Acro Biomedical (ACBM) 10-K 7 Jan 20 2019 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2019	Dec. 26, 2019	Mar. 31, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	ACRO BIOMEDICAL CO., LTD.
Entity Central Index Key	0001622996
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		47,760,000
Entity Public Float			$ 61,962,000
Document Type	10-K
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false

Balance Sheets

Balance Sheets	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Current Assets
Cash and cash equivalents	$ 1,472	$ 1,148
Inventories	1,060,000	1,146,600
Prepaid expenses	3,000	330,089
Security deposit	4,992
Total Current Assets	1,069,464	1,477,837
Security deposit		4,992
TOTAL ASSETS	1,069,464	1,482,829
Current Liabilities
Accounts payable and accrued expenses	18,024	7,312
Income tax payable		92,227
Deferred revenue	116,000
Due to related parties	61,768	141,136
Total Current Liabilities	195,792	240,675
TOTAL LIABILITIES	195,792	240,675
Stockholders' Equity
Preferred stock: 25,000,000 authorized; $0.001 par value; no shares issued and outstanding	0	0
Common stock: 100,000,000 authorized; $0.001 par value; 47,760,000 shares issued and outstanding at September 30, 2019 and 2018	47,760	47,760
Additional paid-in capital	871,240	868,975
Related earnings (Accumulated deficit)	(45,328)	325,419
Total Stockholders' Equity	873,672	1,242,154
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,069,464	$ 1,482,829

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2019	Sep. 30, 2018
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	47,760,000	47,760,000
Common stock, shares outstanding	47,760,000	47,760,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenues	$ 1,354,000	$ 8,014,500
Cost of revenues	1,218,600	7,181,100
Gross profit	135,400	833,400
Operating expenses
Selling, general and administrative	576,953	317,850
Total operating expenses	576,953	317,850
Income (loss) from operations	(441,553)	515,550
Other expense
Interest expense - related party	(2,265)	(3,663)
Total other expenses	(2,265)	(3,663)
Income (loss) before income tax provision (credit)	(443,818)	511,887
Income taxes provision (credit)	(73,071)	92,227
Net income (loss)	$ (370,747)	$ 419,660
Basic and dilutive income (loss) per share of common stock (in dollars per share)	$ (0.01)	$ 0.01
Weighted average number of shares of common stock outstanding (in shares)	47,760,000	47,661,235

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained earnings (Accumulated Deficit)	Total
Balance at Sep. 30, 2017	$ 0	$ 47,660	$ 557,912	$ (94,241)	$ 511,331
Balance (in shares) at Sep. 30, 2017	0	47,660,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for services		$ 100	307,400		307,500
Stock issued for services (in shares)		100,000
Imputed interest on related party loans			3,663		3,663
Net income (loss)				419,660	419,660
Balance at Sep. 30, 2018	$ 0	$ 47,760	868,975	325,419	1,242,154
Balance (in shares) at Sep. 30, 2018	0	47,760,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Imputed interest on related party loans			2,265		2,265
Net income (loss)				(370,747)	(370,747)
Balance at Sep. 30, 2019	$ 0	$ 47,760	$ 871,240	$ (45,328)	$ 873,672
Balance (in shares) at Sep. 30, 2019	0	47,760,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (370,747)	$ 419,660
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock based compensation	300,089	7,411
Imputed interest - related parties	2,265	3,663
Adjustment of income tax payable	(73,071)	0
Changes in operating assets and liabilities:
Inventories and purchase deposit to vendor	86,600	(665,600)
Prepaid expenses	27,000	500
Security deposit		(4,992)
Accounts payable and accrued expenses	10,712	6,712
Income tax payable	(19,156)	92,227
Deferred revenue	116,000
Net cash provided by (used in) operating activities	79,692	(140,419)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related parties	106,969	105,257
Repayment to related parties	(186,337)	(500)
Net cash (used in) provided by financing activities	(79,368)	104,757
Net change in cash and cash equivalents	324	(35,662)
Cash and cash equivalent at beginning of year	1,148	36,810
Cash and cash equivalent at end of year	1,472	1,148
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	19,156
Cash paid for interest	$ 0	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 -ORGANIZATION AND DESCRIPTION OF BUSINESS Acro Biomedical Co., Ltd. (the “Company”) is a Nevada corporation incorporated on September 24, 2014 under the name Killer Waves Hawaii, Inc. On January 30, 2017, the Company’s corporate name was changed to Acro Biomedical Co., Ltd. The Company has been engaged in the business of developing and marketing products that promote wellness and a healthy lifestyle since 2017. The Company’s initial business plan was to build a family waterpark in a state-of-the-art designed aquatic center in several locations throughout the Hawaiian Islands. The Company was not able to develop this business and it did not generate any revenues in this business. Following a change of control on January 30, 2017, the Company discontinued its efforts to develop aquatic centers. Cordyceps is a fungus that is used in traditional Chinese medicine. The Company’s first sale was made in September 2017. All of the Company’s sales to date have been sales of cordyceps related products and, commencing in the three months ended September 30, 2018, metallothionein MT-3 elizer, a protein that, in powder form, is used in health supplements.

