| 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, 2017 and 2016 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 15, 2017. 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 $356,046 for the three months ended December 31, 2017. The net cash used in operations was $101,249 for the three months
ended December 31, 2017. Additionally, the Company had an accumulated deficit of $5,687,938 and a stockholders’ deficit
of $355,694 at December 31 2017. It is management’s opinion that these conditions raise substantial doubt about the Company’s
ability to continue as a going concern for a period of twelve months from the issue date of this report. 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 and debt financing, 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 debt 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 financial statements and the reported amounts
of revenues and expenses during the year. Actual results could differ from those estimates. Included in these estimates are valuation
of marketable securities, assumptions used in determining the useful lives and valuations of long-lived assets, the fair value
of derivative liabilities, valuation allowances for deferred tax assets and the valuation of stock issued for services. Fair value of financial instruments and fair value measurements FASB ASC 820 — Fair Value Measurements
and Disclosures, FASB ASC 820 specifies a hierarchy of valuation
techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect
market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest
priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are 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 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 that
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 and cash equivalents, accounts receivable, loans, accounts payable, accrued expenses, and other payables approximate
their fair market value based on the short-term maturity of these instruments. The Company analyzes all financial and non-financial
instruments with features of both liabilities and equity under the FASB’s accounting standard for such instruments. Under
this standard, financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of
input that is significant to the fair value measurement. The Company accounts for the following instruments
at fair value.
At December 31, 2017 At September 30, 2017
Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Marketable securities $ 2,823 — — $ 2,734 — —
Derivative liabilities — — $ 345,344 — — — Fair Value of Financial Assets and
Liabilities Measured on a Recurring Basis 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 $2,823 and $2,734 as of December 31, 2017 and September 30, 2017, respectively. The Company’s convertible
notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that
would be available to the Company for similar financial arrangements at December 31, 2017. The Company uses Level 3 of the fair
value hierarchy to measure the fair value of the derivative liabilities (see note 5) and revalues its derivative liability on the
conversion feature at every reporting period and recognizes gains or losses in the statements of operations that are attributable
to the change in the fair value of the derivative liabilities. The fair value of derivative financial instruments, measured and
recorded at fair value on the Company’s balance sheets on a recurring basis, and their level within the fair value hierarchy
as of December 31, 2017 measured $345,344. Cash
and Cash Equivalents For purposes of the 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 at December 31, 2017 and September 30, 2017. Concentration of Credit Risk, Accounts
Receivable and Revenues The Company maintains its cash in financial
institutions in the United States for which balances are insured up to Federal Deposit Insurance Corporation limits of $250,000
per account. The Company also maintains cash in financial institutions based in the country of Cyprus. At December 31, 2017, bank
accounts in Cyprus are insured for up to $119,000 per Bank under the regulations of the European Union. At times, cash balances
may exceed the federally insured limits. The Company had no amounts that exceeded insured limits at December 31, 2017 and September
30, 2017. All of the Company’s revenues
are from customers that are located outside of the United States. There are three customers that account for 94.2 % of the Company’s
Accounts Receivable balance at December 31, 2017 (12%, 26% and 56.2% from a related party). For the three months ended December
31, 2017, three customers accounted for approximately 96.6% of the total revenues (39.9%, 8.2% and 48.5% from a related party).
For the three months ended December 31, 2016, one customer who is a related party, accounted for 84% of the Company’s revenue.
The Company had five customers which accounted for the remaining revenue during the period ended December 31, 2016. Prepaid Expenses and Other Current
Assets Prepaid expenses and other current
assets of $1,667 and $10,167 at December 31, 2017 and September 31, 2017, respectively, consist primarily of costs paid for future
services which will occur within a year. Prepaid expenses include prepayments in cash and equity instruments for consulting, public
relations and business advisory services, and accounting fees which are being amortized over the terms of their respective agreements. 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 our 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 The Company reviews intangible assets
for impairment whenever events or changes in circumstances indicate that the carrying value of assets may not be recoverable. As
a result, we fully impaired all capitalized software costs as of September 30, 2017. Intangible Assets Intangible assets with finite lives
primarily consist of licensed technology and were being amortized on a straight-line basis over the expected period to be benefited
by future cash flows of two years and reviewed for impairment. As a result, we fully impaired all intangible assets as of September
30, 2017. 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. Derivative liabilities The Company evaluates all its financial instruments
to determine if those contracts or any potential embedded components of those contracts qualify as derivatives to be separately
accounted for in accordance with FASB ASC 815-10-05-4 and 815-40. This accounting treatment requires that the carrying
amount of any embedded derivatives be recorded at fair value at issuance and marked-to-market at each balance sheet date. In
the event that the fair value is recorded as a liability, as is the case with the Company, the change in the fair value during
the period is recorded as either income or expense. Upon conversion or exercise, the derivative liability is marked to fair value
at the conversion date and then the related fair value is reclassified to equity. 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 consist 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 plus percentage per transaction, while others may also be charged
miscellaneous fees, including fees for chargebacks or returns, monthly minimums, and other miscellaneous services. Revenues
also include 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 ASC 718, Share-Based Payment, 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. Loss per
Common Share and Common Share Equivalent Basic net loss per share is
computed by dividing the net loss by the weighted average number of common shares during the period. Diluted net loss per share
is computed using the weighted average number of common shares and potentially dilutive securities outstanding during the period.
