xdx_90D_eus-gaap--TaxesPayableCurrent_iI_pn5n6_c20220930__srt--StatementGeographicalAxis__country--CN_zzXfTTEsu0W3" title="Accrued tax liabilities"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-09-30_country_CN" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-31924">1.2</ix:nonFraction></span> million, respectively, mostly
related to the unpaid value added tax and income tax in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 181; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock" id="ixv-24898"><p id="xdx_80C_eus-gaap--LesseeOperatingLeasesTextBlock_zg0YSUsFtAOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 - <span id="xdx_825_zFKZWoj8Tpsf">OPERATING LEASE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into following lease agreements to lease its factory in Dali County, Shaanxi Province of China and its office spaces
in Xi&#8217;an City, Shaanxi Province of China. The Company intend to continue these leases for the next three years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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sheet information related to the operating lease is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zxcYC2hzRcXf" style="display: none">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
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    <td style="text-align: left">Operating lease assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--OperatingLeaseRightOfUseAssetOperatingLeaseAssets_iI_pp0p0_maOLROUzrU0_zQxC9fFVxIXa" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right"><ix:nonFraction name="BON:OperatingLeaseRightOfUseAssetOperatingLeaseAssets" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31926">312,067</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#12288;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease obligations:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pp0p0_maOLLzmVd_zbnlMvB8tPyb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Current operating lease liabilities</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31932">91,720</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_mtOLLzmVd_zstTDXEm0Sjf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total operating lease obligations</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31934">319,017</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31935">557,384</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AC_z7RkepJFiF28" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 182; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 - OPERATING LEASE (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfWeightedAverageOfOperatingLeaseTableTextBlock" id="ixv-25052"><p id="xdx_899_ecustom--ScheduleOfWeightedAverageOfOperatingLeaseTableTextBlock_zivghLk0VDHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted-average remaining lease term and the weighted-average discount rate of leases are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_z6FpoNVrHnce" style="display: none">SCHEDULE
OF WEIGHTED-AVERAGE OF OPERATING LEASE</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 82%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average
    remaining lease term</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20230930_z25rGpPqZyS9" title="Weighted-average remaining lease term"><ix:nonNumeric contextRef="AsOf2023-09-30" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1" id="ixv-31936">1.4</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average
    discount rate</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20230930_zCbipb0yxy88" title="Weighted-average discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31937">4.75</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A0_zOywj439aqNf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock" id="ixv-25107"><p id="xdx_892_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z9odASqskGM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the maturity of operating lease liabilities as of September 30, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zXJWMOw5GpK1" style="display: none">SCHEDULE
OF MATURITY OF OPERATING LEASE LIABILITIES</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12
    months ending March 31,</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20230930_zN1JLYCHAKwa" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzFn4_zGaNblzruVMe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 82%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31938">236,512</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_maLOLLPzFn4_zH5MnAmPphOf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31939">92,580</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_maLOLLPzFn4_znhpWpEuF9x5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2083">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzFn4_zIZGRxgSZDXb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31940">329,091</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zw1P7vTnYFVh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31941">10,074</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_zPjI89lV6y9g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    lease liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-31942">319,017</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A2_z8K95tRC8cy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="ixv-25193"><p id="xdx_806_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zzk2QmiWoMx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14&#8212; <span id="xdx_829_zpLvM3cjQNJa">SHAREHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
Shares</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bon
Natural Life Limited (&#8220;Bon Natural Life&#8221;, or the &#8220;Company&#8221;) was incorporated under the laws of Cayman Islands
on December 11, 2019. The authorized number of ordinary shares was <span id="xdx_902_eus-gaap--CommonStockSharesAuthorized_c20191211_pdd" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-12-11" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31943">50,000,000</ix:nonFraction></span> shares with par value of US$<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20191211_zfIWMXO99iEh" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2019-12-11" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31944">0.0001</ix:nonFraction></span> and <span id="xdx_903_eus-gaap--CommonStockSharesIssued_iI_c20191211_zzfFOr8qD53c" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2019-12-11" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31945">15,500,000</ix:nonFraction></span> shares
were issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 17, 2020, the Company&#8217;s shareholders approved a reverse split of the outstanding ordinary shares at a ratio of <span id="xdx_905_eus-gaap--StockholdersEquityReverseStockSplit_c20200616__20200617_zl6lrXxxC1Z9" title="Reverse stock split, description"><ix:nonNumeric contextRef="From2020-06-162020-06-17" name="us-gaap:StockholdersEquityReverseStockSplit" id="ixv-31946">1-for-3 shares</ix:nonNumeric></span>
(the &#8220;Reverse Split&#8221;), which led to a redemption of <span id="xdx_905_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20200616__20200617_z9UG247L7FZk" title="Redemption of shares during period"><ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2020-06-162020-06-17" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31947">10,333,333</ix:nonFraction></span> shares out of the <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20200617_znubVwjOVyM9" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-06-17" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31948">15,500,000</ix:nonFraction></span> ordinary shares previously issued
to existing shareholders. The Reverse Split did not change the authorized number of ordinary shares and only changed the issued and outstanding
ordinary shares. The Reverse Split took effective on June 24, 2020. As a result of this reverse split, there were <span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20200624_zolyQyIECrE9" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-06-24" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31949">5,166,667</ix:nonFraction></span> shares issued
and outstanding. The issuance of these <span id="xdx_90D_eus-gaap--CommonStockSharesIssued_iI_c20200624_zVnHvlm0BC22" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-06-24" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31950">5,166,667</ix:nonFraction></span> shares is considered as a part of the Reorganization of the Company, which was retroactively
applied as if the transaction occurred at the beginning of the period presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 183; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14&#8212; SHAREHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 28, 2021, the Company closed its initial public offering (&#8220;IPO&#8221;) of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210628__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3jj5iX5YiU2" title="Sale of stock, shares issued"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-06-282021-06-28_us-gaap_IPOMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31951">2,200,000</ix:nonFraction></span> ordinary shares, par value US$<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z7TW04hZsdhl" title="Ordinary stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-06-28_us-gaap_IPOMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31952">0.0001</ix:nonFraction></span> per
share at a public offering price of $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zP1sx6crPeS5" title="Sale of stock, price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-06-28_us-gaap_IPOMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31953">5.00</ix:nonFraction></span> per share, and the Company&#8217;s ordinary shares started to trade on the Nasdaq Capital Market
under the ticker symbol &#8220;BON&#8221; since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option
to purchase an additional <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210701__20210702__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJcBkYvtD0N1" title="Sale of stock, shares issued"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-07-012021-07-02_us-gaap_OverAllotmentOptionMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31954">330,000</ix:nonFraction></span> shares, par value US$<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210702__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zPcy8cezZ1td" title="Ordinary stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-07-02_us-gaap_OverAllotmentOptionMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31955">0.0001</ix:nonFraction></span> per share at the price of $<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210702__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrZrb5aRZVFk" title="Sale of stock, price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-07-02_us-gaap_OverAllotmentOptionMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31956">5.00</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Company&#8217;s IPO, the Company agreed to issue to the underwriters with warrants to purchase up to a total of <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--RangeAxis__srt--MaximumMember_z7sHmUsjtSw6" title="Number of warrants issued"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-06-28_us-gaap_IPOMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31957">101,200</ix:nonFraction></span>
ordinary shares of the Company, with warrant terms of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z1cjVpxupHw3" title="Warrants terms"><ix:nonNumeric contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm" id="ixv-31958">five years</ix:nonNumeric></span> and an exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zlDqaKEvqdzc" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31959">5.00</ix:nonFraction></span> per share, among which <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20210628__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zwR0nM8nHBr3" title="Warrants exercised"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" contextRef="From2021-06-282021-06-28_us-gaap_IPOMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31960">50,600</ix:nonFraction></span> shares
of warrants had been exercised on October 1, 2021 by cashless method, which resulted in <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20211001__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z3h3MX7OmoYb" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-10-01_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31961">20,381</ix:nonFraction></span> ordinary shares issued with no proceeds
received by the Company from this transaction. Subsequently, on July 13, 2022, the underwriters elected to exercise the remaining <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20220712__20220713__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zHxKxutJBrF4" title="Warrants exercised"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" contextRef="From2022-07-122022-07-13_us-gaap_IPOMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31962">50,600</ix:nonFraction></span>
shares of warrants under the cashless method, which resulted in <span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_pid_c20220713__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z5o6CZ9ZbM9" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-07-13_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31963">31,845</ix:nonFraction></span> ordinary shares issued with no proceeds received by the Company
from this transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 17, 2023, the Company closed a private offering of ordinary shares and warrants to purchase ordinary shares. A total of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230117__20230117__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FiveInvestorsMember_zQBRfTO0ukb6" title="Ordinary shares, issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-172023-01-17_us-gaap_CommonStockMember_custom_FiveInvestorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31964">2,750,000</ix:nonFraction></span>
ordinary shares were issued to a total of five investors (the &#8220;Investors&#8221;) at a subscription price of $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_c20230117__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FiveInvestorsMember_zSa95bQPuFnc" title="Subscription price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2023-01-17_us-gaap_CommonStockMember_custom_FiveInvestorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31965">0.80</ix:nonFraction></span> per share, for
total subscription proceeds of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20230117__20230117__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FiveInvestorsMember_zYnOpnszhfqc" title="Total subscription proceeds"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2023-01-172023-01-17_us-gaap_CommonStockMember_custom_FiveInvestorsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31966">2,200,000</ix:nonFraction></span>. In addition, for each share subscribed for by the Investors, the Company issued one warrant
to purchase one ordinary share at an exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230117__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zKKKTuKHRpAf" title="Exercise price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-01-17_us-gaap_CommonStockMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31967">0.88</ix:nonFraction></span> per share, exercisable for a period of <span id="xdx_90E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageRemainingContractualTermExercisable_dtM_c20230117__20230117__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zf66NMfcAyP" title="Exercisable term"><ix:nonNumeric contextRef="From2023-01-172023-01-17_us-gaap_CommonStockMember_us-gaap_InvestorMember" format="ixt-sec:durmonth" name="BON:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageRemainingContractualTermExercisable" id="ixv-31968">24</ix:nonNumeric></span> month for a total of <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_c20230117_zjdSnvmWYktg" title="Ordinary shares, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_c20230117_zYDMzxcvjkF1" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-01-17" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31969"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-01-17" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31970">2,750,000</ix:nonFraction></ix:nonFraction></span></span>
shares. A commission of $<span id="xdx_90A_eus-gaap--PaymentsForCommissions_c20230117__20230117_zR8YDZ3uVag3" title="Commission paid"><ix:nonFraction name="us-gaap:PaymentsForCommissions" contextRef="From2023-01-172023-01-17" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-31971">168,532</ix:nonFraction></span> were paid related to this private offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023 and 2022, the Company had <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_c20230930_zFXSsTC07bq3" title="Ordinary shares, shares issued"><span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_c20230930_zfwCiUdFke4b" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31972"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31973">11,738,662</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_90D_eus-gaap--CommonStockSharesIssued_iI_c20220930_zIabfFC6l5A2" title="Ordinary shares, shares issued"><span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_c20220930_zs2UvMQPiTh6" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31974"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31975">8,396,226</ix:nonFraction></ix:nonFraction></span></span> shares of ordinary shares issued and outstanding, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Underwriter
warrants</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Company&#8217;s IPO, the Company also agreed to issue to the underwriters and to register herein warrants to purchase
up to a total of <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--RangeAxis__srt--MaximumMember_zrsEznghluwa" title="Number of warrants issued"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-06-28_us-gaap_IPOMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31976">101,200</ix:nonFraction></span> ordinary shares of the Company (equal to <span id="xdx_902_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_c20210628__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zPSqYIjqDyka" title="Ordinary shares sold percentage"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2021-06-282021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31977">4</ix:nonFraction></span>% of the total number of Ordinary Shares sold in the IPO) (the &#8220;Underwriter
Warrants&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
warrants have warrant term of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zZdlGjq6zsSd" title="Warrants terms"><ix:nonNumeric contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm" id="ixv-31978">five years</ix:nonNumeric></span>, with an exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zEglufXinuWi" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31979">5.00</ix:nonFraction></span> per share (equal to 100% of the Company&#8217;s IPO offering
price of $<span id="xdx_90E_ecustom--OfferingPrice_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zi91uIjyBoS3" title="Offering price"><ix:nonFraction name="BON:OfferingPrice" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-31980">5.00</ix:nonFraction></span> per share). The Underwriter Warrants may be purchased in cash or via cashless exercise, will be exercisable for five (<span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantExercisableWeightedAverageRemainingContractualTerm1_dtY_c20210628__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z31f5fj9XLag" title="Warrants exercisable year"><ix:nonNumeric contextRef="From2021-06-282021-06-28_us-gaap_IPOMember" format="ixt-sec:duryear" name="BON:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantExercisableWeightedAverageRemainingContractualTerm1" id="ixv-31981">5</ix:nonNumeric></span>)
years, and will terminate on the fifth anniversary of the date thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
warrants are exercisable at any time, and from time to time, in whole or in part, commencing 180 days from the closing of the IPO. Management
determined that these warrants meet the requirements for equity classification under ASC 815-40. On October 1, 2021, the underwriters
elected to exercise <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20211001__20211001__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5ZQPLDmob66" title="Warrants exercised"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" contextRef="From2021-10-012021-10-01_us-gaap_IPOMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31982">50,600</ix:nonFraction></span> shares of warrants with cashless exercise, which resulted in <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20211001__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zlon6DRCwXsf" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-10-01_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31983">20,381</ix:nonFraction></span> ordinary shares issued with no proceeds
received by the Company from this transaction. Subsequently, on July 13, 2022, the underwriters elected to exercise the remaining <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20220712__20220713__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmDVqFtEBoKc" title="Warrants exercised"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" contextRef="From2022-07-122022-07-13_us-gaap_IPOMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31984">50,600</ix:nonFraction></span>
shares of warrants under the cashless method, which resulted in <span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_pid_c20220713__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zFjQtYkJa378" title="Ordinary shares, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-07-13_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31985">31,845</ix:nonFraction></span> ordinary shares issued with no proceeds received by the Company
from this transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" id="ixv-25312"><p id="xdx_897_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zNUzXQcskD7g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of warrants activity for the years ended September 30, 2023, 2022 and 2021 was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_z99ercu6IHKj" style="display: none">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20211001__20220930__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z2WLaHbOSbmb" title="Number of Warrants, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" contextRef="From2021-10-012022-09-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31988">101,200</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exercisable, September 30, 2022</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20221001__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zxNCY3oUuvs2" title="Number of Warrants, Granted" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2022-10-012023-09-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-31990">2,750,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Forfeited</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Exercised</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zoJzCmLZt5vf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 184; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14&#8212; SHAREHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Non-controlling
interest</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiary, Xi&#8217;an App-chem, owns majority of the equity interest in the following two entities: Xi&#8217;an Dietary
Therapy Medical Technology Co., Ltd (&#8220;Xi&#8217;an DT&#8221;) and Tianjin Yonghexiang Bio(Tech) Co., Ltd. (&#8220;Tianjin YHX&#8221;)
Non-controlling interests represent minority shareholders&#8217; <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_c20230930__srt--OwnershipAxis__custom--XianDTMember_zR8NRh1vlDol" title="Non-controlling interests rate"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2023-09-30_custom_XianDTMember51507421" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-31999">25</ix:nonFraction></span>% ownership interests in Xi&#8217;an DT and <span id="xdx_90B_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20230930__srt--OwnershipAxis__custom--TianjinYHXMember_zfvH6As2vb0f" title="Non-controlling interests rate"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2023-09-30_custom_TianjinYHXMember51528609" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32000">49</ix:nonFraction></span>% ownership interest
in Tianjin YHX. The following table reconciles the non-controlling interest as of September 30, 2023 and 2022:</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="BON:ScheduleOfNonControllingInterestsTableTextBlock" id="ixv-25524"><p id="xdx_89C_ecustom--ScheduleOfNonControllingInterestsTableTextBlock_zXd6bF2WdMj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zidhQ1QepCAk" style="display: none">SCHEDULE
OF NON-CONTROLLING INTEREST</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2022-09-30_custom_TianjinYHXMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32005">57,680</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32006">530,492</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2022-10-012023-09-30_custom_TianjinYHXMember51529953" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-32008">37,600</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-32009">43,300</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32015">497,181</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-09-30_custom_TianjinYHXMember51528609" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32017">28,754</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32018">497,181</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AE_z0SMjZZimq8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Statutory
reserve and restricted net assets</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant
PRC laws and regulations restrict the Company&#8217;s PRC subsidiaries from transferring a portion of their net assets, equivalent to
their statutory reserves and their share capital, to the Company in the form of loans, advances or cash dividends. Only PRC entities&#8217;
accumulated profits may be distributed as dividends to the Company without the consent of a third party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus
reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (&#8220;PRC
GAAP&#8221;). <span id="xdx_90D_ecustom--StatutorySurplusReserveDescription_c20221001__20230930_zLjaZ9WtcfAl" title="Statutory surplus reserve, description"><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" name="BON:StatutorySurplusReserveDescription" id="ixv-32019">Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined
in accordance with PRC GAAP until the reserve is equal to 50% of the entity&#8217;s registered capital.</ix:nonNumeric></span> Appropriations to the discretionary
surplus reserve are made at the discretion of the Board of Directors. The statutory reserve may be applied against prior year losses,
if any, and may be used for general business expansion and production or increase in registered capital, but are not distributable as
cash dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment of dividends by entities organized in China is subject to limitations, procedures and formalities. Regulations in the PRC currently
permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in
China. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S GAAP differ from
those in the statutory financial statements of the WFOE and its subsidiaries. Remittance of dividends by a wholly foreign-owned company
out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of the foregoing restrictions, the Company&#8217;s WFOE Xi&#8217;an CMIT and subsidiaries are restricted in their ability to transfer
their net assets to the Company. Foreign exchange and other regulations in the PRC may further restrict the WFOE and its subsidiaries
from transferring funds to the Company in the form of dividends, loans and advances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023 and 2022, the restricted amounts as determined pursuant to PRC statutory laws totaled $<span id="xdx_90E_eus-gaap--RestrictedCashEquivalents_iI_c20230930_zpuNNsUZK47h" title="Restricted cash equivalents"><ix:nonFraction name="us-gaap:RestrictedCashEquivalents" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32020">2,372,871</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--RestrictedCashEquivalents_iI_c20220930_zNmjnZrSDp5h" title="Restricted cash equivalents"><ix:nonFraction name="us-gaap:RestrictedCashEquivalents" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32021">1,804,116</ix:nonFraction></span>,
respectively, and total restricted net assets amounted to $<span id="xdx_90B_eus-gaap--AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries_iI_c20230930_zIxNWvry3tYf" title="Restricted net assets"><ix:nonFraction name="us-gaap:AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32022">20,556,190</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries_iI_c20220930_zENDwAOfqtQf" title="Restricted net assets"><ix:nonFraction name="us-gaap:AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32023">17,516,406</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 185; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" id="ixv-25765"><p id="xdx_807_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zuDzUuXwbzBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 - <span id="xdx_823_zsxWJlzaP673">SHARE-BASED COMPENSATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 23, 2020, the Company entered into consulting service agreements with three third-party consultants (collectively the &#8220;Consultants&#8221;),
pursuant to which, the Consultants provided public listing related consulting services to the Company in connection with the Company&#8217;s
intended IPO effort. The Company issued <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20200623__20200623__srt--TitleOfIndividualAxis__custom--ConsultantMember_z0wmD3Bu4qW6" title="Number of stock issued, services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-06-232020-06-23_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32024">633,333</ix:nonFraction></span> of its ordinary shares to the Consultants in lieu of cash payment for such services.
The <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20200623__20200623__srt--TitleOfIndividualAxis__custom--ConsultantMember_z9zrYxusqaoa" title="Number of stock issued, services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-06-232020-06-23_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32025">633,333</ix:nonFraction></span> shares are valued at $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20200623__20200623__srt--TitleOfIndividualAxis__custom--ConsultantMember_zLtXr6EQerp4" title="Number of stock issued, services, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2020-06-232020-06-23_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32026">633,333</ix:nonFraction></span>. Such service fee had been amortized over the service period from June 23, 2020 to June 22,
2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applied ASC 718 and related interpretations in accounting for measuring the cost of share-based compensation over the period
during which the consultants are required to provide services in exchange for the issued shares. For the years ended September 30, 2023,
2022 and 2021, <span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_dxL_c20221001__20230930_zNdlWxDjlmrg" title="Share based compensation::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2275">Nil</span></span>, <span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_dxL_c20211001__20220930_z12OGETzzZz3" title="Share based compensation::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2277">Nil</span></span> and $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_c20201001__20210930_zcCjDbDI07v8" title="Share based compensation"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32027">422,221</ix:nonFraction></span> share-based compensation expenses were recognized and capitalized as part of the deferred initial
public offering costs, respectively, then charged to shareholders&#8217; equity upon the completion of the IPO, as the consultants&#8217;
services directly related to the Company&#8217;s intended IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 31, 2023, the Company entered into consulting agreements with a third-party consultant, which provide financial and acquisition consulting
services. The Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20230531__20230531__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--TypeOfArrangementAxis__custom--AcquisitionConsultingServicesMember_z6SS5o6F1sF2" title="Number of stock issued, services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2023-05-312023-05-31_custom_ConsultantMember_custom_AcquisitionConsultingServicesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32028">500,000</ix:nonFraction></span> of its ordinary shares to the consultant in lieu of cash payments for such services. The <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20221001__20230930__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--TypeOfArrangementAxis__custom--AcquisitionConsultingServicesMember_zVkK0LchBdPe" title="Number of stock issued, services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-10-012023-09-30_custom_ConsultantMember_custom_AcquisitionConsultingServicesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32029">500,000</ix:nonFraction></span>
shares were valued at $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20221001__20230930__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--TypeOfArrangementAxis__custom--AcquisitionConsultingServicesMember_zp6fZnmXIVJ3" title="Number of stock issued, services, values"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2022-10-012023-09-30_custom_ConsultantMember_custom_AcquisitionConsultingServicesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32030">174,904</ix:nonFraction></span> and are fully expensed for the year ended September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 2, 2023, the Company issued <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20230802__20230802__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--TypeOfArrangementAxis__custom--LegalAdviceServicesMember_zdcZdW6PSXng" title="Number of stock issued, services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2023-08-022023-08-02_custom_ConsultantMember_custom_LegalAdviceServicesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32031">70,000</ix:nonFraction></span> of its ordinary shares to a third-party consultant, which provide legal advice services. The
<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20221001__20230930__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--TypeOfArrangementAxis__custom--LegalAdviceServicesMember_zDKeXV2ax1li" title="Number of stock issued, services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-10-012023-09-30_custom_ConsultantMember_custom_LegalAdviceServicesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32032">70,000</ix:nonFraction></span> shares were valued at $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20221001__20230930__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--TypeOfArrangementAxis__custom--LegalAdviceServicesMember_zv4wdIVZiaDa" title="Number of stock issued, services, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2022-10-012023-09-30_custom_ConsultantMember_custom_LegalAdviceServicesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32033">43,400</ix:nonFraction></span> and were expensed for the year ended September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Director Service Agreements with the Company&#8217;s independent directors and following the completion of the Company&#8217;s
IPO, on June 23, 2021, the Company granted stock options to three independent directors to purchase an aggregate of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_pid_c20210623__20210623__srt--TitleOfIndividualAxis__srt--DirectorMember_zUpafOgtz1el" title="Number of shares granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-06-232021-06-23_srt_DirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32034">36,000</ix:nonFraction></span> shares of
the Company&#8217;s ordinary shares, par value of $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210623__srt--TitleOfIndividualAxis__srt--DirectorMember_z0F9tDbbFu1i" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-06-23_srt_DirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32035">0.0001</ix:nonFraction></span> per share, at exercise price of $<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210623__20210623__srt--TitleOfIndividualAxis__srt--DirectorMember_zOtANEB4jSg4" title="Exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-06-232021-06-23_srt_DirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32036">0.01</ix:nonFraction></span> per share for a fair value of total $<span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_c20210623__srt--TitleOfIndividualAxis__srt--DirectorMember_zYugB27JMMDb" title="Fair value of shares granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2021-06-23_srt_DirectorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32037">179,640</ix:nonFraction></span>,
as part of the compensation to these independent directors. The stock options granted shall vest in equal monthly installments for 12
months, commencing on July 1, 2021 until June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 28, 2022 and July 1, 2022, independent directors were granted options to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20220628__srt--TitleOfIndividualAxis__custom--IndependentDirectorMember_zA8mqHfdYFil" title="Number of shares granted options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2022-06-28_custom_IndependentDirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32038">22,436</ix:nonFraction></span> and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20220701__srt--TitleOfIndividualAxis__custom--IndependentDirectorMember_z7GAvfVffLbf" title="Number of shares granted options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2022-07-01_custom_IndependentDirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32039">29,600</ix:nonFraction></span> shares of the Company&#8217;s
ordinary shares, respectively, exercisable at $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20220628__20220628__srt--TitleOfIndividualAxis__custom--IndependentDirectorMember_zh5EJ7ArRrs7"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20220701__20220701__srt--TitleOfIndividualAxis__custom--IndependentDirectorMember_z6z7ZUd26PP3"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2022-06-282022-06-28_custom_IndependentDirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32040"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2022-07-012022-07-01_custom_IndependentDirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32041">0.01</ix:nonFraction></ix:nonFraction></span></span> per share. These stock options granted shall vest in equal monthly installments for
12 months, with expired date of June 28, 2023 and July 1, 2023, respectively. Share-based compensation awards are measured at the grant
date fair value of the awards and recognized as expenses using the straight-line method over the service period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 186; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 - SHARE-BASED COMPENSATION (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHARE-BASED
COMPENSATION AWARDS MEASURED AT GRANT DATE FAIR VALUE </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2023, two independent directors were granted options to purchase <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20230803__srt--TitleOfIndividualAxis__custom--TwoIndependentDirectorMember_zj3S9MyuSGT7" title="Number of shares granted options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2023-08-03_custom_TwoIndependentDirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32042">18,750</ix:nonFraction></span> shares per director of the Company&#8217;s ordinary
shares, respectively, exercisable at $<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20230803__20230803__srt--TitleOfIndividualAxis__custom--TwoIndependentDirectorMember_zrdtVaRjP3Je"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2023-08-032023-08-03_custom_TwoIndependentDirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32043">0.01</ix:nonFraction></span> per share. These stock options granted shall vest in equal monthly installments for 12 months,
with expired date of July 31, 2024. Share-based compensation awards are measured at the grant date fair value of the awards and recognized
as expenses using the straight-line method over the service period.</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" id="ixv-25853"><p id="xdx_892_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_z2RF2532qJH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zd6EVPI8VTA7" style="display: none">SHARE-BASED
COMPENSATION AWARDS MEASURED AT GRANT DATE FAIR VALUE</span>&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Exercise price</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20220930_zOuAUEAsbPU1" title="Exercise price" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32045">0.01</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expected term (years)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected stock price volatility</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_pid_dp_uPure_c20211001__20220930_zBPTpIys9tc9" title="Expected stock price volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32049">114.1</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Risk-free rate of interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20221001__20230930_zOdZMKW3rBUk" title="Risk-free rate of interest"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32050">4.35</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20211001__20220930_zQNivI2Ov70e" title="Risk-free rate of interest"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32051">4.35</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected dividend rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20221001__20230930_z1C6ykl32FPk" title="Expected dividend rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32052">0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20211001__20220930_zZRFQ6oDIkG4" title="Expected dividend rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32053">0</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
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</ix:nonNumeric><p id="xdx_8AF_zRcAaQM73kyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended September 30, 2023, 2022 and 2021, stock-based compensation associated with amortization of stock option expense was
$<span id="xdx_90D_eus-gaap--ShareBasedCompensation_c20221001__20230930__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zFECvnjKXP63" title="Share based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-10-012023-09-30_us-gaap_GeneralAndAdministrativeExpenseMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32054">131,092</ix:nonFraction></span>, $<span id="xdx_902_eus-gaap--ShareBasedCompensation_c20211001__20220930__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zoSNq76A0e76" title="Share based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-10-012022-09-30_us-gaap_GeneralAndAdministrativeExpenseMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32055">170,883</ix:nonFraction></span> and $<span id="xdx_900_eus-gaap--ShareBasedCompensation_c20201001__20210930__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zb81bs47kj8k" title="Share based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-10-012021-09-30_us-gaap_GeneralAndAdministrativeExpenseMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32056">44,910</ix:nonFraction></span>, respectively. All stock-based compensation was recorded as a component of general and administrative
expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" id="ixv-25939"><p id="xdx_893_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zqnlaTZKhXal" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company&#8217;s stock option activities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b><span id="xdx_8BC_zhJ7Axf7byc7">SUMMARY
OF STOCK OPTION</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number of options</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Outstanding, September 30, 2023</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20221001__20230930_zHVyMBsuCzL3" title="Number of options, Outstanding, Ending" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32073">89,100</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20221001__20230930_zTEyGOmQD6vd" title="Weighted Average Exercise Price, Outstanding, Ending" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32074">0.01</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Exercisable, September 30, 2023</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20221001__20230930_zpvQr8odsTTk" title="Number of options, Exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32076">57,850</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20221001__20230930_zIJGZba4h8tf" title="Weighted Average Exercise Price, Exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32077">0.01</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A7_zCVz9F0cPqB1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 187; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock" id="ixv-26131"><p id="xdx_804_eus-gaap--ConcentrationRiskDisclosureTextBlock_zeKPeBrY3XCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 - <span id="xdx_820_zzg4m74Tynsa">CONCENTRATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
majority of the Company&#8217;s revenue and expense transactions are denominated in RMB and a significant portion of the Company and
its subsidiaries&#8217; assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the
PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange
rates set by the People&#8217;s Bank of China (&#8220;PBOC&#8221;). Remittances in currencies other than RMB by the Company in China
must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in
order to affect the remittance. For the years ended September 30, 2023, 2022 and 2021, the Company&#8217;s substantial assets were located
in the PRC and the Company&#8217;s substantial revenues were derived from its subsidiaries located in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023 and 2022, $<span id="xdx_902_eus-gaap--CashAndDueFromBanks_c20230930_pp0p0" title="Cash deposit at financial instutions"><ix:nonFraction name="us-gaap:CashAndDueFromBanks" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-32079">106,719</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--CashAndDueFromBanks_c20220930_pp0p0" title="Cash deposit at financial instutions"><ix:nonFraction name="us-gaap:CashAndDueFromBanks" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-32080">835,462</ix:nonFraction></span> of the Company&#8217;s cash was on deposit at financial institutions in the PRC. Per PRC regulations, the maximum insured bank deposit amount is RMB500,000 (approximately $68,531) 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.  As of September 30, 2023 and 2022, the Company&#8217;s substantial assets were located in the PRC and the
Company&#8217;s substantial revenues were derived from its subsidiaries located in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company sells its products primarily through direct distributors in the People&#8217;s Republic of China (the &#8220;PRC&#8221;) and
to some extent, the overseas customers in European countries, North America and Middle East. For the year ended September 30, 2023, three
customers accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zOkVQJnKfg31" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32081">41.8</ix:nonFraction></span>%, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zBV5hT8iG6x3" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32082">29.5</ix:nonFraction></span>% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zxrR3MWdy7f9" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32083">11.1</ix:nonFraction></span>% of the Company&#8217;s total revenue, respectively. For the year ended September, 2022,
three customers accounted for <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zhaVH7mVJB66" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32084">35.5</ix:nonFraction></span>%, <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zSaQ0pokeI4b" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32085">23.9</ix:nonFraction></span>% and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zL4FCM0mhl11" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32086">15.4</ix:nonFraction></span>% of the Company&#8217;s total revenue, respectively. For the year ended September
30, 2021, two customers accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20201001__20210930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zn46WSFHWIlc" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-10-012021-09-30_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32087">35.5</ix:nonFraction></span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20201001__20210930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zrvcH8safvn2" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-10-012021-09-30_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32088">26.1</ix:nonFraction></span>% of the Company&#8217;s total revenue, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2023, three customers accounted for approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zp52B1PtRGdb" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32089">42.7</ix:nonFraction></span>%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_z4GW3imIwEW7" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32090">24.7</ix:nonFraction></span>% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zVBm3V0r5ERa" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32091">13.2</ix:nonFraction></span>% of the total accounts receivable balance, respectively.
As of September 30, 2022, three customers accounted for approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_z3G9Nbs2IiR4" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32092">38.1</ix:nonFraction></span>%, <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_z4NHWetNtsJf" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32093">33.7</ix:nonFraction></span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zW1na2RsRsMg" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32094">17.9</ix:nonFraction></span>% of the total accounts receivable balance,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended September 30, 2023 three suppliers accounted for approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierOneMember_zjvpq4yc0Dvk" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32095">41.8</ix:nonFraction></span>%, <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierTwoMember_zWgxgU0Fkfqg" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32096">29.5</ix:nonFraction></span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierThreeMember_zziVwKn34KV5" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-10-012023-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32097">11.1</ix:nonFraction></span>% of the total purchases, respectively.
For the year ended September 30, 2022, four suppliers accounted for approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierOneMember_zsJb1447SpS7" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32098">24.6</ix:nonFraction></span>%, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierTwoMember_ziXQwg6LBrKb" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32099">15.0</ix:nonFraction></span>%, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierThreeMember_zKDGhoUBvWNd" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32100">11.9</ix:nonFraction></span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211001__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierFourMember_zBeFhg5wohHh" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-10-012022-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierFourMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32101">10.7</ix:nonFraction></span>% of the total purchases,
respectively. For the year ended September 30, 2021, two suppliers accounted for approximately <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20201001__20210930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierOneMember_zzL8uF7E3Eeg" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-10-012021-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32102">30.1</ix:nonFraction></span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20201001__20210930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchaseMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierTwoMember_z8SpXtL6mhl6" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-10-012021-09-30_custom_PurchaseMember_us-gaap_SupplierConcentrationRiskMember_custom_SupplierTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32103">13.4</ix:nonFraction></span>% of the total purchases,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="ixv-26183"><p id="xdx_80B_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zqcLhZaKIY0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
17 - <span id="xdx_826_zcibAV317OV1">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated
with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss
contingencies are expensed as incurred. For the years ended September 30, 2023, 2022 and 2021, the Company did not have any material
legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company&#8217;s consolidated
financial position, results of operations and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has an ongoing CIP project associated with the construction of a new manufacturing facility. As of September 30, 2023, future
minimum capital expenditures on the Company&#8217;s CIP project amounted to $<span id="xdx_904_eus-gaap--CapitalLeasesFutureMinimumPaymentsDue_iI_pn6n6_c20230930_z6uFQSv2sBhh" title="Future minimum capital expenditures on construction in progress"><ix:nonFraction name="us-gaap:CapitalLeasesFutureMinimumPaymentsDue" contextRef="AsOf2023-09-30" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD" id="ixv-32104">5</ix:nonFraction></span> million, for the next 12 months from the date the Company&#8217;s
consolidated interim financial statements are released (see Note 8).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 188; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock" id="ixv-26218"><p id="xdx_807_eus-gaap--SegmentReportingDisclosureTextBlock_zaCoCC04LJTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
18&#8212; <span id="xdx_825_zUM60mphkM9a">DISAGGREGATION OF REVENUES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Revenue
by region</span></b></span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock" id="ixv-26229"><p id="xdx_898_eus-gaap--ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock_zMeqqQaa9GAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span id="xdx_8B8_zGLVdoZPI2P" style="display: none">SCHEDULE OF SEGMENT REPORTING REVENUE BY REGION</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49B_20221001__20230930_z5CS6zWPjul9" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49E_20211001__20220930_z71FgATrdWo4" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49D_20201001__20210930_zUQkPkR1ljL7" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
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    <td style="width: 46%; text-align: left">PRC</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__custom--OverseasMember_zl4GmsjAOO5g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Overseas</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012022-09-30_custom_OverseasMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32109">1,152,228</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zDlOKiLNwr47" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Revenue
by product categories</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:ScheduleOfLiabilityForFuturePolicyBenefitsByProductSegmentTextBlock" id="ixv-26311"><p id="xdx_896_eus-gaap--ScheduleOfLiabilityForFuturePolicyBenefitsByProductSegmentTextBlock_zBbMVFZuNUD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
summary of our total revenues by product categories for the years ended September 30, 2023, 2022 and 2021 was as
follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span id="xdx_8B2_zkFHS3vOsq08" style="display: none">SCHEDULE OF SEGMENT REPORTING REVENUE BY PRODUCT CATEGORIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td colspan="2" id="xdx_49A_20201001__20210930_zD2U0C7Zymk6" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">For Years ended September 30,</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--FragranceCompoundsMember_zhsdYtArxRb5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Fragrance compounds</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-10-012023-09-30_custom_FragranceCompoundsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32114">14,315,810</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012022-09-30_custom_FragranceCompoundsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32115">13,710,556</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--HealthSupplementsSolidDrinksMember_zH5emsgRpWta" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Health supplements (solid drinks)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012022-09-30_custom_HealthSupplementsSolidDrinksMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32118">7,145,708</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--BioactiveFoodIngredientsMember_zkuwTjUOYUB7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Bioactive food ingredients</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-10-012023-09-30_custom_BioactiveFoodIngredientsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32120">6,502,075</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012022-09-30_custom_BioactiveFoodIngredientsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32121">9,052,297</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-10-012021-09-30_custom_BioactiveFoodIngredientsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32122">6,094,553</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zdPnyVmeScn1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total revenue</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-10-01to2023-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32123">29,522,353</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012022-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32124">29,908,561</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32125">25,494,564</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_z0xvopCr53y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 189; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:SubsequentEventsTextBlock" id="ixv-26424"><p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_zhoHKlohw8K2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
19 - <span id="xdx_824_z9ZolyAAOrB2">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(1).
Bank Loans</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 15, 2024, the Company&#8217;s subsidiary, Xi&#8217;an App-Chem, entered into a loan agreement with China Bohai Bank to borrow RMB <span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uRMB_c20230116__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ShanghaiPudongDevelopmentBankMember_zq33IpufGEi3"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-01-16_custom_LoanAgreementMember_custom_ShanghaiPudongDevelopmentBankMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB" id="ixv-32126">4.0</ix:nonFraction></span>
million (equivalent to US$<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uUSD_c20230116__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ShanghaiPudongDevelopmentBankMember_zbGe1Z38iLmk" title="Borrowings"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-01-16_custom_LoanAgreementMember_custom_ShanghaiPudongDevelopmentBankMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD" id="ixv-32127">0.5</ix:nonFraction></span>
million) as working capital for one year, with interest rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20230116__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ShanghaiPudongDevelopmentBankMember_z8LKu3X3maCl" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-01-16_custom_LoanAgreementMember_custom_ShanghaiPudongDevelopmentBankMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-32128">3.9</ix:nonFraction></span>%
per annum and maturity date on <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_pid_c20230116__20230116__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--CreditFacilityAxis__custom--ShanghaiPudongDevelopmentBankMember_zY6HkuqOFqY9" title="Debt maturity date"><ix:nonNumeric contextRef="From2023-01-162023-01-16_custom_LoanAgreementMember_custom_ShanghaiPudongDevelopmentBankMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-32129">January
21, 2025</ix:nonNumeric></span>. The Company&#8217;s controlling shareholder, Mr. Yongwei Hu and his wife Ms. Jing Liu, provided guarantee to this
loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
<span style="background-color: white">. Issuance of Shares for Stock-based Compensation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
October 2, 2023, the Company issued a total of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20231002__20231002__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--EmployeesAndConsultantsMember__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoEquityIncentivePlanMember_zRmv3qftjv01" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-10-022023-10-02_us-gaap_SubsequentEventMember_custom_EmployeesAndConsultantsMember_custom_TwoThousandTwentyTwoEquityIncentivePlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32130">1,550,000</ix:nonFraction></span> ordinary shares to employees and consultants under its 2022 Equity Incentive
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-10-01to2023-09-30" escape="true" name="us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" id="ixv-26473"><p id="xdx_806_eus-gaap--CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_zZKzlq2Gepdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
20&#8212; <span id="xdx_822_zCGT6uBpxHWa">FINANCIAL INFORMATION OF THE PARENT COMPANY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule
12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X require the financial information of the parent company to be filed when the restricted
net assets of consolidated subsidiaries exceed 25 percent 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&#8217;s PRC subsidiaries exceeded 25% of
the consolidated net assets of the Company, therefore, the financial statements for the parent company are included herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the Company&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial information of the parent company has been prepared using the same accounting policies as set out in the Company&#8217;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 balance sheets as &#8220;Investment in subsidiaries&#8221; and the respective profit or loss as &#8220;Equity in
earnings of subsidiaries&#8221; on the statements of comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 or omitted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 which have been separately disclosed
in the consolidated financial statements, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PARENT
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--CommitmentsAndContingencies_i01I_maCzYhZ_zr0F9BoRlcij" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">COMMITMENTS AND CONTINGENCIES</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--StockholdersEquityAbstract_i01B_zJNRfFf9tXgb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">SHAREHOLDERS&#8217; EQUITY</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--CommonStockValue_i02I_maCzczG_zZr38Y1umPTf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Ordinary shares, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBBUkVOVCBDT01QQU5ZIEJBTEFOQ0UgU0hFRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220930__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zJMFv2tyig6g"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-32146">0.0001</ix:nonFraction>
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</span>shares authorized, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBBUkVOVCBDT01QQU5ZIEJBTEFOQ0UgU0hFRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20230930__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zs0RhN1A2OHj"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20230930__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z8gDa5QGwq9j"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32148"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-32149">11,738,662</ix:nonFraction></ix:nonFraction></span>
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  <tr id="xdx_408_eus-gaap--AdditionalPaidInCapital_i02I_maCzczG_zkoo5xPUDXQi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Additional paid-in capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32154">18,182,202</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maCzczG_zICpup4aZ3pb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Retained earnings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32156">20,980,978</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_maCzczG_zwDuak1ygz58" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Accumulated other comprehensive income (loss)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-32158">3,679,845</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--StockholdersEquity_i01TI_pp0p0_maCzYhZ_mtCzczG_zXpc7yBle9U6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Total Bon Natural Life Limited shareholders&#8217; equity</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-32160">35,484,452</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_pp0p0_mtCzYhZ_zhWRvn45xyMi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Total liabilities and Bon Natural Life Limited shareholders&#8217; equity</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-32162">35,484,452</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-32163">29,562,004</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 192; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PARENT
COMPANY STATEMENTS OF COMPREHENSIVE INCOME</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_89D_eus-gaap--IncomeStatementAbstract_zeY3es98QGDg" summary="xdx: Disclosure - SCHEDULE OF PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49D_20221001__20230930__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zembdY9NASX6" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">For the Years Ended September 30,</td><td>&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--GeneralAndAdministrativeExpense_iN_di_msNILzgqW_zvDqX4rLcVui" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">General and administrative expenses</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-10-012023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32164">846,930</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-10-012022-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32165">972,215</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-10-012021-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32166">68,722</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--InvestmentIncomeInterest_maNILzgqW_zoKHjeEOEBf6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" contextRef="From2022-10-012023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32167">2</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" contextRef="From2021-10-012022-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32168">5</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" contextRef="From2020-10-012021-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32169">13</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_maNILzgqW_zbQc1VwvZe05" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Equity in earnings of subsidiaries and VIEs</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-10-012023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32170">5,442,910</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-10-012022-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32171">7,209,698</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2020-10-012021-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32172">4,659,512</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--NetIncomeLoss_iT_mtNILzgqW_maCINOTz9r9_zBHoBPB1nMca" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">NET INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-10-012023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32173">4,595,982</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-10-012022-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32174">6,237,488</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-10-012021-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32175">4,590,803</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent_maCINOTz9r9_z8SBpw9lqN82" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Foreign currency translation adjustment</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent" contextRef="From2022-10-012023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-32176">1,050,274</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent" contextRef="From2021-10-012022-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-32177">2,853,392</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">COMPREHENSIVE INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 193; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BON
NATURAL LIFE LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PARENT
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 30pt">Issuance of ordinary shares for services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">218,304</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 30pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i03N_di_msCzfOd_zLv4L3Hmlj91" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 30pt">Payables due to subsidiaries</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_di_msCzfOd_zHsmy983QDEd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 30pt">Prepaid expenses and other current assets</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2022-10-012023-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-32193">65,669</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 30pt">Net cash used in operating activities</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-10-012021-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-32198">26,399</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zekus0WBMpF3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--PaymentOfAcquisitionDeposit_i01N_di_msCzHet_z6X9wOZESh8d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2635">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2636">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="BON:PaymentOfAcquisitionDeposit" contextRef="From2020-10-012021-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-32199">1,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Net cash used in investing activities</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-10-012021-09-30_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-32200">1,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 3243084}]
{"company-data": {"conformed-name": "Bon Natural Life Ltd", "cik": "0001816815", "assigned-sic": "2833", "organization-name": "03 Life Sciences", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-40517", "film-number": "24616330"}, "business-address": {"street1": "ROOM 601, BLOCK C, GAZELLE VALLEY, NO.69", "street2": "JINYE ROAD, HIGH-TECH ZONE, XIAN", "city": "SHAANXI", "state": "F4", "zip": "710076", "phone": "0086-29-88346301"}, "mail-address": {"street1": "ROOM 601, BLOCK C, GAZELLE VALLEY, NO.69", "street2": "JINYE ROAD, HIGH-TECH ZONE, XIAN", "city": "SHAANXI", "state": "F4", "zip": "710076"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
September 30
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ___________ to ___________
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report:
Commission
file number:
001-40517
BON
NATURAL LIFE LIMITED
(Exact
Name of Registrant as Specified in Its Charter)
Not
Applicable
(Translation
of Registrant's Name Into English)
Cayman
Islands
(Jurisdiction
of Incorporation or Organization)
Room
601, Block C, Gazelle Valley,
No.69, Jinye Road
High-Tech
Zone
,
Xi'an
, Shaanxi,
China
People's
Republic of China
(Address
of Principal Executive Offices)
Yongwei
Hu
, Chairman and Chief Executive Officer
Room
601, Block C, Gazelle Valley
,
No.69, Jinye Road
High-Tech
Zone
,
Xi'an
, Shaanxi,
China
People's
Republic of China
Tel:
+ 0086
-
29-88346301
bonnatural@appchem.cn
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of Each Class
Trading
    Symbol(s)
Name
    of Each Exchange On Which Registered
Common
    Stock, $0.0001 par value
BON
NASDAQ
Capital Market
Securities
registered or to be registered pursuant to Section 12(g) of the Act.
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report (September 30, 2023):
11,738,662
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files)
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer, "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    Accelerated Filer ☐
Accelerated
    Filer ☐
Non-Accelerated
    Filer
☒
Emerging Growth Company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued by the International Accounting Standards Board ☐
Other
    ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. ☐ Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐
No
☒
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D 1(b). ☐
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not Applicable
Annual
Report on Form 20-F
Year
Ended September 30, 2023
TABLE
OF CONTENTS
Page
PART I
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
2
A.
Directors and Senior Management
2
B.
Advisors
2
C.
Auditors
2
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
2
A.
Offer Statistics
2
B.
Method and Expected Timetable
2
ITEM
    3.
KEY INFORMATION
2
A.
Selected Financial Data
6
B.
Capitalization and Indebtedness
7
C.
Reasons for the Offer and Use of Proceeds
7
D.
Risk Factors
7
ITEM
    4.
INFORMATION ON THE COMPANY
42
A.
History and Development of the Company
42
B.
Business Overview
49
C.
Organizational Structure
80
D.
Property, Plants and Equipment
82
ITEM
    4A.
UNRESOLVED STAFF COMMENTS
84
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
84
A.
Operating Results
84
B.
Liquidity and Capital Resources
100
C.
Research and Development, Patents and Licenses, Etc.
104
D.
Trend Information
104
E.
Off Balance Sheet Arrangements
104
F.
Tabular Disclosure of Contractual Obligations
104
G.
Safe Harbor
110
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
110
A.
Directors and Senior Management
110
B.
Compensation
114
C.
Board Practices
115
D.
Employees
118
E.
Share Ownership
118
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
120
A.
Major Shareholders
120
B.
Related Party Transactions
120
C.
Interests of Experts and Counsel
121
i
ITEM
    8.
FINANCIAL INFORMATION
121
A.
Consolidated Statements and Other Financial Information
121
B.
Significant Changes
122
ITEM
    9.
THE OFFER AND LISTING
122
A.
Offer and Listing Details
122
B.
Plan of Distribution
122
C.
Markets
123
D.
Selling Shareholders
123
E.
Dilution
123
F.
Expenses of the Issue
123
ITEM
    10.
ADDITIONAL INFORMATION
123
A.
Share Capital
123
B.
Memorandum and Articles of Association
123
C.
Material Contracts
126
D.
Exchange Controls
127
E.
Taxation
129
F.
Dividends and Paying Agents
137
G.
Statement by Experts
137
H.
Documents on Display
138
I.
Subsidiary Information
138
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
138
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
139
A.
Debt Securities
139
B.
Warrants and Rights
139
C.
Other Securities
139
D.
American Depositary Shares
139
PART II
140
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
140
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
140
ITEM
    15.
CONTROLS AND PROCEDURES
140
A.
Disclosure Controls and Procedures
140
B.
Management's Annual Report on Internal Control Over Financial Reporting
141
C.
Attestation Report of the Registered Public Accounting Firm
142
D.
Changes in Internal Controls over Financial Reporting
142
ii
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
142
ITEM
    16B.
CODE OF ETHICS
142
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
143
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
143
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
143
ITEM
    16F.
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
143
ITEM
    16G.
CORPORATE GOVERNANCE
143
ITEM
    16H.
MINE SAFETY DISCLOSURE
143
PART III
144
ITEM
    17.
FINANCIAL STATEMENTS
144
iii
INTRODUCTORY
NOTES
Use
of Certain Defined Terms
Except
as otherwise indicated by the context and for the purposes of this Annual Report only, references in this Annual Report to:
●
"Bon
    Natural Life," "the Company," "we," "us," "our company" or "our"
    are to Bon Natural Life Limited a Cayman Islands corporation, its subsidiaries and its consolidated affiliated entities.
●
"China"
    or the "PRC" are to the People's Republic of China, including Hong Kong and Macau, and excluding, for the purposes
    of this Annual Report only, Taiwan.
●
"Operating
    subsidiaries" or "PRC subsidiaries" are to Xi'an App-Chem Bio(Tech) Co., Ltd., a PRC company, and its subsidiary
    entities incorporated in the PRC.
●
"Ordinary
    shares" or "Shares" are to our ordinary shares, par value $0.0001 per share;
●
"RMB,"
    "Renminbi" "Yuan," or "¥" are to the legal currency of the People's Republic of China;
●
"Tea
    Essence" are to Tea Essence Limited, our direct wholly owned subsidiary incorporated in Hong Kong.
●
"US$,"
    "U.S. dollars," "$," or "dollars" are to the legal currency of the United States;
●
"WFOEs"
    is to Xi'an Cell and Molecule Information Technology Limited and Xi'an Youpincui Biotechnology Co., Ltd.
●
"Xi'an
    App-Chem" are to Xi'an App-Chem Bio(Tech) Co., Ltd., an entity incorporated in the PRC or, depending on the context,
    Xi'an App-Chem Bio(Tech) Co., Ltd. and its subsidiaries
●
"Xi'an
    CMIT" are to Xi'an Cell and Molecule Information Technology Limited, one of our Wholly Foreign-Owned Enterprises incorporated
    in the PRC
●
"Xi'an
    Youpincui" are to Xi'an Youpincui Biotechnology Co., Ltd., another of our Wholly Foreign-Owned Enterprises incorporated
    in the PRC
Cautionary
Note Regarding Forward-Looking Statements
In
addition to historical information, this Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. We use words such as "believe," "expect," "anticipate,"
"project," "target," "plan," "optimistic," "intend," "aim," "will"
or similar expressions which are intended to identify forward-looking statements. Such statements include, among others, those concerning
market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue,
margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; and any
statements regarding future economic conditions or performance, as well as all assumptions, expectations, predictions, intentions or
beliefs about future events. Investors are cautioned that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause
the results of the Company to differ materially from those expressed or implied by such forward-looking statements. Potential risks and
uncertainties include, among other things, the possibility that we may not be able to maintain or increase our net revenues and profits
due to our failure to anticipate consumer preferences and develop new menswear products, our failure to execute our business expansion
plan, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to China's
legal system and economic, political and social events in China, a general economic downturn, a downturn in the securities markets, and
other risks and uncertainties which are generally set forth under Item 3 "Key information—D. Risk Factors" and elsewhere
in this Annual Report.
Readers
are urged to carefully review and consider the various disclosures made by us in this Annual Report and our other filings with the SEC.
These reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results
of operations and prospects. The forward-looking statements made in this Annual Report speak only as of the date hereof and we disclaim
any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes
in our expectations or future events.
1
PART
I
ITEM
    1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
A.
Directors
    and Senior Management
Not
applicable.
B.
Advisors
Not
applicable.
C.
Auditors
Not
applicable.
ITEM
    2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
A.
Offer
    Statistics
Not
applicable.
B.
Method
    and Expected Timetable
Not
applicable.
ITEM
    3.
KEY
    INFORMATION
We
are a Cayman Islands holding company that conducts all of our operations and operates our business in China through our PRC subsidiaries.
Holders of our ordinary shares do not own equity securities of our subsidiaries that have substantive business operations in China, but
instead are holders of equity securities of a Cayman Islands holding company. Such structure involves unique risks to investors in our
ordinary shares. Although we own and control our PRC operating subsidiaries, investors in our ordinary shares may never hold equity interests
directly in our operating entities. Please see "
Risks Related to Our Corporate Structure
" beginning on page 14 of
this report (the "Annual report") or additional information.
We
face various legal and operational risks and uncertainties related to being based in and having all of our operations in China. The PRC
government has significant authority to exert influence on the ability of a China-based company, such as us, to conduct its business,
accept foreign investments or list on an U.S. or other foreign exchanges. For example, we face risks associated with regulatory approvals
of offshore offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy. Such risks could result in
a material change in our operations and/or the value of our ordinary shares or could significantly limit or completely hinder our ability
to offer or continue to offer ordinary shares and/or other securities to investors and cause the value of such securities to significantly
decline or be worthless. For a detailed description of risks related to doing business in China, see generally, "
Risks Related
to Legal Uncertainty and Doing Business in China
" beginning on page 15 of this Annual Report.
2
Holding
Foreign Companies Accountable Act
The
recently enacted Holding Foreign Companies Accountable Act ("HFCAA"), together with a recent joint statement by the United
States Securities and Exchange Commission ("SEC") and the PCAOB call for additional stringent criteria to be applied to emerging
market companies by assessing the qualification of non-U.S. auditors who are not inspected by the PCAOB. Under the HFCAA, our securities
may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not subject to inspection by the PCAOB for
three consecutive years, and this ultimately could result in our Ordinary Shares being delisted from trading on any U.S. stock exchange.
On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023, which, among other things, amended the HFCAA
to reduce the time period under the HFCAA to two consecutive years instead of three consecutive years.
Pursuant
to the HFCAA, the PCAOB issued a Determination Report on December 16, 2021 (the "2021 Determination Report") which found
that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China because
of a position taken by one or more authorities in mainland China. Our auditor, located in China, is subject to the 2021 Determination
Report. On August 26, 2022, the China Securities Regulatory Commission ("CSRC"), the Ministry of Finance of China, and the
PCAOB signed a protocol governing inspections and investigations of audit firms based in China and Hong Kong. On December 15, 2022, the
PCAOB issued a new Determination Report (the "2022 Determination Report") which: (1) vacated the 2021 Determination Report
and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. Although the
2022 Determination Report reversed the conclusion of the 2021 Determination Report with respect to PCAOB's ability to conduct inspections
and investigations completely of the registered public accounting firms headquartered in mainland China and Hong Kong, the 2022 Determination
Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to
inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate
completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue
a new determination.
The
audit report included in this Annual Report for the year ended September 30, 2023 was issued by YCM CPA, Inc. ('YCM"), which
is a U.S.-based accounting firm that is registered with the PCAOB. YCM was not subject to the 2021 Determination Report. We have no intention
of dismissing YCM in the future or of engaging any auditor not based in the U.S. and not subject to regular inspection by the PCAOB.
Cash
Flows Within Our Organization
We
have established clear policies and procedures to ensure effective cash oversight. Our management team is directly responsible for supervising
cash management, while our finance department is responsible for establishing guidelines and procedures to be followed by all departments
and operating entities. When a department or operating entity requires cash, they must first submit a cash demand plan to designated
management members within our company. The plan outlines the specific amount and timing of the requested funds, and the designated management
member evaluates the request based on available sources of cash and the priority of needs. Once approved, the cash allocation is sent
to our finance department for a second review and further approval. To further ensure effective cash management, we regularly review
our cash position and make adjustments as necessary to maximize the use of available funds. We also maintain a close relationship with
our banking partners to stay informed of any changes in banking regulations or requirements that could affect our cash management activities.
3
The
structure of cash flows within the entities in our corporate organization, and the applicable regulations, are as follows:
1.
Our equity structure is a direct holding structure, that is, the overseas entity listed in the U.S., Bon Natural Life, directly controls
Xi'an CMIT and Xi'an Youpincui (the "WFOEs") and other domestic operating entities through the Hong Kong company,
Tea Essence. See "Corporate History and Structure" for additional details.
2.
Within our direct holding structure, the cross-border transfer of funds within our corporate group is conducted in compliance with the
laws and regulations of the PRC. After foreign investors' funds enter Bon Natural Life following an offering of securities, the
funds can be directly transferred to Tea Essence, and then transferred to subordinate operating entities through the WFOE.
If
were to distribute dividends, we would transfer the dividends to Tea Essence in accordance with the laws and regulations of the PRC,
and then Tea Essence will transfer the dividends to Bon Natural Life, and the dividends will be distributed from Bon Natural Life to
all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders are U.S. investors or investors
in other countries or regions.
3.
As of January 30, 2024, the only cash transfers from Bon Natural Life Limited to its subsidiaries have been as follows: 1) On June 29,
2021, $9 million was transferred from Bon Natural Life to our Hong Kong subsidiary and then transferred to our WOFE as a capital contribution.
