Cover
Cover - shares | 6 Months Ended | |
Mar. 31, 2022 | May 13, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | Kingfish Holding Corporation | |
Entity Central Index Key | 0001374881 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | No | |
Document Period End Date | Mar. 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 120,942,987 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-52375 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 20-4838580 | |
Entity Interactive Data Current | No | |
Entity Address State Or Province | FL | |
City Area Code | 941 | |
Entity Address Postal Zip Code | 34208 | |
Local Phone Number | 487-3653 | |
Entity Address Address Line 1 | 822 62nd Street Circle East | |
Entity Address Address Line 2 | Suite 105 | |
Entity Address City Or Town | Bradenton |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Current assets: | ||
Cash | $ 28,714 | $ 38,227 |
Total Assets | 28,714 | 38,277 |
Current liabilities: | ||
Accounts payable | 109,512 | 109,512 |
Accrued interest payable | 23,761 | 20,809 |
Convertible notes payable to related party | 90,020 | 90,020 |
Total Current Liabilities | 223,293 | 220,341 |
Long term liabilities: | ||
Note payable to related party | 180,000 | 130,000 |
Rescission liability | 20,000 | 20,000 |
Total Long Term Liabilities | 200,000 | 150,000 |
Total Liabilities | 423,293 | 370,341 |
Stockholders' deficit: | ||
Preferred stock, par $0.0001, 20,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Common stock, par $0.0001, 200,000,000 shares authorized, 120,942,987 shares issued and outstanding | 12,094 | 12,094 |
Paid in capital | 4,378,213 | 4,378,213 |
Accumulated deficit | (4,764,886) | (4,702,371) |
Rescission liability | (20,000) | (20,000) |
Total stockholders' deficit | (394,579) | (332,064) |
Total Liabilities and Stockholders' Deficit | $ 28,714 | $ 38,277 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Sep. 30, 2021 |
Stockholders' Deficit: | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, issued shares | 120,942,987 | 120,942,987 |
Common stock, shares outstanding | 120,942,987 | 120,942,987 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Expenses: | ||||
Professional fees | $ 36,096 | $ 31,769 | $ 59,513 | $ 49,269 |
General and administrative expenses | 30 | 0 | 50 | 839 |
Operating expenses | 36,126 | 31,769 | 59,563 | 50,108 |
Other income | ||||
Interest expense | 1,514 | 1,925 | 2,952 | 3,049 |
Total other expense | 1,514 | 1,925 | 2,952 | 3,049 |
Net Income (Loss) Before Income Taxes | (37,640) | (33,694) | (62,515) | (53,157) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net Income (Loss) | $ (37,640) | $ (33,694) | $ (62,515) | $ (53,157) |
Basic and diluted net income (Loss) per share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average common shares outstanding | 120,942,987 | 120,942,987 | 120,942,987 | 120,942,987 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (62,515) | $ (53,157) |
Changes in operating assets and liabilities: | ||
Accrued interest payable | 2,952 | 3,049 |
Net Cash flows from operating activities | (59,563) | (50,108) |
Cash Flows From Financing Activities: | ||
Advances from related party | 50,000 | 125,000 |
Net Cash flows from financing activities | 50,000 | 125,000 |
Net Increase (Decrease) in Cash | (9,563) | 74,892 |
Cash at the beginning of year | 38,227 | 3,054 |
Cash at the end of the year | 28,714 | 77,946 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Rescission Liabilities [Member] |
Balance, shares at Sep. 30, 2020 | 120,942,987 | ||||
Balance, amount at Sep. 30, 2020 | $ (235,388) | $ 12,094 | $ 4,378,213 | $ (4,605,695) | $ (20,000) |
Net Loss | (53,157) | $ 0 | 0 | (53,157) | 0 |
Balance, shares at Mar. 31, 2021 | 120,942,987 | ||||
Balance, amount at Mar. 31, 2021 | (288,545) | $ 12,094 | 4,378,213 | (4,658,852) | (20,000) |
Balance, shares at Dec. 31, 2020 | 120,942,987 | ||||
Balance, amount at Dec. 31, 2020 | (254,851) | $ 12,094 | 4,378,213 | (4,625,158) | (20,000) |
Net Loss | (33,694) | (33,694) | |||
Balance, shares at Mar. 31, 2021 | 120,942,987 | ||||
Balance, amount at Mar. 31, 2021 | (288,545) | $ 12,094 | 4,378,213 | (4,658,852) | (20,000) |
Balance, shares at Sep. 30, 2021 | 120,942,987 | ||||
Balance, amount at Sep. 30, 2021 | (332,064) | $ 12,094 | 4,378,213 | (4,702,371) | (20,000) |
Net Loss | (62,515) | (37,640) | |||
Balance, shares at Mar. 31, 2022 | 120,942,987 | ||||
Balance, amount at Mar. 31, 2022 | (394,579) | $ 12,094 | 4,378,213 | (4,764,886) | (20,000) |
Balance, shares at Dec. 31, 2021 | 120,942,987 | ||||
Balance, amount at Dec. 31, 2021 | (356,957) | $ 12,094 | 4,378,213 | (4,727,264) | (20,000) |
Net Loss | (37,640) | (37,640) | |||
Balance, shares at Mar. 31, 2022 | 120,942,987 | ||||
Balance, amount at Mar. 31, 2022 | $ (394,579) | $ 12,094 | $ 4,378,213 | $ (4,764,886) | $ (20,000) |
Business
Business | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
