Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Mar. 12, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | Kibush Capital Corp | |
Entity Central Index Key | 0001614466 | |
Document Type | 10-K | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
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 Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 175,814 | |
Entity Common Stock, Shares Outstanding | 443,354,541 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | |
CURRENT ASSETS | |||
Cash | $ 2,224 | $ 2,155 | |
Cash in Transit | |||
Trade Debtors | 15,929 | 5,780 | |
Inventory - Raw Materials | |||
Prepaid expenses | |||
TOTAL CURRENT ASSETS | 18,153 | 7,935 | |
Property and equipment, net | 126,121 | 112,612 | |
Investment in unconsolidated Joint Venture/Mining Rights | |||
OTHER ASSETS | 52,106 | 50,171 | |
TOTAL CURRENT ASSETS AND TOTAL ASSETS | 196,380 | 170,718 | |
CURRENT LIABILITIES: | |||
Accounts Payable | |||
Accrued Expenses | 960,249 | 611,899 | |
Wages Payable | 2,392 | ||
Convertible notes payable | [1] | 91,166 | 91,166 |
Loans from Related Parties | 1,956,986 | 1,737,566 | |
Derivative Liabilities | 728,080 | 726,871 | |
TOTAL CURRENT LIABILITIES | 3,738,873 | 3,167,502 | |
STOCKHOLDERS' EQUITY (DEFICIENCY) | |||
Common stock, $0.001 par value; 975,000,000 shares authorized at September 30, 2019 and $0.001 par value; 975,000,000 shares authorized at September 30, 2018, respectively | 443,355 | 443,355 | |
Additional paid-in capital | 9,842,517 | 9,842,517 | |
Accumulated Operating deficit | (13,728,369) | (13,199,727) | |
Total stockholders' deficit | (3,419,497) | (2,890,855) | |
Non-Controlling interest | (122,996) | (105,929) | |
Total stockholders' deficit, including non-controlling interest | (3,542,493) | (2,996,784) | |
Total liabilities and stockholders' deficit | 196,380 | 170,718 | |
Series A Preferred Stock [Member] | |||
STOCKHOLDERS' EQUITY (DEFICIENCY) | |||
Preferred stock value | 3,000 | 3,000 | |
Series B Preferred Stock [Member] | |||
STOCKHOLDERS' EQUITY (DEFICIENCY) | |||
Preferred stock value | $ 20,000 | $ 20,000 | |
[1] | See Note 6 for details of Convertible notes. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 | Feb. 28, 2014 | Oct. 12, 2013 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 975,000,000 | 975,000,000 | ||
Series A Preferred Stock [Member] | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Preferred stock, shares issued | 3,000,000 | 3,000,000 | ||
Preferred stock, shares outstanding | 3,000,000 | 3,000,000 | ||
Series B Preferred Stock [Member] | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Preferred stock, shares issued | 20,000,000 | 20,000,000 | ||
Preferred stock, shares outstanding | 20,000,000 | 20,000,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity (Deficiency) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-In Capital [Member] | Non Controlling Interest [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Sep. 30, 2017 | $ 3,960 | $ 23,000 | $ 9,467,573 | $ (74,541) | $ (13,245,316) | $ (3,825,324) | |
Balance, shares at Sep. 30, 2017 | 3,959,541 | 23,000,000 | |||||
Common stock issued for repayment of convertible note | $ 439,395 | (120,056) | 319,339 | ||||
Common stock issued for repayment of convertible note, shares | 439,395,000 | ||||||
Class B Preferred stock issued for repayment of back salary (29.11.16) adjustment | 145,000 | 145,000 | |||||
Write back accruals | 350,000 | 350,000 | |||||
Exchange rate variation | |||||||
Net Income (Loss) | (31,388) | 45,589 | 14,201 | ||||
Balance at Sep. 30, 2018 | $ 443,355 | $ 23,000 | 9,842,517 | (105,929) | (13,199,727) | (2,996,784) | |
Balance, shares at Sep. 30, 2018 | 443,354,541 | 23,000,000 | |||||
Exchange rate variation | 1 | 1 | |||||
Net Income (Loss) | (17,067) | (528,643) | (545,710) | ||||
Balance at Sep. 30, 2019 | $ 443,355 | $ 23,000 | $ 9,842,517 | $ (122,996) | $ (13,728,369) | $ (3,542,493) | |
Balance, shares at Sep. 30, 2019 | 443,354,541 | 23,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||
Net revenues | $ 178,768 | $ 81,042 |
Cost of sales | (122,899) | (163,001) |
Gross profit | 55,869 | (81,959) |
Operating expenses: | ||
Research and development | ||
General and administrative | 499,818 | 393,910 |
Total operating expenses | 499,818 | 393,910 |
Loss from operations | (443,949) | (475,869) |
Other income (expense): | ||
Interest income | ||
Interest expense | (100,552) | (116,080) |
Other income | ||
Change in fair value of derivative liabilities | (1,209) | 606,150 |
Total other expense, net | (101,761) | 490,070 |
Loss before provision for income taxes | (545,710) | 14,201 |
Provision for income taxes | ||
Net loss from Operations | (545,710) | 14,201 |
Less: Loss attributable to non-controlling interest | 17,067 | 31,388 |
Gain/Loss from discontinued operations | ||
Less Net loss from discontinued operations | ||
Net loss attributable to Holding Company | $ (528,643) | $ 45,589 |
Operating Basic and diluted loss per common share | $ 0 | $ 0 |
Discontinued Operating basic and diluted loss per common share | $ 0 | $ 0 |
Weighted average common shares outstanding basic and diluted | 233,177,226 | 233,177,226 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||
Net loss | $ (528,643) | $ 45,589 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 13,082 | 16,618 |
Amortization of debt discount | ||
Discontinued operations | ||
Gain/Loss from discontinued operations | ||
Change in fair value of derivative instruments | 1,209 | (606,150) |
Stock based payments | ||
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | ||
Others asset | ||
Inventory Raw Materials | ||
Accounts receivable | (10,958) | 19,922 |
Wages payable | 2,392 | |
Accrued expenses | 260,127 | 149,225 |
Accrued interest | 100,552 | 116,080 |
Deposits | ||
Net cash used in operating activities | (162,239) | (258,716) |
Investing Activities: | ||
Goodwill on Consolidation | ||
Paradise Gardens | ||
Purchase of property and equipment | (23,453) | (3,153) |
Net cash used in investing activities | (23,453) | (3,153) |
Financing Activities: | ||
Proceeds from issuance of convertible debt, net of debt discounts | ||
Repayment of loan from related party | ||
Proceeds from related party loans, net of debt discounts | 217,749 | 288,468 |
Net cash provided by financing activities | 217,749 | 288,468 |
Effective of exchange rates on cash | (31,988) | (30,228) |
Net change in cash | 69 | 3,629 |
Cash, beginning of year | 2,155 | 5,784 |
Cash, end of year | $ 2,224 | $ 2,155 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 12 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Business Kibush Capital Corporation (formerly David Loren Corporation) (the “Company”) includes its 90% owned subsidiary Aqua Mining (PNG). See Basis of Presentation below. The Company has two primary businesses: (i) mining exploration within Aqua Mining, and (ii) timber operations in Papua New Guinea by Aqua Mining. Basis of Presentation The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements of the Company include the accounts of the Company, and all entities in which a direct or indirect controlling interest exists through voting rights or qualifying variable interests. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Change in Fiscal Year End The Board of Directors of the Company approved on September 14, 2014, a change in the Company’s fiscal year end from December 31 to September 30 of each year. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As at September 30, 2018, the Company has an accumulated deficit of $13,199,727 and $13,728,369 as of September 30, 2019, and has not earned sufficient revenues to cover operating costs since inception and has a working capital deficit. The Company intends to fund its logging operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue mining exploration and execution of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Functional and Reporting Currency The consolidated financial statements are presented in U.S. Dollars. The Company’s functional currency is the U.S. Dollar. The functional currency of Aqua Mining is the Papua New Guinean kina. Assets and liabilities are translated using the exchange rate on the respective balance sheet dates. Items in the income statement and cash flow statement are translated into U.S. Dollars using the average rates of exchange for the periods involved. The resulting translation adjustments are recorded as a separate component of other comprehensive income/(loss) within stockholders’ equity. The functional currency of foreign entities is generally the local currency unless the primary economic environment requires the use of another currency. Gains or losses arising from the translation or settlement of foreign-currency-denominated monetary assets and liabilities into the functional currency are recognized in the income in the period in which they arise. However, currency differences on intercompany loans that have the nature of a permanent investment are accounted for as translation differences as a separate component of other comprehensive income/(loss) within stockholders’ equity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the principal accounting policies are set out below: Cash The Company maintains its cash balances in interest and non-interest bearing accounts which do not exceed Federal Deposit Insurance Corporation limits. