Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 15, 2024 | |
Document Information Line Items | ||
Entity Registrant Name | GENUFOOD ENERGY ENZYMES CORP. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 808,900,041 | |
Amendment Flag | false | |
Entity Central Index Key | 0001510518 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Entity File Number | 000-56112 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 1108 S. Baldwin Avenue | |
Entity Address, Address Line Two | Suite 107 | |
Entity Address, City or Town | Arcadia | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91007 | |
City Area Code | (855) | |
Local Phone Number | 707-2077 | |
Title of 12(b) Security | N/A | |
Security Exchange Name | NONE | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Entity Tax Identification Number | 00-0000000 | |
No Trading Symbol Flag | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Current assets | ||
Cash and cash equivalents | $ 19,617 | $ 125,924 |
Prepayment | 8,000 | 8,187 |
Total Current Assets | 27,617 | 134,111 |
Equipment | 96,142 | 67,451 |
Total Assets | 123,759 | 201,562 |
Current liabilities | ||
Accounts payable | 111,849 | 100,849 |
Accrued expenses | 37 | 37 |
Total Current Liabilities | 116,323 | 115,616 |
Commitment and contingencies (Note 8) | 32,976 | 32,226 |
Stockholders’ (Deficit) Equity | ||
Common stock: $0.001 par value; 10,000,000,000 shares authorized; 808,900,041 shares issued and outstanding as of December 31, 2023 and September 30, 2023 | 808,900 | 808,900 |
Additional paid-in capital | 17,008,342 | 16,989,592 |
Discount on common stock | (7,241,581) | (7,241,581) |
Accumulated deficit | (10,601,201) | (10,503,191) |
Total Stockholders’ (Deficit) Equity | (25,540) | 53,720 |
Total Liabilities and Stockholders’ (Deficit) Equity | 123,759 | 201,562 |
Related Party | ||
Current liabilities | ||
Due to related parties | $ 4,437 | $ 14,730 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Sep. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 808,900,041 | 808,900,041 |
Common stock, shares outstanding | 808,900,041 | 808,900,041 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Income Statement [Abstract] | |||
Revenue | |||
Operating expenses | |||
General and administrative expenses | 95,616 | 148,995 | |
Total operating expenses | 95,616 | 148,995 | |
Loss from operations | (95,616) | (148,995) | |
Other income (expense) | |||
Interest expense | (44) | ||
Foreign currency loss | (43) | ||
Other non-operating income (expenses), net | (750) | (750) | |
Total other (expense) income | (794) | (793) | |
Loss before income taxes | (96,410) | (149,788) | |
Provision for income taxes | 1,600 | ||
Net loss | (98,010) | (149,788) | |
Other comprehensive income (loss) | |||
Foreign currency transaction adjustment | (85) | ||
Comprehensive loss | $ (98,010) | $ (149,873) | |
Loss per share of common stock - basic (in Dollars per share) | [1] | ||
Weighted average shares outstanding - basic (in Shares) | 808,900,041 | 299,686,921 | |
[1] Less than $0.01 per share |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Income Statement [Abstract] | |||
Loss per share of common stock - diluted | [1] | ||
Weighted average shares outstanding - diluted | 808,900,041 | 299,686,921 | |
[1] Less than $0.01 per share |
Condensed Consoildated Statemen
Condensed Consoildated Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($) | Restated Common Stock | Restated Additional Paid-in- Capital | Restated Discount on common stock | Restated Accumulated Deficit | Restated Accumulated Other Comprehensive Income (loss) | Restated | Common Stock | Additional Paid-in- Capital | Discount on common stock | Accumulated Deficit | Accumulated Other Comprehensive Income (loss) | Total |
Balance at Sep. 30, 2022 | $ 299,687 | $ 16,927,592 | $ (7,241,581) | $ (9,875,489) | $ (193,558) | $ (83,349) | ||||||
Balance (in Shares) at Sep. 30, 2022 | 299,686,921 | |||||||||||
Stock-based compensation | 18,750 | 18,750 | ||||||||||
Foreign currency translation | (85) | (85) | ||||||||||
Net Loss | (149,788) | (149,788) | $ (149,788) | |||||||||
Balance at Dec. 31, 2022 | $ 299,687 | $ 16,946,342 | $ (7,241,581) | $ (10,025,277) | $ (193,643) | $ (214,472) | ||||||
Balance (in Shares) at Dec. 31, 2022 | 299,686,921 | |||||||||||
Balance at Sep. 30, 2023 | $ 808,900 | $ 16,989,592 | $ (7,241,581) | $ (10,503,191) | 53,720 | |||||||
Balance (in Shares) at Sep. 30, 2023 | 808,900,041 | |||||||||||
Stock-based compensation | 18,750 | 18,750 | ||||||||||
Net Loss | (98,010) | (98,010) | ||||||||||
Balance at Dec. 31, 2023 | $ 808,900 | $ 17,008,342 | $ (7,241,581) | $ (10,601,201) | $ (25,540) | |||||||
Balance (in Shares) at Dec. 31, 2023 | 808,900,041 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net loss | $ (98,010) | $ (149,788) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation | 18,750 | 18,750 |
Change in operating assets and liabilities | ||
Prepayment | 187 | 7,836 |
Accounts payable | 11,000 | 17,401 |
Due to related parties | (10,293) | 30,182 |
Commitment and contingencies | 750 | 750 |
Net cash used in operating activities | (77,616) | (74,869) |
Cash Flows from Investing Activities | ||
Purchase of equipment | (28,691) | (15,005) |
Net cash used in investing activities | (28,691) | (15,005) |
Net decrease in cash and cash equivalents | (106,307) | (89,874) |
Cash and cash equivalents, beginning of period | 125,924 | 136,400 |