1. Business | 1. Business: Our Business: Kingfish Holding Corporation (the “Company”) was incorporated in the State of Delaware on April 11, 2006 as Offline Consulting, Inc. It became Kesselring Holding Corporation on June 8, 2007 and on November 25, 2014 it changed its name to Kingfish Holding Corporation. The Company was engaged in (i) restoration services, principally to commercial property owners, (ii) the manufacture and sale of cabinetry and remodeling products, principally to contractors and (iii) multifamily and commercial remodeling and building services on customer owned properties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
2. Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies: Basis of presentation: The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company. Use of estimates: The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Cash: Cash is maintained at a financial institution and, at times, the balance may exceed federally insured limits. The Company has never experienced any losses related to the balance. Currently, the FDIC provides insurance coverage up to $250,000 per depositor at each financial institution and the Company’s cash balance did not exceed such coverage on March 31, 2022. For purpose of the statements of cash flows, the Company considers all highly-liquid investments with a maturity of three months or less when purchased to be cash. Fair Value of Financial Instruments: The carrying amounts of cash and current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. Management does not hold or issue financial instruments for trading purposes, nor does the Company utilize derivative instruments in the management of the Company's foreign exchange, commodity price or interest rate market risks. The Financial Accounting Standards Board (“FASB”) Codification clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. It also requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows: Level 1: Quoted prices in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Revenue Recognition: The Company recognizes revenues in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and all related interpretations for recognition of our revenue from services. Revenue is recognized when the following criteria are met: · identification of the contract, or contracts, with the customer; · identification of the performance obligations in the contract; · determination of the transaction price; · allocation of the transaction price to the performance obligations in the contract; and · recognition of revenue when, or as, we satisfy the performance obligation. Income Taxes: Deferred taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Future tax benefits for net operating loss carry forwards are recognized to the extent that realization of these benefits is considered more likely than not. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company follows the provisions of FASB ASC 740-10 “Uncertainty in Income Taxes” (ASC 740-10). A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there are no unrecognized benefits for all periods presented. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefit in interest expense and penalties in operating expenses. Net income (loss) per share: Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period of computation. Diluted loss per share gives effect to potentially dilutive common shares outstanding. The Company gives effect to these dilutive securities using the Treasury Stock Method. Potentially dilutive securities include convertible financial instruments. The Company gives effect to these dilutive securities using the If-Converted-Method. At March 31, 2022 and 2021, convertible notes payable to related party of $90,020 can potentially convert into 90,020 shares of common stock. Interest expense related to the convertible notes was immaterial. These shares have been excluded from the diluted net loss per share calculations because the effect of including them would be anti-dilutive at March 31, 2022 and 2021. Recent Accounting Pronouncements: Recent pronouncements issued by the FASB, the American institute of Certified Public Accountants (“AICPA”) and the SEC did not have a material impact on the Company’s present or future financial statements. The Company has reviewed or is in the process of reviewing all pronouncements that are becoming effective soon and do not believe that they will have a material impact on the Company’s future financial statements. |
Going Concern
Going Concern | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
3. Going Concern | 3. Going Concern: As reflected in the Company’s financial statements, the Company has an accumulated deficit of $4,764,886 and $4,702,371 as of March 31, 2022 and September 30, 2021, respectively. The Company used cash of $59,563 and $50,108 in operating activities during the six months ended March 31, 2022 and 2021, respectively. The Company has a working capital deficiency of $194,579 at March 31, 2022 that is insufficient in management‘s view to sustain current levels of operations for a reasonable period without additional financing. These trends and conditions continue to raise substantial doubt surrounding the Company’s ability to continue as a going concern for a reasonable period. Ultimately, the Company’s ability to continue as a going concern is dependent upon management’s ability to continue to curtail current operating expense and obtain additional financing to augment working capital requirements and support acquisition plans. There can be no assurance that management will be successful in achieving these objectives or obtaining financing under terms and conditions that are suitable. The accompanying financial statements do not include any adjustments associated with these uncertainties. |