These funds were then transferred to our subsidiary in the PRC. 2) On July 9, 2021, $1 million was transferred from Bon Natural Life
to our Hong Kong subsidiary and then further transferred to our WOFE as a capital contribution. These funds were then transferred to
our subsidiary in the PRC in August 2021. 3) On January 17, 2023, $630,000 was transferred from Bon Natural Life to our Hong Kong subsidiary
and then transferred to our WOFE as a capital contribution. These funds were then transferred to our subsidiary in the PRC in January
2023. Other than the foregoing, there have been no intercompany cash transfers from Bon Natural Life to our subsidiaries or from our
subsidiaries to Bon Natural Life.
To
date, none of our subsidiaries have made any dividends or distributions to Bon Natural Life and we have not made any dividends or distributions
to our shareholders. We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any
cash dividends will be paid to shareholders in the foreseeable future.
4.
Under Cayman Islands law, the Company may pay dividends on its shares out of either profit or share premium amounts, provided that in
no circumstance may a dividend be paid if such payment would result in the Company being unable to pay its debts as they become due in
the ordinary course of business. If we decide to pay dividends in the future, as a holding company, we will depend on receiving dividends
from our PRC subsidiaries.
4
Current
PRC regulations permit our direct PRC subsidiary, or WFOE, to pay dividends to Tea Essence Limited (HK), our Hong Kong subsidiary, only
out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. Cash dividends, if
any, on our Ordinary Shares would be paid in U.S. dollars. The PRC government also imposes control on the conversion of RMB into foreign
currencies and the remittance of currencies out of the PRC. Under existing PRC foreign exchange regulations, payments of current account
items, including profit distributions, interest payments and expenditures from trade-related transactions, can be made in foreign currencies
without prior approval from the State Administration of Foreign Exchange ("SAFE") in the PRC, as long as certain procedural
requirements are met. Approval from appropriate government authorities is required if RMB is converted into foreign currency and remitted
out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may, at its
discretion, impose restrictions on access to foreign currencies for current account transactions and, if this occurs in the future, we
may not be able to pay dividends in foreign currencies (i.e., U.S. dollars) to our shareholders. Furthermore, if our PRC entities incur
debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments.
Due to the above restrictions, if we are unable to receive payments from our PRC operating entities, we would not be able to pay dividends
to our shareholders, should we desire to do so in the future.
PRC
Government Permissions and Approvals
We
believe that we have obtained all material licenses and permits from the PRC government authorities for our business operations in the
PRC. To date, we have not been denied any such licenses and permits. However, we cannot assure you that we will always be able to successfully
obtain, update or renew all the licenses or permits required for our business in a timely manner or that these licenses or permits are
sufficient to conduct all of our present or future business operations. If we (i) do not receive or maintain required permissions or
approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or
interpretations change and we are required to obtain such permissions or approvals in the future, we could be subject to fines, legal
sanctions or an order to suspend or business operations, which may materially and adversely affect our business, financial condition
and results of operations.
On
February 17, 2023, the China Securities Regulatory Commission (the "CSRC") promulgated the Trial Administrative Measures
of the Overseas Securities Offering and Listing by Domestic Companies (the "Overseas Listing Trial Measures") and relevant
five guidelines, which became effective on March 31, 2023. According to the Overseas Listing Trial Measures, PRC domestic companies that
seek to offer securities or list in overseas markets, either directly or indirectly, are required to fulfill the filing procedure with
the CSRC. At a press conference held for these new regulations, officials from the CSRC clarified that the domestic companies that have
already been listed overseas before the effective date of the Overseas Listing Trial Measures (i.e. March 31, 2023) shall be deemed as
existing issuers, or the Existing Issuers. Existing Issuers are not required to complete the filling procedures immediately, and they
shall be required to file with the CSRC when subsequent matters such as refinancing are involved.
5
As
an Existing Issuer under the Overseas Listing Trial Measures, we would only be required to complete the filing procedures with the CSRC
in connection with a new securities offering conducted after March 31, 2023. Given that the Overseas Listing Trial Measures were recently
promulgated, however, there remain substantial uncertainties as to their interpretation, application, and enforcement. We cannot guarantee
that new rules or regulations promulgated in the future will not impose any additional requirement on us or otherwise tighten the PRC
domestic regulations on companies indirectly listed overseas.
To
the extent that we are subject to any CSRC approval, filing, other governmental authorization or requirements, whether in connection
with future securities offerings or otherwise, we cannot assure you that we could obtain such approval, complete such filing, or meet
other requirements in a timely manner or at all. If we fail to obtain such approval if and when needed or complete such filings or meet
other requirements in a timely manner, the Chinese regulatory authorities may impose fines and penalties on our operations in China,
limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds
from securities offerings into China, force a delisting of our ordinary shares, or take other actions that could have a material adverse
effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities.
The
Cybersecurity Review Measures provide that an online platform operator, which possesses personal information of at least one million
users, must apply for a cybersecurity review by the CAC if it intends to be listed in foreign countries. Because we currently do not
possess more than one million users' personal information, we do not believe that we are or will be subject to the cybersecurity
review by the CAC. In addition, to date, we have not been involved in any investigations on cybersecurity review initiated by any PRC
regulatory authority, nor have we received any inquiry, notice, or sanction related to cybersecurity review under the Cybersecurity Review
Measures.
A.
Selected
    Financial Data
The
following table presents selected financial data regarding our business. It should be read in conjunction with our consolidated financial
statements and related notes contained elsewhere in this annual report and the information under Item 5 "Operating and Financial
Review and Prospects." The selected consolidated statements of income and comprehensive income data for the fiscal years ended
September 30, 2023 and 2022, and the selected consolidated statements of financial position data as of September 30, 2023 and 2022have
been derived from our audited consolidated financial statements that are included in this annual report beginning on page F-1.
Our
consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United
States of America, or U.S. GAAP. The selected financial data information is only a summary and should be read in conjunction with the
historical consolidated financial statements and related notes contained elsewhere herein. The financial statements contained elsewhere
fully represent our financial condition and operations; however, they are not indicative of our future performance.
6
Balance
Sheet Data (Presented in $USD)
As of September 30,
2023
2022
Current assets
$
24,183,464
$
14,716,787
Total assets
$
46,556,136
$
37,256,849
Current liabilities
$
9,611,215
$
6,647,338
Total liabilities
$
10,574,303
$
7,164,353
Total equity
$
35,981,833
$
30,092,496
Total liabilities and equity
$
46,556,136
$
37,256,849
Statements
of Operations Data (Presented in $USD)
For
the years ended September 30,
2023
2022
2021
Revenues
$
29,522,353
$
29,908,561
$
25,494,564
Gross profit
$
8,840,027
$
9,423,565
$
7,111,927
Operating expenses
$
2,921,386
$
2,883,347
$
1,711,306
Income from operations
$
5,918,641
$
6,540,218
$
5,400,621
Other income (expenses)
$
(363,661
)
$
969,231
$
29,763
Provision for income taxes
$
1,002,298
$
1,267,025
$
820,931
Net income
$
4,552,682
$
6,242,424
$
4,609,453
Net income attributable to Bon Natural Life Limited
$
4,595,982
$
6,237,488
$
4,590,803
Earnings per share, basic
$
0.5
$
0.75
$
0.69
Earnings per share, diluted
$
0.5
$
0.74
$
0.68
Weighted average ordinary shares outstanding- basic
9,139,600
8,360,774
6,615,833
Weighted average ordinary shares outstanding- diluted
9,198,107
8,396,064
6,706,235
B.
Capitalization
    and Indebtedness
Not
applicable.
C.
Reasons
    for the Offer and Use of Proceeds
Not
applicable.
D.
Risk
    Factors
An
investment in our capital stock involves a high degree of risk. You should carefully consider the risks described below, together with
all of the other information included in this Annual Report, before making an investment decision. If any of the following risks actually
occurs, our business, financial condition or results of operations could suffer. In that case, the trading price of our common stock
could decline, and you may lose all or part of your investment.
7
Risks
Related To Our Financial Condition and Business Model
Because
we conduct all of our operations in China, our business is subject to the complex and rapidly evolving laws and regulations there. The
Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence
our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares, could
significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our
securities to significantly decline or be worthless.
As
a business operating in China, we are subject to the laws and regulations of the PRC, which can be complex and evolve rapidly. The PRC
government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations to which
we are subject may change rapidly and with little notice to us or our shareholders. The PRC legal system is based on written statutes.
Unlike common law systems, it is a system in which legal cases have limited value as precedents. In the late 1970s, the PRC government
began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The overall effect of legislation
over the past four decades has significantly increased the protections afforded to various forms of foreign or private-sector investment
in China. As relevant laws and regulations are relatively new and the PRC legal system continues to rapidly evolve with little advance
notice, however, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations
and rules involve uncertainties. The PRC government has the power to exercise significant oversight and discretion over the conduct of
our business, and the regulations to which we are subject may change rapidly and with little notice to us or our shareholders. In addition,
these laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with
our current policies and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with,
and such compliance or any associated inquiries or investigations or any other government actions may:
●
Delay
    or impede our development,
●
Result
    in negative publicity or increase our operating costs,
●
Render
    it difficult or impossible for us to raise capital through new securities offerings, thus hindering our development,
●
Require
    significant management time and attention, and
●
Subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices.
8
The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our products, reduce revenues, increase costs, require us to obtain more licenses,
permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required
to be implemented, our business, financial condition and results of operations could be adversely affected, and any such action could
significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such
securities to significantly decline or be worthless.
Our
failure to appropriately respond to changing consumer preferences and demand for new products or product enhancements could significantly
harm our customer relationships and product sales and harm our financial condition and operating results.
Our
business is subject to changing consumer trends and preferences, especially with respect to weight management; targeted nutrition; energy,
sports, and fitness; and other nutrition products. Our continued success depends in part on our ability to anticipate and respond to
these changes, and we may not respond in a timely or commercially appropriate manner to such changes. Furthermore, the nutritional supplement
industry is characterized by rapid and frequent changes in demand for products and new product introductions and enhancements. Our failure
to accurately predict these trends could negatively impact consumer opinion of our products and cause the loss of sales. Our short term
new product development primarily focuses on health supplements, such as various powder drink products seeking to i) boost immunity;
ii) prevent indigestion; iii) prevent respiratory infection; iv) prevent allergic skin reaction; v) improve sleep quality; vi) prevent
memory loss and vii) alleviate anxiety. Our products have not been approved as effective in treating or preventing any health conditions
and/or diseases by a regulatory agency in the PRC. In terms of product enhancements, we are also working on increasing the purity of
our bioactive food ingredients, such as our ultra-pure stachyose as a dietary supplement for infants, flavanols to seek intestine health
improvement, procyanidin b2 to seek to promote hair growth, and high soluble and low residue sclareolide to seek weight management. The
success of our new product offerings and enhancements depends upon a number of factors, including our ability to:
●
accurately
    anticipate customer needs;
●
innovate
    and develop new products or product enhancements that meet these needs;
●
successfully
    commercialize new products or product enhancements in a timely manner;
●
price
    our products competitively;
●
manufacture
    and deliver our products in sufficient volumes and in a timely manner; and
●
differentiate
    our product offerings from those of our competitors.
If
we do not introduce new products or make enhancements to meet the changing needs of our customers in a timely manner, some of our product
offerings could be rendered obsolete, which could negatively impact our revenues, financial condition and operating results.
9
If
we are unable to build sufficient distribution network to meet increasing demand of our products, our ability to execute on our business
plan as outlined in this Annual Report will be impaired.
We
sell our products through our direct sales force and distribution channel. Although our sales and distribution satisfy our existing business
needs, they might be insufficient to meet demand for our products as we continue to grow our business, which could result in harm to
our sales and business operations, financial condition and results of operations. To mitigate such risk, we intent to invest our internally
generated cash from operations and capital to be raised to add additional teams to our direct sales force, expand our geographic reach
with new distribution channels into other provinces within China and overseas, and establish more sales online. If our planned efforts
to expand our sales and distribution channels are not effective, our ability to execute on our business plan and to realize continued
growth with be impaired.
Production
difficulties, quality control problems, inaccurate forecasting and reliance on third-party suppliers could harm our business.
Production
difficulties, quality control problems, inaccurate forecasting and our reliance on third party suppliers to manufacture and deliver products
that meet our specifications in a timely manner could harm our business. We could experience production difficulties with respect to
our products, including the availability of raw materials, components, packaging and products that do not meet our specifications and
quality control standards. These production difficulties and quality problems could result in stock outages or shortages in our markets
with respect to such products, harm our sales, or create inventory write-downs for unusable products.
The
inability to obtain adequate supplies of raw materials for products at favorable prices, or at all, could have a material adverse effect
on our business, financial condition, or results of operations.
We
acquire our raw materials for the manufacture of our products from third-party suppliers. Materials used in manufacturing our products
are purchased through purchase order, often invoking pre-negotiated supply agreements. We have very few long-term agreements for the
supply of these materials. There is a risk that any of our suppliers could discontinue selling raw materials to us. Although we believe
that we could establish alternate sources for most of our products, any delay in locating and establishing relationships with other sources
could result in product shortages or back orders for products, with a resulting loss of net sales. In certain situations, we may be required
to alter our products or to substitute different products from another source. There can be no assurance that suppliers will provide
the raw materials that are needed by us in the quantities that we request or at the prices that we are willing to pay. Because we do
not control the actual production of certain raw materials, we are also subject to delays caused by any interruption in the production
of these materials, based on conditions not within our control, including weather, crop conditions, transportation interruptions, strikes
by supplier employees, and natural disasters or other catastrophic events.
10
Our
products have not been clinically proven to be safe or effective, and our quality control efforts are limited to ensuring ingredient
and product purity and certain safety measures. If our products, or similar products distributed by other companies, were proven or asserted
to be unsafe or ineffective, our business would be harmed.
Our
products include nutritional supplements that are made from vitamins, minerals, herbs, and other substances for which there is a long
history of human consumption. Some of our products contain innovative ingredients or combinations of ingredients. Although we believe
that all of our products are safe when taken as directed, there is little long-term experience with human consumption of certain of these
product ingredients or combinations of ingredients in concentrated form. We have not conducted clinical trials on the safety or efficacy
of our products, and no government agency with authority has made any determination regarding their safety or efficacy. Our inspection
and quality control efforts are limited to ensuring ingredient and product purity and quality. We follow industry best practices by inspecting
sourced raw materials and finished products and formulating our products and in accordance to "ISO22000 Food Safety Management
System-Procurement Control Procedure", "People's Republic of China National Standard-Powder Drink", and "People's
Republic of China Domestic Trade Industry Standard-Tablet Candy". In addition to our self-inspections, we use authorized national
food quality control and safety inspection agencies to inspect our raw materials and finished products. These inspections and practices,
however, do not constitute proof or assurance that our products are safe or effective. We could be adversely affected in the event that
our products, or similar products distributed by other companies, were proven or are asserted to be ineffective or harmful to consumers
or in the event of adverse publicity associated with any illness or other adverse effects resulting from consumers' use or misuse
of our products or similar products of our competitors.
Disruptions
resulting from the Covid-19 pandemic have had a material negative impact on our results of operations and pose continuing additional
risks to our operations.
In
December 2019, a novel strain of COVID-19 was reported in Wuhan, China. On March 11, 2020, the World Health Organization categorized
it as a pandemic. To reduce the spread of the COVID-19, the Chinese government has employed measures including city lockdowns, quarantines,
travel restrictions, suspension of business activities and school closures. Due to difficulties resulting from the COVID-19 outbreak,
including, but not limited to, the temporary closure of the Company's factory and operations beginning in early February, limited
support from the Company's employees, delayed access to raw material supplies and inability to deliver products to customers on
a timely basis, the Company's business was negatively impacted and generated lower revenue and net income during the period from
February to April 2020. The Company resumed operations on March 2, 2020 and received and fulfilled an increasing number of customer orders
in the second half of fiscal year 2020, especially for bioactive food ingredients, including Stachyose due to local government recommendation
and increasing consumer demand. Our revenues were $25,494,564 in fiscal year 2021, an increase of $7,274,605, or approximately 39.9%
as compared to $18,219,959 in fiscal year 2020. Our net income increased by 48.8%, from $3,098,317 in fiscal year 2020 to $4,609,453
in fiscal year 2021 because we fulfilled increased sales orders in fiscal year 2021 when COVID-19 was relatively under control in China.
Our revenues were $29,908,561 in fiscal year 2022, an increase of $4,413,997, or approximately 17.3% as compared to $25,494,564 in fiscal
year 2021 due to strong customer demand. Our net income increased from $4,609,453 in fiscal year 2021 to $6,242,424 in fiscal year 2022.
As of the date of this annual report, although the negative impact of the COVID-19 coronavirus outbreak on our business seems to be temporary
in China, there is still uncertainty both in China and globally and potential disruption to business and the economy. A resurgence could
negatively affect the execution of customer contracts, the collection of customer payments, or disruption of the Company's supply
chain. The continued uncertainties associated with COVID 19 may cause the Company's revenue and cash flows to underperform in the
next 12 months from the date of issuance of our 2022 consolidated financial statements. The extent of the future impact of COVID-19 is
still highly uncertain and cannot be predicted as of the date of this report.
11
We
may face increased competition from new and existing firms with greater capital resources, which could cause our market share and profitability
to decline if we do not successfully meet competitive challenges.
Because
of the strong prospects and recent growth of our existing business, we may face new direct competition from some counterparts engaged
in other categories of the natural products and ingredients business, such as Chenguang Biotech from China, which is engaged in natural
colors, Layn, which engaged in natural sweeteners, and European counterparts like Koninklijke DSM N.V., Symrise AG, and Givaudan SA.
These firms may seek to compete directly with Xi'an App-Chem in its existing businesses to some extent. The size, financial strength,
technology foundation and development capabilities of the above-mentioned companies are strong, and potential competition from these
firms will be a key competitive challenge in the near future. In addition, large and well-developed food and food ingredient companies
may seek to enter the nutritional health space. These companies may challenge us by seeking to secure key raw material sources for their
products and to acquire stability, reliability and cost advantages for their supply chains. Because of the strong capital and brand strength
of such companies, they might pose challenges to us in the future. If we are unable to continue to expand, innovate, and collaborate
to improve our market position in the face of new competition, our market share, revenues, and profitability will be adversely affected.
If
we do not obtain substantial additional financing, our ability to execute on our business plan as outlined in this Annual Report will
be impaired.
Our
plans for business expansion and development are dependent upon our raising significant additional capital. Our plans call for significant
new investments in research and development, marketing, expanded productions capacity, and working capital for raw materials and other
items. Management estimates that our capital needs for expansion will be approximately $40 million. We will be required to seek additional
investments, loans or debt financing to fully pursue our business plans. Such additional investment may not be available to us on terms
which are favorable or acceptable. Should we be unable to meet our full capital needs, our ability to fully implement our business plan
will be impaired.
If
we are unable to retain key personnel and hire new key personnel, we may not be able to implement our business plan.
Our
ability to succeed depends upon the experience and contributions of our key personnel, and in particular, our founder and CEO, Mr. Hu.
The loss of the services of these individuals, if they are not adequately replaced, could have a substantial adverse effect on our financial
condition, results of operations, and prospects. Our future success will also depend on our ability to identify, attract, and retain
additional qualified personnel as we expand our operations. There is no guarantee that we will be successful in identifying, attracting,
and retaining such personnel. Consequently, the loss of any of those individuals may have a substantial effect on our future success
or failure. We may have to recruit qualified personnel with competitive compensation packages, equity participation, and other benefits
that may affect the working capital available for our operations. Management may have to seek to obtain outside independent professionals
to assist them in assessing the merits and risks of any business proposals as well as assisting in the development and operation of many
company projects. No assurance can be given that we will be able to obtain such needed assistance on terms acceptable to us. Our failure
to attract additional qualified employees or to retain the services of key personnel could have a material adverse effect on our operating
results and financial condition.
12
Negative
publicity may harm our brand and reputation and have a material adverse effect on our business.
Negative
publicity about us, including our services, management, business model and practices, compliance with applicable rules, regulations and
policies, or our network partners may materially and adversely harm our brand and reputation and have a material adverse effect on our
business. We cannot assure you that we will be able to defuse any such negative publicity within a reasonable period of time, or at all.
Additionally, allegations, directly or indirectly against us, may be posted on the internet by anyone on a named or anonymous basis,
and can be quickly and widely disseminated. Information posted may be inaccurate, misleading and adverse to us, and it may harm our reputation,
business or prospects. The harm may be immediate without affording us an opportunity for redress or correction. Our reputation may be
negatively affected as a result of the public dissemination of negative and potentially inaccurate or misleading information about our
business and operations, which in turn may materially adversely affect our relationships with our customers, employees or business partners,
and adversely affect the price of our Shares.
Because
we are an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not "emerging growth companies."
We
are an "emerging growth company" as defined under the
Jumpstart our Business Startups Act
("JOBS Act").
We will remain an "emerging growth company" for up to five years, or until the earliest of:
(i)
the
    last day of the first fiscal year in which our total annual gross revenues exceed $1.235 billion,
(ii)
the
    date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, which
    would occur if the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the last business
    day of our most recently completed second fiscal quarter, or
(iii)
the
    date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.
As
an "emerging growth company", we may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not "emerging growth companies" including, but not limited to:
●
not
    being required to comply with the auditor attestation requirements of section 404(b) of the
Sarbanes-Oxley Act
("Sarbanes
    Oxley") (we also will not be subject to the auditor attestation requirements of section 404(b) as long as we are a "smaller
    reporting company", which includes issuers that had a public float of less than $75 million as of the last business day of
    their most recently completed second fiscal quarter);
●
reduced
    disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and
●
exemptions
    from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute
    payments not previously approved.
In
addition, section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition
period provided in section 7(a)(2)(B) of the Securities Act of 1933 (the "Securities Act") for complying with new or revised
accounting standards. Under this provision, an "emerging growth company" can delay the adoption of certain accounting standards
until those standards would otherwise apply to private companies. However, we are choosing to "opt out" of such extended
transition period and, as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of
such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that our decision to opt out of the
extended transition period for complying with new or revised accounting standards is irrevocable.
13
Risks
Related to Our Corporate Structure
We
previously carried out our online sales through the ICP license held by Xi'an App-Chem by means of Contractual Arrangements. If
the PRC government determines that these contractual arrangements did not comply with PRC regulations relating to the relevant industries,
or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or
be forced to relinquish our interests in those operations.
Due
to PRC legal restrictions on foreign ownership in companies that engage in online sales China, we originally carried out our business
through Xi'an App-Chem, a domestic PRC company holding a value-added telecommunications license, through a variable interest entity
structure.
However,
our online sales have historically generated minimal revenues. On September 28, 2021, our Board of Directors approved a restructuring
of our corporate structure to terminate the original VIE contractual agreements, to convert Xi'an App-Chem from a PRC domestic
company into a Sino-foreign joint venture, and to transfer 100% of the ownership interests in Xi'an App-Chem from its original
shareholders to Xi'an CMIT and Xi'an Youpincui. On October 21, 2021, Xi'an Ap-Chem's original shareholders signed
the share transfer agreement to transfer their 100% ownership interest in Xi-an App-Chem to Xi'an CMIT and Xi'an Youpincui.
On October 22, 2021, Xi-an App-Chem completed its business license registration with PRC government and became a foreign investment enterprise
However,
even though we terminated the original VIE contractual agreements, there are still substantial uncertainties regarding the interpretation
and application of current and future PRC laws, regulations and rules in respect of our previous use of the variable interest entity
structure; accordingly, the PRC regulatory authorities may impose severe penalties retroactively.
If
we were subject to severe penalties retroactively, the relevant PRC regulatory authorities would have broad discretion to take action
in dealing with such violations and failures, including:
●
revoking
    the business and operating licenses of such entities;
●
discontinuing
    or placing restrictions or onerous conditions on our operations;
●
imposing
    fines, confiscating the income from our PRC subsidiaries, or imposing other requirements with which we or our PRC entities may not
    be able to comply;
●
restricting
    or prohibiting our use of the proceeds from a U.S. public offering to finance our business and operations in China.
Any
of these actions could cause significant disruption to our business operations and severely damage our reputation, which would in turn
materially and adversely affect our business, financial condition and results of operations.
Our
current corporate structure and business operations may be affected by the newly enacted Foreign Investment Law.
On
March 15, 2019, the National People's Congress approved the Foreign Investment Law, which came into effect on January 1, 2020.
Along with the Foreign Investment Law, the Implementing Rules of Foreign Investment Law promulgated by the State Council and the Interpretation
of the Supreme People's Court on Several Issues Concerning the Application of the Foreign Investment Law promulgated by the Supreme
People's Court became effective on January 1, 2020. Since the Foreign Investment Law and its current implementation and interpretation
rules are relatively new, uncertainties still exist in relation to their further application and improvement.
14
The
Foreign Investment Law grants national treatment to foreign-invested entities, except for those foreign-invested entities that operate
in industries specified as either "restricted" or "prohibited" from foreign investment in a "negative list".
It is unclear whether the "negative list" to be published pursuant to the Foreign Investment Law will differ from the current
Special Administrative Measures for Market Access of Foreign Investment (Negative List) (2021 Version). The Foreign Investment Law provides
that foreign-invested entities operating in "restricted" industries will require market entry clearance and other approvals
from relevant PRC government authorities. As of the date hereto, the current business activities of our PRC subsidiaries are not within
the "negative list", and foreign investors are allowed to hold 100% equity interests of our PRC subsidiaries under the Foreign
Investment Law. We have no plans at the present to substantially change our PRC subsidiaries' business activities in the future.
However, it's uncertain whether we will engage in business activities that are in the "negative list", as the "negative
list" may be amended from time to time.
Risks
Related to Legal Uncertainty and Doing Business in China
Because
all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese
government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations
at any time, which could result in a material change in our operations and/or the value of our ordinary shares.
As
all of our business operations are conducted in China, we are subject to the laws and regulations of the PRC, which can be complex and
evolve rapidly. The PRC legal system is based on written statutes. Unlike common law systems, it is a system in which legal cases have
limited value as precedents. In the late 1970s, the PRC government began to promulgate a comprehensive system of laws and regulations
governing economic matters in general. The overall effect of legislation over the past four decades has significantly increased the protections
afforded to various forms of foreign or private-sector investment in China.
As
relevant laws and regulations are relatively new and the PRC legal system continues to rapidly evolve with little advance notice, the
interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve
uncertainties. The PRC government has the power to exercise significant oversight and discretion over the conduct of our business, and
the regulations to which we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application,
interpretation, and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and
regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our current policies
and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance
or any associated inquiries or investigations or any other government actions may:
●
Delay
    or impede our development,
●
Result
    in negative publicity or increase our operating costs,
●
Require
    significant management time and attention, and
●
Subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices.
15
The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our products, reduce revenues, increase costs, require us to obtain more licenses,
permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required
to be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease
the value of our ordinary shares.
If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless.
Recent
statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas
and/or foreign investments in China based issuers. PRC has recently proposed new rules that would require companies collecting or holding
large amounts of data to undergo a cybersecurity review prior to listing in foreign countries, a move that would significantly tighten
oversight over China-based internet giants. On July 10, 2021, the CAC issued a revised draft of the Measures for Cybersecurity Review
for public comments, which required that, among others, in addition to "operator of critical information infrastructure",
any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign
stock exchange should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the
national security risks of the relevant activities. Later on December 28, 2021, the Measures for Cybersecurity Review (2021 version)
was promulgated and became effective on February 15, 2022, which iterates that any "online platform operators" controlling
personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity
review. On November 14, 2021, the CAC published the Network Internet Data Protection Draft Regulations (draft for comments), which reiterates
that data handlers that process the personal information of more than one million users listing in a foreign country should apply for
a cybersecurity review.
Our
business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry and
we do not believe we are among the "operator of critical information infrastructure", "data processor", "online
platform operators" or "data handler" as mentioned above. However, since the Measures for Cybersecurity Review (2021
version) was newly adopted and the Network Internet Data Protection Draft Regulations (draft for comments) is in the process of being
formulated, it is unclear on how it will be interpreted, amended and implemented by the relevant PRC governmental authorities. Thus we
could not assure you that we will not be deemed as the "operator of critical information infrastructure", "data processor",
"online platform operators" or "data handler" as mentioned above. We believe that, as of the date of this Annual
Report, the Company and its subsidiaries, (1) are not required to obtain permissions or approvals from any PRC authorities to operate
or issue our Ordinary Shares to foreign investors; and (2) are not subject to permission requirements from the China Securities Regulatory
Commission (the "CSRC"), the Cyberspace Administration of China (the "CAC") or any other entity that is required
to approve of our operations. As of the date of this Annual Report, we and our PRC subsidiaries have not been involved in any investigations
on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and have not received any requirements to
obtain permissions from any PRC authorities to issue our ordinary shares to foreign investors or were denied such permissions by any
PRC authorities. Uncertainties still exist due to the possibility that laws, regulations, or policies in the PRC could change rapidly
in the future. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities
offerings are subject to review by the CRSC or the CAC could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.
16
If
the Chinese government were to impose new requirements for approval from the PRC Authorities to issue our ordinary shares to foreign
investors or list on a foreign exchange, such action could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors and cause the value of such securities to significantly decline or be worthless.
Recently,
the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued
the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or the Opinions, which was made
available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities,
and the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction
of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity
and data privacy protection requirements and similar matters.
On
December 24, 2021, the CSRC released the Administrative Provisions of the State Council Regarding the Overseas Issuance and Listing of
Securities by Domestic Enterprises (Draft for Comments) and the Measures for the Overseas Issuance of Securities and Listing Record-Filings
by Domestic Enterprises (Draft for Comments), which were published for public comments only with the comment period expired on January
23, 2022. The Draft Rules Regarding Overseas Listing lay out the filing regulation arrangement for both direct and indirect overseas
listing, and clarify the determination criteria for indirect overseas listing in overseas market.
The
Draft Rules Regarding Overseas Listing stipulate that the Chinese-based companies, or the issuer, shall fulfill the filing procedures
within three working days after the issuer makes an application for initial public offering and listing in an overseas market. The required
filing materials for an initial public offering and listing should include at least the following: record-filing report and related undertakings;
regulatory opinions, record-filing, approval and other documents issued by competent regulatory authorities of relevant industries (if
applicable); and security assessment opinion issued by relevant regulatory authorities (if applicable); PRC legal opinion; and prospectus.
In
addition, an overseas offering and listing is prohibited under any of the following circumstances: (1) if the intended securities offering
and listing is specifically prohibited by national laws and regulations and relevant provisions; (2) if the intended securities offering
and listing may constitute a threat to or endangers national security as reviewed and determined by competent authorities under the State
Council in accordance with law; (3) if there are material ownership disputes over the equity, major assets, and core technology, etc.
of the issuer; (4) if, in the past three years, the domestic enterprise or its controlling shareholders or actual controllers have committed
corruption, bribery, embezzlement, misappropriation of property, or other criminal offenses disruptive to the order of the socialist
market economy, or are currently under judicial investigation for suspicion of criminal offenses, or are under investigation for suspicion
of major violations; (5) if, in past three years, directors, supervisors, or senior executives have been subject to administrative punishments
for severe violations, or are currently under judicial investigation for suspicion of criminal offenses, or are under investigation for
suspicion of major violations; (6) other circumstances as prescribed by the State Council. The Administration Provisions defines the
legal liabilities of breaches such as failure in fulfilling filing obligations or fraudulent filing conducts, imposing a fine between
RMB 1 million and RMB 10 million, and in cases of severe violations, a parallel order to suspend relevant business or halt operation
for rectification, revoke relevant business permits or operational license.
17
However,
as of the date of this Annual Report, the Draft Rules Regarding Overseas Listing have not yet gone into effect, it is still uncertain
how PRC governmental authorities will regulate overseas listing in general and whether we are required to obtain any specific regulatory
approvals or to fulfill any record-filing requirements. The Draft Rules Regarding Overseas Listing, if enacted, may subject us to additional
compliance requirement in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the
Draft Rules Regarding Overseas List on a timely basis, or at all. If we do not receive any required approvals or record-filing or if
we incorrectly conclude that approvals or record-filing are not required or if the CSRC or other regulatory agencies promulgate new rules,
explanations or interpretations requiring that we obtain their prior approvals or ex-post record-filing for this offering and any follow-on
offering, we may be unable to obtain such approvals and record-filing which could significantly limit or completely hinder our ability
to offer or continue to offer securities to our investors.
Furthermore,
the PRC government authorities may strengthen oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers like us. Such actions taken by the PRC government authorities may intervene or influence our operations at any
time, which are beyond our control. Therefore, any such action may adversely affect our operations and significantly limit or hinder
our ability to offer or continue to offer securities and reduce the value of such securities.
As
of the date of this Annual Report, we and our PRC subsidiaries have not been involved in any investigations on cybersecurity review initiated
by the Cyber Administration of China or related governmental regulatory authorities, and have not received any requirements to obtain
permissions from any PRC authorities to issue our Ordinary Shares to foreign investors or were denied such permissions by any PRC authorities.
However, given the current PRC regulatory environment, it is uncertain when and whether we or our PRC subsidiaries, will be required
to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained, whether
it will be denied or rescinded.
We
have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC or other PRC governmental
authorities required for overseas listings, including this offering. As of the date of this Annual Report, except for the potential uncertainties
disclosed above, we have not received any inquiry, notice, warning, sanctions or regulatory objection to this offering from the CSRC
or other PRC governmental authorities. However, there remains significant uncertainty as to the enactment, interpretation and implementation
of regulatory requirements related to overseas securities offerings and other capital markets activities. If it is determined in the
future that the approval of the CSRC, the CAC or any other regulatory authority is required for this offering, the offering will be delayed
until we have obtained the relevant approvals. There is also the possibility that we may not be able to obtain or maintain such approval
or that we inadvertently concluded that such approval was not required. If the approval was required while we inadvertently concluded
that such approval was not required or if applicable laws and regulations or the interpretation of such were modified to require us to
obtain the CSRC approval in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory
agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operations
in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material
adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities.
The CSRC, the CAC, or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering
before settlement and delivery of our ordinary shares. Consequently, if you engage in market trading or other activities in anticipation
of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC,
the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may
be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties
and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of our securities.
18
Changes
in China's economic, political or social conditions or government policies could have a material adverse effect on our business
and operations.
All
of our assets and operations are located in China. Accordingly, our business, financial condition, results of operations and prospects
may be influenced to a significant degree by political, economic and social conditions in China generally. The Chinese economy differs
from the economies of most developed countries in many respects, including the level of government involvement, level of development,
growth rate, control of foreign exchange and allocation of resources. Although the Chinese government has implemented measures emphasizing
the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment of
improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the government.
In addition, the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies.
The Chinese government also exercises significant control over China's economic growth through allocating resources, controlling
payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries
or companies.
While
the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
sectors of the economy, and the rate of growth has been slowing since 2012. Any adverse changes in economic conditions in China, in the
policies of the Chinese government or in the laws and regulations in China could have a material adverse effect on the overall economic
growth of China. Such developments could adversely affect our business and operating results, lead to reduction in demand for our services
and adversely affect our competitive position. The Chinese government has implemented various measures to encourage economic growth and
guide the allocation of resources. Some of these measures may benefit the overall Chinese economy but may have a negative effect on us.
For example, our financial condition and results of operations may be adversely affected by government control over capital investments
or changes in tax regulations. In addition, in the past the Chinese government has implemented certain measures, including interest rate
adjustment, to control the pace of economic growth. These measures may cause decreased economic activity in China, which may adversely
affect our business and operating results.
We
may incur material product liability claims, which could increase our costs and harm our financial condition and operating results.
Our
ingestible products include milk thistle extracts, apple polyphenol and other ingredients and are classified as foods or raw materials
of dietary supplements and, unlike prescription medication, our product formulas are not subject to pre-market regulatory approval with
respect to medical efforts in China in which our products are distributed. Our products could contain contaminated substances, and some
of our products contain some ingredients that do not have long histories of human consumption. We rely upon published and unpublished
safety information including clinical studies on ingredients used in our products. These studies include "Safety and toxicity of
silymarin, the major constituent of milk thistle extract: An updated review" [available at https://onlinelibrary.wiley.com/doi/abs/10.1002/ptr.6361],
"The toxicology and safety of apple polyphenol extract" [available at https://www.sciencedirect.com/science/article/abs/pii/S0278691504000493?via%3Dihub],
"Public Announcement Regarding Haematococcus Pluvialis and Other New Resource Food" [Evaluation Division of Food Safety Standard
and Inspection," No. 17 issued on October 29, 2010]
[available at http://www.nhc.gov.cn/sps/s7891/201011/7957c2f1326c4990b5e67ce2d3ceb783.shtml?from=singlemessage&isappinstalled=0]
(indicating that Stachyose is a safe ordinary food) and other reports by independent research institutions. In addition, stachyose
is permitted for ordinary food production by the Ministry of Health of China. We do not, however, conduct or sponsor clinical studies
of our products. Previously unknown adverse reactions resulting from human consumption of these ingredients could occur. As a marketer
of dietary and nutritional supplements and other products that are ingested by consumers or applied to their bodies, we may be subjected
to various product liability claims, including that (i) the products contain contaminants, (ii) the products include inadequate instructions
as to their uses, or (iii) the products include inadequate warnings concerning side effects and interactions with other substances. It
is possible that widespread product liability claims could increase our costs, and adversely affect our revenues and operating income.
19
Food
safety regulations regarding the raw ingredients for our products may restrict, inhibit or delay our ability to sell our products.
Before
2018, the China Food and Drug Administration, or the
CFDA
, had the regulatory authority to oversee, administer and enforce all
laws, regulations and rules concerning the food industry business operations in China. After the institutions reformed, the CFDA has
been abolished, and relevant regulatory authority has been taken over by the State Administration for Market Regulation, or the
SAMR
,
under the State Council.
The
food industry is subject to extensive regulations in China. The PRC laws and regulations governing the food industry primarily consist
of the
PRC Food Safety Law
(2009), as last amended in 2018; the
Implementation Regulation for the Food Safety Law of PRRC
(2009),
or the
Food Safety Regulation
, as amended in 2019; the
Administrative Measures for Food Production Licensing
(2010), or
the
Food Production Licensing Rule
, as amended in 2020; and the
Administrative Measures for Food Business Licensing
(2015),
or the
Food Business Licensing Rule
,
as amended in 2017. Under the
PRC Food Safety Law
and the
Food Safety Regulation
,
food product manufacturers and business operators shall obtain the required food production permits; food producers and business operators
are subject to regular quality inspection and supervision by the local governmental agencies and their product permits may be revoked
if they no longer meet the standards and requirements for food production and operation; food-producing enterprises shall establish and
implement food safety management systems, such as ingredient inspection and acceptance, production process safety management, storage
management, equipment management, and substandard product management systems; and packaging of pre-packed food shall bear a label which
states manufacturing permit serial number; among other things. The State Council implements a licensing system for food product manufacture
and distribution. According to the
Food Production Licensing Rule
, a food production license must be obtained prior to engaging
in food production activities in the PRC. The
Food Business Licensing Rule
requires food business operators to obtain a food business
license for each business entity engaging in food business operations. We have obtained the required Food Production Licenses and Food
Business Licenses for related products. In order for our business to continue, we must continue to comply with all government inspection
and licensing requirements. If we were to have an unsatisfactory inspection, or otherwise fail to comply with government safety regulations
in all respects, our ability to continue operations and to continue to sell our products may be inhibited or delayed. Additionally, the
term of Food Production Licenses and Food Business Licenses is 5 years. We have been closely monitoring the status of all the permits
and have applied for renewal before the relevant licenses expired. The failure to renew the relevant licenses and/or registrations may
subject us to fines or sanctions which will have negative impact on our production.
Any
disruption of our factories or our suppliers' factories could materially and adversely affect our business and results of operations.
Currently,
our products are primarily produced at our factories located in China. We also rely on our suppliers to produce raw materials and components
of our products. Nevertheless, natural disasters or other unanticipated catastrophic events, including storms, fires, explosions, earthquakes,
terrorist attacks and wars, as well as changes in governmental planning for the land where our factories or our suppliers' factories
are located could significantly impair our ability to manufacture our products and operate our business. Catastrophic events could also
destroy the inventories stored in and those suppliers' factories. The occurrence of any catastrophic event could result in the
temporary or long-term closure of manufacturing facilities, and severely disrupt our business operations.
20
In
addition, the factories are subject to fire control and environmental inspections and regulations. As of the date of this Annual Report,
we cannot assure you that all the factories were in strict compliance with such fire control and environmental inspections and regulations
based on our knowledge. If such facilities fail to rectify and pass the fire control and environmental inspections or comply with relevant
fire control and environmental requirements relating to production activities in a timely manner, they may be subject to fines, cohesive
rectification, suspension and closure, which may materially and adversely affect the production of our factories and in turn may impact
our business. In the event of any changes in the PRC laws and/or regulations and/or government policies on environmental protection and
more stringent requirements are imposed on Company, we may have to incur extra costs and expenses to comply with such requirements and
our business and results of operations may be adversely affected. In addition, such facilities are also subject to health and safety
laws and regulations imposed by the PRC governmental authorities to ensure a healthy and safe production environment. Failure to comply
with the existing and future health and safety laws and regulations could subject the factories to monetary damages and fines, disruption
to production plans, suspension of their operations, which may in turn materially and adversely affect our business operations. Furthermore,
if any on-site personnel at such facilities is suspected of having any communicable diseases, such as COVID-19, such facilities may be
subject to temporary closure and quarantine requirements, which may in turn materially and adversely affect our business operations.
Furthermore,
various special equipment, such as boilers, pressure vessels, pressure pipes, and elevators, was in use on-site in these factories, which
involve a high degree of safety risks. Proprietors using special equipment shall, before or within 30 days after such special equipment
is put into use, handle registration with the department in charge of the supervision and administration of special equipment safety
and obtain the registration license. The operators and relevant managerial staff may not engage in corresponding operations or management
until they pass certain examination and acquire the certificates of special operators. As of the date of this Annual Report, we cannot
assure you that all such special equipment has been registered with the local governmental authorities as legally required or all operators
and relevant managerial staff have obtained relevant qualifications. Failure to comply with such regulations may subject the factories
to orders to take corrective action within a stipulated time, fines and suspension of their operations, which may in turn materially
and adversely affect our business operations.
Besides,
some of our factories are located on leased properties. Though such leases are renewable upon expiration, our ability to renew existing
leases upon their expiration is crucial to our production activities, operations and profitability. If we are unable to negotiate for
a renewal of the relevant leases, we may be forced to relocate our production bases and it may be difficult and costly to replace or
relocate our factories and equipment on a timely basis. We have not registered the lease agreement relating to our factories and offices
with the PRC governmental authorities as required by PRC law and thus we may be ordered by the PRC government authorities to rectify
such noncompliance or we may be subject to fines imposed by PRC government authorities. See also "We are subject to risks relating
to our leased properties."
If
we experience any unanticipated disruptions to us or our suppliers or if we are unable to renew our current leases, our production will
be severely disrupted, which may in turn materially and adversely affect our business, financial condition and results of operations.
21
We
are subject to risks relating to our leased properties.
We
lease certain real properties from third parties primarily for our production facilities and offices in China, and such lease agreements
for these properties have not been registered with the PRC governmental authorities as required by PRC law. Although the failure to do
so does not in itself invalidate the leases, we may be ordered by the PRC government authorities to rectify such noncompliance and, if
such noncompliance is not rectified within a given period of time, we may be subject to fines imposed by PRC government authorities ranging
from RMB1,000 and RMB10,000 for each lease agreement that has not been registered with the relevant PRC governmental authorities.
The
ownership certificates or other similar proof of our leased properties have not been provided to us by the relevant lessors. Therefore,
we cannot assure you that such lessors are entitled to lease the relevant real properties to us. If the lessors are not entitled to lease
the real properties to us and the owners of such real properties decline to ratify the lease agreements between us and the respective
lessors, we may not be able to enforce our rights to lease such properties under the respective lease agreements against the owners.
As of the date of this Annual Report, we are not aware of any claim or challenge brought by any third parties concerning the use of our
leased properties without obtaining proper ownership proof. If our lease agreements are claimed as null and void by third parties who
are the real owners of such leased real properties, we could be required to vacate the properties, in the event of which we could only
initiate the claim against the lessors under relevant lease agreements for indemnities for their breach of the relevant leasing agreements.
We cannot assure you that suitable alternative locations are readily available on commercially reasonable terms, or at all, and if we
are unable to relocate our officers in a timely manner, our operations may be interrupted.
We
may not be able to protect our intellectual property rights.
We
rely on a combination of trademark, fair trade practice, patent, copyright and trade secret protection laws in China. Intellectual property
protection may not be sufficient in China. Accordingly, we may not be able to effectively protect our intellectual property rights or
to enforce our patent rights in China. In addition, policing any unauthorized use of our intellectual property is difficult, time-consuming
and costly and the steps we have taken may be inadequate to prevent the misappropriation of our intellectual property. In the event that
we resort to litigation to enforce our intellectual property rights, such litigation could result in substantial costs and a diversion
of our managerial and financial resources. We can provide no assurance that we will prevail in such litigation. In addition, our trade
secrets may be leaked or otherwise become available to, or be independently discovered by, our competitors. Any failure in protecting
or enforcing our intellectual property rights could have a material adverse effect on our business, financial condition and results of
operations.
22
Uncertainties
with respect to the PRC legal system could adversely affect us.
The
PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil
law system may be cited for reference but have limited precedential value.
In
1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The
overall effect of legislation over the past four decades has significantly enhanced the protections afforded to various forms of foreign
investments in China. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations may
not sufficiently cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws and
regulations involve uncertainties. Since PRC administrative and court authorities have significant discretion in interpreting and implementing
statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the
level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our ability
to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited or frivolous
legal actions or threats in attempts to extract payments or benefits from us.
Furthermore,
the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or
at all and may have retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime
after the violation. In addition, any administrative and court proceedings in China may be protracted, resulting in substantial costs
and diversion of resources and management attention.
You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in the report based on foreign laws.
We
are a company incorporated under the laws of the Cayman Islands, we conduct substantially all of our operations in China, and substantially
all of our assets are located in China. In addition, all our senior executive officers reside within China for a significant portion
of the time and most are PRC nationals. As a result, it may be difficult for our shareholders to effect service of process upon us or
those persons inside China. In addition, China does not have treaties providing for the reciprocal recognition and enforcement of judgments
of courts with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in China of judgments
of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult
or impossible.
23
Shareholder
claims that are common in the United States, including securities law class actions and fraud claims, generally are difficult to pursue
as a matter of law or practicality in China. For example, in China, there are significant legal and other obstacles to obtaining information
needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. According to Article
177 of the
PRC Securities Law
which was amended in December 2019, no overseas securities regulator is allowed to directly conduct
investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC
securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities
business activities to overseas parties, leaving no mechanism to obtain information or conduct an investigation, if necessary.
We
may rely on dividends and other distributions on equity paid by our PRC subsidiary to fund any cash and financing requirements we may
have, and any limitation on the ability of our PRC subsidiary to make payments to us could have a material and adverse effect on our
ability to conduct our business.
We
are a Cayman Islands holding company and we rely principally on dividends and other distributions on equity from our PRC subsidiary for
our cash requirements, including for services of any debt we may incur. Our subsidiary's ability to distribute dividends is based
upon its distributable earnings. Current PRC regulations permit our PRC subsidiary to pay dividends to their respective shareholders
only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, our
PRC subsidiary and its subsidiaries are required to set aside at least 10% of their after-tax profits each year, if any, to fund a statutory
reserve until such reserve reaches 50% of their registered capital. These reserves are not distributable as cash dividends. A company
may discontinue the contribution when the aggregate sum of the statutory surplus reserve is more than 50% of its registered capital.
The statutory common reserve fund of a company shall be used to cover the losses of the company, expand the business and production of
the company or be converted into additional capital. Subject to above-referenced limitations and at the discretion of board of directors,
the accumulated profits after appropriation of statutory surplus reserve available for dividends were $18,703,996 and $14,695,422 as
of September 30, 2023 and 2022, respectively. If our PRC subsidiary incurs debt on its own behalf in the future, the instruments governing
the debt may restrict its ability to pay dividends or make other payments to us. Any limitation on the ability of our PRC subsidiary
to distribute dividends or other payments to its shareholders could materially and adversely limit our ability to grow, make investments
or acquisitions that could be beneficial to our businesses, pay dividends or otherwise fund and conduct our business. As of September
30, 2023, the statutory surplus reserves of our PRC subsidiary and its subsidiaries, as percentage of their respective registered capitals,
ranged from 2% to 41% and averaged 25% in the aggregate.
To
address the persistent capital outflow and the RMB's depreciation against the U.S. dollar in the fourth quarter of 2016, the People's
Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures in the
subsequent months, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions,
dividend payments and shareholder loan repayments. For instance, the
Circular on Further Improving Reform of Foreign Exchange Administration
and Optimizing Genuineness and Compliance Verification
, or the
SAFE Circular 3
, issued on January 26, 2017, provides that
the banks shall, when dealing with dividend remittance transactions from domestic enterprise to its offshore shareholders of more than
US$50,000, review the relevant board resolutions, original tax filing form and audited financial statements of such domestic enterprise
based on the principal of genuine transaction. The PRC government may continue to strengthen its capital controls and our PRC subsidiary's
dividends and other distributions may be subject to tightened scrutiny in the future. Any limitation on the ability of our PRC subsidiary
to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions
that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.
24
In
addition, the
PRC Enterprise Income Tax Law
and its implementation rules provide that a withholding tax at a rate of 10% will
be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are tax resident.
Pursuant to the
Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and Tax Evasion on Income
, the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise
may be reduced to 5% from a standard rate of 10% if, among other requirements, the Hong Kong enterprise directly holds at least 25% of
the PRC enterprise. Under the
Circular of the State Administration of Taxation on the Issues concerning the Application of the Dividend
Clauses of Tax Agreements
, or
SAT Circular 81
, promulgated by the State Administration of Taxation, or the SAT, on February
20, 2009, a Hong Kong resident enterprise must meet the following conditions, among others, in order to apply the reduced withholding
tax rate: (i) it must be a company; (ii) it must directly own the required percentage of equity interests and voting rights in the PRC
resident enterprise; and (iii) it must have directly owned such required percentage in the PRC resident enterprise throughout the 12
months prior to receiving the dividends. Nonresident enterprises are not required to obtain pre-approval from the relevant tax authority
in order to enjoy the reduced withholding tax. Instead, nonresident enterprises and their withholding agents may, by self-assessment
and on confirmation that the prescribed criteria to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax
rate, and file necessary forms and supporting documents when performing tax filings, which will be subject to post-tax filing examinations
by the relevant tax authorities. Accordingly, our Hong Kong subsidiary may be able to benefit from the 5% withholding tax rate for the
dividends it receives from our PRC subsidiary, if it satisfies the conditions prescribed under the
SAT Circular 81,
and other
relevant tax rules and regulations. However, if the relevant tax authorities consider the transactions or arrangements we have are for
the primary purpose of enjoying a favorable tax treatment, the relevant tax authorities may adjust the favorable withholding tax in the
future. Accordingly, there is no assurance that the reduced 5% will apply to dividends received by our Hong Kong subsidiary from our
PRC subsidiary. This withholding tax will reduce the amount of dividends we may receive from our PRC subsidiary.
The
custodians or authorized users of our controlling non-tangible assets, including chops and seals, may fail to fulfill their responsibilities,
or misappropriate or misuse these assets.
Under
the PRC laws, legal documents for corporate transactions, including agreements and contracts, are executed using the chop or seal of
the signing entity or with the signature of a legal representative whose designation is registered and filed with relevant PRC market
regulation authorities.
In
order to secure the use of our chops and seals, we have established internal control procedures and rules for using these chops and seals.
In any event that the chops and seals are intended to be used, the responsible person will submit the application which will then be
verified and approved by authorized employees in accordance with our internal control procedures and rules. In addition, in order to
maintain the physical security of our chops, we generally have them stored in secured locations accessible only to authorized employees.
Although we monitor such authorized employees, the procedures may not be sufficient to prevent all instances of abuse or negligence.
There is a risk that our employees could abuse their authority, for example, by entering into a contract not approved by us or seeking
to gain control of one of our subsidiaries. If any employee obtains, misuses or misappropriates our chops and seals or other controlling
non-tangible assets for whatever reason, we could experience disruption to our normal business operations. We may have to take corporate
or legal action, which could involve significant time and resources to resolve and divert management from our operations.
25
PRC
regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion
may delay or prevent us from using the proceeds of any securities offerings to make loans to or make additional capital contributions
to our PRC subsidiary, which could materially and adversely affect our liquidity and our ability to fund and expand our business.
We
are an offshore holding company conducting our operations in China through our PRC subsidiary. We may make loans to our PRC subsidiary
subject to the approval from governmental authorities and limitation of amount, or we may make additional capital contributions to our
PRC subsidiary in China.
Any
loans to our PRC subsidiary in China, which is treated as foreign-invested enterprises under PRC laws, are subject to PRC regulations
and foreign exchange loan registrations. For example, loans by us to our PRC subsidiary in China to finance their activities cannot exceed
statutory limits and must be registered with the local counterpart of the SAFE. In addition, a foreign-invested enterprise shall use
its capital pursuant to the principle of authenticity and self-use within its business scope. The capital of a foreign-invested enterprise
shall not be used for the following purposes: (i) directly or indirectly used for payment beyond the business scope of the enterprises
or the payment prohibited by relevant laws and regulations; (ii) directly or indirectly used for investment in securities investments
other than banks' principal-secured products unless otherwise provided by relevant laws and regulations; (iii) the granting of
loans to non-affiliated enterprises, except where it is expressly permitted in the business license; and (iv) paying the expenses related
to the purchase of real estate that is not for self-use (except for the foreign-invested real estate enterprises).
SAFE
promulgated the Circular of the State Administration of Foreign Exchange on Reforming the Management Approach regarding the Settlement
of Capital of Foreign-invested Enterprises, or SAFE Circular 19, effective June 2015, in replacement of the Circular on the Relevant
Operating Issues Concerning the Improvement of the Administration of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested
Enterprises, the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Strengthening the Administration
of Foreign Exchange Businesses, and the Circular on Further Clarification and Regulation of the Issues Concerning the Administration
of Certain Capital Account Foreign Exchange Businesses. Although SAFE Circular 19 allows RMB capital converted from foreign currency-denominated
registered capital of a foreign-invested enterprise to be used for equity investments within China, it also reiterates the principle
that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used
for purposes beyond its business scope. Thus, it is unclear whether SAFE will permit such capital to be used for equity investments in
China in actual practice. SAFE promulgated the Circular of the State Administration of Foreign Exchange on Reforming and Standardizing
the Foreign Exchange Settlement Management Policy of Capital Account, or SAFE Circular 16, effective on June 9, 2016, which reiterates
some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital converted from foreign currency-denominated
registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition against using such capital to issue loans
to non-associated enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result in administrative penalties. SAFE Circular
19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including the net proceeds from
an offering of our securities, to our PRC subsidiary, which may adversely affect our liquidity and our ability to fund and expand our
business in China.
26
On
October 23, 2019, SAFE issued the Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border
Trade and Investment, or SAFE Circular 28, which took effect on the same day. SAFE Circular 28, subject to certain conditions, allows
foreign-invested enterprises whose business scope does not include investment, or the non-investment foreign-invested enterprises, to
use their capital funds to make equity investments in China. Since SAFE Circular 28 was issued only recently, its interpretation and
implementation in practice are still subject to substantial uncertainties.
In
light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies,
we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals
on a timely basis, if at all, with respect to future loans to our PRC subsidiary or future capital contributions by us to our PRC subsidiary
in China. As a result, uncertainties exist as to our ability to provide prompt financial support to our PRC subsidiary when needed. If
we fail to complete such registrations or obtain such approvals, our ability to use the proceeds we may receive from any securities offerings
and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity
and our ability to fund and expand our business.
Although
the audit reports included in this Annual Report was issued by U.S. auditors who are currently inspected by the PCAOB, if it is later
determined that the PCAOB is unable to inspect or investigate our auditor completely, investors would be deprived of the benefits of
such inspection and our ordinary shares may be delisted or prohibited from trading.
The
audit report included in this Annual Report for the year ended September 30, 2023 was issued by YCM CPA, Inc. ('YCM"), which
is a U.S.-based accounting firm that is registered with the PCAOB and can be inspected by the PCAOB. We have no intention of dismissing
YCM in the future or of engaging any auditor not based in the U.S. and not subject to regular inspection by the PCAOB. As an auditor
of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB, our auditor
is required under the laws of the United States to undergo regular inspections by the PCAOB to assess its compliance with the laws of
the United States and professional standards. If we were to engage a different auditor in the future, we would engage an auditor that
is U.S.-based and subject to full PCAOB inspection with all materials related to the audit of our financial statements accessible to
the PCAOB. There is no guarantee, however, that any future auditor engaged by the Company would remain subject to full PCAOB inspection
during the entire term of our engagement. In such case, we will engage a new qualified and fully inspected auditor, which may result
in us delaying or restating our financial statements.
Pursuant
to the Holding Foreign Companies Accountable Act (the "HFCAA"), enacted in December 2020, if the SEC determines that an issuer
has filed audit reports issued by a registered public accounting firm that has not been subject to inspection for the PCAOB for three
consecutive years beginning in 2021, the SEC shall prohibit its securities from being traded on a national securities exchange or in
the over-the-counter trading market in the United States. On December 29, 2022, President Biden signed the Consolidated Appropriations
Act, 2023, which, among other things, amended the HFCAA to reduce the time period under the HFCAA to two consecutive years instead of
three consecutive years.
27
On
December 16, 2021, the PCAOB issued the Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in: (1) China of the China or Hong Kong, because of a position taken by one or more
authorities in China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one
or more authorities in Hong Kong. On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16,
2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the
PRC in 2022. The December 15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time
that would prevent the PCAOB from continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB
determines it no longer can inspect or investigate completely because of a position taken by an authority in the PRC, the PCAOB will
act expeditiously to consider whether it should issue a new determination.