Cash and cash equivalents, end of period | 19,617 | 46,526 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes | $ 1,600 |
General Organization and Busine
General Organization and Business | 3 Months Ended |
Dec. 31, 2023 | |
General Organization and Business [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. On February 13, 2012, GEEC incorporated a wholly-owned subsidiary, Genufood Enzymes (S) Pte Ltd (“GESPL”) in Singapore, which was dissolved on January 9, 2023. Since its inception, the Company has always been in the development stage and never generated significant revenues. The Company is currently developing business in Electric Vehicle Charge station. The Company has engaged in business agreements and development with various parties. The Company has initiated its electric vehicle charging station business. On August 1, 2022, the board of directors (the “Board”) of the Company unanimously approved to expand our business in the area of electric vehicle supply equipment (“EVSE”) and will direct the management team to implement its new business plan in such industry. On August 16, 2022, the Company formally announced its intention to reposition as EVSE solutions provider, seeking to grow business in EVSE industry, including building, owning, and operating the next generation of electric vehicle charging stations in the U.S. The Company intends to bring convenient, reliable, and accessible charging experience to electric vehicle drivers, utilizing frictionless technology and carbon-neutral vehicle-charging infrastructure. On October 26, 2022, the Company entered into three Charging Station Site Host Agreements (the “Agreements”) with two institutions (the “Site Hosts”), respectively, pursuant to which the Site Hosts agree to allow the Company to install its electric vehicle charging stations at the locations set forth in the Agreements (the “Charging Stations”). Under the Agreements, the Company has agreed to share the revenue generated by the sales of electricity at the Charging Stations with the Site Hosts. As of December 31, 2023, the Company has two sites under construction for charging stations and three sites under planning. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying 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, 2024. These 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, 2023. 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 wholly-owned subsidiary of the Company did not have business activities prior to its dissolution. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 December 31, 2023 and September 30, 2023, the Company did not have cash equivalents. 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 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 USD. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the Singapore Dollar (“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, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.6970 as of September 30, 2022. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7214 average exchange rates were used to translate revenues and expenses for the three months ended December 31, 2022. Stockholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive loss in stockholders’ deficit. 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 loss, is included in the accompanying consolidated statements of operations. Business Segments The Company operates in only one segment. Net Income (Loss) Per Share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed similar to basic income (loss) 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 three months ended December 31, 2023 and 2022. Discounts on Common Stock Common stock issued lower than the Company’s par value is treated as common stock 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 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. 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 three months ended December 31, 2023 and 2022 since the Company has recurring losses. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs” or “ASU”) on the Company’s consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial position or results of operations. Recently issued ASUs that the Company feels may be applicable to the Company are as follows: In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The subtitle is Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU addresses complex financial instruments that have characteristics of both debt and equity. The application of this ASU would reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models would result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. To date, no such bifurcation has been necessary. Management is evaluating the potential impact. This ASU becomes effective for fiscal years beginning after December 15, 2023. |
Going Concern
Going Concern | 3 Months Ended |
Dec. 31, 2023 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN As of December 31, 2023 and September 30, 2023, the Company had an accumulated deficit of $10,601,201 and $10,503,191, respectively. To date, the Company’s cash flow requirements have been primarily met through proceeds received from sales of its common stock. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These 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 received $362,000 from private placement during the year ended September 30, 2023. The proceeds have been used for operation expenses. Management is currently seeking additional funds for future operation. |
