Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2020 | May 18, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Genufood Energy Enzymes Corp. | |
Entity Central Index Key | 0001510518 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 9,124,901,879 | |
Entity File Number | 000-56112 | |
Entity Interactive Data Current | No | |
Entity Incorporation, State or Country Code | NV |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,427 | $ 121,657 |
Other current assets | 50 | |
Total Current Assets | 3,427 | 121,707 |
Total Assets | 3,427 | 121,707 |
CURRENT LIABILITIES | ||
Accounts payable | 127,793 | 128,971 |
Accrued expenses | 16,349 | 13,697 |
Due to related parties | 243,827 | 211,383 |
Total Current Liabilities | 387,969 | 354,051 |
STOCKHOLDERS' DEFICIENCY | ||
Common stock; $0.001 par value; 10,000,000,000 shares authorized; 9,124,901,879 shares issued and outstanding as of March 31, 2020 and September 30, 2019 | 7,324,902 | 7,324,902 |
Additional paid-in capital | 5,022,460 | 5,022,460 |
Discount on common stock | (4,541,581) | (4,541,581) |
Accumulated other comprehensive loss | (188,144) | (190,845) |
Accumulated deficit | (8,002,179) | (7,847,280) |
Total Stockholders' Deficiency | (384,542) | (232,344) |
Total Liabilities and Stockholders' Deficiency | $ 3,427 | $ 121,707 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 9,124,901,879 | 9,124,901,879 |
Common stock, shares outstanding | 9,124,901,879 | 9,124,901,879 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Income Statement [Abstract] | |||||
REVENUE | |||||
OPERATING EXPENSES | |||||
General & administrative expenses | 81,796 | 77,518 | 154,814 | 148,871 | |
Total operating expenses | 81,796 | 77,518 | 154,814 | 148,871 | |
LOSS FROM OPERATIONS | (81,796) | (77,518) | (154,814) | (148,871) | |
OTHER INCOME (EXPENSE) | |||||
Interest income | 1 | 1 | 3 | 4 | |
Foreign currency loss | (9) | (88) | (26) | ||
Other non-operating income, net | 123 | ||||
Total other income (expense) | 1 | (8) | (85) | 101 | |
Loss before income taxes | (81,795) | (77,526) | (154,899) | (148,770) | |
Provision for income taxes | |||||
NET LOSS | (81,795) | (77,526) | (154,899) | (148,770) | |
OTHER COMPREHENSIVE LOSS | |||||
Foreign currency transaction adjustments | 5,362 | (666) | 2,701 | (990) | |
COMPREHENSIVE LOSS | $ (76,433) | $ (78,192) | $ (152,198) | $ (149,760) | |
BASIC & DILUTED LOSS PER SHARE | [1] | ||||
WEIGHTED AVERAGE NUMBER OF ORGINARY SHARES-BASIC & DILUTED | 9,124,901,879 | 6,915,729,879 | 9,124,901,879 | 6,915,729,879 | |
[1] | Less than $0.01 per share |
Condensed Consoildated Statemen
Condensed Consoildated Statements of Stockholders' Equity Deficiency - USD ($) | Common Stock | Additional Paid-in Capital | Discount on common stock | Accumulated Deficit | Accumulated Other Comprehensive loss | Total |
Balance at Sep. 30, 2018 | $ 6,915,730 | $ 5,022,460 | $ (4,311,995) | $ (7,543,704) | $ (191,856) | $ (109,365) |
Balance, shares at Sep. 30, 2018 | 6,915,729,879 | |||||
Foreign Currency Translation adjustment | (990) | (990) | ||||
Net Loss | (77,526) | (148,770) | ||||
Balance at Mar. 31, 2019 | $ 6,915,730 | 5,022,460 | (4,311,995) | (7,692,474) | (192,846) | (259,125) |
Balance, shares at Mar. 31, 2019 | 6,915,729,879 | |||||
Balance at Dec. 31, 2018 | $ 6,915,730 | 5,022,460 | (4,311,995) | (7,614,948) | (192,180) | (180,933) |
Balance, shares at Dec. 31, 2018 | 9,124,901,879 | |||||
Foreign Currency Translation adjustment | (666) | (666) | ||||
Net Loss | (77,526) | (77,526) | ||||
Balance at Mar. 31, 2019 | $ 6,915,730 | 5,022,460 | (4,311,995) | (7,692,474) | (192,846) | (259,125) |
Balance, shares at Mar. 31, 2019 | 6,915,729,879 | |||||
Balance at Sep. 30, 2019 | $ 7,324,902 | 5,022,460 | (4,541,581) | (7,847,280) | (190,845) | (232,344) |
Balance, shares at Sep. 30, 2019 | 9,124,901,879 | |||||
Foreign Currency Translation adjustment | 2,701 | 2,701 | ||||
Net Loss | (154,899) | (154,899) | ||||
Balance at Mar. 31, 2020 | $ 7,324,902 | 5,022,460 | (4,541,581) | (8,002,179) | (188,144) | (384,542) |
Balance, shares at Mar. 31, 2020 | 9,124,901,879 | |||||
Balance at Dec. 31, 2019 | $ 7,324,902 | 5,022,460 | (4,541,581) | (7,920,384) | (193,506) | (308,109) |
Balance, shares at Dec. 31, 2019 | 9,124,901,879 | |||||
Foreign Currency Translation adjustment | 5,362 | 5,362 | ||||
Net Loss | (81,795) | (81,795) | ||||
Balance at Mar. 31, 2020 | $ 7,324,902 | $ 5,022,460 | $ (4,541,581) | $ (8,002,179) | $ (188,144) | $ (384,542) |
Balance, shares at Mar. 31, 2020 | 9,124,901,879 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (154,899) | $ (148,770) |
Change in operating assets and liabilities | ||
Prepayment | 19,899 | |
Other current assets | 50 | 1,190 |
Accounts payable | (225) | 798 |
Accrued expenses | 2,644 | 7,369 |
Due to related parties | 34,200 | 34,200 |
Other liability | 37,483 | |
Net cash used in operating activities | (118,230) | (47,831) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS | (118,230) | (47,831) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 121,657 | 131,720 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 3,427 | 83,889 |
SUPPLEMENTAL DISCLOSURE | ||
Cash paid for interest | ||
Cash paid for income taxes |
General Organization and Busine
