Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2015 | Feb. 11, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NuZee, Inc. | |
Trading Symbol | NUZE | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 30,464,951 | |
Amendment Flag | false | |
Entity Central Index Key | 1,527,613 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
NuZee, Inc. - Balance Sheets
NuZee, Inc. - Balance Sheets - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Current assets: | ||
Cash | $ 47,252 | $ 107,678 |
Accounts receivable | 14,345 | 18,205 |
Inventories | 181,112 | 201,764 |
Prepaid expenses and deposits | 21,708 | 21,532 |
Total current assets | 264,417 | 349,179 |
Equipment, net | 184,145 | 192,103 |
Total assets | 448,562 | 541,282 |
Current liabilities: | ||
Accounts payable | 77,620 | 65,522 |
Convertible notes payable-related party | 600,000 | 600,000 |
Other current liabilities | 387 | 607 |
Total current liabilities | 678,007 | 666,129 |
Stockholders' equity (deficit): | ||
Preferred stock; 100,000,000 shares authorized, $0.00001 par value; 0 shares issued and outstanding | 0 | 0 |
Common stock; 100,000,000 shares authorized, $0.00001 par value; 30,404,951 and 30,124,951 shares issued and outstanding | 304 | 301 |
Additional paid in capital | 6,145,335 | 5,940,337 |
Accumulated deficit | (6,297,718) | (5,988,119) |
Less: treasury stock, at cost (2,016,000 shares held in treasury as of December 31, 2015 and September 30, 2015 ) | (77,366) | (77,366) |
Total stockholders' equity (deficit) | (229,445) | (124,847) |
Total liabilities and stockholders' equity (deficit) | $ 448,562 | $ 541,282 |
NuZee, Inc. - Balance Sheets (P
NuZee, Inc. - Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2015 | Sep. 30, 2015 |
Preferred stock; shares authorized | 100,000,000 | 100,000,000 |
Preferred stock; par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock; shares issued | 0 | 0 |
Preferred stock; shares outstanding | 0 | 0 |
Common stock; shares authorized, | 100,000,000 | 100,000,000 |
Common stock; par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock; shares issued | 30,404,951 | 30,124,951 |
Common stock; outstanding | 30,404,951 | 30,124,951 |
Less: treasury stock, held | 2,016,000 | 2,016,000 |
NuZee Inc. - Statements of Oper
NuZee Inc. - Statements of Operations - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 44,460 | $ 41,016 |
Cost of sales | 29,065 | 35,517 |
Gross Profit | 15,395 | 5,499 |
Operating expenses | 321,573 | 306,980 |
Loss from operations | (306,178) | (301,481) |
Other income | 228 | |
Other expense | (3,649) | (800) |
Net loss | $ (309,599) | $ (302,281) |
Basic and diluted loss per common share (in Dollars per share) | $ (0.01) | $ (0.01) |
Basic and diluted weighted average number of common stock outstanding (in Shares) | 30,330,494 | 28,099,371 |
NuZee, Inc. - Statements of Cas
NuZee, Inc. - Statements of Cash Flows - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | ||
Net loss | $ (309,599) | $ (302,281) |
used by operating activities: | ||
Depreciation | 10,488 | 1,618 |
Option expense | 17,992 | |
Warrant expense | 9,134 | |
Change in operating assets and liabilities: | ||
Accounts receivable | 3,860 | 321 |
Inventories | 20,652 | (33,082) |
Prepaid expenses and deposits | (176) | 24,473 |
Accounts payable | 12,098 | (5,004) |
Other current liabilities | (220) | 672 |
Net cash used by operating activities | (262,897) | (286,157) |
Investing activities: | ||
Purchase of equipment | (2,529) | |
Net cash used by investing activities | (2,529) | |
Financing activities: | ||
Proceeds from issuance of common stock | 205,000 | 13,200 |
Proceeds from issuance of treasury stock | 174,000 | |
Net cash provided by financing activities | 205,000 | 187,200 |
Net change in cash | (60,426) | (98,957) |
Cash, beginning of period | 107,678 | 238,160 |
Cash, end of period | 47,252 | 139,203 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 0 | $ 0 |
Cash paid for taxes | $ 800 |
1. BASIS OF PRESENTATION AND SU
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim financial statements of Nuzee, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, 2015 as filed with the SEC. In the opinion of management, all adjustments, consisting of recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements as reported in the annual report on Form 10-K have been omitted. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which contemplates continuation of the Company as a going concern. The Company has had recurring losses, large accumulated deficits, is dependent on the shareholder to provide additional funding for operating expenses and has no recurring revenues. These items raise substantial doubts about the Company’s ability to continue as a going concern. The Company believes that there will be significant expansion opportunities in existing markets through new products as well as in new regions outside of the United States in a combination of market development and product licensing. |
