| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES Basis of Presentation Management acknowledges its responsibility
for the preparation of the accompanying unaudited condensed financial statements which reflect all adjustments, consisting of normal
recurring adjustments, considered necessary in its opinion for a fair statement of its financial position and the results of its
operations for the periods presented. The accompanying unaudited condensed financial statements of the Company have been prepared
in accordance with accounting principles generally accepted in the United States of America (the “U.S. GAAP”) for interim
financial information and with the instructions Article 8-03 of Regulation S-X. Operating results for interim periods are not necessarily
indicative of results that may be expected for the fiscal year as a whole. Certain information and note disclosure normally included
in financial statements prepared in accordance with U.S. GAAP has been condensed or omitted from these statements pursuant to such
accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive financial
statements These unaudited condensed financial statements should be read in conjunction with the summary of significant accounting
policies and notes to the financial statements for the years ended September 30, 2016 and 2015 of the Company which were included
in the Company’s annual report on Form 10-K as filed with the Securities and Exchange Commission on December 19, 2016. Going Concern These financial statements have been
prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and
commitments in the normal course of business. As reflected in the accompanying unaudited condensed financial statements, the
Company had a net loss of $90,901 for the three months ended December 31, 2016. The net cash used in operations was $63,312
for the three months ended December 31, 2016. Additionally, the Company had an accumulated deficit of $370,958 at September
30, 2016. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The
Company is in the process in building its customer base and expects to generate increased revenues and the Company is seeking
to raise capital through additional debt and/or equity financings to fund its operations in the future. Management cannot
provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise
additional debt and/or equity capital. Although the Company has historically raised capital from sales of common stock, there
is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure
additional lending in the near future, management expects that the Company will need to curtail its operations. These
financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts
and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Use of Estimates The preparation of financial statements in
conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported
amounts of revenues and expenses during the year. Actual results could be affected by those estimates. Included in these estimates
are valuation of marketable securities, assumptions used in determining the useful lives and valuations of long-lived assets, valuation
allowances for deferred tax assets and the fair value of the Company’s common stock, which from time to time may be issued
in exchange for services provided in lieu of cash. Fair Value of Financial Instruments The Company uses the guidance of ASC Topic
820 for fair value measurements which clarifies the definition of fair value, prescribes methods for measuring fair value, and
establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1-Inputs are unadjusted quoted prices
in active markets for identical assets or liabilities available at the measurement date. Level 2-Inputs are unadjusted quoted prices
for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets
that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable
market data. Level 3-Inputs are unobservable inputs which
reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset
or liability based on the best available information. The carrying amounts reported in the balance sheets for cash, prepaid
expenses and other current assets, due to related parties, deferred revenue – related party and deferred revenue approximate
their fair market value based on the short-term maturity of these instruments. The Company did not identify any assets or liabilities
that are required to be presented on the balance sheets at fair value in accordance with the accounting guidance, except as noted
below. The Company’s financial
instruments consist primarily of marketable securities, accounts receivable, accounts payable, and certain accrued liabilities.
Marketable securities are adjusted to fair value each balance sheet date, based on quoted prices; which are considered level 1
inputs (see note 3). The estimated fair value is not necessarily indicative of the amounts the Company would realize in a current
market exchange or from future earnings or cash flows. The fair value of marketable securities categorized as Level 1 that are
measured on a recurring basis totaled $10,585 and $12,436 as of December 31, 2016 and September 30, 2016, respectively. ASC Topic 825-10 “Financial
Instruments” allows entities to voluntarily choose to measure certain other financial assets and liabilities at fair value
(fair value option). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable, unless a new
election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should
be reported in earnings at each subsequent reporting date. The Company did not elect to apply the fair value option to any outstanding
instruments. Cash
and Cash Equivalents For purposes of the consolidated statements
of cash flows, the Company considers all highly liquid instruments with a maturity of three months or less at the purchase date
and money market accounts to be cash equivalents The Company had no cash equivalents during the three months ended December 31,
2016 and 2015. Concentration of Credit Risk and Revenues
The Company maintains its cash in financial
institutions for which balances are insured up to Federal Deposit Insurance Corporation limits of $250,000 per account. At times,
cash balances may exceed the federally insured limits. However, the Company has not experienced any losses on this balance. During the three months ended December 31,
2016 and 2015, one customer who is a related party, accounted 84% and 21% of all of the Company’s revenues, respectively.During
the three months ended December 31, 2016 and 2015, the Company had five and one customers which accounted for the remaining revenues
during the periods, respectively. Marketable Securities Pursuant to ASC 320, Investments – Debt
and Equity Securities, marketable securities held by the Company are held for an indefinite period of time and thus are classified
as available-for-sale securities. The fair value is based on quoted market prices for the investment as of the balance sheet date.