General Organization and Business | 6 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL ORGANIZATION AND BUSINESS | NOTE 1 – GENERAL ORGANIZATION AND BUSINESS Genufood Energy Enzymes Corp., USA (the "Company" or "GEEC") was incorporated under the laws of the State of Nevada on June 21, 2010. The Company is a start-up company that is engaged in the business of promoting, marketing, distributing and exporting sea water nasal spray for human consumption in Taiwan and USA. The Company plans to set up a subsidiary in Taiwan and explore this market during 2020 once the relevant approval and permits about its nasal spray products are obtained from the Taiwan health authorities. The Company's strategy is to market its nasal spray product in both Taiwan and USA through online (e.g. internet-based platforms) or offline channels (e.g. both retail and wholesale outlets). The following is a summary of the history background of the Company: On May 24, 2011, GEEC Internet Sales (Private) Limited ("GEECIS"), a wholly-owned subsidiary of GEEC, was established in the Democratic Socialist Republic of Sri Lanka. GEECIS was established initially to be responsible for GEEC's internet sales worldwide, but its role changed to that of a sole country distributor. On August 8, 2013, GEECIS changed the company name from GEEC Internet Sales (Private) Limited to Genufood Enzymes Lanka (Private) Limited ("GELPL"). On February 13, 2012 GEEC incorporated a wholly-owned subsidiary company, Genufood Enzymes (S) Pte Ltd ("GESPL") in Singapore with a view to be the sole country distributor for certain enzymes products in Singapore. In 2014, GEEC incorporated a wholly-owned subsidiary, Genufood Enzymes (Thailand) Co., Ltd. ("GETCL"), in Thailand. On August 19, 2014, GEEC entered into a share exchange agreement with Natfresh Beverages Corp ("Natfresh") pursuant to which shareholders of Natfresh were issued one share of GEEC common stock for each share of Natfresh stock. As a result of the share exchange, Natfresh became a wholly-owned subsidiary of GEEC. The Company ceased business operation in mid- to late-2016. All subsidiaries, except for GESPL, were closed or disposed before end of 2016. Since its inception, the Company has always been in the development stage and never generated significant revenues. The Company's activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company's current objective of commencing the nasal spray business. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company's unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending September 30, 2020. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended September 30, 2019. Principle of Consolidation The condensed consolidated financial statements include the accounts of GEEC and its wholly-owned subsidiary GESPL. All significant inter-company accounts and transactions have been eliminated in consolidation. The other wholly-owned subsidiary of the Company did not have accounting activities during the six-month periods ended March 31, 2020 and 2019. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For the six-month periods ended March 31, 2020 and 2019, no significant estimates and assumptions have been made in the condensed interim consolidated financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation. The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management's expectations. Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. As of March 31, 2020 and September 30, 2019, the Company did not have cash equivalents. The Company's cash was denominated in United States Dollars ("US$") or Taiwan Dollars ("TWD") and was placed with banks in the United States of America and Taiwan. Fair Value of Financial Instruments The Company follows the guidance of the ASC Topic 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect our own assumptions. The Company's financial instruments consist principally of cash and cash equivalents, accounts payable and accrued expenses, and due to related parties. The carrying amounts of such financial instruments in the accompanying condensed consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management's opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. Foreign Currency Translation and Transactions The reporting and functional currency of GEEC is the US$. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the SGD. For financial reporting purposes, the financial statements of the Company's Singapore subsidiary, which are prepared using the SGD, are translated into the Company's reporting currency, US$. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.7034 and 0.7236 as of March 31, 2020 and September 30, 2019, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7278 and 0.7325 average exchange rates were used to translate revenues and expenses for the six-month periods ended March 31, 2020 and 2019, respectively. Stockholders' equity (deficiency) is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income (loss) in stockholders' equity (deficiency). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange difference, presented as foreign currency transaction gain (loss), is included in the accompanying condensed consolidated statements of operations. Business Segments The Company operates in only one segment. Net Income (Loss) Per Share The Company calculates net income (loss) per share in accordance with ASC Topic 260, "Earnings per Share." Basic income (loss) per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. There were no potential dilutive debt or equity instruments issued and outstanding at any time during the six-month periods ended March 31, 2020 and 2019. Discounts on Common Stock Common stocks issued under the Company's par value are treated as common stocks issued under discounts. The portion of the discount is shown separately as a deduction from the Company's account of common stock on the Company's condensed consolidated financial statements. Stock-Based Compensation The Company accounts for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period. The Company also adopted FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, to account for equity instruments issued to parties other than employees for acquiring goods or services. Such awards for services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable. No stock based compensation was issued or outstanding during the six-month periods ended March 31, 2020 and 2019. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. 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 that includes the enactment date. A valuation allowance is recorded to reduce the Company's deferred tax assets to the amount that is more likely than not to be realized. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company's liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company's effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. There were no current and deferred income tax provision recorded for the six-month periods ended March 31, 2020 and 2019 since the Company is in developing stage and did not generate any revenues in the two fiscal periods. Recent Accounting Pronouncements The Company has reviewed the following recent accounting pronouncements and concluded that they were either not applicable or had no impact to the Company's condensed consolidated financial statements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 606, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards ("IFRS"). The new guidance establishes the principles to report useful information to users of financial statements about the nature, timing, and uncertainty of revenue from contracts with customers. An entity has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this standard recognized at the date of initial application. ASU 2014-09 is effective for public business entities for fiscal years and interim periods within those years beginning after December 15, 2017, and early adoption is permitted but not earlier than the original effective date of December 15, 2016. For all other entities, ASU 606 is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The new standard currently is not applicable to the Company since the Company is still in development stage and does not generate revenue. In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance will impact the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified the need for a valuation allowance on deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities not under the fair value option is largely unchanged. The standard is effective for public business entities for annual periods (and interim periods within those annual periods) beginning after December 15, 2017. For all other entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The new guidance does not have impact to the Company's condensed consolidated financial statements for the six-month periods ended March 31, 2020 and 2019 since the Company does not have equity investments and financial liabilities measured under the fair value option. In February 2016, FASB issued ASU No. 2016–02, "Leases (Topic 842)", ASC 842, and subsequently amended the guidance relating largely to transition considerations under the standard in July 2018. The new guidance, which creates new accounting and reporting guidelines for leasing arrangements, requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The guidance also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for public business entities for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements, which further clarifies the determination of fair value of the underlying asset by lessors that are not manufacturers or dealers and modifies transition disclosure requirements for changes in accounting principles and other technical updates. The amendments in ASU 2019-01 amend Topic 842 and the effective date of those amendments is for fiscal years beginning December 15, 2019, and interim periods within those fiscal years for public business entities. For all other entities, ASC 842 is effective for annual periods beginning after December 15, 2020. The Company is currently evaluating the impact of the new pronouncement on its condensed consolidated financial statements but does not expect it to have a significant impact. In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a Group recognizes an allowance based on the estimate of expected credit loss. The Company does not expect that the adoption of the standard to have an impact on the Company's condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments". ASU 2016-15 provides guidance for eight specific cash flow issues with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The effective date for ASU 2016-15 is for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The new guidance does not have impact to the Company's condensed consolidated financial statements for the six-month periods ended March 31, 2020 and 2019 since the Company had limited cash flow activities and its cash flow activities were not within the scope of the eight specific cash flow issues under the ASU 2016-15 guidance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) ("ASU 2016-18"). This ASU affects all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update will become effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, and early adoption is permitted in any interim or annual period. The adoption of the guidance does not have impact to the Company's statement of cash flows as the Company currently does not have restricted cash or restricted cash equivalents. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, The ASU provides final guidance aligning the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date, which may lower their cost and reduce volatility in the income statement. The guidance allows nonpublic entities to account for nonemployee awards using certain practical expedients that are already available for employee awards, but the same accounting policies must be used for awards to both employees and nonemployees. The guidance is effective for public business entities in annual periods beginning after December 15, 2018, and interim periods within those years. For all other entities, it is effective in annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early adoption is permitted, including in an interim period, but not before an entity adopts the new revenue guidance. The new guidance should be applied to all new awards granted after the date of adoption. In addition, all liability-classified awards that have not been settled and equity-classified awards for which a measurement date has not been established under ASC 505-50 by the adoption date should be re-measured. These awards should be re-measured at fair value as of the adoption date, with a cumulative effect adjustment to opening retained earnings in the fiscal year of adoption. The Company is still in the process of evaluation of the impact but does not expect the adoption of the guidance to have an impact to the Company's condensed consolidated financial statements since the Company currently does not have share-based payments to non-employees. In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2018-13 - Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update apply to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company will evaluate the impact of the new standards in the fiscal year when it becomes effective. |
Going Concern
Going Concern | 6 Months Ended |
Mar. 31, 2020 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN As of March 31, 2020 and September 30, 2019, the Company had an accumulated deficit of $8,002,179 and $7,847,280, respectively. To date, the Company's cash flow requirements have been primarily met through proceeds received from sales of common stock. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The Company is actively pursuing additional funding, subject to the requirement that the Company increase the number of authorized and unissued shares of its Common Stock before engaging in further capital raising transactions and strategic partners to enable it to implement the Company's business plan. Management believes that these actions, if successful, will allow the Company to continue its operations through the next 12 months. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 4 – STOCKHOLDERS' EQUITY The Company is authorized under its articles of incorporation, as amended, to issue 10,000,000,000 shares of Common Stock par value $0.001 per share. Issuance of Common Stock During the six-month periods ended March 31, 2020 and 2019, the Company did not issue any common stock. Disputed Shares Pursuant to the Natfresh Exchange Agreement on August 19, 2014 , among the shares issued by GEEC to all Natfresh shareholders were 546,460,641 shares of GEEC Common Stock, constituting the Disputed Shares, which were issued by Oliver Lin's management to Group B. The Company's current management believes that the Disputed Shares should have been issued to Group A, since Group A, rather than Group B, had paid for the shares in question in the Natfresh Offering. However, the Company's current management believes also that all shares of Natfresh common stock, including the Disputed Shares, were fully paid at the time of the Natfresh Offering and, therefore, all such shares, including the Disputed Shares, that were issued pursuant to the Natfresh Exchange Agreement were fully paid at the time of their issuance. The Company's management has been informed that Group A and Group B have entered into an agreement (the "Group A/Group B Settlement Agreement") pursuant to which, among other things, (i) Group B transferred all of the Disputed Shares to Group A in proportion to the consideration paid by the individuals comprising Group A during the Natfresh Offering and (ii) both Group A and Group B have indemnified the Company and agreed to hold the Company harmless for all matters arising out of or related in any manner whatsoever to the Disputed Shares. The Group A/Group B Settlement Agreement has been executed and the transfer of the Disputed Shares was completed on December 16, 2019. Because Taiwan, the jurisdiction in which all Group B members reside, does not have a medallion or other third-party signature guarantee system, upon the request of the Company's transfer agent, the Company has agreed to indemnify and assume all liability of the Company's transfer agent and its agents and employees, from any dispute, loss, damage or expense which may arise directly or indirectly by reason thereof. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Related Parties Name of related parties Relationship with the Company Yi Lung (Oliver) Lin Principal shareholder Jui Pin (John) Lin Principal shareholder, President and CEO Shao-Cheng (Will) Wang CFO Kuang Ming (James) Tsai Director Ching Ming (James) Hsu Director Yi Ling (Betty) Chen Former director Access Management Consulting and Marketing Pte Ltd. ("AMCM") Company controlled by Oliver Lin Due to related party balance The Company's related party balances are as follows: March 31, September 30, AMCM $ 61,127 $ 62,883 James Tsai 70,000 52,000 Betty Chen 70,000 58,000 James Hsu 42,700 38,500 Total $ 243,827 $ 211,383 The balances due to AMCM were carried forward from previous year and related to sharing of office space in Singapore. The balances due to AMCM change from $62,883 to $61,127 mainly due to currency translation. The balances due to James Tsai, Betty Chen and James Hsu were related to unpaid compensations due to these officers and directors. Increase in balances due to James Tsai, Betty Chen and James Hsu were compensations for the six-month periods ended March 31, 2020. The related party balances are unsecured, interest-free and due on demand. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 6 – STOCK-BASED COMPENSATION On May 6, 2019, the Company's Board of Directors passed a resolution to allow previously unpaid salaries and car allowance to be settled through conversion to the Company's common stock at a price of $0.0005 per share. $18,000 and $12,000 are expected to be converted into 36,000,000 and 24,000,000 shares as officers' compensation for services performed for the six-month period ended March 31, 2020 to James Tsai Kuan Ming and Betty Chen Yi Ling, respectively. $4,200 is expected to be settled through conversion into 8,400,000 shares for director's fee by James Hsu Chin Ming during the six-month period ended March 31, 2020. However, these conversions cannot take place and the related shares issued until such time as the Company shall have a sufficient number of authorized and unissued shares of Common Stock available for such issuance. The expenses have been reflected in the accompanying condensed consolidated financial statements. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7 – INCOME TAXES The Company has not generated any revenue from any source in the United States and had consolidated net loss for all the years since inception in 2010. Management believes GEEC does not have any U.S. income tax liability due. However, even the Company does not have U.S. income tax liability, it may be required to file Form 5471 each year with the Internal Revenue Service (the "IRS") of Department of Treasury. GEEC falls in the Category Five Filer (as a domestic corporation). The Company used to have subsidiaries: GEECIS in Sri Lanka that was established in May 2011, GESPL in Singapore that was established in February 2012, and GESTL in Thailand that was established in December 2014. The subsidiaries in Sri Lanka and Thailand were disposed in 2014 and 2016, respectively, and the Singapore subsidiary has been inactive since 2016. Internal Revenue Code ("IRC") Section 6038(a) requires information reporting with respect to certain foreign corporations (Form 5471) and describes the information required to be reported on this form. IRC Section 6038(b)(1) provides for a monetary penalty of $10,000 for each Form 5471 that is filed after the due date of the income tax return (including extensions) or does not include the complete and accurate information described in Section 6038(a). According to IRS rules, a penalty may apply to each Form 5471 which is filed after the due date of the income tax return. The penalty will be applied whether or not any tax is due on Form 1120. The Company believes that based on the current information available, it is difficult to determine whether it is probable that the Company will be charged penalties by IRS for the late filing of Form 5471 and even if it will be, it is difficult to reasonably estimate the amount of penalties that may be assessed. On November 30, 2019, the Company filed Form 1120 for the fiscal years ended September 30, 2014 through September 30, 2018. |
Commitments and Contigincies
Commitments and Contigincies | 6 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTIGINCIES | NOTE 8 – COMMITMENTS AND CONTIGINCIES Operating lease commitments The Company has a virtual office agreement in Los Angeles. The Agreement is on a month-to-month basis. One month's written notification is required by either party to terminate this Agreement. As of March 31, 2020, the Company has no material commitments under operating leases. