Cover
Cover - shares | 9 Months Ended | |
Jun. 30, 2021 | Sep. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | Amendment No. 1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 000-55256 | |
Entity Registrant Name | Kibush Capital Corp. | |
Entity Central Index Key | 0001614466 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | c/o CSC Services of Nevada, Inc. | |
Entity Address, Address Line Two | 2215-B Renaissance Drive | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89119 | |
City Area Code | 61 | |
Local Phone Number | 398464288 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 737,087,103 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net revenues | $ 49,155 | $ 39,300 | $ 100,958 | $ 112,757 |
Cost of sales | (803) | (18,665) | (10,382) | (32,253) |
Gross profit | 48,352 | 20,635 | 90,576 | 80,504 |
Operating expenses: | ||||
Research and development | ||||
General and administrative | ||||
General and administrative | 262,781 | 105,303 | 442,979 | 310,449 |
Loss from operations | (214,429) | (84,668) | (352,403) | (229,945) |
Other income (expense): | ||||
Interest income | ||||
Interest expense | (42,343) | (43,404) | (127,028) | (112,153) |
Other income | 659,265 | |||
Change in fair value of derivative liabilities | (328) | 59,099 | ||
Net loss from Operations | (256,772) | (128,400) | (479,431) | 376,266 |
Provision for income taxes | ||||
Less: Loss attributable to non-controlling interest | 21,766 | 6,252 | 34,697 | 17,318 |
Gain/Loss from discontinued operations | ||||
Less net loss from discontinued operations | ||||
Net loss attributable to Holding Company | (235,006) | (122,148) | (444,734) | 393,584 |
Other Comprehensive Income/(Loss) | ||||
Foreign Exchange Adjustment | (26,219) | 44,284 | ||
Comprehensive loss | $ (261,225) | $ (122,148) | $ (400,450) | $ 393,584 |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding | ||||
basic and diluted | 240,677,271 | 233,177,226 | 240,677,271 | 240,677,271 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Sep. 30, 2020 |
Current assets: | ||
Cash | $ 19,055 | $ 1,448 |
Trade Debtors | 1,241 | |
Sundry Debtors | 218 | |
GST receivables | 101,332 | 67,042 |
Inventory - Raw Materials | ||
Total current assets | 120,605 | 69,731 |
Property and equipment, net | ||
Paradise Gardens | ||
Shares in Aqua Mining | ||
Other assets | ||
Deposits Paid | ||
Goodwill | ||
Total assets | 120,605 | 69,731 |
Current liabilities: | ||
Accounts payable | ||
Accrued expenses | 611,813 | 472,785 |
Wages payable | 2,292 | 2,392 |
Convertible notes payable, net of discounts of $80,434 and $3,099, respectively | ||
Loan from related party | 2,844,100 | 2,770,739 |
Derivative liabilities | ||
Deposits | ||
Shares to be Issued - Five Arrows | ||
Total current liabilities | 3,458,205 | 3,245,916 |
Stockholders’ deficit: | ||
Preferred stock, $0.001 par value; 50,000,000 shares authorized; 38,000,000 shares issued and outstanding | 24,500 | 24,500 |
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 687,087,104 Shares issued and outstanding | 687,087 | 443,355 |
Additional paid-in capital | 10,211,084 | 10,092,518 |
Accumulated Operating Deficit | (14,066,132) | (13,577,116) |
Total stockholders’ deficit, including non-controlling interest | (3,143,461) | (3,016,743) |
Non-Controlling interest | (194,139) | (159,441) |
Total stockholders’ deficit | (3,337,600) | (3,176,184) |
Total liabilities and stockholders’ deficit | $ 120,605 | $ 69,731 |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Convertible notes payable, net of discounts | $ 80,434 | $ 3,099 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 38,000,000 | 38,000,000 |
Preferred stock, shares outstanding | 38,000,000 | 38,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 687,087,104 | 687,087,104 |
Common stock, shares outstanding | 687,087,104 | 687,087,104 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities: | ||
Net loss/profit | $ (256,772) | $ (230,162) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,695 | |
Amortization of debt discount | ||
Impairment of assets | 159,051 | |
Discontinued operations | ||
Gain/Loss from discontinued operations | ||
Change in fair value of derivative instruments | 63,467 | |
Stock based payments | ||
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | ||
Others asset GST Rec | (27,618) | |
Wages payable | ||
Accounts receivable | (15,929) | |
Inventory Raw Materials | ||
Accrued expenses | (6,000) | 62,500 |
Accrued interest | 42,343 | 25,345 |
Deposits | ||
Net cash used in operating activities | (88,996) | (92,084) |
Investing Activities: | ||
Goodwill on Consolidation | ||
Paradise Gardens | ||
Purchase of property and equipment | (159,051) | (3,195) |
Net cash used in investing activities | (159,051) | (3,195) |
Financing Activities: | ||
Proceeds from S1 Subscriptions | 224,400 | |
