Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 17, 2020 | Jun. 30, 2020 | |
Cover [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, 2020 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 484,787 | ||
Entity Common Stock, Shares Outstanding | 46,606,231 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Current assets: | ||
Cash | $ 2,811 | $ 836 |
Accounts receivable | 216,525 | |
Loan receivable owed by a related party | 184,823 | 93,000 |
Other receivables | 10,897 | 5,500 |
Total Current Assets | 415,056 | 99,336 |
Loan receivable owed by a related party | 191,360 | |
Property and equipment, net | 844,544 | 899,142 |
Intangible assets, net | 2,000,000 | |
Other assets | 21 | 114 |
TOTAL ASSETS | 3,259,621 | 1,189,952 |
Current liabilities: | ||
Due to related parties | 2,152,558 | 87,136 |
Note payable | 143,755 | |
Accrued expenses | 40,789 | 13,661 |
Total Current Liabilities | 2,337,102 | 100,797 |
Note payable | 103,000 | |
TOTAL LIABILITIES | 2,337,102 | 203,797 |
COMMITMENTS AND CONTINGENCIES | ||
Stockholders' Equity: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 38,871,818 and 12,907,532 shares issued and outstanding as of September 30, 2020 and 2019 | 38,872 | 12,908 |
Preferred stock, $0.001 par value; 20,000,000 shares authorized; nil share issued and outstanding as of September 30, 2020 and 2019 | ||
Additional paid-in capital | 4,677,704 | 4,574,213 |
Accumulated deficit | (3,775,620) | (3,546,175) |
Accumulated other comprehensive loss | (18,437) | (54,791) |
TOTAL STOCKHOLDERS' EQUITY | 922,519 | 986,155 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,259,621 | $ 1,189,952 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
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 | 38,871,818 | 12,907,532 |
Common stock, shares outstanding | 38,871,818 | 12,907,532 |
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, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||
Revenues | $ 186,663 | |
Cost of goods sold | ||
Gross profit | 186,663 | |
Operating expenses: | ||
Selling, general and administrative expenses | 323,932 | 2,201,693 |
Depreciation expense | 101,593 | 104,985 |
Total operating expenses | 425,525 | 2,306,678 |
Operating loss | (238,862) | (2,306,678) |
Other income (expense): | ||
Interest income | 10,152 | |
Interest expense | (4,120) | |
Other income (expense), net | 3,385 | 4,215 |
Total other income (expense), net | 9,417 | 4,215 |
Loss before income taxes | (229,445) | (2,302,463) |
Income tax expense | ||
Net loss | (229,445) | (2,302,463) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation adjustments | 36,354 | (54,791) |
Other comprehensive income (loss) | 36,354 | (54,791) |
Comprehensive loss | $ (193,091) | $ (2,357,254) |
Weighted average shares outstanding, basic and diluted | 13,026,710 | 8,858,167 |
Net loss per common share, basic and diluted | $ (0.02) | $ (0.26) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
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 | $ 121 | 27,379 | 27,500 | ||
Issuance of common stock, shares | 120,910 | ||||
Issuance of common stock for services | $ 6,900 | 1,946,100 | 1,953,000 | ||
Issuance of common stock for services, shares | 6,900,000 | ||||
Business acquisition of a subsidiary under common control | $ 4,000 | 1,359,241 | 1,363,241 | ||
Business acquisition of a subsidiary under common control, shares | 4,000,000 | ||||
Net loss | (2,302,463) | (2,302,463) | |||
Foreign currency translation gain (loss) | (54,791) | (54,791) | |||
Debt forgiveness | 220,930 | 220,930 | |||
Balance at Sep. 30, 2019 | $ 12,908 | 4,574,213 | (3,546,175) | (54,791) | 986,155 |
Balance, shares at Sep. 30, 2019 | 12,907,532 | ||||
Issuance of common stock for services | $ 250 | 19,750 | 20,000 | ||
Issuance of common stock for services, shares | 250,000 | ||||
Business acquisition of a subsidiary under common control | $ 25,714 | 48,670 | 74,384 | ||
Business acquisition of a subsidiary under common control, shares | 25,714,286 | ||||
Net loss | (229,445) | (229,445) | |||
Foreign currency translation gain (loss) | 36,354 | 36,354 | |||
Debt forgiveness | 35,071 | 35,071 | |||
Balance at Sep. 30, 2020 | $ 38,872 | $ 4,677,704 | $ (3,775,620) | $ (18,437) | $ 922,519 |
Balance, shares at Sep. 30, 2020 | 38,871,818 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities: | ||