At December 31, 2017 and September 30, 2017, the Company has 548,885 and 0 potentially dilutive securities outstanding, respectively,
related to the convertible promissory notes. Those potentially dilutive common stock equivalents were excluded from the dilutive
loss per share calculation as they would be antidilutive due to the net loss. 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),” (“ASU
2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising
from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance.
This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new
model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that
reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for
public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods.
Early adoption is not permitted. The FASB has approved a one-year deferral of the effective date with the option to early
adopt using the original effective date. Entities may use either a full retrospective or a modified retrospective approach to
adopt ASU 2014-09. In December 2016, the FASB issued Accounting Standards Update No. 2016-20, Technical Corrections and
Improvements to Topic 606, Revenue from Contracts with Customers, or ASU 2016-20. In May 2016, the FASB issued Accounting
Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical
Expedients, or ASU 2016-12. In April 2016, the FASB issued Accounting Standards Update No. 2016-10, Revenue from Contracts
with Customers (Topic 606): Identifying Performance Obligations and Licensing, or ASU 2016-10. In March 2016, the FASB issued
Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent
Considerations (Reporting Revenue Gross), or ASU 2016-08. These updates provide additional clarification and
implementation guidance on the previously issued Accounting Standards Update No. 2014-09, Revenue from Contracts with
Customers (Topic 606), or ASU 2014-09. The amendments in ASU 2016-20 provide technical corrections to various implementation
examples and clarifying guidance on the treatment of capitalized advertising costs, impairment testing of capitalized
contract costs, performance obligation disclosures and scope exceptions. The amendments in ASU 2016-12 provide clarifying
guidance on assessing collectability; noncash consideration; presentation of sales taxes; and transition. The amendments in
ASU 2016-10 provide clarifying guidance on the materiality and evaluation of performance obligations; treatment of shipping
and handling costs; and determining whether an entity's promise to grant a license provides a customer with either a right to
use or a right to access an entity's intellectual property. The amendments in ASU 2016-08 clarify how an entity should
identify the specified good or service for the principal versus agent evaluation and how it should apply the control
principle to certain types of arrangements. Collectively, these updates will require a company to recognize revenue when it
transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects
to be entitled in exchange for those goods or services. The adoption of ASU 2016-20, ASU 2016-12, ASU 2016-10 and ASU 2016-08
is to coincide with an entity's adoption of ASU 2014-09. The new guidance permits adoption through either a full
retrospective approach or a modified retrospective approach with a cumulative effect adjustment to retained earnings.
The Company has assessed the impact that adopting this new accounting guidance will have on its financial statements and
footnote disclosures and believes such impact will not be material. In January 2016, the FASB issued
ASU 2016-01, "Financial Instruments—Overall (Topic 825-10): "Recognition and Measurement of Financial Assets
and Financial Liabilities." ASU 2016-01 amends the guidance on the classification and measurement of financial
instruments. Some of the amendments in ASU 2016-01 include the following: 1) requires equity investments (except those
accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at
fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments
without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) requires public
business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure
purposes; and 4) requires an entity to present separately in other comprehensive income the portion of the total change in
the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to
measure the liability at fair value; among others. For public business entities, the amendments of ASU 2016-01 are effective
for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is
not permitted. The Company is currently evaluating the effects of ASU 2016-01 on its financial statements and
disclosures. In August 2016, the FASB issued ASU
2016-15 which addresses eight cash flow classification issues, eliminating the diversity in practice. This ASU is effective for
annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The retrospective transition
method, requiring adjustment to all comparative periods presented, is required unless it is impracticable for some of the amendments,
in which case those amendments would be prospectively applied as of the earliest date practicable. The Company is evaluating the
impact this ASU will have on its financial statements. In January 2017, the FASB issued the
Accounting Standards Update No. 2017-01 (“ASU 2017-01”), Clarifying the Definition of a Business. ASU 2017-01 clarifies
the definition of a business and establishes a screening process to determine whether an integrated set of assets and activities
acquired is deemed the acquisition of a business or the acquisition of assets. ASU 2017-01 is effective for annual and interim
periods beginning after December 15, 2017 and should be applied prospectively, with early adoption permitted. The Company does
not expect that adoption of ASU 2017-01 will have a material impact on its financial statements and related disclosures. 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. |