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Kibush Capital and Aqua Mining. All intercompany accounts and transactions have been eliminated. Other Comprehensive Income and Foreign Currency Translation FASB ASC 220-10-05, Comprehensive Income The accompanying consolidated financial statements are presented in United States dollars. Reclassifications Reclassifications have been made to prior year consolidated financial statements in order to conform the presentation to the statements as of and for the period ended September 30, 2014. On June 10, 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make certain 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 reporting period. Significant estimates made by management are, recoverability of long-lived assets, valuation and useful lives of intangible assets, valuation of derivative liabilities, and valuation of common stock, options, warrants and deferred tax assets. Actual results could differ from those estimates. Non-Controlling Interests Investments in associated companies over which the Company has the ability to exercise significant influence are accounted for under the consolidation method, after appropriate adjustments for intercompany profits and dividends. In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations.” It requires an acquirer to recognize, at the acquisition date, the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their full fair values as of that date. In a business combination achieved in stages (step acquisitions), the acquirer will be required to re-measure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. The acquisition-related transaction and restructuring costs will no longer be included as part of the capitalized cost of the acquired entity but will be required to be accounted for separately in accordance with applicable generally accepted accounting principles. U.S. SFAS No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. A non-controlling interest in a subsidiary is an ownership interest in a consolidated entity that is reported as equity in the consolidated financial statements and separate from the Company’s equity. In addition, net income/(loss) attributable to non-controlling interests is reported separately from net income attributable to the Company in the consolidated financial statements. The Company’s consolidated statements present the full amount of assets, liabilities, income and expenses of all of our consolidated subsidiaries, with a partially offsetting amount shown in non-controlling interests for the portion of these assets and liabilities that are not controlled by us. For our investments in affiliated entities that are included in the consolidation, the excess cost over underlying fair value of net assets is referred to as goodwill and reported separately as “Goodwill” in our accompanying consolidated balance sheets. Goodwill may only arise where consideration has been paid. Property and Equipment Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statement of operations. Impairment of Long-Lived Assets In accordance with FASB ASC 360-10-5, Accounting for the Impairment or Disposal of Long-Lived Assets ● Significant under performance relative to expected historical or projected future operating results; ● Significant changes in its strategic business objectives and utilization of the assets; ● Significant negative industry or economic trends, including legal factors; If the Company determines that the carrying values of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, the Company’s management performs an undiscounted cash flow analysis to determine if impairment exists. If impairment exists, the Company measures the impairment based on the difference between the asset’s carrying amount and its fair value, and the impairment is charged to operations in the period in which the long-lived asset impairment is determined by management. The carrying value of the Company’s investment in Joint Venture contract with leaseholders of certain Mining Leases in Papua New Guinea represents its ownership, accounted for under the equity method. The ownership interest is not adjusted to fair value on a recurring basis. Each reporting period the Company assesses the fair value of the Company’s ownership interest in Joint Venture in accordance with FASB ASC 325-20-35. Each year the Company conducts an impairment analysis in accordance with the provisions within FASB ASC 320-10-35 paragraphs 25 through 32. Fair Value of Financial Instruments The carrying amounts of the Company’s cash, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of those financial instruments. The Company believes the carrying amount of its notes payable approximates its fair value based on rates and other terms currently available to the Company for similar debt instruments Beneficial Conversion Features of Debentures In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of debentures and related accruing interest is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method. Derivative Financial Instruments We apply the provisions of FASB ASC 815-10, Derivatives and Hedging In applying the Black-Scholes valuation model, the Company used the following assumptions during the year ended September 30, 2019: For the year ended September 30, 2019 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 1.7 % Expected volatility 55 % The inputs used to measure fair value fall in different levels of the fair value hierarchy, a financial security’s hierarchy level is based upon the lowest level of input that is significant to the fair value measurement. The Company determines the fair value of its derivative instruments using a three-level hierarchy for fair value measurements which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy: Level 1 Level 2 Level 3 The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of September 30, 2018, and as of September 30, 2019: Carry Value at Carry Value at September 30, 2019 September 30, 2018 Derivative liabilities: Embedded conversion features - notes $ 728,080 $ 726,871 Total derivative liability $ 728,080 $ 726,871 For the year ended For the year ended September 30, 2019 September 30, 2018 Change in fair value included in other income (expense), net -1,209 606,150 The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the year ended For the year ended September 30, 2019 September 30, 2018 Embedded Conversion Features - Notes: Balance at beginning of year $ 726,871 $ 1,333,021 Change in derivative liabilities $ 2,418 $ (1,212,300 ) Net change in fair value included in net loss -1,209 606,150 Ending balance $ 728,080 $ 726,871 The Company re-measures the fair values of all its derivative liabilities as of each period end and records the net aggregate gain/loss due to the change in the fair value of the derivative liabilities as a component of other expense, net in the accompanying consolidated statement of operations. During the years ended September 30, 2019 and 2018, the Company recorded a net increase (decrease) to the fair value of derivative liabilities balance of $ (1,209) and $ 606,150, respectively. Loss per Share The Company applies FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive. Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs Pursuant to EITF 04-02, “Whether Mineral Rights are Tangible or Intangible Assets and Related Issues”, the Company has an accounting policy to capitalize the direct costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature (lease) bonuses, options to purchase or lease properties, and brokers’ and legal fees. If the acquired mineral rights relate to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured exploration rights prior to establishment of proven and probable reserves. Accounting Treatment of Mining Interests At this time, the Company does not directly own or directly lease mining properties. However, the Company does have contractual rights and governmental permits which allow the Company to conduct mining exploration on the properties referenced in this report. These contractual relationships, coupled with the government permits issued to the Company (or a subsidiary), are substantially similar in nature to a mining lease. Therefore, we have treated these contracts as lease agreements from an accounting prospective. Research and Development Research and development costs are recognized as an expense in the period in which they are incurred. The Company incurred no research and development costs for the years ended September 30, 2019 and 2018, respectively. Recent Accounting Pronouncements In October 2018, FASB issued Accounting Standards Update 2018-16, Derivaties and Hedging (Topic 805): Inclusion of the Secured Overnight Financing Rate (SOFR) Overight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU amends ASC 815 to add the OIS rate based on the SOFR as a fifth US benchmark interest rate. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In October 2018, FASB issued Accounting Standards Update 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. The ASU amends ASC 808 to clarify ASC 606 should apply in entirety to certain transactions between collaborative arrangement participants. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The ASU changes the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Thus, the effective date for such entities’ annual financial statements is now aligned with that for these interim financial statements. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. In December 2018, FASB issued Accounting Standards Update 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The amendments are designed to make lessors adoption of the new leases standard easier such as accounting policy election on sales tax, exclude variable payments for all lessor costs, and clarification on lessor costs. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. |