Net loss | $ (229,445) | $ (2,302,463) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash portion of share-based consulting fee expense | 20,000 | 1,953,000 |
Depreciation expense | 101,593 | 104,985 |
Bad debt expense | 195,491 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (205,329) | |
Other receivables | (5,358) | 99,087 |
Other assets | 95 | |
Accrued expenses | 25,387 | 6,794 |
Net cash used in operating activities | (97,568) | (138,597) |
Investing Activities: | ||
Cash from acquisition | 1,082 | 35,316 |
Disbursements for loans receivable | (4,054) | (93,000) |
Net cash used in investing activities | (2,972) | (57,684) |
Financing Activities: | ||
Loans from related parties | 78,421 | 83,762 |
Repayment of loans from related parties | (1,220) | (19,689) |
Proceeds from note payable | 136,322 | 103,000 |
Repayment of note payable | (103,000) | |
Issuance of common stock | 27,500 | |
Net cash provided by financing activities | 110,523 | 194,573 |
EFFECT OF EXCHANGE RATE ON CASH | (8,008) | 2,417 |
Net increase in cash | 1,975 | 709 |
Cash at beginning of the period | 836 | 127 |
Cash at end of the period | 2,811 | 836 |
SUPPLEMENTAL DISCLOSURE: | ||
Interest paid | 4,120 | |
Income tax paid | ||
SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: | ||
Issuance of common stock for services | 20,000 | 1,953,000 |
Issuance of common stock for acquisition | 1,800,000 | |
Forgiveness of debts | $ 35,071 | $ 220,930 |
Organization and Business Descr
Organization and Business Description | 12 Months Ended |
Sep. 30, 2020 | |
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 currently focuses in the areas of biotechnology and internet of things (IOT). Given the acquisition of THF Holdings Pty Ltd and Rayont International (Labuan) Inc as well as the cancer treatment assets that the Company has invested on, Rayont has been focusing on commercializing these investments. The commercialization of the current assets for cancer treatment requires medical board approval for almost all of the countries subject to the license. Rayont has conducted the initial study to identify the requirements for obtaining the approvals for using PDT to treat cancer across different jurisdictions in Sub-Saharan Africa (“SSA”). The same PDT technology has been licensed in China, Australia and New Zealand. It is currently undergoing medical trials in Australia and China. The recent announcements show positive results that the technology works. The Company believes that it will take time before it can start commercializing these assets and start to generate revenues and operating profits. In order to sustain and grow the business the company has been actively looking for new opportunities post COVID-19 pandemic. On August 26, 2020, the Company established Rayont Technologies Pty Ltd. (Rayont Technologies) through Rayont Australia. Rayont Technologies is an Australian corporation and IOT providing services such as end-to-end employee engagement and experience platform for businesses in Australia and globally. Rayont Technologies Pty Ltd entered an agreement on October 15, 2020 with Ms. Kayla Ranee Smith to purchase the assets of Workstar Tech (Aust) Pty Ltd for AUD 302,876.22 payable over 90 days upon Ms Smith transfers the assets to Rayont Technologies Pty Ltd. On March 11, 2020, the World Health Organization designated COVID-19 as a global pandemic. Governments around the world have mandated, and continue to introduce, orders to slow the transmission of the virus, including but not limited to shelter-in-place orders, quarantines, significant restrictions on travel, as well as work restrictions. To date, the Company has experienced some adverse impacts; however, the impacts of COVID-19 on our operating results for the year ended September 30, 2020 was limited due to the nature of our business. The extent of the COVID-19 impact to the Company will depend on numerous factors and developments related to COVID-19. Consequently, any potential impacts of COVID-19 remain highly uncertain and cannot be predicted with confidence. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2020 | |
