Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Mar. 16, 2020 | Mar. 29, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | RAYONT, INC. | ||
Entity Central Index Key | 0001539778 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,536,109 | ||
Entity Common Stock, Shares Outstanding | 12,907,532 | ||
Entity File Number | 000-56020 | ||
Entity Incorporation State Country Code | NV |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash | $ 836 | $ 127 |
Loan receivable owed by a related party | 93,000 | |
Other receivables | 5,500 | |
Total Current Assets | 99,336 | 127 |
Loan receivable owed by a related party | 191,360 | |
Property and equipment, net | 899,142 | 6,304 |
Other assets | 144 | |
TOTAL ASSETS | 1,189,952 | 6,431 |
Current liabilities: | ||
Loans from a shareholder | 87,136 | 220,930 |
Accrued expenses | 13,661 | 6,763 |
Total Current Liabilities | 100,797 | 227,693 |
Note payable | 103,000 | |
TOTAL LIABILITIES | 203,797 | 227,693 |
COMMITMENTS AND CONTINGENCIES | ||
Stockholders' Equity (Deficit): | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 12,907,532 and 1,886,622 shares issued and outstanding as of September 30, 2019 and 2018 | 12,908 | 1,887 |
Preferred stock, $0.001 par value; 20,000,000 shares authorized; nil share issued and outstanding as of September 30, 2019 and 2018 | ||
Additional paid-in capital | 3,534,466 | 1,020,563 |
Accumulated deficit | (2,506,428) | (1,243,712) |
Accumulated other comprehensive loss | (54,791) | |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 986,155 | (221,262) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 1,189,952 | $ 6,431 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 12,907,532 | 1,886,622 |
Common stock, shares outstanding | 12,907,532 | 1,886,622 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||
Revenues | $ 23,048 | |
Cost of goods sold | ||
Gross profit | 23,048 | |
Operating expenses: | ||
Selling, general and administrative expenses | 1,154,693 | 168,483 |
Depreciation expense | 104,985 | 1,074 |
Total operating expenses | 1,259,678 | 169,557 |
Operating loss | (1,259,678) | (146,509) |
Other income (expense): | ||
Other expense, net | (3,038) | (39,110) |
Total other expense, net | (3,038) | (39,110) |
Loss before income taxes | (1,262,716) | (185,619) |
Income tax expense | ||
Net loss | (1,262,716) | (185,619) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation adjustments | (54,791) | |
Other comprehensive loss | (54,791) | |
Comprehensive loss | $ (1,317,507) | $ (185,619) |
Weighted average shares outstanding, basic and diluted | 8,858,167 | 1,886,622 |
Net loss per common share, basic and diluted | $ (0.14) | $ (0.10) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total |
Balance at Sep. 30, 2017 | $ 1,887 | $ 1,020,563 | $ (1,058,093) | $ (35,643) | |
Balance, Shares at Sep. 30, 2017 | 1,886,622 | ||||
Net loss | (185,619) | (185,619) | |||
Balance at Sep. 30, 2018 | $ 1,887 | 1,020,563 | (1,243,712) | (221,262) | |
Balance, Shares at Sep. 30, 2018 | 1,886,622 | ||||
Issuance of common stock | $ 7,671 | 1,313,011 | 1,320,682 | ||
Issuance of common stock, shares | 7,670,910 | ||||
Issuance of common stock for services | $ 3,350 | 837,650 | 841,000 | ||
Issuance of common stock for services, shares | 3,350,000 | ||||
Acquisition of a subsidiary under common control | 363,242 | 363,242 | |||
Net loss | (1,262,716) | (1,262,716) | |||
Foreign currency translation loss | (54,791) | (54,791) | |||
Balance at Sep. 30, 2019 | $ 12,908 | $ 3,534,466 | $ (2,506,428) | $ (54,791) | $ 986,155 |
Balance, Shares at Sep. 30, 2019 | 13,000,032 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||
Net loss | $ (1,262,716) | $ (185,619) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash portion of share-based consulting fee expense | 841,000 | |
Depreciation expense | 104,985 | 1,074 |
Changes in operating assets and liabilities: | ||
Other receivables | 99,087 | |
Accrued expenses | 6,794 | 6,763 |
Net cash used in operating activities | (210,850) | (177,782) |
Investing Activities: | ||
Cash from acquisition | 35,316 | |
Disbursements for loan receivable | (93,000) | |
Purchases of equipment | (7,378) | |
Net cash used in investing activities | (57,684) | (7,378) |
Financing Activities: | ||
Loans from a shareholder | 324,772 | |
Proceeds from note payable | 103,000 | |
Repayment of loans from a shareholder | (156,857) | (190,000) |
Issuance of common stock | 320,682 | |
Net cash provided by financing activities | 266,825 | 134,772 |
EFFECT OF EXCHANGE RATE ON CASH | 2,418 | |
Net increase (decrease) in cash | 709 | (50,388) |
Cash at beginning of the period | 127 | 50,515 |
Cash at end of the period | 836 | 127 |
SUPPLEMENTAL DISCLOSURE: | ||