Investments in Subsidiaries
Investments in Subsidiaries | 12 Months Ended |
Sep. 30, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Subsidiaries | NOTE 3 – INVESTMENTS IN SUBSIDIARIES The Company owns interests in the following entities which was recorded at their book value since they were related party common control acquisitions. Investment Ownership % Aqua Mining (PNG) 34 90 % As Aqua Mining (PNG) Ltd was acquired from a related entity, Five Arrows Limited (see Note 10 – Business Combinations), the shares were recorded in the accounts at their true cost value. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 4 – PROPERTY AND EQUIPMENT September 30, 2019 September 30, 2018 Plant Equipment 89,322 65,869 Motor Vehicle 111,585 111,585 200,907 177,454 Less accumulated depreciation -74,786 -64,842 $ 126,121 $ 112,612 Depreciation expense was approximately $13,082 for the year ended September 30, 2019 and $16,618 for the year ended September 30, 2018. |
Convertible Notes Payable
Convertible Notes Payable | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | NOTE 5 – CONVERTIBLE NOTES PAYABLE September 30, 2019 Note Face Amount Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2016 Note - - - 2017 Note - - - Total $ 91,166 $ - $ 91,166 September 30, 2018 Note Face Amount Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2016 Note - - - 2017 Note - - - Total $ 91,166 $ - $ 91,166 2011 Note On May 1, 2011, the Company issued a 2.00% Convertible Note due April 30, 2012 with a principal amount of $32,000 (the “2011 Note”) for cash. Interest on the 2011 Note is accrued annually effective from May 1, 2011 forward. The 2011 Note is unsecured and repayable on demand. The 2011 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $22,166. As of September 30, 2019, the note has been discounted by $0. 2012 Note On January 2, 2012, the Company issued a 2.00% Convertible Note due January 1, 2013 with a principal amount of $48,000 (the “2012 Note”) for cash. Interest on the 2012 Note is accrued annually effective from January 2, 2012 forward. The 2012 Note is unsecured and repayable on demand. The 2012 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $48,000. As of September 30, 2019, the note has been discounted by $0. 2013 Note On January 3, 2013, the Company issued a 2.00% Convertible Note due January 2, 2014 with a principal amount of $12,000 (the “2013 Note”) for cash. Interest on the 2013 Note is accrued annually effective from January 3, 2013 forward. The 2013 Note is unsecured and repayable on demand. The 2013 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $12,000. As of September 30, 2019, the note has been discounted by $0. 2014 Note On August 25, 2014, the Company issued two 12.00% Convertible Promissory Note due February 25, 2015 with a principal amount of $50,000 each (the “2014 Note”) for cash. Interest on the 2014 Note is accrued annually effective from August 25, 2014 forward. The 2014 Note is unsecured. The notes are convertible at a conversion price the lesser of (a) $0.25 per share, or (b) the price per share as reported on the Over-the-Counter Bulletin Board on the conversion date. The Note Holders also received Warrants to purchase an aggregate of 800,000 shares of our common stock at an initial exercise price of $0.25 per share. Each of the Warrants has a term of five (5) years. The embedded conversion feature of the 2014 Notes and Warrants were recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the 2014 Notes. The fair value on the grant date of the embedded conversion feature of the convertible debt was $145,362 as computed using the Black-Scholes option pricing model. The Company established a debt discount of $100,000, representing the value of the embedded conversion feature inherent in the convertible debt and warrant, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $19,566. The balance of the debt discount was $80,434 at September 30, 2014. For the year ended September 30, 2019, the Company recorded amortization of the debt discount of $0. The balance of the debt discount was $0 at September 30, 2019. The face amount of the outstanding note as of September 30, 2019, is $9,000. 2016 Notes On January 5, 2016, the Company issued a $47,615 Convertible Promissory Note to the McGee Law Firm for services rendered. The Note was due on October 31, 2016 and carried interest at 12.0% per annum. On or after May 1, 2016, at the option of the holder, the then outstanding amount of the Note was convertible into common stock of the Company at a conversion price equal to the lesser of $0.01 per share or 50% of the three lowest closing prices average for the 10 business days prior to the conversion date. On August 11, 2016, the Company restructured a portion a Convertible Promissory Note issued on January 5, 2016 in conjunction with an assignment of that Note. The restructured Note was a 9.00% Convertible Promissory Note due August 11, 2017 with a principal amount of $30,000. Interest on the 2016 Note is accrued annually effective from September 1, 2016 forward. This Note was unsecured and repayable on demand. The 2016 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. On September 13, 2016, the Company restructured a portion a Convertible Promissory Note issued on January 5, 2016 in conjunction with an assignment of that Note. The restructured Note was a 9.00% Convertible Promissory Note due September 13, 2017 with a principal amount of $15,836.32. Interest on the 2016 Note is accrued annually effective from October 1, 2016 forward. The 2016 Note is unsecured and repayable on demand. The 2016 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. On August 23, 2016, the Company issued a 9.00% Convertible Promissory Note due August 23, 2017 with a principal amount of $25,000 for cash. Interest on the 2016 Note is accrued annually effective from October 1, 2016 forward. The 2016 Note is unsecured and repayable on demand. The 2016 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. On September 17, 2016, the Company issued a 9.00% Convertible Promissory Note due September 17, 2017 with a principal amount of $25,000 for cash. Interest on the 2016 Note is accrued annually effective from October 1, 2016 forward. The 2016 Note is unsecured and repayable on demand. The 2016 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. 2017 Notes On October 28, 2016, the Company restructured a portion a Convertible Promissory Note issued on August 25, 2014 in conjunction with an assignment of that Note. The restructured Note was a 9.00% Convertible Promissory Note due October 28, 2017 with a principal amount of $35,000. Interest on the 2016 Note is accrued annually effective from November 1, 2016 forward. The 2017 Note is unsecured and repayable on demand. The 2017 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. |
Loan from Related Party
Loan from Related Party | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Loan from Related Party | NOTE 6 – LOAN FROM RELATED PARTY Convertible Notes Issued to the President and Director of Kibush Capital Corporation: September 30, 2018 Note face amount Debt Discount Net Amount of note Loan from related party $ 1,737,566 $ 0 $ 1,737,566 Total $ 1,737,566 $ 0 $ 1,737,566 September 30, 2019 Note face amount Debt Discount Net Amount of note Loan from related party $ 1,956,986 $ 0 $ 1,956,986 Total $ 1,956,986 $ 0 $ 1,956,986 On March 31, 2014, the Company issued a 12.50% Convertible Promissory Note due March 31, 2015 with a principal amount of $157,500 (the “March 2014 Note”) for cash. Interest on the March 2014 Note is accrued annually effective from March 31, 2014 forward. The March 2014 Note is unsecured. The note is convertible into common stock at a price of 50 percent of the average closing bid price, determined on the then current trading market for the ten business days prior to the conversion date. The embedded conversion feature of the March 2014 Notes was recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the March 2014 Notes. The fair value on the grant date of the embedded conversion feature of the convertible debt was $305,039 as computed using the Black-Scholes option pricing model. The fair value was $165,819 for the year ended September 30, 2019. The Company established a debt discount of $157,500, representing the value of the embedded conversion feature inherent in the convertible debt, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $78,966. The balance of the debt discount was $78,534 at September 30, 2014. As of September 30, 2019, the balance of the debt discount was $0. On June 30, 2014, the Company issued a 12.50% Convertible Promissory Note due June 30, 2015 with a principal amount of $110,741 (the “June 2014 Note”) for cash. Interest on the June 2014 Note is accrued annually effective from June 30, 2014 forward. The June 2014 Note is unsecured. The note is convertible into common stock at a price of 50 percent of the average closing bid price, determined on the then current trading market for the ten business days prior to the conversion date. The embedded conversion feature of the June 2014 Note was recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the June 2014 Note. The fair value on the grant date of the embedded conversion feature of the convertible debt was $213,207 as computed using the Black-Scholes option pricing model. The fair