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS On April 24, 2020, the Company's President and Chief Executive Officer, Jui Pin Lin, loaned the Company the principal amount of $25,000 (the "Loan"), primarily to pay certain expenses. The Loan bears simple interest at a rate of 1% per annum, and is payable as to both principal and interest on October 24, 2020 (the "Maturity Date"). Mr. Lin, as the holder of the promissory note (the "Note") evidencing the Loan, may, at his sole option, convert (a "Voluntary Conversion") the outstanding principal and accrued and unpaid interested on the Note into shares of the common stock of the Company ("Common Stock") at a rate of $0.0005 per share. Notwithstanding the holder's right of Voluntary Conversion, the holder of the Note may not make such conversion unless and until the Company has a sufficient number of authorized and unissued shares of Common Stock to issue upon a Voluntary Conversion. At the present time, the Company does not have a sufficient number of authorized and unissued shares of its Common Stock to issue upon a Voluntary Conversion but expects to have a sufficient number of authorized and unissued shares of its Common Stock before the Maturity Date. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company's unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending September 30, 2020. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended September 30, 2019. |
Principle of Consolidation | Principle of Consolidation The condensed consolidated financial statements include the accounts of GEEC and its wholly-owned subsidiary GESPL. All significant inter-company accounts and transactions have been eliminated in consolidation. The other wholly-owned subsidiary of the Company did not have accounting activities during the six-month periods ended March 31, 2020 and 2019. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For the six-month periods ended March 31, 2020 and 2019, no significant estimates and assumptions have been made in the condensed interim consolidated financial statements. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation. The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management's expectations. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. As of March 31, 2020 and September 30, 2019, the Company did not have cash equivalents. The Company's cash was denominated in United States Dollars ("US$") or Taiwan Dollars ("TWD") and was placed with banks in the United States of America and Taiwan. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows the guidance of the ASC Topic 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect our own assumptions. The Company's financial instruments consist principally of cash and cash equivalents, accounts payable and accrued expenses, and due to related parties. The carrying amounts of such financial instruments in the accompanying condensed consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management's opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The reporting and functional currency of GEEC is the US$. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the SGD. For financial reporting purposes, the financial statements of the Company's Singapore subsidiary, which are prepared using the SGD, are translated into the Company's reporting currency, US$. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.7034 and 0.7236 as of March 31, 2020 and September 30, 2019, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7278 and 0.7325 average exchange rates were used to translate revenues and expenses for the six-month periods ended March 31, 2020 and 2019, respectively. Stockholders' equity (deficiency) is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income (loss) in stockholders' equity (deficiency). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange difference, presented as foreign currency transaction gain (loss), is included in the accompanying condensed consolidated statements of operations. |
Business Segments | Business Segments The Company operates in only one segment. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The Company calculates net income (loss) per share in accordance with ASC Topic 260, "Earnings per Share." Basic income (loss) per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. There were no potential dilutive debt or equity instruments issued and outstanding at any time during the six-month periods ended March 31, 2020 and 2019. |
Discounts on Common Stock | Discounts on Common Stock Common stocks issued under the Company's par value are treated as common stocks issued under discounts. The portion of the discount is shown separately as a deduction from the Company's account of common stock on the Company's condensed consolidated financial statements. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period. The Company also adopted FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, to account for equity instruments issued to parties other than employees for acquiring goods or services. Such awards for services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable. No stock based compensation was issued or outstanding during the six-month periods ended March 31, 2020 and 2019. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. 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 that includes the enactment date. A valuation allowance is recorded to reduce the Company's deferred tax assets to the amount that is more likely than not to be realized. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company's liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company's effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. There were no current and deferred income tax provision recorded for the six-month periods ended March 31, 2020 and 2019 since the Company is in developing stage and did not generate any revenues in the two fiscal periods. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed the following recent accounting pronouncements and concluded that they were either not applicable or had no impact to the Company's condensed consolidated financial statements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 606, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards ("IFRS"). The new guidance establishes the principles to report useful information to users of financial statements about the nature, timing, and uncertainty of revenue from contracts with customers. An entity has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this standard recognized at the date of initial application. ASU 2014-09 is effective for public business entities for fiscal years and interim periods within those years beginning after December 15, 2017, and early adoption is permitted but not earlier than the original effective date of December 15, 2016. For all other entities, ASU 606 is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The new standard currently is not applicable to the Company since the Company is still in development stage and does not generate revenue. In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance will impact the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified the need for a valuation allowance on deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities not under the fair value option is largely unchanged. The standard is effective for public business entities for annual periods (and interim periods within those annual periods) beginning after December 15, 2017. For all other entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The new guidance does not have impact to the Company's condensed consolidated financial statements for the six-month periods ended March 31, 2020 and 2019 since the Company does not have equity investments and financial liabilities measured under the fair value option. In February 2016, FASB issued ASU No. 2016–02, "Leases (Topic 842)", ASC 842, and subsequently amended the guidance relating largely to transition considerations under the standard in July 2018. The new guidance, which creates new accounting and reporting guidelines for leasing arrangements, requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The guidance also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for public business entities for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements, which further clarifies the determination of fair value of the underlying asset by lessors that are not manufacturers or dealers and modifies transition disclosure requirements for changes in accounting principles and other technical updates. The amendments in ASU 2019-01 amend Topic 842 and the effective date of those amendments is for fiscal years beginning December 15, 2019, and interim periods within those fiscal years for public business entities. For all other entities, ASC 842 is effective for annual periods beginning after December 15, 2020. The Company is currently evaluating the impact of the new pronouncement on its condensed consolidated financial statements but does not expect it to have a significant impact. In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a Group recognizes an allowance based on the estimate of expected credit loss. The Company does not expect that the adoption of the standard to have an impact on the Company's condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments". ASU 2016-15 provides guidance for eight specific cash flow issues with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The effective date for ASU 2016-15 is for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The new guidance does not have impact to the Company's condensed consolidated financial statements for the six-month periods ended March 31, 2020 and 2019 since the Company had limited cash flow activities and its cash flow activities were not within the scope of the eight specific cash flow issues under the ASU 2016-15 guidance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) ("ASU 2016-18"). This ASU affects all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update will become effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, and early adoption is permitted in any interim or annual period. The adoption of the guidance does not have impact to the Company's statement of cash flows as the Company currently does not have restricted cash or restricted cash equivalents. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, The ASU provides final guidance aligning the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date, which may lower their cost and reduce volatility in the income statement. The guidance allows nonpublic entities to account for nonemployee awards using certain practical expedients that are already available for employee awards, but the same accounting policies must be used for awards to both employees and nonemployees. The guidance is effective for public business entities in annual periods beginning after December 15, 2018, and interim periods within those years. For all other entities, it is effective in annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early adoption is permitted, including in an interim period, but not before an entity adopts the new revenue guidance. The