Should
the PCAOB be unable to fully conduct inspection of our auditor's work papers in China, it will make it difficult to evaluate the
effectiveness of our auditor's audit procedures or equity control procedures. Investors may consequently lose confidence in our
reported financial information and procedures or quality of the financial statements, which would adversely affect us and out securities.
Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.
The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions in China and by China's foreign exchange policies. On July 21, 2005, the PRC government changed its decade-old
policy of pegging the value of the Renminbi to the U.S. dollar, and the Renminbi appreciated more than 20% against the U.S. dollar over
the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the Renminbi and the
U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated against the U.S. dollar, at times significantly
and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between
the Renminbi and the U.S. dollar in the future.
Significant
revaluation of the Renminbi may have a material and adverse effect on your investment. For example, to the extent that we need to convert
U.S. dollars we receive from any securities offerings into Renminbi for our operations, appreciation of the Renminbi against the U.S.
dollar would have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely, if we decide to convert
our Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or for other business purposes,
appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount available to us.
Very
limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into
any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging
transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge
our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict
our ability to convert Renminbi into foreign currency.
28
Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.
The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. We receive substantially all of our revenues in Renminbi. Under our current corporate structure, our Cayman Islands
holding company primarily relies on dividend payments from our PRC subsidiary to fund any cash and financing requirements we may have.
Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments
and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval of the SAFE by
complying with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE,
cash generated from the operations of our PRC subsidiary in China may be used to pay dividends to our company. However, approval from
or registration with appropriate governmental authorities is required where Renminbi is to be converted into foreign currency and remitted
out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. As a result, we need to obtain
SAFE approval to use cash generated from the operations of our PRC subsidiary to pay off their respective debt in a currency other than
Renminbi owed to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi.
The PRC government may at its discretion restrict access to foreign currencies for current account transactions in the future. If the
foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we
may not be able to pay dividends in foreign currencies to our shareholders, including holders of our Shares.
Certain
PRC regulations may make it more difficult for us to pursue growth through acquisitions.
Among
other things, the
Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors
, or the
M&A Rules
,
promulgated by six PRC regulatory agencies in 2006 and amended in 2009, established additional procedures and requirements that could
make merger and acquisition activities by foreign investors more time-consuming and complex. The
M&A Rules
require, among
other things, that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor acquires control
of a PRC domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that have or may have
an impact on the national economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which
holds a famous trademark or PRC time-honored brand. Moreover, the
Anti-Monopoly Law
promulgated by the Standing Committee of the
NPC which became effective in 2008 requires that transactions that are deemed concentrations and involve parties with specified turnover
thresholds must be cleared by the MOFCOM before they can be completed. In addition, PRC national security review rules which became effective
in September 2011 require acquisitions by foreign investors of PRC companies engaged in military-related or certain other industries
that are crucial to national security be subject to security review before consummation of any such acquisition. We may pursue potential
strategic acquisitions that are complementary to our business and operations. Complying with the requirements of these regulations to
complete such transactions could be time-consuming, and any required approval processes, including obtaining approval or clearance from
the MOFCOM, may delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business or
maintain our market share.
29
PRC
regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial
owners or our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary's
ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us.
In
July 2014, SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore
Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, to replace the Circular on Relevant
Issues Concerning Foreign Exchange Administration for Domestic Residents' Financing and Roundtrip Investment through Offshore Special
Purpose Vehicles, or SAFE Circular 75, which ceased to be effective upon the promulgation of SAFE Circular 37. SAFE Circular 37 requires
PRC residents (including PRC individuals and PRC corporate entities) to register with local branches of SAFE in connection with their
direct or indirect offshore investment activities. SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be
applicable to any offshore acquisitions that we make in the future.
Under
SAFE Circular 37
, PRC residents who control, or have prior to the implementation of SAFE Circular 37 controlled, directly or indirectly
of offshore special purpose vehicles, or SPVs, will be required to register such investments with the SAFE or its local branches. The
term "control" under
SAFE Circular 37
is broadly defined as the operation rights, beneficiary rights or decision-making
rights acquired by PRC residents in the SPVs, by means of acquisition, trust, proxy, voting rights, repurchase, convertible bonds or
other arrangements. In addition, any PRC resident who is a direct or indirect shareholder of an SPV, is required to update its filed
registration with the local branch of SAFE with respect to that SPV, to reflect any material change. Moreover, any subsidiary of such
SPV in China is required to urge the PRC resident shareholders to update their registration with the local branch of SAFE. If any PRC
shareholder of such SPV fails to make the required registration or to update the previously filed registration, the subsidiary of such
SPV in China may be prohibited from distributing its profits or the proceeds from any capital reduction, share transfer or liquidation
to the SPV, and the SPV may also be prohibited from making additional capital contribution into its subsidiary in China. On February
13, 2015, the SAFE promulgated a
Circular on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment
,
or
SAFE Circular 13
, which became effective on June 1, 2015. Under
SAFE Circular 13
, applications for foreign exchange
registration of inbound foreign direct investment and outbound overseas direct investment, including those required under the
SAFE
Circular 37
, will be filed with qualified banks instead of the SAFE. The qualified banks will directly examine the applications and
accept registrations under the supervision of the SAFE.
These
regulations may have a significant impact on our present and future structuring and investment. We have requested or intend to take all
necessary measures to require our shareholders who to our knowledge are PRC residents to make the necessary applications, filings and
amendments as required under these regulations. However, we may not at all times be fully aware or informed of the identities of all
our shareholders or beneficial owners that are required to make such registrations, and we may not always be able to compel them to comply
with all relevant foreign exchange regulations. We further intend to structure and execute our future offshore acquisitions in a manner
consistent with these regulations and any other relevant legislation. However, because it is presently uncertain how the SAFE regulations
and any future legislation concerning offshore or cross-border transactions will be interpreted and implemented by the relevant government
authorities in connection with our future offshore financings or acquisitions, we cannot provide any assurances that we will be able
to comply with, qualify under, or obtain any approvals required by the regulations or other legislation. Furthermore, we cannot assure
you that any PRC shareholders of our company or any PRC company into which we invest will be able to comply with those requirements.
Any failure or inability by such individuals or entities to comply with SAFE regulations may subject us to fines or legal sanctions,
such as restrictions on our cross-border investment activities or our PRC subsidiary's ability to distribute dividends to, or obtain
foreign exchange-denominated loans from, our company or prevent us from making distributions or paying dividends. As a result, our business
operations and our ability to make distributions to you could be materially and adversely affected.
30
Furthermore,
as these foreign exchange regulations are still relatively new and their interpretation and implementation have been constantly evolving,
it is unclear how these regulations, and any future regulation concerning offshore or cross-border transactions, will be interpreted,
amended and implemented by the relevant governmental authorities. For example, we may be subject to a more stringent review and approval
process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated borrowings,
which may adversely affect our financial condition and results of operations. In addition, if we decide to acquire a PRC domestic company,
we cannot assure you that we or the owners of such company, as the case may be, will be able to obtain the necessary approvals or complete
the necessary filings and registrations required by the foreign exchange regulations. This may restrict our ability to implement our
acquisition strategy and could adversely affect our business and prospects.
Any
failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans of overseas, publicly
listed company may subject the PRC plan participants or us to fines and other legal or administrative sanctions.
Pursuant
to
SAFE Circular 37
, PRC residents who participate in share incentive plans in overseas non-publicly-listed companies may submit
applications to SAFE or its local branches for the foreign exchange registration with respect to offshore special purpose companies before
they obtain the incentive shares or exercise the share options. In the meantime, our directors, executive officers and other employees
who are PRC citizens or who are non-PRC citizens residing in the PRC for a continuous period of not less than one year, subject to limited
exceptions, and who have been granted incentive share awards by us, may follow the
Circular of the State Administration of Foreign
Exchange on Issues Relating to the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of
Overseas Listed Company
, or the
SAFE Circular 7
, promulgated by the SAFE in 2012. Pursuant to the
SAFE Circular 7
,
PRC citizens and non-PRC citizens who reside in China for a continuous period of not less than one year who participate in any stock
incentive plan of an overseas publicly listed company, subject to a few exceptions, are required to register with SAFE through a domestic
qualified agent, which could be the PRC subsidiaries of such overseas listed company, and complete certain other procedures. In addition,
an overseas entrusted institution must be retained to handle matters in connection with the exercise or sale of stock options and the
purchase or sale of shares and interests. Since We are an overseas listed company pursuant to the
SAFE Circular 7
, our executive
officers and other employees who are PRC citizens or non-PRC citizen residing in the PRC for a continuous period of not less than one
year and who have been granted options will be subject to these regulations. Failure to complete the SAFE registrations may subject them
to fines of up to RMB300,000 for entities and up to RMB50,000 for individuals, and legal sanctions and may also limit our ability to
contribute additional capital into our PRC subsidiary and limit our PRC subsidiary's ability to distribute dividends to us.
The
SAT has issued certain circulars concerning employee share options and restricted shares. Under these circulars, our employees working
in China who exercise share options or are granted restricted shares will be subject to PRC individual income tax. Our PRC subsidiary
has obligations to file documents related to employee share options or restricted shares with relevant tax authorities and to withhold
individual income taxes of those employees who exercise their share options. If our employees fail to pay or we fail to withhold their
income taxes according to relevant laws and regulations, we may face sanctions imposed by the tax authorities or other PRC governmental
authorities.
31
If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders.
Under
the
PRC Enterprise Income Tax Law
and its implementation rules, an enterprise established outside of the PRC with "de facto
management body" within the PRC is considered a "resident enterprise" and will be subject to the enterprise income
tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body
that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties
of an enterprise. In 2009, the SAT issued the
Circular of the State Administration of Taxation on Issues Concerning the Identification
of Chinese-controlled Overseas Registered Enterprises as Resident Enterprises in accordance with the Actual Standards of Organizational
Management
, or the
SAT Circular 82
, which provides certain specific criteria for determining whether the "de facto management
body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to
offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the
criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text
should be applied in determining the tax resident status of all offshore enterprises. According to
SAT Circular 82
, an offshore
incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of
having its "de facto management body" in China and will be subject to PRC enterprise income tax on its global income only
if all of the following conditions are met: (i) the places where the senior management and senior management departments responsible
for the daily production, operation and management of the enterprise perform their duties are mainly located within the territory of
the PRC; (ii) decisions relating to the enterprise's financial matters (such as money borrowing, lending, financing and financial
risk management) and human resource matters (such as appointment, dismissal and salary and wages) are made or are subject to approval
by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and
board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives
habitually reside in the PRC. In addition, the SAT issued the
Bulletin of the State Administration of Taxation on Printing and Distributing
the Administrative Measures for Income Tax on Chinese-controlled Resident Enterprises Incorporated Overseas (Trial Implementation)
in 2011, providing more guidance on the implementation of
SAT Circular 82
. This bulletin clarifies matters including resident
status determination, post determination administration, and competent tax authorities. In January 2014, the SAT issued the
Bulletin
of the State Administration of Taxation on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual
Management Institutions
, or
SAT Bulletin 9
. According to
SAT Bulletin 9
, a Chinese-controlled offshore incorporated
enterprise that satisfies the conditions prescribed under the
SAT Circular 82
for being recognized as a PRC tax resident must
apply for being recognized as a PRC tax resident to the competent tax authority at the place of registration of its main investor within
the territory of China.
32
We
believe that Bon Natural Life Limited is not a PRC resident enterprise for PRC tax purposes. See "Regulation—Regulations
Relating to Tax—Enterprise Income Tax." However, the tax resident status of an enterprise is subject to determination by
the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body."
If the PRC tax authorities determine that Bon Natural Life Limited or any of our offshore subsidiaries is a PRC resident enterprise for
enterprise income tax purposes, we and our offshore subsidiary will be subject to PRC enterprise income on their worldwide income at
the rate of 25%, which would materially reduce our net income. Furthermore, if we are treated as a PRC tax resident enterprise, we may
be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises. In addition,
non-resident enterprise shareholders may be subject to PRC tax on gains realized on the sale or other disposition of ordinary shares,
if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable
to our non-PRC individual shareholders and any gain realized on the transfer of ordinary shares by such shareholders may be subject to
PRC tax at a rate of 20% unless a reduced rate is available under an applicable tax treaty. It is unclear whether non-PRC shareholders
of Bon Natural Life Limited would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC
in the event that Bon Natural Life Limited is treated as a PRC resident enterprise.
We
may incur liability for unpaid taxes, including interest and penalties.
In
the normal course of business, our Company may be subject to challenges from various PRC taxing authorities regarding the amounts of
taxes due. PRC taxing authorities may take the position that the Company owes more taxes than it has paid. The Company recorded tax liabilities
of $2.7 million as of September 30, 2023, primarily including $1.3 million in income tax payable and $1.3 million in unpaid value added
taxes ("VAT" tax). It is possible that the tax liability of the Company for past taxes may be higher than those amounts,
if the PRC authorities determine that we are subject to interest and penalties or that we have not paid the correct amount. To the extent
our Company is unable to settle its tax liabilities as scheduled, or interest and penalties on unpaid tax liabilities assessed by tax
authorities greatly exceed management's estimates, our financial condition and operating results may be negatively impacted.
We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
On
February 3, 2015, the SAT issued a Bulletin of State Administration of Taxation on Several Issues concerning the Enterprise Income Tax
on the Indirect Transfer of Properties by Non-resident Enterprises, or SAT Bulletin 7, which came into effect on February 3, 2015, but
will also apply to cases where their PRC tax treatments are not yet concluded. Pursuant to SAT Bulletin 7, an ''Indirect
Transfer'' of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident
enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets, if
such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise
income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or
other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the
transfer of equity interests in a PRC resident enterprise.
33
On
October 17, 2017, the SAT issued the Bulletin of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident
Enterprise Income Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies
the practice and procedure of the withholding of non-resident enterprise income tax.
Where
a non-resident enterprise transfers taxable assets in China indirectly by disposing of the equity interests of an overseas holding company,
the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect
Transfer to the relevant tax authority. Under the "substance over form" principle, the PRC tax authority may disregard the
existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and
the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a
rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.
We
face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved.
Our company may be subject to filing obligations or taxed if our company is transferor in such transactions, and we may be subject to
withholding obligations if our company is a transferee in such transactions, under
SAT Bulletin 7
and
SAT Bulletin 37
.
For transfer of shares in our company by investors that are non-PRC resident enterprises, our PRC subsidiary may be requested to assist
in the filing under
SAT Bulletin 7
and
SAT Bulletin 37
. As a result, we may be required to expend valuable resources to
comply with
SAT Bulletin 7
and
SAT Bulletin 37
or to request the relevant transferors from whom we purchase taxable assets
to comply with these circulars, or to establish that our company should not be taxed under these circulars, which may have a material
adverse effect on our financial condition and results of operations.
If
our preferential tax treatments and government subsidies are revoked or become unavailable or if the calculation of our tax liability
is successfully challenged by the PRC tax authorities, we may be required to pay tax, interest and penalties in excess of our tax provisions.
The
Chinese government has provided tax incentives to our operating subsidiary in China, including reduced enterprise income tax rates. For
example, under the
PRC Enterprise Income Tax Law
and its implementation rules, the statutory enterprise income tax rate is 25%.
However, the income tax of an enterprise that has been determined to be a high and new technology enterprise can be reduced to a preferential
rate of 15%. According to the Administrative Measures for the Accreditation of High-tech Enterprises promulgated by three PRC regulatory
agencies, including SAT, the qualification of high and new enterprise is effective for a renewable three-year permitted. If our operating
subsidiary fails to renew the qualification of high and new enterprise, it will be subject to the statutory enterprise income tax rate
of 25%. In addition, our operating subsidiary enjoys local government subsidies. Any increase in the enterprise income tax rate applicable
to our PRC subsidiary or our operating subsidiary in China, or any discontinuation, retroactive or future reduction or refund of any
of the preferential tax treatments and local government subsidies currently enjoyed by our operating subsidiary in China, could adversely
affect our business, financial condition, and results of operations.
Further,
in the ordinary course of our business, we are subject to complex income tax and other tax regulations, and significant judgment is required
in the determination of a provision for income taxes. Although we believe our tax provisions are reasonable, if the PRC tax authorities
successfully challenge our position and we are required to pay tax, interest, and penalties in excess of our tax provisions, our financial
condition and results of operations would be materially and adversely affected.
34
Our
failure to fully comply with PRC labor-related laws may expose us to potential penalties.
Companies
operating in China are required to participate in mandatory employee social security schemes that are organized by municipal and provincial
governments, including pension insurance, unemployment insurance, childbirth insurance, work-related injury insurance, medical insurance
and housing provident funds. Such schemes have not been implemented consistently by the local governments in China given the different
levels of economic development in different locations, but generally require us to make contributions to employee social security plans
at specified percentages of the salaries, bonuses and certain allowances of our eligible full-time employees, up to a maximum amount
specified by the local government from time to time. We have accrued in financial statements but not made full contributions to the social
insurance and housing provident funds in accordance for our eligible full-time employees as required by the relevant PRC laws and regulations.
As the date of this Annual Report, none of our subsidiaries had received any notice from local authorities or any claim or request from
the employees in this regard. Our failure to make full contributions to social insurance and to comply with applicable PRC labor-related
laws regarding housing funds may subject us to late payment penalties and other fines or labor disputes, and we could be required to
make up the contributions for these plans, which may adversely affect our financial condition and results of operations.
According
to applicable PRC laws and regulations, employers must open social insurance registration accounts and housing provident fund accounts
and pay social insurance and housing provident funds for employees. Our PRC subsidiary or some its subsidiaries have not opened social
insurance registration accounts or housing provident fund accounts. We may be subject to penalties imposed by the local social insurance
authorities and the local housing provident fund management centers for failing to discharge our obligations in relation to payment of
social insurance and housing provident funds as an employer.
Our
failure to fully comply with PRC construction-related laws may expose us to potential penalties.
Our
PRC subsidiary has rented a factory in Weinan, Shaanxi for use as our Weinan Raw Materials and Ingredients Production Site (See "History
and Organizational Structure—Property, Plants, and Equipment — Weinan Raw Materials and Ingredients Production Site").
The landlord constructed some buildings of this production site without obtaining the planning permits, construction permits, or going
through the completion filing, fire safety filing, or environmental protection procedures in accordance with the PRC laws and regulations.
Such failure to comply with the relevant laws and regulations may subject us to administrative penalties, including but not limited to
paying fines, being required to stop using or demolishing such buildings. As the date of this Annual Report, our PRC subsidiary and its
subsidiaries have not received any notice or any claim from the local authorities with respect to such buildings. We will urge the landlord
to apply for relevant permits and handle relevant procedures or filings with the local authorities.
Such
buildings are mostly used as the warehouses. If the local authorities require us to stop using such buildings, we will need to rent new
warehouses, which may affect our normal operations and cause operating losses. But we believe that the amount of the loss will not exceed
3% of the Company's sale revenues. In addition, the lease term of this production site will expire on December 31, 2024. At that
time, we may not renew the lease of this production site and may transfer the production to a new production base.
35
Risks
Related to our Securities
The
trading price for our Shares may fluctuate significantly, which could result in substantial losses to investors.
Our
Shares are listed on the Nasdaq Capital Market under the symbol "BON." We can provide no assurance that the trading price
of our Shares will not decline. As a result, investors in our securities may experience a significant decrease in the value of their
Shares.
The
trading price of our Shares can be volatile and could fluctuate widely due to factors beyond our control. This may happen because of
broad market and industry factors, including the performance and fluctuation of the market prices of other companies with business operations
located mainly in China that have listed their securities in the United States. In addition to market and industry factors, the price
and trading volume for our Shares may be highly volatile for factors specific to our own operations, including the following:
●
variations
    in our revenues, earnings and cash flow;
●
announcements
    of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;
●
announcements
    of new offerings, solutions and expansions by us or our competitors;
●
changes
    in financial estimates by securities analysts;
●
detrimental
    adverse publicity about us, our services or our industry;
●
additions
    or departures of key personnel;
●
release
    of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and
●
potential
    litigation or regulatory investigations.
Any
of these factors may result in large and sudden changes in the volume and price at which our Shares will trade.
In
the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount
of our management's attention and other resources from our business and operations and require us to incur significant expenses
to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.
36
Certain
existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other
shareholders.
Our
directors and officers collectively own an aggregate of 13.56% of the total voting power of our outstanding ordinary shares. As a
result, they have substantial influence over our business, including significant corporate actions such as mergers, consolidations, sales
of all or substantially all of our assets, election of directors and other significant corporate actions.
They
may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay
or prevent a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their
shares as part of a sale of our company and may reduce the price of the Shares. These actions may be taken even if they are opposed by
our other shareholders. In addition, the significant concentration of share ownership may adversely affect the trading price of the Shares
due to investors' perception that conflicts of interest may exist or arise. For more information regarding our principal shareholders
and their affiliated entities, see "Principal Shareholders."
If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding our Shares, the market price for our Shares and trading volume could decline.
The
trading market for our Shares will be influenced by research or reports that industry or securities analysts publish about our business.
If one or more analysts who cover us downgrade our Shares, the market price for our Shares would likely decline. If one or more of these
analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn
could cause the market price or trading volume for our Shares to decline.
The
sale or availability for sale of substantial amounts of our Shares could adversely affect their market price.
Sales
of substantial amounts of our Shares in the public market, or the perception that these sales could occur, could adversely affect the
market price of our Shares and could materially impair our ability to raise capital through equity offerings in the future. Shares held
by our existing shareholders may be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under
the Securities Act. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other
shareholder or the availability of these securities for future sale will have on the market price of our Shares.
Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Shares for return on your investment.
We
currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our
business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment
in our Shares as a source for any future dividend income.
Our
board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and
pay dividends, the timing, amount and form of future dividends, if any, will depend on our future results of operations and cash flow,
our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition,
contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our
Shares will likely depend entirely upon any future price appreciation of our Shares. There is no guarantee that our Shares will appreciate
in value or even maintain the price at which you purchased the Shares. You may not realize a return on your investment in our Shares
and you may even lose your entire investment in our Shares.
37
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.
We
are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles
of association, the Companies Law (2020 Revision) of the Cayman Islands and the common law of the Cayman Islands. The rights of shareholders
to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands
law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from
comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts
are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary
duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent
in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United
States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman
Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of
the United States.
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. Our directors have discretion under our articles of association to determine whether
or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available
to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a
shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.
As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States. For a discussion of significant differences between the provisions of the Companies Law of the Cayman Islands and
the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital—Differences
in Corporate Law."
Certain
judgments obtained against us by our shareholders may not be enforceable.
We
are a Cayman Islands company and substantially all of our assets are located outside of the United States. Substantially all of our current
operations are conducted in China. In addition, all of our current directors and officers are nationals and residents of countries other
than the United States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be
difficult or impossible for you to bring an action against us or against these individuals in the United States in the event that you
believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing
an action of this kind, the laws of the Cayman Islands and of China may render you unable to enforce a judgment against our assets or
the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands and China, see "Enforceability
of Civil Liabilities."
38
We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public companies.
Because
we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing
of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation
of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange
Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from
trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation
FD.
We
are required to file an Annual Report on Form 20-F within four months of the end of each fiscal year. In addition, we will continue to
publish our results on a quarterly basis through press releases, distributed pursuant to the rules and regulations of the Nasdaq Stock
Exchange. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the
information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be
filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information, which would be
made available to you, were you investing in a U.S. domestic issuer.
As
a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain Nasdaq Stock Exchange corporate governance
standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.
We
are exempted from certain corporate governance requirements of the Nasdaq Stock Exchange by virtue of being a foreign private issuer.
We are required to provide a brief description of the significant differences between our corporate governance practices and the corporate
governance practices required to be followed by domestic U.S. companies listed on the Nasdaq Stock Exchange. The standards applicable
to us are considerably different than the standards applied to domestic U.S. issuers. For instance, we are not required to:
●
have
    a majority of the board be independent (although all of the members of the audit committee must be independent under the U.S. Securities
    Exchange Act of 1934, as amended, or the Exchange Act);
●
have
    a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors;
●
have
    regularly scheduled executive sessions with only independent directors; or
●
have
    executive sessions of solely independent directors each year.
We
have relied on and intend to continue to rely on some of these exemptions. As a result, you may not be provided with the benefits of
certain corporate governance requirements of the Nasdaq Stock Exchange.
39
If
we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements
or comply with applicable regulations could be impaired.
Our
management has not completed an assessment of the effectiveness of our internal controls over financial reporting, and our independent
registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of auditing
our consolidated financial statements for the years ended September 30, 2023 and 2022, we identified several material weaknesses in our
internal control over financial reporting and other control deficiencies as of September 30, 2023. A "material weakness"
is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely
basis.
The
material weaknesses identified to date relate to a lack of accounting staff and resources with appropriate knowledge of generally accepted
accounting principles in the United States ("U.S. GAAP") and SEC reporting and compliance requirements.
Following
the identification of the material weaknesses and control deficiencies, we have taken remedial measures including (i) hiring more qualified
accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function
and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging
an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal
control.
As
of the date of this Annual Report, we have not fully addressed the above-referenced weaknesses. However, we have made progress in implementing
remedial measures, specifically:
●
We
    have hired two additional mid-level financial staff in late 2020, one of whom has been staffed in financial reporting unit and the
    other in internal control department. In addition, we appointed Wallace Lee as our CFO on April 17, 2023, who has extensive
    financial and tax experience in public companies in the U.S. with U.S. Certified Public Accountant qualifications.
●
Since
    September 30, 2020, the management team, including our chief executive officer, Mr. Yongwei Hu, our chief financial officer, Mr.
    Wallace Lee, and other management team members of our PRC subsidiary and its subsidiaries in the PRC have held internal meetings,
    discussions, trainings, and seminars on a monthly basis to review our financial statements and operational performance and to identify
    areas to improve our internal control procedures.
●
We
    have appointed directors and established an audit committee;
●
In
    April 2021, we engaged Grant Thornton (Special General Partnership), Xiamen Branch to assist us in setting-up our financial and system
    control framework. Grant Thornton has completed the evaluation of the effectiveness of our existing financial and system control
    and formulated an implementation plan with expanded and enhanced control and procedures. We expect to fully complete the setup of
    our financial and system control framework by December 31, 2024.
We
plan to fully implement the above-referenced measures prior to December 31, 2024.
40
The
implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting, and
we cannot conclude that they have been fully remedied. Our failure to correct theses material weaknesses or our failure to discover and
address any other material weaknesses could result in inaccuracies in our financial statements and could also impair our ability to comply
with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial
condition, results of operations and prospects, as well as the trading price of our ordinary shares, may be materially and adversely
affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud. In addition,
once we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public
accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude
that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control
over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing,
may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public
company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems
for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.
There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable
year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our ordinary shares.
A
non-U.S. corporation will be a passive foreign investment company, or PFIC, for any taxable year if either (1) at least 75% of its gross
income for such year consists of certain types of "passive" income; or (2) at least 50% of the value of its assets (based
on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held
for the production of passive income (the "asset test"). Based on our current and expected income and assets, we do not presently
expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this regard because
the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part,
upon the composition of our income and assets. Fluctuations in the market price of our Shares may cause us to become a PFIC for the current
or subsequent taxable years because the value of our assets for the purpose of the asset test may be determined by reference to the market
price of our Shares. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets.
If
we were to be or become a PFIC for any taxable year during which a U.S. Holder (as defined in "Taxation—United States Federal
Income Tax Considerations") holds our ordinary shares, certain adverse U.S. federal income tax consequences could apply to such
U.S. Holder. See "Taxation—United States Federal Income Tax Considerations—Passive Foreign Investment Company Rules."
41
ITEM
    4.
INFORMATION
    ON THE COMPANY
A.
History
    and Development of the Company
We
commenced our natural products and ingredients business through Xi'an App-Chem Bio(Tech) Co., Ltd. ("Xi'an App-Chem"),
a corporation formed in the People's Republic of China in April of 2006. On April 23, 2006, Xi'an App-Chem received its Business
License (Registration No.: 6101012116403) from the Xi'an Administration for Industry and Commerce.
On
December 11, 2019, Bon Natural Life Limited was incorporated under the laws of the Cayman Islands as our offshore holding company to
facilitate financing and offshore listing. Bon Natural Life Limited subsequently established a Wholly Foreign-Owned Enterprise ("WOFE")
in PRC China, Xi'an CMIT Information and Technology Co., Ltd. ("Xi'an CMIT"). Xi'an CMIT is wholly owned
by our direct subsidiary in Hong Kong, Tea Essence.
Initial
Public Offering
On
June 28, 2021, the Company closed its initial public offering ("IPO") of 2,200,000 ordinary shares, par value US$0.0001 per
share at a public offering price of $5.00 per share, and the Company's ordinary shares started to trade on the Nasdaq Capital Market
under the ticker symbol "BON" since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option
to purchase an additional 330,000 shares, par value US$0.0001 per share at the price of $5.00 per share. Gross proceeds of the Company's
IPO, including the proceeds from the sale of the over-allotment shares, totaled $12.65 million, before deducting underwriting discounts
and other related expenses, resulting in net proceeds of approximately $11.3 million.
Note
regarding financial statements in this Annual Report
The
financial statements in this Annual Report and the accompanying footnotes, with regard to the prior fiscal year ended September 30, 2021,
were prepared for a period in which we were operating under a variable interest entity structure and contain various references the former
VIE agreements and related matters. We do not believe that the termination of the VIE agreements, which occurred effective November 1,
2021, will have material impact on our operations going forward in terms of any impairment of our total assets, or any adverse effect
on our business, financial conditions or results of operations, as no changes in control occurred as a result of the termination of our
VIE agreements. Therefore, the Company's consolidated financial statements include the operation results of the same entities under
common control before and after the restructuring.
42
The
following diagram illustrates our corporate structure as of the date of this Annual Report:
The
structure of cash flows within our organization, and the applicable regulations, are as follows:
1.
Our
    equity structure is a direct holding structure, that is, the overseas entity listed in the U.S., Bon Natural Life, directly controls
    Xi'an CMIT and Xi'an Youpincui (the "WFOEs") and other domestic operating entities through the Hong Kong
    company, Tea Essence. See "
Corporate History and Structure
" above for additional details.
2.
Within
    our direct holding structure, the cross-border transfer of funds within our corporate group is legal and compliant with the laws
    and regulations of the PRC. After foreign investors' funds enter Bon Natural Life following an offering of securities, the
    funds can be directly transferred to Tea Essence, and then transferred to subordinate operating entities through the WFOEs.
If
    we distribute dividends, we will transfer the dividends to Tea Essence in accordance with the laws and regulations of the PRC, and
    then Tea Essence will transfer the dividends to Bon Natural Life, and the dividends will be distributed from Bon Natural Life to
    all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders are U.S. investors or
    investors in other countries or regions.
3.
As
    of the date of this Annual Report, net proceeds of approximately $9 million from our initial public offering ("IPO")
    and net proceeds of approximately $1 million from the exercise of the over-allotment option were transferred from our company to
    the PRC subsidiaries in June and July 2021, respectively, as intercompany loans. Please see "Parent Company Statements of Cash
    Flows" in Note 21 (Condensed Financial Information of the Parent Company) to the audited financial statements included in our
    Annual Report on Form 20-F filed with the SEC on January 31, 2022. The inter-company transfers are reflected on the line labelled
    "Cash lent to subsidiaries and VIE," In the reporting periods presented in this Annual Report, no dividends or distributions
    of a subsidiary have been made to us. For the foreseeable future, we intend to use earnings for research and development, to develop
    new products and to expand its production capacity. As a result, we do not expect to pay any cash dividends.
43
4.
Our
    PRC subsidiaries' ability to distribute dividends is based upon their distributable earnings. Current PRC regulations permit
    our PRC subsidiaries to pay dividends to their respective shareholders only out of their accumulated profits, if any, determined
    in accordance with PRC accounting standards and regulations. In addition, each of our PRC subsidiaries is required to set aside at
    least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of each of their
    registered capitals. These reserves are not distributable as cash dividends. See "
Regulations Relating to Dividend Distributions
"
    for more information.
To
address persistent capital outflows and the RMB's depreciation against the U.S. dollar in the fourth quarter of 2016, the People's
Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures in the
subsequent months, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions,
dividend payments and shareholder loan repayments. The PRC government may continue to strengthen its capital controls and our PRC subsidiaries'
dividends and other distributions may be subject to tightened scrutiny in the future. The PRC government also imposes controls on the
conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties
in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits,
if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict
their ability to pay dividends or make other payments.
In
addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax at a rate of 10% will be applicable
to dividends payable by Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements between the PRC
central government and the governments of other countries or regions where the non-PRC resident enterprises are tax resident. Pursuant
to the tax agreement between Mainland China and the Hong Kong Special Administrative Region, the withholding tax rate in respect to the
payment of dividends by a PRC enterprise to a Hong Kong enterprise may be reduced to 5% from a standard rate of 10%. However, if the
relevant tax authorities determine that our transactions or arrangements are for the primary purpose of enjoying a favorable tax treatment,
the relevant tax authorities may adjust the favorable withholding tax in the future. Accordingly, there is no assurance that the reduced
5% withholding rate will apply to dividends received by our Hong Kong subsidiary from our PRC subsidiaries. This withholding tax will
reduce the amount of dividends we may receive from our PRC subsidiaries.
44
Xi'an
App-Chem's Operating Subsidiaries
The
table below provides a summary of Xi'an App-Chem's operating subsidiaries ("Bon Operating Companies") and their
primary business functions as of the date of this Annual Report:
Name
    of Entity
Date
    of Incorporation
Place
    of Incorporation
%
    of Ownership
Principal
    Activities
Bon
    Natural Life
December
    11, 2019
Cayman
    Islands
Parent,
    100%
Investment
    holding
Bon
    Natural Life U.S.A.
February
    07, 2023
U.S.A.
100%
Investment
    holding
Tea
    Essence
January
    9, 2020
Hong
    Kong
100%
Investment
    holding
Xi'an
    CMIT
April
    9, 2020
Xi'an
    City, PRC
100%
WFOE,
    Investment holding
Xi'an
    Youpincui
September
    8, 2021
Xi'an
    City, PRC
100%
WFOE,
    Investment holding
PRC
    Subsidiaries:
Xi'an
    App- Chem Bio (Tech)
April
    23, 2006
Xi'an
    City, PRC
100%
    owned by WFOEs
General
    administration and sales of the Company's products to customers
Xi'an
    YH
September
    15, 2009
Xi'an
    City, PRC
91%
    owned by Xi'an CMIT, 9% owned by Xi'an App-Chem
Research
    and development of product
Bon
    Operating Companies (owned by Xi'an App-Chem)
App-Chem
    Health
April
    17, 2006
Tongchuan
    City, PRC
100%
    owned by Xi'an App-Chem
Registered
    owner of land with an area of 12,904.5 square meters, no other business activities
App-Chem
    Ag-tech
April
    19, 2013
Dali
    County, PRC
100%
    owned by Xi'an App-Chem
Product
    manufacturing
App-Chem
    Guangzhou
April
    27, 2018
Guangzhou
    City, PRC
100%
    owned by Xi'an App-Chem
Raw
    material purchase
Tongchuan
    DT
May
    22, 2017
Tongchuan
    City, PRC
100%
    owned by Xi'an App-Chem
Product
    manufacturing
Xi'an
    DT
April
    24, 2015
Xi'an
    City, PRC
75%
    owned by Xi'an App-Chem
Research
    and development of product
Tianjin
    YHX
September
    16, 2019
Tianjin
    City, PRC
51%
    owned by Xi'an App-Chem
Raw
    material purchase
Gansu
    BMK
March
    11, 2020
Jiuquan
    City, PRC
100%
    owned by Xi'an App-Chem
Product
    manufacturing
Bozhou
    DT
March
    9, 2023
Bozhou
    City, PRC
100%
    owned by Xi'an App-Chem
Product
    manufacturing
45
All
of our actual business operations are conducted through Xi'an App-Chem and its subsidiaries. Bon Natural Life Limited (the Cayman
Islands holding company offering securities through the previously filed prospectus), its immediate Hong Kong subsidiary Tea Essence,
and Tea Essence's subsidiaries Xi'an CMIT and Xi'an Youpincui, function solely as holding companies.
Recent
Developments
Nasdaq
Notification Letter
On
June 12, 2023, the Company received a letter (the "Notification Letter") from Nasdaq Stock Market, LLC ("Nasdaq"),
notifying the Company that it has not been in compliance with the minimum bid price requirement of $1.00 per share for thirty (30) consecutive
days, as required by the Nasdaq Rules for continued listing (the "Rules"). In accordance with the Rules, the Company was
initially provided 180 calendar days, or until December 11, 2023, to regain compliance with the Rules.
Although
the Company's ordinary shares have not yet regained compliance with the minimum $1 bid price per share requirement, Nasdaq has
determined that the Company is eligible for an additional 180 calendar day period, or until June 10, 2024, to regain compliance. This
determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other
applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and the Company's
written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
If at any time during this additional time period the closing bid price of the Company's security is at least $1 per share for
a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed. If
compliance cannot be demonstrated by June 10, 2024, Nasdaq will provide written notification that the Company's securities will
be delisted.
Public
Offering of Shares and Warrants
On
March 30, 2023, Company engaged in a public offering of up to $3,000,000 worth of ordinary shares of the Company, par value $0.0001 per
share (the "Shares") in three (3) equal tranches at the subscription price as defined below. Shares issued in the first tranche
will be issued on the first trading day that occurs after 15 calendar days from the filing date of the Company's Listing of Additional
Shares Notification Form with Nasdaq. The second tranche of Shares will be issued on the 11th trading day from the closing date of the
first tranche. Shares issued in the third tranche will be issued on the 11th trading day from the closing date of the second tranche.
The
Shares will be priced at the lower of (a) $1.00 per share or (b) 80% of the market closing price for the Company's Shares as reported
by the Nasdaq Capital Market on the trading day immediately preceding the closing date for the initial tranche. The subscription price
for the first closing date shall remain fixed and will be the subscription price for all the remaining closing dates thereafter.
Together
with each Share subscribed for, the Company will issue one (1) warrant to purchase one (1) Share at an exercise price equal to 120% of
the subscription price, exercisable for a period of thirty-six (36) months following the closing date (the "Warrants").
We
registered the Shares by way of a prospectus supplement to our currently effective unallocated shelf registration statement on Form F-3,
(SEC File No. 333-267116).
On
August 3, 2023, the Company terminated its direct public offering of up to $3,000,000 worth of ordinary shares of the Company (the "Shares")
as described in its Prospectus Supplement dated March 30, 2023 (the "Offering"). The Offering was made by way of such Prospectus
Supplement under the Company's currently effective unallocated shelf registration statement on Form F-3, (SEC File No. 333-267116).
Two (2) investors subscribed in the Offering, but neither of them completed valid payment of the required subscription price. As a result,
no shares were validly issued in the Offering.
46
Close
of Private Offering
On
January 17, 2023, we closed a private offering of ordinary shares and warrants to purchase ordinary shares. A total of 2,750,000 ordinary
shares (the "Shares") were issued to a total of five (5) investors (the "Investors") at a subscription price
of $0.80 per share, for total subscription proceeds of $2,200,000. In addition, for each share subscribed for by the Investors, we issued
one (1) warrant to purchase one (1) ordinary share at an exercise price of $0.88 per share, exercisable for a period of twenty-four (24)
months (the "Warrants"). We have agreed to register the Investors' re-sale of the Shares by way of a prospectus supplement
to our currently effective unallocated shelf registration statement on Form F-3, (SEC File No. 333-267116). The offer and sale of the
Shares and the Warrants was exempt under Rule 506 of Regulation D under the Securities Act of 1933 (the "Securities Act").
We engaged in no general solicitation or advertising with regard to the offering and the offering was made solely to "Accredited
Investors" as defined in Rule 501 of Regulation D under the Securities Act.
Completion
of the Initial Public Offering ("IPO")
On
June 28, 2021, the Company closed its initial public offering ("IPO") of 2,200,000 ordinary shares, par value US$0.0001 per
share at a public offering price of $5.00 per share, and the Company's ordinary shares started to trade on the Nasdaq Capital Market
under the ticker symbol "BON" since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option
to purchase an additional 330,000 shares, par value US$0.0001 per share at the price of $5.00 per share. Gross proceeds of the Company's
IPO, including the proceeds from the sale of the over-allotment shares,
totaled
$12.65 million,
before deducting underwriting discounts and other related expenses, resulting in net proceeds of approximately $11.3 million.
Acquisition
of Land Use Right for Construction of a New Manufacturing Facility
On
May 10, 2021, we acquired a land use right of 8.2 acres at cost of $267,000, through a government organized auction bidding in Yumen
City, Gansu Province of China. We have the right to use this land for 50 years until to May 9, 2071. We plan to construct a new manufacturing
facility on this land. Total budget for construction of this new manufacturing plant ("Yumen Plant") is around $5.6 million.
The construction of Yumen Project was initially expected to be completed by October 2022. Due to resurgence of the COVID-19 pandemic,
which resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines and travel bans,
the construction work is estimated to be completed in December 2024.
Newly
formed subsidiary
On
September 8, 2021, Xi'an Youpincui Biotechnology Co., Ltd ("Xi'an Youpincui") was formed as a Wholly Foreign-Owned
Enterprise ("WFOE") in the People's Republic of China ("PRC"). Tea Essence Limited, our direct wholly owned
subsidiary incorporated in Hong Kong, owns 100% equity interest in Xi'an Youpincui.
On February 7, 2023, Bon Natural Life U.S.A. Limited
("Bon Natural Life U.S.A.") was incorporated in accordance with the laws and regulations in the State of Nevada, which is
wholly owned subsidiary of the Company.
On March 9, 2023, Bozhou DT was formed in the PRC as a wholly owned subsidiary
of Xi'an App-Chem.
47
Terminating
the VIE agreements for corporate restructuring
Due
to PRC legal restrictions on foreign ownership in companies that engage in online sales China, we originally carried out our business
through Xi'an App-Chem, a domestic PRC company holding a value-added telecommunications license, through a variable interest entity
structure, because foreign investment in the value-added telecommunication services industry in China is extensively regulated and subject
to numerous restrictions. However, our online sales have historically generated minimal revenues. On September 28, 2021, our Board of
Directors approved a restructuring of our corporate structure to terminate the original VIE contractual agreements, to convert Xi'an
App-Chem from a PRC domestic company into a Sino-foreign joint venture, and to transfer 100% of the ownership interests in Xi'an
App-Chem from its original shareholders to Xi'an CMIT and Xi'an Youpincui. On October 21, 2021, Xi'an Ap-Chem's
original shareholders signed the share transfer agreement to transfer their 100% ownership interest in Xi-an App-Chem to Xi'an
CMIT and Xi'an Youpincui. On October 22, 2021, Xi-an App-Chem completed its business license registration with PRC government and
became a Sino-foreign joint venture.
Effective
November 1, 2021, we completed the reorganization of our corporate structure in the PRC and are the indirect sole shareholder of Xi'an
App-Chem. Xi'an App-Chem is wholly-owned by two WOFEs Xi'an CMIT and Xi'an Youpincui. Each of the WOFEs are in turn
wholly-owned by Tea Essence, our direct wholly-owned subsidiary in Hong Kong. Xi'an App-Chem's financial results are consolidated
into our consolidated financial statements in accordance with U.S. GAAP because we have control over that entity by way of 100% share
ownership through Tea Essence, and in turn, Xi'an CMIT and Xi'an Youpincui. The termination of the VIE agreements as described
above does not adversely affect our business, financial condition, and results of operations because we, together with our wholly owned
subsidiaries, are effectively controlled by the same shareholders before and after the restructuring. The restructuring is therefore
considered to be a recapitalization of entities under common control. Following the corporate restructuring, the value-added telecommunication
license held by Xi'an App-Chem has been revoked and we're investigating other feasible ways to explore online sales business.
COVID-19
Impact
Our
business operations have been affected and may continue to be affected by the ongoing COVID-19 pandemic. Although we resumed our operations
since early March 2020 and the impact of COVID-19 on our operating results and financial performance for fiscal year 2021, 2022 and 2023
were temporary, a resurgence could negatively affect the execution of customer contracts, the collection of customer payments, or disrupt
our supply chain, and the continued uncertainties associated with COVID 19 may cause our revenue and cash flows to underperform in the
next 12 months from the date of issuance of our 2023 consolidated financial statements. The extent of the future impact of the COVID-19
pandemic on our business and results of operations is still uncertain.
Key
Financial Performance Indicators
In
assessing our financial performance, we consider a variety of financial performance measures, including principal growth in net revenue
and gross profit, our ability to control costs and operating expenses to improve our operating efficiency and net income. Our review
of these indicators facilitates timely evaluation of the performance of our business and effective communication of results and key decisions,
allowing our business to respond promptly to competitive market conditions and different demands and preferences from our customers.
The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under
"Results of Operations."
48
B.
Business
    Overview
Business
Overview
Xi'an
App-Chem's business focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds to perfume
and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food
additives and nutritional supplements by its customers. Xi'an App-Chem is devoted to providing high quality and competitive prices
and a stable supply of products and services for the functional food, personal care, natural medicine and other industries. It provides
these products and services for third party customers, as well as for its own proprietary brands. With "nourish life with natural
essence" as the business concept, and "becoming an innovator (leader) of natural functional ingredients and an integrated
supplier of great health industry" as the goal, after more than 14 years of efforts, Xi'an App-Chem has formed four technology
platforms respectively for natural product large-scale separation, natural product safety improvement, natural product activity enhancement,
and natural product function compounding. Its products have not been approved as effective in treating or preventing any health conditions
and/or diseases by a regulatory agency in the PRC.
We
were co-founded by a team of top-level executives from China's domestic natural products industry, together with experts returned
from overseas. For the past 10 years, we have focused on the core needs of the natural products industry, emphasizing technological innovation
and supply chain integration. We are devoted to providing a stable supply of high-quality products and services at competitive prices
for the functional food, personal care, cosmetic and pharmaceutical industries. "Nourish life with natural essence" is our
business concept, and "Becoming an innovative leader of natural functional ingredients and an integrated supplier for the health
industry" is our goal. We have formed four technology platforms as follows:
1.
Commercial
    scale natural ingredient extraction and separation platform built with technologies such as continuous dynamic extraction and molecular
    distillation and membrane separation ("Technical Platform 1");
2.
Natural
    extraction safety improvement and assurance platform designed with technology to remove heavy metal, pesticide, and other harmful
    residues ("Technical Platform 2");
3.
Platform
    of bioactive ingredient of natural extract enhancement built with technology seeking to increase human absorption rate of naturally
    extracted ingredients by increasing their water solubility and utilizing drug delivery system ("Technical Platform 3");
    and
4.
Natural
    extract formulation technology platform based on steady state technology with focus on formulation of natural anti-oxidant and functional
    oligosaccharide to achieve stable output, high purity and absorption rate ("Technical Platform 4").
49
The
four technical platforms are utilized throughout the production process of our products with applications illustrated as follows:
Technical
Platform 1. Commercial scale natural ingredient extraction and separation platform:
●
Clary
    Sage concrete
is produced by continuous countercurrent extraction, from clary sage;
●
Sclareol
is produced by molecular distillation separation from clary Sage concrete;
●
Stachyose
is produced by biological enzymatic hydrolysis-membrane method efficient and continuous separation from stachys affinis; and
●
Apple
    polyphenol
is produced with high-efficiency membrane separation from apples.
Technical
Platform 2. Natural extraction safety improvement and assurance platform:
●
Solvent residues are removed
    in the process of producing
ambroxide
and
Sclareolides
with purity in order to maintain aroma when used in fragrance
    products;
●
Carbendazim and other pesticide
    residues are removed in the process of producing
apple polyphenols
to parts per billion ("PPB") level in accordance
    to applicable food safety regulations; and
●
Heavy metals and other
    metal ions are removed in producing
stachyose
and the ash content is as low as 0.01%, for product safety purpose, while improving
    product quality and flavor.
Technical
Platform 3. Bioactive ingredient of natural extract enhancement
●
Mainly used in dietary
    supplement products currently in early commercial development stage with applications of technology such as water solubility enhancement
    and drug delivery system to seek higher absorption rate by human and to yield with more active ingredients.
Technical
Platform 4. Natural extract formulation technology platform
●
Mainly used in dietary
    supplement products currently in early commercial development stage with applications of technology such as molecule steady state
    technology and anti-oxidants to seek consistent product quality and extended shelf life.
With
the combination and application of the above technology platforms, we seek to produce products with high quality assurance.
In
addition, based on our technology for rehabilitation of the human microbiome, cell death regulation, and anti-aging product development,
we are able to provide products and services advantageous in terms of cost, safety, performance, function and other aspects for customers
in the food, personal care, cosmetics and pharmaceutical industries.
The
services provided to our customers include customized product development and formulation and after-sale and technical support. These
services are value-added provided to our customers to enhance customer loyalty and our competitiveness in the marketplace.
50
Product
Categories
Fragrance
compounds:
●
Clary sage extract products
    (Sclareol, Sclareolide, Ambroxide, Clary Sage Oil, Clary Sage Concrete);
●
Lavender essential oil;
While
some perfumers may still use the expensive and hard-to-find substance ambergris, which is produced in the intestines of sperm whales,
the industry now increasingly uses a substance known as "ambroxide," synthesized from the compound "sclareol"
found in clary sage plant. Ambroxide is used both as a fragrance and as a "fixative" for making scents linger longer in products.
Made by our proprietary microbial fermentation process and molecular distillation technology, our ambroxide products are produced with
higher purity and yield than industry average. Based on product testing reports, we have determined that our ambroxide products are produced
with 99.5% purity and above, while the industry average is approximately 99.0%. The yield of our ambroxide production is approximately
63%. Our management believes the industry average yield for ambroxide production to be approximately 40% to 43%.
Health
supplements (natural, functional active ingredients for powder drinks):
Based
on our accumulations in natural functional components separation, biological activity research, product application development, natural
product supply chain and other areas, we are able to provide a host of solutions for functional food (health products, nutrients, etc.),
functional personal care products (whitening, moisturizing, anti-acne, etc.), natural medicine and other needs, including formulation
development, ingredients supply, and product OEM. In addition, we have launched new over-the-counter products, including
Bon Natural
Micro-eco Hair Repair Shampoo; Tianmei Jinghao Nutrition Powder.
We are also in the development stage of more innovative products
using natural, functional ingredients intended for the precise regulation and control of the humane micro-biome. Examples include our
DuiJiuDangGe (JiuGe)
and
Gout Ease (Feng Qing Ping
)
. Our products have not been approved as effective in treating
or preventing any health conditions and/or diseases by a regulatory agency in the PRC.
Bioactive
food ingredients:
●
Stachyose (P60, P70, P80)
●
Milk thistle extracts (various
    solvent Silymarin, Silybin, Water-soluble silymarin and silybin);
●
Apple extracts (Apple polyphenol,
    Apple dietary fiber, Phloridzin, Phloretin)
●
Pomegranate extract products
    (Ellagic acid, Punicalagin,Urolithin)
Aside
from macronutrients such as carbohydrates, proteins, and fatty acids, the term "bioactive food ingredients" refers to natural
compounds, mainly from plant foods, with specific physiological functions. These include flavonoids, phenolic acids, organic sulfides,
terpenoids and carotenoids, coenzyme Q, γ-aminobutyric acid, melatonin, and L-carnitine and other biologically active ingredients
derived from animal food. These ingredients are believed to participate in the regulation of physiology and pathophysiology, such that
food containing these ingredients is believed to have specific functions in addition to basic nutrition.
51
Our
biologically active food ingredients and their main uses are as follows:
1.
Apple polyphenol: widely used in high-end personal care products such as weight loss, blood lipid reduction, anti-aging beauty, whitening,
anti-wrinkle and other high-end personal care products.
2.
Stachyose: Stachyose is a prebiotic, which can promote the proliferation of human intestinal probiotics. It is widely used in dairy products,
health drinks, personal care, health care products, ice cream, Chinese medicine, and other industries.
3.
Milk thistle extract: A flavonoid derived from the plant milk thistle. It is known to have (but has not been scientifically proven to
have) liver protection, anti-inflammatory, anti-tumor and blood pressure effects. It is used to seek to improve liver diseases caused
by alcohol and environmental toxins.
4.
Pomegranate extract: A plant-extracted polyphenol with potential effects of anti-oxidation, anti-aging, blood pressure lowering and whitening
effects, and can be used in food, medicine and cosmetics.
52
Our
Manufacturing Process
The
following chart illustrates our main manufacturing process from raw material purchase to finish products:
Our
health supplements (powder drinks) are made with naturally extracted active ingredients. For example, stachyose is a single prebiotic,
which seeks to accelerate proliferation of bacillus bifidus. Used together with other prebiotic bacteria, it helps greatly in adjusting
intestinal bacteria groups, relieving constipation and keeping intestines youthful and perpetually healthy. Our quality control is throughout
the entire production and starts souring from the farms with superior quality. The first step is anti-degradation extraction with a special
protective agent followed by continuous resin chromatographic separation and purification to produce high purity stachyose.
Our
fragrance compound products are plant-based natural extracts widely used as fixatives in fragrance, detergent, health supplements and
tobacco flavoring. There are three different products being produced along our proprietary manufacturing process, Sclareol, Sclareolide
and Ambroxide. Our manufacturing process of clary sage products can be summarized as: i) continuous countercurrent extraction to ensure
faster, more efficient and higher yield than traditional extraction methods; ii) molecular distillation to improve evaporation velocity,
and liquid film distribution as well as to reduce heating time and degradation of thermo-sensitive materials; iii) biological transformation
with water as media, thus no chemical or heavy metal residues; followed by catalytic reduction; and iv) supramolecular crystal reconstruction
to produce our fine ambroxide for use in fragrance or detergent fixatives.
An
example of our bioactive food ingredients is apple polyphenols, which are major antioxidants extracted from apples and may contribute
to color, flavor, odor and oxidative stability. Therefore, apple polyphenols are widely used in various applications, including health
supplements, cosmetics, and food preservation. Our proprietary manufacturing process of apple polyphenols principally involves the following
steps: continuous anti-oxidant extraction, and continuous resin chromatographic separation and purification.
53
Intellectual
Property
Patents
As
a result of our collection of academic and technological expertise, as of September 30, 2023, we had 12 approved patents and 1 applying
patent in China, as set forth in the following table:
No
Patent
    Name
Patent
    No./ Application
No.
Authorization
    Date/ Application Date
Status
Period
Holder
Type
1
Method
    for separating sclareol
ZL 2008
    1 0231943.X
July
    20, 2011
Authorized
20 years
Xi'an
    App-Chem
Invention
2
Preparation
    method of applephenon
ZL 2010
    1 0179259.9
October
    5, 2011
Authorized
20 years
Xi'an
    App-Chem
Invention
3
Method
    for preparing osthole
ZL 2010
    1 0531931.6
February
    8, 2012
Authorized
20 years
Xi'an
    App-Chem
Invention
4
Process
    for separating imperatorin from osthole extract waste liquid
ZL 2010
    1 0531934.X
April
    11, 2012
Authorized
20 years
Xi'an
    App-Chem
Invention
5
Method
    for preparing punicalagin and ellagic acid from pomegranate rind
ZL 2010
    1 0531940.5
May 23,
    2012
Authorized
20 years
Xi'an
    App-Chem
Invention
6
Molecular
    distillation and purification method for conjugated linolenic acid
ZL 2010
    1 0531945.8
August
    15, 2012
Authorized
20 years
Xi'an
    App-Chem
Invention
7
Flatstem
    milkvetch seed solid beverage and preparation method thereof
ZL 2010
    1 0531836.6
December
    5, 2012
Authorized
20 years
Xi'an
    App-Chem
Invention
8
Method
    for extraction separation of rutin of tartary buckwheat
ZL 2013
    1 0645312.3
March
    2, 2016
Authorized
20 years
Xi'an
    App-Chem
Invention
54
9
Method
    for synthesizing luteolin
ZL 2010
    1 0531920.8
August
    22, 2012
Authorized
20 years
Xi'an
    YH
Invention
10
Method
    for preparing baicalin
ZL 2010
    1 0531839.X
September
    26, 2012
Authorized
20 years
Xi'an
    YH
Invention
11
Synthetic
    method of biapenem drug intermediate 4-AA
ZL 2013
    1 0632993.X
July
    13, 2016
Authorized
20 years
Xi'an
    YH
Invention
12
Functional
    instant tea and preparation technology thereof
ZL 2015
    1 0294685.X
January
    15, 2019
Authorized
20 years
Xi'an
    DT
Invention
13
A refinement
    method of proanthocyanidin B2, and the application thereof
202210363869.7
April
    8,2022
Pending
20 years
Xi'an
    App-ChemChem
Invention
Key
Suppliers and Customers
We
enjoy a broad network of raw materials suppliers and customers and distributors. Our relationships with our customers and suppliers are
based on standardized terms for the supply of specific products with a specific ingredient purity, referred to as content %. Payment
terms are a mixture of cash on delivery and a specifically-agreed maximum days payable outstanding ("DPO").
Below
is a tabular summary of our relationships with our most important suppliers:
Supplier
    Name
Product
    Name
Use
Terms
Molbase
(Shanghai)
    Biotechnology
Co.,
    Ltd.
Clary sage extract
Raw materials for fragrance
    and perfume
Procure for the Company by
    Molbase as the trade platform with commission fee, cash on delivery
Stachys affinis extracts
Raw materials for stachyose,
    one of health supplements
Procure for the Company by
    Molbase as the trade platform with commission fee, cash on delivery
Ambroxide
Raw materials for fragrance
    and perfume
Procure for the Company by
    Molbase as the trade platform with commission fee, cash on delivery
Jiaozuo
Xinzhiyuan
Technology
Co.,
    Ltd.
Ambroxide
Raw materials
    for fragrance and perfume
Content:
    95%, centralized supply in specific days payable outstanding (DPO)
Dali
    Zhengxin
Species
    Co., Ltd.