Interest paid | ||
Income tax paid | ||
SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: | ||
Issuance of common stock for services | $ 841,000 |
Organization and Business Descr
Organization and Business Description | 12 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS DESCRIPTION | NOTE 1 - ORGANIZATION AND BUSINESS DESCRIPTION Rayont, Inc. (formerly Velt International Group Inc., or "Rayont" or the "Company") is a Nevada corporation formed on February 7, 2011. The Company's common stock are currently traded on the Over the Counter Pink Sheet under the symbol " RAYT On November 19, 2018, the Company's former principal shareholder, Mr. Chin Kha Foo, entered into a stock purchase agreement to transfer 60% of the Company's issued and outstanding shares to Rural Asset Management Services, Inc., a Malaysian company ("Rural"). On December 14, 2018, Rural became the principal shareholder of the Company and Mr. Ali Kasa was appointed to be the Company's President, CEO, CFO, and Secretary due to the change in control of the Company. Rural On January 22, 2019, the Company entered into an acquisition agreement with THF Holdings Pty Ltd., an Australian corporation ("THF") and Rural, pursuant to which the Company acquired 100% of the issued and outstanding capital stock of THF in exchange for 4,000,000 shares of the Company's common stock, valued on January 22, 2019 at $1,000,000. THF is an Australian Cancer treatment and medical device company. Rural is the majority shareholder of THF. In March 2019, the acquisition of THF was completed and THF became a subsidiary of the Company. In addition, the acquisition was accounted for business combination under common control of Rural On January 24, 2019, the Company entered into an acquisition agreement with THF International (Hong Kong) Ltd., a Hong Kong company ("THF Hong Kong") and the shareholders of THF Hong Kong, pursuant to which the Company acquired 100% of the issued and outstanding capital stock of THF Hong Kong in exchange for 8,000,000 shares of the Company's common stock, valued at $2,000,000 on January 24, 2019. On May 13, 2019, the Company executed an amendment to the acquisition agreement, wherein the Company agreed to acquire only 85% of THF Hong Kong and reduce the purchase price to 6,800,000 shares from 8,000,000 shares. On August 4, 2019, the Company and the THF Hong Kong agreed to terminate the acquisition. On January 24, 2019, the Company entered into an acquisition agreement with Natural Health Farm (Labuan) Inc. ("NHF") and the shareholders of NHF, pursuant to which the Company acquired 100% of the issued and outstanding capital stock of NHF in exchange for 40,000,000 shares of the Company's common stock, valued at $10,000,000 on January 24, 2019. NHF is a Malaysian company concentrating on clinical life sciences and holds an exclusive license for registering and commercializing Photosoft technology for treatment of all cancers in the Sub-Sahara African region. The technology has been licensed in Australia, New Zealand, China, Malaysia and Sub-Sahara Africa. The human clinical trial efforts have started in Australia and China conducted by Hudson Medical Institute, Australia. On August 4, 2019, the Company and NHF agreed to terminate the acquisition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the financial statements of the Company and its subsidiary. All significant inter-company balances and transactions have been eliminated on consolidation. Use of Estimates The preparation of our consolidated financial statements and accompanying notes in conformity with GAAP requires us to make certain estimates and assumptions. Actual results could differ from those estimates. Going Concern The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern. These adverse conditions are negative financial trends, specifically negative working capital, recurring operating losses, accumulated deficit and other adverse key financial ratios. The Company did not generate revenues to cover its operating expense during the year ended September 30, 2019. The Company plans to continue obtaining funding from the majority shareholder and the President of the Company to support the Company's normal business operating. There is no assurance, however, that the Company will be successful in raising the needed capital and, if funding is available, that it will be available on terms acceptable to the Company. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. Concentration of Risk The Company maintains its cash in bank accounts which, at times, may exceed the federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash in bank. The Company had total revenue of $0 and $23,048 for the years ended September 30, 2019 and 2018, respectively. For the year ended September 30, 2018, all revenue was to one customer. Fair Value of Financial Instruments The carrying amounts of the Company's current financial assets and liabilities approximated their fair values due to the short maturities. The fair value of noncurrent financial assets and liabilities are determined based on the value of the discounted cash flows. The Company believes no material difference exists between the fair value and carry amounts of the noncurrent financial assets and liabilities Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2019 and 2018, the Company had cash in bank of $836 and $127, respectively. Property and equipment Property and equipment are carried at cost and, less accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. The Company's property and equipment mainly consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 5-12 years. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products and services. We enter into contracts that include products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers. The Company's contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide more than one performance obligation is recognized based upon the relative fair value to the customer of each performance obligation as each obligation is earned. The Company derives its revenues the follows: Mobile Apps: Revenue from the mobile apps is recognized when control has transferred to the customer which typically occurs when the mobile apps either upon delivery of the key code to the customer or upon the deployment of the mobile app to the App Store. Maintenance Services: The Company offers maintenance and function improvements services related to the mobile apps for customers. Maintenance service is considered distinct and is recognized ratably over the maintenance term. During the year ended September 30, 2019 and 2018, the Company recognized revenue from the mobile apps and maintenance services in the amount of $0 and $23,048, respectively. Earnings Per Share Basic earnings per share is computed by dividing net income (loss) attribute to stockholders of common stock by the weighted-average number of common shares outstanding for the period. Diluted net earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus equivalent shares. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through convertible notes and preferred stock when the effect would be dilutive. The Company only issued common stock and does not have any potentially dilutive instrument as of September 30, 2019 and 2018. Translation of Foreign Currency The Company's functional currency is the U.S. dollar (USD), which is the Company's reporting currency. The functional currency of the Company's subsidiary is Australian dollar (AUD). Assets and liabilities of its subsidiary are translated at the rate of exchange prevailing on the balance sheet date. Equity is translated at the prevailing rate of exchange at the date of the equity transaction. The results of its subsidiary are translated to U.S. dollars at the average exchange rates during the reporting period. Translation adjustments are reflected in stockholders' equity and are included as a component of other comprehensive income (loss). Recent Accounting Pronouncements Management believes none of the recently issued accounting pronouncements will have a material impact on the consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS Loans receivable owed by related parties On August 20, 2019, the Company agreed to grant a loan to Anvia Holdings Corporation ("Anvia") for the amount of $93,000. The Company's President and CEO, CFO is also As of September 30, 2019, the Company had noncurrent loans receivable of $191,360 from the Company's affiliate company, HCC Century City. The amount owed by HCC Century City bears no interest and unsecured. Loans from a shareholder As of September 30, 2019, the Company had loans from a shareholder of $87,136 to support its operation and the amount bears no interest and due on demand. The Company borrowed from the Company's former principal shareholder to support its operation and the amount bears no interest and due on demand and the outstanding balance of the borrowings as of September 30, 2018 were $160,955. On May 24, 2018, the Company issued a promissory note of $249,975, bearing interest rate at 6% and due in twelve months, to the Company's former principal shareholder in exchange for cash. In July 2018, the Company made a total repayment of $190,000. As of September 30, 2018, the outstanding balance for the promissory note was $59,975. For the year ended September 30, 2018, the interest expense was $3,110. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 4 - PROPERTY AND EQUIPMENT, NET As of September 30, 2019 and 2018, property and equipment consisted of the following: September 30, 2019 2018 Laser equipment $ 1,171,725 $ - Computer equipment 7,378 7,378 Total 1,179,103 7,378 Less: accumulated depreciation (279,961 ) (1,074 ) Total property and equipment, net $ 899,142 $ 6,304 During the year ended September 30, 2019 and 2018, the depreciation expenses were $104,985 and $1,074, respectively. |