value was $116,591 for the year ended September 30, 2019. The Company established a debt discount of $110,741 representing the value of the embedded conversion feature inherent in the convertible debt, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $27,913. The balance of the debt discount was $82,828 at September 30, 2014. As of September 30, 2019, the balance of the debt discount was $0. On September 30, 2014, the Company issued a 12.50% Convertible Promissory Note due September 30, 2015 with a principal amount of $98,575 (the “September 2014 Note”) for cash. Interest on the September 2014 Note is accrued annually effective from September 30, 2014 forward. The September 2014 Note is unsecured. The note is convertible into common stock at a price of 50 percent of the average closing bid price, determined on the then current trading market for the ten business days prior to the conversion date. The embedded conversion feature of the September 2014 Notes was recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the September 2014 Note. The fair value on the grant date of the embedded conversion feature of the convertible debt was $181,771 as computed using the Black-Scholes option pricing model. The fair value was $103,782 for the year ended September 30, 2019. The Company established a debt discount of $98,575 representing the value of the embedded conversion feature inherent in the convertible debt, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $0. The balance of the debt discount was $98,575 at September 30, 2014. As of September 30, 2019, the balance of the debt discount was $0. As of September 30, 2014, and 2013, cumulative interest of $96,579 and $0 respectively, has been accrued on these notes. The Company established a debt discount of $61,273 representing the value of the embedded conversion feature inherent in the convertible debt, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2019, the Company recorded amortization of the debt discount of $0. The balance of the debt discount was $0 at September 30, 2019. On October 1, 2016, the Company issued an 8% Promissory Note due September 30, 2017 with a principal amount of $155,300 (the “October 2016 Note”) for cash received over the period between September 30, 2014 and April 28,2015. No interest was to accrue on the first two years of the loan, interest on the October 2016 Note is to be accrued annually effective from October 1, 2016 forward. The October 2016 Note is unsecured. Cavenagh Capital Corporation is a shareholder in Kibush Capital Corporation. |
Stockholder's Deficit
Stockholder's Deficit | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholder's Deficit | NOTE 7 – STOCKHOLDER’S DEFICIT Common Stock On August 22, 2013, the Company’s Board authorized a 225:1 reverse stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split. On October 12, 2013, the Company issued by director’s resolution, 10,000,000 shares of newly issued common stock for the purchase of a Memorandum of Understanding (dated September 2, 2013) from a related company (Five Arrows Limited); which gave Kibush Capital Corporation the right to acquire 80% ownership in Instacash Pty Ltd, an Australian Currency Services provider, and corporate trustee of the Instacash Trust. As this transaction was with a related party, the value was recorded at the par value of the stock i.e. $0.001 per share of common stock. Between October 23, 2013 and September 30, 2014, the Company issued a total of 3,274,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $3,274 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. On February 28, 2014, the Company issued by director’s resolution, 40,000,000 shares of newly issued common stock to conclude a Assignment and Bill of Sale (dated February 14, 2014) from a related company (Five Arrows Limited); which gave Kibush Capital Corporation the right to enter into a Joint Venture contract with the leaseholders of certain Mining Leases in Papua New Guinea. As this transaction was with a related party, the value was recorded at par value of the stock i.e. $0.001 per share of common stock. Between November 1, 2014 and March 31, 2015, the Company issued a total of 4,560,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $3,274 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between April 1, 2016 and September 30, 2016, the Company issued a total of 190,114,175 shares of common stock upon the requests from convertible note holders to convert principal totaling $190,114 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between October 1, 2016 and December 31, 2016, the Company issued a total of 208,879,614 shares of common stock upon the requests from convertible note holders to convert principal totaling $208,880 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between January 1, 2017 and March 31, 2017, the Company issued a total of 9,375,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $9,375 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between April 1, 2017 and June 30, 2017, the Company issued a total of 405,000,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $405,000 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. On August 23, 2017, the Company’s Board authorized a 1:25 reverse stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split. Preferred Stock Preferred stock includes 50,000,000 shares authorized at $0.001 par value, of which 10,000,000 have been designated Series A and 5,000,000 designated as Series B. A total of 3,000,000 shares of Series A preferred stock are issued and outstanding as of September 30, 2018, and September 30, 2019. A total of 20,000,000 shares of Series B preferred stock were outstanding as of September 30, 2019. No shares of Series B preferred stock were outstanding as of September 30, 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 – INCOME TAXES The provision/(benefit) for income taxes for the year ended September 30, 2019 and 2018 was as follows (assuming a 15% effective tax rate) September 30, 2019 September 30, 2018 Current Tax Provision Federal- Taxable Income - - Total current tax provisions - - $ - $ - Deferred Tax Provision Federal- Loss carry forwards $ - $ 6,838 Change in valuation allowance $ - $ 6,838 Total deferred tax provisions $ - $ - As of September 30, 2019, the Company had approximately $13,714,488 in tax loss carry forwards that can be utilized future periods to reduce taxable income, and the carry forward incurred for the year ended September 30, 2019 will expire by the year 2035. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Corporation are subject to examination by the IRS, generally for three years after they are filed. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 9 – RELATED PARTY TRANSACTIONS Details of transactions between the Corporation and related parties are disclosed below. The following transactions were carried out with related parties: September 30, 2019 September 30, 2018 Loan from related party $ 1,956,986 $ 1,737,566 Convertible Loans (B) $ 91,166 $ 91,166 Total $ 2,048,152 $ 1,828,732 (a) From time to time, the president and stockholder of the Company provides advances to the Company for its working capital purposes. These advances bear no interest and are due on demand. (b) See Note 6 for details of Convertible notes. |
Business Combinations
Business Combinations | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 10 – BUSINESS COMBINATIONS Set out below are the controlled and non-controlled members of the group as of September 30, 2019, which, in the opinion of the directors, are material to the group. The subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the Company; the country of incorporation is also their principal place of business. Name of Entity Country of Incorporation Acquisition Date Voting Equity Interests Aqua Mining (PNG) Ltd Papua New Guinea 28-Feb-2014 90 % |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | NOTE 11 – LEGAL PROCEEDINGS We are not presently a party to any litigation. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | NOTE 12 - CONTINGENT LIABILITIES None. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 13 – SUBSEQUENT EVENTS Issued Preference Share B & C On December 30, 2019, the Board of Directors, with the approval of a majority vote of its shareholders approved the filing of a Certificate of Designation establishing the designations, preferences, limitations and relative rights of the Company’s Series C Preferred Stock (the “Designation” and the “Series C Preferred Stock”). The Board of Directors authorized the issuance of 101 shares of Series C Preferred Stock, upon the Company filing the Certificate of Designation with the Nevada Secretary of State. The terms of the Certificate of Designation of the Series C Preferred Stock, which was filed and approved by the State of Nevada on December 30, 2019, include the right to vote in aggregate, on all shareholder matters as follows: Each one (1) share of Series C Preferred Stock shall have voting rights equal to (x) 0.019607 multiplied by the total issued and outstanding Common Stock eligible to vote at the time of the respective vote (the “Numerator”), divided by (y) 0.49, minus (z) the Numerator. For the avoidance of doubt, if the total issued and outstanding Common Stock eligible to vote at the time of the respective vote is 443,354,541, the voting rights of one share of the Series C Preferred Stock shall be equal to 9,047,663 (e.g. (0.019607 x 443,354,541) / 0.49) – (0.019607 x 443,354,541) = 