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 had a net loss of $229,445 and a net current liability of $1,922,046 for the year ended on September 30, 2020. The accumulated loss of the Company is $2,735,873 as of September 30, 2020. 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. There is one customer who accounted for 10% or more of the Company’s sales and accounts receivable for the year ended September 30, 2020 and as of September 30, 2019, respectively. For the year ended September 30, 2019, the Company did not generate any revenue. There is no supplier who accounted for 10% or more of the Company’s cost of sales for the years ended September 30, 2020 and 2019. 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, 2020 and 2019, the Company had cash in bank of $2,811 and $836, respectively. Intangible assets Intangible assets for purchased are recognized and measured at cost upon acquisition and consist of the Company’s exclusive license with an indefinite useful life. The Company has determined that there are currently no legal, regulatory, contractual, economic or other factors that limit the useful life of the license and accordingly treat the license as indefinite life intangible assets. As of September 30, 2020 and September 30, 2019, the Company had intangible assets of $2,000,000 associated with Rayont International’s exclusive license for registering and commercializing Photosoft TM 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. Impairment of Long-lived Assets The Company reviews long-lived assets when changes in circumstances or event could impact the recoverability of the carrying value of the assets. Recoverability of long-lived assets is determined by comparing the estimated undiscounted cash flows related to the long-lived assets to their carrying value. Impairment is determined by comparing the present value of future undiscounted cash flows, or some other fair value measure, to the carrying value of the asset. For the years ended September 30, 2020 and 2019, no impairment of long-lived assets was indicated, and no impairment loss was recorded. 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. Digital Learning Solutions: Revenue from digital learning solutions is recognized when control has transferred to the customer which typically occurs when the service is completed or the delivery of the license to the customer. 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. (Loss) 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, 2020 and 2019. Translation of Foreign Currency 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 transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company maintains its books and record in a local currency, Australian Dollars (“AUD”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: As of and for the year ended September 30, 2020 2019 Year-end AUD : US$1 exchange rate 0.7141 0.7009 Yearly average AUD : US$1 exchange rate 0.6772 0.7032 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
Property and Equipment, Net | 12 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | NOTE 3 – PROPERTY AND EQUIPMENT, NET As of September 30, 2020 and 2019, property and equipment consisted of the following: September 30, 2020 2019 Laser equipment $ 1,240,422 $ 1,171,725 Computer equipment 7,378 7,378 Total 1,247,800 1,179,103 Less: accumulated depreciation (403,256 ) (279,961 ) Total property and equipment, net $ 844,544 $ 899,142 During the year ended September 30, 2020 and 2019, the depreciation expenses were $101,591 and $104,985, respectively. |
Note Payable
Note Payable | 12 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Note Payable | NOTE 4 – NOTE PAYABLE September 30, 2020 2019 8% convertible note payable $ - $ 103,000 Noninterest-bearing notes payable 143,755 - Total $ 143,755 $ 103,000 Notes payable - current $ 143,755 $ - Notes payable - noncurrent $ - $ 103,000 8% convertible 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. On February 7, 2020, the Company repaid the principal amount of $103,000 and accrued interest of $4,120. For the years ended September 30, 2020, the interest expenses were $4,120 and nil, respectively. Noninterest-bearing notes payable In March 2020, the Company’s subsidiary entered into several loan agreements with outside creditors for the purpose to support its operation. The loans bear no interest and are due on December 31, 2020. As of September 30, 2020, the Company had outstanding balances of $143,755 to the outside third party 1 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | NOTE 5 – 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 grant date. On December 19, 2018, the Company issued 3,000,000 shares of its common stock to a consultant for services rendered to the Company at $0.32 per share. 