Note Payable
Note Payable | 12 Months Ended |
Sep. 30, 2019 | |
Convertible Notes Payable [Abstract] | |
NOTE PAYABLE | NOTE 5 – NOTE PAYABLE On August 12, 2019, the Company executed a securities purchase agreement with Power Up Lending Group Ltd. (the "Holder"). Pursuant to the agreement, the Holder purchased a convertible note (the "Note") from the Company in the aggregate principal amount of $103,000. The Note bears interest at the rate of 8% per annum and the maturity date is February 12, 2021. The amount under the Note may be converted into common stock , $0.001 par value per share, by the Holder at any time during the period beginning on the date which is 180 days following the date of this Note and ending on the later on the later of the maturity date and the date of payment of the default amount. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 6 - STOCK-BASED COMPENSATION The Company accounts for stock issued for services using the fair value method in accordance with ASC 718, Stock-Based Compensation, the measurement date of shares issued for services is the date at which the counterparty's performance is complete. On January 14, 2019, under the Company's 2019 Equity Incentive Plan, the Company issued an aggregate of 900,000 shares to a consultant for services rendered to the Company at $0.25 per share. On January 30, 2019, the Company issued 200,000 shares of its common stock to two consultants for services rendered to the Company at $0.25 per share. On January 31, 2019, the Company issued 150,000 shares of its common stock to other two consultants for services rendered to the Company at $0.25 per share. On February 11, 2019, the Board of Directors authorized the issuance of 1,000,000 shares of the Company's common stock to its President for services rendered at $0.25 per share. On April 8, 2019, the Company issued 200,000 shares of its common stock to one consultant for services rendered to the Company at $0.25 per share. On April 26, 2019, the Company issued 900,000 shares of its common stock to one consultant for services rendered to the Company at $0.25 per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7 - INCOME TAXES The Company provides for income taxes under the asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. It also requires the reduction of deferred tax assets by a valuation allowance if based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company is subject to taxation in the United States. The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance. For the year ended September 30, 2019 and 2018, the Company has incurred a net loss of approximately $104 thousand and $187 thousand, respectively. The net operating losses generated in tax years prior to December 31, 2017, can be carryforward for twenty years, whereas the net operating losses generated after December 31, 2017 can be carryforward indefinitely. Management determined that it was unlikely that the Company's deferred tax assets would be realized and have provided for a full valuation allowance associated with the net deferred tax assets. For the year ended 2018 2017 Deferred tax asset, generated from net operating loss at the statutory rate (21%) $ 307,707 $ 206,551 Valuation allowance (307,707 ) (206,551 ) Net deferred tax asset $ - $ - |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 - COMMITMENTS AND CONTINGENCIES The Company has no commitment or contingency as of September 30, 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date these consolidated financial statements were issued and determined that there were no subsequent events or transactions that require recognition or disclosures in the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the financial statements of the Company and its subsidiary. All significant inter-company balances and transactions have been eliminated on consolidation. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements and accompanying notes in conformity with GAAP requires us to make certain estimates and assumptions. Actual results could differ from those estimates. |