9,047,663). With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series C Preferred Stock shall vote together with the holders of Common Stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Corporation’s Articles of Incorporation or by-laws. On January 9, 2020, the Board of Directors, with the approval of a majority vote of the shareholders approved the filing of a Certificate of Amendment of Designation of the Company’s Series B Preferred Stock (“Series B Preferred Stock”). The Board of Directors authorized the increase of authorized shares of the Series B Preferred Stock to 34,999,899 shares by filing the Certificate of Amendment of Designation with the Nevada Secretary of State. The terms of the Certificate of Amendment of Designation of the Series B Preferred Stock, which was filed and approved by the State of Nevada on January 9, 2020 have not otherwise changed as previously filed and disclosed. Debt Consolidation On January 16, 2021, the Company entered into a Promissory Note Consolidation Agreement (the “ Consolidation Agreement Mr. Sheppard Outstanding Debt As a consequence of the debt consolidation, the derivative Liabilities associated with option component has been eliminated, therefore, derivative liabilities amounted to 722,732 as of the debt consolidation date are subsequently reversed and charged into profit and losses in January 2020. Schedule of Outstanding Notes as at January 14 th Promissory Note Outstanding Principal Outstanding Interest David Loren Corporation. 2% Secured Promissory Note issued May 1, 2011 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 22166 3,780 David Loren Corporation. 2% Secured Promissory Note issued January 2, 2012 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 48,000 7,438 David Loren Corporation. 2% Secured Promissory Note issued January 3, 2013 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 12,000 1,618 Kibush Capital Corp. 12.5% Secured Promissory Note issued March 31, 2014 to Warren Sheppard. 157,500 104,815 Kibush Capital Corp. 12.5% Secured Promissory Note issued June 30, 2014 to Warren Sheppard. 110,741 70,384 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2014 to Warren Sheppard. 98,575 59,670 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2015 to Warren Sheppard. 316,046 153,387 Kibush Capital Corp. 12.5% Secured Promissory Note issued October 10, 2016 to Warren Sheppard. 155,300 37,272 Total: 920,328 438,364 Upon the assumption by the Company of the Outstanding Debt, the Company and Mr. Sheppard entered into an unsecured promissory note (the “ Consolidated Note Executive Employment On February 10, 2020, Kibush Capital Corp., a Nevada corporation (the “Company”) entered into an Employment Agreement (the “Agreement”) with Warren Sheppard (“Mr. Sheppard”) an individual. Pursuant to the terms and conditions of the Agreement, Mr. Sheppard shall continue to serve as the Company’s President, Chief Executive Officer, Chief Financial Officer, Principal Financial Officer and a member of the Board of Directors and shall assume such other positions as reasonably requested by the Board of Directors, commencing on January 1, 2020 for a term of Four (4) years, and shall have the option to be renewed for an additional one (1) year unless earlier terminated. In exchange for his services, Mr. Sheppard shall receive a yearly salary of $24,000. |
Inventory
Inventory | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 14 – INVENTORY Inventories are valued at cost. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. There are three types of inventory in three stages of completion. Raw materials comprise of logs that are on the ground and at the log pond; Work-in-progress comprise of rough sawn timber at the Rigo site whilst Finished goods are planed, straightened timber at Laloki for sale. Each would have a different wholesale value depending on the level of processing. Management is unable to verify the stocktake and valuation at year end. Accordingly, for the year ended September 30, 2019, we written down the amounts to zero to accommodate that situation. Increase in Authorised Shares. The Corporation has filed with the Nevada Secretary of State a resolution that the Corporation be and hereby is authorized to increase its authorized shares to Two Billion (2,000,000,000) shares of common stock authorized and Fifty Million (50,000,000) shares of preferred authorized, the Board of Directors consented to this filing February 19, 2020, at the date of this Report the Corporation has not yet received confirmation from Nevada Secretary of State. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Cash | Cash The Company maintains its cash balances in interest and non-interest bearing accounts which do not exceed Federal Deposit Insurance Corporation limits. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Kibush Capital and Aqua Mining. All intercompany accounts and transactions have been eliminated. |
Other Comprehensive Income and Foreign Currency Translation | Other Comprehensive Income and Foreign Currency Translation FASB ASC 220-10-05, Comprehensive Income The accompanying consolidated financial statements are presented in United States dollars. |
Reclassifications | Reclassifications Reclassifications have been made to prior year consolidated financial statements in order to conform the presentation to the statements as of and for the period ended September 30, 2014. On June 10, 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make certain 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 reporting period. Significant estimates made by management are, recoverability of long-lived assets, valuation and useful lives of intangible assets, valuation of derivative liabilities, and valuation of common stock, options, warrants and deferred tax assets. Actual results could differ from those estimates. |
Non-Controlling Interests | Non-Controlling Interests Investments in associated companies over which the Company has the ability to exercise significant influence are accounted for under the consolidation method, after appropriate adjustments for intercompany profits and dividends. In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations.” It requires an acquirer to recognize, at the acquisition date, the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their full fair values as of that date. In a business combination achieved in stages (step acquisitions), the acquirer will be required to re-measure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. The acquisition-related transaction and restructuring costs will no longer be included as part of the capitalized cost of the acquired entity but will be required to be accounted for separately in accordance with applicable generally accepted accounting principles. U.S. SFAS No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. A non-controlling interest in a subsidiary is an ownership interest in a consolidated entity that is reported as equity in the consolidated financial statements and separate from the Company’s equity. In addition, net income/(loss) attributable to non-controlling interests is reported separately from net income attributable to the Company in the consolidated financial statements. The Company’s consolidated statements present the full amount of assets, liabilities, income and expenses of all of our consolidated subsidiaries, with a partially offsetting amount shown in non-controlling interests for the portion of these assets and liabilities that are not controlled by us. For our investments in affiliated entities that are included in the consolidation, the excess cost over underlying fair value of net assets is referred to as goodwill and reported separately as “Goodwill” in our accompanying consolidated balance sheets. Goodwill may only arise where consideration has been paid. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statement of operations. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with FASB ASC 360-10-5, Accounting for the Impairment or Disposal of Long-Lived Assets ● Significant under performance relative to expected historical or projected future operating results; ● Significant changes in its strategic business objectives and utilization of the assets; ● Significant negative industry or economic trends, including legal factors; If the Company determines that the carrying values of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, the Company’s management performs an undiscounted cash flow analysis to determine if impairment exists. If impairment exists, the Company measures the impairment based on the difference between the asset’s carrying amount and its fair value, and the impairment is charged to operations in the period in which the long-lived asset impairment is determined by management. The carrying value of the Company’s investment in Joint Venture contract with leaseholders of certain Mining Leases in Papua New Guinea represents its ownership, accounted for under the equity method. The ownership interest is not adjusted to fair value on a recurring basis. Each reporting period the Company assesses the fair value of the Company’s ownership interest in Joint Venture in accordance with FASB ASC 325-20-35. Each year the Company conducts an impairment analysis in accordance with the provisions within FASB ASC 320-10-35 paragraphs 25 through 32. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s cash, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of those financial instruments. The Company believes the carrying amount of its notes payable approximates its fair value based on rates and other terms currently available to the Company for similar debt instruments |