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 $0.26 per share. On January 30, 2019, the Company issued 200,000 shares of its common stock to a consultant for services rendered to the Company at $0.26 per share. On January 30, 2019, the Company issued 300,000 shares of its common stock to a consultant for services rendered to the Company at $0.26 per share. On January 31, 2019, the Company issued 150,000 shares of its common stock to a consultant for services rendered to the Company at $0.26 per share. On January 31, 2019, the Company issued 250,000 shares of its common stock to a marketing staff for marketing services rendered to the Company at $0.26 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 prior 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. On April 8, 2020, under the Company’s 2019 Equity Incentive Plan, the Company issued an aggregate of 250,000 shares of its common stock to one former officer, the CEO of the Company and one consultant for services rendered to the Company at 0.08 per shares. The Company recorded the compensation cost of $20,000 for the year ended September 30, 2020. The Company relied upon Section 4(2) and Regulation D of the Securities Act of 1933, as amended, for the issuances of the securities listed above. No commissions were paid regarding the share issuance and the share certificates were issued with a Rule 144 restrictive legend. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6 - 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 and in Malaysia 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 years ended September 30, 2020 and 2019, the Company has incurred a net loss of approximately $76 thousand and $2,080 thousand in the United States, 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. For the year ended September 30, 2020 and 2019, the Company’s subsidiary in Malaysia has incurred a net loss of approximately $25 thousand and $14 thousand, respectively. The net operating losses generated in tax years can be carryforward for seven years. 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. Years ended September 30, 2020 2019 Deferred tax asset, generated from net operating loss $ 504,499 $ 482,384 Valuation allowance (504,499 ) (482,384 ) Net deferred tax asset $ - $ - |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 7 - RELATED PARTY TRANSACTIONS The related parties of the Company with whom transactions are reported in the consolidated financial statements are as follows: Name Relationship Anvia Holdings Corporation (“Anvia”) The President and CEO of Anvia is the shareholder of the Company Rural Asset Management Services, Inc. (“Rural”) Entity under the same beneficial owner Natural Health & Education Pty Ltd (“NHE”) Entity under the same beneficial owner THF International HK Ltd. (“THF HK”) Entity under the same beneficial owner Loans receivable owed by related parties On August 20, 2019, the Company agreed to grant a loan to Anvia for the amount of $93,000. The loan bears an interest rate at 8% and matures on February 19, 2020 and the loan was further extended to August 18, 2020 on February 16, 2020. On October 26, 2020, the Company and Anvia entered into the First Amendment to the loan agreement and agreed to extend the date of repayment to be August 18, 2020. Due to the short maturity of the loan, the Company had a current loans receivable of $93,000 and $93,000 as of September 30, 2020 and 2019, respectively. The Company recorded interest income of $10,152 and nil for the years ended September 30, 2020 and 2019. As of September 30, 2020 and, 2019, Rayont International had loans receivable of $91,823 and nil from Rural. The loans receivable were non-interest bearing and due upon request. As of September 30, 2019, the Company had a noncurrent loan 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. The Company was not able to collect the amount, and the total amount of the loan receivable were written off in December 2019. Amounts due to related parties As of September 30, 2020 and 2019, the Company had amount due to related parties as follows: September 30, 2020 2019 Due to NHE $ 1,846,990 $ - Due