Repayment of loan from related party | ||
Proceeds from related party loans, net of debt discounts | 95,953 | |
Net cash provided by financing activities | 224,400 | 95,953 |
Effective of exchange rates on cash | (11,794) | (228) |
Net change in cash | (23,647) | 674 |
Cash, beginning of year | 54,496 | 2,223 |
Cash, end of year | $ 19,055 | $ 2,669 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Sep. 30, 2019 | $ 443,355 | $ 23,000 | $ 9,842,517 | $ (122,996) | $ (13,728,369) | $ (3,542,493) | |
Beginning balance, shares at Sep. 30, 2019 | 443,354,541 | 23,000,000 | |||||
101 Series C Preferred Shares issued for repayment of back salary at $0.001 per share | $ 1,500 | 1,500 | |||||
101 Series C Preferred Shares issued for repayment of back salary at $0.001 per share, shares | 15,000 | ||||||
Exchange rate variation | 250,001 | 250,001 | |||||
Net loss | (36,445) | (151,252) | 114,808 | ||||
Ending balance, value at Sep. 30, 2020 | $ 443,355 | $ 24,500 | 10,092,518 | (159,441) | (13,577,116) | (3,176,184) | |
Ending balance, shares at Sep. 30, 2020 | 443,354,541 | 38,000,000 | |||||
Exchange rate variation | (6,497) | (6,497) | |||||
Net loss | (6,410) | (106,592) | (113,002) | ||||
Ending balance, value at Dec. 31, 2020 | $ 443,355 | $ 24,500 | 10,092,518 | (165,852) | (13,690,204) | (3,295,683) | |
Ending balance, shares at Dec. 31, 2020 | 443,354,541 | 38,000,000 | |||||
93,732,563 Common shares were issued at 0.0015 per share | $ 93,733 | 44,166 | 137,898 | ||||
93,732,563 Common shares were issued at 0.0015 per share, shares | 93,732,563 | ||||||
Exchange rate variation | (11,568) | (11,568) | |||||
Net loss | (6,521) | (103,135) | (109,656) | ||||
Ending balance, value at Mar. 31, 2021 | $ 537,087 | $ 24,500 | 10,136,684 | (172,373) | (13,804,907) | (3,279,009) | |
Ending balance, shares at Mar. 31, 2021 | 537,087,104 | 38,000,000 | |||||
15,000,000 Common shares were issued at 0.0015 per share | $ 150,000 | 74,400 | 224,400 | ||||
150,000,00 Common shares were issued at 0.0015 per share, shares | 150,000,000 | ||||||
Exchange rate variation | (26,219) | (26,219) | |||||
Net loss | (21,766) | (235,006) | (256,772) | ||||
Ending balance, value at Jun. 30, 2021 | $ 687,087 | $ 24,500 | $ 10,211,084 | $ (194,139) | $ (14,066,132) | $ (3,337,600) | |
Ending balance, shares at Jun. 30, 2021 | 687,087,104 | 38,000,000 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Deficit (Unaudited) (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | |
Shares issued price per share | $ 0.0015 | $ 0.0015 | |
Number of stock issued during period | 15,000,000 | 93,732,563 | |
Series C Preferred Stock [Member] | |||
Number of shares issued for repayment of back salary | 101 | ||
Shares issued price per share | $ 0.001 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Business Kibush Capital Corporation (formerly David Loren Corporation) (the “Company”) includes its 90% 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. Certain information and disclosures normally included in the notes to financial statements have been condensed or omitted as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information presented not misleading. The accompanying unaudited financial statements should be read in conjunction with the financial statements of the Company for the year ended September 30, 2019. Change in Fiscal Year End The Company’s fiscal year end is from October 1 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 June 30, 2021, the Company has an accumulated deficit of $ 14,066,132 13,577,116 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 | 9 Months Ended |
Jun. 30, 2021 | |
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. 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. Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES Plant equipment 2 15 Motor Vehicle 4 15 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. During the year ended September 30, 2020, the Aqua Mining business continued to generate material operating losses. Consequently, management has re-assessed the carrying value of the existing plant and equipment and its ability to generate positive cash flows over the remaining useful life of the group of assets used within the Timber milling business. Managements current assessment, which takes into consideration the ongoing uncertain impacts of COVID-19 on market supply chains and the access to equipment required for timber processing facility enhancements, indicates that the current group of assets are impaired and need to be written down to a carrying value indicative representative of fair value. Managements current assessment of the carrying value is nil as there is no reliable secondary market at present for these assets in the Port Moresby region combined with other market constraints relating to COVID-19 impacts on supply chains. Management will continue to explore opportunities to expand the supply and processing capacity of the timber milling process with a view to re-assessing the carrying value of the asset group should positive operating cash flows start to be generated in future periods. 