Beneficial Conversion Features of Debentures | Beneficial Conversion Features of Debentures In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of debentures and related accruing interest is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method. |
Derivative Financial Instruments | Derivative Financial Instruments We apply the provisions of FASB ASC 815-10, Derivatives and Hedging In applying the Black-Scholes valuation model, the Company used the following assumptions during the year ended September 30, 2019: For the year ended September 30, 2019 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 1.7 % Expected volatility 55 % The inputs used to measure fair value fall in different levels of the fair value hierarchy, a financial security’s hierarchy level is based upon the lowest level of input that is significant to the fair value measurement. The Company determines the fair value of its derivative instruments using a three-level hierarchy for fair value measurements which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy: Level 1 Level 2 Level 3 The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of September 30, 2018, and as of September 30, 2019: Carry Value at Carry Value at September 30, 2019 September 30, 2018 Derivative liabilities: Embedded conversion features - notes $ 728,080 $ 726,871 Total derivative liability $ 728,080 $ 726,871 For the year ended For the year ended September 30, 2019 September 30, 2018 Change in fair value included in other income (expense), net -1,209 606,150 The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the year ended For the year ended September 30, 2019 September 30, 2018 Embedded Conversion Features - Notes: Balance at beginning of year $ 726,871 $ 1,333,021 Change in derivative liabilities $ 2,418 $ (1,212,300 ) Net change in fair value included in net loss -1,209 606,150 Ending balance $ 728,080 $ 726,871 The Company re-measures the fair values of all its derivative liabilities as of each period end and records the net aggregate gain/loss due to the change in the fair value of the derivative liabilities as a component of other expense, net in the accompanying consolidated statement of operations. During the years ended September 30, 2019 and 2018, the Company recorded a net increase (decrease) to the fair value of derivative liabilities balance of $ (1,209) and $ 606,150, respectively. |
Loss per Share | Loss per Share The Company applies FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs | Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs Pursuant to EITF 04-02, “Whether Mineral Rights are Tangible or Intangible Assets and Related Issues”, the Company has an accounting policy to capitalize the direct costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature (lease) bonuses, options to purchase or lease properties, and brokers’ and legal fees. If the acquired mineral rights relate to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured exploration rights prior to establishment of proven and probable reserves. |
Accounting Treatment of Mining Interests | Accounting Treatment of Mining Interests At this time, the Company does not directly own or directly lease mining properties. However, the Company does have contractual rights and governmental permits which allow the Company to conduct mining exploration on the properties referenced in this report. These contractual relationships, coupled with the government permits issued to the Company (or a subsidiary), are substantially similar in nature to a mining lease. Therefore, we have treated these contracts as lease agreements from an accounting prospective. |
Research and Development | Research and Development Research and development costs are recognized as an expense in the period in which they are incurred. The Company incurred no research and development costs for the years ended September 30, 2019 and 2018, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2018, FASB issued Accounting Standards Update 2018-16, Derivaties and Hedging (Topic 805): Inclusion of the Secured Overnight Financing Rate (SOFR) Overight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU amends ASC 815 to add the OIS rate based on the SOFR as a fifth US benchmark interest rate. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In October 2018, FASB issued Accounting Standards Update 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. The ASU amends ASC 808 to clarify ASC 606 should apply in entirety to certain transactions between collaborative arrangement participants. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The ASU changes the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Thus, the effective date for such entities’ annual financial statements is now aligned with that for these interim financial statements. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. In December 2018, FASB issued Accounting Standards Update 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The amendments are designed to make lessors adoption of the new leases standard easier such as accounting policy election on sales tax, exclude variable payments for all lessor costs, and clarification on lessor costs. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment Estimated Useful Lives | Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years |
Schedule of Assumption Used Derivative Financial Instruments | In applying the Black-Scholes valuation model, the Company used the following assumptions during the year ended September 30, 2019: For the year ended September 30, 2019 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 1.7 % Expected volatility 55 % |
Schedule of Convertible Debt Measured at Fair Value | The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of September 30, 2018, and as of September 30, 2019: Carry Value at Carry Value at September 30, 2019 September 30, 2018 Derivative liabilities: Embedded conversion features - notes $ 728,080 $ 726,871 Total derivative liability $ 728,080 $ 726,871 For the year ended For the year ended September 30, 2019 September 30, 2018 Change in fair value included in other income (expense), net -1,209 606,150 |
Schedule of Derivative Liabilities Measured at Fair Value | The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the year ended For the year ended September 30, 2019 September 30, 2018 Embedded Conversion Features - Notes: Balance at beginning of year $ 726,871 $ 1,333,021 Change in derivative liabilities $ 2,418 $ (1,212,300 ) Net change in fair value included in net loss -1,209 606,150 Ending balance $ 728,080 $ 726,871 |
Investments in Subsidiaries (Ta
Investments in Subsidiaries (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Schedule of Direct Cost Measured at Fair Market Value | The Company owns interests in the following entities which was recorded at their book value since they were related party common control acquisitions. Investment Ownership % Aqua Mining (PNG) 34 90 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | September 30, 2019 September 30, 2018 Plant Equipment 89,322 65,869 Motor Vehicle 111,585 111,585 200,907 177,454 Less accumulated depreciation -74,786 -64,842 $ 126,121 $ 112,612 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | September 30, 2019 Note Face Amount Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2016 Note - - - 2017 Note - - - Total $ 91,166 $ - $ 91,166 September 30, 2018 Note Face Amount Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2016 Note - - - 2017 Note - - - Total $ 91,166 $ - $ 91,166 |
Loan from Related Party (Tables
Loan from Related Party (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Loan from Related Party | Convertible Notes Issued to the President and Director of Kibush Capital Corporation: September 30, 2018 Note face amount Debt Discount Net Amount of note Loan from related party $ 1,737,566 $ 0 $ 1,737,566 Total $ 1,737,566 $ 0 $ 1,737,566 September 30, 2019 Note face amount Debt Discount Net Amount of note Loan from related party $ 1,956,986 $ 0 $ 1,956,986 Total $ 1,956,986 $ 0 $ 1,956,986 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision/(benefit) for income taxes for the year ended September 30, 2019 and 2018 was as follows (assuming a 15% effective tax rate) September 30, 2019 September 30, 2018 Current Tax Provision Federal- Taxable Income - - Total current tax provisions - - $ - $ - Deferred Tax Provision Federal- Loss carry forwards $ - $ 6,838 Change in valuation allowance $ - $ 6,838 Total deferred tax provisions $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following transactions were carried out with related parties: September 30, 2019 September 30, 2018 Loan from related party $ 1,956,986 $ 1,737,566 Convertible Loans (B) $ 91,166 $ 91,166 Total $ 2,048,152 $ 1,828,732 (a) From time to time, the president and stockholder of the Company provides advances to the Company for its working capital purposes. These advances bear no interest and are due on demand. (b) See Note 6 for details of Convertible notes. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Combinations | Name of Entity Country of Incorporation Acquisition Date Voting Equity Interests Aqua Mining (PNG) Ltd Papua New Guinea 28-Feb-2014 90 % |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Schedule of Outstanding Notes | Promissory Note Outstanding Principal Outstanding Interest David Loren Corporation. 2% Secured Promissory Note issued May 1, 2011 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 22166 3,780 David Loren Corporation. 2% Secured Promissory Note issued January 2, 2012 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 48,000 7,438 David Loren Corporation. 2% Secured Promissory Note issued January 3, 2013 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 12,000 1,618 Kibush Capital Corp. 12.5% Secured Promissory Note issued March 31, 2014 to Warren Sheppard. 157,500 104,815 Kibush Capital Corp. 12.5% Secured Promissory Note issued June 30, 2014 to Warren Sheppard. 110,741 70,384 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2014 to Warren Sheppard. 98,575 59,670 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2015 to Warren Sheppard. 316,046 153,387 Kibush Capital Corp. 12.5% Secured Promissory Note issued October 10, 2016 to Warren Sheppard. 155,300 37,272 Total: 920,328 438,364 |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statements (Details Narrative) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 12, 2013 |