to THF HK 200,000 - Due to Rural 79,942 79,942 Others 25,626 7,194 Total $ 2,152,558 $ 87,136 Amounts due to related parties were non-interest bearing and payable on demand. The amounts were used to support its operation and to acquire the exclusive license for registering and commercializing Photosoft TM |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 - COMMITMENTS AND CONTINGENCIES The Company has no commitment or contingency as of September 30, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 - SUBSEQUENT EVENTS On October 15, 2020, Rayont Technologies Pty Ltd entered into an agreement with Ms. Kayla Ranee Smith to purchase the assets of Workstar Tech (Aust) Pty Ltd for AUD 302,876.22 payable over 90 days upon Ms Smith transfers the assets to Rayont Technologies Pty Ltd. The assets that Rayont Technologies acquired under the agreement includes trademark, website, software, office assets and customer contracts. During October 12, 2020 to December 15, 2020, the Company sold 7,734,413 shares in some private placements to 135 investors for a total amount of $545,943. The Company relied upon Section 4(2) and Regulation S of the Securities Act of 1933, as amended, for the sale of these securities. No commissions were paid regarding the share issuance and the share certificates were issued with a Rule 144 restrictive legend. |
Restatement of Prior Issued Fin
Restatement of Prior Issued Financial Statements | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Prior Issued Financial Statements | NOTE 10 – RESTATEMENT OF PRIOR ISSUED FINANCIAL STATEMENTS The consolidated financial statements as of and for the year ended September 30, 2019 have been restated due to a material error in accounting for stock-based compensations to outside consultants. The Company did not properly record consulting expense for the compensations granted by the Company. In accordance with ASC 250, Accounting Changes and Error Correction, The restatement for the consolidated financial statements as of and for the year ended September 30, 2019: Year Ended September 30, 2019 As Previously Reported Adjustment As Restated Statement of Operations Data: Selling general and administrative expenses $ 1,154,693 $ 1,047,000 $ 2,201,693 Total operating expenses 1,259,678 1,047,000 2,306,678 Net loss (1,262,716 ) (1,039,747 ) (2,302,463 ) Year Ended September 30, 2019 As Previously Reported Adjustment As Restated Balance Sheet Data: Additional paid-in capital $ 3,534,446 $ 1,039,767 $ 4,574,213 Accumulated deficit (2,506,428 ) (1,039,747 ) (3,546,175 ) Year Ended September 30, 2019 As Previously Reported Adjustment As Restated Cash Flows data: Net loss $ (1,262,716 ) $ (1,039,747 ) $ (2,302,463 ) Non-cash portion of share-based consulting fee expense 841,000 1,112,000 1,953,000 Net cash used in operating activities (210,850 ) 72,253 (138,597 ) Loans from related parties - 83,762 83,762 Repayment of loans from related parties (156,857 ) 137,168 (19,689 ) Issuance of common stock 320,682 (293,182 ) 27,500 Net cash provided by financing activities 266,825 (72,252 ) 194,573 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
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 had a net loss of $229,445 and a net current liability of $1,922,046 for the year ended on September 30, 2020. The accumulated loss of the Company is $2,735,873 as of September 30, 2020. 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. There is one customer who accounted for 10% or more of the Company’s sales and accounts receivable for the year ended September 30, 2020 and as of September 30, 2019, respectively. For the year ended September 30, 2019, the Company did not generate any revenue. |
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, 2020 and 2019, the Company had cash in bank of $2,811 and $836, respectively. |
Intangible Assets | Intangible assets Intangible assets for purchased are recognized and measured at cost upon acquisition and consist of the Company’s exclusive license with an indefinite useful life. The Company has determined that there are currently no legal, regulatory, contractual, economic or other factors that limit the useful life of the license and accordingly treat the license as indefinite life intangible assets. As of September 30, 2020 and September 30, 2019, the Company had intangible assets of $2,000,000 associated with Rayont International’s exclusive license for registering and commercializing Photosoft TM |