Convertible Notes Payable to Re
Convertible Notes Payable to Related Party | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
4. Convertible Notes Payable to Related Party | 4. Convertible Notes Payable to Related Party: The Company entered into a convertible note with a director for $20,000 effective December 7, 2015. The note bears interest at a rate of 3.5% per annum and all unpaid principal and interest are due on demand by the director. The outstanding principal balance of the note is convertible into the Company’s shares of common stock at the conversion price of $1.00 per share. The Company entered into a convertible note with a director for $20,000 effective March 3, 2016. The note bears interest at a rate of 3.5% per annum and all unpaid principal and interest are due on demand by the director. The outstanding principal balance of the note is convertible into the Company’s shares of common stock at the conversion price of $1.00 per share. The Company entered into a convertible note with a director for $30,000 effective July 11, 2016. The note bears interest at a rate of 3.5% per annum and all unpaid principal and interest are due on demand by the director. The outstanding principal balance of the note is convertible into the Company’s shares of common stock at the conversion price of $1.00 per share. The Company entered into a convertible note with a director for $20,000 effective September 19, 2016. The note bears interest at a rate of 3.5% per annum and all unpaid principal and interest are due on demand by the director. The outstanding principal balance of the note is convertible into the Company’s shares of common stock at the conversion price of $1.00 per share. A cash advance was made to the Company by a director in the amount of $20 on February 25, 2019 on the same terms as the convertible note effective September 19, 2016, including, without limitation the conversion of the outstanding principal balance at the conversion price of $1.00 per share. Based on the Company’s stock price at the respective commitments dates, the Company determined that the above convertible notes did not have a beneficial conversion feature to the note holder. |
Notes Payable to Related Party
Notes Payable to Related Party | 6 Months Ended |
Mar. 31, 2022 | |
Notes Payable to Related Party | |
5. Notes Payable to Related Party | 5. Note Payable to Related Party: The Company entered into a note with Mr. Toomey, a director, for $130,000 effective February 1, 2021. The note bears interest, commencing on the date of the loan, at an initial rate of 2% per annum and the note matures on December 31, 2023. The maturity date of the note will accelerate and be due and payable immediately upon any change of control, merger, or other business combination (as defined in the note). If the maturity date is extended for any reason whatsoever (including in connection with an acceleration event), the note will bear interest at a rate of 5% per annum, commencing on the date of any such extension. The note is not convertible into the Company’s common shares. The Company entered into a note with Mr. Toomey, a director, for $50,000 effective February 7, 2022. The note bears interest, commencing on the date of the loan, at an initial rate of 2% per annum and the note matures on December 31, 2023. The maturity date of the note will accelerate and be due and payable immediately upon any change of control, merger, or other business combination (as defined in the note). If the maturity date is extended for any reason whatsoever (including in connection with an acceleration event), the note will bear interest at a rate of 5% per annum, commencing on the date of any such extension. The note is not convertible into the Company’s common shares. |
Preferred Stock
Preferred Stock | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
6. Preferred Stock | 6. Preferred Stock The Company is authorized to issue up to 20,000,000 shares of Preferred Stock with designations, rights and preferences determined from time to time by our Board of Directors. Accordingly, our Board of Directors is empowered, without shareholder approval, to issue Preferred Stock with dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of the Company’s Common Stock. The terms of the preferred stock have not been approved. As of March 31, 2022 and September 30, 2021, there was no Preferred Stock issued and outstanding. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