Ambroxide
Raw materials for fragrance
    and perfume
Content: 95%, centralized
    supply in specific days payable outstanding (DPO)
55
The
principal raw materials used for our production are various natural and plant-based extracts. For the years ended September 30, 2023,
three suppliers accounted for approximately 41.8%, 29.5%, and 11.19% of the total purchases, respectively. For the years ended September
30, 2022, four suppliers accounted for approximately 24.6%, 15.0%, 11.9% and 10.7% of the total purchases, respectively. For the years
ended September 30, 2021, two suppliers accounted for approximately 30.1% and 13.4% of the total purchases, respectively. A change in
suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect our business, financial
position and results of operations.
Below
is a tabular summary of our relationships with our most important customers:
Customer
    Name
Product
    Name
Application
Terms
Tianjin Mingrunbaili
    Trade Co., Ltd.
Clary sage extract
Fragrance and perfume
Special specification product,
    long-term cooperation in specific days payable outstanding (DPO)
Stachyose
Bioactive food ingredients
Special specification product,
    long-term cooperation in specific days payable outstanding (DPO)
Shanghai Yunsheng
    International Trade Co., Ltd.
Apple polyphenol
Health supplement (powder
    drinks)
70% content, low pesticide
    residue, long-term cooperation in specific days payable outstanding (DPO)
Milk thistle extracts
Bioactive food ingredients
30% content, low solvent residue,
    long-term cooperation in specific days payable outstanding (DPO)
OQEMA Ltd
Ambroxide
Fragrance and perfume
99% content, long-term cooperation
    in specific days payable outstanding (DPO)
Symrise Private Limited
Ambroxide
Fragrance and perfume
99% content, long-term cooperation
    in specific days payable outstanding (DPO)
We
sell our products primarily through direct distributors in the PRC and, to some extent, to overseas customers in Europe. For the year
ended September 30, 2023, three customers accounted for 42.7%, 24.7%, and 13.2% of the Company's total revenue, respectively. For
the year ended September 30, 2022, three customers accounted for 35.5%, 23.9%, and 15.4% of the Company's total revenue, respectively.
For the year ended September 30, 2021, two customers accounted for 35.5% and 26.1% of the Company's total revenue, respectively.
56
Marketing
and Competition
Market
Focus — Raw Materials and Ingredients and Functional Health
Our
product sales are carried out by two teams within our sales department – Raw Materials and Ingredients and Functional Health. Our
Raw Material Ingredients Team sells natural active ingredients such as stachyose, apple polyphenol, Ambroxide, and others to customers
in the functional food and personal care industries, accounting for around 70% of the company's total sales. The Functional Health
Team focuses on human micro-biome adjustment and control products, providing small and medium-sized customers in the Chinese domestic
Big Health industry with one-stop solutions from product design, research and development, and procurement to OEM in digestive health,
metabolic health, immune health and other fields. The Functional Health Team accounts for about 30% of the company's overall business.
Our marketing efforts are focused in two areas – the international market and the domestic Chinese market. The international market
is dominated by raw materials and ingredients, while the domestic market is primarily focused on functional health.
Our
raw materials and ingredients businesses are promoted through exhibitions, professional journals, academic conferences, and social platforms
(social broadcasting), with academic promotion of professional knowledge and general scientific knowledge being the main methods. We
are committed to promoting and maintaining our brand image in the natural ingredients industry. Our brands and slogans, such as App-Chem,
App-Chem Stachyose for Healthy Digestion in China ("天美水苏糖，健康中国肠"),
App-Chem Cares Life ("天然至美呵护生命至美"). are well recognized
and widely praised in the industry. We have established a strong and widely known reputation in the international natural products industry,
especially in the field of micro-biome health.
Our
functional health business focuses on adjustment and control of the micro-biome and focuses on immune health and digestion health as
the target market. The Company promotes itself through exhibition, social platforms (stachyose social broadcasting), and Internet promotions
(Ning Xiang Tang Nutrition Powder, and Tianmei Jinghao Nutrition Powder). Through continuous efforts, the Company has established a sound
reputation in the Great Health industry and has become a preferred supplier for several leading clients both at home and abroad.
Leading
Competitors
Our
main competitors are suppliers of functional ingredients, nutrition food, and traditional Chinese medicine functional food in the Big
Health industry. They are as follows:
QHT-
a leading probiotics supplier in China
Quantum
Hi-Tech (China) Biotechnology Co., Ltd., publicly listed in 2010, is a national hi-tech enterprise committed to micro-ecology health.
As a leading enterprise in the micro-ecological health industry, Quantum Bio has brands like Oligo, and Sheng He Tang, and operates the
largest production site of oligosaccharide in China. QHT focuses on the field of probiotics with products like oligosaccharide and galactooligosaccharide,
which can regulate intestinal microecological balance in dual manner by stimulating beneficial bacteria and inhibiting harmful bacteria.
These products have been identified by the Public Nutrition and Development Center of the Macro Economy Institution of the National Development
and Reform Commission as advocacy products of nutrition and health, and emerging products with wide-ranging and promising applications.
In 2013, Forbes China included QHT in its Top 200 Listed Small- and Medium-sized Asian Enterprises. QHT and its logo are a well-known
trademark in China. As of March 2020, QHT's total market value reached US $1 billion.
57
Chenguang
Biotech (CCGB)- a leading natural ingredients supplier in China
Chenguang
Biotech Group Co., Ltd., another publicly listed company, has twenty subsidiaries and is an export- and foreign-exchange-generation-oriented
enterprise which integrates intensive processing of agricultural products and extract of natural plants. It mainly develops and produces
natural colors, natural spice extracts and essential oils, natural nutrition and medicinal extracts, and protein oils. Among its products,
the production and sales volume of natural colors is the highest in China, and that of capsanthin the highest in the world. Its chili
extracts account for over 85% of total domestic output for that product. Its lutein, beet red and other varieties occupy a significant
share of world production. As of March 2020, the total market value of Chenguang Biotech Group Co., Ltd. reached ¥ 4.7 billion.
Tong
Ren Tang- a leading producer of traditional Chinese medicine and health products in China
Beijing
Tong Ren Tang (Group) Co., Ltd., a wholly state-owned company, is authorized by the municipal government to operate state-owned assets.
It was founded in 1669, with a history of 343 years. The group adheres to the development strategy of "taking modern traditional
Chinese medicine as the core, developing life and health industry, and becoming an internationally renowned modern traditional Chinese
medicine group". It takes "growing, strengthening and expanding" as its policy, and takes innovation and technology
as its mission. Its sales revenue, profits, export earnings and the number of overseas terminals rank first in the industry in China.
Since 1997, Tong Ren Tang has maintained sustained and healthy development, with its economic indicators reaching double-digit growth
for 15 consecutive years, doubling every five years. As of 2011, the group has a total asset of ¥14 billion, a sales revenue of ¥16.3
billion, a profit of ¥1.316 billion, and foreign exchange earnings of $33.92 million. It has set up 64 pharmacies and 1 overseas
production and research base in 16 overseas countries and regions. Its products are sold to more than 40 overseas countries and regions.
At
the same time, Tong Ren Tang's dual function of being both an economic entity and a cultural carrier has become increasingly apparent.
It has achieved fruitful results in brand maintenance and promotion, cultural innovation and inheritance. The "Tong Ren Tang traditional
Chinese medicine culture" has been approved as one of the first items to be included in the List of National Intangible Cultural
Heritage. It has signed a strategic cooperation framework agreement with the Confucius Institute Headquarters (Hanban) to jointly promote
Tong Ren Tang traditional Chinese medicine culture and has further strengthened the overseas dissemination of Tong Ren Tang Culture by
using the Confucius Institute platform. As of March 2020, Tong Ren Tang's total market value reached ¥ 34.3 billion.
BY-HEALTH-
a leading supplier of nutrients by indirect selling in China
Founded
in October 1995, BY-HEALTH introduced dietary supplements into China's indirect selling market systematically in 2002. It has since
grown rapidly into a leading brand and benchmark enterprise of dietary supplements in China. In August 2010, Yao Ming, the former international
basketball superstar, signed contract to become its brand ambassador. On December 15, 2010, BY-HEALTH was listed on the Growth Enterprise
Market (GEM) of Shenzhen Stock Exchange.
58
For
more than a decade, BY-HEALTH has been adhering to differentiated global quality strategy in three steps, namely, from global raw materials
procurement, to establishment of its global base for the sole purpose of supplying raw materials, and then to the establishment of a
global self-owned organic farm. So far, BY-HEALTH has sources of raw materials from 23 countries and regions worldwide. It has set up
5 exclusive raw materials bases in Brazil, Australia and other places. Now, its own organic farms are under planning. BY-HEALTH will
make unremitting efforts to select high-quality raw materials from all over the world, bringing together the essence of nutrition, and
building a "United Nations" of nutrients that selects the best from the better. As of March 2020, the total market value
of BY-HEALTH reached ¥ 27.2 billion.
Competitive
Challenges and Advantages
Our
competitors' main advantages are as follows:
●
Stronger business scale
    and capital strength
– Our main competitors are listed public companies, with relatively longer development histories,
    larger business scales and stronger financial strength.
●
Larger and more complete
    sales networks
— Since our main competitors have larger business scales, their market sales networks are accordingly wider.
●
Brand recognition
– Due to the advantages of being well-identified public companies, their high levels of marketing and promotion and, in some
    cases, inherited historical advantages, our main competitors have greater brand recognition.
Compared
with our main competitors, our advantages are mainly reflected in the following two aspects:
●
More advanced technology
    and products
– Our main competitors' technologies are mainly traditional physical and chemical techniques such as
    extraction and separation. Relatively speaking, we employ more advanced bio-manufacturing technologies, which give us enormous disproportional
    advantage in production efficiency and cost (a cost advantage of 20% to 60% over our main competitors).
In the production of ambroxide
    for example, unlike our main competitors who use chemical synthesis with lengthy and complex process, typically involving 10 steps,
    such as oxidation, crystallization and extraction at multiple stages as well as saponification reaction, we use a bio- technique
    that utilizes a six-step process in a mild environment, including bio-synthesis, continuous separation, reduction, extraction, cyclization
    and crystallization to achieve what we believe is higher yield and efficiency than the industry average. As another example, most
    of our competitors produce stachyose with the traditional approach, resin separation, which is a lower yield method due to its intermittent
    process. Our continuous process is differentiated by our use of bio-enzyme and bio-membrane separation and purification, which we
    believe leads to higher yield and purity.
●
First-mover advantage
– The primary market focus for our products is nutritional health and personal care adjusted and controlled by the human
    micro-biome. This relatively new and fast-growing product focus has been made possible by recent breakthroughs in human micro-biome
    technology. Unlike our main competitors, we are strongly focused on this rapidly expanding market. We believe this gives us an important
    first-mover advantage. We intend to use this growing market niche to achieve rapid development and growth without immediate and direct
    competitive pressure from larger firms. Our market network, financial strength, brand awareness, and other areas will gradually improve
    as the Company grows and develops. As we become as more powerful market player, we will become better positioned to compete with
    larger, more established companies.
59
Development
and Expansion Strategy
The
key components of our development and expansion strategy over the next two-to-three years are as follows:
Raw
Material and Ingredients
Using
our current projects as a foothold, we intend to expand our plants to increase productivity and enlarge our markets to ensure sustainable
growth. Over the next two to three years, our raw materials and ingredients business will be centered on the Great Health market and
focus on the core needs of the functional food and personal care industries. We view our current business in this area as foundation
from which we can expand our plants, increase our productivity, improve our technology and equipment, optimize our supply chain, and
broaden our sales channels to ensure a steady and sustainable growth. Management is committed to achieving a compound annual growth rate
in this business line of no less than 30%.
In
our functional health business, we intend a rapid expansion focused on the development and introduction of innovative new products. Over
the next two to three years, we will continue to place an intensive focus on human micro-biome health, and actively develop a series
of functional food and personal care products featuring strong and fasting-acting effects on the respiratory and gastrointestinal areas
of the human micro-biome. These products will be designed to take advantage of precise adjustment and regulation of the human micro-biome.
The quality raw materials produced by our own natural ingredients business will provide us a significant cost advantage in these efforts.
Our
Strengths
Innovation
in Manufacturing Methods and Product Development
●
Xi'an App-Chem is
    a supplier of personal care ingredients, and we seek to be a leader in the bio-manufacturing of natural products and health solutions
    in immunity and digestion by leveraging our proprietary natural essence extraction technology to focus on human micro-biome as a
    therapeutic target. Together with our operating subsidiaries, we hold several patents issued by the PRC, relating primarily to composition
    and processing techniques for products and product ingredients.
●
We
use bio-manufacturing technology to produce substances such as sclareol, sclareolide, ambroxide, extracted from Clary sage (Salvia sclarea
L.), a very aromatic herbaceous plant, to replace ambergris (ambroxide is a substitute of ambergris which is originated from sperm whale),
novel probiotics stachyose, and natural antioxidant apple polyphenol. Our ambroxide is made using our proprietary technology, which we
believe can be done at a lower cost, than the processes used by some of our competitors. Our stachyose manufacturing process features
a very high productivity rate (over 1,000-ton capacity), and, we believe, a higher product purity, and faster and more extensive proliferation
of probiotics than the primary competing substance, chrysanthemum powder.
60
●
Xi'an App-Chem is
    listed as a key enterprise with ensured supplies in the COVID-19 prevention and control period by various Chinese government agencies
    during the COVID-19 pandemic due to its immunity boosting products such as stachyose. There is no proven efficacy of Stachyose in
    preventing, treating or controlling the spread of COVID-19. In its "COVID-19 Treatment Solution-version 7*", issued on
    March 3, 2020, China's National Health Commission recommended the use of supplements regulating the human gut microbiome as
    one of the potential treatments for COVID-19 patients in critical condition. Xi'an App-Chem, together with other companies
    in bio-medicine, traditional Chinese medicine, medical equipment, information service devices and system, and PPE manufacturing businesses,
    was qualified to be listed as a key enterprise in COVID-19 prevention and control for its stachyose products. Stachyose, the main
    product of Xi'An App-Chem is the major component of the microecological regulator proposed as part of China's treatment
    plan for COVID-19. It has been deemed an "important raw and auxiliary material" for pandemic control related drugs and
    substances, thereby allowing Xi'an App-Chem to meet the qualifications for listing as a key enterprise for the potential prevention
    and control of the COVID-19 pandemic.
The key enterprise selection
    for pandemic prevention and control is an institutional system established by a series of policies issued during February and March
    2020 by the Chinese government in order to combat COVID-19. The main purpose of these policies is to ensure the stable supply of
    medical supplies, medicines, key raw materials, and essential living materials during this special period.
The following types of
    companies are qualified to be listed as key enterprises:
○
Manufacturers of important
    medical supplies such as medical masks and non-medical face masks, COVID-19 test kits, infrared thermometers, intelligent monitoring
    and detection systems, and related drugs and medical equipment that have been requested;
○
A key enterprise that produces
    important daily necessities;
○
Important raw and auxiliary
    material manufacturers, important equipment manufacturers and related supporting enterprises required for the production of the above-mentioned
    materials;
○
An important medical material
    purchase and storage enterprise;
○
Companies that provide
    relevant information and communication equipment and service systems to respond to the epidemic;
○
Enterprises that undertake
    the above-mentioned material transportation and sales tasks in response to the epidemic; and
○
Other enterprises with
    key guarantees in accordance with the requirements of the State Council's joint prevention and control mechanism.
The
advantages of this designation to Xi'an App-Chem include expedited governmental and regulatory approval processes to resume operations,
and preferential bank loans with favorable terms.
61
Major
supporting measures include:
1.
Priority approval of business
    reopening;
2.
Priority early reopening
    for the transportation of raw materials and products;
3.
Work and travel support
    for needed employees;
4.
Working capital support
    for the key enterprises;
5.
Preferential tax policy
    support to key enterprises; and
6.
The government's
    commitment to the procurement of special protective and medical equipment.
(Items
4 and 5 are issued with official government documents; Items 1, 2, 3, and 6 are temporary support measures by local governments at all
levels without documentation.)
●
Our process for manufacturing
    apple polyphenol (a source of anti-oxidants) allows us to achieve a high product anti-oxidant content of 70% to 90%, higher than
    some of our competitors' products.
●
Xi'an App-Chem launched
    new over-the-counter products, including Bon Natural Micro-eco Hair Repair Shampoo and Tianmei Jinghao Nutrition Powder. In addition,
    the Company is in the development stage of more innovative products using natural, functional ingredients intended for the precise
    regulation and control of the humane micro-biome. Examples include our
DuiJiuDangGe (JiuGe)
and
Gout Ease (Feng
    Qing Ping)
.
A
Stable Supply Chain for Raw Materials for the Fragrance, Food and Beverage Industries
●
Xi'an App-Chem seeks
    to have a stable supply chain for raw materials, which is important in the natural ingredient field. The company's management
    team, through its operating experience, is constantly improving their selection of various natural raw material sources, supply chain
    management, supplier selection, and risk and quality control.
Advantages
in Cost Control
●
The Company's management
    team believes that its bio-manufacturing technology gives it an average cost advantage in producing its natural ingredients (i.e.,
    products such as Ambroxide, stachyose, apple polyphenol and other types of natural-ingredient products).
Professional
and Efficient Sales Team and Branding
●
There are twelve people
    in our sales team, among whom four have professional backgrounds in biology, chemistry, medicine, pharmacy, and related fields. Six
    of our sales professionals majored in English, international trade and related fields. Our sales professionals have an average of
    over five years of relevant work experience. Two of them have been stationed abroad to work on a long-term basis. With more than
    ten years of accumulated experience, we have forged a sales system worldwide (mainly in Europe, East Asia, and North America).
62
Our
Challenges
We
May Face Competition from Other Companies Currently In Other Categories of the Natural Ingredients and Health Solutions Industry.
●
Because of the and recent
    growth of our existing business, we may face new direct competition from some counterparts engaged in other categories of the natural
    products and ingredients business, such as Chenguang Biotech from China, which is engaged in natural colors, Layn, which engaged
    in natural sweeteners, and European companies like Koninklijke DSM N.V., Symrise AG, and Givaudan SA. These firms may seek to compete
    directly with Xi'an App-Chem in its existing businesses. The size, financial strength, technology foundation and development
    capabilities of the above-mentioned companies are strong, and potential competition from these firms will be a key competitive challenge
    in the near future.
Larger,
more Developed Food and Ingredient Companies May Seek to Compete in Our Industry in the Near Future.
●
The rapid development of
    human micro-biome technology has resulted in rapid commercialization in the related products of immune health and digestive health,
    which has increasingly attracted the attention of some large-scale companies. For example, the French large-scale food company
Danone
    Group
recently announced that it continues to place the gut and its micro-biome at the core of its health strategy to deliver
    the company's mission "bringing health through food to as many people as possible." Such large companies might
    change the current landscape of the industry, either directly or through mergers and acquisitions. These companies may challenge
    us by seeking to secure key raw material sources for their products and to acquire stability, reliability and cost advantages for
    their supply chains. Because of the strong capital and brand strength of such companies, they might pose challenges to us in the
    future.
We
May Face Additional Competition from New Entrants to the Health Industry
●
The Big Health industry
    has experienced sustained and rapid growth worldwide, based on the rapid development of information technology and life science technology
    in recent years. Prompted by the serious emergency caused by the global COVID-19, consumers and public administrators around the
    world have paid more attention to basic health issues than ever before, especially to immune health. At the core of immune health,
    and at the core of our business focus, is the precise adjustment and control of human micro-biome by natural probiotics. This area
    has drawn a wide external attention, which may cause firms outside the health industry to seek market entry. In the future, some
    of the new entrants may become our competitive challengers.
Our
Current Sales and Distribution Network May Be Insufficient to Support Our Planned Growth.
●
We currently sell our products
    through our direct sales force and distribution channel. Although our sales and distribution network is sufficient for our existing
    needs, it may be insufficient to meet future product demand as we continue to grow our business. As we begin to expand our production
    capacity, an insufficient distribution network may hinder our ability to meet demand and to grow our revenues accordingly.
63
We
may face new regulations in the PRC in the future
●
Recently, the PRC government
    initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China
    with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based
    companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity
    reviews, and expanding efforts in anti-monopoly enforcement. We do not believe that we are directly subject to these regulatory actions
    or statements, as we do not have a variable interest entity structure and our business does not involve the collection of user data,
    implicate cybersecurity, or involve any other type of restricted industry. Because these statements and regulatory actions are new,
    however, it is highly uncertain how soon legislative or administrative regulation making bodies in China will respond to them, or
    what existing or new laws or regulations will be modified or promulgated, if any, or the potential impact such modified or new laws
    and regulations will have on our daily business operations or our ability to accept foreign investments and continue to be listed
    on an U.S. exchange.
Our
Strategy for Meeting Potential Challenges
●
First, we intend to meet
    our possible competitive challenges by giving full play to our advantages (mainly technology, products, and supply chain) to attain
    greater advantage in terms of quality, cost, and supply stability. We intend to use these advantages to secure a larger market share
    and to boost our rapid development and expansion of our capabilities. Due to the high technical barriers to entry in our field, including
    the complexity of the raw materials involved and the inherent product quality challenges, we believe potential competitors seeking
    to enter our market will require three to five years to enter the market and launch truly competitive products. We believe this will
    allow us to press our advantages described above and stay ahead of new competition.
●
Second, we intend to accelerate
    our business growth and market expansion, taking full advantage of rapid industrial advancements empowered by information technology
    and life science technology. Our improved financial strength after a successful equity offering, combined with a sustained growth
    of market demand in the Big Health industry (driven in part by the COVID-19 pandemic), will enhance our ability to tackle various
    challenges.
●
Third, we will actively
    seek opportunities for collaboration and cooperation with large-scale enterprises that focus on human micro-biome-related businesses
    (such as Guangzhou Wanglaoji Pharmaceutical, JDB, Wahaha, Mengniu, Yili, Chr. Hansen, etc.), including cooperation in product sales,
    strategic business relationships, and, if possible, equity investment.
●
Fourth, we intend to invest
    some of our available cash generated from operations and capital raising to add additional teams to our direct sales force, to expand
    our geographic reach with new distribution channels into other provinces within China and overseas, and to establish more sales online.
64
We
also face other challenges, risks and uncertainties that may materially and adversely affect our business, financial condition, results
of operations and prospects. You should consider the risks discussed in "Risk Factors" and elsewhere in this Annual Report
before investing in our Shares.
REGULATIONS
This
section sets forth a summary of the most significant rules and regulations that affect our business activities in China and the European
Union or our shareholders' rights to receive dividends and other distributions from us.
Regulations
Relating to Foreign Investment in China
Foreign
investment law
On
March 15, 2019, the National People's Congress, or the NPC, promulgated the
Foreign Investment Law of the PRC
, or the
Foreign
Investment Law
, which became effective on January 1, 2020, and replaced the
Sino-foreign Equity Joint Venture Enterprise Law
,
the
Sino-foreign Cooperative Joint Venture Enterprise Law,
and the
Wholly Foreign-invested Enterprise Law
. The organization
form, organization, and activities of foreign-invested enterprises shall be governed, among others, by the
PRC Company Law
and
the
PRC Partnership Enterprise Law
. Foreign-invested enterprises established in accordance with the
Sino-foreign Equity Joint
Venture Enterprise Law
, the
Sino-foreign Cooperative Joint Venture Enterprise Law,
and the
Wholly Foreign-invested Enterprise
Law
before the implementation of the
Foreign Investment Law
may retain the original business organization and so on within
five years after the implementation of the
Foreign Investment Law
. The
Foreign Investment Law
provides that that foreign
investment refers to investment activities directly or indirectly conducted within China by foreign natural persons, enterprises or other
entities (the "foreign investors"), which include the following forms: (a) a foreign investor, individually or collectively
with other investors, establishes a foreign-invested enterprise within PRC; (b) a foreign investor acquires stock shares, equity shares,
property portions, or other like rights and interests of an enterprise within PRC; (c) a foreign investor, individually or collectively
with other investors, invests in a new project within the PRC; and (d) other forms of investments under laws, administrative regulations,
or provisions prescribed by the State Council of the PRC.
On
December 26, 2019, the State Council promulgated the
Implementing Regulations of the Foreign Investment Law of the PRC
, or the
FIE Implementing Regulations
, which became effective on January 1, 2020. The
FIE Implementing Regulations
strictly implements
the legislative principles and purpose of the
Foreign Investment Law
, it emphasizes on promoting and protecting the foreign investment
and refines the specific measures. On the same day, the Supreme People's Court issued the
Interpretation on the Application
of the Foreign Investment Law of the PRC
, which also came into effect on January 1, 2020 and provides for interpretations on the
application of laws in cases of investment contracts disputes between equal parties. This interpretation shall apply to any contractual
dispute arising from the acquisition of the relevant rights and interests by a foreign investor by way of gift, division of property,
the merger of enterprises, division of enterprises, etc.
65
According
to the
FIE Implementing Regulations
, the registration of foreign-invested enterprises shall be handled by the State Administration
for Market Regulation, or the SAMR or its authorized local counterparts. Where a foreign investor invests in an industry or field subject
to licensing in accordance with laws, the relevant competent government department responsible for granting such license shall review
the license application of the foreign investor in accordance with the same conditions and procedures applicable to PRC domestic investors
unless it is stipulated otherwise by the laws and administrative regulations, and the competent government department shall not impose
discriminatory requirements on the foreign investor in terms of licensing conditions, application materials, reviewing steps and deadlines,
etc. However, the relevant competent government departments shall not grant the license or permit enterprise registration if the foreign
investor intends to invest in the industries or fields as specified in the Special Administrative Measures for Market Access of Foreign
Investment (Negative List) (2021 Version), or the Negative List 2021, without satisfying the relevant requirements. If a foreign investor
invests in a prohibited field or industry as specified in the Negative List 2021, the relevant competent government department shall
order the foreign investor to stop the investment activities, dispose of the shares or assets or take other necessary measures within
a specified time limit, and restore to the status prior to the occurrence of the aforesaid investment, and the illegal gains, if any,
shall be confiscated. If the investment activities of a foreign investor violate the special administrative measures for access restrictions
on foreign investments as stipulated in the negative list, the relevant competent government department shall order the investor to make
corrections within the specified time limit and take necessary measures to meet the relevant requirements. If the foreign investor fails
to make corrections within the specified time limit, the aforesaid provisions regarding the circumstance that a foreign investor invests
in the prohibited field or industry shall apply.
According
to the Foreign Investment Law and the FIE Implementing Regulations, Xi'an CMIT and Xi'an Youpincui have registered with the
High-tech Branch of Xi'an Administration Industrial and Commercial Bureau. As the industries engaged by Xi'an CMIT and Xi'an
Youpincui are not listed in the
Negative List 2021
, they do not need to obtain any license from other relevant competent government
departments.
Regulations
Relating to Value-Added Telecommunications Services
Foreign
investment in value-added telecommunications
Foreign
direct investment in telecommunications companies in China is regulated by the
Administrative Provisions on Foreign-Invested Telecommunications
Enterprises
, or the
FITE Regulation
, which was issued by the State Council on December 11, 2001, most recently amended on
February 6, 2016. The
FITE Regulation
stipulates that a foreign-invested telecommunications enterprise in the PRC, or the FITE,
must be established as a sino-foreign equity joint venture for operations in the PRC. Under the
FITE Regulation
and in accordance
with WTO-related agreements, the foreign party investing in a FITE engaging in value-added telecommunications services may hold up to
50% of the ultimate equity interests of the FITE. In addition, the major foreign party as the shareholder of the FITE must satisfy a
number of stringent performance and operational experience requirements, including demonstrating a good track record and experience in
operating a value-added telecommunications business. The FITE that meets these requirements must obtain approvals from the Ministry of
Industry and Information Technology, or the MIIT, and MOFCOM or their authorized local counterparts, which retain considerable discretion
in granting approvals. Furthermore, the foreign party investing in the e-commerce business, as a type of value-added telecommunications
services, has been allowed to hold up to 100% of the equity interests of the FITE based on the
Circular of the Ministry of Industry
and Information Technology on Removing the Restrictions on Shareholding Held by Foreign Investors in Online Data Processing and Transaction
Processing (Operating E-commerce) Business
issued on June 19, 2015, and the current effective
Catalogue of Telecommunications
Services
, or the
Telecom Catalog
.
66
On
July 13, 2006, the Ministry of Information Industry of the PRC, or the MII (which is the predecessor of the MIIT) promulgated the
Notice
of the Ministry of Information Industry on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Business
,
or the
MII Notice
, which reiterates certain requirements of the
FITE Regulation
and strengthens the administration by the
MII. Under the
MII Notice
, if a foreign investor intends to invest in PRC value-added telecommunications business, the foreign
investor must establish a FITE and apply for the relevant license for value-added telecommunications services, or the VATS License. In
addition, a domestic company that holds a license for the provision of value-added telecommunications services is prohibited from leasing,
transferring or selling the license to foreign investors in any form, and from providing any assistance, including providing resources,
sites or facilities, to foreign investors to conduct value-added telecommunications businesses illegally in China. Trademarks and domain
names that are used in the provision of value-added telecommunications services must be owned by the license holder or its shareholders.
The
MII Notice
also requires that each VATS License holder have appropriate facilities for its approved business operations and
maintain such facilities in the business regions covered by its license. The VATS License holder shall perfect relevant measures for
safeguarding the network and information, establish relevant administrative policies on information safety, set up the procedures for
handling network emergencies and information safety and implement the liabilities system for information safety.
Telecommunications
regulations
The
Telecommunications Regulations of the PRC
, or the
Telecom Regulations
, promulgated on September 25, 2000, and most recently
amended on February 6, 2016, are the primary PRC laws governing telecommunications services, which set out the general framework for
the provision of telecommunications services by domestic PRC companies. The
Telecom Regulations
require that telecommunications
service providers shall obtain licenses prior to commencing operations. The
Telecom Regulations
distinguish basic telecommunications
services and value-added telecommunications services. The
Telecom Catalog
, promulgated by MII on February 21, 2003, and amended
by the MIIT on December 28, 2015, and June 6, 2019, and issued as an attachment to the
Telecom Regulations
, identifies internet
information services and online data processing and transaction processing as value-added telecommunications services.
On
July 3, 2017, the MIIT issued the revised Administrative Measures for the Licensing of Telecommunications Business, or the Telecom License
Measures, which became effective on September 1, 2017, to supplement the Telecom Regulations. The Telecom License Measures require that
an operator of value-added telecommunications services obtain a VATS License from the MIIT or its provincial-level counterparts. The
term of a VATS License is five years and the license holder is subject to the annual inspection.
67
Internet
information services
On
September 25, 2000, the State Council promulgated the
Measures for the Administration of Internet Information Services
, or the
ICP Measures
, as amended on January 8, 2011. Under the
ICP Measures
, the internet information service is categorized into
commercial internet information services and non-commercial internet services. The operators of non-commercial internet information services
must file-record with relevant governmental authorities. However, the operators of commercial internet information services in China
must obtain an ICP License, from the relevant governmental authorities. And the provision of particular information services, such as
news, publishing, education, healthcare, medicine, and medical device must also comply with relevant laws and regulations and obtain
approval from competent governmental authorities.
Internet
information service providers are required to monitor their websites. They may not post or disseminate any content that falls within
prohibited categories provided by laws or administrative regulations and must stop providing any such content on their websites. The
PRC government may order ICP License holders that violate the content restrictions to correct those violations and revoke their ICP Licenses
under serious conditions.
The
MIIT released the
Circular on Regulating the Use of Domain Names in Internet Information Services
on November 27, 2017, effective
from January 1, 2018, which provides that the domain names used by the internet information service provider in providing internet information
services shall be registered and owned by such internet information service provider, and if the internet information service provider
is a legal entity, the domain name registration shall be the legal entity (or any of its shareholders), or its principal or senior manager.
Regulations
Relating to Land Use Right and Construction
Pursuant
to the
PRC Land Administration Law
promulgated in June 1986 with the latest amendment in August 2019 (effective as of January
2020) and the
PRC Civil Code
, any entity that needs land for construction must obtain land use right and must register with local
counterparts of Ministry of Natural Resources. Land use right is established at the time of registration.
According
to the
Measures for the Administration of Grant and Transfer of Right to Use Urban State-owned Land
promulgated by the Ministry
of Construction in December 1992 with the latest amendment in 2011, and the
PRC Law on Urban and Rural Planning
promulgated by
the Standing Committee of the National People's Congress in October 2007 and became effective in January 2008 with the latest amendment
in April 2019, the
Measures for Administration of Construction Permits of Construction Projects
promulgated by the Ministry of
Housing and Urban-Rural Development of the PRC (or the MOHURD) in October 1999 with the latest amendment in March 2021, and the
Administrative
Measures on the Filings of Inspection Upon Completion of Construction of Buildings and Municipal Infrastructure
promulgated by
the
MOHURD in October 2009, after obtaining land use right, the owner of land use right must obtain construction land planning permit,
construction works planning permit from the relevant municipal planning authority, and a construction permit from relevant construction
authority in order to commence construction. After a building is completed, an examination of completion by the relevant governmental
authorities and experts must be organized.
Regulations
on Production and Sale of Food Products
68
Before
2018, the China Food and Drug Administration, or the CFDA, had the regulatory authority to oversee, administer, and enforce all laws,
regulations, and rules concerning the food industry business operations in China. After the institutional reforms, the CFDA has been
abolished, and relevant regulatory authority has been taken over by the SAMR under the State Council.
The
food industry is subject to extensive regulations in China. The PRC laws and regulations governing the food industry primarily consist
of the
PRC Food Safety Law
(2009), as last amended in 2021; the
Implementation Regulation for the Food Safety Law of PRC
(2009),
as amended in 2019, or the
Food Safety Regulation
; the
Administrative Measures for Food Production Licensing
(2010), as
last amended in 2020, or the
Food Production Licensing Rule
; and the
Administrative Measures for Food Business Licensing
(2015),
as amended in 2017, or the
Food Business Licensing Rule
. Under the
PRC Food Safety Law
and the
Food Safety Regulation
,
food product manufacturers and business operators shall obtain the required food production permits; food producers and business operators
are subject to regular quality inspection and supervision by the local governmental agencies and their product permits may be revoked
if they no longer meet the standards and requirements for food production and operation; food-producing enterprises shall establish and
implement food safety management systems, such as ingredient inspection and acceptance, production process safety management, storage
management, equipment management, and substandard product management systems; and packaging of pre-packed food shall bear a label which
states manufacturing permit serial number; among other things. The State Council implements a licensing system for food product manufacture
and distribution. According to the
Food Production Licensing Rule
, a food production license must be obtained prior to engaging
in food production activities in the PRC. The
Food Business Licensing Rule
requires food business operators to obtain a food business
license for each business entity engaging in food business operations. We have obtained the required Food Production Licenses and Food
Business Licenses, as set forth in the table below:
No
License
    Type
License
    No.
License
    Date
Expiry
    Date
Holder
1
Food
    Production License
SC12361052300601
August
    18, 2023
August
    08, 2028
Xi'an
    App-Chem
2
Food
    Business License
YB17100000290801
November
    28, 2022
N/A
Xi'an
    App-Chem
3
Food
    Production License
SC10661020100062
November
    21, 2022
November
    20, 2027
Tongchuan
    DT
In
addition to PRC laws and regulations, we strictly follow applicable safety regulations in all markets to which we sell our products.
Through our subsidiary, Xi'an App-Chem, we have obtained REACH certification for our ambroxide in the European Union, and Generally
Recognized as Safe List ("GRAS") certification from the FDA for our clary sage. We have obtained kosher and halal certifications
for certain of our products as well.
69
"GRAS"
is an acronym for the phrase
G
enerally
R
ecognized
A
s
S
afe. Under sections 201(s) and 409 of the U.S. Federal
Food, Drug, and Cosmetic Act (the "Act"), any substance that is intentionally added to food is a food additive, that is subject
to premarket review and approval by FDA, unless the substance is generally recognized, among qualified experts, as having been adequately
shown to be safe under the conditions of its intended use, or unless the use of the substance is otherwise excepted from the definition
of a food additive. General recognition of safety under for a substance under U.S. law may be achieved under either of two methods:
●
Under sections 201(s) and
    409 of the Act, and FDA's implementing regulations in 21 CFR 170.3 and 21 CFR 170.30, the use of a food substance may be GRAS
    either through scientific procedures or, for a substance used in food before 1958, through experience based on common use in food
    Under 21 CFR 170.30(b), general recognition of safety through scientific procedures requires the same quantity and quality of scientific
    evidence as is required to obtain approval of the substance as a food additive. General recognition of safety through scientific
    procedures is based upon the application of generally available and accepted scientific data, information, or methods, which ordinarily
    are published, as well as the application of scientific principles, and may be corroborated by the application of unpublished scientific
    data, information, or methods.
●
Under 21 CFR 170.30(c)
    and 170.3(f), general recognition of safety through experience based on common use in foods requires a substantial history of consumption
    for food use by a significant number of consumers.
Under
21 CFR 182.20, clary sage has been generally recognized as safe for its intended use.
REACH
stands for "Registration, Evaluation, Authorization and Restriction of Chemicals". REACH is the EU's regulation on
preventive management of all chemicals entering its market. The regulation was issued on June 1, 2007, and implemented on June 1, 2008.
According to the EU REACH regulations, companies need to submit a registration to the European Chemicals Agency (ECHA) for chemical substances
(substances, substances in mixtures or substances intentionally released in articles) whose annual output or import volume exceeds 1
ton in the EU in order to continue to manufacture, import or sell the chemical within the EU. Xi'an App-Chem, sells two non-food
products – sclareol glycol and ambroxide – in the EU. Both of these products have EU REACH certification, which satisfies
the EU safety regulations for export and allows them to be sold in compliance with the EU market rules.
We
rely upon published and unpublished safety information including clinical studies on ingredients used in our products. These studies
include the following:
●
"Safety and toxicity
    of silymarin, the major constituent of milk thistle extract: An updated review," (a study on the use of Silymarin in humans
    at therapeutic doses of up to 700 mg three times a day for 24 weeks.) Some gastrointestinal discomforts occurred like nausea and
    diarrhea.
●
The toxicology and safety
    of apple polyphenol extract," (a study on polyphenol use in humans that included a 90-day subchronic-toxicity test).
●
"Public Announcement
    Regarding Haematococcus Pluvialis and Other New Resource Food" [Evaluation Division of Food Safety Standard and Inspection,
    No. 17 issued on October 29, 2010] (evaluating the use of Stachyose as an ordinary food).
70
Regulation
on Product Liability
The
PRC laws and regulations governing the product liability primarily consist of the
PRC Product Quality Law
(1993), as lately amended
in 2018;
Law on the Protection of the Rights and Interests of Consumers
(1993), as lately amended in 2013, or the
Consumers
Protection Law
; and the
PRC Civil Code
.
Under
the
PRC Product Quality Law
, producers and vendors of defective products may incur liability for losses and injuries caused by
such products. There are three circumstances under which producers or vendors can have immunity from the defective product liability:
1) the defective products are never put into the market; 2) the products defect which caused the damages did not exist when the products
were put into the market; 3) the exam techniques and skills were not able to find out the defects when the products were put into the
market. So far, our product quality is in conformity with the national requirements and we have passed the regulatory agency's
examination and also successfully obtained the certificates of GB/T 199001-2016/ISO 9001:2015, GB/T 22000-2006/ISO 22000:2005, ISO 9001:2008/GB/T
19001-2008 system.
Under
the
PRC Civil Code
, manufacturers or retailers of defective products that cause property damage or physical injury to any person
will be subject to civil liability. The
Consumers Protection Law
was enacted to protect the legitimate rights and interests of
end-users and consumers and to strengthen the supervision and control of the quality of products.
Under
the
PRC Civil Code
, a customer who suffers injury from a defective product can claim damages from either the manufacturer or vendor
of the defective product. And, where personal injury is caused by tort, the tortfeasor shall compensate the victim for the reasonable
costs and expenses for treatment and rehabilitation, as well as death compensation and funeral costs and expenses if it causes the death
of the victim. There is no cap on monetary damages the plaintiffs may seek under the
PRC Civil Code
.
Regulations
Relating to Environmental Protection
Pursuant
to the
PRC Law on Environment Impact Assessment
promulgated in 2002, most recently amended in 2018, and the
Administrative
Regulations on the Environmental Protection of Construction Projects
promulgated in 1998, most recently amended in 2017, each construction
project is required to undergo an environmental impact assessment, and an environmental impact assessment report, an assessment form,
or a registration form shall be filed with or approved by the relevant governmental authorities before the commencement of construction.
In the event that there is a material change in respect of the construction site, scale, nature, the production techniques employed,
or the measures adopted for preventing pollution and preventing ecological damage of a given project, a new environmental impact assessment
document shall be filed with or approved by the relevant governmental authorities. Moreover, in accordance with the
Interim Measure
on the Environmental Protection Completion Acceptance of Construction Projects
promulgated in 2017, after the completion of a construction
project, the construction entity is required to conduct acceptance check of the constructed supporting environmental protection facilities
and deliver an acceptance report. Failure to comply with the above-mentioned regulations may subject an enterprise to fines, suspension
of the construction, and other administrative liabilities and even criminal liabilities under severe circumstances.
71
Regulations
Relating to Intellectual Property Rights
The
PRC government has adopted comprehensive legislation governing intellectual property rights, including copyrights, patents, trademarks,
and domain names.
Copyright.
Copyright in China, including copyrighted software, is principally protected under the
PRC Copyright Law,
promulgated
by Standing Committee of NPC in September 1990 and most recently amended in November 2020 and its implementation rules. Under the
PRC
Copyright Law
, the term of protection for copyrighted software of legal persons is 50 years and ends on December 31 of the 50
th
year from the date of first publishing of the software.
Patent.
The
PRC Patent Law
, promulgated by Standing Committee of NPC in March 1984 and most recently amended in October 2020,
provides for patentable inventions, utility models, and designs, which must meet three conditions: novelty, inventiveness, and practical
applicability. The State Intellectual Property Office under the State Council is responsible for examining and approving patent applications.
The protection period of a patent right is 10 years for utility models and designs and 20 years for inventions from the date of application.
Trademark.
The
PRC Trademark Law
, promulgated by the Standing Committee of NPC in August 1982 and most recently amended in April
2019 and its implementation rules protect registered trademarks. The PRC Trademark Office of State Administration of Industry and Commerce
is responsible for the registration and administration of trademarks throughout China. The
PRC Trademark Law
has adopted a "first-to-file"
principle with respect to trademark registration. Where registration is sought for a trademark that is identical or similar to another
trademark that has already registered or given preliminary examination and approval for use in the same or similar category of commodities
or services, the application for registration of such trademark may be rejected. Trademark registration is effective for a ten-year period
from the date of approval of the trademark application unless otherwise revoked, which may be renewed for another ten years provided
relevant application procedures have been completed within twelve months before the end of the validity period.
Domain
Name.
Domain names are protected under the
Administrative Measures on the Internet Domain Names
promulgated by the MIIT
in August 2017. The MITT is the major regulatory body responsible for the administration of the PRC internet domain names, under supervision
of which the China Internet Network Information Center is responsible for the daily administration of ".cn" domain names
and the Chinese domain names. Domain name registration is handled through domain name service agencies established under the relevant
regulations, and applicants become domain name holders upon successful registration. We have registered http://en.appchem.cn, http://www.bnlus.com
and other domain names.
72
Regulations
Relating to Employment
Pursuant
to the
PRC Labor Law
, promulgated by the Standing Committee of NPC in July 1994 and most recently amended in December 2018, and
the
PRC Labor Contract Law
, promulgated by the Standing Committee of NPC in June 2007 and amended in December 2012, employers
must execute written labor contracts with full-time employees. If an employer fails to enter into a written employment contract with
an employee within one year from the date on which the employment relationship is established, the employer must rectify the situation
by entering into a written employment contract with the employee and pay the employee twice the employee's salary for the period
from the day following the lapse of one month from the date of establishment of the employment relationship to the day prior to the execution
of the written employment contract. All employers must comply with local minimum wage standards. Violation of the
PRC Labor Law
and the
PRC Labor Contract Law
may result in the imposition of fines and other administrative and criminal liability in the case
of a serious violation.
In
December 2012, the
PRC Labor Contract Law
was amended to impose more stringent requirements on the use of employees of temp agencies,
who are known in China as "dispatched workers". Dispatched workers are entitled to equal pay with full-time employees for
equal work. Employers are only allowed to use dispatched workers for temporary, auxiliary, or substitutive positions, and the number
of dispatched workers may not exceed 10% of the total number of employees. As of the date hereof, our consolidated subsidiaries did not
use dispatched workers.
Enterprises
in China are required by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds,
namely a pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan, and a maternity
insurance plan, and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries,
including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate
their businesses or where they are located. According to the
PRC Social Insurance Law
(amended in 2018), an employer that fails
to make social insurance contributions may be ordered to rectify the non-compliance and pay the required contributions within a stipulated
deadline and be subject to a late fee of up to 0.05% of the unpaid amount per day, as the case may be. If the employer still fails to
rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one
to three times the amount overdue. According to the
Regulations on Management of Housing Fund
employers must not suspend or reduce
the payment of housing provident funds for their employees. Under the circumstances where financial difficulties indeed exist due to
which an employer is unable to pay or pay up housing provident funds, the permission of the labor union of the employer and the approval
of the local housing provident funds commission must first be obtained before the employer can suspend or reduce their payment of housing
provident funds. Where an employer does not open accounts of housing provident funds for its employees, the relevant authorities have
the power to order such employer to do so within a prescribed period, failure of which can result in a fine of over RMB 10,000 and up
to RMB 50,000 charged on the employer. An enterprise that fails to make housing fund contributions may be ordered to rectify the noncompliance
and pay the required contributions within a stipulated deadline; otherwise, an application may be made to a local court for compulsory
enforcement.
73
Regulations
Relating to Foreign Exchange
The
principal regulations governing foreign currency exchange in China are the
Foreign Exchange Administration Regulations
, most recently
amended in August 2008. Payments of current account items, such as profit distributions and trade and service-related foreign exchange
transactions, can usually be made in foreign currencies without prior approval from the SAFE, by complying with certain procedural requirements.
By contrast, approval from or registration with appropriate governmental authorities is required where the Renminbi is to be converted
into foreign currency and remitted out of China to pay capital expenses such as the repayment of foreign currency-denominated loans,
direct investments, repatriation of investments and investments in securities outside of China.
On
March 30, 2015, SAFE issued the Circular of the State Administration of Foreign Exchange on Reforming the Management Approach regarding
the Settlement of Foreign Exchange Capital of Foreign-invested Enterprises, or SAFE Circular 19, most recently amended in December 2019.
Pursuant to SAFE Circular 19, the foreign exchange capital of foreign-invested enterprises is subject to the discretional foreign exchange
settlement, which means the foreign exchange capital in the capital account of foreign-invested enterprises upon the confirmation of
rights and interests of monetary contribution by the local foreign exchange bureau (or the book-entry registration of monetary contribution
by the banks) may be settled at the banks based on the actual operational needs of the enterprises. The proportion of discretionary settlement
of foreign exchange capital of foreign-invested enterprises is currently 100%. SAFE can adjust such proportion in due time based on the
circumstances of the international balance of payments.
SAFE
promulgated the Circular of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement
Management Policy of Capital Account, or SAFE Circular 16, effective June 2016, which reiterates some of the rules set forth in SAFE
Circular 19. SAFE Circular 16 provides that discretionary foreign exchange settlement applies to foreign exchange capital, foreign debt
offering proceeds and remitted foreign listing proceeds, and the corresponding RMB capital converted from the foreign exchange may be
used to extend loans to related parties or repay inter-company loans (including advances by third parties). However, there are substantial
uncertainties with respect to SAFE Circular 16's interpretation and implementation in practice. SAFE Circular 19 and SAFE Circular
16 may delay or limit us from using the proceeds of offshore offerings to make additional capital contributions to our PRC subsidiary
and any violations of these circulars could result in severe monetary or other penalties.
In
January 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance
of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine by reviewing
board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements, and (ii) domestic
entities must retain income to account for previous years' losses before remitting any profits. Moreover, pursuant to SAFE Circular
3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts,
and other proof as a part of the registration procedure for outbound investment.
On
October 23, 2019, SAFE issued Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border
Trade and Investment, or SAFE Circular 28, which took effect on the same day. SAFE Circular 28 allows non-investment foreign-invested
enterprises to use their capital funds to make equity investments in China, provided that such investments do not violate the N
egative
List and the target investment projects are genuine and in compliance with laws. Since
SAFE
Circular
28 was issued only recently, its interpretation and implementation in practice are still subject to substantial uncertainties.
74
Regulations
on Dividend Distribution
According
to
PRC Company Law
, wholly foreign-owned companies in China may pay dividends only out of their accumulated profits as determined
in accordance with PRC accounting standards and regulations. In addition, wholly foreign-owned companies are required to set aside at
least 10% of their after-tax profits each year, if any, to fund a statutory reserve fund until the accumulative amount of such fund reaches
50% of its registered capital. Although the statutory reserves can be used, among other ways, to increase the registered capital and
eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends
except in the event of a liquidation. At the discretion of the wholly foreign-owned companies, they may allocate a portion of their after-tax
profits based on PRC accounting standards to staff welfare and bonus funds. These reserve funds and staff welfare and bonus funds are
not distributable as cash dividends.
Regulations
on Offshore Financing
SAFE
promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore Investment and
Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, on July 4, 2014, which replaced the former
circular commonly known as SAFE Circular 75. SAFE Circular 37 requires PRC residents to register with local branches of SAFE in connection
with their direct establishment or indirect control of an offshore entity, for the purpose of overseas investment and financing, with
such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore assets or interests, referred
to in SAFE Circular 37 as a "special purpose vehicle". SAFE Circular 37 further requires an amendment to the registration
in the event of any significant changes with respect to the special purpose vehicle, such as increase or decrease of capital contributed
by PRC individuals, share transfer or exchange, merger, division, or other material events. In the event that a PRC shareholder holding
interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose
vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign
exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiary.
Furthermore, failure to comply with the various SAFE registration requirements described above could result in liability under PRC law
for the evasion of foreign exchange controls. We have taken steps to notify significant beneficial owners of ordinary shares whom we
know are PRC residents of their filing obligations. However, we may not at all times be fully aware or informed of the identities of
all our shareholders or beneficial owners that are required to make such registrations, and we may not always be able to compel them
to comply with all relevant foreign exchange regulations. As a result, we cannot assure you that all of our shareholders or beneficial
owners who are PRC residents will at all times comply with, or in the future make or obtain any applicable registrations or approvals
required by all relevant foreign exchange regulations.
On
February 13, 2015, SAFE released Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct
Investment-related Foreign Exchange Administration Policies, or SAFE Circular 13, most recently amended in December 2019, under which
local banks will examine and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange
registration and amendment registration, starting from June 1, 2015.
SAFE
Circular 3
stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to
offshore entities, including (i) under the principle of a genuine transaction, banks shall check the board resolutions regarding profit
distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities shall hold income
to account for previous years' losses before remitting the profits. Moreover, pursuant to
SAFE Circular 3
, domestic entities
shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts, and
other proof when completing the registration procedures in connection with an outbound investment.
75
Regulations
Relating to Stock Incentive Plans
According
to the Circular of the State Administration of Foreign Exchange on Issues Relating to the Foreign Exchange Administration for Domestic
Individuals Participating in Stock Incentive Plan of Overseas Listed Company, or the SAFE Circular 7, which was issued on February 15,
2012, and other regulations, directors, supervisors, senior management and other employees participating in any share incentive plan
of an overseas publicly-listed company who are PRC citizens or non-PRC citizens residing in China for a continuous period of not less
than one year, subject to certain exceptions, are required to register with the SAFE. All such participants need to authorize a qualified
PRC agent, such as a PRC subsidiary of the overseas publicly-listed company to register with the SAFE and handle foreign exchange matters
such as opening accounts, transferring, and settlement of the relevant proceeds. The SAFE Circular 7 further require an offshore agent
to be designated to handle matters in connection with the exercise of share options and sales of proceeds for the participants of the
share incentive plans. Failure to complete the said SAFE registrations may subject our participating directors, supervisors, senior management,
and other employees to fines and legal sanctions.
In
addition, the SAT, has issued certain circulars concerning employee stock options and restricted shares. Under these circulars, employees
working in the PRC who exercise stock options or are granted restricted shares will be subject to PRC individual income tax. The PRC
subsidiaries of an overseas listed company are required to file documents related to employee stock options and restricted shares with
relevant tax authorities and to withhold individual income taxes of employees who exercise their stock option or purchase restricted
shares. If the employees fail to pay or the PRC subsidiaries fail to withhold income tax in accordance with relevant laws and regulations,
the PRC subsidiaries may face sanctions imposed by the tax authorities or other PRC governmental authorities.
Regulations
Relating to Tax
Dividend
Withholding Tax
Pursuant
to the
PRC Enterprise Income Tax Law
and its implementation rules, if a non-resident enterprise has not set up an organization
or establishment in China, or has set up an organization or establishment but the income derived has no actual connection with such organization
or establishment, it will be subject to a withholding tax on its PRC-sourced income at a rate of 10%. Pursuant to the
Arrangement
between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income
,
the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise is reduced to 5% from a
standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the
Circular of the
State Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements
, or
SAT Circular
81
, a Hong Kong resident enterprise must meet the following conditions, among others, in order to enjoy the reduced withholding tax:
(i) it must directly own the required percentage of equity interests and voting rights in the PRC resident enterprise; and (ii) it must
have directly owned such percentage in the PRC resident enterprise throughout the 12 months prior to receiving the dividends. Furthermore,
the
Bulletin of the State Taxation Administration on Issuing the Administrative Measures for Entitlement to Treaty Benefits for Non-resident
Taxpayers
, which became effective in January 2020, requires that where non-resident taxpayers judge by themselves that they meet
the conditions for entitlement to treaty benefits, they may obtain such entitlement themselves at the time of making tax declarations,
or at the time of making withholding declarations via withholding agents. At the same time, they shall collect, gather, and retain relevant
materials for future reference in accordance with the provisions of these measures, and shall accept the follow-up administration of
tax authorities. Accordingly, our direct subsidiary, Tea Essence Limited (Hong Kong), may be able to enjoy the 5% withholding tax rate
for the dividends they receive from Xi'an CMIT or Xi'an Youpincui, if it satisfies the conditions prescribed under
SAT
Circular 81
and other relevant tax rules and regulations. However, according to
SAT Circular 81
, if the relevant tax authorities
consider the transactions or arrangements we have are for the primary purpose of enjoying a favorable tax treatment, the relevant tax
authorities may adjust the favorable withholding tax in the future. Additionally, the
Announcement of the State Administration of
Taxation on Issues concerning "Beneficial Owners" in Tax Treaties
, promulgated by the SAT on February 3, 2018, and took
effect on April 1, 2018, further clarified the analysis standard when determining one's qualification for beneficial owner status.
76
Enterprise
Income Tax
The
principal regulations governing enterprise income tax in China are the
PRC Enterprise Income Tax Law
and its implementing rules,
which became effective on January 1, 2008, most recently amended in December 2018. Under the
PRC Enterprise Income Tax Law
, enterprises
are classified as resident enterprises and non-resident enterprises. PRC resident enterprises typically pay an enterprise income tax
at the rate of 25%. Uncertainties exist with respect to how the
PRC Enterprise Income Tax Law
applies to the tax residence status
of Bon Natural Life Limited and our offshore subsidiaries.
Under
the
PRC Enterprise Income Tax Law
, an enterprise established outside China with its "de facto management bodies" located
within China is considered a "resident enterprise", meaning that it is treated in a manner similar to a PRC domestic enterprise
for enterprise income tax purposes. The implementing rules of the
PRC Enterprise Income Tax Law
define the "de facto management
body" as a managing body that in practice exercises "substantial and overall management and control over the production and
operations, personnel, accounting, and properties" of the enterprise.
The
SAT issued the Circular of the State Administration of Taxation on Issues Concerning the Identification of Chinese-controlled Overseas
Registered Enterprises as Resident Enterprises in accordance with the Actual Standards of Organizational Management, or SAT Circular
82, in 2009, and most recently amended in December 2017. According to SAT Circular 82, a Chinese-controlled offshore incorporated enterprise
will be regarded as a PRC tax resident by virtue of having a "de facto management body" in China and will be subject to PRC
enterprise income tax on its worldwide income only if all of the following criteria are met: (a) the places where the senior management
and senior management departments responsible for the daily production, operation and management of the enterprise perform their duties
are mainly located within the territory of China; (b) decisions relating to the enterprise's financial matters (such as money borrowing,
lending, financing and financial risk management) and human resource matters (such as appointment, dismissal and salary and wages) are
made or are subject to approval by organizations or personnel in China; (c) the enterprise's primary assets, accounting books and
records, company seals, and board and shareholders meeting minutes are located or maintained in China, and (d) 50% or more of voting
board members or senior executives habitually reside in China. In addition, the SAT issued the Bulletin of the State Administration of
Taxation on Printing and Distributing the Administrative Measures for Income Tax on Chinese-controlled Resident Enterprises Incorporated
Overseas (Trial Implementation) in 2011, most recently amended in June 2018, providing more guidance on the implementation of SAT Circular
82. This bulletin clarifies matters including resident status determination, post determination administration, and competent tax authorities.
In January 2014, the SAT issued the Bulletin of the State Administration of Taxation on Issues concerning the Determination of Resident
Enterprises Based on the Standards of Actual Management Institutions, or SAT Bulletin 9. According to SAT Bulletin 9, a Chinese-controlled
offshore incorporated enterprise that satisfies the conditions prescribed under the SAT Circular 82 for being recognized as a PRC tax
resident must apply for being recognized as a PRC tax resident to the competent tax authority at the place of registration of its main
investor within the territory of China.
77
We
do not believe that we meet all of the conditions outlined in the immediately preceding paragraph. We believe that Bon Natural Life Limited
and our offshore subsidiaries should not be treated as a "resident enterprise" for PRC tax purposes if the criteria for "de
facto management body" as set forth in
SAT Circular 82
were deemed applicable to us. However, as the tax residency status
of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of
the term "de facto management body" as applicable to our offshore entities, we may be treated as a resident enterprise for
PRC tax purposes under the
PRC Enterprise Income Tax Law,
and we may, therefore, be subject to PRC income tax on our global income.