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. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews long-lived assets when changes in circumstances or event could impact the recoverability of the carrying value of the assets. Recoverability of long-lived assets is determined by comparing the estimated undiscounted cash flows related to the long-lived assets to their carrying value. Impairment is determined by comparing the present value of future undiscounted cash flows, or some other fair value measure, to the carrying value of the asset. For the years ended September 30, 2020 and 2019, no impairment of long-lived assets was indicated, and no impairment loss was recorded. |
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: 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. Digital Learning Solutions: Revenue from digital learning solutions is recognized when control has transferred to the customer which typically occurs when the service is completed or the delivery of the license to the customer. 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. |
(Loss) Earnings Per Share | (Loss) 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, 2020 and 2019. |
Translation of Foreign Currency | Translation of Foreign Currency 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 transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company maintains its books and record in a local currency, Australian Dollars (“AUD”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: As of and for the year ended September 30, 2020 2019 Year-end AUD : US$1 exchange rate 0.7141 0.7009 Yearly average AUD : US$1 exchange rate 0.6772 0.7032 |
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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Exchange Rates | Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: As of and for the year ended September 30, 2020 2019 Year-end AUD : US$1 exchange rate 0.7141 0.7009 Yearly average AUD : US$1 exchange rate 0.6772 0.7032 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | As of September 30, 2020 and 2019, property and equipment consisted of the following: September 30, 2020 2019 Laser equipment $ 1,240,422 $ 1,171,725 Computer equipment 7,378 7,378 Total 1,247,800 1,179,103 Less: accumulated depreciation (403,256 ) (279,961 ) Total property and equipment, net $ 844,544 $ 899,142 |
Note Payable (Tables)
Note Payable (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Note Payable | September 30, 2020 2019 8% convertible note payable $ - $ 103,000 Noninterest-bearing notes payable 143,755 - Total $ 143,755 $ 103,000 Notes payable - current $ 143,755 $ - Notes payable - noncurrent $ - $ 103,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | Years ended September 30, 2020 2019 Deferred tax asset, generated from net operating loss $ 504,499 $ 482,384 Valuation allowance (504,499 ) (482,384 ) Net deferred tax asset $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due to Related Parties | As of September 30, 2020 and 2019, the Company had amount due to related parties as follows: September 30, 2020 2019 Due to NHE $ 1,846,990 $ - Due to THF HK 200,000 - Due to Rural 79,942 79,942 Others 25,626 7,194 Total $ 2,152,558 $ 87,136 |
Restatement of Prior Issued F_2
Restatement of Prior Issued Financial Statements (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement for the Consolidated Financial Statements | The restatement for the consolidated financial statements as of and for the year ended September 30, 2019: Year Ended September 30, 2019 As Previously Reported Adjustment As Restated Statement of Operations Data: Selling general and administrative expenses $ 1,154,693 $ 1,047,000 $ 2,201,693 Total operating expenses 1,259,678 1,047,000 2,306,678 Net loss (1,262,716 ) (1,039,747 ) (2,302,463 ) Year Ended September 30, 2019 As Previously Reported Adjustment As Restated Balance Sheet Data: Additional paid-in capital $ 3,534,446 $ 1,039,767 $ 4,574,213 Accumulated deficit (2,506,428 ) (1,039,747 ) (3,546,175 ) Year Ended September 30, 2019 As Previously Reported Adjustment As Restated Cash Flows data: Net loss $ (1,262,716 ) $ (1,039,747 ) $ (2,302,463 ) Non-cash portion of share-based consulting fee expense 841,000 1,112,000 1,953,000 Net cash used in operating activities (210,850 ) 72,253 (138,597 ) Loans from related parties - 83,762 83,762 Repayment of loans from related parties (156,857 ) 137,168 (19,689 ) Issuance of common stock 320,682 (293,182 ) 27,500 Net cash provided by financing activities 266,825 (72,252 ) 194,573 |