new guidance should be applied to all new awards granted after the date of adoption. In addition, all liability-classified awards that have not been settled and equity-classified awards for which a measurement date has not been established under ASC 505-50 by the adoption date should be re-measured. These awards should be re-measured at fair value as of the adoption date, with a cumulative effect adjustment to opening retained earnings in the fiscal year of adoption. The Company is still in the process of evaluation of the impact but does not expect the adoption of the guidance to have an impact to the Company's condensed consolidated financial statements since the Company currently does not have share-based payments to non-employees. In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2018-13 - Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update apply to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company will evaluate the impact of the new standards in the fiscal year when it becomes effective. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Name of related parties Relationship with the Company Yi Lung (Oliver) Lin Principal shareholder Jui Pin (John) Lin Principal shareholder, President and CEO Shao-Cheng (Will) Wang CFO Kuang Ming (James) Tsai Director Ching Ming (James) Hsu Director Yi Ling (Betty) Chen Former director Access Management Consulting and Marketing Pte Ltd. ("AMCM") Company controlled by Oliver Lin |
Schedule of due to related party balance | March 31, September 30, AMCM $ 61,127 $ 62,883 James Tsai 70,000 52,000 Betty Chen 70,000 58,000 James Hsu 42,700 38,500 Total $ 243,827 $ 211,383 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Mar. 31, 2020Integer | |
Summary of Significant Accounting Policies (Textual) | |
Description of foreign currency translation | Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.7034 and 0.7236 as of March 31, 2020 and September 30, 2019, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7278 and 0.7325 average exchange rates were used to translate revenues and expenses for the six-month periods ended March 31, 2020 and 2019. |
Tax benefit | 50.00% |
Number of segment | 1 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 |
Going Concern (Textual) | ||
Accumulated deficit | $ (8,002,179) | $ (7,847,280) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | Mar. 31, 2020 | Sep. 30, 2019 | Aug. 19, 2014 |
Stockholders' Equity (Textual) | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | |
Common Stock [Member] | |||
Stockholders' Equity (Textual) | |||
Share issued | 546,460,641 |
Related Party Transactions (Det
Related Party Transactions (Details) | 6 Months Ended |
Mar. 31, 2020 | |
Yi Lung (Oliver) Lin [Member] | |
Relationship with the Company | Principal shareholder |
Jui Pin (John) Lin [Member] | |
Relationship with the Company | Principal shareholder, President and CEO |
Shao-Cheng (Will) Wang [Member] | |
Relationship with the Company | CFO |
Kuang Ming (James) Tsai [Member] | |
Relationship with the Company | Director |
Ching Ming (James) Hsu [Member] | |
Relationship with the Company | Director |
Yi Ling (Betty) Chen [Member] | |
Relationship with the Company | Former director |
Access Management Consulting and Marketing Pte Ltd. (“AMCM”) [Member] | |
Relationship with the Company | Company controlled by Oliver Lin |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 |
Due to related party balance | $ 243,827 | $ 211,383 |
AMCM [Member] | ||
Due to related party balance | 61,127 | 62,883 |
James Tsai [Member] | ||
Due to related party balance | 70,000 | 52,000 |
Betty Chen [Member] | ||
Due to related party balance | 70,000 | 58,000 |
James Hsu [Member] | ||
Due to related party balance | $ 42,700 | $ 38,500 |
Related Party Transactions (D_3
Related Party Transactions (Details Textual) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 |
Related Party Transactions (Textual) | ||
Due to related party balance | $ 243,827 | $ 211,383 |
AMCM [Member] | ||
Related Party Transactions (Textual) | ||
Due to related party balance | 61,127 | $ 62,883 |
AMCM [Member] | Minimum [Member] | ||
Related Party Transactions (Textual) | ||
Due to related party balance | 61,127 | |
AMCM [Member] | Maximum [Member] | ||
Related Party Transactions (Textual) | ||
Due to related party balance | $ 62,883 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2020 | May 06, 2019 | |
James Hsu Chin Ming [Member] | ||
Stock-Based Compensation (Textual) | ||
Conversion amount | $ 4,200 | |
Conversion of shares | 8,400,000 | |
Common Stock [Member] | ||
Stock-Based Compensation (Textual) | ||
Common stock price per share | $ 0.0005 | |
Common Stock [Member] | James Tsai Kuan Ming [Member] | ||
Stock-Based Compensation (Textual) | ||
Conversion amount | $ 18,000 | |
Conversion of shares | 36,000,000 | |
Common Stock [Member] | Betty Chen [Member] | ||
Stock-Based Compensation (Textual) | ||
Conversion amount | $ 12,000 | |
Conversion of shares | 24,000,000 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Mar. 31, 2020USD ($) | |
Income Taxes (Textual) | |
Penalty amount | $ 10,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Apr. 24, 2020 | May 06, 2019 |
Common Stock [Member] | ||
Subsequent Events (Textual) | ||
Common stock price per share | $ 0.0005 | |
Subsequent Event [Member] | ||
Subsequent Events (Textual) | ||
Principal amount | $ 25,000 |