Equipment
Equipment | 3 Months Ended |
Dec. 31, 2023 | |
Equipment [Abstract] | |
EQUIPMENT | NOTE 4 – EQUIPMENT As of December 31, 2023 and September 30, 2023 the Company had equipment of $96,142 and $67,451, respectively, consisting of equipment to be installed at its electric vehicle charging stations and related installation costs. |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) | 3 Months Ended |
Dec. 31, 2023 | |
Stockholders’ Equity (Deficit) [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 5 – STOCKHOLDERS’ EQUITY (DEFICIT) 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. On February 24, 2023, the Company conducted a private placement offering and sold 375,000,000 shares of common stock at $0.001 per share, for gross proceeds of $375,000, and incurred offering costs of $13,000. On March 24, 2023, the Company issued 134,213,120 shares of common stock to its board of directors, officers, and former officers to repay the compensation due to them in the aggregate amount of $134,213 at the conversion rate of $0.001 per share. Stock Options On July 15, 2022, the CEO, David Tang, was granted 15,000,000 options to purchase shares at $0.01 per share. As of December 31, 2023, total options granted was 15,000,000 and 5,312,500 was vested. This option will be subject to a vesting schedule providing for twenty-five percent (25%) vesting after the first twelve (12) months of employment and monthly vesting as to the remaining seventy-five percent (75%) of the shares over the following thirty-six (36) months after the first anniversary of the employment commencement date. These stock options are exercisable over a maximum period of 10 years from the grant date. The weighted average grant date fair value of options granted during the year ended September 30, 2022 was $0.02. Compensation costs associated with the Company’s stock options are recognized, based on the grant-date fair value of these options, over the requisite service period, or vesting period. Accordingly, the Company recognized stock-based compensation expense of $18,750 and $18,750, respectively, which was included in the general and administrative expenses in the consolidated statements of operations for the three months ended December 31, 2023 and 2022. The fair value of the stock options listed above was determined using the Black-Scholes option pricing model with the following assumptions: December 31, Risk-free interest rate 2.99 % Expected term 6.08 years Expected volatility 379.35 % Expected dividend yield 0 % The following is a summary of the option activity for the three months ended December 31, 2023: Options Number of Weighted Weighted Aggregate Outstanding at October 1, 2023 15,000,000 $ 0.01 – $ – Granted – $ – – $ – Exercised – $ – – $ – Forfeited or expired – $ – – $ – Outstanding at December 31, 2023 15,000,000 $ 0.01 8.5 $ – Vested and expected to vest as of December 31, 2023 15,000,000 $ 0.01 8.5 $ – Exercisable at December 31, 2023 5,312,500 $ 0.01 8.5 $ – As of December 31, 2023 , |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – 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, Chairman of the Board, President, and Director Jia Tian (Jeffery) Lin Former Chief Executive Officer Wen-Piao (Jack) Lai Director Shao-Cheng (Will) Wang Former Chief Financial Officer Kuang Ming (James) Tsai Director and Chief Financial Officer Hsin-Ta (Darren) Su Director, Treasurer Hui-Chuan (Sandra) Lin Director and Secretary, daughter of Jui Pin (John) Lin David Tang Chief Executive Officer Due to Related Parties The Company’s due to related parties balances are as follows: December 31, September 30, Hsin-Ta (Darren) Su $ 1,496 $ 707 David Tang 2,941 14,023 Total $ 4,437 $ 14,730 The related party balances are unsecured, interest-free and due on demand. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Income Taxes [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 though 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. The Singapore subsidiary has been inactive since 2016 and dissolved in January 2023. 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. During the fiscal year ended September 30, 2021, the IRS imposed a $25,000 penalty on the Company for failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, for the year ended September 30, 2020. The Company has engaged an outside professional advisor to seek for forgiveness of the penalty and interest thereon in the amount of $7,976, for a total of $32,976, which was still pending as of December 31, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES The Company terminated its previous virtual office agreement in Los Angeles, California and has established a new virtual office in Arcadia, California. The new arrangement is on a month-to-month basis at a cost of $200 per month. As of December 31, 2023, the Company has no material commitments under operating leases. During the fiscal year ended September 30, 2021, the IRS imposed a $25,000 penalty on the Company for failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, for the year ended September 30, 2020 (see Note 7). |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date when the consolidated financial statements were issued and determined that no subsequent events occurred that would require adjustment to or disclosure in the consolidated financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying 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, 2024. These 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, 2023. |