Going Concern | Going Concern The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern. These adverse conditions are negative financial trends, specifically negative working capital, recurring operating losses, accumulated deficit and other adverse key financial ratios. The Company did not generate revenues to cover its operating expense during the year ended September 30, 2019. The Company plans to continue obtaining funding from the majority shareholder and the President of the Company to support the Company's normal business operating. There is no assurance, however, that the Company will be successful in raising the needed capital and, if funding is available, that it will be available on terms acceptable to the Company. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
Concentration of Risk | Concentration of Risk The Company maintains its cash in bank accounts which, at times, may exceed the federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash in bank. The Company had total revenue of $0 and $23,048 for the years ended September 30, 2019 and 2018, respectively. For the year ended September 30, 2018, all revenue was to one customer. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company's current financial assets and liabilities approximated their fair values due to the short maturities. The fair value of noncurrent financial assets and liabilities are determined based on the value of the discounted cash flows. The Company believes no material difference exists between the fair value and carry amounts of the noncurrent financial assets and liabilities |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2019 and 2018, the Company had cash in bank of $836 and $127, respectively. |
Property and equipment | Property and equipment Property and equipment are carried at cost and, less accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. The Company's property and equipment mainly consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 5-12 years. |
Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products and services. We enter into contracts that include products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers. The Company's contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide more than one performance obligation is recognized based upon the relative fair value to the customer of each performance obligation as each obligation is earned. The Company derives its revenues the follows: |
Mobile Apps | Mobile Apps: Revenue from the mobile apps is recognized when control has transferred to the customer which typically occurs when the mobile apps either upon delivery of the key code to the customer or upon the deployment of the mobile app to the App Store. |
Maintenance Services | Maintenance Services: The Company offers maintenance and function improvements services related to the mobile apps for customers. Maintenance service is considered distinct and is recognized ratably over the maintenance term. During the year ended September 30, 2019 and 2018, the Company recognized revenue from the mobile apps and maintenance services in the amount of $0 and $23,048, respectively. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income (loss) attribute to stockholders of common stock by the weighted-average number of common shares outstanding for the period. Diluted net earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus equivalent shares. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through convertible notes and preferred stock when the effect would be dilutive. The Company only issued common stock and does not have any potentially dilutive instrument as of September 30, 2019 and 2018. |
Translation of Foreign Currency | Translation of Foreign Currency The Company's functional currency is the U.S. dollar (USD), which is the Company's reporting currency. The functional currency of the Company's subsidiary is Australian dollar (AUD). Assets and liabilities of its subsidiary are translated at the rate of exchange prevailing on the balance sheet date. Equity is translated at the prevailing rate of exchange at the date of the equity transaction. The results of its subsidiary are translated to U.S. dollars at the average exchange rates during the reporting period. Translation adjustments are reflected in stockholders' equity and are included as a component of other comprehensive income (loss). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management believes none of the recently issued accounting pronouncements will have a material impact on the consolidated financial statements. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | September 30, 2019 2018 Laser equipment $ 1,171,725 $ - Computer equipment 7,378 7,378 Total 1,179,103 7,378 Less: accumulated depreciation (279,961 ) (1,074 ) Total property and equipment, net $ 899,142 $ 6,304 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets | For the year ended 2018 2017 Deferred tax asset, generated from net operating loss at the statutory rate (21%) $ 307,707 $ 206,551 Valuation allowance (307,707 ) (206,551 ) Net deferred tax asset $ - $ - |