Organization and Business Des_2
Organization and Business Description (Details Narrative) - USD ($) | Oct. 15, 2020 | Sep. 30, 2020 |
State of incorporation | Nevada | |
Date of incorporation | Feb. 7, 2011 | |
Subsequent Event [Member] | Agreement [Member] | Ms. Kayla Ranee Smith [Member] | Workstar Tech (Aust) Pty Ltd [Member] | ||
Purchase of asset | $ 302,876 | |
Payment term | Rayont Technologies Pty Ltd entered an agreement on October 15, 2020 with Ms. Kayla Ranee Smith to purchase the assets of Workstar Tech (Aust) Pty Ltd for AUD 302,876.22 payable over 90 days upon Ms Smith transfers the assets to Rayont Technologies Pty Ltd. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Net loss | $ (229,445) | $ (2,302,463) |
Net current liability | 2,337,102 | 100,797 |
Accumulated loss | (3,775,620) | (3,546,175) |
Cash | 2,811 | 836 |
Intangible assets | $ 2,000,000 | $ 2,000,000 |
Minimum [Member] | ||
Estimated useful lives, property and equipment | 5 years | |
Minimum [Member] | Sales Revenue [Member] | One Customer [Member] | ||
Concentration of risk percentage | 10.00% | 10.00% |
Minimum [Member] | Accounts Receivable [Member] | One Customer [Member] | ||
Concentration of risk percentage | 10.00% | 10.00% |
Maximum [Member] | ||
Estimated useful lives, property and equipment | 12 years | |
Maximum [Member] | Sales Revenue [Member] | No Supplier [Member] | ||
Concentration of risk percentage | 10.00% | 10.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Exchange Rates (Details) | Sep. 30, 2020 | Sep. 30, 2019 |
Year-end AUD [Member] | ||
Foreign currency translation exchange rate | 0.7141 | 0.7009 |
Yearly average AUD [Member] | ||
Foreign currency translation exchange rate | 0.6772 | 0.7032 |
Property and Equipment, Net (De
Property and Equipment, Net (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expenses | $ 101,593 | $ 104,985 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Total | $ 1,247,800 | $ 1,179,103 |
Less: accumulated depreciation | (403,256) | (279,961) |
Total property and equipment, net | 844,544 | 899,142 |
Laser Equipment [Member] | ||
Total | 1,240,422 | 1,171,725 |
Computer Equipment [Member] | ||
Total | $ 7,378 | $ 7,378 |
Note Payable (Details Narrative
Note Payable (Details Narrative) - USD ($) | Feb. 07, 2020 | Aug. 12, 2019 | Sep. 30, 2020 |
Repayment of principal amount | $ 103,000 | ||
Repayment of accrued interest | $ 4,120 | ||
Interest expense | $ 4,120 | ||
Noninterest-bearing notes payable, description | The Company's subsidiary entered into several loan agreements with outside creditors for the purpose to support its operation. The loans bear no interest and are due on December 31, 2020. As of September 30, 2020, the Company had outstanding balances of $143,755 to the outside creditors. | ||
Noninterest-bearing notes payable | $ 143,755 | ||
Securities Purchase Agreement [Member] | |||
Note principal amount | $ 103,000 | ||
Note bears interest | 8.00% | ||
Note maturity date | Feb. 12, 2021 | ||
Note maturity, description | The amount under the Note may be converted into common stock , $0.001 par value per share, by the Holder at any time during the period beginning on the date which is 180 days following the date of this Note and ending on the later on the later of the maturity date and the date of payment of the default amount. |
Note Payable - Schedule of Note
Note Payable - Schedule of Note Payable (Details) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Debt Disclosure [Abstract] | ||
8% convertible note payable | $ 103,000 | |
Noninterest-bearing notes payable | 143,755 | |
Total | 143,755 | 103,000 |
Notes payable - current | 143,755 | |
Notes payable - noncurrent | $ 103,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | Apr. 08, 2020 | Apr. 26, 2019 | Apr. 08, 2019 | Feb. 11, 2019 | Jan. 31, 2019 | Jan. 30, 2019 | Jan. 14, 2019 | Dec. 19, 2018 | Sep. 30, 2020 |
Compensation cost | $ 20,000 | ||||||||
2019 Equity Incentive Plan [Member] | |||||||||
Issuance of shares for service rendered | 250,000 | ||||||||
Price per share | $ 0.08 | ||||||||