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 wholly-owned subsidiary of the Company did not have business activities prior to its dissolution. |
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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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 December 31, 2023 and September 30, 2023, the Company did not have cash equivalents. |
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 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 USD. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the Singapore Dollar (“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, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.6970 as of September 30, 2022. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7214 average exchange rates were used to translate revenues and expenses for the three months ended December 31, 2022. Stockholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive loss in stockholders’ deficit. 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 loss, is included in the accompanying 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 loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed similar to basic income (loss) 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 three months ended December 31, 2023 and 2022. |
Discounts on Common Stock | Discounts on Common Stock Common stock issued lower than the Company’s par value is treated as common stock 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 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. |
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 three months ended December 31, 2023 and 2022 since the Company has recurring losses. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs” or “ASU”) on the Company’s consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial position or results of operations. Recently issued ASUs that the Company feels may be applicable to the Company are as follows: In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The subtitle is Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU addresses complex financial instruments that have characteristics of both debt and equity. The application of this ASU would reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models would result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. To date, no such bifurcation has been necessary. Management is evaluating the potential impact. This ASU becomes effective for fiscal years beginning after December 15, 2023. |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Stockholders’ Equity (Deficit) [Abstract] | |
Schedule of Fair Value the Stock Options Black-Scholes Option Pricing Model | The fair value of the stock options listed above was determined using the Black-Scholes option pricing model with the following assumptions: December 31, Risk-free interest rate 2.99 % Expected term 6.08 years Expected volatility 379.35 % Expected dividend yield 0 % |
Schedule of Option Activity | The following is a summary of the option activity for the three months ended December 31, 2023: Options Number of Weighted Weighted Aggregate Outstanding at October 1, 2023 15,000,000 $ 0.01 – $ – Granted – $ – – $ – Exercised – $ – – $ – Forfeited or expired – $ – – $ – Outstanding at December 31, 2023 15,000,000 $ 0.01 8.5 $ – Vested and expected to vest as of December 31, 2023 15,000,000 $ 0.01 8.5 $ – Exercisable at December 31, 2023 5,312,500 $ 0.01 8.5 $ – |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties Name and Relationship | Related Parties Name of related parties Relationship with the Company Yi Lung (Oliver) Lin Principal shareholder Jui Pin (John) Lin Principal shareholder, Chairman of the Board, President, and Director Jia Tian (Jeffery) Lin Former Chief Executive Officer Wen-Piao (Jack) Lai Director Shao-Cheng (Will) Wang Former Chief Financial Officer Kuang Ming (James) Tsai Director and Chief Financial Officer Hsin-Ta (Darren) Su Director, Treasurer Hui-Chuan (Sandra) Lin Director and Secretary, daughter of Jui Pin (John) Lin David Tang Chief Executive Officer |
Schedule of Due to Related Parties Balances | The Company’s due to related parties balances are as follows: December 31, September 30, Hsin-Ta (Darren) Su $ 1,496 $ 707 David Tang 2,941 14,023 Total $ 4,437 $ 14,730 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 $ / shares | Sep. 30, 2022 $ / shares | |
Summary of Significant Accounting Policies [Abstract] | |||
Exchange rate | $ 0.697 | ||
Average exchange rates | $ 0.7214 | ||
Number of segments | 1 | ||
Tax benefit, percentage | 50% |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | |
Going Concern [Abstract] | ||
Accumulated deficit | $ (10,503,191) | $ (10,601,201) |
Private placement | $ 362,000 |
Equipment (Details)
Equipment (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Equipment [Abstract] | ||
Equipment | $ 96,142 | $ 67,451 |
Stockholders_ Equity (Deficit_2
Stockholders’ Equity (Deficit) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 24, 2023 | Feb. 24, 2023 | Jul. 15, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | |
Stockholders’ Equity (Deficit) [Line Items] | |||||||
Common stock, shares authorized | 134,213,120 | 375,000,000 | 10,000,000,000 | 10,000,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Gross proceeds | $ 375,000 | ||||||