We are actively monitoring the possibility of "resident enterprise" treatment for the applicable tax years and are evaluating
appropriate organizational changes to avoid this treatment, to the extent possible.
In
the event that Bon Natural Life Limited or any of our offshore subsidiaries is considered to be a PRC resident enterprise: Bon Natural
Life Limited or our offshore subsidiaries, as the case may be, may be subject to the PRC enterprise income tax at the rate of 25% on
our worldwide taxable income; dividend income that Bon Natural Life Limited or our offshore subsidiaries, as the case may be, received
from our PRC subsidiaries may be exempt from the PRC withholding tax; and interest paid to our overseas shareholders or Shares holders
who are non-PRC resident enterprises as well as gains realized by such shareholders or Shares holders from the transfer of our shares
or Shares may be regarded as PRC-sourced income and as a result be subject to PRC withholding tax at a rate of up to 10%, subject to
any reduction or exemption set forth in relevant tax treaties, and similarly, dividends paid to our overseas shareholders or Shares holders
who are non-PRC resident individuals, as well as gains realized by such shareholders or Shares holders from the transfer of our shares
or Shares, may be regarded as PRC-sourced income and as a result be subject to PRC withholding tax at a rate of 20%, subject to any reduction
or exemption set forth in relevant tax treaties. "Risk Factor—Risks Related to Doing Business in China—If we are classified
as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and
our non-PRC shareholders or Shares holders."
SAT
issued Bulletin of the State Administration of Taxation on Several Issues concerning the Enterprise Income Tax on the Indirect Transfers
of Properties by Non-Resident Enterprises, or SAT Bulletin 7, on February 3, 2015, which replaced or supplemented certain previous rules
under the Circular of the State Administration of Taxation on Strengthening the Administration of Enterprise Income Tax on Incomes from
Equity Transfers of Non-Resident Enterprises, or SAT Circular 698. Under SAT Bulletin 7, an "indirect transfer" of assets,
including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct
transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose
of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise
income tax. According to SAT Bulletin 7, "PRC taxable assets" include assets attributed to an establishment in China, immovable
properties in China, and equity investments in PRC resident enterprises. In respect of an indirect offshore transfer of assets of a PRC
establishment, the relevant gain is to be regarded as effectively connected with the PRC establishment and therefore included in its
enterprise income tax filing, and would consequently be subject to PRC enterprise income tax at a rate of 25%. Where the underlying transfer
relates to the immovable properties in China or to equity investments in a PRC resident enterprise, which is not effectively connected
to a PRC establishment of a non-resident enterprise, a PRC enterprise income tax at 10% would apply, subject to available preferential
tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments has
the withholding obligation. There is uncertainty as to the implementation details of SAT Bulletin 7. If SAT Bulletin 7 was determined
by the tax authorities to be applicable to some of our transactions involving PRC taxable assets, our offshore subsidiaries conducting
the relevant transactions might be required to spend valuable resources to comply with SAT Bulletin 7 or to establish that the relevant
transactions should not be taxed under SAT Bulletin 7.
78
On
October 17, 2017, the SAT issued the Bulletin of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident
Enterprise Income Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies
the practice and procedure of the withholding of nonresident enterprise income tax.
Where
the payers fail to withhold any or sufficient tax, the non-PRC residents, as the transferors, are required to declare and pay such taxes
to the tax authorities on their own within the statutory time limit. Failure to comply with the tax payment obligations by the non-PRC
residents will result in penalties, including full payment of taxes owed, fines ranging from fifty percent to five times the amount of
unpaid or underpaid tax, and default interest on those taxes.
Enterprises
that are recognized as high and new technology enterprises in accordance with the
Administrative Measures for the Determination of
High and New Tech Enterprises
issued by the Ministry of Science, or the MOF, and the SAT are entitled to enjoy a preferential enterprise
income tax rate of 15%. Under which the validity period of the high and new technology enterprise qualification shall be three years
from the date of issuance of the certificate. An enterprise can re-apply for such recognition as a high and new technology enterprise
before or after the previous certificate expires.
PRC
Value-Added Tax
Pursuant
to the
Interim Regulations on Value-Added Tax of the PRC
, which was promulgated by the State Council on December 13, 1993, most
recently amended on November 19, 2017, and the
Implementation Rules for the Interim Regulations on Value-Added Tax of the PRC
,
which was promulgated by the MOF, and SAT on December25,1993, and became effective on January 1, 2009, and as amended on October 28,
2011, any entity or individual conducting product sales is required to pay a value-added tax, or VAT, on the gross sales price of goods.
VAT rates range up to 17%, depending on the type of products sold. On March 21, 2019, MOF, SAT and the General Administration of Customs
jointly promulgated the
Announcement on Relevant Policies for Deepening Value-Added Tax Reform
, which became effective on April
1, 2019 and provides that (i) with respect to VAT taxable sales acts or import of goods originally subject to VAT rates of 16% and 10%
respectively, such tax rates shall be adjusted to 13% and 9%, respectively; (ii) with respect to purchase of agricultural products originally
subject to tax rate of 10%, such tax rate shall be adjusted to 9%; (iii) with respect to purchase of agricultural products for the purpose
of production or consigned processing of goods subject to tax rate of 13%, such tax shall be calculated at the tax rate of 10%; (iv)
with respect to export of goods and services originally subject to tax rate of 16% and export tax refund rate of 16%, the export tax
refund rate shall be adjusted to 13%; and (v) with respect to export of goods and cross-border taxable acts originally subject to tax
rate of 10% and export tax refund rate of 10%, the export tax refund rate shall be adjusted to 9%. 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.
Regulations
Relating to Overseas Listing and M&A
On
August 8, 2006, six PRC regulatory agencies, including the China Securities Regulatory Commission, or the CSRC, promulgated the
Rules
on the Merger and Acquisition of Domestic Enterprises by Foreign Investors
, or the
M&A Rules
, which became effective on
September 8, 2006, and were amended on June 22, 2009. The
M&A Rules
, among other things, require offshore special purpose
vehicles formed for overseas listing purposes through acquisitions of PRC domestic companies and controlled by PRC domestic enterprises
or individuals to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle's securities
on an overseas stock exchange. In September 2006, the CSRC published on its official website procedures regarding its approval of overseas
listings by special purpose vehicles. The CSRC approval procedures require the filing of a number of documents with the CSRC. Although
the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like our recent IPO are subject
to the
M&A Rules
, the interpretation, and application of the regulations remain unclear, and any future offerings may ultimately
require approval from the CSRC. If CSRC approval is required, it is uncertain whether it would be possible for us to obtain the approval
and any failure to obtain or delay in obtaining CSRC approval for a future securities offering would subject us to sanctions imposed
by the CSRC and other PRC regulatory agencies.
79
The
M&A Rules
and other regulations and rules concerning mergers and acquisitions established additional procedures and requirements
that could make merger and acquisition activities by foreign investors more time-consuming and complex. For example, the
M&A Rules
require that MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC
domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that impact or may impact national
economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which holds a famous trademark
or PRC time-honored brand.
In
addition, according to the
Notice on Establishing the Security Review System for Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors
issued by the General Office of the State Council on February 3, 2011, and which became effective on March 4,
2011, the
Rules on Implementation of Security Review System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors
issued by MOFCOM on August 25, 2011, and which became effective on September 1, 2011, the
Measures for the Security Review of
Foreign Investments
issued by MOFCOM and NDRC on December 19, 2020, which became Effective on January 18, 2021, mergers and acquisitions
by foreign investors that raise "national defense and security" concerns and mergers and acquisitions through which foreign
investors may acquire de facto control over domestic enterprises that raise "national security" concerns are subject to strict
review by MOFCOM, and the regulations prohibit any activities attempting to bypass such security review, including by structuring the
transaction through a proxy or contractual control arrangement.
C.
Organizational Structure
We
commenced our natural products and ingredients business through Xi'an App-Chem Bio(Tech) Co., Ltd. ("Xi'an App-Chem"),
a corporation formed in the People's Republic of China in April of 2006. On April 23, 2006, Xi'an App-Chem received its Business
License (Registration No.: 6101012116403) from the Xi'an Administration for Industry and Commerce.
On
December 11, 2019, Bon Natural Life Limited was incorporated under the laws of the Cayman Islands as our offshore holding company to
facilitate financing and offshore listing. Bon Natural Life Limited subsequently established a Wholly Foreign-Owned Enterprise ("WFOE")
in PRC China, Xi'an CMIT Information and Technology Co., Ltd. ("Xi'an CMIT"). Xi'an CMIT is wholly owned
by our direct subsidiary in Hong Kong, Tea Essence. Due to PRC legal restrictions on foreign ownership in companies that engage in online
sales China, we originally carried out our business through Xi'an App-Chem, a domestic PRC company, through a variable interest
entity structure. Effective November 1, 2021, however, we reorganized our corporate structure in the PRC and are now the indirect sole
shareholder of Xi'an App-Chem. Xi'an App-Chem is wholly-owned by two WFOE's Xi'an CMIT and Xi'an Youpincui.
Each of the WFOEs are in turn wholly-owned by Tea Essence, our direct wholly-owned subsidiary in Hong Kong. Xi'an App-Chem's
financial results are consolidated into our consolidated financial statements in accordance with U.S. GAAP because we have control over
that entity by way of 100% equity ownership through Tea Essence, and in turn, Xi'an CMIT and Xi'an Youpincui.
80
The
following diagram illustrates our corporate structure as of the date of this Annual Report:
Xi'an
App-Chem's Operating Subsidiaries
The
table below provides a summary of Xi'an App-Chem's operating subsidiaries ("Bon Operating Companies") and their
primary business functions as of the date of this Annual Report:
Name of Entity
Date of Incorporation
Place of Incorporation
% of Ownership
Principal Activities
Bon Natural Life
December 11, 2019
Cayman Islands
Parent, 100%
Investment holding
Bon Natural Life U.S.A.
February 07, 2023
U.S.A.
100%
Investment holding
Tea Essence
January 9, 2020
Hong Kong
100%
Investment holding
Xi'an CMIT
April 9, 2020
Xi'an City, PRC
100%
WFOE, Investment holding
Xi'an Youpincui
September 8, 2021
Xi'an City, PRC
100%
WFOE, Investment holding
PRC Subsidiaries:
Xi'an App- Chem Bio
    (Tech)
April 23, 2006
Xi'an City, PRC
100% owned by WFOEs
General administration and
    sales of the Company's products to customers
Xi'an YH
September 15, 2009
Xi'an City, PRC
91% owned by Xi'an CMIT,
    9% owned by Xi'an App-Chem
Research and development of
    product
81
Bon Operating
    Companies (owned by Xi'an App-Chem)
App-Chem Health
April 17, 2006
Tongchuan City, PRC
100% owned by Xi'an
    App-Chem
Registered owner of land with
    an area of 12,904.5 square meters, no other business activities
App-Chem Ag-tech
April 19, 2013
Dali County, PRC
100% owned by Xi'an
    App-Chem
Product manufacturing
App-Chem Guangzhou
April 27, 2018
Guangzhou City, PRC
100% owned by Xi'an
    App-Chem
Raw material purchase
Tongchuan DT
May 22, 2017
Tongchuan City, PRC
100% owned by Xi'an
    App-Chem
Product manufacturing
Xi'an DT
April 24, 2015
Xi'an City, PRC
75% owned by Xi'an App-Chem
Research and development of
    product
Tianjin YHX
September 16, 2019
Tianjin City, PRC
51% owned by Xi'an App-Chem
Raw material purchase
Gansu BMK
March 11, 2020
Jiuquan City, PRC
100% owned by Xi'an
    App-Chem
Product manufacturing
Bozhou DT
March 9, 2023
Bozhou
    City,
PRC
100% owned by Xi'an
    App-Chem
Product manufacturing
D.
Property, Plants and Equipment
Property,
Plants, and Equipment
Our
current property and equipment consist of buildings, machinery, vehicles, and construction in progress with a total net book value of
$21,064,043 and $21,624,437 as of September 30, 2023 and 2022, respectively. Xi'an App-Chem has three facilities, two of which
is in operation, and the other one is under construction:
82
Weinan
Raw Materials and Ingredients Production Site
This
site, located in Xuzhuang Industrial Park, Dali County, Weinan, Shaanxi, occupies an area of 30 mu, or approximately 5 acres (1 mu=0.165
acre) and a building area of 11,000 m
2
, or 118,403 square feet. It is rented by the Company at RMB 12,500 or $1,920 per month.
It is equipped with a plant extract workshop (which has 4 sets of extraction equipment consisting of 6 m
3
or 212 cubic feet
multifunctional extraction tanks, 3 sets of concentration equipment, 14 sets of separation equipment and 23 sets of storage and transport
equipment), a refining, drying, and packing workshop (2 sets of spray and drying towers, 6 sets of drying equipment, 2 sets of crushing
equipment and over 20 other related equipment), a spices refinement workshop (70 sets of various production equipment with volume from
2000L to 5000L, 1 set of molecular distillation equipment, 1 set of water treatment equipment, 1 set of ash treatment equipment and 15
sets of refrigeration and pressure equipment). This facility mainly manufactures products in our clary sage series, apple polyphenols
series, and stachyose products.
Tongchuan
Functional Health Business Production Site
This
site, located at the intersection of Datang Third Road and Changhong South Road, Southern Industrial Park, New Downtown District, Tongchuan,
Shaanxi, covers an area of 24.8 mu or approximately 4.1 acres (1 mu=0.165 acre) and a construction area of 13,500 m
2
or approximately
145,313 square feet. The construction of Tongchuan Project was fully completed and put into
production in December 2022 and it's equipped with 3 disinfection production lines, 2 production lines of powder
drinks and pressed candies, 3 paste production lines, 2 production lines of special diets and 1 research and development center, quality
inspection center, product exhibition center and a comprehensive office area. After completion, the value of this new plant's total
output is expected to reach up $150 million per year. The Company has obtained a long-term land use certificate for this site. No additional expenditures or other conditions are required
to maintain the sustainable land use right.
Yumen
Plant
On
May 10, 2021, we acquired a land use right of 8.2 acres at cost of $267,000, through a government organized auction bidding in Yumen
City, Gansu Province of China. We have the right to use this land for 50 years until to May 9, 2071. We have started construction on
a new manufacturing facility for raw materials and ingredients on this land. Total budget for construction of this new manufacturing
plant is around $5.6 million. The construction of Yumen Project was initially expected to be completed by October 2022. Due to resurgence
of the COVID-19 pandemic, which resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines
and travel bans, the construction work is estimated to be completed in December 2024. Management expects the remaining required expenditures
to be funded through the Company's operational cash flows and bank borrowings, if necessary.
83
ITEM 4A.
UNRESOLVED STAFF COMMENTS
Not
applicable.
ITEM 5.
OPERATING AND FINANCIAL
    REVIEW AND PROSPECTS
A.
Operating Results
Key
Financial Performance Indicators
In
assessing our financial performance, we consider a variety of financial performance measures, including principal growth in net revenue
and gross profit, our ability to control costs and operating expenses to improve our operating efficiency and net income. Our review
of these indicators facilitates timely evaluation of the performance of our business and effective communication of results and key decisions,
allowing our business to respond promptly to competitive market conditions and different demands and preferences from our customers.
The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under
"Results of Operations":
Net
Revenue
Our
net revenue is driven by changes in the number of customers, sales volume, selling price, and mix of products sold. Our products are
sold with no right of return and we do not provide other credits or sales incentive to customers.
We
sell our products to our customers in three broad product categories: fragrance compounds, health supplemental powder drinks and bioactive
food ingredients, which accounted for 48.5%, 29.5% and 22.0% of our total revenue for the year ended September 30, 2023, 45.8%, 23.9%
and 30.3% of our total revenue for the year ended September 30, 2022, and accounted for 50.0%, 26.1% and 23.9% of our total revenue for
the year ended September 30, 2021, respectively.
Sales
volumes of all of our production, namely fragrance compounds, health supplemental powder drink and bioactive food ingredients increased
by 43.8%, 31.0% and 110.7%, respectively, for the year ended September 30, 2023 as compared to the same period of 2022 due to strong
customer demand and widen products offerings. However, average selling prices of our fragrance compounds and bioactive food ingredients
decreased by 21.8%, and 63.3%, respectively, for the year ended September 30, 2023 as compared to the same period of 2022 as a result
of our adjusted pricing strategy in response to increased raw material purchase costs and market change. The total number of customers
were 126 and 142 customers for the years ended September 30, 2023 and 2022, respectively, a decrease of 16 or 11.3% as a result of business
environment in the PRC. As a result of these change in product mix, change in sales volume, changes in average selling price and exchange
rates, our total revenue decreased by 1.3% for the year ended September 30, 2023 as compared to the same period of 2022.
84
Sales
volumes of our health supplemental powder drinks and bioactive food ingredients increased by 1.0% and 27.3% for the year ended September
30, 2022 as compared to the same period of 2021 due to strong customer demand and increased customer number. However, sales volume of
our fragrance compounds decreased by 15.1% because of shortage of material supply caused by abnormal wet weather, and disruption of logistics
caused by COVID-19 pandemic resurgence in early 2022. Average selling prices of our fragrance compounds, health supplemental powder drinks
and bioactive food ingredients increased by 27.5%, 7.0% and 17.4%, respectively, for the year ended September 30, 2022 as compared to
the same period of 2021 as a result of our adjusted pricing strategy in response to increased raw material purchase costs and market
change. The total number of customers were 142 and 132 customers for the years ended September 30, 2022 and 2021, respectively, increased
by 10 or 9.1% as a result of our marketing efforts. As a result of these changes in product mix, change in sales volume, changes in average
selling price and changes in number of customers, our total revenue increased by 17.3% for the year ended September 30, 2022 as compared
to the same period of 2021.
Gross
Profit
Gross
profit is equal to net revenue minus cost of goods sold. Cost of goods sold primarily includes inventory costs (raw materials, labor,
packaging cost, depreciation and amortization, third-party products purchase price, freight costs and overhead). Cost of goods sold generally
changes as our production costs change, as these are affected by factors including the market price of raw materials, labor productivity,
and in changes to the customer and product mix. Our cost of revenues accounted for 70.1%, 68.5% and 72.1% of our total revenue for the
fiscal year 2023, 2022 and 2021, respectively.
Our
gross margin was 29.9% for the year ended September 30, 2023, a decrease by 1.6% from gross margin of 31.5% for the year ended September
30, 2022 due to changes in product mix, and increase in selling price as a result of our adjusted pricing strategy in response to increased
raw material purchase costs and market change.
Our
gross margin was 31.5% for the year ended September 30, 2022, an increase by 3.6% from gross margin of 27.9% for the year ended September
30, 2021 due to changes in product mix, and increase in selling price as a result of our adjusted pricing strategy in response to increased
raw material purchase costs and market change.
Operating
Expenses
Our
operating expenses consist of selling expenses, general and administrative expenses and research and development expenses.
Our
selling expenses primarily include salary and welfare benefit expenses paid to our sales personnel, advertising expenses to increase
the awareness of our brand, shipping ad delivery expenses, expenses incurred for our business travel, meals and other sales promotion
and marketing activities related expenses. Our selling expenses accounted for 1.0%, 0.7% and 0.5% of our total revenue for the years
ended September 30, 2023, 2022 and 2021, respectively. We expect our selling expenses, including, but not limited to, salaries and advertising
expenses, to continue to increase in the foreseeable future, as we plan to put more marketing effort to acquire new client and promote
our sales.
85
Our
general and administrative expenses primarily consist of employee salaries, welfare and insurance expenses, depreciation, bad debt reserve
expenses, inspection and maintenance expenses, office supply and utility expenses, business travel and meals expenses, land and property
taxes and professional service expenses. General and administrative expenses were 7.9%, 7.5% and 5.2% of our revenues for the years ended
September 30, 2023, 2022 and 2021, respectively. We expect our general and administrative expenses, including, but not limited to, salaries
and business consulting expenses, to continue to increase in the foreseeable future, as we plan to hire additional personnel and incur
additional expenses in connection with the expansion of our business operations. We expect our professional fees for legal, audit, and
advisory services to increase as we become a public company since July 2021.
Our
research and development expenses primarily consist of salaries, welfare and insurance expenses paid to our employees involved in the
research and development activities, materials and supplies used in the development and testing of our new products, depreciation, and
other miscellaneous expenses. Research and development expenses were 1.0%, 1.4% and 1.0% of our revenues for the years ended September
30, 2023, 2022 and 2021, respectively. We expect our research and development expenses, including, but not limited to, salaries and material
expenses, to continue to increase in the foreseeable future, as we plan to develop new products and improving our production process.
Comparison
of Results of Operations for the Years Ended September 30, 2023 and 2022
The
following table summarizes the results of our operations during the fiscal years ended September 30, 2023 and 2022, respectively, and
provides information regarding the dollar and percentage increase or (decrease) during such periods.
For the Years Ended September 30,
2023
2022
Variance
Amount
% of revenue
Amount
% of revenue
Amount
%
REVENUE
$
29,522,353
100.0
%
$
29,908,561
100.0
%
(386,208
)
(1.3
)%
COST OF REVENUE
20,682,326
70.1
%
20,484,996
68.5
%
197,330
1.0
%
GROSS PROFIT
8,840,027
29.9
%
9,423,565
31.5
%
(583,538
)
(6.2
)%
OPERATING EXPENSES
Selling expenses
293,719
1.0
%
218,822
0.7
%
74,897
34.2
%
General and administrative expenses
2,329,198
7.9
%
2,239,967
7.5
%
89,231
4.0
%
Research and development expenses
298,469
1.0
%
424,558
1.4
%
(126,089
)
(29.7
)%
Total operating expenses
2,921,386
9.9
%
2,883,347
9.6
%
(38,039
)
1.3
%
INCOME FROM OPERATIONS
5,918,641
20.0
%
6,540,218
21.9
%
(621,577
)
(9.5
)%
OTHER INCOME (EXPENSE)
Interest expense, net
(228,805
)
(0.8
)%
(445,492
)
(1.5
)%
%
Other income, net
(134,856
)
(0.5
)%
1,414,723
4.7
%
%
Total other income (expenses), net
(366,661
)
(1.2
)%
969,231
3.2
%
(1,332,892
)
(137.5
)%
INCOME BEFORE INCOME TAX PROVISION
5,554,980
18.8
%
7,509,449
25.1
%
(1,050,357
)
(27.3
)%
PROVISION FOR INCOME TAXES
1,002,298
3.4
%
1,267,025
4.2
%
(264,727
)
(20.9
)%
NET INCOME
$
4,552,682
15.4
%
$
6,242,424
20.9
%
(1,689,742
)
(27.1
)%
86
Revenues
We
currently produce our products for our customers in three broad product categories: fragrance compounds, health supplemental (powder
drinks) and bioactive food ingredients.
Total
revenues were $29,522,353 in fiscal year 2023, a decrease of $386,208, or approximately 1.3% as compared to $29,908,561 in fiscal year
2022. Specifically, the decrease in revenues was primarily attributable to (i) an decrease in average selling price of fragrance compound,
health supplemental powder drinks and bioactive food ingredients by 27.3%, 7.1% and 65.9%, respectively, as we sold more low price products
during fiscal 2023 ; (ii) the decrease in average price is offset by the increase in sales volume of fragrance compound, health supplemental
powder drinks and bioactive food ingredients by 43.8%, 31.1% and 110.7%, respectively as customers were drawn by the lower price products;
(iii) We sold our products to 126 and 142 customers in fiscal year 2022 and 2021, respectively. In terms of purchase order size, average
purchase order by our customers increased by 11.1% from approximately $210,624 per customer in fiscal year 2022 to approximately $234,304
per customer in fiscal year 2023.
The
following table summarizes the breakdown of revenues by categories for the periods indicated.
Revenues
For the Years Ended September 30,
2023
2022
Change
Change
Amount
%
Amount
%
Amount
%
Fragrance compounds
14,315,810
48.5
%
$
13,710,556
45.8
%
605,254
4.4
%
Health supplements (powder drinks)
8,704,468
29.5
%
7,145,708
23.9
%
1,558,760
21.8
%
Bioactive food ingredients
6,502,075
22.0
%
9,052,297
30.3
%
(2,550,222
)
(28.2
)%
Total Revenue
29,522,353
100
%
$
29,908,561
100.0
%
(386,208
)
(1.3
)%
Revenues
from sales of our fragrance compound products
Our
fragrance compound products primarily include natural compounds extracted from plants for cosmetic applications, such as sclareolide
and ambroxide, a sustainable replacement to ambergris, a secretion by sperm whales.
87
Revenues
from sales of our fragrance compound products increased by 4.4% or $605,254 to $14,315,810 in fiscal year 2023 from $13,710,556 in the
same period of 2022. This increase was attributable to the following: (i) an increase in average purchase order by our customers by 43.8%
in fiscal year 2023 as compared to fiscal year 2022, mainly attributable to the increase sales in our of low-price products (ii) as more
low-price products were sold during the fiscal year of 2023, the average selling price of our fragrance compound products decreased by
21.8% in fiscal year 2023 as compared to fiscal year 2022 (iii) as discussed above, the average unit cost of our fragrance compound products
also decreased by 24.1% in fiscal year 2023 as compared to fiscal year 2022.
Revenues
from sales of our health supplement (powder drinks) products
Our
health supplement (powder drinks) products primarily include Prebiotics series with benefits such as intestine rejuvenation and probiotic
proliferation acceleration.
Revenues
from sales of health supplement (powder drinks) products increased by 21.8% or $1,558,760 to $8,704,468 in fiscal year 2023 from $7,145,708
in the same period of 2022. This increase was attributable to the following: (i) a 31.1% increase in sales volume from 286,026 cases
sold in fiscal year 2022 to 375,035 cases sold in the same period of 2023 due to strong customer demand (ii) the increase in sales volume
affected our average unit cost of health supplement (powder drinks) products in response to increased raw materials purchase price due
to general inflation.
Revenues
from sales of our bioactive food ingredient products
Our
bioactive food ingredient products primarily include fruit juice concentrates and extracts for a variety of health benefits that can't
be sufficiently sourced from daily dietary intakes, such as fruit concentrates, apple polyphenol, rich in anti-oxidant and derived from
apple, milk thistle extracts with benefits to protect liver and lower blood sugar, and phloretin, an anti-oxidant with skin discoloration
effect extracted from leaves and roots of apple, pear and other fruits.
Revenues
from sales of our bioactive food ingredient products decreased by 28.2% or $2,550,222 to $6,502,075 in fiscal year 2023 from $9,052,297
in the same period of 2022. The decrease was mainly attributable to the following: (i) a 63.3% decrease in average selling price for
the fiscal year 2023 as compared to fiscal year 2022, mainly attributable to increased sales of our apple juice extracts. In April and May 2023, frost damage impacted apple production, resulting
in a shortage of small apples. To address this, we procured a significant quantity of large apples. Extracting high-concentration apple
polyphenols from these larger apples posed technical challenges, prompting a shift to producing low-concentration apple polyphenol juice.
Despite meeting some customer needs, the product's lower added value and profit margin significantly contributed to a decline in the overall
revenue (ii) In October 2022, strict pandemic control measures nationwide, prompted
by Xinjiang's pandemic spillover, severely hindered our procurement of key raw materials like bota cabbage for water-soluble thistle sugar.
The shortage of critical ingredients, essential for functional foods like water-soluble thistle sugar and apple polyphenols, significantly
impacted production over the past year, which leasd to a decline in sales revenue.
Cost
of Revenues
Our
cost of revenues primarily consists of inventory costs (raw materials, labor, packaging cost, depreciation and amortization, freight
costs and overhead) and business tax. Cost of revenues generally changes as our production costs change, which are affected by factors
including the market price of raw materials, or labor productivity, and as the customer and product mix changes.
88
Our
cost of revenues increased by $203,142, or 1.0 %, from $20,484,996 in fiscal year 2022 to $20,688,138 in the same period of 2023. The
increase in our cost of revenues was mainly attributable to the following: (i) an increase of 43.8%, 31.1%, and 110.7% in the sales volume
of our fragrance compound products, health supplement products and bioactive food ingredients products, respectively (ii) partially offset
by the decrease of unit cost in our fragrance compound products and bioactive food ingredients products, which decreased by 24.1% and
60.5%, respectively in fiscal year 2023 as compared to fiscal year 2022.
For the Years Ended
September 30,
2023
2022
Change
Amount
Amount
Amount
%
Cost of revenues – Fragrance compound products
$
10,087,289
$
9,954,572
132,717
1.3
%
Cost of revenues – Health supplement (powder drinks)
6,223,508
4,874,409
1,349,099
27.7
%
Cost of revenues – Bioactive food ingredients
4,371,529
5,656,015
(1,284,486
)
(22.7
)%
Total cost of revenues
$
20,682,326
$
20,484,996
197,330
1.0
%
Cost
of Revenues from sales of our fragrance compound products
The
1.4% increase in cost of revenues for our fragrance compound products from $9,954,572 in fiscal year 2022 to $10,087,289 in the same
period of 2023 was mainly attributable to the following: (i) an increase in average purchase order by our customers by 43.8% from 38,284
kilograms sold in fiscal year 2022 to 55,038 kilograms sold in the same period of 2023, mainly attributable to our offering of low-price
products; (ii) the increase was partially offset by the decrease in average unit cost, which decreased by 24.1% in fiscal year 2023 as
compared to fiscal year 2022.
Cost
of Revenues from sales of our health supplement (powder drinks) products
The
27.7% increase in cost of revenues for our health supplement (powder drinks) products from $4,874,409 in fiscal year 2022 to $6,223,508
in the same period of 2023 was mainly attributable to the following: (i) an increase of 31.1% in sales volume from 286,026 cases sold
in fiscal year 2022 to 375,035 cases sold in the same period of 2023 due to strong customer demand (ii) an slight increase of 4.8% in
weighted average unit cost for this product category mainly due to higher raw material purchase costs as affected by general inflation.
89
Cost
of Revenues from sales of our bioactive food ingredient products
The
22.7% decrease in cost of revenues for our bioactive food ingredient products from $5,656,015 in fiscal year 2022 to $5,656,015 in the
same period of 2023, which was mainly attributable to the following: (i) a 60.5% decrease in weighted average unit cost of our bioactive
ingredient products in fiscal year 2023 as compared to fiscal year 2022, mainly attributable to our increased sales in apple juice extracts
with lower unit cost (ii) the decrease is offset by the increase in sales volume, which increased by 110.7% from 154,464 kilograms in
fiscal year 2022 to 325,384 kilograms in the same period of 2023.
Gross
Profit
For the Years Ended
September 30,
2023
2022
Change
Amount
Amount
Amount
%
Gross Profit – Fragrance compound products
$
4,230,768
$
3,755,984
$
472,537
12.6
%
Gross Profit – Health supplement (powder drinks)
2,480,960
2,271,300
209,661
9.2
%
Gross Profit – Bioactive food ingredients
2,130,546
3,396,281
(1,265,736
)
(37.3
)%
Total Gross Profit
$
8,842,274
$
9,423,565
$
(583,538
)
(6.2
)%
Gross Profit Margin
29.9
%
31.5
%
(1.6
)%
Our
gross profit in fiscal year 2023 decreased by $583,538, or 6.2%, to $8,842,274, from $9,423,565 in the same period of 2022. Our gross
margin decreased slightly by 1.6% from 31.5% in fiscal year 2022 to 29.9% in the same period of 2023. The decrease in gross profit was
due to (i) an increase of 43.8% in sales volume of fragrance compound products due to stronger demand and change in sales strategy as
discussed above; (ii) gross profit margin of our fragrance compound products, which increased by 2.1% due to decrease in average unit
cost in response to the product mix change as discussed above.
Gross
profit from sales of our fragrance compound products
Gross
profit of our fragrance compound products increased by $472,537 or 12.6% from $3,755,984 in fiscal year 2022 to $4,230,768 in the same
period of 2023. The increase was primarily attributable to (i) a 43.8% increase in sales volume as more of the low-price products were
sold during the fiscal year 2023 (ii) the increase is partially offset by the decrease of 21.8% of average selling price of our fragrance
compound products as discussed above. As a result of the above, gross margin for our fragrance compound products increased by 2.1 percentage
point from 27.4% in fiscal year 2022, to 29.5% in the same period of 2023.
Gross
profit from sales of our health supplement (powder drinks) products
Gross
profit of our health supplement (powder drinks) products increased by $209,661 or 9.2% from $2,271,300 in fiscal year 2022, to $2,480,960
in the same period of 2023. The increase was primarily attributable to (i) the increase of 31.1% in sales volume due to strong customer
demand (ii) the increase is partially offset by the increase of 4.8% in average unit cost as material price increased due to general
inflation. As a result of the above, gross margin for our health supplement (powder drinks) products decreased by 3.3 percentage point
from 31.8% in fiscal year 2022, to 28.5% in the same period of 2023.
90
Gross
profit from sales of our bioactive food ingredient products
Gross
profit of our bioactive food ingredient products decreased by $1,265,736 or 37.3%, from $3,396,281 in fiscal year 2022, to
$2,130,546 in fiscal year 2023. This decrease was primarily due to (i) in October 2022, pandemic control measures were strictly
enforced nationwide due to a spillover of the pandemic in Xinjiang, affecting regions like Ningxia, Yinchuan, and Gansu. The main
raw material for water-soluble thistle sugar, bota cabbage, is predominantly produced in Ningxia and Yinchuan, leading to
significant disruptions in our procurement of these raw materials. The critical role of water-soluble thistle sugar and apple
polyphenols as essential ingredients in functional foods resulted in a severe shortage of raw materials, impacting the production of
functional foods throughout the past year. This shortage, in turn, caused a dual decline in sales revenue and profit margins for
this category, constituting the primary reasons for the substantial decrease in gross margins in fiscal year 2023 compared to the
previous fiscal year. (ii) in October 2022, strict pandemic control measures nationwide, prompted by Xinjiang's pandemic spillover,
severely hindered our procurement of key raw materials like bota cabbage for water-soluble thistle sugar. The shortage of critical
ingredients, essential for functional foods like water-soluble thistle sugar and apple polyphenols, significantly impacted
production over the past year. This scarcity led to a dual decline in sales revenue and profit margins, contributing to the
substantial decrease in gross margins in fiscal year 2023 compared to the previous fiscal year. As a result of the above, gross margin for our bioactive food ingredient products decreased by 4.8 percentage
point from 37.5% in fiscal year 2022, to 32.8% in the same period of 2023.
Selling
expenses
For the Years Ended
September 30,
Change
(in US dollars, except percentage)
2023
2022
Amount
%
Selling Expenses
$
293,719
$
218,822
74,898
34.2
%
as a percentage of revenues
1.0
%
0.7
%
0.3
%
Selling
expenses increased by $74,898, or 3.4%, from $218,822 in fiscal year 2022, to $218,822 in the same period of 2023, mainly
attributable to (i) an increase of $41,266 in delivery expense as we shipped more samples and marketing material during fiscal year
2023 (ii) an increase of $57,537 in salaries and social benefits as overall compensation increased for the sales staff. (iii) the
increase was offset by the decrease of $34,062 in advertising expenses as we changed our marketing strategy by attending less
trade show.
General
and administrative expenses
For the Years Ended
September 30,
Change
(in US dollars, except percentage)
2023
2022
Amount
%
General and Administrative Expenses
$
2,329,198
$
2,239,967
89,231
4.0
%
as a percentage of revenues
7.9
7.5
%
0.4
%
General
and administrative expenses increased by $89,231, or 7.5%, from $2,329,198 in fiscal year 2023, to $2,239,967 in the same period of 2023,
mainly attributable to (i) an increase of $71,890 in salaries and social benefits as the overall compensation increased (ii) an increase
of $173,242 professional service fees such as legal consulting expense, financial consultant and etc. (iii) the increase is offset by
a decreased of $40,016 stock options granted to independent directors and stock option expense in fiscal year 2023 compared to the same
period of 2022.
Research
and development ("R&D") expenses
For the Years Ended
September 30,
Change
(in US dollars, except percentage)
2023
2022
Amount
%
Research and Development Expenses
$
298,469
424,558
(126,089
)
(1.4
)%
as a percentage of revenues
1.0
1.4
%
(0.4
)%
91
Research
and development expenses decreased by $126,089, or approximately 1.4%, from $424,558 in fiscal year 2022, to $298,469 in the same period
of 2023. The decrease was mainly due to (i) a decrease of $85,427 in outsourcing R&D activities to external consulting firms (ii)
a decrease of $70,029 in material used for R&D activities.
Other
income (expenses)
Other
income (expenses) primarily includes interest income generated from our bank deposits, interest expenses incurred on our borrowings from
various banks and financial institutions, government subsidy income, rental income, income from technology transfer, unrealized foreign
currency exchange gain due to our export sales, and investment income of short-term investment.
For the Years Ended
September 30,
Change
(in US dollars, except percentage)
2023
2022
Amount
%
Interest expense, net
(228,805
)
$
(445,492
)
(216,687
)
(48.6
)%
Foreign currency exchange gain (loss)
35,008
18,831
16,177
85.9
%
Other income, net
-Government grants
25,415
1,306,627
(1,281,212
)
(98.1
)%
-Others
(195,279
)
68,922
(264,201
)
(383.3
)%
-Investment income
-
$
20,343
$
(20,343
)
(100.0
)%
Interest
expense, net, decreased by $216,687, or approximately 48.6% in fiscal year 2023 as compared to 2022, mainly attributable to decreased
average loan balances we carried during fiscal year 2023 compared to the same period of 2022.
Government
subsidy income primarily relate to local government's cash award to HNTEs based on their financial performance to promote entrepreneurship
and stimulate local economies. Such awards are granted on a case-by-case basis by various local governments. Our subsidiary, Xi'an
App-chem was approved as a HNTE and received government subsidy in the form of an export sales refund and cash awards based on our annual
financial performance. We recognize government subsidies as other operating income when they are received because they are not subject
to any past or future conditions, there are no performance conditions or conditions of use, and they are not subject to future refunds.
Government subsidies received in the form of a grant and recognized as other operating income totaled $35,008 and $1,306,627 during fiscal
year 2023 and 2022, respectively.
Investment
income related to income generated by our short-term investments, amounted to Nil and $20,361 during fiscal year 2023 and 2022, respectively.
The
overall changes in our other income (expenses) reflected the above major factors.
92
Provision
for Income Taxes
Our
provision for income taxes was $1,002,298 during fiscal year 2023, a decrease of $264,727, or 20.9% from $1,267,025 in the same period
of 2022 due to our increased taxable income. Under the EIT Law, domestic enterprises and FIEs are usually subject to a unified 25% enterprise
income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on a case-by-case basis. EIT grants
preferential tax treatment to "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 their HNTE status every three years. The corporate income taxes
for
the years ended September 30, 2023 and 2022
were reported at a blended reduced rate as a result of Xi'an App-chem being
approved as a HNTE and enjoying a 15% reduced income tax rate, but subsidiaries of Xi'an App-chem are subject to a 25% income tax
rate. The impact of the tax holidays noted above decreased foreign taxes by $667,258 and $825,899
for
the years ended September 30, 2023 and 2022
, respectively. The benefit of the tax holidays on net income per share (basic and
diluted) $0.15 and $0.108 for
the years ended September 30, 2023 and 2022
, respectively.
Net
income
As
a result of the foregoing, our net income decreased to $
4,552,680
in fiscal year 2023 from
$6,242,424 in fiscal year 2022.
Comparison
of Results of Operations for the Years Ended September 30, 2022 and 2021
The
following table summarizes the results of our operations during the fiscal years ended September 30, 2021 and 2020, respectively, and
provides information regarding the dollar and percentage increase or (decrease) during such periods.
For the Years Ended September 30,
2022
2021
Variance
Amount
% of revenue
Amount
% of revenue
Amount
%
REVENUE
$
29,908,561
100.0
%
$
25,494,564
100.0
%
$
4,413,997
17.3
%
COST OF REVENUE
20,484,996
68.5
%
18,382,637
72.1
%
2,102,359
11.4
%
GROSS PROFIT
9,423,565
31.5
%
7,111,927
27.9
%
2,311,638
32.5
%
OPERATING EXPENSES
Selling expenses
218,822
0.7
%
138,530
0.5
%
80,292
58.0
%
General and administrative expenses
2,239,967
7.5
%
1,323,726
5.2
%
916,241
69.2
%
Research and development expenses
424,558
1.4
%
249,050
1.0
%
175,508
70.5
%
Total operating expenses
2,883,347
9.6
%
1,711,306
6.7
%
1,172,041
68.5
%
INCOME FROM OPERATIONS
6,540,218
21.9
%
5,400,621
21.2
%
1,139,597
21.1
%
OTHER INCOME (EXPENSE)
Interest expense, net
(445,492
)
(1.5
)%
(414,059
)
(1.6
)%
(31,433
)
7.6
%
Other income, net
1,414,723
4.7
%
443,822
1.7
%
970,901
218.8
%
Total other income (expenses), net
969,231
3.2
%
29,763
0.1
%
939,468
3156.5
%
INCOME BEFORE INCOME TAX PROVISION
7,509,449
25.1
%
5,430,384
21.3
%
2,079,065
38.3
%
PROVISION FOR INCOME TAXES
1,267,025
4.2
%
820,931
3.2
%
446,094
54.3
%
NET INCOME
$
6,242,424
20.9
%
$
4,609,453
18.1
%
$
1,632,971
35.4
%
93
Revenues
We
currently produce our products for our customers in three broad product categories: fragrance compounds, health supplemental (powder
drinks) and bioactive food ingredients.
Total
revenues were $29,908,561 in fiscal year 2022, an increase of $4,413,997, or approximately 17.3% as compared to $25,494,564 in fiscal
year 2021. Specifically, the increase in revenues was primarily attributable to (i) an increase in average selling price of fragrance
compound, health supplemental powder drinks and bioactive food ingredients by 27.5%, 7.0% and 17.4%, respectively, as we raised our selling
prices in response to the rising raw material costs and market change as affected by the COVID-19, as well as product mix change of fragrance
compounds and bioactive food ingredients; (ii) an increase in sales volume of bioactive food ingredients and Health supplements by 27.3%
and 1% respectively, due to strong customer demand and our sales effort to promote sales of milk thistle extracts with benefits to protect
liver and lower blood sugar; (iii) We sold our products to 142 and 132 customers in fiscal year 2022 and 2021, respectively. In terms
of purchase order size, average purchase order by our customers increased by 9.1% from approximately $193,141 per customer in fiscal
year 2021 to approximately $210,754 per customer in fiscal year 2022, and (iv) partially offset by the decrease in sales volume of our
fragrance compounds by 15.1% in fiscal year 2022 as compared to the same period of 2021 due to shortage of material supply caused by
abnormal wet weather, and disruption of logistics caused by COVID-19 pandemic resurgence in early 2022.
The
following table summarizes the breakdown of revenues by categories for the periods indicated.
Revenues
For the Years Ended September 30,
2022
2021
Change
Change
Amount
%
Amount
%
Amount
%
Fragrance compounds
$
13,710,556
45.8
%
$
12,744,029
50.0
%
$
966,527
7.6
%
Health supplements (powder drinks)
7,145,708
23.9
%
6,655,982
26.1
%
489,726
7.4
%
Bioactive food ingredients
9,052,297
30.3
%
6,094,553
23.9
%
2,957,744
48.5
%
Total Revenue
$
29,908,561
100.0
%
$
25,494,564
100.0
%
$
4,413,997
17.3
%
Revenues
from sales of our fragrance compound products
Our
fragrance compound products primarily include natural compounds extracted from plants for cosmetic applications, such as sclareolide
and ambroxide, a sustainable replacement to ambergris, a secretion by sperm whales.
94
Revenues
from sales of our fragrance compound products increased by 7.6% or $966,527 to $13,710,556 in fiscal year 2022 from $12,744,029 in the
same period of 2021. This increase was attributable to the following: (i) a 27.5% increase in average selling price of our fragrance
compound products in response to increased raw materials purchase price as affected by COVID-19 impact and product mix change, we put
more selling effort in sales of high value added product ambroxide with higher selling price. Weighted average unit cost for this product
category increased by 20.5% in fiscal year 2022, as compared to that in same period of 2021 mainly due to higher raw material purchase
costs and product mix change in 2022; (ii) an increase in average purchase order by our customers by 9.1% in fiscal year 2022 as compared
to fiscal year 2021 as discussed above; and (iii) partially offset by a decrease of 15.1% in sales volume from
45,070
kilograms sold in fiscal year 2021 to 38,284 kilograms sold in the same period of 2022. Our principal raw material, clary sage,
which is used to produce sclareolide and ambroxide, is mainly planted in in North China, which suffered abnormal wet weather in the second
half of 2021. Along with disruption of logistics caused by COVID-19 pandemic resurgence in early 2022, we have experienced a shortage
of material supply for our fragrance compounds in fiscal year 2022.
Revenues
from sales of our health supplement (powder drinks) products
Our
health supplement (powder drinks) products primarily include Prebiotics series with benefits such as intestine rejuvenation and probiotic
proliferation acceleration.
Revenues
from sales of health supplement (powder drinks) products increased by 7.4% or $489,726 to $7,145,708 in fiscal year 2022 from $6,655,982
in the same period of 2021. This increase was attributable to the following: (i) a 7.0% increase in average selling price of health supplement
(powder drinks) products in response to increased raw materials purchase price as affected by COVID-19 impact and general inflation.
Weighted average unit cost for this product category increased by 5.7% in fiscal year 2022, as compared to that in same period of 2021
mainly due to higher raw material purchase costs in 2022; and (ii) an increase of 1.0% in sales volume from 283,283 cases sold in fiscal
year 2021 to 286,026 cases sold in the same period of 2022 due to strong customer demand.
Revenues
from sales of our bioactive food ingredient products
Our
bioactive food ingredient products primarily include fruit juice concentrates and extracts for a variety of health benefits that can't
be sufficiently sourced from daily dietary intakes, such as fruit concentrates, apple polyphenol, rich in anti-oxidant and derived from
apple, milk thistle extracts with benefits to protect liver and lower blood sugar, and phloretin, an anti-oxidant with skin discoloration
effect extracted from leaves and roots of apple, pear and other fruits.
Revenues
from sales of our bioactive food ingredient products increased by 48.5% or $2,957,744 to $9,052,297 in fiscal year 2022 from $6,094,553
in the same period of 2021. The increase was mainly attributable to the following: (i) a 27.3% increase in sales volume from 121,323
kilograms in fiscal year 2021 to 154,464 kilograms in the same period of 2022 due to strong customer demand and our sales effort to promote
sales of milk thistle extracts with benefits to protect liver and lower blood sugar; and (ii) a 17.4% increase in average selling price
of our bioactive ingredient products as a result of increased raw materials purchase price as affected by COVID-19 impact and market
change, as well as change in product mix, more milk thistle extracts products with higher price were sold in fiscal year 2022.
95
Cost
of Revenues
Our
cost of revenues primarily consists of inventory costs (raw materials, labor, packaging cost, depreciation and amortization, freight
costs and overhead) and business tax. Cost of revenues generally changes as our production costs change, which are affected by factors
including the market price of raw materials, or labor productivity, and as the customer and product mix changes.
Our
cost of revenues increased by $2,102,359, or 11.4%, from $18,382,637 in fiscal year 2021 to $20,484,996 in the same period of 2022. The
increase in our cost of revenues was mainly attributable to the following: (i) an increase of 20.5%, 5.7% and 12.1% in the average unit
cost of our fragrance compound products, health supplement products and bioactive food ingredients products, respectively, due to the
increase in raw material purchase costs, as well as product mix change of fragrance compounds and bioactive food ingredients; (ii) sale
volume of our bioactive food ingredients products increased by 27.3% in fiscal year 2022 compared to the same period of 2021 due to strong
customer demand and our sales effort to promote sales of milk thistle extracts with benefits to protect liver and lower blood sugar,
and (iii) partially offset by the decrease in sales volume of our fragrance compounds by 15.1% in fiscal year 2022 as compared to the
same period of 2021 due to shortage of material supply caused by abnormal wet weather in North China and disruption of logistics caused
by COVID-19 pandemic resurgence in early 2022 as discussed above.
For the Years Ended
September 30,
2022
2021
Change
Amount
Amount
Amount
%
Cost of revenues – Fragrance compound products
$
9,954,572
$
9,793,767
$
160,805
1.6
%
Cost of revenues – Health supplement (powder drinks)
4,874,409
4,599,228
275,181
6.0
%
Cost of revenues – Bioactive food ingredients
5,656,015
3,989,642
1,666,373
41.8
%
Total cost of revenues
$
20,484,996
$
18,382,637
$
2,102,359
11.4
%
Cost
of Revenues from sales of our fragrance compound products
The
1.6% increase in cost of revenues for our fragrance compound products from $9,793,767 in fiscal year 2021 to $9,954,572 in the same period
of 2022 was mainly attributable to the following: (i) an increase of 20.5% in weighted average unit cost for this product category mainly
due to higher raw material purchase costs as affected by the COVID-19 impact and product mix change, we put more selling effort in sales
of high value added product ambroxide with higher cost of revenue; and (ii) partially offset by a decrease of 15.1% in sales volume from
45,070
kilograms sold in fiscal year 2021 to 38,284 kilograms sold in the same period of
2022. Our principal raw material, clary sage, which is used to produce sclareolide and ambroxide, is mainly planted in in North China,
which suffered abnormal wet weather in the second half of 2021. Along with disruption of logistics caused by COVID-19 pandemic resurgence
in early 2022, we have experienced a shortage of material supply for our fragrance compounds in fiscal year 2022.
96
Cost
of Revenues from sales of our health supplement (powder drinks) products
The
6.0% increase in cost of revenues for our health supplement (powder drinks) products from $4,599,228 in fiscal year 2021 to $4,874,409
in the same period of 2022 was mainly attributable to the following: (i) an increase of 5.7% in weighted average unit cost for this product
category mainly due to higher raw material purchase costs as affected by the COVID-19 impact and general inflation; and (ii) an increase
of 1.0% in sales volume from 283,283 cases sold in fiscal year 2021 to 286,026 cases sold in the same period of 2022 due to strong customer
demand.
Cost
of Revenues from sales of our bioactive food ingredient products
The
41.8% increase in cost of revenues for our bioactive food ingredient products from $3,989,642 in fiscal year 2021 to $5,656,015 in the
same period of 2022 was mainly attributable to the following: (i) a 27.3% increase in sales volume from 121,323 kilograms in fiscal year
2021 to 154,464 kilograms in the same period of 2022 due to strong customer demand and our sales effort to promote sales of milk thistle
extracts with benefits to protect liver and lower blood sugar; and (ii) an increase of 12.1% in weighted average unit cost of our bioactive
ingredient products as a result of increased raw materials purchase price as affected by COVID-19 impact and general inflation, as well
as change in product mix, more milk thistle extracts products with higher average unit cost were sold in fiscal year 2022.
Gross
Profit
For the Years Ended
September 30,
2022
2021
Change
Amount
Amount
Amount
%
Gross Profit – Fragrance compound products
$
3,755,984
$
2,950,262
$
805,722
27.3
%
Gross Profit – Health supplement (powder drinks)
2,271,300
2,056,754
214,546
10.4
%
Gross Profit – Bioactive food ingredients
3,396,281
2,104,911
1,291,370
61.4
%
Total Gross Profit
$
9,423,565
$
7,111,927
$
2,311,638
32.5
%
Gross Profit Margin
31.5
%
27.9
%
3.6
%
Our
gross profit in fiscal year 2022 increased by $2,311,638, or 32.5%, to $9,423,565, from $7,111,927 in the same period of 2021. Our gross
margin increased by 3.6% from 27.9% in fiscal year 2021 to 31.5% in the same period of 2022. The increase in gross profit was due to
(i) an increase of 27.3% in sales volume of bioactive food ingredient products due to stronger demand and change in sales strategy as
discussed above; (ii) gross profit margin of our fragrance compound products, health supplement products and bioactive food ingredient
products increased by 4.2, 0.9 and 3.0 percentage point due to increase in average selling price in response to increased raw materials
purchase price and product mix change as discussed above; and (iii) partially offset by the decrease in sales volume of our fragrance
compounds by 15.1% in fiscal year 2022 as compared to the same period of 2021 due to shortage of material supply as discussed above.
The increase in our gross margin by 3.6% from 27.9% in fiscal year 2021 to 31.5% in the same period of 2022 was due to changes in product
mix and increase in selling price.
97
Gross
profit from sales of our fragrance compound products
Gross
profit of our fragrance compound products increased by $805,722 or 27.3% from $2,950,262 in fiscal year 2021 to $3,755,984 in the same
period of 2022. The increase was primarily attributable to (i) a 27.5% increase in average selling price of our fragrance compound products
in response to increased raw materials purchase price as affected by COVID-19 impact and product mix change as discussed above, while
weighted average unit cost for this product category increased by 20.5% in 2022; and (ii) partially offset by a decrease of 15.1% in
sales volume due to shortage of material supply as discussed above As a result of the above, gross margin for our fragrance compound
products increased by 4.2 percentage point from 23.2% in fiscal year 2021, to 27.4% in the same period of 2022.
Gross
profit from sales of our health supplement (powder drinks) products
Gross
profit of our health supplement (powder drinks) products increased by $214,546 or 10.4% from $2,056,754 in fiscal year 2021, to $2,271,300
in the same period of 2022. The increase was primarily attributable to: (i) weighted average unit cost for this product category increased
by 5.7%, while average selling price increased by 7.0%; and (ii) an increase of 1.0% in sales volume due to shortage of material supply
as discussed above.
Gross
profit from sales of our bioactive food ingredient products
Gross
profit of our bioactive food ingredient products increased by $1,291,370 or 61.4%, from $2,104,911 in fiscal year 2021, to $3,396,281
in fiscal year 2022. This increase was primarily due to (i) a 27.3% increase in sales volume from 121,323 kilograms in fiscal year 2021
to 154,464 kilograms in the same period of 2022 due to strong customer demand and our sales effort to promote sales of milk thistle extracts
with benefits to protect liver and lower blood sugar; and (ii) a 17.4% increase in average selling price of our bioactive ingredient
products as a result of increased raw materials purchase price as affected by COVID-19 impact and market change, as well as change in
product mix, more milk thistle extracts with higher gross margin were sold in fiscal year 2022, while weighted average unit cost increased
by 12.1% compared to the same period of 2021.
Selling
expenses
For the Years Ended
September 30,
Change
(in US dollars, except percentage)
2022
2021
Amount
%
Selling Expenses
$
218,822
$
138,530
$
80,292
58.0
%
as a percentage of revenues
0.7
%
0.5
%
0.2
%
Selling
expenses increased by $80,292, or 58.0%, from $138,530 in fiscal year 2021, to $218,822 in the same period of 2022, mainly attributable
to increase of $37,708 in advertising expense as we attended more trade shows when COVID-19 outbreak and spread in China subdued, as
well as $36,717 in salaries and social benefits as we recruited a selling director and two selling assistants to promote our product
in fiscal year 2022.
98
General
and administrative expenses
For the Years Ended September 30,
Change
(in US dollars, except percentage)
2022
2021
Amount
%
General and Administrative Expenses
$
2,239,967
$
1,323,726
$
916,241
69.2
%
as a percentage of revenues
7.5
%
5.2
%
2.3
%
General
and administrative expenses increased by $916,241, or 69.2%, from $1,323,726 in fiscal year 2021, to $2,239,967 in the same period of
2022, mainly attributable to increase of $543,241 in professional service fees such as directors' and officers' liability
insurance, investor relations management, legal consulting expense, etc. as we become a public company since we completed the IPO in
July 2021. From June 2021 to June 2022, we granted stock options to independent directors and stock option expense increased by $125,973
in fiscal year 2022 compared to the same period of 2021.
Research
and development ("R&D") expenses
For the Years Ended
September 30,
Change
(in US dollars, except percentage)
2022
2021
Amount
%
Research and Development Expenses
$
424,558
$
249,050
$
175,508
70.5
%
as a percentage of revenues
1.4
%
1.0
%
0.4
%
Research
and development expenses increased by $175,508, or approximately 70.5%, from $249,050 in fiscal year 2021, to $424,558 in the same period
of 2022. The increase was mainly due to an increase of $140,504 in outsourcing R&D activities to external consulting firms.
Other
income (expenses)
Other
income (expenses) primarily includes interest income generated from our bank deposits, interest expenses incurred on our borrowings from
various banks and financial institutions, government subsidy income, rental income, income from technology transfer, unrealized foreign
currency exchange gain due to our export sales, and investment income of short-term investment.
For the Years Ended
September 30,
Change
(in US dollars, except percentage)
2022
2021
Amount
%
Interest expense, net
$
(445,492
)
(414,059
)
(31,433
)
7.6
%
Foreign currency exchange gain (loss)
18,831
(45,124
)
63,955
(141.7
)%
Gain on disposal of fixed assets
725
-
725
-
Other income, net
-Government grants
1,306,627
449,972
856,655
190.4
%
-Rental income
68,179
38,409
29,770
77.5
%
-Investment income
$
20,361
$
565
$
19,796
3503.7
%
99
Interest
expense, net, increased by $31,433, or approximately 7.6% in fiscal year 2022 as compared to 2021. The increase was mainly attributable
to increased average loan balances we carried during fiscal year 2022 compared to the same period of 2021.
Government
subsidy income primarily relate to local government's cash award to HNTEs based on their financial performance to promote entrepreneurship
and stimulate local economies. Such awards are granted on a case-by-case basis by various local governments. Our subsidiary, Xi'an
App-chem was approved as a HNTE and received government subsidy in the form of an export sales refund and cash awards based on our annual
financial performance. We recognize government subsidies as other operating income when they are received because they are not subject
to any past or future conditions, there are no performance conditions or conditions of use, and they are not subject to future refunds.
Government subsidies received in the form of a grant and recognized as other operating income totaled $1,306,627 and $449,972 during
fiscal year 2022 and 2021, respectively.
Our
subsidiary, Xi'an App-Chem, leased office space to a third-party and recorded rental income of $68,179 and $38,409 during fiscal
year 2022 and 2021, respectively.
Investment
income related to income generated by our short-term investments, amounted to $20,361 and $565 during fiscal year 2022 and 2021, respectively.
The
overall changes in our other income (expenses) reflected the above major factors.