2. RELATED PARTY TRANSACTIONS
2. RELATED PARTY TRANSACTIONS | 3 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 2. RELATED PARTY TRANSACTIONS During February 2015, the Company issued a secured convertible promissory note in the sum of $600,000 to Masateru Higashida, the Company’s major shareholder. Interest calculated at the annual rate of zero percent (0%) for the period until April 2016. If the outstanding principle and all accrued and unpaid interest on the debt hereof (the “Debt”) is not repaid by the Company in full by the Repayment Date, the Debt or any portion thereof may be converted at the option of the Holder, upon written notice to the Company at any time after the Repayment Date, into that number of shares of the Company’s Common Stock equal to the Debt or that portion thereof that the Holder elects to convert, divided by price per share of $0.51. This note shall by cancelled on the date of conversion of the entirety of the Debt |
3. COMMON STOCK
3. COMMON STOCK | 3 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 3. COMMON STOCK During October 2015, the Company sold 140,000 shares of common stock at $0.70 per share, for an aggregate purchase price of $98,000. During November 2015, the Company sold 50,000 shares of common stock at $0.70 per share, for an aggregate purchase price of $35,000. During December 2015, the Company sold 90,000 shares of common stock at $0.80 per share, for an aggregate purchase price of $72,000 |
4. STOCK OPTIONS
4. STOCK OPTIONS | 3 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4. STOCK OPTIONS During three months ended 2015, the Company committed to issue 242,500 options to employees and consultant for the services the next time the board approves for issuance. The new method of determination of granted is simplified method and no more usage of the Black-Scholes model. The following table summarizes common stock options issued and outstanding: Stock Options Exercise price Intrinsic value Outstanding at September 30, 2015 2,833,333 $0.60 - Granted - - - Excised - - - Forfeited - - - Expired - - - Outstanding at December 31, 2015 (2,833,333) $0.60 - Total - - - As of December 31, 2015, there were no options exercisable or outstanding. |
5. SUBSEQUENT EVENTS
5. SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 5. SUBSEQUENT EVENTS During January 2016, the Company granted 50,000 shares of treasury stock to a consultant at $0.30 per share, for an aggregate purchase price of $15,000. During January 2016, the Company sold 60,000 shares of common stock at $0.80 per share for an aggregate purchase price of $48, 000 |
4. STOCK OPTIONS (Tables)
4. STOCK OPTIONS (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Stock Options Exercise price Intrinsic value Outstanding at September 30, 2015 2,833,333 $0.60 - Granted - - - Excised - - - Forfeited - - - Expired - - - Outstanding at December 31, 2015 (2,833,333) $0.60 - Total - - - |
2. RELATED PARTY TRANSACTIONS (
2. RELATED PARTY TRANSACTIONS (Details) | Feb. 02, 2015USD ($)$ / shares |
Related Party Transactions [Abstract] | |
Related Party Transaction, Amounts of Transaction | $ 600,000 |
Interest Expense, Related Party | $ 0 |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ / shares | $ 0.51 |
3. COMMON STOCK (Details)
3. COMMON STOCK (Details) - USD ($) | Jan. 02, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | Jan. 05, 2016 |
Stockholders' Equity Note [Abstract] | |||||
Stock Issued During Period, Shares, New Issues | 60,000 | 90,000 | 50,000 | 140,000 | |
Shares Issued, Price Per Share | $ 0.80 | $ 0.80 | $ 0.70 | $ 0.70 | $ 0.30 |
Stock Issued During Period, Value, New Issues | $ 72,000 | $ 35,000 | $ 98,000 |
4. STOCK OPTIONS (Details)
4. STOCK OPTIONS (Details) | Dec. 31, 2015USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 242,500 |
4. STOCK OPTIONS (Details) - Th
4. STOCK OPTIONS (Details) - The following table summarizes common stock options issued and outstanding: - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
The following table summarizes common stock options issued and outstanding: [Abstract] | ||
(2,833,333) | 2,833,333 | |
$ 0.60 | $ 0.60 |
5. SUBSEQUENT EVENTS (Details)
5. SUBSEQUENT EVENTS (Details) - USD ($) | Jan. 05, 2016 | Jan. 02, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | Sep. 30, 2015 |
Subsequent Events [Abstract] | ||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 50,000 | |||||
Shares Issued, Price Per Share | $ 0.30 | $ 0.80 | $ 0.80 | $ 0.70 | $ 0.70 | |
Stock Issued During Period, Value, Treasury Stock Reissued | $ 15,000 | |||||
Stock Issued During Period, Shares, New Issues | 60,000 | 90,000 | 50,000 | 140,000 | ||
Common Stock, Value, Issued | $ 48,000 | $ 304 | $ 301 |