Offering costs | $ 13,000 | ||||||
Aggregate amount | $ 134,213 | ||||||
Conversion per share | $ 0.001 | ||||||
Options to purchase share | 5,312,500 | ||||||
Stock based compensation expense | $ 18,750 | $ 18,750 | |||||
Compensation cost | $ 190,428 | ||||||
Stock option period | 2 years 6 months 14 days | ||||||
Stock Options [Member] | |||||||
Stockholders’ Equity (Deficit) [Line Items] | |||||||
Stock option period | 10 years | ||||||
Stock price | $ 0.02 | ||||||
Share-Based Payment Arrangement, Tranche One [Member] | |||||||
Stockholders’ Equity (Deficit) [Line Items] | |||||||
Options to purchase share | 15,000,000 | ||||||
Vesting [Member] | |||||||
Stockholders’ Equity (Deficit) [Line Items] | |||||||
Vesting right percentage | 75% | ||||||
Vesting [Member] | Stock Options [Member] | |||||||
Stockholders’ Equity (Deficit) [Line Items] | |||||||
Vesting right percentage | 25% | ||||||
Chief Executive Officer [Member] | |||||||
Stockholders’ Equity (Deficit) [Line Items] | |||||||
Granted options | 15,000,000 | ||||||
Options per share | $ 0.01 |
Stockholders_ Equity (Deficit_3
Stockholders’ Equity (Deficit) (Details) - Schedule of Fair Value the Stock Options Black-Scholes Option Pricing Model | 3 Months Ended |
Dec. 31, 2023 | |
Schedule of Fair Value the Stock Options Black-Scholes Option Pricing Model [Abstract] | |
Risk-free interest rate | 2.99% |
Expected term | 6 years 29 days |
Expected volatility | 379.35% |
Expected dividend yield | 0% |
Stockholders_ Equity (Deficit_4
Stockholders’ Equity (Deficit) (Details) - Schedule of Option Activity | 3 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Schedule of Option Activity [Abstract] | |
Number of Underlying Shares, Beginning Outstanding | shares | 15,000,000 |
Weighted average exercise price, Beginning Outstanding | $ / shares | $ 0.01 |
Weighted Average Remaining Contractual Life (years), Beginning Outstanding | |
Aggregate Intrinsic Value, Beginning Outstanding | $ | |
Number of Underlying Shares, Granted | shares | |
Weighted average exercise price, Granted | $ / shares | |
Number of Underlying Shares, Exercised | shares | |
Weighted average exercise price, Exercised | $ / shares | |
Number of Underlying Shares, Forfeited or expired | shares | |
Weighted average exercise price, Forfeited or expired | $ / shares | |
Number of Underlying Shares, Ending Outstanding | shares | 15,000,000 |
Weighted average exercise price, Ending Outstanding | $ / shares | $ 0.01 |
Weighted Average Remaining Contractual Life (years), Ending Outstanding | 8 years 6 months |
Aggregate Intrinsic Value, Ending Outstanding | $ | |
Number of Underlying Shares Vested and expected to vest | shares | 15,000,000 |
Weighted average exercise price Vested and expected to vest | $ / shares | $ 0.01 |
Weighted Average Remaining Contractual Life (years) Vested and expected to vest | 8 years 6 months |
Aggregate Intrinsic Value Vested and expected to vest | $ | |
Number of Underlying Shares, Exercisable | shares | 5,312,500 |
Weighted average exercise price, Exercisable | $ / shares | $ 0.01 |
Weighted Average Remaining Contractual Life (years), Exercisable | 8 years 6 months |
Aggregate Intrinsic Value, Exercisable | $ |
Related Party Transactions (Det
Related Party Transactions (Details) - Schedule of Related Parties Name and Relationship | 3 Months Ended |
Dec. 31, 2023 | |
Yi Lung (Oliver) Lin [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Principal shareholder |
Jui Pin (John) Lin [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Principal shareholder, Chairman of the Board, President, and Director |
Jia Tian (Jeffery) Lin [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Former Chief Executive Officer |
Wen-Piao (Jack) Lai [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Director |
Shao-Cheng (Will) Wang [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Former Chief Financial Officer |
Kuang Ming (James) Tsai [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Director and Chief Financial Officer |
Hsin-Ta (Darren) Su [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Director, Treasurer |
Hui-Chuan (Sandra) Lin [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Director and Secretary, daughter of Jui Pin (John) Lin |
David Tang [Member] | |
Related Party Transactions [Line Items] | |
Relationship with the Company | Chief Executive Officer |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Due to Related Parties Balances - Related Party [Member] - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Related Party Transactions [Line Items] | ||
Due to related parties balances | $ 4,437 | $ 14,730 |
Hsin-Ta (Darren) Su [Member] | ||
Related Party Transactions [Line Items] | ||
Due to related parties balances | 1,496 | 707 |
David Tang [Member] | ||
Related Party Transactions [Line Items] | ||
Due to related parties balances | $ 2,941 | $ 14,023 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2020 | Sep. 30, 2021 | |
Income Taxes [Abstract] | |||
Penalty amount | $ 10,000 | ||
Penalty received | $ 25,000 | ||
Income taxes return, percentage | 25% | ||
Forgiveness of penalty and interest | 7,976 | ||
Total amount of penalty and interest | $ 32,976 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2021 | Sep. 30, 2020 | |
Commitments and Contingencies [Abstract] | |||
Operating lease cost | $ 200 | ||
Penalty imposed | $ 25,000 | ||
Return, percentage | 25% |