7. Income Taxes | 7. Income Taxes: The Company's provision (benefit) for income taxes was as follows: 03/31/2022 09/30/2021 Current Federal $ - $ - State - - Foreign - - - - Deferred Federal (13,128 ) (17,844 ) State (1,875 ) (2,458 ) Total $ (15,004 ) $ (20,302 ) The income tax provision differs from the amount of tax determined by applying the Federal statutory rate as follows: 03/31/2022 09/30/2021 Income tax provision at statutory rate: $ (15,004 ) $ (20,302 ) Increase (decrease) in income tax due to: Change in Valuation Allowance 15,004 20,302 $ - $ - Net deferred tax assets and liabilities were comprised of the following: 03/31/2022 09/30/2021 Long-term deferred tax assets (liabilities) Net Operating Loss $ (627,257 ) $ 612,253 Valuation Allowance 627,257 (612,253 ) $ - $ - The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related tax deferred assets will be recognized when management considers realization of such amounts to be more likely than not. The Company’s earliest tax year that remains subject to examination by all tax jurisdictions was September 30, 2016. |
Rescission Liability
Rescission Liability | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
8. Rescission Liability | 8. Rescission Liability: On November 20, 2009, the Company issued 2,000,000 shares of its common stock to pay for services valued at $20,000. The issuance of these shares was declared invalid by the court since they were issued by prior management who did not have the authority to do so since they were validly removed on November 16, 2009. These shares remained outstanding at March 31, 2022 and will be returned to the Company’s transfer agent upon locating the holder of these shares. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
9. Commitments and Contingencies | 9. Commitments and Contingencies: During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with FASB ASC 450-20-50, “Contingencies.” The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of March 31, 2022 and the date the statements are available for use, the Company is not aware of any contingent liabilities that should be reflected in the financial statements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
10. Subsequent Events | 10. Subsequent Events: In accordance with ASC 855, “ Subsequent Events |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies (Policies) | |
Basis of presentation | The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company. |
Use of estimates | The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Cash | Cash is maintained at a financial institution and, at times, the balance may exceed federally insured limits. The Company has never experienced any losses related to the balance. Currently, the FDIC provides insurance coverage up to $250,000 per depositor at each financial institution and the Company’s cash balance did not exceed such coverage on March 31, 2022. For purpose of the statements of cash flows, the Company considers all highly-liquid investments with a maturity of three months or less when purchased to be cash. |
Fair Value of Financial Instruments | The carrying amounts of cash and current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. Management does not hold or issue financial instruments for trading purposes, nor does the Company utilize derivative instruments in the management of the Company's foreign exchange, commodity price or interest rate market risks. The Financial Accounting Standards Board (“FASB”) Codification clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. It also requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows: Level 1: Quoted prices in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Revenue Recognition | The Company recognizes revenues in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and all related interpretations for recognition of our revenue from services. Revenue is recognized when the following criteria are met: · identification of the contract, or contracts, with the customer; · identification of the performance obligations in the contract; · determination of the transaction price; · allocation of the transaction price to the performance obligations in the contract; and · recognition of revenue when, or as, we satisfy the performance obligation. |
Income Taxes | Deferred taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Future tax benefits for net operating loss carry forwards are recognized to the extent that realization of these benefits is considered more likely than not. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company follows the provisions of FASB ASC 740-10 “Uncertainty in Income Taxes” (ASC 740-10). A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there are no unrecognized benefits for all periods presented. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefit in interest expense and penalties in operating expenses. |