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. 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 perspective. Research and Development Research and development costs are recognized as an expense in the period in which they are incurred. The Company incurred no 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. In March 2019, FASB Issued Accounting Standards Update 2019-01, Leases (Topic 842): Codification Improvements In March 2019, FASB Issued Accounting Standards Update 2019-02 : Improvements to Accounting for Costs of Films and License Agreements for Program Materials In March 2019, FASB Issued Accounting Standards Update 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections (Topic 958). We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements as the ASU is applicable to not-for-profit entities. In April 2019, FASB Issued Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments In May 2019, FASB Issued Accounting Standards Update 2019-05, Targeted Transition Relief. ASU 2019-05 provides transition relief for ASU 2016-13 (“credit losses standard”) by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. For entities that have not yet adopted ASU 2016-13, the effective dates are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In May 2019, FASB Issued Accounting Standards Update 2019-06, Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities. The amendments are affective upon issuance of the ASU. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the ASB issued Accounting Standards Update 2019-08-Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer. This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. For entities that have not yet adopted the amendments in Update 2018-07, the amendments in this update are effective in fiscal years beginning after December 15, 2019. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the FASB issued Accounting Standards Update 2019-09-Financial Services-Insurance (Topic 944). This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. The amendments in this Update are effective in fiscal years beginning after December 15, 2021. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the FASB issued Accounting Standards Update 2019-10-Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. This ASU discusses the FASB’s proposed ASU Codification Improvements to Hedge Accounting, which would clarify certain amendments made by ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, to the guidance in ASC 815 on hedging activities. The FASB issued the proposal in response to feedback and questions received from stakeholders related to their implementation of ASU 2017-12. The ASU also discusses the recent issuance of FASB ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The ASU provides a framework to stagger effective dates for future major accounting standards and amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities. Specifically, ASU 2019-10 changes some effective dates for ASU 2017-12 on hedging, ASU 2016-02 on leasing, ASU 2016-13 on current expected credit losses, and ASU 2017-04 on simplifying the goodwill impairment test. The amendments in this Update amend the mandatory effective dates Credit Losses for all entities as follows or fiscal years beginning after December 15, 2019. The effective dates for Hedging after applying this update are as follows: for fiscal years beginning after December 15, 2018. The effective dates for Leases after applying this Update are as follows for fiscal years beginning after December 15, 2018. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update 2019-12-Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU summarizes the FASB’s recently issued Accounting Standards Update (ASU) No. 2019-12, simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In January 2020, the FASB issued Accounting Standards Update 2020-01-Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This ASU clarifies the interaction between accounting standards related to equity securities (ASC 321), equity method investments (ASC 323), and certain derivatives (ASC815). The amendments in this Update are effective for fiscal years beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In March 2020, the FASB issued Accounting Standards Update 2020-03-Codification Improvements to Financial Instruments. The Standard is part of FASB’s ongoing project to improve and clarify its Accounting Standards Codification and avoid unintended application. The items addressed are not expected to significantly affect current practice or create a significant administrative cost for most entities. The amendment is divided into issues 1 to 7 with different effective dates as follows: The amendments related to Issue 1, Issue 2, Issue 4, and Issue 5 are conforming amendments. For public business entities, the amendments are effective upon issuance of this update. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. The amendment related to Issue 3 is a conforming amendment that affects the guidance related to the amendments in 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The effective date of this update for the amendments to Update 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For entities that have not yet adopted the amendments related to Update 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in Update 2016-13. For entities that have adopted the guidance in Update 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. |
INVESTMENTS IN SUBSIDIARIES
INVESTMENTS IN SUBSIDIARIES | 9 Months Ended |
Jun. 30, 2021 | |
Investments in and Advances to Affiliates [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. SCHEDULE OF DIRECT COST MEASURED AT FAIR MARKET VALUE 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 | 9 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 – PROPERTY AND EQUIPMENT SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2021 September 30, 2020 Plant Equipment 159,051 113,515 Motor Vehicle - 111,585 159,051 225,100 Less Accumulated Depreciation - -97,280 Less Provision for Impairment -159,051 -127820 — $ 0 $ 0 |
LOAN FROM RELATED PARTY
LOAN FROM RELATED PARTY | 9 Months Ended |
Jun. 30, 2021 | |
Loan From Related Party | |
LOAN FROM RELATED PARTY | NOTE 5 – LOAN FROM RELATED PARTY Convertible Notes Issued to the President and Director of Kibush Capital Corporation: SCHEDULE OF LOAN FROM RELATED PARTY June 30, 2021 Note face amount Debt Discount Net Amount of note Loan from related party $ 2,844,100 $ 0 $ 2,844,100 Total $ 2,844,100 $ 0 $ 2,844,100 September 30, 2020 Note face amount Debt Net Amount Loan from related party $ 2,770,739 $ 0 $ 2,770,739 Total $ 2,770,739 $ 0 $ 2,770,739 On January 16, 2020, the Company entered into a Promissory Note Consolidation Agreement (the “Consolidation Agreement”) with one of its noteholders, Warren Sheppard., as lender (“Mr. Sheppard”). Pursuant to the terms of the Consolidation Agreement, the Company consolidated an aggregate of $ 1,358,692 Upon the assumption by the Company of the Outstanding Debt, the Company and Mr. Sheppard entered into an unsecured promissory note (the “Consolidated Note”), which such Consolidated Note restated the repayment terms and conditions of the Outstanding Debt in full. Pursuant to the terms and conditions of the Consolidated Note, the Outstanding Debt accrues simple interest at 12.5% January 15, 2022 As a consequence of the debt consolidation, the derivative Liabilities associated with option component has been eliminated, therefore, derivative liabilities amounted to $ 728,080 As at June 30 ,2021 the Related Party Loans of $ 2,844,100 1,358,692 1,485,408 Mr Sheppard has provided a letter of comfort to the company stating that he will not request repayment of the loan, for a period of not less than 12 months, from the date of signing the 10 K accounts. |
STOCKHOLDER_S DEFICIT
STOCKHOLDER’S DEFICIT | 9 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDER’S DEFICIT | NOTE 6 – STOCKHOLDER’S DEFICIT Common Stock On August 22, 2013, the Company’s Board authorized a 225:1 reverse stock split. On October 12, 2013, the Company issued by director’s resolution, 10,000,000 80% 0.001 Between October 23, 2013 and September 30, 2014, the Company issued a total of 3,274,000 3,274 0.001 On February 28, 2014, the Company issued by director’s resolution, 40,000,000 0.001 Between November 1, 2014 and March 31, 2015, the Company issued a total of 4,560,000 3,274 0.001 Between April 1, 2016 and September 30, 2016, the Company issued a total of 190,114,175 190,114 0.001 Between October 1, 2016 and December 31, 2016, the Company issued a total of 208,879,614 208,880 0.001 Between January 1, 2017 and March 31, 2017, the Company issued a total of 9,375,000 9,375 0.001 Between April 1, 2017 and June 30, 2017, the Company issued a total of 405,000,000 405,000 0.001 On August 23, 2017, the Company’s Board authorized a 1:25 reverse stock split. Between October 1, 2017 and December 31, 2017, the Company issued a total of 180,395,000 180,395 0.001 Between January 1, 2018 and March 31, 2018, the Company issued a total of 139,000,000 139,000 0.001 Between April 1, 2018 and June 30, 2018, the Company issued a total of 120,000,000 120,000 0.001 On January 06, 2021 Company Issued a total of 22,123,392 33,185 0.0015 On February 10, 2021 Company Issued a total of 23,237,347 34,856 0.0015 On March 17, 2021 Company Issued a total of 48,381,823 72,573 0.0015 On April 12, 2021 