Percentage of owned subsidiary | 80.00% | ||
Accumulated deficit | $ (13,728,369) | $ (13,199,727) | |
Aqua Mining (PNG) [Member] | |||
Percentage of owned subsidiary | 90.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Accounting Policies [Abstract] | ||
Net increase (decrease) to fair value of derivative liabilities | $ (1,209) | $ 606,150 |
Research and development costs |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Plant Equipment [Member] | Minimum [Member] | |
Estimated useful lives | 2 years |
Plant Equipment [Member] | Maximum [Member] | |
Estimated useful lives | 15 years |
Motor Vehicle [Member] | Minimum [Member] | |
Estimated useful lives | 4 years |
Motor Vehicle [Member] | Maximum [Member] | |
Estimated useful lives | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Assumption Used Derivative Financial Instruments (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Annual Dividend Yield [Member] | |
Derivative liability, measurement input | 0 |
Expected Life (Years) [Member] | Minimum [Member] | |
Derivative liability, term | 6 months |
Expected Life (Years) [Member] | Maximum [Member] | |
Derivative liability, term | 1 year |
Risk-Free Interest Rate [Member] | |
Derivative liability, measurement input | 0.017 |
Expected Volatility [Member] | |
Derivative liability, measurement input | 0.55 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Convertible Debt Measured at Fair Value (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Total derivative liability | $ 728,080 | $ 726,871 |
Change in fair value included in other income (expense), net | (1,209) | 606,150 |
Carry Value [Member] | ||
Derivative liabilities: Embedded conversion features - notes | 728,080 | 726,871 |
Total derivative liability | $ 728,080 | $ 726,871 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Derivative Liabilities Measured at Fair Value (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Accounting Policies [Abstract] | ||
Balance at beginning of year | $ 726,871 | $ 1,333,021 |
Change in derivative liabilities | 2,418 | (1,212,300) |
Net change in fair value included in net loss | (1,209) | 606,150 |
Ending balance | $ 728,080 | $ 726,871 |
Investments in Subsidiaries - S
Investments in Subsidiaries - Schedule of Direct Cost Measured at Fair Market Value (Details) - USD ($) | Sep. 30, 2019 | Oct. 12, 2013 |
Ownership percentage | 80.00% | |
Aqua Mining (PNG) [Member] | ||
Investment | $ 34 | |
Ownership percentage | 90.00% |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 13,082 | $ 16,618 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Property and equipment, gross | $ 200,907 | $ 177,454 |
Less accumulated depreciation | (74,786) | (64,842) |
Property and equipment, net | 126,121 | 112,612 |
Plant Equipment [Member] | ||
Property and equipment, gross | 89,322 | 65,869 |
Motor Vehicle [Member] | ||
Property and equipment, gross | $ 111,585 | $ 111,585 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) - USD ($) | Oct. 28, 2016 | Sep. 17, 2016 | Sep. 13, 2016 | Aug. 23, 2016 | Aug. 11, 2016 | Jan. 05, 2016 | Aug. 25, 2014 | Jan. 03, 2013 | Jan. 02, 2012 | May 01, 2011 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2014 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2015 |
Debt principal amount | $ 91,166 | $ 91,166 | ||||||||||||||||
Debt conversion price per share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Debt discount | ||||||||||||||||||
Amortization of debt discount | ||||||||||||||||||
2011 Convertible Note [Member] | ||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||
Debt due date | Apr. 30, 2012 | |||||||||||||||||
Debt principal amount | $ 32,000 | 22,166 | 22,166 | |||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||
Debt discount | ||||||||||||||||||
2012 Convertible Note [Member] | ||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||
Debt due date | Jan. 1, 2013 | |||||||||||||||||
Debt principal amount | $ 48,000 | 48,000 | 48,000 | |||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||
Debt discount | ||||||||||||||||||
2013 Convertible Note [Member] | ||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||
Debt due date | Jan. 2, 2014 | |||||||||||||||||
Debt principal amount | $ 12,000 | 12,000 | 12,000 | |||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||
Debt discount | ||||||||||||||||||
2014 Convertible Promissory Note [Member] | ||||||||||||||||||
Debt interest rate percentage | 12.00% | |||||||||||||||||
Debt due date | Feb. 25, 2015 | |||||||||||||||||
Debt principal amount | $ 50,000 | 9,000 | ||||||||||||||||
Debt conversion price per share | $ 0.25 | |||||||||||||||||
Debt discount | $ 100,000 | 0 | $ 80,434 | |||||||||||||||
Warrants to purchase common stock | 800,000 | |||||||||||||||||
Warrants to purchase common stock, exercise price | $ 0.25 | |||||||||||||||||
Warrants term | 5 years | |||||||||||||||||
Fair value on grant date of embedded conversion feature of convertible debt | $ 145,362 | |||||||||||||||||
Amortization of debt discount | 0 | $ 19,566 | ||||||||||||||||
2016 Convertible Promissory Note [Member] | ||||||||||||||||||
Debt interest rate percentage | 9.00% | 12.00% | ||||||||||||||||
Debt due date | Aug. 11, 2017 | Oct. 31, 2016 | ||||||||||||||||
Debt principal amount | $ 30,000 | $ 47,615 | 0 | |||||||||||||||
Debt conversion price per share | $ 0.001 | $ 0.01 | ||||||||||||||||
Debt discount | 0 | |||||||||||||||||
Percentage of closing price | 50.00% | |||||||||||||||||
2016 Convertible Promissory Note One [Member] | ||||||||||||||||||
Debt interest rate percentage | 9.00% | |||||||||||||||||
Debt due date | Sep. 13, 2017 | |||||||||||||||||
Debt principal amount | $ 15,836 | 0 | ||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||
Debt discount | 0 | |||||||||||||||||
2016 Convertible Promissory Note Two [Member] | ||||||||||||||||||
Debt interest rate percentage | 9.00% | |||||||||||||||||
Debt due date | Aug. 23, 2017 | |||||||||||||||||
Debt principal amount | $ 25,000 | 0 | ||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||
Debt discount | 0 | |||||||||||||||||
2016 Convertible Promissory Note Three [Member] | ||||||||||||||||||
Debt interest rate percentage | 9.00% | |||||||||||||||||
Debt due date | Sep. 17, 2017 | |||||||||||||||||
Debt principal amount | $ 25,000 | 0 | ||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||
Debt discount | 0 | |||||||||||||||||
2017 Convertible Promissory Note [Member] | ||||||||||||||||||
Debt interest rate percentage | 9.00% | |||||||||||||||||
Debt due date | Oct. 28, 2017 | |||||||||||||||||
Debt principal amount | $ 35,000 | 0 | ||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||
Debt discount | $ 0 |
Convertible Notes Payable - Sch
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 03, 2013 | Jan. 02, 2012 | May 01, 2011 | |
Note Face Amount | $ 91,166 | $ 91,166 | ||||
Debt Discount | ||||||
Net Amount of Note | [1] | 91,166 | 91,166 | |||
2011 Convertible Note [Member] | ||||||
Note Face Amount | 22,166 | 22,166 | $ 32,000 | |||
Debt Discount | ||||||
Net Amount of Note | 22,166 | 22,166 | ||||
2012 Convertible Note [Member] | ||||||
Note Face Amount | 48,000 | 48,000 | $ 48,000 | |||
Debt Discount | ||||||
Net Amount of Note | 48,000 | 48,000 | ||||
2013 Convertible Note [Member] | ||||||
Note Face Amount | 12,000 | 12,000 | $ 12,000 | |||
Debt Discount | ||||||
Net Amount of Note | 12,000 | 12,000 | ||||
2014 Convertible Note [Member] | ||||||
Note Face Amount | 9,000 | 9,000 | ||||
Debt Discount | ||||||
Net Amount of Note | 9,000 | 9,000 | ||||
2016 Convertible Note [Member] | ||||||
Note Face Amount | ||||||
Debt Discount | ||||||
Net Amount of Note | ||||||
2016 Convertible Note One [Member] | ||||||
Note Face Amount | ||||||
Debt Discount | ||||||
Net Amount of Note | ||||||
2017 Convertible Note [Member] | ||||||
Note Face Amount | ||||||
Debt Discount | ||||||
Net Amount of Note | ||||||
[1] | See Note 6 for details of Convertible notes. |
Loan from Related Party (Detail
Loan from Related Party (Details Narrative) - USD ($) | Oct. 02, 2016 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Debt principal amount | $ 91,166 | $ 91,166 | ||||||
Established debt discount | ||||||||
Amortization of debt discount | ||||||||
Cumulative interest | $ 96,579 | $ 0 | ||||||
March 2014 Convertible Promissory Note [Member] | ||||||||
Debt interest rate | 12.50% | |||||||
Debt maturity date | Mar. 31, 2015 | |||||||
Debt principal amount | $ 157,500 | |||||||
Percentage of common stock conversion price | 50.00% | |||||||