Consultant [Member] | |||||||||
Issuance of shares for service rendered | 900,000 | 3,000,000 | |||||||
Price per share | $ 0.26 | $ 0.32 | |||||||
Two consultants [Member] | |||||||||
Issuance of shares for service rendered | 200,000 | ||||||||
Price per share | $ 0.26 | ||||||||
Consultants [Member] | |||||||||
Issuance of shares for service rendered | 150,000 | 300,000 | |||||||
Price per share | $ 0.26 | $ .26 | |||||||
Marketing staff [Member] | |||||||||
Issuance of shares for service rendered | 250,000 | ||||||||
Price per share | $ .26 | ||||||||
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 Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Net loss | $ (229,445) | $ (2,302,463) |
United States [Member] | ||
Net loss | 76,000 | 2,080,000 |
Malaysia [Member] | ||
Net loss | $ 25,000 | $ 14,000 |
Income Tax - Schedule of Deferr
Income Tax - Schedule of Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset, generated from net operating loss | $ 504,499 | $ 482,384 |
Valuation allowance | (504,499) | (482,384) |
Net deferred tax asset |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 20, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Agreed to grant a loan | $ 93,000 | ||
Loan bears an interest rate | 8.00% | ||
Maturity date | Feb. 19, 2020 | ||
Loans receivable | $ 93,000 | $ 93,000 | |
Interest income | 10,152 | ||
Loans receivable noncurrent | 191,360 | ||
Rayont International [Member] | |||
Loans receivable | $ 91,283 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Due to Related Parties (Details) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Due to related parties | $ 2,152,558 | $ 87,136 |
Due to NHE [Member] | ||
Due to related parties | 1,846,990 | |
Due to THF HK [Member] | ||
Due to related parties | 200,000 | |
Due to Rural [Member] | ||
Due to related parties | 79,942 | 79,942 |
Others [Member] | ||
Due to related parties | $ 25,626 | $ 7,194 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Oct. 15, 2020AUD ($) | Dec. 15, 2020USD ($)shares | Sep. 30, 2019USD ($) |
Company sold shares to private placement, value | $ 27,500 | ||
Subsequent Event [Member] | |||
Company sold shares to private placement | shares | 7,734,413 | ||
Company sold shares to private placement, value | $ 545,943 | ||
Subsequent Event [Member] | Asset Purchase Member [Member] | Ms. Kayla Ranee Smith [Member] | AUD [Member] | |||
Amount payable under asset purchase agreement | $ 302,876 |
Restatement of Prior Issued F_3
Restatement of Prior Issued Financial Statements - Summary of Restatement for the Consolidated Financial Statements (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Selling, general and administrative expenses | $ 323,932 | $ 2,201,693 |
Total operating expenses | 425,525 | 2,306,678 |
Net loss | (229,445) | (2,302,463) |
Additional paid-in capital | 4,677,704 | 4,574,213 |
Accumulated deficit | (3,775,620) | (3,546,175) |
Non-cash portion of share-based consulting fee expense | 20,000 | 1,953,000 |
Net cash used in operating activities | (97,568) | (138,597) |
Loans from related parties | 78,421 | 83,762 |
Repayment of loans from related parties | (19,689) | |
Issuance of common stock | 27,500 | |
Net cash provided by financing activities | $ 110,523 | 194,573 |
As Previously Reported [Member] | ||
Selling, general and administrative expenses | 1,154,693 | |
Total operating expenses | 1,259,678 | |
Net loss | (1,262,716) | |
Additional paid-in capital | 3,534,446 | |
Accumulated deficit | (2,506,428) | |
Non-cash portion of share-based consulting fee expense | 841,000 | |
Net cash used in operating activities | (210,850) | |
Loans from related parties | ||
Repayment of loans from related parties | (156,857) | |
Issuance of common stock | 320,682 | |
Net cash provided by financing activities | 266,825 | |
Adjustment [Member] | ||
Selling, general and administrative expenses | 1,047,000 | |
Total operating expenses | 1,047,000 | |
Net loss | (1,039,747) | |
Additional paid-in capital | 1,039,767 | |
Accumulated deficit | (1,039,747) | |
Non-cash portion of share-based consulting fee expense | 1,112,000 | |
Net cash used in operating activities | 72,253 | |
Loans from related parties | 83,762 | |
Repayment of loans from related parties | 137,168 | |
Issuance of common stock | (293,182) | |
Net cash provided by financing activities | $ (72,252) |