Company Issued a total of 50,000,000 75,000 0.0015 On May 18, 2021 Company Issued a total of 50,000,000 75,000 0.0015 On July 15, 2021 Company Issued a total of 50,000,000 75,000 0.0015 Preferred Stock Preferred stock includes 50,000,000 0.001 10,000,000 25,000,000 3,000,000 34,999,899 101 Issued Preference Share B 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 37,999,899 Issued Preference Share C 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 C Preferred Stock (“Series C Preferred Stock”). The Board of Directors authorized the increase of authorized shares of the Series C Preferred Stock to 101 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7 – INCOME TAXES The provision/(benefit) for income taxes for the 3 months ended June 30, 2021 and the year ended September 30, 2020 was as follows (assuming a 15% effective tax rate). SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 3 months ended Year ending 2021 2020 Current Tax Provision Federal- Taxable Income - - Total current tax provisions - - - - Deferred Tax Provision Federal- Loss carry forwards - - Change in valuation allowance - - Total deferred tax provisions - - As of September 30, 2020, the Company had approximately $ 13,577,116 2035 As of June 30, 2021, the Company had approximately $ 14,066,132 2036 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 | 9 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8 – RELATED PARTY TRANSACTIONS Details of transactions between the Corporation and related parties are disclosed below. The following transactions were carried out with related parties: SCHEDULE OF RELATED PARTY TRANSACTIONS June 30, 2021 September 30, 2020 Loan from related party $ 2,844,100 $ 2,770,739 Total $ 2,844,100 $ 2,770,739 (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. (c) On January 9th, 2020, the Company issued Mr Sheppard 14,999,899 101 250,000 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS COMBINATIONS | NOTE 9 – BUSINESS COMBINATIONS Set out below are the controlled and non-controlled members of the group as of December 31, 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. 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 % |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 9 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | NOTE 10 – LEGAL PROCEEDINGS We are not presently a party to any litigation. |
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES | 9 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES | NOTE 11 - CONTINGENT LIABILITIES None. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS COVID-19 pandemic The COVID-19 pandemic announced by the World Health Organisation post 31 January 2020 is having negative impact on the world economy. We have witnessed unprecedented measures implemented by the government on strict border security requirements. It is likely to have a significant impact on the Company’s export sales and associated supply chains. However, at this point of time, the impact of COVID-19 is unknown and cannot be quantified. We expect our business to remain in operation but will manage the unavoidable disruptions to our best abilities. |
INVENTORY
INVENTORY | 9 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 13 – 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 inventories 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. The stock levels held as raw materials and finished goods are minimal, and the saleable condition of the finished timber is questionable and unable to be accurately valued therefore we have written stock down to nil |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jun. 30, 2021 | |
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. |
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. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES Plant equipment 2 15 Motor Vehicle 4 15 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. During the year ended September 30, 2020, the Aqua Mining business continued to generate material operating losses. Consequently, management has re-assessed the carrying value of the existing plant and equipment and its ability to generate positive cash flows over the remaining useful life of the group of assets used within the Timber milling business. Managements current assessment, which takes into consideration the ongoing uncertain impacts of COVID-19 on market supply chains and the access to equipment required for timber processing facility enhancements, indicates that the current group of assets are impaired and need to be written down to a carrying value indicative representative of fair value. Managements current assessment of the carrying value is nil as there is no reliable secondary market at present for these assets in the Port Moresby region combined with other market constraints relating to COVID-19 impacts on supply chains. Management will continue to explore opportunities to expand the supply and processing capacity of the timber milling process with a view to re-assessing the carrying value of the asset group should positive operating cash flows start to be generated in future periods. 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. |