Provision
for Income Taxes
Our
provision for income taxes was $1,267,025 during fiscal year 2022, an increase of $446,094, or 54.3% from $820,931 in the same period
of 2021 due to our increased taxable income. Under the EIT Law, domestic enterprises and FIEs are usually subject to a unified 25% enterprise
income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on a case-by-case basis. EIT grants
preferential tax treatment to "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 their HNTE status every three years. The corporate income taxes
for
the years ended September 30, 2022 and 2021
were reported at a blended reduced rate as a result of Xi'an App-chem being
approved as a HNTE and enjoying a 15% reduced income tax rate, but subsidiaries of Xi'an App-chem are subject to a 25% income tax
rate. The impact of the tax holidays noted above decreased foreign taxes by $825,899 and $
514,327
for the years ended September 30, 2022 and 2021
, respectively. The benefit of the tax holidays on net income per share (basic
and diluted) $0.10 and $0.08 for
the years ended September 30, 2022 and 2021
, respectively.
B.
Liquidity and
    Capital Resources
As
reflected in our consolidated financial statements, we are currently constructing a new manufacturing plant. As of September 30, 2023,
we had future minimum capital expenditure commitments on our construction-in-progress ("CIP") project of $5,000,000 within
the next twelve months. Our Yumen project is estimated to be completed in December 2024. The amount of working capital requirement related
to these projects will be $5.0 million. We also had unpaid tax liabilities of approximately $2.7 million, which are expected to be settled
with local tax authorities within one year. As a result, there is a possibility that our revenue and cash flows may underperform in the
next 12 months.
100
In
assessing our liquidity, management monitors and analyzes our cash on-hand, our ability to generate sufficient revenue sources in the
future, and our operating and capital expenditure commitments. In June 2021, we closed the initial public offering and received net proceeds
of approximately $11.3 million. In January 2023, we closed a private offering of ordinary shares and received subscription proceeds of
$2.2 million.
As
of September 30, 2023, we had cash on hand of $112,751. We also had outstanding accounts receivable of approximately $4.6 million, of
which approximately $3.5 million or 75.8% has been subsequently collected as of the date of this filing.
As
of September 30, 2023, we had outstanding bank loans of approximately $3.8 million from several PRC banks (including short-term bank
loans of $2.9 million, current portion of long-term bank loans of approximately $2.5 million and long-term loan of $0.4 million). Management
expects that it would be able to renew all of its existing bank loans upon their maturity based on past experience and our good credit
history. In addition to the current borrowings, from December 2022 to January 2023, we secured an aggregate of $1.7 million of short-term
loans with PRC banks as working capital loan.
Based
on the current operating plan, management believes that the above-mentioned measures, including cash on hand of $112,751
,
$2.2 million
proceeds from our
private offering of ordinary shares in January 2023
and the $2.4 million unused line of credit, collectively will provide sufficient liquidity for us to settle the tax liabilities with
local government, to meet our future liquidity and capital expenditure requirement on the CIP project for at least 12 months from the
date our consolidated financial statements for the year ended September 30, 2023 are issued.
The
following table sets forth summary of our cash flows for the periods indicated:
For the Years Ended
September 30,
2023
2022
2021
Net cash (used in) provided by operating activities
(651,912
)
$
(187,121
)
$
4,053,124
Net cash used in investing activities
(1,185,665
)
(3,055,651
)
(7,443,745
)
Net cash provided by financing activities
1,155,247
2,261,516
5,352,682
Effect of exchange rate change on cash
(45,780
)
(81,750
)
(111,301
Net (decrease) increase in cash
(728,110
)
(1,063,006
)
1,850,761
)
Cash, beginning of year
840,861
1,903,867
53,106
Cash, end of year
112,751
$
840,861
$
1,903,867
Cash
flows from operating activities
Net
cash used in operating activities during the year ended September 30, 2023 was $651,912, primarily attributable to net income of $4,552,682
for the year ended September 30, 2023, our taxes payable increased by $1,561,946 primarily due to increased sales in the year ended September
30, 2023, an decrease of $2,081,376 account receivable due to increased account receivable settlement during the year ended September
30, 2023, and increase in advance to suppliers of $11,510,450 due to the advance payment to our suppliers and contractors.
101
Net
cash used in operating activities during the year ended September 30, 2022 was $187,121, primarily attributable to net income of $6,242,424
for the year ended September 30, 2022, our taxes payable decreased by $3,632,922 primarily due to income and VAT tax paid in fiscal year
2022, an increase of $1,300,942 account receivable due to increased sales in the year ended September 30, 2022, and decrease in deferred
revenue of $875,295 due to changes in customer payment pattern related with COVID-19.
Net
cash provided by operating activities during the year ended September 30, 2021 was $4,053,124, primarily attributable to net income of
$4,609,453 for the year ended September 30, 2021, offset by an increase of $399,262 in advance payment to suppliers for raw material
purchase, an increase in inventory of $209,011 to increase the raw materials stockpile in order to prepare for anticipated increase in
production to fulfill increased sales orders from customers, a decrease of $969,414 in accounts payable for raw material purchase as
we made payment to suppliers during the year ended September 30, 2021 and accordingly we reduced the credit purchase from suppliers.
In addition, our taxes payable increased by $410,716 primarily due to increased taxable income. As of September 30, 2021, we had accrued
tax liabilities of approximately $5.1 million, mostly related to the unpaid value added tax and income tax in China. We initially expected
to settle the unpaid income tax liabilities in May 2021 when the 2020 annual income tax return is to be filed with local tax authority,
and settle the unpaid VAT tax liabilities before September 30, 2021. In May 2021, we negotiated with local tax authorities and submitted
a settlement extension application in accordance with the notices issued by local government to encourage enterprises to conduct public
offerings. For the unpaid income tax and VAT tax liabilities, the Company obtained an approval from local tax authority to extend the
tax liability settlement date from May 2021 to December 31, 2021. In December 2021, due to recent COVID-19 resurgence which caused strict
city lockdown in Xi'an where the Company is headquartered, the Company re-negotiated with local tax authorities and submitted a
settlement extension application in accordance with the notices issued by the State Administration of Taxation to encourage micro, small
and medium-sized enterprises in manufacturing industry. For the unpaid income tax and VAT tax liabilities, we obtained an approval from
local tax authority to further extend the tax liability settlement date from December 31, 2021 to June 30, 2022 without interest and
penalty during this extended time period.
Cash
flows from investing activities
Net
cash used in investing activities during the year ended September 30, 2023 was $1,185,665 which was primarily attributable to the purchase
of intangible assets during the year ended September 30, 2023 of $669,190 as well as the capital expenditure on CIP of $460,125.
Net
cash used in investing activities during the year ended September 30, 2022 was $3,055,651 which was primarily attributable to (i) capital
expenditure on construction-in-progress in the amount of $4,708,138. As of September 30, 2022, we had two CIP projects associated with
construction of new manufacturing facilities in Tongchuan and Yumen City, respectively (see Note 8). Our future minimum capital expenditures
on these two CIP projects are estimated to be $728,470, among which $196,809 is required for the next 12 months; (2) purchase of short-term
investments in the amount of $5,097,816 because we purchased wealth management financial products from PRC banks to earn investment income
and (iii) partially offset by proceeds upon redemption of short-term investments in the amount of $6,776,385.
102
Net
cash used in investing activities for the year ended September 30, 2021 was $7,443,745 which was primarily attributable to (i) capital
expenditure on construction-in-progress in the amount of $4,432,941. As of September 30, 2021, we had two CIP projects associated with
construction of new manufacturing facilities in Tongchuan and Yumen City, respectively (see Note 8), these CIP projects are expected
to be completed in late 2022. Our future minimum capital expenditures on these two CIP projects are estimated to be approximately $5.1
million, among which approximately $2.3 million is required for the next 12 months; (2) purchase of short-term investments in the amount
of $2,159,920 because we purchased wealth management financial products from PRC banks to earn investment income and (iii) payment of
acquisition deposit of $1,000,000. On July 6, 2021, we entered into a consulting agreement with a New York based consulting firm, pursuant
to which, the consulting firm will help the Company to (i) identify appropriate business partner candidates in New York or California
in order to jointly establish a research and development center in the United States for future new product development; (ii) find opportunities
to establish business relationship with U.S based companies with OEM demand and utilize the Company's manufacturing strength and
capability to manufacture healthcare ingredient products for U.S companies under the OEM arrangement and (iii) help the Company to purchase
or lease appropriate commercial facilities in the U.S., etc. The consulting firm will be compensated with $30,000 in exchange for performing
these designated consulting services. Given the fact that the Company lacks of credit track in the U.S, the Company is required to make
a deposit of $1.5 million to the consulting firm. Due to recent COVID-19 resurgence in Xi'an City and government mandatory quarantine
and city lockdown, on January 20, 2022, we and the consulting firm signed a supplemental agreement to lower down the required deposit
from original $1.5 million to $1 million. As a result, we do not have further obligation to make additional deposit to the consulting
firm. As of September 30, 2021, we have made deposit of $1 million to the consulting firm and recorded it as acquisition deposit on the
balance sheets. Such deposit is fully refundable if the acquisition target or commercial facilities introduced by the consulting firm
does not meet our expectation.
Cash
flows from financing activities
Net
cash provided by financing activities for the year ended September 30, 2023 was $1,155,247,
primarily
include
net
proceeds from issuance of our ordinary shares of $2,027,544, proceeds from
short-term loans of $2,879,809, proceeds from long-term loans of $1,132,803, offset by repayment of long-term loans of $2,143,046,
and repayment of short-term loans of $2,728,836
.
Net
cash provided by financing activities for the year ended September 30, 2022 was $2,261,516,
primarily
include proceeds from short-term loans of $2,631,890, proceeds from long-term loans of $578,343, offset by repayment of long-term loans
of $637,147, and principal payment of capital lease of $173,961
.
103
Net
cash provided by financing activities for the year ended September 30, 2021 was $5,352,682, primarily include net proceeds from issuance
of Ordinary Shares in initial public offerings of $11,271,480, proceeds from short-term loans of $1,257,225, proceeds from long-term
loans of $1,245,871, offset by repayment of short-term loans of $2,563,433, repayment of long-term loans of $2,522,101, repayment of
borrowings from related parties in the amount of $2,262,378, and repayment of borrowings from third party loans in the amount of $721,484.
During
the year ended September 30, 2023
, we experienced a net decrease in cash of $728,110 as
compared to 2022.
C.
Research and
    Development, Patents and Licenses, Etc.
Please
see Item 4.A. "Information on the Company—Business Overview—Intellectual Property," above.
D.
Trend Information
Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended September 30, 2023 that are reasonably likely to have a material adverse effect on our net revenues, income, profitability,
liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating
results or financial conditions.
E.
Off-Balance
    Sheet Arrangements
As
of September 30, 2023 and 2022, there were no off-balance sheet arrangements.
F.
Tabular Disclosure
    of Contractual Obligations
As
of September 30, 2023, we had the following contractual obligations:
Payments Due by Period
Contractual Obligations
Total
Less than
1 year
1-3 years
3-5 years
More than
5 years
(1) Debt Obligations
3,800,868
2,929,500
871,368
-
-
(2) Lease Obligations
319,017
227,797
91,720
-
-
(3) Capital expenditure commitment obligations on CIP project
5,000,000
5,000,000
-
-
Total
9,119,885
8,157,297
963,088
-
-
(1)
As of September 30, 2023, we had total $3,800,868 short-term and long-term borrowings from several PRC banks and financing institutions
(including short-term loans of $2,509,890, current portion of long-term loans of $419,610 and long-term loans of $871,368) (see Footnote
10 – Debt, for details).
(2)
A two-year capital lease agreement with Taizhongyin Finance Lease (Suzhou) Ltd. ("the Lessor"), as well as operating lease
of our factory space in Dali and office space in Xi'an.
104
(3)
Construction-in-progress ("CIP") represents direct costs of construction incurred for our manufacturing facilities.
On
May 10, 2021, a subsidiary of Xi'an App-Chem, Gansu Baimeikang Bioengineering Co., Ltd. obtained a land use right and started to
construct a new manufacturing plant in Yumen City ("Yumen Project"), Gansu Province, with total budget of RMB 40 million
(approximately $5.6 million) for including the construction of the main body of the manufacturing plant, plant decoration and purchase
of machinery and equipment. The construction of Yumen Project was initially expected to be completed by October 2022. Due to resurgence
of the COVID-19 pandemic, which resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines
and travel bans, the construction work is estimated to be completed in December 2024.
As
of September 30, 2023, our future minimum capital expenditure on the Yumen project is estimated to
be $5,000,000 for the next 12 months. We currently plan to support our ongoing CIP project construction through cash flows from operations,
bank borrowings, security offerings.
Legal
proceedings
We
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, may result in substantial cost and diversion of our resources, including our management's time and attention.
Critical
Accounting Policies and Estimates
Our
discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These
financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported
amounts of our assets and liabilities and revenues and expenses, to disclose contingent assets and liabilities on the date of the consolidated
financial statements, and to disclose the reported amounts of revenues and expenses incurred during the financial reporting period. The
most significant estimates and assumptions include the valuation of accounts receivable and inventories, useful lives of property, plant
and equipment and intangible assets, the recoverability of long-lived assets, provision necessary for contingent liabilities, and revenue
recognition. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely
on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ
from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe
critical accounting policies as disclosed in this report reflect the more significant judgments and estimates used in preparation of
our consolidated financial statements.
105
Risks
and Uncertainties
Our
main operation is located in the PRC. Accordingly, our business, financial condition, and results of operations may be influenced by
political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. Our results may be adversely
affected by changes in the political, regulatory and social conditions in the PRC. Although we have not experienced losses from these
situations and believes that we are in compliance with existing laws and regulations including our organization and structure, this may
not be indicative of future results.
Our
business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme
weather conditions, health epidemics and other catastrophic incidents. Our operations may be further affected by the ongoing outbreak
of COVID-19 pandemic. Although the Company resumed its operations since March 2, 2020 and the COVID-19 impact on the Company's
operating results and financial performance for the years ended September 30, 2022 and 2021 seems to be temporary, a resurgence could
negatively affect the execution of customer contracts, the collection of customer payments, or disruption of our supply chain. The continued
uncertainties associated with COVID-19 may cause our revenue and cash flows to underperform in the next 12 months. The extent of the
future impact of COVID-19 is still highly uncertain and cannot be predicted as of the financial statement reporting date.
The
development and commercialization of natural and healthy extracts and compounds products is highly competitive, and the industry currently
is characterized by rapidly changing technologies, significant competition and a strong emphasis on intellectual property. We may face
competition with respect to our current and future pharmaceutical product candidates from major pharmaceutical companies in China.
The
following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial
statements:
Uses
of estimates
In
preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America
("US GAAP"), management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates
required to be made by management include, but are not limited to, the allowance for estimated uncollectible receivables, realizability
of advance to suppliers, inventory valuations, useful lives of property, plant and equipment, 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.
106
Accounts
receivable, net
Accounts
receivable are presented net of allowance for doubtful accounts. We determine the adequacy of reserves for doubtful accounts based on
individual account analysis and historical collection trend. We establish a provision for doubtful receivables when there is objective
evidence that we may not be able to collect amounts due. The allowance is based on management's best estimate of specific losses
on individual exposures, as well as a provision on historical trends of collections. Actual amounts received may differ from management's
estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful
accounts after management has determined that the collection is not probable, Nil, Nil and $99,528 uncollectable account receivable was
written-off during the years ended September 30, 2023, 2022 and 2021, respectively. Allowance for uncollectable balances amounted to
$13,004 and $13,337 as of September 30, 2022 and 2021, respectively.
Inventories,
net
Inventories
are stated at net realizable value using weighted average method. Costs include the cost of raw materials, freight, direct labor and
related production overhead. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision
for diminution in the value of inventories. Net realizable value is the estimated selling price in the normal course of business less
any costs to complete and sell products. We evaluate inventories on a quarterly basis for its net realizable value adjustments, and reduces
the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value
based on various factors including aging, expiration dates, as applicable, taking into consideration historical and expected future product
sales. We recorded inventory reserve of $1,079 and $6,869 as of September 30, 2023 and 2022, respectively.
Revenue
recognition
On
October 1, 2017, we adopted Accounting Standards Codification ("ASC") 606 using the modified retrospective approach.
To
determine revenue recognition for contracts with customers, we perform the following five steps : (i) identify the contract(s) with the
customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration
to the extent that it is probable that a significant future reversal will
not
occur, (iv) allocate the transaction price to the
respective performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligations.
In
accordance to ASC 606, we recognize revenue when it transfers its goods and services to customers in an amount that reflects the consideration
to which we expect to be entitled in such exchange. We account for the revenue generated from sales of its products to its customers,
in which we are acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is
responsible for fulfilling the promise to provide customers the specified goods. All of our contracts have single performance obligation
as the promise is to transfer the individual goods to customers, and there are no other separately identifiable promises in the contracts.
Our revenue streams are recognized at a point in time when title and risk of loss passes and the customer accepts the goods, which generally
occurs at delivery. Our products are sold with no right of return and we do not provide other credits or sales incentive to customers.
Our sales are net of value added tax ("VAT") and business tax and surcharges collected on behalf of tax authorities in respect
of product sales.
107
Contract
Assets and Liabilities
Payment
terms are established on our pre-established credit requirements based upon an evaluation of customers' credit. Contract assets
are recognized for in related accounts receivable. Contract liabilities are recognized for contracts where payment has been received
in advance of delivery. The contract liability balance can vary significantly depending on the timing when an order is placed and when
shipment or delivery occurs. As of September 30, 2022 and 2021, other than accounts receivable and advances from customers, we had no
other material contract assets, contract liabilities or deferred contract costs recorded on its consolidated balance sheet. Costs of
fulfilling customers' purchase orders, such as shipping, handling and delivery, which occur prior to the transfer of control, are
recognized in selling, general and administrative expense when incurred.
Disaggregation
of Revenues
We
disaggregate our revenue from contracts by product types, as we believe it best depicts how the nature, amount, timing and uncertainty
of the revenue and cash flows are affected by economic factors. The summary of our total revenues by product categories for the years
ended September 30, 2023, 2022 and 2021 was as follows:
Revenue
by region
The
summary of our total revenues by region for the years ended September 30, 2023, 2022 and 2021 was as follows:
For Years ended September 30,
2023
2022
2021
PRC
$
28,971,115
$
28,756,333
$
23,704,259
Overseas
551,238
1,152,228
1,790,305
Total revenue
$
29,522,353
$
29,908,561
$
25,494,564
Revenue
by product categories
The
summary of our total revenues by product categories for the years ended September 30, 2023, 2022 and 2021 was as follows:
For Years ended September 30,
2023
2022
2021
Fragrance compounds
$
14,315,810
$
13,710,556
$
12,744,029
Health supplements (solid drinks)
8,704,468
7,145,708
6,655,982
Bioactive food ingredients
6,502,075
9,052,297
6,094,553
Total revenue
$
29,522,353
$
29,908,561
$
25,494,564
108
Income
Tax
We
account for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when
temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amount expected to be realized.
An
uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income tax are classified as income tax expense in the period incurred. As of September 30, 2022, we had income
tax payable of $576,098, primarily related to the unpaid income tax in China.
Our
operating subsidiaries in China are subject to the income tax laws of the PRC. No significant income was generated outside the PRC for
the years ended September 30, 2023, 2022 and 2021. As of September 30, 2023 and 2023, all of the tax returns of our PRC subsidiary remain
open for statutory examination by PRC tax authorities.
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected
credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and
supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial
assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU
2020-02. For public entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years
beginning after December 15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating
the effects of the guidance on the Company's consolidated financial statements and related disclosures.
109
In
October 2020, the FASB issued ASU 2020-10, "Codification Improvements to Subtopic 205-10, presentation of financial statements".
The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity
to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the
likelihood that the disclosure requirement would be missed. ASU 2020-10 is effective for the Company for annual and interim reporting
periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial
statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments
at the beginning of the period that includes the adoption date. The Company is currently evaluating the impact of this new standard on
Company's consolidated financial statements and related disclosures.
G.
Safe Harbor
See
"Introductory Notes—Forward-Looking Information."
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT
    AND EMPLOYEES
A.
Directors and Senior Management
The
following table sets forth certain information regarding our directors and senior management, as well as employees upon whose work we
are dependent, as of the date of this Annual Report.
110
Although
the Board of Directors and management team for Bon Natural Life Limited has been recently constituted, each of our executive officers
has been serving in an equivalent position with Xi'an App-Chem for some time as indicated in the footnotes to the table below.
Our executive officers and directors and their ages as of the date of this Annual Report are as follows:
Name
Age
Date
    Joined
Bon
    Natural Life
Position(s)
    and Office(s) Held
Yongwei Hu
52
June, 2020
(1)
Chief Executive Officer, Director,
    and Chairman
Wallace Lee
45
April, 2023
Chief Financial Officer
Yingchun Xue
50
June, 2020
(2)
Chief Operating Officer and
    Director
Wenjuan Chen
44
June, 2020
(3)
Chief Marketing Officer
Jianli Liu
64
June, 2020
(4)
Chief Technology Officer and
    Chief Scientist
Jianjun Gao
53
August, 2023
Director
Jing Chen
58
October, 2023
Director
Zhixiang Gao
53
October, 2023
Director
(1)
Mr. Hu has led Xi'an App-Chem as President and Chairman of its board since April of 2006.
(2)
Ms. Xue has served as Vice President of Xi'an App-Chem since 2011.
(3)
Ms. Chen has served as Vice General Manager of Xi'an App-Chem since 2006.
(4)
Mr. Liu has served as CTO and Chief Scientist of Xi'an App-Chem since 2006.
The
business address for all of our officers and directors is Room 601, Block C, Gazelle Valley, No.69, Jinye Road High-Tech Zone, Xi'an,
Shaanxi, China.
Set
forth below is a brief description of the background and business experience of our executive officers and directors:
Yongwei
Hu
is our Chief Executive Officer and Chairman of our Board of Directors. From June 2000 to March 2006, Mr. Hu served as the department
manager and Deputy Executive President of Shaanxi Iko Ostriches Co., Ltd. and Xi'an England Bioscience Co., Ltd. From January 1999
to May 2000, Mr. Hu served as the trainer-in-charge of Xi'an Synchrobit Co., Ltd. From July 1997 to December 1998, Mr. Hu served
as trainer-in-charge of Ping An Insurance Group Xi'an Branch Office. From July 1993 to June1997, Mr. Hu served as staff and department
manager of Shaanxi Agriculture, Industry and Trade Co., Ltd. Mr. Hu obtained a bachelor's degree in Biology upon his graduation
from Northwest University in 1993.
Mr.
Hu has over twenty years of experience in natural products industry, an abundant industry network, and deep familiarity with the global
natural health market, with extensive experience in the Big Health markets in Europe and the United States. In addition, he maintains
sound business relations with well-known large enterprises in the health and pharmaceutical industry. We believe Mr. Hu's depth
of experience and extensive industry knowledge make him well-positioned to continue leading the company forward.
Wallace
Lee
is our Chief Financial Officer. Mr. Lee served as the Vice President of Finance at Ruanyum Edi Technology, Inc. since February
2022. Mr. Lee has served in a variety of key leadership roles with companies including China SXT Pharmaceuticals, Inc. (Nasdaq:SXTC)
(February 2021 - January 2022 as Chief Financial Officer), Wanda Sports Group Holding Limited (Nasdaq: WSG) (January 2019 - April 2020
as Finance Securities & Operation Director) and Secoo Holding Limited (Nasdaq: SECO) (May 2017- December 2019 as Finance Reporting
Director), Beijing Yongtuo CPA Limited (2012-2017 as Audit Principal of the International Business Department). He received his undergraduate
from University of Houston and is a Certified Public Accountant in the state of Texas.
Yingchun
Xue
is our Chief Operating Officer and she has served as the member of our Board of Directors since August 2, 2023. Ms. Xue has worked
for Xi'an App-Chem Bio (Tech) Co,. Ltd. since 2011 and is currently the Vice President in charge of research and development of
plant extracts, quality control and procurement of trade products. A senior phytochemical engineer, Ms. Xue obtained a bachelor's
degree in Applied Chemistry upon graduation from Nanjing University in 1994.
111
Wenjuan
Chen
is our Chief Marketing Officer. She has served as the Vice President of Xi'an App-Chem Bio (Tech) Co., Ltd. since 2006.
Ms. Chen obtained a bachelor's degree after her study at Xi'an International Studies University from 2000 to 2004, and a
master's degree of Business Administration after her study at Shaanxi Master of Business Administration Institute from 2016 to
2018.
Jianli
Liu
is our Chief Technology Officer and Chief Scientist. In this position, Mr. Liu is responsible for proposing new technical ideas
and concepts for Xi'an App-Chem and guiding and supervising their execution. He is a professor and the Dean of the Traditional
Chinese Medicine Department at Northwest University. He holds a Ph.D. from the University of Manchester. He is a member of the Royal
Society of Chemistry, and a member of Chinese Patent Medicine Chapter of the China Association of Chinese Medicine. He has published
over sixty academic papers, among which six have been included in SCI (Science Citation Index) journals and three have been included
in EI (Engineering Index) journals.
His
scientific achievements include the following:
●
Mr. Liu was the first in
    the world to complete the biomimetic synthesis of anti-cancer drug 10-Hydroxycamptothecin, a research initiated in the early 1970s
    with no prior success in over two decades since its start.
●
Mr. Liu proposed "A
    new subject, i.e., the state of trace elements - study of trace elements in traditional Chinese medicine", and for the first
    time used experiments to prove that most of the trace elements in traditional Chinese medicine exist in a bond state, and that the
    amount of free state existence is very minor. This finding was awarded the third prize of the Outstanding Paper of Natural Science
    in Shaanxi Province in 1993.
●
The successful membrane
    introduction mass spectrometry and its application in detecting and measuring volatile organic matters in water bodies. This finding
    was awarded the second prize of Outstanding Scientific Research Achievements of Shaanxi Universities in 1989.
●
The successful research
    of simple biomimetic synthesis of rutecarpine, an active ingredient in Chinese medicine fructus evodiae.
●
The successful research
    of simple biomimetic synthesis of tryptanthrin, an active ingredient in Chinese medicine folium isatidis.
●
The development and research
    of new drugs using tryptanthrin and rutecarpine.
●
The successful in-depth
    study of biosynthesis of tryptanthrin in isatis indigotica fortune and its verification by extra addition of precursors.
112
Jianjun
Gao
has served as the
member of our Board of Directors and chairman of the Compensation Committee
of the Board of Directors since August 2, 2023. Mr. Gao
has served as a Bioinformatics Scientist at Progenesis Inc. since October
of 2022. Prior to that, from September of 2020 to October of 2022, Mr. Gao served as Senior Bioinformatician, and director of the epigenetics
team at The Lundquist Institute, Harbor-UCLA Medical Center. From September 2020 to July 2021, he was a Bioinformatics data scientist
on contract with Genentech. From August 2019 to July 2020, Mr. Gao was a Biostatistics Scientist at Denovo Biopharma LLC. From September
2018 to August 2019, he was a scientist in computational biology at Takeda Pharmaceutical in San Diego. From January 2016 to August 2018,
Mr. Gao was a Sr. Bioinformatician/ Data analyst, at the School of Medicine at the University of California San Diego. From August of
2014 to December of 2016, he was Bioinformatician in the Department of Human Genetics at the University of Chicago. Mr. Gao was also
a data analyst at the Department of Public Health Sciences at the University of Chicago from September 2012 to August 2014. Mr. Gao was
a Postdoctoral Fellow at the Epidemiology Branch, National Institutes of Environmental Health Sciences, National Institutes of Health
from February of 2008 through September of 2012.
Mr.
Gao holds a Ph.D in Neurobiology and Population Genetics from the Institute for Nutritional Sciences, Chinese Academy of Science, China,
an M.S. in Genetics and Population Heath from the Institute of Population & Health, Northwest University, China, and a B.S. from
the College of Life Science, Lanzhou University, China. Mr. Gao is an expert in genetic, genomic, epigenetic, and epidemiologic data
analysis, and in data visualization and interpretation via bioinformatics pipelines. Bionformatics is an interdisciplinary field that
develops methods and software tools for understanding biological data. Based on Mr. Gao's deep technical background, rich experience
and industry resources in the field of biotechnology, he can help the company in the following aspects, 1). Assisting the company to
keep up with the development of cutting-edge biotechnology; 2). Introducing and assisting the company to acquire high level technology
and technical experts; 3). Assisting the company to obtain investment from professional investment institutions based on his rich resources
of biotechnology investment institutions.
Jing
Chen
has served as the
member of our Board of Directors and chairman of the Audit Committee
of the Board of Directors since October 2, 2023.
Most recently, Ms. Chen served as the Vice President of Future FinTech Group
Inc. (NASDAQ: FTFT) from November 2020 to April 2023. Previously, she served as the Chief Financial Officer of Future FinTech Group Inc.
from May 2019 to November 2020. Ms. Chen served as the CFO of AnZhiXinCheng (Beijing) Technology Co., Ltd. from August 2018 to May 2019.
Ms. Chen has also served as an independent director of Hello iPayNow (Beijing) Company Ltd. since April 2019. From August 2017 to July
2018, Ms. Chen served as the CFO of Beijing Logis Technology Development Co., Ltd., a company listed on The National Equities Exchange
and Quotations Co., Ltd. of China which is a Chinese over-the-counter stock trading system. From June 2016 to July 2017, Ms. Chen served
as the Group Chief Financial Officer of Beijing AnWuYou Food Co., Ltd. Ms. Chen served as the Chief Financial Officer of Beijing DKI
Investment Management Co., Ltd. from August 2012 to May 2016. Ms. Chen's other professional experience includes service as the
Chief Financial Officer of Yayi International Inc. (U.S. OTCBB: YYIN) from February 2010 to April 2012, the Chief Financial Officer of
China Natural Gas, Inc. (NASDAQ GM: CHNG) from May 2009 to January 2010, and Chief Financial Officer of Origin Agritech Inc. (NASDAQ:
SEED) from December 2007 to September 2008. She has also served as the Senior Director of Finance of iKang Healthcare Group Inc. (NASDAQ:
KANG listed on April 9, 2014) from December 2006 to November 2007 and as the Director of Finance of Elong Inc. (NASDAQ: LONG) from August
2001 to November 2006.
113
Ms.
Chen received a degree of Doctor of Business Administration from Victoria University, Neuchatel, Switzerland in March 2008 and an MBA
degree from City University of Seattle, Washington, U.S. in April 2000. She graduated from Shanghai Institute of Tourism with a major
in Accounting in July 1985 and completed her studies of Supervisory Skills in Hong Kong Polytechnic Institute in September 1993. She
holds a Fellow Membership of CPA Australia (FCPA) and a Fellow Membership of the Association of International Accountants U.K. (FAIA).
She is also a Member of the Chartered Institute of Management Accountants (CIMA), a Senior Member of the International Financial Management
(SIFM) accredited by the Ministry of Human Resources and Social Security of PRC, and a Certified Internal Control Professional, as granted
by Internal Control Institute (ICI).
Zhixiang
Gao
has served as the member of our Board of Directors and chairman of the Nominating Committee of the Board of Directors since
October
2, 2023
. Mr. Gao has served as the Deputy General Manager of Xi'an Shiyuan Logistics Service Company Ltd. since February
2022. Mr. Gao served as the General Manager of Qixia (Xi'an) Technology Company Ltd. from January 2019 to February 2022. Mr. Gao
served as the Associate Dean of Information Engineering at the Technology Research Institute of Shaanxi Normal University from January
2019 to February 2022. From July 2017 to December 2018, Mr. Gao worked for Eurasia University in Xi'an to take charge of the preparation
work of the audit department and the improvement of the internal control system. From February 2009 to July 2017, Mr. Gao served as the
General Manager of Logistics Group of Eurasia University in Xi'an. From May 2006 to July 2017, Mr. Gao served as the Director of
the Procurement Department of Eurasia University in Xi'an. Mr. Gao served as the Chief of Finance of Sichuan Tianyi College from
May 2004 to May 2005 and as the Finance Supervisor of Xi'an Oriental Hotel from July 1994 to July 2003.
Mr.
Gao received a Master of Business Administration degree from Northwestern Polytechnical University, Xi'an, China in December 2015.
He received a Bachelor of Economics and Management degree from Army and Communication College of Xi'an, China in September 2007.
Mr. Gao graduated from Shaanxi Tourism Institute, a technical secondary school, with a major in Foreign-related Financial Administration
in September 1994.
B.
Compensation
Set
forth below is the compensation paid during the fiscal year ended September 30, 2023 for each of our executive officers and directors.
The figures below represent the compensation paid by Xi'an App-Chem:
Name
2023 Compensation
Yongwei Hu
US$20,968
Wallace Lee
US$24,671
Yingchun Xue
US$15,860
Wenjuan Chen
US$16,138
Jianli Liu
-
Jianjun Gao
US$913
Jing Chen
-
Zhixiang Gao
-
Zhenchao Li (former CFO)
US$730
James Edward Burns (former Director)
US$26,745
Lawrence Leighton (former Director)
US$27,000
Jeffrey J. Guzy (former Director)
US$18,000
114
C.
Board Practices
Term
of Office
Our
Directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed
from office in accordance with our Articles.
Directors
Service Contracts
Yongwei
Hu serves under a Labor Contract with Xi'an App-Chem dated November 3, 2014. The term of his contract is open-ended. Mr. Hu is
bound by a non-competition agreement for the three years following the end of his employment.
Yingchun
Xue serves under a Director Service Agreement dated August 3, 2023 (the "Agreement"). Under the Agreement, Ms. Xue receives
a stock options of $12,000 per year for each year of service as director. The term of this Agreement is one year. Upon expiration of
this Agreement, Agreement renewal should be based on negotiations between the Company and director.
Jianjun
Gao serves under a Director Service Agreement dated August 3, 2023 (the "Agreement"). Under the Agreement Mr. Gao receives
a stipend of $1,000 per month for each month and a stock options of $12,000 per year for each year of service as director. The term of
this Agreement is one year. Upon expiration of this Agreement, Agreement renewal should be based on negotiations between the Company
and director.
Jing
Chen serves under a Director Service Agreement dated October 3, 2023 (the "Agreement"). Under the Agreement, Ms. Chen receives
a stipend of $1,500 per month for each month and stock options having a value of $12,000, to be determined by reference to the closing
price of Company's stock on October 3, 2023. The term of this Agreement is one year. Upon expiration of this Agreement, Agreement
renewal should be based on negotiations between the Company and director.
Zhixiang
Gao serves under a Director Service Agreement dated October 3, 2023 (the "Agreement"). Under the Agreement, Mr. Gao receives
a stipend of $1,000 per month for each month and stock options having a value of $12,000, to be determined by reference to the closing
price of Company's stock on October 3, 2023. The term of this Agreement is one year. Upon expiration of this Agreement, Agreement
renewal should be based on negotiations between the Company and director.
115
Committees
of the Board
We
have established three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate
governance committee. We have adopted a charter for each of the three committees. Each committee's members and functions are described
below.
Audit
Committee.
Our audit committee consists of Jing Chen, Jianjun Gao, and Zhixiang Gao. Jing Chen is the chairman of our audit committee.
We have determined that Jing Chen, Jianjun Gao, and Zhixiang Gao each satisfy the "independence" requirements of Rule 4200(a)(15)
of The NASDAQ Stock Market, Inc., and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that
Jing Chen qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting
processes and the audits of the financial statements of our company. The audit committee is responsible for, among other things:
●
appointing the independent
    auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;
●
reviewing with the independent
    auditors any audit problems or difficulties and management's response;
●
discussing the annual audited
    financial statements with management and the independent auditors;
●
reviewing the adequacy
    and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major
    financial risk exposures;
●
reviewing and approving
    all proposed related party transactions;
●
meeting separately and
    periodically with management and the independent auditors; and
●
monitoring compliance with
    our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.
Compensation
Committee.
Our compensation committee consists of Jing Chen, Jianjun Gao, and Zhixiang Gao. Jianjun Gao is the chairman of our
compensation committee. We have determined that Jing Chen, Jianjun Gao, and Zhixiang Gao each satisfy the "independence"
requirements of Rule 4200(a)(15) of The NASDAQ Stock Market, Inc. The compensation committee assists the board in reviewing and approving
the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive
officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee is responsible
for, among other things:
●
reviewing and approving,
    or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;
116
●
reviewing
    and recommending to the board for determination with respect to the compensation of our non-employee directors;
●
reviewing
    periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and
●
selecting
    compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's
    independence from management.
Nominating
and Corporate Governance Committee.
Our nominating and corporate governance committee consists of Jing Chen, Jianjun Gao, and
Zhixiang Gao. Zhixiang Gao is the chairman of our nominating and corporate governance committee. We have determined that Jing Chen, Jianjun
Gao, and Zhixiang Gao each satisfy the "independence" requirements of Rule 4200(a)(15) of The NASDAQ Stock Market, Inc. The
nominating and corporate governance committee assists the board of directors in selecting individuals qualified to become our directors
and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible
for, among other things:
●
selecting and recommending
    to the board nominees for election by the shareholders or appointment by the board;
●
reviewing annually with
    the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience
    and diversity;
●
making recommendations
    on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and
●
advising the board periodically
    with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable
    laws and regulations and making recommendations to the board on all matters of corporate governance and on any remedial action to
    be taken.
Duties
of Directors
Under
Cayman Islands law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors also
have a duty to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances. In
fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association and the class
rights vested thereunder in the holders of the shares. A shareholder may in certain circumstances have rights to damages if a duty owed
by the directors is breached.
117
Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among others:
●
convening
    shareholders' annual general meetings and reporting its work to shareholders at such meetings;
●
declaring
    dividends and distributions;
●
appointing
    officers and determining the term of office of the officers;
●
exercising
    the borrowing powers of our company and mortgaging the property of our company; and
●
approving
    the transfer of shares in our company, including the registration of such shares in our share register.
Terms
of Directors and Officers
Our
officers are elected by and serve at the discretion of the board of directors. Our directors hold officer for one-year terms with automatic
annual renewals, and will continue to hold office until such time as they resign, or until such time as they are removed from office
by ordinary resolution of the shareholders or by the board. A director will be removed from office automatically if, among other things,
the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; or (ii) is found by our company to be or
becomes of unsound mind.
D.
Employees
As
of September 30, 2023, we had a total of 96 full time employees, of which 46 are in production, 5 are in quality control, 16 are in R&D,
19 are in sales and marketing, 6 are in finance and accounting, and 4 are in office and administration. We do not have any part time
employees.
E.
Share
    Ownership
The
following table sets forth, as of the date of this Annual Report, the beneficial ownership of our ordinary shares by each executive officer
and director, by each person known by us to beneficially own more than 5% of our ordinary shares and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on 13,938,662 shares of
ordinary shares issued and outstanding.
118
Title
    of class
Name
    of
beneficial owner
Amount
    of
beneficial ownership
Percent
    of class
Current
    Executive Officers and Directors
Ordinary
    Shares
Yongwei
    Hu
1,703,652
12.22
%
Ordinary
    Shares
Wallace
    Lee
-
-
%
Ordinary
    Shares
Yingchun
    Xue
(1) (2)
30,000
(1)
0.22
%
Ordinary
    Shares
Wenjuan
    Chen
(1)
20,000
(1)
0.14
%
Ordinary
    Shares
Jianli
    Liu
(3)
137,069
(3)
0.98
%
Ordinary
    Shares
Jianjun
    Gao
-
(5)
-
%
Ordinary
    Shares
Jing
    Chen
-
(6)
-
%
Ordinary
    Shares
Zhixiang
    Gao
-
(7)
-
%
Total
    of All Current Officers and Directors:
1,890,721
13.56
%
≥
    5% Beneficial Owners
Ordinary
    Shares
Pomegranate
    Flower Limited
(4)
721,162
5.174
%
(1)
Represents
    proportional beneficial ownership of shares held in Lavender Oil Limited, a company in which Yingchun Xue, our director and COO,
    Wenjuan Chen, our CMO, and Zhenzhao Li, our former CFO, are shareholders and hold the shares through their proportional ownership
    of Lavender Oil Limited.
(2)
Represents
                                            options to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise
                                            price of $0.01 per share. The stock options issued to the Director shall have a value of
                                            $12,000, to be determined by reference to the closing price of Company's stock on August
                                            3, 2023.
(3)
Represents
    proportional beneficial ownership of shares held in Hawthorn Fruit Limited, a company in which Jianli Liu is a shareholder and holds
    the shares through his proportional ownership of Hawthorn Fruit Limited.
(4)
Pomegranate
    Flower Limited is a company limited by shares incorporated under the laws of British Virgin Islands. The person having voting, dispositive
    or investment powers over Pomegranate Flower Limited is Hao Qu; accordingly, Hao Qu is deemed to control Pomegranate Flower Limited.
(5)
Represents
    options to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock
    options issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company's
    stock on August 3, 2023.
(6)
Represents
    options to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock
    options issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company's
    stock on October 3, 2023.
(7)
Represents
    options to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock
    options issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company's
    stock on October 3, 2023.
119
As
used in this table, "beneficial ownership" means the sole or shared power to vote, or to direct the voting of, a security,
or the sole or shared investment power with respect to a security (i.e., the power to dispose of, or to direct the disposition of, a
security). In addition, for purposes of this table, a person is deemed, as of any date, to have "beneficial ownership" of
any security that such person has the right to acquire within 60 days after such date.
The
persons named above have full voting and investment power with respect to the shares indicated. Under the rules of the Securities and
Exchange Commission, a person (or group of persons) is deemed to be a "beneficial owner" of a security if he or she, directly
or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the
disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security. A person
is also deemed to be a beneficial owner of any security, which that person has the right to acquire within 60 days, such as options or
warrants to purchase our ordinary shares.
Major
Shareholders
Other
than as set forth above, there are no beneficial owners of 5% or more of our voting securities. The company is not directly or indirectly
owned or controlled by another corporation(s) or by any foreign government. There are no arrangements, known to us, the operation of
which may at a subsequent date result in a change in control of the company.
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major
    Shareholders
Please
refer to Item 6 "Directors, Senior Management and Employees—E. Share Ownership."
B.
Related
    Party Transactions
Except
as set forth below, during our preceding three financial years up to the date of this Annual Report, there have been no transactions
or loans between the company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled
by, or are under common control with, the company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the
voting power of the company that gives them significant influence over the company, and close members of any such individual's
family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling
the activities of the company, including directors and senior management of companies and close members of such individuals' families;
and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in
(c) or (d) or over which such a person is able to exercise significant influence:
120
(a)
Due to related parties
Related party relationship
September 30,
2023
September 30,
2022
Wenhu Guo
Senior Management of the Company
$
6,168
$
3,290
Yongwei Hu
Chief Executive Officer and Controlling shareholder of the Company
3,392
6,583
Jing Liu
Wife of the controlling shareholder
18,925
-
Sheying Wang
Senior Management of the Company
3,016
3,093
Yuantao Wang
49% shareholder of Tianjin YHX
23,650
59,870
Shujie Mou
Senior Management of Tianiin YHX
28,229
-
Total due to related parties
$
83,380
$
72,836
As
of September 30, 2023 and 2022, the balance of due to related parties was comprised of the Company's borrowings from related parties
and was used for working capital during the Company's normal course of business. Such advance was non-interest bearing and due
on demand.
(b) Due from related parties
Related party relationship
September 30, 2023
September 30, 2022
Wenjuan Chen
Senior Management of the Company
$
8,358
$
-
Lu Jiang
Employee of the Company
53
-
Total due from related parties
$
8,411
$
-
As of September 30, 2023 and 2022, the balance of
due from related parties was mainly comprised of advance to the employees for business purposes.
(c)
Loan guarantee provided by related parties
In
connection with the Company's short-term and long-term loans borrowed from PRC banks and other financial institutions, the Company's
controlling shareholder, Mr. Yongwei Hu pledged his personal bank savings as collateral to safeguard the Company's borrowings from
the banks and financial institutions. Mr. Yongwei Hu and his wife Ms. Jing Liu also jointly pledged their personal residence property
to guarantee the Company's certain loans (see Note 11 to financial statements).
All
related party transactions are in the normal course of business.
C.
Interests
    of Experts and Counsel
Not
applicable.
ITEM
    8.
FINANCIAL
    INFORMATION
A.
Consolidated
    Statements and Other Financial Information
Financial
Statements
We
have appended consolidated financial statements filed as part of this Annual Report. See Item 18 "Financial Statements."
121
Legal
Proceedings
We
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, may result in substantial cost and diversion of our resources, including our management's time and attention.
Dividend
Policy
To
date, we have not paid any cash dividends on our shares. As a Cayman Islands company, we may only declare and pay dividends except when
the corporation is insolvent or would thereby be made insolvent or when the declaration or payment would be contrary to any restrictions
contained in our Articles of Association. Dividends may be declared and paid out of surplus only; but in case there is no surplus, dividends
may be declared or paid out of the net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year.
We currently anticipate that we will retain any available funds to finance the growth and operation of our business and we do not anticipate
paying any cash dividends in the foreseeable future. Additionally, our cash held in foreign countries may be subject to certain control
limitations or repatriation requirements, limiting our ability to use this cash to pay dividends.
B.
Significant
    Changes
No
significant change has occurred since the date of our consolidated financial statements filed as part of this Annual Report.
ITEM
    9.
THE
    OFFER AND LISTING
A.
Offer
    and Listing Details
Our
common stock is listed on the NASDAQ Capital Market and trade under the symbol "BON."
Approximate
Number of Holders of Our Securities
On
January 10, 2022, there were 16 shareholders of record of our common stock. Certain of our securities are held in nominee or street name
so the actual number of beneficial owners of our securities is greater than the number of record holders set forth above.
B.
Plan
    of Distribution
Not
applicable.
C.
Markets
See
our disclosures above under "A. Offer and Listing Details."
122
D.
Selling
    Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses
    of the Issue
Not
applicable.
ITEM
    10.
ADDITIONAL
    INFORMATION
A.
Share
    Capital
As
of the date of this Annual Report, our company's capital is US$50,000.00 divided into (a) 450,000,000 ordinary shares, par value
of US$0.0001 each and (b) 50,000,000 preference shares, par value of US$0.0001 each. As of the date of this Annual Report, 13,938,662
ordinary shares are issued and outstanding. All of our issued and outstanding ordinary shares are fully paid.
B.
Memorandum
    and Articles of Association
The
following are summaries of material provisions of our memorandum and articles of association and of the Companies Law, insofar as they
relate to the material terms of our ordinary shares.
Objects
of Our Company.
Under our memorandum and articles of association, the objects of our company are unrestricted and we have the
full power and authority to carry out any object not prohibited by the law of the Cayman Islands.
Ordinary
Shares.
Our ordinary shares are issued in registered form and are issued when registered in our register of members. Our shareholders
who are nonresidents of the Cayman Islands may freely hold and vote their shares.
Preference
Shares.
Our preference shares may be issued in the future, upon approval of the Board of Directors, in one or more classes or
series, with rights and limitations of each class or series with regard to voting, dividends, convertability, and other powers, preferences
and relative, participating, optional and other special rights, and any qualifications, limitations and restrictions, as may be designated
by the Board for each designated class.
123
Dividends.
The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors. In addition,
our shareholders may by ordinary resolution declare a final dividend, but no dividend may exceed the amount recommended by our directors.
Our articles of association provide that dividends may be declared and paid out of our profits, realized or unrealized, or from any reserve
set aside from profits which our board of directors determine is no longer needed. Dividends may also be declared and paid out of share
premium account or any other fund or account which can be authorized for this purpose subject to the restrictions of the Companies Law,
provided that in no circumstances may we pay a dividend if this would result in our company being unable to pay its debts as they fall
due in the ordinary course of business.
Voting
Rights.
On a show of hands each shareholder is entitled to one vote or, on a poll, each shareholder is entitled to one vote for
each ordinary share, voting together as a single class, on all matters that require a shareholder's vote. Voting at any shareholders'
meeting is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or one or more shareholders
present in person or by proxy entitled to vote and who together hold not less than 10 percent of the paid-up voting share capital for
the Company.
A
quorum required for a meeting of shareholders consists of one or more shareholders present and holding at least a majority of the votes
of the issued and outstanding voting shares in our company. Shareholders may be present in person or by proxy or, if the shareholder
is a legal entity, by its duly authorized representative. Shareholders' meetings may be convened by our board of directors on its
own initiative or upon a request to the directors by shareholders holding no less than 10 percent of our paid voting share capital. Advance
notice of at least seven days is required for the convening of our annual general shareholders' meeting and any other general shareholders'
meeting.
An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the
votes cast attaching to the outstanding ordinary shares at a meeting. A special resolution will be required for important matters such
as a change of name or making changes to our memorandum and articles of association. Holders of the ordinary shares may, among other
things, divide or combine their shares by ordinary resolution.
Transfer
of Ordinary Shares.
Any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer
in the usual or common form or any other form approved by our board of directors.
Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share whether or not it is fully
paid up without assigning any reason for doing so.
If
our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal.
The
registration of transfers may be suspended and the register closed at such times and for such periods as our board of directors may from
time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register closed for more
than 45 days in any year as our board may determine.
124
Liquidation.
On a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of shares), assets available
for distribution among the holders of ordinary shares shall be distributed among the holders of our shares on a pro rata basis. If our
assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses
are borne by our shareholders proportionately.
Calls
on Shares and Forfeiture of Shares.
Our board of directors may from time to time make calls upon shareholders for any amounts
unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The
shares that have been called upon and remain unpaid are subject to forfeiture.
Redemption
of Shares.
The Companies Law and our articles of association permit us to purchase, redeem or otherwise acquire our own shares.
In accordance with our articles of association and provided the necessary shareholders or board approval have been obtained, we may issue
shares on terms that are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such
manner, including out of capital, as may be determined by our board of directors.
Variations
of Rights of Shares.
The rights attached to any class or series of shares (unless otherwise provided by the terms of issue of
the shares of that class or series), whether or not our company is being wound-up, may be varied with the consent in writing of the holders
of two-thirds of the issued shares of that class or series or with the sanction of a special resolution passed at a separate meeting
of the holders of the shares of the class or series. The rights conferred upon the holders of the shares of any class issued shall not,
unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue
of further shares ranking
pari passu
with such existing class of shares.
Issuance
of Additional Shares.
Our memorandum and articles of association authorizes our board of directors to issue additional ordinary
shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.
Inspection
of Books and Records.
Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain
copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial
statements. See "Where You Can Find Additional Information."
Anti-Takeover
Provisions.
Some provisions of our memorandum and articles of association may discourage, delay or prevent a change of control
of our company or management that shareholders may consider favorable, including a provision that limits the ability of shareholders
to requisition and convene general meetings of shareholders, such that shareholders requisitioning a meeting must hold not less than
ten percent of the paid up voting share capital of the company
However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of
association for a proper purpose and for what they believe in good faith to be in the best interests of our company.
125
Exempted
Company.
We are an exempted company with limited liability under the Companies Law. The Companies Law distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company except that an exempted company that does not hold a license to carry on business in the Cayman Islands:
●
does
    not have to file an annual return of its shareholders with the Registrar of Companies;
●
is
    not required to open its register of members for inspection;
●
does
    not have to hold an annual general meeting;
●
is
    prohibited from making any invitation to the public in the Cayman Islands to subscribe for any of its securities;
●
may
    issue negotiable or bearer shares or shares with no par value;
●
may
    obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first
    instance);
●
may
    register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
●
may
    register as an exempted limited duration company; and
●
may
    register as a segregated portfolio company.
"Limited
liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company.
C.
Material
    Contracts
We
have not entered into any material contracts other than in the ordinary course of business and other than those described in Item 4 "Information
on the Company," Item 5 "Operating and Financial Review and Prospects—F. Tabular Disclosure of Contractual Obligations,"
Item 7 "Major Shareholders and Related Party Transactions," or filed (or incorporated by reference) as exhibits to this Annual
Report or otherwise described or referenced in this Annual Report.
126
D.
Exchange
    Controls
PRC
Exchange Controls
Regulations
on Foreign Currency Exchange
Under
the PRC Foreign Currency Administration Rules promulgated on January 29, 1996 and last amended on August 5, 2008 and various regulations
issued by SAFE and other relevant PRC government authorities, payment of current account items in foreign currencies, such as trade and
service payments, payment of interest and dividends can be made without prior approval from SAFE by following the appropriate procedural
requirements. By contrast, the conversion of RMB into foreign currencies and remittance of the converted foreign currency outside the
PRC for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, requires prior
approval from SAFE or its local office.
On
February 13, 2015, SAFE promulgated the Circular on Simplifying and Improving the Foreign Currency Management Policy on Direct Investment,
effective from June 1, 2015, which cancels the requirement for obtaining approvals of foreign exchange registration of foreign direct
investment and overseas direct investment from SAFE. The application for the registration of foreign exchange for the purpose of foreign
direct investment and overseas direct investment may be filed with qualified banks, which, under the supervision of SAFE, may review
the application and process the registration.
The
Circular of the SAFE on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise,
or SAFE Circular 19, was promulgated on March 30, 2015 and became effective on June 1, 2015. According to SAFE Circular 19, a foreign-invested
enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital
account for which the relevant foreign exchange bureau has confirmed monetary contribution rights and interests (or for which the bank
has registered the account-crediting of monetary contribution). For the time being, foreign-invested enterprises are allowed to settle
100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for
its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment
with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and
open a corresponding Account for Foreign Exchange Settlement Pending Payment with the foreign exchange bureau (bank) at the place of
registration. The Circular of the SAFE on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital
Accounts, or SAFE Circular 16, was promulgated and became effective on June 9, 2016. According to SAFE Circular 16, enterprises registered
in PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. SAFE Circular 16 provides
an integrated standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency
capital and foreign debts) on self—discretionary basis, which applies to all enterprises registered in the PRC. SAFE Circular 16
reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly or indirectly
used for purposes beyond its business scope and may not be used for investments in securities or other investment with the exception
of bank financial products that can guarantee the principal within the PRC unless otherwise specifically provided. Besides, the converted
Renminbi shall not be used to make loans for related enterprises unless it is within the business scope or to build or to purchase any
real estate that is not for the enterprise own use with the exception for the real estate enterprise.
127
On
January 26, 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance
of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine by reviewing
board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements, and (ii) domestic
entities must retain income to account for previous years' losses before remitting any profits. Moreover, pursuant to SAFE Circular
3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts
and other proof as a part of the registration procedure for outbound investment.
Regulations
on Foreign Exchange Registration of Overseas Investment by PRC Residents
SAFE
issued the Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through
Special Purpose Vehicles, or SAFE Circular 37, which became effective in July 2014, to replace the Circular of the State Administration
of Foreign Exchange on Issues Concerning the Regulation of Foreign Exchange in Equity Finance and Roundtrip Investments by Domestic Residents
through Offshore Special Purpose Vehicles, to regulate foreign exchange matters in relation to the use of special purpose vehicles, or
SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment in China. SAFE Circular
37 defines a SPV as an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose
of seeking offshore financing or making offshore investment, using legitimate onshore or offshore assets or interests, while "round
trip investment" is defined as direct investment in China by PRC residents or entities through SPVs, namely, establishing foreign-invested
enterprises to obtain the ownership, control rights and management rights. SAFE Circular 37 stipulates that, prior to making contributions
into an SPV, PRC residents or entities be required to complete foreign exchange registration with SAFE or its local branch. In addition,
SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment
in February 2015, which amended SAFE Circular 37 and became effective on June 1, 2015, requiring PRC residents or entities to register
with qualified banks rather than SAFE in connection with their establishment or control of an offshore entity established for the purpose
of overseas investment or financing.
PRC
residents or entities who had contributed legitimate onshore or offshore interests or assets to SPVs but had not obtained registration
as required before the implementation of the SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified
banks. An amendment to the registration is required if there is a material change with respect to the SPV registered, such as any change
of basic information (including change of the PRC residents, name and operation term), increases or decreases in investment amount, transfers
or exchanges of shares, and mergers or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and
the subsequent notice, or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise that is established
through round-trip investment, may result in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested
enterprise, including payment of dividends and other distributions, such as proceeds from any reduction in capital, share transfer or
liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject relevant PRC
residents or entities to penalties under PRC foreign exchange administration regulations. See "Risk Factors—PRC regulations
relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or
our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary's
ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us."
128
Regulations
on Dividend Distribution
Distribution
of dividends of foreign investment enterprises are mainly governed by the Foreign Investment Enterprise Law, issued in 1986 and amended
in 2000 and 2016 respectively, and the Implementation Rules under the Foreign Investment Enterprise Law, issued in 1990 and amended in
2001 and 2014 respectively. Under these regulations, foreign investment enterprises in the PRC may distribute dividends only out of their
accumulative profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, no less than 10% of
the accumulated profits of the foreign investment enterprises in the PRC are required to be allocated to fund certain reserve funds each
year unless these reserves have reached 50% of the registered capital of the enterprises. A PRC company is not permitted to distribute
any profits until any losses from previous fiscal years have been offset. Profits retained from prior fiscal years may be distributed
together with distributable profits from the current fiscal year. Under our current corporate structure, our BVI holding company may
rely on dividend payments from our wholly foreign-owned enterprises incorporated in China to fund any cash and financing requirements
we may have. Limitation on the ability of our operating subsidiaries to make remittance to our WOFEs and on the ability of our WOFEs
to pay dividends to us could limit our ability to access cash generated by the operations of those entities.
E.
Taxation
The
following summary of the material Cayman Islands, PRC and U.S. federal income tax consequences of an investment in our ordinary shares
is based upon laws and relevant interpretations thereof in effect as of the date of this registration statement, all of which are subject
to change. This summary does not deal with all possible tax consequences relating to an investment in our ordinary shares, such as the
tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, the People's
Republic of China and the United States.
Cayman
Islands Taxation
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the
jurisdiction of, the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies
except those which hold interests in land in the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the
United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company.
There are no exchange control regulations or currency restrictions in the Cayman Islands.