Organization and Business Des_2
Organization and Business Description (Details) - USD ($) | May 13, 2019 | Jan. 24, 2019 | Jan. 22, 2019 | Sep. 30, 2019 | Nov. 19, 2018 |
Organization and Business Description (Textual) | |||||
State of incorporation | Nevada | ||||
Date of incorporation | Feb. 7, 2011 | ||||
Percentage of issued and outstanding shares | 100.00% | 100.00% | 60.00% | ||
Common stock exchange, value | $ 1,000,000 | $ 1,320,682 | |||
Common stock exchange, shares | 4,000,000 | ||||
Business acquisition, description | The Company executed an amendment to the acquisition agreement, wherein the Company agreed to acquire only 85% of THF Hong Kong and reduce the purchase price to 6,800,000 shares from 8,000,000 shares. On August 4, 2019, the Company and the THF Hong Kong agreed to terminate the acquisition. | ||||
Hong Kong [Member] | |||||
Organization and Business Description (Textual) | |||||
Common stock exchange, value | $ 2,000,000 | ||||
Common stock exchange, shares | 8,000,000 | ||||
NHF [Member] | |||||
Organization and Business Description (Textual) | |||||
Percentage of issued and outstanding shares | 100.00% | ||||
Common stock exchange, value | $ 10,000,000 | ||||
Common stock exchange, shares | 40,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Summary of Significant Accounting Policies (Textual) | |||
Cash | $ 836 | $ 127 | $ 50,515 |
Recognized revenue from the mobile apps | 0 | 23,048 | |
Total revenue | $ 23,048 | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies (Textual) | |||
Estimated useful lives | 5 years | ||
Minimum [Member] | |||
Summary of Significant Accounting Policies (Textual) | |||
Estimated useful lives | 12 years |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | ||||
Aug. 20, 2019 | May 24, 2018 | Sep. 30, 2019 | Feb. 19, 2019 | Sep. 30, 2018 | |
Related Party Transactions (Textual) | |||||
Agreed to grant a loan | $ 93,000 | ||||
Loan bears an interest rate | 8.00% | ||||
Loans receivable | $ 93,000 | ||||
Loans receivable noncurrent | 191,360 | ||||
Loans from a shareholder | $ 87,136 | 220,930 | |||
Outstanding borrowings | $ 160,955 | ||||
Loans from a shareholder,descriptions | The Company issued a promissory note of $249,975, bearing interest rate at 6% and due in twelve months, to the Company’s former principal shareholder in exchange for cash. In July 2018, the Company made a total repayment of $190,000. As of September 30, 2018, the outstanding balance for the promissory note was $59,975. For the year ended September 30, 2018, the interest expense was $3,110. |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Total | $ 1,179,103 | $ 7,378 |
Less: accumulated depreciation | (279,961) | (1,074) |
Total property and equipment, net | 899,142 | 6,304 |
Laser equipment [Member] | ||
Total | 1,171,725 | |
Computer equipment [Member] | ||
Total | $ 7,378 | $ 7,378 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Property and Equipment, Net (Textual) | ||
Depreciation expenses | $ 104,985 | $ 1,074 |
Note Payable (Details)
Note Payable (Details) - Securities Purchase Agreement [Member] | Aug. 12, 2019USD ($) |
Note Payable (Textual) | |
Note principal amount | $ 103,000 |
Note bears interest | 8.00% |
Note maturity date | Feb. 12, 2021 |
Note maturity, description | The Note may be converted into common stock , $0.001 par value per share, by the Holder at any time during the period beginning on the date which is 180 days following the date of this Note and ending on the later on the later of the maturity date and the date of payment of the default amount. |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - $ / shares | Apr. 26, 2019 | Apr. 08, 2019 | Feb. 11, 2019 | Jan. 31, 2019 | Jan. 30, 2019 | Jan. 14, 2019 |
Consultant [Member] | ||||||
Issuance of shares for service rendered | 900,000 | |||||
Price per share | $ 0.25 | |||||
Two consultants [Member] | ||||||
Issuance of shares for service rendered | 150,000 | 200,000 | ||||
Price per share | $ 0.25 | $ 0.25 | ||||
Board of Directors [Member] | ||||||
Issuance of shares for service rendered | 1,000,000 | |||||
Price per share | $ 0.25 | |||||
One Consultant [Member] | ||||||
Issuance of shares for service rendered | 900,000 | 200,000 | ||||
Price per share | $ 0.25 | $ 0.25 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset, generated from net operating loss at the statutory rate (21%) | $ 307,707 | $ 206,551 |
Valuation allowance | (307,707) | (206,551) |
Net deferred tax asset |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Taxes (Textual) | ||
Net loss | $ (1,262,716) | $ (185,619) |