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 perspective. |
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 |
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. In March 2019, FASB Issued Accounting Standards Update 2019-01, Leases (Topic 842): Codification Improvements In March 2019, FASB Issued Accounting Standards Update 2019-02 : Improvements to Accounting for Costs of Films and License Agreements for Program Materials In March 2019, FASB Issued Accounting Standards Update 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections (Topic 958). We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements as the ASU is applicable to not-for-profit entities. In April 2019, FASB Issued Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments In May 2019, FASB Issued Accounting Standards Update 2019-05, Targeted Transition Relief. ASU 2019-05 provides transition relief for ASU 2016-13 (“credit losses standard”) by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. For entities that have not yet adopted ASU 2016-13, the effective dates are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In May 2019, FASB Issued Accounting Standards Update 2019-06, Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities. The amendments are affective upon issuance of the ASU. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the ASB issued Accounting Standards Update 2019-08-Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer. This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. For entities that have not yet adopted the amendments in Update 2018-07, the amendments in this update are effective in fiscal years beginning after December 15, 2019. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the FASB issued Accounting Standards Update 2019-09-Financial Services-Insurance (Topic 944). This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. The amendments in this Update are effective in fiscal years beginning after December 15, 2021. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the FASB issued Accounting Standards Update 2019-10-Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. This ASU discusses the FASB’s proposed ASU Codification Improvements to Hedge Accounting, which would clarify certain amendments made by ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, to the guidance in ASC 815 on hedging activities. The FASB issued the proposal in response to feedback and questions received from stakeholders related to their implementation of ASU 2017-12. The ASU also discusses the recent issuance of FASB ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The ASU provides a framework to stagger effective dates for future major accounting standards and amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities. Specifically, ASU 2019-10 changes some effective dates for ASU 2017-12 on hedging, ASU 2016-02 on leasing, ASU 2016-13 on current expected credit losses, and ASU 2017-04 on simplifying the goodwill impairment test. The amendments in this Update amend the mandatory effective dates Credit Losses for all entities as follows or fiscal years beginning after December 15, 2019. The effective dates for Hedging after applying this update are as follows: for fiscal years beginning after December 15, 2018. The effective dates for Leases after applying this Update are as follows for fiscal years beginning after December 15, 2018. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update 2019-12-Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU summarizes the FASB’s recently issued Accounting Standards Update (ASU) No. 2019-12, simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In January 2020, the FASB issued Accounting Standards Update 2020-01-Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This ASU clarifies the interaction between accounting standards related to equity securities (ASC 321), equity method investments (ASC 323), and certain derivatives (ASC815). The amendments in this Update are effective for fiscal years beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In March 2020, the FASB issued Accounting Standards Update 2020-03-Codification Improvements to Financial Instruments. The Standard is part of FASB’s ongoing project to improve and clarify its Accounting Standards Codification and avoid unintended application. The items addressed are not expected to significantly affect current practice or create a significant administrative cost for most entities. The amendment is divided into issues 1 to 7 with different effective dates as follows: The amendments related to Issue 1, Issue 2, Issue 4, and Issue 5 are conforming amendments. For public business entities, the amendments are effective upon issuance of this update. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. The amendment related to Issue 3 is a conforming amendment that affects the guidance related to the amendments in 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The effective date of this update for the amendments to Update 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For entities that have not yet adopted the amendments related to Update 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in Update 2016-13. For entities that have adopted the guidance in Update 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES | Property and equipment are stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES Plant equipment 2 15 Motor Vehicle 4 15 |
INVESTMENTS IN SUBSIDIARIES (Ta
INVESTMENTS IN SUBSIDIARIES (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Investments in and Advances to Affiliates [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. SCHEDULE OF DIRECT COST MEASURED AT FAIR MARKET VALUE Investment Ownership % Aqua Mining (PNG) 34 90 % |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2021 September 30, 2020 Plant Equipment 159,051 113,515 Motor Vehicle - 111,585 159,051 225,100 Less Accumulated Depreciation - -97,280 Less Provision for Impairment -159,051 -127820 — $ 0 $ 0 |
LOAN FROM RELATED PARTY (Tables
LOAN FROM RELATED PARTY (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Loan From Related Party | |
SCHEDULE OF LOAN FROM RELATED PARTY | Convertible Notes Issued to the President and Director of Kibush Capital Corporation: SCHEDULE OF LOAN FROM RELATED PARTY June 30, 2021 Note face amount Debt Discount Net Amount of note Loan from related party $ 2,844,100 $ 0 $ 2,844,100 Total $ 2,844,100 $ 0 $ 2,844,100 September 30, 2020 Note face amount Debt Net Amount Loan from related party $ 2,770,739 $ 0 $ 2,770,739 Total $ 2,770,739 $ 0 $ 2,770,739 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) | The provision/(benefit) for income taxes for the 3 months ended June 30, 2021 and the year ended September 30, 2020 was as follows (assuming a 15% effective tax rate). SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 3 months ended Year ending 2021 2020 Current Tax Provision Federal- Taxable Income - - Total current tax provisions - - - - Deferred Tax Provision Federal- Loss carry forwards - - Change in valuation allowance - - Total deferred tax provisions - - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | The following transactions were carried out with related parties: SCHEDULE OF RELATED PARTY TRANSACTIONS June 30, 2021 September 30, 2020 Loan from related party $ 2,844,100 $ 2,770,739 Total $ 2,844,100 $ 2,770,739 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF BUSINESS COMBINATIONS | 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 % |
CONDENSED CONSOLIDATED FINANC_2
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Details Narrative) - USD ($) | Jun. 30, 2021 | Sep. 30, 2020 | Oct. 12, 2013 |
Restructuring Cost and Reserve [Line Items] | |||
Percentage of owned subsidiary | 80.00% | ||
Accumulated deficit | $ 14,066,132 | $ 13,577,116 | |
Aqua Mining (PNG) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Percentage of owned subsidiary | 90.00% |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES (Details) | 9 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 2 years |
Property, Plant and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 4 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | |||
Research and development costs |
SCHEDULE OF DIRECT COST MEASURE
SCHEDULE OF DIRECT COST MEASURED AT FAIR MARKET VALUE (Details) - USD ($) | Jun. 30, 2021 | Oct. 12, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Ownership percentage | 80.00% | |
Aqua Mining (PNG) [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Investment | $ 34 | |
Ownership percentage | 90.00% |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 159,051 | $ 225,100 |
Less accumulated depreciation | (97,280) | |
Less Provision for Impairment | (159,051) | (127,820) |
Property and equipment, net | ||
Property, Plant and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 159,051 | 113,515 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 111,585 |
SCHEDULE OF LOAN FROM RELATED P
SCHEDULE OF LOAN FROM RELATED PARTY (Details) - USD ($) | Jun. 30, 2021 | Sep. 30, 2020 |
Short-term Debt [Line Items] | ||
Net Amount of note | $ 2,844,100 | $ 2,770,739 |
President and Director [Member] | ||
Short-term Debt [Line Items] | ||
Note face amount | 2,844,100 | 2,770,739 |
Debt Discount | 0 | 0 |
Net Amount of note | 2,844,100 | 2,770,739 |
Loan From Related Party [Member] | President and Director [Member] | ||