Embedded conversion feature of convertible debt | $ 305,039 | |||||||
Convertible debt fair value | 165,819 | |||||||
Established debt discount | $ 78,534 | $ 157,500 | 0 | 78,534 | ||||
Amortization of debt discount | 78,966 | |||||||
June 2014 Convertible Promissory Note [Member] | ||||||||
Debt interest rate | 12.50% | |||||||
Debt maturity date | Jun. 30, 2015 | |||||||
Debt principal amount | $ 110,741 | |||||||
Percentage of common stock conversion price | 50.00% | |||||||
Embedded conversion feature of convertible debt | $ 213,207 | |||||||
Convertible debt fair value | 116,591 | |||||||
Established debt discount | $ 82,828 | 0 | 82,828 | $ 110,741 | ||||
Amortization of debt discount | $ 27,913 | |||||||
September 2014 Convertible Promissory Note [Member] | ||||||||
Debt interest rate | 12.50% | 12.50% | ||||||
Debt maturity date | Sep. 30, 2015 | |||||||
Debt principal amount | $ 98,575 | $ 98,575 | ||||||
Percentage of common stock conversion price | 50.00% | |||||||
Embedded conversion feature of convertible debt | $ 181,771 | |||||||
Convertible debt fair value | 103,782 | |||||||
Established debt discount | 98,575 | 0 | 98,575 | |||||
Amortization of debt discount | 0 | |||||||
September 2014 Convertible Promissory Note One [Member] | ||||||||
Established debt discount | $ 61,273 | 0 | $ 61,273 | |||||
Amortization of debt discount | $ 0 | |||||||
October 2016 Convertible Promissory Note [Member] | ||||||||
Debt interest rate | 8.00% | |||||||
Debt maturity date | Sep. 30, 2017 | |||||||
Debt principal amount | $ 155,300 |
Loan from Related Party - Sched
Loan from Related Party - Schedule of Loan from Related Party (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Note face amount | $ 91,166 | $ 91,166 |
Debt Discount | ||
Net Amount of note | 1,956,986 | 1,737,566 |
President and Director [Member] | ||
Note face amount | 1,956,986 | 1,737,566 |
Debt Discount | 0 | 0 |
Net Amount of note | 1,956,986 | 1,737,566 |
Loan From Related Party [Member] | President and Director [Member] | ||
Note face amount | 1,956,986 | 1,737,566 |
Debt Discount | 0 | 0 |
Net Amount of note | $ 1,956,986 | $ 1,737,566 |
Stockholder's Deficit (Details
Stockholder's Deficit (Details Narrative) - USD ($) | Aug. 23, 2017 | Feb. 28, 2014 | Oct. 12, 2013 | Aug. 22, 2013 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2014 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2015 |
Authorized reverse stock split | 1:25 reverse stock split | 225:1 reverse stock split | |||||||||||
Number of stock issued during period | 40,000,000 | 10,000,000 | |||||||||||
Percentage of ownership acquire | 80.00% | ||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Debt conversion into shares | 405,000,000 | 9,375,000 | 208,879,614 | 4,560,000 | 190,114,175 | 3,274,000 | |||||||
Debt conversion into shares, value | $ 405,000 | $ 9,375 | $ 208,880 | $ 3,274 | $ 190,114 | $ 3,274 | |||||||
Conversion price per share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Series A Preferred Stock [Member] | |||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||||
Preferred stock, designated | 10,000,000 | ||||||||||||
Preferred stock, shares issued | 3,000,000 | 3,000,000 | |||||||||||
Preferred stock, shares outstanding | 3,000,000 | 3,000,000 | |||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||||
Preferred stock, designated | 5,000,000 | ||||||||||||
Preferred stock, shares issued | 20,000,000 | 20,000,000 | |||||||||||
Preferred stock, shares outstanding | 20,000,000 | 20,000,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Tax loss carryforwards | $ 13,714,488 |
Operating loss carryforwards expiring year | 2035 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Current Tax Provision Federal - Taxable income | ||
Total current tax provisions | ||
Deferred Tax Provision, Federal - Loss carry forwards | 6,838 | |
Change in valuation allowance | 6,838 | |
Total deferred tax provisions |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) (Parenthetical) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 15.00% | 15.00% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |||
Loan from related party | $ 1,956,986 | $ 1,737,566 | |
Convertible Loans | [1] | 91,166 | 91,166 |
Total | $ 2,048,152 | $ 1,828,732 | |
[1] | See Note 6 for details of Convertible notes. |
Business Combinations - Schedul
Business Combinations - Schedule of Business Combinations (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Name of Entity | Aqua Mining (PNG) Ltd |
Country of Incorporation | Papua New Guinea |
Acquisition Date | Feb. 28, 2014 |
Voting Equity Interests | 90.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Jan. 16, 2021 | Feb. 10, 2020 | Feb. 28, 2014 | Oct. 12, 2013 | Dec. 30, 2019 | Feb. 19, 2020 | Jan. 09, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Number of stock issued during period | 40,000,000 | 10,000,000 | |||||||
Forecast [Member] | Mr. Warren Sheppard [Member] | Consolidated Note [Member] | |||||||||
Debt interest rate | 12.50% | ||||||||
Debt maturity date | Jan. 15, 2022 | ||||||||
Forecast [Member] | Promissory Note Consolidation Agreement [Member] | Mr. Warren Sheppard [Member] | |||||||||
Outstanding debt obligations | $ 1,358,692 | ||||||||
Derivative liabilities | $ 722,732 | ||||||||
Series B Preferred Stock [Member] | |||||||||
Preferred stock shares authorized | 50,000,000 | 50,000,000 | |||||||
Subsequent Event [Member] | |||||||||
Preferred stock shares authorized | 50,000,000 | ||||||||
Subsequent Event [Member] | Employment Agreement [Member] | Mr. Warren Sheppard [Member] | |||||||||
Yearly salary received | $ 24,000 | ||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | |||||||||
Number of stock issued during period | 101 | ||||||||
Preferred stock shares authorized | 34,999,899 | ||||||||
Preferred stock voting rights | The terms of the Certificate of Designation of the Series C Preferred Stock, which was filed and approved by the State of Nevada on December 30, 2019, include the right to vote in aggregate, on all shareholder matters as follows: Each one (1) share of Series C Preferred Stock shall have voting rights equal to (x) 0.019607 multiplied by the total issued and outstanding Common Stock eligible to vote at the time of the respective vote (the "Numerator"), divided by (y) 0.49, minus (z) the Numerator. For the avoidance of doubt, if the total issued and outstanding Common Stock eligible to vote at the time of the respective vote is 443,354,541, the voting rights of one share of the Series C Preferred Stock shall be equal to 9,047,663 (e.g. (0.019607 x 443,354,541) / 0.49) - (0.019607 x 443,354,541) = 9,047,663). |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Outstanding Notes (Details) - Subsequent Event [Member] | Jan. 14, 2020USD ($) |
Outstanding Principal | $ 920,328 |
Outstanding Interest | 438,364 |
Secured Promissory Note Three [Member] | Kibush Capital Corp. [Member] | |
Outstanding Principal | 157,500 |
Outstanding Interest | 104,815 |
Secured Promissory Note Four [Member] | Kibush Capital Corp. [Member] | |
Outstanding Principal | 110,741 |
Outstanding Interest | 70,384 |
Secured Promissory Note Five [Member] | Kibush Capital Corp. [Member] | |
Outstanding Principal | 98,575 |
Outstanding Interest | 59,670 |
Secured Promissory Note Six [Member] | Kibush Capital Corp. [Member] | |
Outstanding Principal | 316,046 |
Outstanding Interest | 153,387 |
Secured Promissory Note Seven [Member] | Kibush Capital Corp. [Member] | |
Outstanding Principal | 155,300 |
Outstanding Interest | 37,272 |
David Loren Corporation. [Member] | Secured Promissory Note [Member] | |
Outstanding Principal | 22,166 |
Outstanding Interest | 3,780 |
David Loren Corporation. [Member] | Secured Promissory Note One [Member] | |
Outstanding Principal | 48,000 |
Outstanding Interest | 7,438 |
David Loren Corporation. [Member] | Secured Promissory Note Two [Member] | |
Outstanding Principal | 12,000 |
Outstanding Interest | $ 1,618 |
Subsequent Events - Schedule _2
Subsequent Events - Schedule of Outstanding Notes (Details) (Parenthetical) - Subsequent Event [Member] | Jan. 14, 2020 |
Secured Promissory Note Three [Member] | Kibush Capital Corp. [Member] | |
Debt interest rate | 12.50% |
Debt maturity date | Mar. 31, 2014 |
Secured Promissory Note Four [Member] | Kibush Capital Corp. [Member] | |
Debt interest rate | 12.50% |
Debt maturity date | Jun. 30, 2014 |
Secured Promissory Note Five [Member] | Kibush Capital Corp. [Member] | |
Debt interest rate | 12.50% |
Debt maturity date | Sep. 30, 2014 |
Secured Promissory Note Six [Member] | Kibush Capital Corp. [Member] | |
Debt interest rate | 12.50% |
Debt maturity date | Sep. 30, 2015 |
Secured Promissory Note Seven [Member] | Kibush Capital Corp. [Member] | |
Debt interest rate | 12.50% |
Debt maturity date | Oct. 10, 2016 |
David Loren Corporation. [Member] | Secured Promissory Note [Member] | |
Debt interest rate | 2.00% |
Debt maturity date | May 1, 2011 |
David Loren Corporation. [Member] | Secured Promissory Note One [Member] | |
Debt interest rate | 2.00% |
Debt maturity date | Jan. 2, 2012 |
David Loren Corporation. [Member] | Secured Promissory Note Two [Member] | |
Debt interest rate | 2.00% |
Debt maturity date | Jan. 3, 2013 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Feb. 19, 2020 | Sep. 30, 2018 | |
Inventory, written down | $ 0 | ||
Common stock shares authorized | 975,000,000 | 975,000,000 | |
Subsequent Event [Member] | |||
Common stock shares authorized | 2,000,000,000 | ||
Preferred stock shares authorized | 50,000,000 |