Net income (loss) per shares | Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period of computation. Diluted loss per share gives effect to potentially dilutive common shares outstanding. The Company gives effect to these dilutive securities using the Treasury Stock Method. Potentially dilutive securities include convertible financial instruments. The Company gives effect to these dilutive securities using the If-Converted-Method. At March 31, 2022 and 2021, convertible notes payable to related party of $90,020 can potentially convert into 90,020 shares of common stock. Interest expense related to the convertible notes was immaterial. These shares have been excluded from the diluted net loss per share calculations because the effect of including them would be anti-dilutive at March 31, 2022 and 2021. |
Recent accounting pronouncements | Recent Accounting Pronouncements: Recent pronouncements issued by the FASB, the American institute of Certified Public Accountants (“AICPA”) and the SEC did not have a material impact on the Company’s present or future financial statements. The Company has reviewed or is in the process of reviewing all pronouncements that are becoming effective soon and do not believe that they will have a material impact on the Company’s future financial statements. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Business | |
Schedule Of Income Tax Domestic And Foreign | The Company's provision (benefit) for income taxes was as follows: 03/31/2022 09/30/2021 Current Federal $ - $ - State - - Foreign - - - - Deferred Federal (13,128 ) (17,844 ) State (1,875 ) (2,458 ) Total $ (15,004 ) $ (20,302 ) The income tax provision differs from the amount of tax determined by applying the Federal statutory rate as follows: 03/31/2022 09/30/2021 Income tax provision at statutory rate: $ (15,004 ) $ (20,302 ) Increase (decrease) in income tax due to: Change in Valuation Allowance 15,004 20,302 $ - $ - |
Schedule Of Deferred Tax Assets And Liabilities | Net deferred tax assets and liabilities were comprised of the following: 03/31/2022 09/30/2021 Long-term deferred tax assets (liabilities) Net Operating Loss $ (627,257 ) $ 612,253 Valuation Allowance 627,257 (612,253 ) $ - $ - |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | |
Summary of Significant Accounting Policies (Details Narrative) | |||
FDIC insurance limit | $ 250,000 | ||
Issuance of convertible common stock | 90,020 | ||
Convertible notes payable related party | $ 90,020 | $ 90,020 | $ 90,020 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Going Concern (Details Narrative) | ||||
Accumulated deficit | $ (4,764,886) | $ (4,702,371) | $ (4,702,371) | |
Net Cash flows used by operating activities | (59,563) | $ (50,108) | ||
Working Capital Deficiency | $ 194,579 |
Convertible Notes Payable to _2
Convertible Notes Payable to Related Party (Details Narrative) - USD ($) | Feb. 25, 2019 | Sep. 19, 2016 | Jul. 11, 2016 | Mar. 03, 2016 | Dec. 07, 2015 |
Business | |||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | |
Convertible Debt | $ 20,000 | $ 30,000 | $ 20,000 | $ 20,000 | |
Conversion Price | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Cash paid in advance | $ 20 |
Note Payable to Related Party (
Note Payable to Related Party (Details Narrative) - USD ($) | 1 Months Ended | |||
Feb. 07, 2022 | Feb. 01, 2021 | Mar. 31, 2022 | Sep. 30, 2021 | |
Note payable to related party | $ 180,000 | $ 130,000 | ||
Mr Toomey [Member] | ||||
Note payable to related party | $ 50,000 | $ 130,000 | ||
Debt Instrument Interest Rate Stated Percentage | 2% | 2% | ||
Interest rate | 5% | 5% | ||
Debt Instrument Maturity Date | Dec. 31, 2023 | Dec. 31, 2023 |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - shares | Mar. 31, 2022 | Sep. 30, 2021 |
Preferred Stock (Details Narrative) | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Sep. 30, 2021 | |
Current | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Foreign | 0 | 0 |
Total | 0 | 0 |
Deferred | ||
Federal | (13,128) | (17,844) |
State | (1,875) | (2,458) |
Total | $ (15,004) | $ (20,302) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Sep. 30, 2021 | |
Income Taxes (Details) | ||
Income tax provision at statutory rate: | $ (15,004) | $ (20,302) |
Increase (decrease) in income tax due to: | ||
Change in Valuation Allowance | 15,004 | 20,302 |
Federal statutary rate | $ 0 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Long-term deferred tax assets (liabilities) | ||
Net Operating Loss | $ 627,257 | $ 612,253 |
Valuation allowance | (627,257) | (612,253) |
Total deferred tax assets and liabilities comprised | $ 0 | $ 0 |
Rescission Liability (Details N
Rescission Liability (Details Narrative) | 1 Months Ended |
Nov. 20, 2009 USD ($) shares | |
Rescission Liability (Details Narrative) | |
Stock issued for services, shares | shares | 2,000,000 |
Stock issued for services, value | $ | $ 20,000 |
Uncategorized Items - king_10q.
Label | Element | Value |
Rescission Liabilities [Member] | ||
[Net Income (Loss) Attributable to Parent] | us-gaap_NetIncomeLoss | $ 0 |
Common Stock | ||
[Net Income (Loss) Attributable to Parent] | us-gaap_NetIncomeLoss | 0 |
Retained Earnings (Accumulated Deficit) | ||
[Net Income (Loss) Attributable to Parent] | us-gaap_NetIncomeLoss | (62,515) |
Additional Paid-In Capital | ||
[Net Income (Loss) Attributable to Parent] | us-gaap_NetIncomeLoss | $ 0 |