Short-term Debt [Line Items] | ||
Note face amount | 2,844,100 | 2,770,739 |
Debt Discount | 0 | 0 |
Net Amount of note | $ 2,844,100 | $ 2,770,739 |
LOAN FROM RELATED PARTY (Detail
LOAN FROM RELATED PARTY (Details Narrative) - USD ($) | Jan. 16, 2020 | Jun. 30, 2021 | Sep. 30, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Derivative liabilities | $ 728,080 | ||
Loan from related party | 2,844,100 | $ 2,770,739 | |
Unsecured loan | 1,485,408 | ||
Consolidation Note [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Debt principal amount | $ 1,358,692 | ||
Promissory Note Consolidation Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Debt principal amount | $ 1,358,692 | ||
Promissory Note Consolidation Agreement [Member] | Mr Sheppard [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Debt interest rate | 12.50% | ||
Debt maturity date | Jan. 15, 2022 |
STOCKHOLDER_S DEFICIT (Details
STOCKHOLDER’S DEFICIT (Details Narrative) - USD ($) | Jul. 15, 2021 | May 18, 2021 | Apr. 12, 2021 | Mar. 17, 2021 | Feb. 10, 2021 | Jan. 06, 2021 | Aug. 23, 2017 | Feb. 28, 2014 | Oct. 12, 2013 | Aug. 22, 2013 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2014 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jan. 09, 2020 |
Class of Stock [Line Items] | |||||||||||||||||||||||
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 | 120,000,000 | 139,000,000 | 180,395,000 | 405,000,000 | 9,375,000 | 208,879,614 | 4,560,000 | 190,114,175 | 3,274,000 | ||||||||||||||
Debt conversion into shares, value | $ 120,000 | $ 139,000 | $ 180,395 | $ 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 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||||||||||||||
Preferred stock, shares issued | 38,000,000 | 38,000,000 | |||||||||||||||||||||
Preferred stock, shares outstanding | 38,000,000 | 38,000,000 | |||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
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] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares authorized | 37,999,899 | ||||||||||||||||||||||
Preferred stock, designated | 25,000,000 | ||||||||||||||||||||||
Preferred stock, shares outstanding | 34,999,899 | ||||||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares authorized | 101 | ||||||||||||||||||||||
Preferred stock, shares issued | 101 | ||||||||||||||||||||||
Preferred stock, shares outstanding | 101 | ||||||||||||||||||||||
S1 Subscription [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Debt conversion into shares | 50,000,000 | 50,000,000 | 48,381,823 | 23,237,347 | 22,123,392 | ||||||||||||||||||
Debt conversion into shares, value | $ 75,000 | $ 75,000 | $ 72,573 | $ 34,856 | $ 33,185 | ||||||||||||||||||
Conversion price per share | $ 0.0015 | $ 0.0015 | $ 0.0015 | $ 0.0015 | $ 0.0015 | ||||||||||||||||||
S1 Subscription [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Debt conversion into shares | 50,000,000 | ||||||||||||||||||||||
Debt conversion into shares, value | $ 75,000 | ||||||||||||||||||||||
Conversion price per share | $ 0.0015 |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Taxable Income | ||
Total current tax provisions | ||
Loss carry forwards | ||
Change in valuation allowance | ||
Total deferred tax provisions |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Subsequent Event [Line Items] | |||
Tax loss carryforwards | $ 13,577,116 | $ 14,066,132 | |
Operating loss carryforwards expiring year | 2035 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Operating loss carryforwards expiring year | 2036 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jun. 30, 2021 | Sep. 30, 2020 |
Related Party Transactions [Abstract] | ||
Loan from related party | $ 2,844,100 | $ 2,770,739 |
Total | $ 2,844,100 | $ 2,770,739 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jan. 09, 2020 | Feb. 28, 2014 | Oct. 12, 2013 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of stock issued during period | 40,000,000 | 10,000,000 | |
Mr Sheppard [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Unpaid salary | $ 250,000 | ||
Mr Sheppard [Member] | Preferred Class B [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of stock issued during period | 14,999,899 | ||
Mr Sheppard [Member] | Preferred Class C [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of stock issued during period | 101 |
SCHEDULE OF BUSINESS COMBINATIO
SCHEDULE OF BUSINESS COMBINATIONS (Details) - Aqua Mining (PNG) [Member] | 9 Months Ended |
Jun. 30, 2021 | |
Business Acquisition [Line Items] | |
Name of Entity | Aqua Mining (PNG) Ltd |
Country of Incorporation | Papua New Guinea |
Acquisition Date | Feb. 28, 2014 |
Voting Equity Interests | 90.00% |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) | 9 Months Ended |
Jun. 30, 2021USD ($) | |
Inventory Disclosure [Abstract] | |
Inventory, written down |