Realized investment gains and losses are included in the statement of operations, as are provisions for other than temporary declines
in the market value of available for-sale securities. Unrealized gains and unrealized losses deemed to be temporary are excluded
from earnings (losses), net of applicable taxes, as a component of other comprehensive income (loss). Factors considered in judging
whether an impairment is other than temporary include the financial condition, business prospects and creditworthiness of the issuer,
the length of time that fair value has been less than cost, the relative amount of decline, and the Company’s ability and
intent to hold the investment until the fair value recovers. Realized gains and losses and decline in value judged to be other
than temporary on available-for-sale securities are included in the statements of operations. The cost of securities sold or disposed
is determined on first-in first-out, or FIFO method. Capitalized Software Development Costs Software development
costs related to the development of the Company’s electronic payment platform software, which is developed for internal use,
falls under the accounting guidance of ASC Topic 350-40, Intangibles Goodwill and Other–Internal Use Software Impairment of Long-lived Assets In accordance with ASC Topic 360, the Company
reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets
may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between
the asset’s estimated fair value and its book value. Revenue Recognition The Company recognizes revenue when
persuasive evidence of a sale arrangement exists, services have been rendered, the sales price is fixed and determinable and
collectability is reasonably assured. Revenues consists of fees generated through the electronic processing of payment
transactions and related services, and is recognized as revenue during the period the transactions are processed or when the
related services are performed. Merchants may be charged for these processing services at a bundled rate based on a
percentage of the dollar amount of each transaction and, in some instances, additional fees are charged for each transaction.
Merchant customers are generally charged a flat fee per transaction, while others may also be charged miscellaneous fees,
including fees for charge backs or returns, monthly minimums, and other miscellaneous services. Revenues also includes any
up-front fees for the work involved in implementing the basic functionality required to provide electronic payment processing
services to a customer. Revenue from such implementation fees is recognized over the term of the related service contract.
The Company’s revenue is comprised of monthly recurring services provided to customers, for whom charges are contracted
for over a specified period of time. Payments received from customers that are related to future periods are recorded as
deferred revenue until the service is provided. Stock-Based Compensation Stock-based compensation is accounted for based
on the requirements of the Share-Based Payment topic of ASC Topic 718 which requires recognition in the financial statements of
the cost of employee and director services received in exchange for an award of equity instruments over the period the employee
or director is required to perform the services in exchange for the award (presumptively, the vesting period). The Financial Accounting
Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange
for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based
payments to consultants and other third-parties, compensation expense is determined at the measurement date defined as the earlier
of a) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached or b) the
date at which the counterparty's performance is complete. The expense is recognized over the vesting period of the award. Until
the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense
based on the fair value of the award at the reporting date. The awards to consultants and other third-parties are then revalued,
or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date. Research and Development Research and development costs are expensed
as incurred. Income Taxes The Company recognizes deferred tax liabilities
and assets based on the temporary differences between the financial statement and tax bases of assets and liabilities that will
result in future taxable or deductible amounts, based on enacted tax laws and rates in effect for the year in which the differences
are expected to affect taxable income. Temporary differences between taxable income reported for financial reporting purposes and
income tax purposes consist primarily of timing differences such as stock-based compensation and deferred revenue. A valuation
allowance is provided against net deferred tax assets when the Company determines it is more likely than not that it will fail
to generate sufficient taxable income to be able to realize the deferred tax assets. The Company follows the accounting guidance
for uncertainty in income taxes using the provisions of ASC740, Income Taxes Loss per Common
Share and Common Share Equivalent Basic loss per share
excludes dilution and is computed by dividing net loss available to common stockholders by the weighted-average number of common
shares outstanding during the period. Diluted (loss) income per share reflects the potential dilution that could occur if securities
or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock
that then shared in the income of the Company. The Company had no dilutive securities outstanding during the three months ended
December 31, 2016 and 2015. Foreign Currency Transactions
The reporting and functional
currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency
at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated
into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that
arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included
in the results of operations as incurred. Transaction gains or losses have not had, and are not expected to have, a material effect
on the results of operations of the Company. Recently Issued Accounting Standards
From time to time, the FASB or other standards
setting bodies will issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting
Standards Update (“ASU”). In May 2014, the FASB issued Accounting Standards
Update No. 2014-09, “ Revenue from Contracts with Customers (Topic 606), In August 2014, the FASB issued ASU 2014-15,
Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In January 2016, the FASB issued ASU No 2016-01,
Recognition and Measurement of Financial Assets and Financial Liabilities, Financial Instruments – Overall (Subtopic 825-10) On March 30, 2016, the
FASB issued ASU No.2016-09 (“ASU 2016-09”) to amend the accounting guidance for share-based payment accounting. The
areas for simplification in ASU 2016-09 involve several aspects of the accounting for share-based payment transactions, including
the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement
of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016 and early adoption is permitted. Management does not believe
that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the
accompanying financial statements. |