129
People's
Republic of China Taxation
Under
the
PRC Enterprise Income Tax Law
and its implementation rules, an enterprise established outside of the PRC with "de facto
management body" within the PRC is considered a resident enterprise. The implementation rules define the term "de facto management
body" as the body that exercises full and substantial control and overall management over the business, productions, personnel,
accounts and properties of an enterprise. In April 2009, the SAT issued the
SAT Circular 82
, which provides certain specific criteria
for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located
in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those
controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how
the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises.
According to
SAT Circular 82
, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will
be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following
conditions are met: (i) the places where the senior management and senior management departments responsible for the daily production,
operation and management of the enterprise perform their duties are mainly located within the territory of the PRC; (ii) decisions relating
to the enterprise's financial matters (such as money borrowing, lending, financing and financial risk management) and human resource
matters (such as appointment, dismissal and salary and wages) are made or are subject to approval by organizations or personnel in the
PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions,
are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.
In addition, the SAT issued the
Bulletin of the State Administration of Taxation on Printing and Distributing the Administrative Measures
for Income Tax on Chinese-controlled Resident Enterprises Incorporated Overseas (Trial Implementation)
in 2011, providing more guidance
on the implementation of
SAT Circular 82
. This bulletin clarifies matters including resident status determination, post determination
administration, and competent tax authorities. In January 2014, the SAT issued the
SAT Bulletin 9
. According to
SAT Bulletin
9
, a Chinese-controlled offshore incorporated enterprise that satisfies the conditions prescribed under the
SAT Circular 82
for being recognized as a PRC tax resident must apply for being recognized as a PRC tax resident to the competent tax authority at the
place of registration of its main investor within the territory of China.
We
believe that Bon Natural Life Limited is not a PRC resident enterprise for PRC tax purposes. Bon Natural Life Limited is not controlled
by a PRC enterprise or PRC enterprise group and we do not believe that Bon Natural Life Limited meets all of the conditions above. Bon
Natural Life Limited is a company incorporated outside the PRC. As a holding company, its key assets are its ownership interests in its
subsidiaries, and its key assets are located, and its records (including the resolutions of its board of directors and the resolutions
of its shareholders) are maintained, outside the PRC. However, the tax resident status of an enterprise is subject to determination by
the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body."
130
If
the PRC tax authorities determine that Bon Natural Life Limited is a PRC resident enterprise for enterprise income tax purposes, we would
be subject to 25% enterprise income tax on its worldwide income. Furthermore, we may be required to withhold a 10% withholding tax from
dividends we pay to our shareholders that are non-resident enterprises, including the holders of our Shares. In addition, non-resident
enterprise shareholders may be subject to a 10% PRC tax on gains realized on the sale or other disposition of ordinary shares, if such
income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to our non-
resident individual shareholders and any gain realized on the transfer of ordinary shares by such shareholders may be subject to PRC
tax at a rate of 20% unless a reduced rate is available under an applicable tax treaty. It is also unclear whether non- resident shareholders
of Bon Natural Life Limited would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC
in the event that Bon Natural Life Limited is treated as a PRC resident enterprise.
On
February 3, 2015, the SAT issued the
SAT Bulletin 7
, which came into effect on February 3, 2015, but will also apply to cases
where their PRC tax treatments are not yet concluded. Pursuant to
SAT Bulletin 7
, an ''indirect transfer''
of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident enterprise, by non-PRC
resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets, if such arrangement does
not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated
to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise.
On
October 17, 2017, the SAT issued the
SAT Bulletin 37
, which came into effect on December 1, 2017. The
SAT Bulletin 37
further
clarifies the practice and procedure of the withholding of non-resident enterprise income tax.
Where
a non-resident enterprise transfers taxable assets in China indirectly by disposing of the equity interests of an overseas holding company,
which is an Indirect Transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred,
may report such Indirect Transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority
may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose
of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income
tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes. Our company
may be subject to filing obligations or taxed if our company is transferor in such transactions, and we may be subject to withholding
obligations if our company is transferee in such transactions, under
SAT Bulletin 7
and
SAT Bulletin 37
. For transfer of
shares in our company by investors who are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing
under
SAT Bulletin 7
and
SAT Bulletin 37
. As a result, we may be required to expend valuable resources to comply with
SAT
Bulletin 7
and
SAT Bulletin 37
or to request the relevant transferors from whom we purchase taxable assets to comply with
these circulars, or to establish that our company should not be taxed under these circulars, which may have a material adverse effect
on our financial condition and results of operations.
131
United
States Federal Income Tax Considerations
The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our ordinary shares by a U.S. Holder (as defined below) that acquires and holds our Shares as "capital assets" (generally,
property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This discussion is based upon existing
U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought
from the Internal Revenue Service, the IRS, with respect to any U.S. federal income tax consequences described below, and there can be
no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal
estate, gift, Medicare, and alternative minimum tax considerations, or any state, local and non-U.S. tax considerations, relating to
the ownership or disposition of our ordinary shares. The following summary does not address all aspects of U.S. federal income taxation
that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such
as:
●
banks
    and other financial institutions;
●
insurance
    companies;
●
pension
    plans;
●
cooperatives;
●
regulated
    investment companies;
●
real
    estate investment trusts;
●
broker-dealers;
●
traders
    in securities that elect to use a mark-to-market method of accounting;
●
certain
    former U.S. citizens or long-term residents;
●
tax-exempt
    entities (including private foundations);
●
persons
    liable for alternative minimum tax;
●
holders
    who acquire their ordinary shares pursuant to any employee share option or otherwise as compensation;
132
●
investors
    that will hold their ordinary shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction
    for U.S. federal income tax purposes;
●
investors
    that have a functional currency other than the U.S. dollar;
●
persons
    that actually or constructively own 10% or more of the total combined voting power of all classes of our voting stock; or
●
partnerships
    or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding ordinary shares through such entities.
all
of whom may be subject to tax rules that differ significantly from those discussed below.
Each
U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal tax law to its particular circumstances, and
the state, local, non-U.S. and other tax considerations of the ownership and disposition of our ordinary shares.
General
For
purposes of this discussion, a "U.S. Holder" is a beneficial owner of our ordinary shares that is, for U.S. federal income
tax purposes:
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the law
    of the United States or any state thereof or the District of Columbia;
●
an
    estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
a
    trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons
    who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated
    as a U.S. person under the Code.
If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our ordinary shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
Partnerships holding our ordinary shares and their partners are urged to consult their tax advisors regarding an investment in our ordinary
shares.
133
Passive
Foreign Investment Company Considerations
A
non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if
either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more
of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or
are held for the production of passive income. For this purpose, cash and assets readily convertible into cash are categorized as a passive
asset and the company's goodwill and other unbooked intangibles are taken into account. Passive income generally includes, among
other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a
proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly
or indirectly, more than 25% (by value) of the stock.
Although
the law in this regard is not entirely clear, we treat our consolidated subsidiary as being owned by us for U.S. federal income tax purposes
because we control its management decisions and are entitled to substantially all of the economic benefits associated with this entity.
As a result, we consolidate its results of operations in our consolidated U.S. GAAP financial statements. If it were determined, however,
that we are not the owner of the consolidated subsidiary for U.S. federal income tax purposes, we would likely be treated as a PFIC for
the current taxable year and any subsequent taxable year.
Assuming
that we are the owner of the subsidiary for U.S. federal income tax purposes, and based upon our current and projected income and assets,
and projections as to the value of our assets, based in part on the market value of our Shares, we do not expect to be a PFIC for the
current taxable year or the foreseeable future. While we do not anticipate being or becoming a PFIC in the current or foreseeable taxable
years, no assurance can be given in this regard because the determination of whether we will be or become a PFIC is a factual determination
made annually that will depend, in part, upon the composition of our income and assets. Fluctuations in the market price of our Shares
may cause us to be classified as a PFIC for the current or future taxable years because the value of our assets for purposes of the asset
test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market price of our Shares
from time to time (which may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into
account the cash proceeds and our market capitalization following our initial public offering. If our market capitalization subsequently
declines, we may be or become classified as a PFIC for the current taxable year or future taxable years. Under circumstances where our
revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive
income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC
may substantially increase.
If
we are classified as a PFIC for any year during which a U.S. Holder holds our ordinary shares, the PFIC rules discussed below under "Passive
Foreign Investment Company Rules" generally will apply to such U.S. Holder for such taxable year, and unless the U.S. Holder makes
certain elections, will apply in future years even if we cease to be a PFIC.
The
discussion below under "Dividends" and "Sale or Other Disposition" is written on the basis that we will not be
or become classified as a PFIC for U.S. federal income tax purposes. The U.S. federal income tax rules that apply generally if we are
treated as a PFIC are discussed below under "Passive Foreign Investment Company Rules."
134
Dividends
Subject
to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions (including the amount of
any PRC tax withheld) paid on our ordinary shares out of our current or accumulated earnings and profits, as determined under U.S. federal
income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively
received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles,
any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. Dividends received
on our ordinary shares will not be eligible for the dividends received deduction allowed to corporations. A non-corporate U.S. Holder
will be subject to tax at the lower capital gain tax rate applicable to "qualified dividend income," provided that certain
conditions are satisfied, including that (1) our Shares are readily tradeable on an established securities market in the United States,
or, in the event that we are deemed to be a PRC resident enterprise under the PRC tax law, we are eligible for the benefit of the United
States-PRC income tax treaty, (2) we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the
taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. We expect
our Shares will be readily tradeable on an established securities market in the United States. There can be no assurance, however, that
our Shares will be considered readily tradeable on an established securities market in later years.
In
the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, a U.S. Holder may be subject to
PRC withholding taxes on dividends paid on our ordinary shares. We may, however, be eligible for the benefits of the United States-PRC
income tax treaty. If we are eligible for such benefits, dividends we pay on our ordinary shares would be eligible for the reduced rates
of taxation described in the preceding paragraph.
Dividends
will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category
income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of
complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on our ordinary
shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S.
federal income tax purposes, in respect of such withholding, but only for a year in which such holder elects to do so for all creditable
foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's
individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the
foreign tax credit under their particular circumstances.
Sale
or Other Disposition
Subject
to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital
gain or loss upon the sale or other disposition of ordinary shares in an amount equal to the difference between the amount realized upon
the disposition and the holder's adjusted tax basis in such ordinary shares. Any capital gain or loss will be long-term if the
ordinary shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes.
In the event that gain from the disposition of the ordinary shares is subject to tax in the PRC, such gain may be treated as PRC source
gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are
urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our ordinary shares,
including the availability of the foreign tax credit under their particular circumstances.
135
Passive
Foreign Investment Company Rules
If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares, and unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution
that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than
125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding
period for the ordinary shares), and (ii) any gain realized on the sale or other disposition of ordinary shares. Under the PFIC rules:
●
the
    excess distribution or gain will be allocated ratably over the U.S. Holder's holding period for the ordinary shares;
●
the
    amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable
    year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;
●
the
    amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
    for individuals or corporations, as appropriate, for that year; and
●
the
    interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year,
    other than a pre-PFIC year.
If
we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares and any of our subsidiaries is also a PFIC, such
U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application
of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.
As
an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with
respect to such stock, provided that such stock is regularly traded. For those purposes, our ordinary shares are treated as marketable
stock due to their listing on the Nasdaq Capital Market. We anticipate that our Shares should qualify as being regularly traded, but
no assurances may be given in this regard. If a U.S. Holder makes this election, the holder will generally (i) include as ordinary income
for each taxable year that we are a PFIC the excess, if any, of the fair market value of Shares held at the end of the taxable year over
the adjusted tax basis of such Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Shares
over the fair market value of such Shares held at the end of the taxable year, but such deduction will only be allowed to the extent
of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in
the Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market
election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the holder will not
be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC.
If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Shares
in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only
be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.
136
Because
a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC
rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest
in a PFIC for U.S. federal income tax purposes.
We
do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would
result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs described above.
If
a U.S. Holder owns our ordinary shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS Form
8621. You should consult your tax advisors regarding the U.S. federal income tax consequences of owning and disposing of our ordinary
shares if we are or become a PFIC.
Information
Reporting
Certain
U.S. Holders may be required to report information to the IRS with respect to the beneficial ownership of our ordinary shares. These
rules also impose penalties if a U.S. Holder is required to submit such information to the IRS and fails to do so.
In
addition, U.S. Holders may be subject to information reporting to the IRS with respect to dividends on and proceeds from the sale or
other disposition of our ordinary shares. Each U.S. Holder is advised to consult with its tax advisor regarding the application of the
U.S. information reporting rules to their particular circumstances.
F.
Dividends
    and Paying Agents
Not
applicable.
G.
Statement
    by Experts
Not
applicable.
137
H.
Documents
    on Display
We
have filed this Annual Report on Form 20-F with the SEC under the Exchange Act. Statements made in this Annual Report as to the contents
of any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this Annual Report,
reference is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified
in its entirety by such reference.
We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this Annual Report, may be inspected and copied at the
public reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this Annual Report by mail
from the Public Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of
this material may be obtained from the SEC's Internet site at http://www.sec.gov. The SEC's telephone number is 1-800-SEC-0330.
In accordance with NASDAQ Stock Market Rule 5250(d).
As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.
I.
Subsidiary
    Information
Please
see Item 4.a, Information on the Company – History and Development of the Company, above.
ITEM
    11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
Exchange Risk
Foreign
currency risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Substantially all of our revenue-generating transactions, and a majority of our expense-related transactions, are denominated in Renminbi,
which is the functional currency of our operations. We do not hedge against currency risk.
The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions. To the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi
against the U.S. dollar would reduce the Renminbi amount we receive from the conversion. Conversely, if we decide to convert Renminbi
into U.S. dollars for the purpose of making payments for dividends on our ordinary shares, servicing outstanding debts, or for other
business purposes, appreciation of the U.S. dollar against the Renminbi would reduce the U.S. dollar amounts available to us.
138
Our
functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB depreciated by 10.2% for the year
ended September 30, 2022 and depreciated by 2.6% for the year ended September 30, 2023. It is difficult to predict how market forces
or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value
of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any
underlying changes in our business or results of operations. Currently, our assets, liabilities, revenues and costs are denominated in
RMB.
Interest
Rate Risk
We
are not currently exposed to interest rate risk. We do not own any interest-bearing instruments and our interest-bearing debt carries
a fixed rate.
Market
Price Risk
We
are not currently exposed to commodity price risk or market price risk.
Inflation
Inflation
does not materially affect our business or the results of our operations.
Seasonality
Seasonality
does not materially affect our business or the results of our operations.
ITEM
    12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt
    Securities
Not
applicable.
B.
Warrants
    and Rights
As
of the date of this Annual Report, we had the following warrants and options outstanding:
●
Options
    issued to our directors as follows:
○
Options
    to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock options
    issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company's stock
    on August 3, 2023.
○
Options
    to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock options
    issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company's stock
    on August 3, 2023.
○
Options
    to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock options
    issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company's stock
    on October 3, 2023.
○
Options
    to purchase ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.01 per share. The stock options
    issued to the Director shall have a value of $12,000, to be determined by reference to the closing price of Company's stock
    on October 3, 2023.
●
Warrants
    issued to investors as follows:
○
Warrants
    to purchase a total of 2,750,000 ordinary shares of the Company, par value $0.0001 per share, at an exercise price of $0.88 per share.
C.
Other
    Securities
Not
applicable.
D.
American
    Depositary Shares
We
do not have any American Depositary Shares.
139
PART
II
ITEM
    13.
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
    14.
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
None.
ITEM
    15.
CONTROLS
    AND PROCEDURES
A.
Disclosure
    Controls and Procedures
Our
management, with the participation of our CEO and CFO, has evaluated the effectiveness of the Company's disclosure controls and
procedures, as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act, as of September 30, 2023.
The
term "disclosure controls and procedures" as defined in Rules 13a-15(e) and 15d-15(e) means controls and other procedures
of the Company that are designed to ensure that information required to be disclosed by a company in reports, such as this Annual Report,
that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the company's management, including its principal executive and principal financial officers, as appropriate to allow timely
decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated,
can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the
cost-benefit relationship of possible controls and procedures.
Based
on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of September 30, 2023,
due to material weaknesses in our internal control over financial reporting related to a lack of accounting staff and resources with
appropriate knowledge of generally accepted accounting principles in the United States ("U.S. GAAP") and SEC reporting and
compliance requirements
Following
the identification of the material weaknesses and control deficiencies, we have taken remedial measures including (i) hiring more qualified
accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function
and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging
an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal
control.
As
of the date of this Annual Report, we have not fully addressed the above-referenced weaknesses. However, we have made progress in implementing
remedial measures, specifically:
●
We have hired three additional mid-level financial staff as of the date of this Annual Report, one of whom has been staffed in the financial
reporting unit and the other in the internal control department.
In addition, we appointed a new
Chief Financial Officer, Mr. Wallace Lee,
in
April 2023
to assume the responsibilities previously held by Mr. Zhenchao Li. Mr. Lee is a U.S.
Certified Public Accountant and he has over 20 years of experience in U.S. accounting. He previously held various senior roles with a
handful of U.S.-listed companies. We believe
his extensive experience in U.S. accounting will be critical to our remedial measures.
●
Since September 30, 2020, the management team in the PRC has held internal meetings, discussions, trainings, and seminars on a monthly
basis to review our financial statements and operational performance and to identify areas to improve our internal control procedures.
●
We have appointed directors and established an audit committee.
140
●
In April 2021, we engaged Grant Thornton (Special General Partnership), Xiamen Branch to assist us in setting-up our financial and system
control framework. Grant Thornton has completed the evaluation of the effectiveness of our existing financial and system control and
formulated an implementation plan with expanded and enhanced control and procedures. We expect to fully complete the setup of our financial
and system control framework by December 31, 2024.
B.
Management's
    Annual Report on Internal Control Over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over
financial reporting is designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation
of our consolidated financial statements in accordance with GAAP. Our accounting policies and internal controls over financial reporting,
established and maintained by management, are under the general oversight of the Board's audit committee.
Our
internal control over financial reporting includes those policies and procedures that:
●
pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our
    assets;
●
provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
●
provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could
    have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree or compliance with the policies or procedures may deteriorate.
Management
assessed our internal control over financial reporting as of September 30, 2023. The standard measures adopted by management in
making its evaluation are the measures in the Internal-Control Integrated Framework published by the Committee of Sponsoring
Organizations of the Treadway Commission.
141
Based
on management's assessment using the COSO criteria, our CEO and CFO concluded that our internal control over financial reporting
as of September 30, 2023 was not effective. We have taken, and are taking, certain actions to remediate the material weaknesses.
C.
Attestation
    Report of the Registered Public Accounting Firm
Because
the Company is a non-accelerated filer, this Annual Report does not include an attestation report of our registered public accounting
firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered
public accounting firm pursuant to rules of the SEC where domestic and foreign registrants that are non-accelerated filers, which we
are, and "emerging growth companies," which we also are, are not required to provide the auditor attestation report.
D.
Changes
    in Internal Controls over Financial Reporting
Other
than as described above, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the
Exchange Act) that occurred during the year ended September 30, 2023 that have materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.
ITEM
    16A.
AUDIT
    COMMITTEE FINANCIAL EXPERT
The
audit committee of our board of directors currently consists of three members, Jing Chen, Jianjun Gao, and Zhixiang Gao. Our board of
directors has determined that all of our audit committee members are "independent" under the Exchange Act and have the requisite
financial knowledge and experience to serve as members of our audit committee. In addition, our board of directors has determined that
Jing Chen is an "audit committee financial expert" as defined in Item 16A of the Instructions to Form 20-F and meets NASDAQ's
financial sophistication requirements due to his current and past experience in various companies in which he was responsible for, amongst
others, the financial oversight responsibilities.
ITEM
    16B.
CODE
    OF ETHICS
We
have adopted a Code of Business Conduct and Ethics (the "Code of Ethics") that applies to all of the directors, officers
and employees of the Company and its subsidiaries, including our principal executive officer, principal financial officer and principal
accounting officer. The Code of Ethics addresses, among other things, honesty and ethical conduct, conflicts of interest, compliance
with laws, regulations and policies, including disclosure requirements under the federal securities laws, confidentiality, trading on
inside information, and reporting of violations of the code. A copy of the Code of Ethics is filed as Exhibit 14.1 to our amended registration
statement on Form F-1 filed on May 14, 2021. During the fiscal year ended September 30, 2023, there were no waivers of our Code of Ethics.
142
ITEM
    16C.
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with services rendered by our principal external
auditors for the periods indicated.
Fiscal Year Ended
September 30,
2023
2022
Audit Fees*
$
190,000
$
300,000
*
"Audit
    Fees" consisted of the aggregate fees billed for professional services rendered for the audit of our annual financial statements
    or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.
Our
Audit Committee pre-approves all auditing services and permitted non-audit services to be performed for us by our independent auditor,
including the fees and terms thereof (subject to the de minimums exceptions for non-audit services described in Section 10A(i)(l)(B)
of the Exchange Act that are approved by our Audit Committee prior to the completion of the audit).
ITEM
    16D.
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable
ITEM
    16E.
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
There
were no purchases of equity securities made by or on behalf of us or any "affiliated purchaser" as defined in Rule 10b-18
of the Exchange Act during the period covered by this Annual Report.
ITEM
    16F.
CHANGES
    IN REGISTRANT'S CERTIFYING ACCOUNTANT
None.
ITEM
    16G.
CORPORATE
    GOVERNANCE
We
were incorporated in the Cayman Islands and our corporate governance practices are governed by applicable Cayman Islands law and our
Memorandum and Articles. In addition, because our common stock is listed on NASDAQ, we are subject to NASDAQ's corporate governance
requirements.
ITEM
    16H.
MINE
    SAFETY DISCLOSURE
Not
applicable.
143
PART
III
ITEM
    17.
FINANCIAL
    STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
    18.
FINANCIAL
    STATEMENTS
The
financial statements are filed as part of this Annual Report beginning on page F-1.
ITEM
    19.
EXHIBITS
Exhibit
    No.
Description
3.1
Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect
(4)
4.1
Registrant's Specimen Certificate for Ordinary Shares
(2)
4.2
2022 Equity Incentive Plan
(4)
10.1
Labor Contract between Xi'an App-Chem and Yongwei Hu
(1)
10.2
Loan Agreement
(1)
10.3
Director Service Agreement with Yingchun Xue
(7)
10.4
Director Service Agreement with Jianjun Gao
(7)
10.5
Director Service Agreement with Jing Chen
(8)
10.6
Director Service Agreement with Zhixiang Gao
(8)
10.7
English translation of Property Lease Agreement for Weinan Raw Materials and Ingredients Production Site
(1)
10.8
Form of Subscription Agreement for private offering closed January 17, 2023
(6)
10.9
Form of Warrant issued in private offering closed January 17, 2023
(6)
14.1
Code of Business Conduct and Ethics
(1)
21.1
Significant subsidiaries of the Registrant
(5)
31.1
Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)
(9)
31.2
Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)
(9)
32.1
Certifications of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(9)
32.2
Certifications of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(9)
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 Label Linkbase Document
101.PRE
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover
    Page Interactive Data File (embedded within the Inline XBRL document)
(1)
Incorporated by reference to Registration Statement on Form F-1 filed December 7, 2020
(2)
Incorporated by reference to Registration Statement on Form F-1/A filed May 14, 2021
(3)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed June 30, 2022
(4)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed November 8, 2022
(5)
Incorporated by reference to Annual Report on Form 20-F filed January 31, 2022
(6)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed January 20, 2023
(7)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed August 4, 2023
(8)
Incorporated by reference to Report of Foreign Private Issuer on Form 6-K filed October 5, 2023
(9)
Filed herewith
144
SIGNATURE
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.
Date:
    February 9, 2024
Bon
    Natural Life Limited
/s/
    Yongwei Hu
Yongwei
    Hu
Chief
    Executive Officer
145
INDEX
TO CONSOLDIATED FINANCIAL STATEMENTS
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
TABLE
OF CONTENTS
Consolidated
    Financial Statements
Report of Independent Registered Public Accounting Firm
F-2
Consolidated Balance Sheets as of September 30, 2023 and 2022
F-3
Consolidated Statements of Income and Comprehensive Income for the Years Ended September 30, 2023, 2022 and 2021
F-4
Consolidated Statements of Changes in Shareholders' Equity for the Years Ended September 30, 2023, 2023 and 2021
F-5
Consolidated Statements of Cash Flows for the Years Ended September 30, 2023, 2022 and 2021
F-6
Notes to Consolidated Financial Statements
F-7
    – F-45
F-
1
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Shareholders of Bon Natural Life Ltd
Opinion on
the Financial Statements
We have audited
the accompanying consolidated balance sheets of Bon Natural Life Ltd and Subsidiaries (collectively, the "Company") as of
September 30, 2023 and 2022, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholders'
equity, and cash flows for the years ended September 30, 2023 and 2022, and the related notes (collectively referred to as the "financial
statements").
In our opinion,
the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 30,
2023 and 2022, and the results of its operations and its cash flows for years ended September 30, 2023 and 2022, in conformity with
accounting principles generally accepted in the United States of America.
Basis for
Opinion
These consolidated
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we
are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included
performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audits provide
a reasonable basis for our opinion.
/s/
YCM CPA, Inc
.
We have served as the
Company's auditor since 2022.
PCAOB ID
6781
Irvine, California
February 9, 2024
F-
2
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
As of September 30,
2023
2022
ASSETS
CURRENT ASSETS
Cash
$
112,751
$
840,861
Short-term investments
65
-
Accounts receivable, net
4,602,466
6,784,307
Inventories, net
987,287
1,722,120
Advance to suppliers, net
15,117,191
4,091,990
Acquisition deposit
1,000,000
1,000,000
Due from related parties
8,411
-
Prepaid expenses and other current assets
2,355,293
277,509
TOTAL CURRENT ASSETS
24,183,464
14,716,787
Property, plant and equipment, net
21,064,043
21,624,437
Intangible assets, net
995,227
366,167
Right-of-use lease assets, net
312,067
546,690
Deferred tax assets, net
1,335
2,768
TOTAL ASSETS
$
46,556,136
$
37,256,849
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans
$
2,509,890
$
2,424,587
Current portion of long-term loans
419,610
2,135,979
Accounts payable
1,404,937
214,585
Due to related parties
83,380
72,836
Taxes payable
2,718,687
1,239,708
Deferred revenue
106,514
188,745
Accrued expenses and other current liabilities
2,140,900
114,431
Finance lease liabilities, current
-
26,285
Operating lease liability, current
227,297
230,182
TOTAL CURRENT LIABILITIES
9,611,215
6,647,338
Long-term loans
871,368
189,813
Finance lease liabilities, noncurrent
-
-
Operating lease liability, noncurrent
91,720
327,202
TOTAL LIABILITIES
$
10,574,303
$
7,164,353
COMMITMENTS AND CONTINGENCIES
-
EQUITY
Ordinary shares, $
0.0001
par value,
500,000,000
shares authorized,
11,738,662
and
8,396,226
shares issued and outstanding as of September 30, 2023 and 2022, respectively
$
1,174
$
840
Additional paid in capital
18,088,056
15,711,450
Statutory reserve
2,372,871
1,804,116
Retained earnings
18,703,996
14,676,769
Accumulated other comprehensive income
(
3,681,445
)
(
2,631,171
)
TOTAL BON NATURAL LIFE LIMITED SHAREHOLDERS' EQUITY
35,484,652
29,562,004
Non-controlling interest
497,181
530,492
TOTAL SHAREHOLDERS' EQUITY
35,981,833
30,092,496
TOTAL LIABILITIES AND EQUITY
$
46,556,136
$
37,256,849
The
accompanying notes are an integral part of these consolidated financial statements
F-
3
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME
For the Years Ended September 30,
2023
2022
2021
REVENUE
$
29,522,353
$
29,908,561
$
25,494,564
COST OF REVENUE
(
20,682,326
)
(
20,484,996
)
(
18,382,637
)
GROSS PROFIT
8,840,027
9,423,565
7,111,927
OPERATING EXPENSES
Selling expenses
(
293,719
)
(
218,822
)
(
138,530
)
General and administrative expenses
(
2,329,198
)
(
2,239,967
)
(
1,323,726
)
Research and development expenses
(
298,469
)
(
424,558
)
(
249,050
)
Total operating expenses
(
2,921,386
)
(
2,883,347
)
(
1,711,306
)
INCOME FROM OPERATIONS
5,918,641
6,540,218
5,400,621
OTHER INCOME (EXPENSES)
Interest income
9,419
1,392
3,207
Interest expense
(
238,224
)
(
446,884
)
(
417,266
)
Unrealized foreign transaction exchange gain (loss)
35,008
18,831
(
45,124
)
Government subsidies
25,415
1,306,627
449,972
Income from short-term investments
-
20,343
565
Other income
(
195,279
)
68,922
38,409
Total other income (expenses) , net
(
363,661
)
969,231
29,763
INCOME BEFORE INCOME TAX PROVISION
5,554,980
7,509,449
5,430,384
INCOME TAX PROVISION
(
1,002,298
)
(
1,267,025
)
(
820,931
)
NET INCOME
4,552,682
6,242,424
4,609,453
Less: net income (loss) attributable to non-controlling interest
(
43,300
)
4,936
18,650
NET INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED
$
4,595,982
$
6,237,488
$
4,590,803
OTHER COMPREHENSIVE INCOME (LOSS)
Total foreign currency translation adjustment
(
1,040,285
)
(
2,855,701
)
612,806
TOTAL COMPREHENSIVE INCOME
3,512,397
3,386,723
5,222,259
Less: foreign currency translation adjustment attributable to non-controlling interest
9,989
(
2,309
)
2,483
COMPREHENSIVE INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED
$
3,502,408
$
3,389,032
$
5,219,776
EARNINGS PER SHARE
Basic
$
0.50
$
0.75
$
0.69
Diluted
$
0.50
$
0.74
$
0.68
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic
9,139,600
8,360,774
6,615,833
Diluted
9,198,107
8,396,064
6,706,235
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR
THE YEARS ENDED SEPTEMBER 30, 2023, 2022 AND 2021
Common shares
Additional paid-in
Statutory
Retained
Accumulated other comprehensive
Total shareholders'
Non-
controlling
Total
Shares
Amount
capital
reserve
earnings
loss
equity
interest
equity
Balance at September 30, 2020
5,800,000
$
580
$
5,251,205
$
579,922
$
5,072,672
$
(
388,102
)
$
10,516,277
$
506,732
$
11,023,009
Issuance of ordinary shares in initial public offerings, net
2,530,000
253
9,822,097
-
-
-
9,822,350
-
9,822,350
Amortization of share-based compensation
-
-
422,221
-
-
-
422,221
-
422,221
Amortization of stock options
-
-
44,910
-
-
-
44,910
-
44,910
Appropriation to statutory reserve
-
-
-
470,799
(
470,799
)
-
-
-
Net income
-
-
-
-
4,590,803
-
4,590,803
18,650
4,609,453
Foreign currency translation adjustment
-
-
-
-
-
610,323
610,323
2,483
612,806
Balance at September 30, 2021
8,330,000
$
833
$
15,540,433
$
1,050,721
$
9,192,676
$
222,221
$
26,006,884
$
527,865
$
26,534,749
Non-cash exercise of warrants
52,226
6
(
6
)
-
-
-
-
-
-
Exercise of stock options
14,000
1
140
-
-
-
141
-
141
Amortization of share-based compensation
-
-
170,883
-
-
-
170,883
-
170,883
Appropriation to statutory reserve
-
-
-
753,395
(
753,395
)
-
-
-
Net income
-
-
-
-
6,237,488
-
6,237,488
4,936
6,242,424
Foreign currency translation adjustment
-
-
-
-
-
(
2,853,392
)
(
2,853,392
)
(
2,309
)
(
2,855,701
)
Balance at September 30, 2022
8,396,226
$
840
$
15,711,450
$
1,804,116
$
14,676,769
$
(
2,631,171
)
$
29,562,004
$
530,492
$
30,092,496
Issuance of ordinary shares in a private placement, net
2,750,000
275
2,027,269
-
-
-
2,027,544
-
2,027,574
Issuance of ordinary shares for services
570,000
57
218,247
218,304
-
218,304
Exercise of stock options
22,436
2
(
2
)
-
-
-
-
-
-
Share-based compensation
131,092
131,092
131,092
Appropriation to statutory reserve
568,755
(
568,755
)
Net income
4,595,982
4,595,982
(
43,300
)
4,552,682
Foreign currency translation adjustment
(
1,050,274
)
(
1,050,274
)
9,989
(
1,040,285
)
Balance at September 30, 2023
11,738,662
$
1,174
$
18,088,056
$
2,372,871
$
18,703,996
$
(
3,681,445
)
$
35,484,652
$
497,181
35,981,833
The
accompanying notes are an integral part of these consolidated financial statements
F-
5
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For the Years Ended September 30,
2023
2022
2021
Cash flows from operating activities
Net income
$
4,552,682
$
6,242,424
$
4,609,453
Adjustments to reconcile net income to cash provided (used in) by operating activities
Allowance for doubtful accounts
-
116
2,948
Depreciation and amortization
954,517
218,526
228,547
Inventory reserve recovery
(
5,812
)
(
138,354
)
(
312,532
)
Deferred income tax
1,411
19,012
29,109
)
Amortization of operating lease right-of-use assets
228,552
150,978
58,147
Amortization of stock-based compensation
131,092
170,883
44,910
Issuance of ordinary shares for services
218,304
-
-
Unrealized foreign currency exchange loss (gain)
(
35,008
)
(
18,831
)
45,124
Gain on disposal of property and equipment
-
(
725
)
-
Changes in operating assets and liabilities:
Accounts receivable
2,081,376
(
1,300,942
)
(
89,543
)
Inventories
721,371
(
157,709
)
(
209,011
Advance to suppliers, net
(
11,510,450
)
(
407,022
)
(
399,262
)
Prepaid expenses and other current assets
(
2,170,541
)
(
265,446
)
2,642
Accounts payable
833,547
(
141,927
)
(
969,414
)
Operating lease liabilities
(
232,147
)
(
147,812
)
(
49,648
Taxes payable
1,561,946
(
3,632,922
)
410,716
Deferred revenue
(
80,176
)
(
875,295
)
684,030
Accrued expenses and other current liabilities
2,097,424
97,925
(
33,092
Net cash (used in) provided by operating activities
(
651,912
)
(
187,121
)
4,053,124
Cash flows from investing activities
Purchase of short-term investments
(
67
)
(
5,097,816
)
(
2,159,920
Proceeds upon redemption of short-term investments
-
6,776,385
470,082
Purchase of property and equipment
(
61,906
)
(
27,695
)
(
51,878
)
Proceeds from sales of property and equipment
-
1,613
-
Capital expenditures on construction-in-progress
(
460,125
)
(
4,708,138
)
(
4,432,941
)
Purchase of intangible assets
(
669,190
)
-
(
269,088
Proceeds of borrowings to related parties
5,623
-
-
Payment of acquisition deposit
-
-
(
1,000,000
)
Net cash used in investing activities
(
1,185,665
)
(
3,055,651
)
(
7,443,745
)
Cash flows from financing activities
Net proceeds from issuance of ordinary shares
2,027,544
-
11,271,480
Proceeds from exercise of stock options
-
140
-
Proceeds from short-term loans
2,879,809
2,631,890
1,257,225
Proceeds from long-term loans
1,132,803
578,343
1,245,871
Repayment of short-term loans
(
2,728,836
)
(
40,780
)
(
2,563,433
)
Repayment of long-term loans
(
2,143,046
)
(
637,147
)
(
2,522,101
)
(Repayment of) proceeds from borrowings from related parties
13,482
(
96,969
)
(
2,262,378
)
(Repayment of) proceeds from third party loans
-
-
(
721,484
)
(Repayment of) principal from finance lease
(
26,509
)
(
173,961
)
169,153
Payment for deferred initial public offering costs
-
-
(
521,651
)
Net cash provided by financing activities
1,155,247
2,261,516
5,352,682
Effect of changes of foreign exchange rates on cash
(
45,780
)
(
81,750
)
(
111,300
Net (decrease) increase in cash
(
728,110
)
(
1,063,006
)
1,850,761
)
Cash, beginning of year
840,861
1,903,867
53,106
Cash, end of year
112,751
$
840,861
$
1,903,867
Supplemental disclosure of cash flow information
Cash paid for interest expense
238,224
$
446,884
$
417,266
Cash paid for income tax
478,683
$
2,290,393
$
2,411
Supplemental disclosure of non-cash investing and financing activities
Amortization of share-based compensation for initial public offering services
$
-
$
-
$
422,221
Exercise of options
$
2
$
-
$
-
Right-of-use assets obtained in exchange for operating lease obligations
$
-
$
546,323
$
257,564
Unpaid purchase of property and equipment
$
403,318
$
-
$
-
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 –
ORGANIZATION AND BUSINESS DESCRIPTION
Business
Bon
Natural Life Limited ("Bon Natural" or the "Company"), through its wholly-owned subsidiaries, is engaged in the
research and development, manufacturing and sales of functional active ingredients extracted from natural herb plants which are widely
used by manufacturer customers in the functional food, personal care, cosmetic and pharmaceutical industries. The Company sells its products
to customers located in both Chinese and international markets.
Organizations
Bon
Natural Life Limited was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on
December
11, 2019
.
Bon
Natural owns
100
% equity interest of Bon Natural Life U.S.A. Limited ("Bon Natural Life U.S.A."), an entity incorporated
on February 7, 2023 in accordance with the laws and regulations in the State of Nevada.
Bon
Natural owns
100
% equity interest of Tea Essence Limited ("Tea Essence"), an entity incorporated on January 9, 2020 in accordance
with the laws and regulations in Hong Kong.
Xi'an
Cell and Molecule Information Technology Limited. ("Xi'an CMIT") was formed on April 9, 2020, as a Wholly Foreign-Owned
Enterprise ("WFOE") in the People's Republic of China ("PRC").
Bon
Natural, Tea Essence, and Xi'an CMIT are currently not engaging in any active business operations and merely acting as holding
companies.
F-
7
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – ORGANIZATION AND BUSINESS DESCRIPTION (continued)
Prior
to the reorganization described below, Mr. Yongwei Hu, the chairman of the board of directors and the chief executive officer of the
Company, was the controlling shareholder of Xi'an App-Chem Bio(Tech) Co., Ltd. ("Xi'an App-Chem"), an entity
incorporated on April 23, 2006 in accordance with PRC laws. Xi'an App-Chem owns
100
% of the equity interests of the following subsidiaries:
(1) Shaanxi App-Chem Health Industry Co., Ltd. ("App-Chem Health") was incorporated on April 17, 2006 in Tongchuan City in
accordance with PRC laws; (2), Shaanxi App-Chem Ag-tech Co., Ltd ("App-Chem Ag-tech") was incorporated on April 19, 2013
in Dali County, Shaanxi Province in accordance with PRC laws; (3) Xi'an Yanhuang TCM Medical Research & Development Co., Ltd
("Xi'an YH") was incorporated on September 15, 2009 in Xi'an City in accordance with PRC laws; (4) Balikun Tianmei
Bio(Tech) Co., Ltd. ("Balikun") was incorporated on December 16, 2016 in Balikun City in accordance with PRC laws; (5) App-Chem
Bio (Tech) (Guangzhou) Co., Ltd. ("App-Chem Guangzhou") was incorporated on April 27, 2018 in Guangzhou City in accordance
with PRC laws and (6) Tongchuan Dietary Therapy Health Technology Co., Ltd. ("Tongchuan DT") was incorporated on May 22,
2017 in Tongchuan City in accordance with PRC laws.
In
addition, Xi'an App-Chem also owns majority of the equity interest in the following two entities: Xi'an Dietary Therapy Medical
Technology Co., Ltd ("Xi'an DT") was incorporated on April 24, 2015 in accordance with PRC laws, with
75
% equity ownership
interest owned by Xi'an App-Chem; Tianjin Yonghexiang Bio(Tech) Co., Ltd. ("Tianjin YHX") was incorporated on September
16, 2019 in accordance with PRC laws, with
51
% equity ownership interest owned by Xi'an App-Chem. On March 11, 2020, Xi'an
App-Chem established a new
100
% controlled subsidiary, Gansu Baimeikang Bioengineering Co., Ltd. ("Gansu BMK"). On March
9, 2023, Xi'an App-Chem established a new
100
% controlled subsidiary, Bozhou Dietary Therapy Health Technology Co., Ltd. ("Bozhou
DT").
On
September 27, 2021, the Company disposed Balikun to a third party for RMB
1.00
. As Balikun had no operating activity and no material
assets, the disposal of Balikun did not constitute discontinued operation.
Xi'an
App-Chem, together with its subsidiaries are collectively referred to as the "Bon Operating Companies" below.
Reorganization
A
reorganization of our legal structure ("Reorganization") was completed on May 28, 2020. The reorganization involved the incorporation
of Bon Natural Life, Tea Essence and Xi'an CMIT, and entering into certain contractual arrangements between Xi'an CMIT, the
shareholders of Bon Operating Companies and the Bon Operating Companies. Consequently, the Company became the ultimate holding company
of Tea Essence, Xi'an CMIT and Bon Operating Companies.
F-
8
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – ORGANIZATION AND BUSINESS DESCRIPTION (continued)
On
May 28, 2020, Xi'an CMIT entered into a series of contractual arrangements with the shareholders of the Bon Operating Companies.
These agreements include, Exclusive Service Agreement, Share Pledge Agreement, Proxy Agreement, Exclusive Option Agreement, Powers of
Attorney, Spousal Consent Letter, and Loan Agreement intended to guarantee the exercise of the Exclusive Option Agreements and Spouse
Consents (collectively the "VIE Agreements"). Pursuant to the VIE Agreements, Xi'an CMIT has the exclusive right to
provide to the Bon Operating Companies consulting services related to business operations including technical and management consulting
services. The VIE Agreements are designed to provide Xi'an CMIT with the power, rights, and obligations equivalent in all material
respects to those it would possess as the sole equity holder of each of the Bon Operating Companies, including control rights and the
rights to the assets, property, and revenue of each of the Bon Operating Companies. As a result of our direct ownership in Xi'an
CMIT and the VIE Agreements, we believe that the Bon Operating Companies should be treated as Variable Interest Entities ("VIEs")
under the Statement of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC")
810 Consolidation and we are regarded as the primary beneficiary of our VIEs. We treat our VIEs as our consolidated entities under U.S.
GAAP. The Company, together with its wholly owned subsidiaries and its VIEs, is effectively controlled by the same shareholders before
and after the Reorganization and therefore the Reorganization is considered as a recapitalization of entities under common control. The
consolidation of the Company, its subsidiaries, and its VIEs 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. Upon the completion of the Reorganization, the Company has subsidiaries in countries and jurisdictions in the PRC
and Hong Kong.
On
September 8, 2021, Xi'an Youpincui Biotechnology Co., Ltd ("Xi'an Youpincui") was formed as a Wholly Foreign-Owned
Enterprise ("WFOE") in the PRC. Tea Essence owns
100
% equity interest in Xi'an Youpincui. Xi'an Youpincui currently
is not engaging in any active business operations and merely acting as an investment holding company.
On
June 28, 2021, the Company closed its initial public offering ("IPO") of
2,200,000
ordinary shares, par value US$
0.0001
per
share at a public offering price of $
5.00
per share, and the Company's ordinary shares started to trade on the Nasdaq Capital Market
under the ticker symbol "BON" since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option
to purchase an additional
330,000
shares, par value US$
0.0001
per share at the price of $
5.00
per share. Gross proceeds of the Company's
IPO, including the proceeds from the sale of the over-allotment shares,
totalled
$
12.65
million, before deducting underwriting discounts and other related expenses, resulting in net proceeds of approximately $
11.3
million.
Terminating
the VIE agreements for corporate restructuring
Due
to PRC legal restrictions on foreign ownership in companies that engage in online sales China, the Company originally carried out its
business through Xi'an App-Chem, a domestic PRC company holding a value-added telecommunications license, through a variable interest
entity structure, because foreign investment in the value-added telecommunication services industry in China is extensively regulated
and subject to numerous restrictions. However, the Company's online sales have historically generated minimal revenues. On September
28, 2021, the Company's Board of Directors approved a restructuring of the Company's corporate structure to terminate the
original VIE contractual agreements, to convert Xi'an App-Chem from a PRC domestic company into a Sino-foreign joint venture, and
to transfer
100
% of the ownership interests in Xi'an App-Chem from its original shareholders to Xi'an CMIT and Xi'an
Youpincui. Effective November 1, 2021, the Company completed the reorganization of its corporate structure in the PRC and are the indirect
sole shareholder of Xi'an App-Chem. Xi'an App-Chem is wholly-owned by two WOFEs Xi'an CMIT and Xi'an Youpincui.
Each of the WOFEs are in turn wholly-owned by Tea Essence, the Company's direct wholly-owned subsidiary in Hong Kong. The termination
of the VIE agreements as described above does not adversely affect the Company's business, financial condition, and results of
operations because the Company, together with its wholly owned subsidiaries, are effectively controlled by the same shareholders before
and after the restructuring. The restructuring is therefore considered to be a recapitalization of entities under common control. Following
the corporate restructuring, the value-added telecommunication license held by Xi'an App-Chem has been revoked.
F-
9
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – ORGANIZATION AND BUSINESS DESCRIPTION (continued)
Details
of the subsidiaries of the Company as of September 30, 2023 were set out below:
Name
    of Entity
Date
    of Incorporation
Place
    of Incorporation
%
    of Ownership
Principal
    Activities
Bon
    Natural Life
December
    11, 2019
Cayman
    Islands
Parent,
100
%
Investment
    holding
Bon
    Natural Life U.S.A.
February
    7, 2023
U.S.A.
100
%
Investment
    holding
Tea
    Essence
January
    9, 2020
Hong
    Kong
100
%
Investment
    holding
Xi'an
    CMIT
April
    9, 2020
Xi.an
    City, PRC
100
%
WFOE,
    Investment holding
Xi'an
    Youpincui
September
    8, 2021
Xi.an
    City, PRC
100
%
WFOE,
    Investment holding
PRC
    Subsidiaries:
Xi'an
    App- Chem Bio (Tech)
April
    23, 2006
Xi'an
    City, PRC
100
%
    owned by WFOEs
General
    administration and sales of the Company's products to customers
Xi'an
    YH
September
    15, 2009
Xi'an
    City, PRC
91
%
    owned by Xi'an CMIT, 9% owned by Xi'an App-Chem
Research
    and development of product
Bon
    Operating Companies (owned by Xi'an App-Chem)
App-Chem
    Health
April
    17, 2006
Tongchuan
    City, PRC
100
%
    owned by Xi'an App-Chem
Registered
    owner of land with an area of 12,904.5 square meters, no other business activities
App-Chem
    Ag-tech
April
    19, 2013
Dali
    County, PRC
100
%
    owned by Xi'an App-Chem
Product
    manufacturing
App-Chem
    Guangzhou
April
    27, 2018
Guangzhou
    City, PRC
100
%
    owned by Xi'an App-Chem
Raw
    material purchase
Tongchuan
    DT
May
    22, 2017
Tongchuan
    City, PRC
100
%
    owned by Xi'an App-Chem
Product
    manufacturing
Xi'an
    DT
April
    24, 2015
Xi'an
    City, PRC
75
%
    owned by Xi'an App-Chem
Research
    and development of product
Tianjin
    YHX
September
    16, 2019
Tianjin
    City, PRC
51
%
    owned by Xi'an App-Chem
Raw
    material purchase
Gansu
    BMK
March
    11, 2020
Jiuquan
    City, PRC
100
%
    owned by Xi'an App-Chem
Product
    manufacturing
Bozhou
    DT
March
    9, 2023
Bozhou
    City, PRC
100
%
    owned by Xi'an App-Chem
Product
    manufacturing
F-
10
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 —
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission
("SEC"). The accompanying consolidated financial statements include the financial statements of the Company, and its wholly
owned subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.
Non-controlling
interests
Non-controlling
interests represent minority shareholders'
25
% ownership interest in Xi'an DT and a minority shareholder's
49
% ownership
interest in Tianjin YHX as of September 30, 2023 and 2022. The non-controlling interests are presented in the consolidated balance sheets,
separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented
on the face of the consolidated statements of income and comprehensive income as an allocation of the total income or loss for the years
ended September 30, 2023, 2022 and 2021.
Uses
of estimates
In
preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America
("US GAAP"), management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during
the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates
required to be made by management include, but are not limited to, the allowance for estimated uncollectible receivables, realizability
of advance to suppliers, inventory valuations, useful lives of property, plant and equipment, intangible assets, the recoverability of
long-lived assets, provision necessary for contingent liabilities, fair value of stock-based compensation, revenue recognition and realization
of deferred tax assets. The inputs into the Company's judgments and estimates consider the economic implications of COVID-19 on
the Company's critical and significant accounting estimates. Actual results could differ from those estimates.
Risks
and Uncertainties
The
main operation of the Company is located in the PRC. Accordingly, the Company's business, financial condition, and results of operations
may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The
Company's results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although
the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations
including its organization and structure disclosed in Note 1, this may not be indicative of future results.
The
development and commercialization of natural and healthy extracts and compounds products is highly competitive, and the industry currently
is characterized by rapidly changing technologies, significant competition and a strong emphasis on intellectual property. The Company
may face competition with respect to its current and future pharmaceutical product candidates from major pharmaceutical companies in
China.
Since
March 2023, the Company has recovered from the COVID-19 pandemic. However, the Company's operations may be further affected by
the ongoing outbreak of COVID-19 pandemic, A COVID-19 resurgence could negatively affect the execution of customer contracts, the collection
of customer payments, or disruption of the Company's supply chain. The continued uncertainties associated with COVID-19 may cause
the Company's revenue and cash flows to underperform in the next 12 months. The extent of the future impact of COVID-19 is still
highly uncertain and cannot be predicted as of the date the Company's consolidated financial statements are released.
Cash
Cash
includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains most
of its bank accounts in the PRC. Cash balances in bank accounts in PRC are insured by the PRC regulation and are not insured by the
Federal Deposit Insurance Corporation (see Note 16)
Accounts
receivable, net
The
Company determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trend.
The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect
amounts due. The allowance is based on management's best estimate of specific losses on individual exposures, as well as a provision
on historical trends of collections. Actual amounts received may differ from management's estimate of credit worthiness and the
economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined
that the collection is not probable,
Nil
,
Nil
and $
99,528
uncollectable account receivable was written-off during the years ended September
30, 2023, 2022 and 2021, respectively. Allowance for uncollectable balances amounted to $
13,004
and $
13,337
as of September 30, 2023
and 2022, respectively.
F-
11
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Advances
to Suppliers, net
Advances
to suppliers consist of balances paid to suppliers for inventory raw materials and construction materials associated with the Company's
construction-in-progress projects that have not been provided or received. Advances to suppliers are reviewed periodically to determine
whether their carrying value has become impaired. The Company considers the assets to be impaired if the collectability of the advance
becomes doubtful. The Company uses the aging method to estimate the allowance for unrealizable balances. In addition, at each reporting
date, the Company generally determines the adequacy of allowance for doubtful accounts by evaluating all available information, and then
records specific allowances for those advances based on the specific facts and circumstances. As of September 30, 2023 and 2022,
no
allowance
for doubtful account was recorded.
Inventories,
net
Inventories
are stated at net realizable value using weighted average method. Costs include the cost of raw materials, freight, direct labor and
related production overhead. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision
for diminution in the value of inventories. Net realizable value is the estimated selling price in the normal course of business less
any costs to complete and sell products. The Company evaluates inventories on a quarterly basis for its net realizable value adjustments,
and reduces the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable
value based on various factors including aging, expiration dates, as applicable, taking into consideration historical and expected future
product sales. The Company recorded inventory reserve of $
1,079
and $
6,869
as of September 30, 2023 and 2022, respectively.
Short-term
investments
The
Company's short-term investments consist of wealth management financial products purchased from PRC banks, which can be redeemed
at any time. The banks invest the Company's fund in certain financial instruments including money market funds, bonds or mutual
funds, with floating interest rates. The carrying values of the Company's short-term investments approximate fair value because
of their short-term maturities. The interest earned is recognized in the consolidated statements of income and comprehensive income over
the contractual term of these investments. As of September 30, 2023 and 2022, short-term investments consisted of the following:
September 30, 2023
September 30, 2022
Beginning balance
$
-
$
1,703,314
Add: purchase wealth management financial products
65
5,097,816
Less: proceeds received upon maturity of short-term investments
-
(
6,776,385
)
Foreign currency translation adjustments
-
(
24,745
)
Ending balance of short-term investments
$
65
$
-
F-
12
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Investment
income generated from short-term investments amounted to
Nil
, $
20,343
, and $
565
for the years ended September 30, 2023, 2022 and 2021,
respectively. The amount is included in other income in consolidated statements of income and comprehensive income.
Fair
value of financial instruments
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The
hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of
inputs used to measure fair value are as follows:
●
Level
    1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in
    active markets.
●
Level
    2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets,
    quoted market prices for identical or similar assets 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 to the valuation methodology are unobservable.
Unless
otherwise disclosed, the fair value of the Company's cash, short-term investment, accounts receivable, inventories, advance to
suppliers, prepaid expenses and other current assets, accounts payable, short-term bank loans, accrued expenses and other current liabilities,
taxes payable and due to related parties, approximate the fair value of the respective assets and liabilities as of September 30, 2023
and 2022 based upon the short-term nature of the assets and liabilities.
The
Company believes that the carrying amount of long-term loans approximates fair value at September 30, 2023 and 2022 based on the terms
of the borrowings and current market rates as the rates of the borrowings are reflective of the current market rates.
Property,
plant and equipment, net
Property,
plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and
equipment is provided using the straight-line method over their expected useful lives, as follows:
Useful
    life
Buildings
20
years
Machinery
    and equipment
5
–
10
years
Automobiles
8
years
Office
    and electric equipment
3
–
5
years
Expenditures
for maintenance and repairs, 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 and comprehensive income in other income or expenses.
Construction-in-Progress
("CIP")
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.
F-
13
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Intangible
assets, net
The
Company's intangible assets primarily include two land use rights. A land use right in the PRC represents an exclusive right to
occupy, use and develop a piece of land during the contractual term of the land use right. The cost of a land use right is usually paid
in one lump sum at the date the right is granted. The prepayment usually covers the entire period of the land use right. The lump sum
advance payment is capitalized and recorded as land use right and then charged to expense on a straight-line basis over the period of
the right, which is normally
50
years.
The
Company acquired the first land use right of 4.1 acres located at Tongchuan City, Shaanxi Province of China at cost of approximately
$
0.2
million in 2011. The Company is now constructing a new manufacturing plant on this land and the construction of Tongchuan CIP Project
was completed and put into production in December 2022. On May 10, 2021, the Company acquired another land use right of
8.2
acres at
cost of approximately $
0.3
million, through a government organized auction bidding in Yumen City, Gansu Province of China. The Company
is now constructing a new manufacturing plant on this land and the construction of Yumen CIP Project is expected to be completed by December
2024 (see Note 8).
Impairment
of long-lived Assets
Long-lived
assets, such as property, plant and equipment, land use rights and long-term investment, are reviewed for impairment when events or changes
in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of a long-lived asset or asset
group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted
future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its
estimated undiscounted future cash flows, an impairment charge is recognized by the amount that the carrying value exceeds the estimated
fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow
models, quoted market values and third-party independent appraisals, as considered necessary. Assets to be disposed are reported at the
lower of carrying amount or fair value less costs to sell, and are no longer depreciated.
No
impairment of long-lived assets was recognized
as of September 30, 2023 and 2022.
Leases
ASC
842 requires that lessees recognize ROU assets and lease liabilities calculated based on the present value of lease payments for all
lease agreements with terms that are greater than twelve months. ASC 842 distinguishes leases as either a finance lease or an operating
lease that affects how the leases are measured and presented in the statement of operations and statement of cash flows.
For
operating leases, the Company calculated ROU assets and lease liabilities based on the present value of the remaining lease payments
as of the date of adoption. There were no changes in the Company's capital lease portfolio, which are now titled "finance
leases" under ASC 842.
Upon
the adoption of the new guidance on October 1, 2020, the Company recognized operating lease right of use assets and operating lease liabilities
of approximately $
0.2
million. The remaining balance of lease liabilities are presented within current portion of operating lease liabilities
and the non-current portion of operating lease liabilities on the consolidated balance sheets (see Note 13).
F-
14
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Foreign
Currency Translation
The
functional currency for Bon Natural is the U.S Dollar ("US$"). Tea Essence uses Hong Kong dollar as its functional currency.
However, Bon Natural, and Tea Essence currently only serve as the holding companies and did not have active operations as of September
30, 2023. The Company operates its business through its subsidiaries in the PRC as of September 30, 2023. The functional currency of
the Company's subsidiaries is the Chinese Yuan ("RMB"). The Company's consolidated financial statements have
been translated into US$.
Assets
and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at
historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting
translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency
transactions and balances are reflected in the results of operations.
The
RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.
The
following table outlines the currency exchange rates that were used in creating the consolidated financial statements:
September 30, 2023
September 30, 2022
September 30, 2021
Period-end spot rate
US$
1
=RMB
7.2960
US$
1
=RMB
7.1135
US$
1
=RMB
6.4580
Average rate
US$
1
=RMB
7.0533
US$
1
=RMB
6.5532
US$
1
=RMB
6.5095
Revenue
recognition
To
determine revenue recognition for contracts with customers, the Company performs the following five steps : (i) identify the contract(s)
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will
not
occur, (iv) allocate the transaction
price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligations.
In
accordance to ASC 606, the Company recognizes revenue when it transfers its goods and services to customers in an amount that reflects
the consideration to which the Company expects to be entitled in such exchange. The Company accounts for the revenue generated from sales
of its products to its customers, in which the Company is acting as a principal in these transactions, is subject to inventory risk,
has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods. All of the
Company's contracts have single performance obligation as the promise is to transfer the individual goods to customers, and there
are no other separately identifiable promises in the contracts.
The
Company's revenue streams are recognized at a point in time when title and risk of loss passes and the customer accepts the goods,
which generally occurs at delivery. The Company's products are sold with no right of return and the Company does not provide other
credits or sales incentive to customers. The Company's sales are net of value added tax ("VAT") and business tax and
surcharges collected on behalf of tax authorities in respect of product sales.
F-
15
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Contract
Assets and Liabilities
Payment
terms are established on the Company's pre-established credit requirements based upon an evaluation of customers' credit.
The Company did not have contract assets as of September 30, 2023 and 2022.
The
Company's contract liability primarily relates to unsatisfied performance obligations when payment has been received from customers
before the Company's products are delivered, and are recorded as deferred revenue on the consolidated balance sheets. Costs of
fulfilling customers' purchase orders, such as shipping, handling and delivery, which occur prior to the transfer of control, are
recognized in selling, general and administrative expense when incurred. Deferred revenue amounted to $
106,514
, $
188,745
and $
1,096,101
as of September 30, 2023, 2022 and 2021, respectively. Revenue included in the beginning balance of deferred revenue and recognized in
the years ended September 30, 2023, 2022 and 2021 amounted to $
133,533
, $
1,080,178
and $
403,399
respectively.
Disaggregation
of Revenues
The
Company disaggregates its revenue from contracts by product types, as the Company believes it best depicts how the nature, amount, timing
and uncertainty of the revenue and cash flows are affected by economic factors. The Company's disaggregation of revenues for the
years ended September 30, 2023, 2022 and 2021 are disclosed in Note 18 of the consolidation financial statements.
Research
and development expenses
The
Company expenses all internal research and development costs as incurred, which primarily comprise employee costs, internal and external
costs related to execution of studies, including manufacturing costs, facility costs of the research center, and amortization and depreciation
to intangible assets and property, plant and equipment used in the research and development activities. For the years ended September
30, 2023, 2022 and 2021, research and development expense were approximately $
298,469
, $
424,558
and $
249,050
, respectively.
Selling,
General and Administrative Expenses
Selling
expenses represents primarily costs of payroll, benefits, commissions for sales representatives and advertising expenses. General and
administrative expenses represent primarily payroll and benefits costs for administrative employees, rent and operating costs of office
premises, depreciation and amortization of office facilities, professional fees and other administrative expenses.
Advertising
expense
Advertising
expenses primarily relate to promotion of the Company's brand name and products through outdoor billboards and social media such
as Weibo and WeChat. Advertising expenses are included in selling expenses in the consolidated statements of income and comprehensive
income. Advertising expenses amounted to $
11,344
, $
41,578
and $
25,397
for the years ended September 30, 2023, 2022 and 2021, respectively.
Government
subsidies
Government
subsidies primarily relate to local government's cash award to High and New Technology Enterprises ("HNTEs") to encourage
entrepreneurship and stimulate local economy. Such awards are granted on a case-by-case basis by local government. The Company's
subsidiary, Xi'an App-chem was approved as a HNTE and received government subsidy in the form of export sales refund and cash awards
based on annual financial performance.
F-
16
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The
Company recognizes government subsidies as other operating income when they are received because they are not subject to any past or
future conditions, there are no performance conditions or conditions of use, and they are not subject to future refunds. Government subsidies
received and recognized as other operating income totaled $
25,415
, $
1,306,627
and $
449,972
for the years ended September 30, 2023, 2022
and 2021, respectively.
Income
taxes
The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized
when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amount expected to be realized.
An
uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income tax are classified as income tax expense in the period incurred. As of September 30, 2023, the Company
had income tax payable of $
1,041,862
.
The
Company's subsidiaries in China are subject to the income tax laws of the PRC. No significant income was generated outside the
PRC for the years ended September 30, 2023, 2022 and 2021. As of September 30, 2023 and 2022, all of the Company's tax returns
of its PRC subsidiaries remain open for statutory examination by PRC 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
17% (starting
from May 1, 2018, VAT rate was lowered to 16%, and starting from April 1, 2019, VAT rate was further lowered 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 recoverable net of VAT payments in the accompanying
consolidated financial statements. As of September 30, 2023, the Company had VAT tax payable of $
1,338,800
.
For
export sales, VAT is not imposed on gross sales price, and the VAT related to purchasing raw materials is refunded after the export is
completed.
F-
17
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Employee
Defined Contribution Plan
The
Company's subsidiaries in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which
pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund are provided to
eligible full-time employees. The relevant labor regulations require the Company's subsidiaries in the PRC to pay the local labor
and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government.
The contributions to the plan are expensed as incurred. Employee social security and welfare benefits included as expenses in the accompanying
consolidated statements of income and comprehensive income amounted to $
93,190
, $
80,150
and $
54,189
for the years ended September 30,
2023, 2022 and 2021, respectively.
Share
Based Compensation
The
Company accounts for share-based payment awards exchanged for services at the estimated grant date fair value of the award. The Company
issued
570,000
,
633,333
and
Nil
of its ordinary shares to third-party consultants for the years ended September 30, 2023, 2022 and 2021,
respectively in lieu of cash payment for consulting services. The company granted stock options to independent directors to purchase
36,000
,
22,436
,
29,600
and
37,500
shares of the Company's ordinary shares in June 2021, June 2022, July 2022 and August 2023, respectively.
These options generally vest on the grant date or over a one-year period.
The
Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and the assumptions used in calculating
the fair value of stock-based awards represent management's best estimates and involve inherent uncertainties and the application
of management's judgment.
Expected
Term - The expected term of options represents the period that the Company's stock-based awards are expected to be outstanding
based on the simplified method, which is the half-life from vesting to the end of its contractual term.
Expected
Volatility - The Company computes stock price volatility over expected terms based on its historical common stock trading prices.
Risk-Free
Interest Rate - The Company bases the risk-free interest rate on the benchmark interest rate for loans from financial institutions provided
by the People's Bank of China with an equivalent remaining term.
Expected
Dividend - The Company has never declared or paid any cash dividends on its common shares and does not plan to pay cash dividends in
the foreseeable future, and, therefore, uses an expected dividend yield of zero in its valuation models.
F-
18
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Earnings
per Share
The
Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260").
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided
by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential
common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented,
or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or
decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended September 30, 2023,
58,507
shares of options
were considered in the diluted EPS calculation using treasury stock method. For the years ended September 30, 2022,
35,290
shares of
options were considered in the diluted EPS calculation using treasury stock method. For the year ended September 30, 2021,
36,000
option
shares and
101,200
underwriter warrants were considered in the diluted EPS calculation using treasury stock method. There were no diluted
shares for the year ended September 30, 2020.
The
following table sets forth the computation of basic and diluted earnings per share for the years ended September 30, 2023, 2022 and 2021:
For the Years ended September 30,
2023
2022
2021
Numerator:
Net income attributable to ordinary shareholders
$
4,595,982
$
6,237,488
$
4,590,803
Denominator:
Weighted-average number of ordinary shares outstanding – basic
9,139,600
8,360,774
6,615,833
Outstanding options
58,507
35,290
35,967
Outstanding warrants
-
-
54,435
Potentially dilutive shares from outstanding options and warrants
58,507
35,290
90,402
Weighted-average number of ordinary shares outstanding – diluted
9,198,107
8,396,064
6,706,235
Earnings per share – basic
$
0.50
$
0.75
$
0.69
Earnings per share – diluted
$
0.50
$
0.74
$
0.68
Comprehensive
income
Comprehensive
income consists of two components, net income and other comprehensive income (loss). The foreign currency translation gain or loss resulting
from translation of the financial statements expressed in RMB to US$ is reported in other comprehensive income (loss) in the consolidated
statements of income and comprehensive income.
Statement
of Cash Flows
In
accordance with ASC 230, "Statement of Cash Flows", cash flows from the Company's operations are formulated based upon
the local currencies. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will
not necessarily agree with changes in the corresponding balances on the consolidated balance sheets
.
F-
19
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected
credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and
supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial
assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU
2020-02. For public entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years
beginning after December 15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating
the effects of the guidance on the Company's consolidated financial statements and related disclosures.
In
October 2020, the FASB issued ASU 2020-10, "Codification Improvements to Subtopic 205-10, presentation of financial statements".
The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity
to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the
likelihood that the disclosure requirement would be missed. ASU 2020-10 is effective for the Company for annual and interim reporting
periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial
statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments
at the beginning of the period that includes the adoption date. The Company is currently evaluating the impact of this new standard on
Company's consolidated financial statements and related disclosures.
F-
20
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
3—
LIQUIDITY
As
reflected in the Company's consolidated financial statements, the Company is currently constructing two new manufacturing plants.
As of September 30, 2023, the Company had future minimum capital expenditure commitment on its construction-in-progress ("CIP")
project of approximately $
5.0
million within the next twelve months. The Company's Yumen project is estimated to be completed in
December 2024. The Company also had unpaid tax liabilities of approximately $
2.7
million, which are expected to be settled with local
tax authorities within one year. As a result, there is a possibility that the Company's revenue and cash flows may underperform
in the next 12 months.
In
assessing its liquidity, management monitors and analyzes the Company's cash on-hand, its ability to generate sufficient
revenue sources in the future, and its operating and capital expenditure commitments. In June 2021, the Company closed its initial
public offering and received net proceeds of approximately $
11.3
million (see Note 1 and Note 14). On January 17, 2023, the Company closed a private offering of ordinary shares and received
subscription net proceeds of $
2.0
million (see Note 14).
As
of September 30, 2023, the Company had cash on hand of $
112,751
.
The Company also had outstanding accounts receivable of approximately $
4.6
million, of which approximately $
3.5
million
or
75.8
%
has been subsequently collected as of the date of this filing. As of September 30, 2023, the Company had outstanding bank loans of
approximately $
3.8
million from several PRC banks (including short-term bank loans of $
2.5
million, current portion of long-term bank loans of approximately $
0.4
million and long-term loan of $
0.9
million). Management expects that it would be able to renew all of its existing bank loans upon their maturity based on past
experience and the Company's good credit history. In addition to the current borrowings, from December 2022 to January 2023,
the Company secured an aggregate of $
1.7
million of short-term loans with PRC banks as working capital loan (see Note 19).
Based
on the current operating plan, management believes that the above-mentioned measures, including cash on hand of $
112,751
,
$
2.0
million net
proceeds from
private offering of ordinary shares in January 2023 and the
$
1.7
million of short-term loans, collectively will provide sufficient liquidity for the Company to settle the tax liabilities, to meet
its future liquidity and capital expenditure requirement on the CIP projects for at least 12 months from the date the
Company's consolidated financial statements are issued.
NOTE
4 —
ACCOUNTS RECEIVABLE, NET
Accounts
receivable, net, consists of the following:
September 30, 2023
September 30, 2022
Accounts receivable
$
4,615,470
$
6,797,644
Less: allowance for doubtful accounts
(
13,004
)
(
13,337
)
Accounts receivable, net
$
4,602,466
$
6,784,307
F-
21
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 — ACCOUNTS RECEIVABLE, NET (continued)
The
Company's accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered
to customers. Approximately $
3.5
million or
75.8
% of the net accounts receivable balance as of September 30, 2023 has been collected
as of the date of the Company's consolidated financial statements are released.
The
following table summarizes the Company's accounts receivable and subsequent collection by aging bucket:
Accounts Receivable by aging bucket
Balance as of September 30, 2023
Subsequent collection
% of subsequent collection
Less than 3 months
$
4,603,299
$
3,487,207
75.8
%
From 4 to 6 months
-
-
-
%
From 7 to 9 months
-
-
-
%
From 10 to 12 months
-
-
-
%
Over 1 year
12,171
-
-
%
Total gross accounts receivable
4,615,470
3,487,207
75.8
%
Allowance for doubtful accounts
(
13,004
)
Accounts Receivable, net
$
4,602,466
$
3,487,207
75.8
%
Allowance
for doubtful accounts movement is as follows:
September 30, 2023
September 30, 2022
Beginning balance
$
13,337
$
14,691
Additions
-
-
Write-off uncollectible balance
-
-
Foreign currency translation adjustments
(
334
)
(
1,354
)
Ending balance
$
13,004
$
13,337
NOTE
5 –
INVENTORIES, NET
Inventories,
net, consist of the following:
September 30, 2023
September 30, 2022
Raw materials
$
12,715
$
677,042
Finished goods
975,651
1,051,947
Inventory valuation allowance
(
1,079
)
(
6,869
)
Total inventory, net
$
987,287
$
1,722,120
NOTE
6 –
ADVANCES TO SUPPLIERS, NET
Advances
to suppliers, net, consist of the following:
Schedule of Advances to suppliers:
September
    30, 2023
September
    30, 2022
Raw materials purchase
$
6,406,488
$
3,654,520
Construction of the CIP
6,716,009
2,105
Machinery and equipment
1,918,860
-
Others
75,834
435,365
Less: allowance for doubtful accounts
-
-
Advances to suppliers, net
$
15,117,191
$
4,091,990
September
30, 2022 advance to supplier balance has been fully realized by March 2023. For the balance as of September 30, 2023, approximately $
2.8
million or
18.7
% of advances to suppliers for inventory raw materials balances has been realized when the Company received the purchased
inventory raw materials from suppliers, and the remaining balance is expected to be realized in March 2024.
F-
22
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
7—
ACQUISITION DEPOSIT
On
July 6, 2021, the Company entered into a consulting agreement with a New York based consulting firm ("the consulting
firm"), pursuant to which, the consulting firm will help the Company to (i) identify appropriate business partner candidates
in New York or California in order to jointly establish a research and development center in the United States for future new
product development; (ii) find opportunities to establish business relationship with U.S based companies with OEM demand and utilize
the Company's manufacturing strength and capability to manufacture healthcare ingredient products for U.S companies under the
OEM arrangement and (iii) help the Company to purchase or lease appropriate commercial facilities in the U.S., etc. The consulting
firm will be compensated with $
30,000
in exchange for performing these designated consulting services. Given the fact that the Company lacks credit history in the U.S,
the Company is required to make a deposit of $
1.5
million to the consulting firm. As of September 30, 2021, the Company has made a deposit of $
1.0
million to the consulting firm and recorded it as acquisition deposit on the balance sheets. No additional deposit was made
during the years ended September 30, 2023 and 2022.
Due
to recent COVID-19 resurgence in Xi'an City and government mandatory quarantine and city lockdown, on January 20, 2022, the Company
and the consulting firm signed a supplemental agreement to lower down the required deposit from original $
1.5
million to $
1.0
million.
As a result, the Company does not have further obligation to make additional deposit to the consulting firm.
As
of September 30, 2023, the consulting firm has delivered a potential acquisition target to the Company, which is a small R&D
firm developing anti-aging formulas. The consulting firm is now helping the Company to perform due diligence work and the Company is
now negotiating the detailed terms with this acquisition target. The intended acquisition is expected to be completed around
December 2024. The Company may, at its discretion, terminate the consulting agreement and request for a full refund of the deposit
anytime if the due diligence work fails or the final acquisition terms not reached by both parties.
NOTE
8—
PROPERTY, PLANT AND EQUIPMENT, NET
Property,
plant and equipment, net, consists of the following:
September 30, 2023
September 30, 2022
Buildings
$
11,621,665
$
967,530
Machinery, equipment and furniture
6,207,931
1,866,760
Motor Vehicles
210,201
201,537
Construction-in-progress ("CIP") (1)
5,582,213
20,274,698
Subtotal
23,622,010
23,310,525
Less: accumulated depreciation
(
2,557,967
)
(
1,686,088
)
Property, plant and equipment, net
$
21,064,043
$
21,624,437
Depreciation
expense was $
945,507
, $
210,916
and $
219,906
for the years ended September 30, 2023, 2022 and 2021, respectively.
(1)
Construction-in-progress
    ("CIP") represents direct costs of construction incurred for the Company's manufacturing facilities. On August
    16, 2017, the Company's subsidiary, Xi'an App-Chem Bio (Tech) Co.,Ltd. started to construct a new manufacturing plant
    in Tongchuan City ("Tongchuan Project"), Shaanxi Province, with total budget of RMB
95.0
million (approximately $
13.4
million) for construction of the main body of the manufacturing plant, plant decoration and purchase of machinery and equipment.
    The total budget increased to RMB
114.0
million (approximately $
16.0
million) on July 2, 2021 due to increased material and labor
    cost, as well as longer construction period caused by COVID-19 pandemic. The construction of Tongchuan Project was fully completed
    and put into production in December 2022, of which $
10,678,336
and $
4,305,847
were transferred to Buildings and Machinery, equipment
    and furniture, respectively, from CIP as of September 30, 2023.
F-
23
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
8— PROPERTY, PLANT AND EQUIPMENT, NET (continued)
On
May 10, 2021, a subsidiary of the Company's Xi'an App-Chem, Gansu Baimeikang Bioengineering Co., Ltd. obtained a land use
right and started to construct a new manufacturing plant in Yumen City ("Yumen Project"), Gansu Province, with an initial
budget of RMB
40.0
million (approximately $
5.6
million) including the construction of the main body of the manufacturing plant, plant
decoration and purchase of machinery and equipment. The budget increased to a total of RMB
200.00
million due to the increase in scale.
The construction of Yumen Project is initially expected to be completed by October 2022. Due to the increase in scale and the resurgence
of the COVID-19 pandemic, which resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines
and travel bans, the construction work is estimated to be completed in December 2024.
As
of September 30, 2023, the Company has spent approximately $
5.6
million on the CIP projects located in Yumen, with deposit of additional
construction of $
6.7
million and equipment procurement of $
1.9
million. The future minimum capital expenditure on this CIP project is
estimated to be approximately $
5.0
million for the next 12 months. The Company currently plans to support its ongoing CIP project construction
through cash flows from operations, cash on hand, bank borrowings and equity offering.
As
of September 30, 2023, future minimum capital expenditures on the Company's the CIP project are estimated as follows:
Years ending September 30,
Yumen
CIP Project
2024
$
5,000,000
2025
-
2026
-
2027
-
Total
$
5,000,000
NOTE
9 –
INTANGIBLE ASSETS, NET
Intangible
assets, net mainly consist of the following:
September 30, 2023
September 30, 2022
Land use rights
$
1,067,134
$
430,985
Less: accumulated amortization
(
71,907
)
(
64,818
)
Land use rights, net
$
995,227
$
366,167
Amortization
expenses were $
9,010
, $
7,610
and $
8,641
for the years ended September 30, 2023, 2022 and 2021, respectively. Estimated future amortization
expense for intangible assets is as follows:
Years ending September 30,
Amortization expense
2024
$
21,649
2025
21,649
2026
21,649
2027
21,649
2028
21,649
Thereafter
886,982
Total
$
995,227
F-
24
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
10—
DEBT
The
Company borrowed from PRC banks, other financial institutions and third-parties as working capital funds. As of September 30, 2023 and
2022, the Company's debt consisted of the following:
(a)
Short-term loans:
September 30, 2023
September 30, 2022
China Construction Bank ("CCB')
(1)
$
42,785
$
34,765
Shanghai Pudong Development Bank ("SPD Bank")
(2)
1,370,614
1,405,777
China Construction Bank
(3)
137,061
140,578
Beijing Bank
(4)
822,368
843,467
Industrial and Commercial Bank of China
(5)
137,061
-
Total short-term loans
$
2,509,890
$
2,424,587
(1)
On January 13, 2022, Tongchuan DT entered into another loan agreement with China Construction Bank ("CCB') to borrow RMB
247,300
(equivalent to US$
34,765
)
as working capital for one year, with maturity date on
January 13, 2023
and interest rate of
3.8525
%
per annum. The loan was fully repaid upon maturity.
On
December 30, 2022, the Company's subsidiary, Tongchuan DT entered into a loan agreement with CCB to borrow RMB
312,159
(equivalent
to US$
42,785
)
as working capital for one year, with maturity date on
December 30, 2023
and interest rate of
3.95
% per annum. The loan
was fully repaid upon maturity.
(2)
On December 6, 2021, the Company's subsidiary, Xi'an App-Chem, obtained an approval of line of credit from Shanghai Pudong
Development Bank ("SPD Bank") for a maximum of RMB
15.0
million (approximately $
2.1
million) loans as working capital for
one year. On January 10, 2022, the Company borrowed RMB
10.0
million (equivalent to US$
1.4
million) short-term loan out of this line
of credit as working capital for one year, with interest rate of
5.0
% per annum and maturity date on
January 10, 2023
.
A third-party
Xi'an Financial Guarantee Co., Ltd. provided guarantee to this loan and the Company paid $15,260 for the guarantee service. In
addition, the Company pledged its 100% ownership interest in App-Chem Health and certain free patent owned by the Company as collateral
to guarantee this loan
. As of the date of this filing, the Company had the availability to borrow additional approximately RMB
5.0
million
(equivalent to US$
0.7
million) from SPD Bank before December 5, 2022. The loan was fully repaid upon maturity.
On
January 16, 2023, the Company's subsidiary, Xi'an App-Chem, obtained an approval of line of credit from SPD Bank for a maximum
of RMB
10.0
million (approximately $
1.4
million) loans as working capital for one year. On January 10, 2022, the Company borrowed RMB
10.0
million (equivalent to US$
1.4
million) short-term loan out of this line of credit as working capital for one year, with interest
rate of
4.3
% per annum and maturity date on January 16, 2024.
A third-party Xi'an Financial Guarantee Co., Ltd. provided guarantee
to this loan and the Company paid $15,260 for the guarantee service. In addition, the Company pledged its 100% ownership interest in
App-Chem Health and certain free patent owned by the Company as collateral to guarantee this loan
.
F-
25
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
10— DEBT(continued)
(3)
On May 18, 2022, Xi'an App-Chem's subsidiary, Tianjin YHX, entered into a loan agreement with China Construction Bank to
borrow RMB
1.0
million (equivalent to US$
140,578
)
as working capital for one year, with maturity date on
May 18, 2023
and interest rate
of
3.96
% per annum. The loan was fully repaid upon maturity.
On
May 15, 2023, Xi'an App-Chem's subsidiary, Tianjin YHX, entered into a loan agreement with China Construction Bank to borrow
RMB
1.0
million (equivalent to US$
137,061
)
as working capital for one year, with maturity date on
May 15, 2024
and interest rate of
3.80
%
per annum.
(4)
On June 23, 2022, the Company's subsidiary, Xi'an App-Chem, entered into a loan agreement with Beijing Bank to borrow RMB
6.0
million (approximately US$
0.8
million) short-term loan as working capital for one year, with interest rate of
5.22
% per annum and
maturity date on
June 22, 2023
. The Company's controlling shareholder, Mr. Yongwei Hu and his wife Ms. Jing Liu provided guarantee
to this loan. In addition, the Company pledged its
100
% ownership interest in App-Chem Ag-tech and certain patent owned by the Company
as collateral to guarantee this loan. The loan was fully repaid upon maturity.
On
May 11, 2023, the Company's subsidiary, Xi'an App-Chem, entered into a loan agreement with Beijing Bank to borrow RMB
6.0
million (approximately US$
0.8
million) short-term loan as working capital for one year, with interest rate of
5.17
% per annum and maturity
date on
May 10, 2024
. The Company's controlling shareholder, Mr. Yongwei Hu and his wife Ms. Jing Liu provided guarantee to this
loan. In addition, the Company pledged its
100
% ownership interest in App-Chem Ag-tech and certain patent owned by the Company as collateral
to guarantee this loan.
(5)
On March 14, 2023, Xi'an App-Chem's subsidiary, Tianjin YHX, entered into a loan agreement with Industrial and Commercial
Bank of China ("ICBC") to borrow RMB
1.0
million (equivalent to US$
137,061
)
as working capital for one year, with maturity
date on March 13, 2024
and interest rate of
3.70
% per annum.
(b)
Long-term loans:
September 30, 2023
September 30, 2022
Xi'an High-Tech Emerging Industry Investment Fund Partnership
(6)
$
44,747
$
1,082,449
Webank Co., Ltd.
(7)
209,133
262,813
China Resources Shenzhen International Investment Trust
(8)
22,844
179,237
Huaxia Bank
(9)
603,070
590,426
Qishang Bank
(10)
411,184
210,867
Total
1,290,978
2,325,792
Less: current portion of long-term loans
(
419,610
)
(
2,135,979
)
Total long-term loans
$
871,368
$
189,813
(6)
On June 26, 2017, the Company's subsidiary, Xi'an App-Chem, entered into a loan agreement with third-party Xi'an High-tech
Emerging Industries Investment Fund Partnership (the "Lender") to borrow RMB
8.0
million (approximately $
1.2
million)
as
working capital for three years, with maturity date on
June 25, 2020
and an interest rate of
3.8
% per annum. The Company's controlling
shareholder, Mr. Yongwei Hu, pledged his proportionate ownership interest in Xi'an App-chem as collateral to safeguard this loan.
F-
26
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
10— DEBT (continued)
The
loan matured on June 25, 2020 and not repaid on time due to COVID-19 impact.
The Company has negotiated with the Lender to extend the
loan repayment date to December 25, 2022 in accordance with a COVID-19 relief notice issued by local government, with adjusted interest
rate of 4.75% per annum during the period from June 26, 2020 to June 25, 2021, and 5.225% per annum during the period from June 26, 2021
to December 31, 2023
. During the year ended September 30, 2023, the Company repaid RMB
7.3
million (equivalent to $
1.1
million), and
the remaining balance of RMB
0.3
million (approximately $
0.05
million) was reclassified as current portion of long-term loans as of September
30, 2023.
(7)
On February 10, 2022, Xi'an App-Chem, entered into two loan agreements with Shenzhen Qianhai WeBank Co., Ltd, to borrow an aggregate
of RMB
1.51
million (equivalent to US$
212,808
) loans
as working capital for two years, with maturity date on February 12, 2024
and interest
rate of
8.1
% per annum. Loans from Shenzhen Qianhai WeBank Co., Ltd, in the amount of RMB
623,333
(equivalent to US$
85,435
) was reclassified
as current portion of long-term loans as of September 30, 2023.
On
June 20, 2021, Xi'an App-Chem's subsidiary, Tianjin YHX, entered into a loan agreement with Shenzhen Qianhai WeBank Co.,
Ltd, to borrow RMB
620,000
(equivalent to US$
96,005
)
as working capital for 24 months, with maturity date on
June 20, 2023
and interest
rate of
14.4
% per annum. The loan was fully repaid during the year ended September 30, 2023.
On
March 14, 2022, Tianjin YHX, entered into another loan agreement with Shenzhen Qianhai WeBank Co., Ltd, to borrow RMB
90,000
(equivalent
to US$
12,652
)
as working capital for 24 months, with maturity date on
March 20, 2024
and interest rate of
15.39
% per annum. The loan
was fully repaid on its maturity date.
On
January 12, 2023, Tianjin YHX, entered into another loan agreement with Shenzhen Qianhai WeBank Co., Ltd, to borrow RMB
150,000
(equivalent
to US$
20,559
)
as working capital for 24 months, with maturity date on
January 20, 2025
and interest rate of
13.77
% per annum.
On
August 23, 2023, Tianjin YHX, entered into another loan agreement with Shenzhen Qianhai WeBank Co., Ltd, to borrow RMB
500,000
(equivalent
to US$
68,531
)
as working capital for 24 months, with maturity date on August 20, 2025
and interest rate of
14.76
% per annum. As of September
30, 2023, RMB
250,000
($
34,265
) was reclassified as current portion of long-term loans.
On
September 15, 2023, Tianjin YHX, entered into another loan agreement with Shenzhen Qianhai WeBank Co., Ltd, to borrow RMB
27,000
(equivalent
to US$
3,701
)
as working capital for 24 months, with maturity date on September 15, 2025
and interest rate of
14.76
% per annum. As of
September 30, 2023, RMB
13,500
($
34,265
) was reclassified as current portion of long-term loans.
F-
27
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
10— DEBT (continued)
(8)
On February 11, 2022, Xi'an App-Chem, entered into another loan agreement with China Resources Shenzhen International Investment
Trust to borrow RMB
566,667
(equivalent to US$
79,661
) loans
as working capital for two years, with maturity date on February 12, 2024
and interest rate of
12.6
% per annum. Loans from China Resources Shenzhen International Investment Trust in the amount of RMB
166,667
(equivalent to US$ $
22,844
) was reclassified as current portion of long-term loans as of September 30, 2023.
On
March 1, 2022, Tianjin YHX, entered into a loan agreement with China Resources Shenzhen International Investment Trust, to borrow RMB
0.7
million (equivalent to US$
99,576
)
as working capital for 24 months, with maturity date on February 20, 2024
and interest rate of
16.2
% per annum. The amount was repaid in fully during September 30, 2023.
(9)
On April 3, 2020, Xi'an App-Chem, obtained a line of credit approval from Huaxia Bank for a maximum of RMB
15
million (approximately
$
2.1
million) loans, including RMB
3
million (approximately US$
0.4
million) loans as working capital for one year with fixed interest
rate of
9
% per annum and RMB
12
million (approximately $
1.7
million) loans as working capital for three years with fixed interest rate
of
6.6
% per annum. On April 16, 2020, the Company borrowed RMB
2.0
million (approximately $
0.3
million) out of a line of credit from
Huaxia Bank
as working capital for three years, with the interest rate of
6.6
% per annum and maturity date on
April 16, 2023
. From May
14, 2021 to July 7, 2021, Xi'an App-Chem, entered into additional two loan agreements with Huaxia Bank, to borrow total of RMB
3.0
million (approximately $
0.4
million) as working capital for two years, with interest rate of
8.5
% per annum and maturity date on
May 14, 2023 and July 8, 2023, respectively. The loan was repaid in full during September 30, 2023.
On
May 30, 2023, Xi'an App-Chem, obtained a RMB
2
million ($
274,123
) working capital loans from Huaxia Bank with fixed interest rate
of
5.0
% per annum for three years with a maturity date on May 30, 2026. As of September 30, 2023, RMB
200,000
($
27,412
) was reclassified
as current portion of long-term loans as of September 30, 2023.
On
May 30, 2023, Xi'an App-Chem, obtained a RMB
2.4
million ($
328,947
) working capital loans from Huaxia Bank with fixed interest
rate of
6.5
% per annum for two years with a maturity date on May 30, 2025. As of September 30, 2023, RMB
200,000
($
27,412
) was reclassified
as current portion of long-term loans as of September 30, 2023.
(10)
On December 10, 2020, the Company's subsidiary, Xi'an App-Chem, obtained an approval of line of credit from Qishang Bank
Co., Ltd. ("Qishang Bank") for a maximum of RMB
13
million (approximately $
1.8
million) loans as working capital. On December
15, 2020, the Company borrowed RMB
3.0
million (approximately $
0.4
million) as working capital for three years, with maturity date on
December 13, 2023 and interest rate of
6.65
% per annum. The Company pledged certain free patent owned by the Company as collateral to
safeguard this loan. In addition, the Company's controlling shareholder, Mr. Yongwei Hu and his wife Ms. Jing Liu, also pledged
their personal residence properties as collateral to safeguard this loan. The Company repaid RMB
1.5
million (equivalent to $
210,867
)
before September 30, 2022 and the outstanding loan balance as of September 30, 2022 was RMB
1.5
million (equivalent to $
210,867
). The
loan amount was repaid in full during September 30, 2023.
On
August 22, 2023, the Company's subsidiary, Xi'an App-Chem, obtained a working capital loan of RMB
3.0
million ($
411,184
) wiht
an interest rate of
5.80
% per annum for three years, with a maturity date of August 21, 2026. As of September 30, 2023, RMB
1,000,000
($
137,061
) was reclassified as current portion of long-term loans as of September 30, 2023.
For
the above-mentioned short-term and long-term loans from PRC banks and financial institutions, interest expense amounted to $
238,224
,
$
446,884
and $
417,266
for the years ended September 30, 2023, 2022 and 2021, respectively.
F-
28
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
11 —
RELATED PARTY TRANSACTIONS
(a)
Due to related parties
Related party relationship
September 30, 2023
September 30, 2022
Wenhu Guo
Senior Management of the Company
$
6,168
$
3,290
Yongwei Hu
Chief Executive Officer and Controlling shareholder of the Company
3,392
6,583
Jing Liu
Wife of the controlling shareholder
18,925
-
Sheying Wang
Senior Management of the Company
3,016
3,093
Yuantao Wang
49% shareholder of Tianjin YHX
23,650
59,870
Shujie Mou
Senior Management of Tianjin YHX
28,229
-
Total due to related parties
$
83,380
$
72,836
As
of September 30, 2023 and 2022, the balance of due to related parties was comprised of the Company's borrowings from related parties
and was used for working capital during the Company's normal course of business. Such advance was non-interest bearing and due
on demand.
(b)
Due from related parties
Related party relationship
September 30, 2023
September 30, 2022
Wenjuan Chen
Senior Management of the Company
$
8,358
$
-
Lu Jiang
Employee of the Company
53
-
Total due from related parties
$
8,411
$
-
As
of September 30, 2023 and 2022, the balance of due from related parties was mainly comprised of advance to the employees for business
purposes.
(c)
Loan guarantee provided by related parties
In
connection with the Company's short-term and long-term loans borrowed from PRC banks and other financial institutions, the Company's
controlling shareholder, Mr. Yongwei Hu pledged his proportionate ownership interest in Xi'an App-chem, and his personal bank savings
as collateral to safeguard the Company's borrowings from the banks and financial institutions. Mr. Yongwei Hu and his wife Ms.
Jing Liu also jointly pledged their personal residence property to guarantee the Company's certain loans (see Note 10).
F-
29
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
12 —
TAXES
(a)
Corporate Income Taxes ("CIT")
Cayman
Islands
Under
the current tax laws of the Cayman Islands, Bon Natural Life Limited ("Bon Natural Life") is not subject to tax on its income
or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its
shareholders.
Hong
Kong
Tea
Essence Limited ("Tea Essence") is incorporated in Hong Kong and is subject to profit taxes in Hong Kong at a rate of
16.5
%.
However, Tea Essence did not generate any assessable profits derived from Hong Kong sources in the years ended September 30, 2023, 2022
and 2021, and accordingly
no
provision for Hong Kong profits tax has been made in these periods.
PRC
Under
PRC CIT Law, domestic enterprises and Foreign Investment Enterprises ("FIEs") are usually subject to a unified
25
% enterprise
income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on a case-by-case basis by local government
as 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 their
HNTE status every three years. The Company's subsidiary, Xi'an App-Chem was approved as a HNTE and is entitled to a reduced
income tax rate of 15% beginning October 18, 2017, which is valid for three years. In December 2020, Xi'an App-Chem successfully
renewed its HNTE Certificate with local government and will continue to enjoy the reduced income tax rate of 15% for another three years
by December 1, 2023.
CIT
is typically governed by the local tax authority in PRC. Each local tax authority at times may grant tax holidays to local enterprises
as a way to encourage entrepreneurship and stimulate local economy. The corporate income taxes for the years ended September 30, 2023,
2022 and 2021 were reported at a blended reduced rate as a result of Xi'an App-chem being approved as a HNTE and enjoying a 15%
reduced income tax rate, but subsidiaries of Xi'an App-chem are subject to a 25% income tax rate. The impact of the tax holidays
noted above decreased foreign taxes by $
667,258
, $
825,899
and $
514,327
for the years ended September 30, 2023, 2022 and 2021, respectively.
The benefit of the tax holidays on net income per share (basic and diluted) $
0.15
, $
0.10
and $
0.08
for the years ended September 30,
2023, 2022 and 2021, respectively.
F-
30
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
12 — TAXES (continued)
The
following table reconciles the China statutory rates to the Company's effective tax rate for the years ended September 30,
2023, 2022 and 2021:
For
    the Years Ended September 30,
2023
2022
2021
PRC
    statutory income tax rate
25.0
%
25.0
%
25.0
%
Effect
    of income tax holiday
(
12.0
)%
(
11.0
)%
(
9.5
)%
Permanent
    difference
0.6
%
0.1
%
0.5
%
Research
    and development deduction
(
5.4
)%
(
4.2
)%
(
3.4
)%
Change
    in valuation allowance
9.8
%
7.0
%
2.5
%
Effective
    tax rate
18.0
%
16.9
%
15.1
%
The
components of the income tax provision (benefit) are as follows:
For
    the Years Ended September 30,
2023
2022
2021
Current
    tax provision:
Cayman
    Islands
$
-
$
-
$
-
Hong
    Kong
-
-
China
1,000,887
1,248,013
791,822
Sub-total
1,000,887
1,248,013
791,822
Deferred
    tax provision (benefit):
Cayman
    Islands
-
-
-
Hong
    Kong
-
-
-
China
1,411
19,012
29,109
Sub-total
1,411
19,012
29,109
Income
    tax provision
$
1,002,298
$
1,267,025
$
820,931
Deferred
tax assets
The
Company's deferred tax assets are comprised of the following:
September 30, 2023
September 30, 2022
Deferred tax assets derived from allowance for doubtful accounts and net operating losses ("NOL")
$
300,846
$
257,947
Less: valuation allowance
(
299,511
)
(
255,179
)
Deferred tax assets
$
1,335
$
2,768
The
Company follows ASC 740, "Income Taxes", which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income
taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their
financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which
the differences are expected to affect taxable income.
F-
31
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
12 — TAXES (continued)
A
valuation allowance is provided against deferred tax assets when the Company determines that it is more likely than not that the deferred
tax assets will not be utilized in the future. The Company has subsidiaries in the PRC, among which 7 entities, including Xi'an
CMIT, App-Chem Ag-tech, App-Chem Guangzhou, Tongchuan DT, Xi'an DT, Tianjin YHX and Gansu BMK, reported recurring operating losses
since their inception and the chances for these subsidiaries that suffered recurring losses in prior period to become profitable in the
foreseeable near future and to utilize their net operating loss carry forwards were remote. Accordingly, the Company provided valuation
allowance of $
299,511
and $
255,179
for the deferred tax assets of these subsidiaries as of September 30, 2023 and 2022, respectively.
As
of September 30, 2023, all of the Company's tax returns of its PRC subsidiaries remain open for statutory examination by PRC tax
authorities.
(b)
Taxes payable
Taxes
payable consist of the following:
September 30, 2023
September 30, 2022
Income tax payable
$
1,296,206
$
576,098
Value added tax payable
1,338,800
572,306
Other taxes payable
83,681
91,304
Total taxes payable
$
2,718,687
$
1,239,708
As
of September 30, 2023 and 2022, Company had accrued tax liabilities of approximately $
2.7
million and $
1.2
million, respectively, mostly
related to the unpaid value added tax and income tax in China.
F-
32
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
13 -
OPERATING LEASE
The
Company entered into following lease agreements to lease its factory in Dali County, Shaanxi Province of China and its office spaces
in Xi'an City, Shaanxi Province of China. The Company intend to continue these leases for the next three years.
On
April 6, 2022,
the Company entered into a
three
-years lease agreement with Xi'an Droplets Culture Ltd. to rent an office space
of 1163 square meters at Xi'an City, PRC.
The rental payment related to the lease were $
97,351
for the years ended September 30,
2022.
Balance
sheet information related to the operating lease is as follows:
September 30, 2023
September 30, 2022
Operating lease assets:
Operating lease right of use assets
$
312,067
$
546,690
Total operating lease assets
312,067
546,690
Operating lease obligations:
Current operating lease liabilities
227,297
230,182
Non-current operating lease liabilities
91,720
327,202
Total operating lease obligations
$
319,017
$
557,384
F-
33
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
13 - OPERATING LEASE (continued)
The
weighted-average remaining lease term and the weighted-average discount rate of leases are as follows:
September
    30, 2023
Weighted-average
    remaining lease term
1.4
Weighted-average
    discount rate
4.75
%
The
following table summarizes the maturity of operating lease liabilities as of September 30, 2023:
12
    months ending March 31,
US$
2024
$
236,512
2025
92,580
2026
-
Total
    lease payments
329,091
Less:
    imputed interest
(
10,074
)
Total
    lease liabilities
$
319,017
NOTE
14—
SHAREHOLDERS' EQUITY
Ordinary
Shares
Bon
Natural Life Limited ("Bon Natural Life", or the "Company") was incorporated under the laws of Cayman Islands
on December 11, 2019. The authorized number of ordinary shares was
50,000,000
shares with par value of US$
0.0001
and
15,500,000
shares
were issued.
On
June 17, 2020, the Company's shareholders approved a reverse split of the outstanding ordinary shares at a ratio of
1-for-3 shares
(the "Reverse Split"), which led to a redemption of
10,333,333
shares out of the
15,500,000
ordinary shares previously issued
to existing shareholders. The Reverse Split did not change the authorized number of ordinary shares and only changed the issued and outstanding
ordinary shares. The Reverse Split took effective on June 24, 2020. As a result of this reverse split, there were
5,166,667
shares issued
and outstanding. The issuance of these
5,166,667
shares is considered as a part of the Reorganization of the Company, which was retroactively
applied as if the transaction occurred at the beginning of the period presented.
F-
34
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
14— SHAREHOLDERS' EQUITY (continued)
On
June 28, 2021, the Company closed its initial public offering ("IPO") of
2,200,000
ordinary shares, par value US$
0.0001
per
share at a public offering price of $
5.00
per share, and the Company's ordinary shares started to trade on the Nasdaq Capital Market
under the ticker symbol "BON" since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option
to purchase an additional
330,000
shares, par value US$
0.0001
per share at the price of $
5.00
per share.
In
connection with the Company's IPO, the Company agreed to issue to the underwriters with warrants to purchase up to a total of
101,200
ordinary shares of the Company, with warrant terms of
five years
and an exercise price of $
5.00
per share, among which
50,600
shares
of warrants had been exercised on October 1, 2021 by cashless method, which resulted in
20,381
ordinary shares issued with no proceeds
received by the Company from this transaction. Subsequently, on July 13, 2022, the underwriters elected to exercise the remaining
50,600
shares of warrants under the cashless method, which resulted in
31,845
ordinary shares issued with no proceeds received by the Company
from this transaction.
On
January 17, 2023, the Company closed a private offering of ordinary shares and warrants to purchase ordinary shares. A total of
2,750,000
ordinary shares were issued to a total of five investors (the "Investors") at a subscription price of $
0.80
per share, for
total subscription proceeds of $
2,200,000
. In addition, for each share subscribed for by the Investors, the Company issued one warrant
to purchase one ordinary share at an exercise price of $
0.88
per share, exercisable for a period of
24
month for a total of
2,750,000
shares. A commission of $
168,532
were paid related to this private offering.
As
of September 30, 2023 and 2022, the Company had
11,738,662
and
8,396,226
shares of ordinary shares issued and outstanding, respectively.
Underwriter
warrants
In
connection with the Company's IPO, the Company also agreed to issue to the underwriters and to register herein warrants to purchase
up to a total of
101,200
ordinary shares of the Company (equal to
4
% of the total number of Ordinary Shares sold in the IPO) (the "Underwriter
Warrants").
These
warrants have warrant term of
five years
, with an exercise price of $
5.00
per share (equal to 100% of the Company's IPO offering
price of $
5.00
per share). The Underwriter Warrants may be purchased in cash or via cashless exercise, will be exercisable for five (
5
)
years, and will terminate on the fifth anniversary of the date thereafter.
The
warrants are exercisable at any time, and from time to time, in whole or in part, commencing 180 days from the closing of the IPO. Management
determined that these warrants meet the requirements for equity classification under ASC 815-40. On October 1, 2021, the underwriters
elected to exercise
50,600
shares of warrants with cashless exercise, which resulted in
20,381
ordinary shares issued with no proceeds
received by the Company from this transaction. Subsequently, on July 13, 2022, the underwriters elected to exercise the remaining
50,600
shares of warrants under the cashless method, which resulted in
31,845
ordinary shares issued with no proceeds received by the Company
from this transaction.
A
summary of warrants activity for the years ended September 30, 2023, 2022 and 2021 was as follows:
Number of
warrants
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term
Outstanding, September 30, 2021
101,200
$
5.00
-
Granted
-
-
-
Forfeited
-
-
-
Exercised
(
101,200
)
5.00
-
Exercisable, September 30, 2022
-
$
-
-
Granted
2,750,000
0.88
1.3
Forfeited
-
-
-
Exercised
-
-
-
Outstanding, September 30, 2023
2,750,000
$
0.88
1.3
Exercisable, September 30, 2023
2,750,000
$
0.88
1.3
F-
35
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
14— SHAREHOLDERS' EQUITY (continued)
Non-controlling
interest
The
Company's subsidiary, Xi'an App-chem, owns majority of the equity interest in the following two entities: Xi'an Dietary
Therapy Medical Technology Co., Ltd ("Xi'an DT") and Tianjin Yonghexiang Bio(Tech) Co., Ltd. ("Tianjin YHX")
Non-controlling interests represent minority shareholders'
25
% ownership interests in Xi'an DT and
49
% ownership interest
in Tianjin YHX. The following table reconciles the non-controlling interest as of September 30, 2023 and 2022:
Xi'an
    DT
Tianjin
    YHX
Total
As
    of September 30, 2022
$
472,812
$
57,680
$
530,492
Net
    loss attributable to non-controlling interest
(
5,700
)
(
37,600
)
(
43,300
)
Foreign
    currency translation adjustment
1,315
8,674
9,989
As
    of September 30, 2023
$
468,427
$
28,754
$
497,181
Statutory
reserve and restricted net assets
Relevant
PRC laws and regulations restrict the Company's PRC subsidiaries from transferring a portion of their net assets, equivalent to
their statutory reserves and their share capital, to the Company in the form of loans, advances or cash dividends. Only PRC entities'
accumulated profits may be distributed as dividends to the Company without the consent of a third party.
The
Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus
reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC ("PRC
GAAP").
Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined
in accordance with PRC GAAP until the reserve is equal to 50% of the entity's registered capital.
Appropriations to the discretionary
surplus reserve are made at the discretion of the Board of Directors. The statutory reserve may be applied against prior year losses,
if any, and may be used for general business expansion and production or increase in registered capital, but are not distributable as
cash dividends.
The
payment of dividends by entities organized in China is subject to limitations, procedures and formalities. Regulations in the PRC currently
permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in
China. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S GAAP differ from
those in the statutory financial statements of the WFOE and its subsidiaries. Remittance of dividends by a wholly foreign-owned company
out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.
In
light of the foregoing restrictions, the Company's WFOE Xi'an CMIT and subsidiaries are restricted in their ability to transfer
their net assets to the Company. Foreign exchange and other regulations in the PRC may further restrict the WFOE and its subsidiaries
from transferring funds to the Company in the form of dividends, loans and advances.
As
of September 30, 2023 and 2022, the restricted amounts as determined pursuant to PRC statutory laws totaled $
2,372,871
and $
1,804,116
,
respectively, and total restricted net assets amounted to $
20,556,190
and $
17,516,406
, respectively.
F-
36
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
15 -
SHARE-BASED COMPENSATION
On
June 23, 2020, the Company entered into consulting service agreements with three third-party consultants (collectively the "Consultants"),
pursuant to which, the Consultants provided public listing related consulting services to the Company in connection with the Company's
intended IPO effort. The Company issued
633,333
of its ordinary shares to the Consultants in lieu of cash payment for such services.
The
633,333
shares are valued at $
633,333
. Such service fee had been amortized over the service period from June 23, 2020 to June 22,
2021.
The
Company applied ASC 718 and related interpretations in accounting for measuring the cost of share-based compensation over the period
during which the consultants are required to provide services in exchange for the issued shares. For the years ended September 30, 2023,
2022 and 2021,
Nil
,
Nil
and $
422,221
share-based compensation expenses were recognized and capitalized as part of the deferred initial
public offering costs, respectively, then charged to shareholders' equity upon the completion of the IPO, as the consultants'
services directly related to the Company's intended IPO.
On
May 31, 2023, the Company entered into consulting agreements with a third-party consultant, which provide financial and acquisition consulting
services. The Company issued
500,000
of its ordinary shares to the consultant in lieu of cash payments for such services. The
500,000
shares were valued at $
174,904
and are fully expensed for the year ended September 30, 2023.
On
August 2, 2023, the Company issued
70,000
of its ordinary shares to a third-party consultant, which provide legal advice services. The
70,000
shares were valued at $
43,400
and were expensed for the year ended September 30, 2023.
Pursuant
to the Director Service Agreements with the Company's independent directors and following the completion of the Company's
IPO, on June 23, 2021, the Company granted stock options to three independent directors to purchase an aggregate of
36,000
shares of
the Company's ordinary shares, par value of $
0.0001
per share, at exercise price of $
0.01
per share for a fair value of total $
179,640
,
as part of the compensation to these independent directors. The stock options granted shall vest in equal monthly installments for 12
months, commencing on July 1, 2021 until June 30, 2022.
On
June 28, 2022 and July 1, 2022, independent directors were granted options to purchase
22,436
and
29,600
shares of the Company's
ordinary shares, respectively, exercisable at $
0.01
per share. These stock options granted shall vest in equal monthly installments for
12 months, with expired date of June 28, 2023 and July 1, 2023, respectively. Share-based compensation awards are measured at the grant
date fair value of the awards and recognized as expenses using the straight-line method over the service period.
F-
37
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
15 - SHARE-BASED COMPENSATION (continued)
SHARE-BASED
COMPENSATION AWARDS MEASURED AT GRANT DATE FAIR VALUE
On
August 3, 2023, two independent directors were granted options to purchase
18,750
shares per director of the Company's ordinary
shares, respectively, exercisable at $
0.01
per share. These stock options granted shall vest in equal monthly installments for 12 months,
with expired date of July 31, 2024. Share-based compensation awards are measured at the grant date fair value of the awards and recognized
as expenses using the straight-line method over the service period.
For the Years Ended September 30,
2023
2022
Exercise price
$
0.01
$
0.01
Expected term (years)
1
1
Expected stock price volatility
158.2
%
114.1
%
Risk-free rate of interest
4.35
%
4.35
%
Expected dividend rate
0
%
0
%
For
the years ended September 30, 2023, 2022 and 2021, stock-based compensation associated with amortization of stock option expense was
$
131,092
, $
170,883
and $
44,910
, respectively. All stock-based compensation was recorded as a component of general and administrative
expense.
The
following table summarizes the Company's stock option activities:
Number of options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
Outstanding, September 30, 2021
36,000
$
0.01
9.75
Granted
52,036
0.01
10.00
Forfeited
-
-
Exercised
(
14,000
)
0.01
-
Outstanding, September 30, 2022
74,036
$
0.01
9.25
Granted
37,500
0.01
10.00
Forfeited
-
-
-
Exercised
(
22,436
)
0.01
-
Outstanding, September 30, 2023
89,100
$
0.01
9.03
Exercisable, September 30, 2023
57,850
$
0.01
8.51
F-
38
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
16 -
CONCENTRATION
A
majority of the Company's revenue and expense transactions are denominated in RMB and a significant portion of the Company and
its subsidiaries' assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the
PRC, certain 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 ("PBOC"). Remittances in currencies other than RMB by the Company in China
must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in
order to affect the remittance. For the years ended September 30, 2023, 2022 and 2021, the Company's substantial assets were located
in the PRC and the Company's substantial revenues were derived from its subsidiaries located in the PRC.
As
of September 30, 2023 and 2022, $
106,719
and $
835,462
of the Company's cash was on deposit at financial institutions in the PRC. Per PRC regulations, the maximum insured bank deposit amount is RMB500,000 (approximately $68,531) 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.  As of September 30, 2023 and 2022, the Company's substantial assets were located in the PRC and the
Company's substantial revenues were derived from its subsidiaries located in the PRC.
The
Company sells its products primarily through direct distributors in the People's Republic of China (the "PRC") and
to some extent, the overseas customers in European countries, North America and Middle East. For the year ended September 30, 2023, three
customers accounted for
41.8
%,
29.5
% and
11.1
% of the Company's total revenue, respectively. For the year ended September, 2022,
three customers accounted for
35.5
%,
23.9
% and
15.4
% of the Company's total revenue, respectively. For the year ended September
30, 2021, two customers accounted for
35.5
% and
26.1
% of the Company's total revenue, respectively.
As
of September 30, 2023, three customers accounted for approximately
42.7
%,
24.7
% and
13.2
% of the total accounts receivable balance, respectively.
As of September 30, 2022, three customers accounted for approximately
38.1
%,
33.7
% and
17.9
% of the total accounts receivable balance,
respectively.
For
the years ended September 30, 2023 three suppliers accounted for approximately
41.8
%,
29.5
% and
11.1
% of the total purchases, respectively.
For the year ended September 30, 2022, four suppliers accounted for approximately
24.6
%,
15.0
%,
11.9
% and
10.7
% of the total purchases,
respectively. For the year ended September 30, 2021, two suppliers accounted for approximately
30.1
% and
13.4
% of the total purchases,
respectively.
NOTE
17 -
COMMITMENTS AND CONTINGENCIES
From
time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated
with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss
contingencies are expensed as incurred. For the years ended September 30, 2023, 2022 and 2021, the Company did not have any material
legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company's consolidated
financial position, results of operations and cash flows.
The
Company has an ongoing CIP project associated with the construction of a new manufacturing facility. As of September 30, 2023, future
minimum capital expenditures on the Company's CIP project amounted to $
5
million, for the next 12 months from the date the Company's
consolidated interim financial statements are released (see Note 8).
F-
39
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
18—
DISAGGREGATION OF REVENUES
Revenue
by region
For Years ended September 30,
2023
2022
2021
PRC
$
28,971,115
$
28,756,333
$
23,704,259
Overseas
551,238
1,152,228
1,790,305
Total revenue
$
29,522,353
$
29,908,561
$
25,494,564
Revenue
by product categories
The
summary of our total revenues by product categories for the years ended September 30, 2023, 2022 and 2021 was as
follows:
For Years ended September 30,
2023
2022
2021
Fragrance compounds
$
14,315,810
$
13,710,556
$
12,744,029
Health supplements (solid drinks)
8,704,468
7,145,708
6,655,982
Bioactive food ingredients
6,502,075
9,052,297
6,094,553
Total revenue
$
29,522,353
$
29,908,561
$
25,494,564
F-
40
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
19 -
SUBSEQUENT EVENTS
(1).
Bank Loans
On
January 15, 2024, the Company's subsidiary, Xi'an App-Chem, entered into a loan agreement with China Bohai Bank to borrow RMB
4.0
million (equivalent to US$
0.5
million) as working capital for one year, with interest rate of
3.9
%
per annum and maturity date on
January
21, 2025
. The Company's controlling shareholder, Mr. Yongwei Hu and his wife Ms. Jing Liu, provided guarantee to this
loan.
(2)
. Issuance of Shares for Stock-based Compensation
On
October 2, 2023, the Company issued a total of
1,550,000
ordinary shares to employees and consultants under its 2022 Equity Incentive
Plan. Included in these issuances were
100,000
ordinary shares issued as compensation to the Company's Chief Executive Officer,
Yongwei Hu. The shares issued to Mr. Hu will vest in six months.
F-
41
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
20—
FINANCIAL INFORMATION OF THE PARENT COMPANY
Rule
12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X require the financial information of the parent company to be filed when the restricted
net assets of consolidated subsidiaries exceed 25 percent 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 financial statements for 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
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 balance sheets as "Investment in subsidiaries" and the respective profit or loss as "Equity in
earnings of subsidiaries" on the statements of comprehensive income.
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 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 which have been separately disclosed
in the consolidated financial statements, if any.
F-
42
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
PARENT
COMPANY BALANCE SHEETS
September 30, 2023
September 30, 2022
ASSETS
CURRENT ASSETS
Cash
$
867
$
1,221
Acquisition deposit
1,000,000
1,000,000
Due from subsidiaries
10,998,557
9,402,525
Prepaid expenses and other current assets
(
22,920
)
42,749
TOTAL CURRENT ASSETS
11,976,504
10,446,495
NON-CURRENT ASSETS
Investment in subsidiaries
23,507,948
19,115,509
TOTAL ASSETS
$
35,484,452
$
29,562,004
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
$
-
$
-
COMMITMENTS AND CONTINGENCIES
-
SHAREHOLDERS' EQUITY
Ordinary shares, $
0.0001
par value,
500,000,000
shares authorized,
11,738,662
and
8,396,226
shares issued and outstanding as of September 30, 2023 and 2022, respectively
$
1,117
$
840
Additional paid-in capital
18,182,202
15,711,450
Retained earnings
20,980,978
16,480,885
Accumulated other comprehensive income (loss)
(
3,679,845
)
(
2,631,171
)
Total Bon Natural Life Limited shareholders' equity
35,484,452
29,562,004
Total liabilities and Bon Natural Life Limited shareholders' equity
$
35,484,452
$
29,562,004
F-
43
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
PARENT
COMPANY STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended September 30,
2023
2022
2021
General and administrative expenses
$
(
846,930
)
$
(
972,215
)
$
(
68,722
Interest income
2
5
13
Equity in earnings of subsidiaries and VIEs
5,442,910
7,209,698
4,659,512
NET INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED
4,595,982
6,237,488
4,590,803
Foreign currency translation adjustment
(
1,050,274
)
(
2,853,392
)
610,323
COMPREHENSIVE INCOME ATTRIBUTABLE TO BON NATURAL LIFE LIMITED
$
3,545,708
$
3,384,096
$
5,201,126
F-
44
BON
NATURAL LIFE LIMITED AND SUBSIDIARIES
PARENT
COMPANY STATEMENTS OF CASH FLOWS
For the Years Ended September 30,
2023
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
4,595,982
$
6,237,488
$
4,590,803
Adjustments to reconcile net cash flows from operating activities:
Equity in earnings of subsidiaries and VIEs
(
5,442,910
)
(
7,209,698
)
(
4,659,512
)
Amortization of stock-based compensation
131,092
170,883
44,910
Issuance of ordinary shares for services
218,304
-
-
Changes in operating assets and liabilities:
Payables due to subsidiaries
(
1,596,032
)
597,475
Prepaid expenses and other current assets
65,669
(
40,148
)
(
2,600
Net cash used in operating activities
(
2,027,898
)
(
244,000
)
(
26,399
CASH FLOWS FROM INVESTING ACTIVITIES:
Payment of acquisition deposit
-
-
(
1,000,000
Net cash used in investing activities
-
-
(
1,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of ordinary shares
2,027,544
-
11,271,480
Proceeds from exercise of stock options
-
140
Cash lent to subsidiaries and VIE
-
-
(
10,000,000
Net cash provided by (used in) financing activities
2,027,544
140
1,271,480
CHANGES IN CASH
(
354
)
(
243,860
)
245,081
CASH beginning of year
1,221
245,081
-
CASH, end of year
$
867
$
1,221
$
245,081
F-
45