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 Basis of Presentation The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. Use of Estimates The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. Inventories Inventories consist primarily of finished goods. Inventories are valued at the lower of cost or net realizable value. The Company determines cost on the basis of first-in, first-out methods. The Company periodically reviews inventories for obsolescence and any inventories identified as obsolete are written down or written off. Although the Company believes that the assumptions it uses to estimate inventory write-downs are reasonable, future changes in these assumptions could provide a significantly different result. No inventory markdown was recorded for the years ended September 30, 2019 and 2018. Net Income (Loss) Per Share of Common Stock The Company has adopted ASC Topic 260, ”Earnings per Share” Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high creditworthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. Financial Instruments The Company follows ASC 820, “ Fair Value Measurements and Disclosures, Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The carrying values of our financial instruments, including, cash and cash equivalents; prepaid expenses; accounts payable and accrued expenses and due to related parties approximate their fair values due to the short-term maturities of these financial instruments. Stock-Based Compensation The Company recognizes compensation expense for stock-based compensation in accordance with ASC Topic 718. For employee stock-based awards, the Company calculates the fair value of the award on the date of grant using the Black-Scholes method for stock options and the quoted price of its common stock for unrestricted shares; the expense is recognized over the service period for awards expected to vest. Share-based payments to consultants, service providers and other non-employees are accounted for in accordance with ASC Topic 718, ASC Topic 505, “Equity Payments to Non-Employees” or other applicable authoritative guidance. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent that actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. Deferred Income Taxes and Valuation Allowance The Company accounts for income taxes under ASC 740 “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. Related Parties The Company follows ASC 850, ”Related Party Disclosures,” Revenue Recognition The Company recognizes revenue in accordance with Topic 606, which requires revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company recognizes revenue when products are delivered to customers in accordance with the written sales terms. Deferred Revenue The Company has entered into agreements where the products to be delivered. The Company usually receives the cash in advance and records it as deferred revenue. Deferred revenue at September 30, 2019 and 2018, was $116,000 and $0, respectively. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee’s obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning after December 15, 2018. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on the Company’s financial statements. The Company has reviewed all other recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial statements.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Sep. 30, 2019
Going Concern [Abstract]
GOING CONCERN	NOTE 3 – 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. The Company had limited cash as of September 30, 2019, had limited gross profit and incurred a loss from its operations for the year ended September 30, 2019. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company proposes to fund operations through sales of its products and equity financing arrangements. However, because of the lack of sales during the last three quarters of the year ended September 30, 2019 and the absence of any active trading market for its common stock, its financial condition and its lack of an operating history, the Company may not be able to raise funds for capital expenditures, working capital and other cash requirements. If the Company cannot generate revenue from its products, it may not be able to continue in its business.

PREPAID EXPENSE

PREPAID EXPENSE	12 Months Ended
	Sep. 30, 2019
Prepaid Expense, Current [Abstract]
PREPAID EXPENSE	NOTE 4 – PREPAID EXPENSE At September 30, 2019 and 2018, prepaid expenses totaled $3,000 and $330,089, respectively. Prepaid expenses at September 30, 2019 consisted of public-company related fees and at September 30, 2018 consisted primarily of professional fees, including compensation for consulting services that were paid through the issuance of common stock which fees are being amortized over the life of the applicable agreements. As of September 30, 2019, the fees are fully amortized.

EQUITY

EQUITY	12 Months Ended
	Sep. 30, 2019
Equity [Abstract]
EQUITY	NOTE 5 - EQUITY Common Stock During the year ended September 30, 2019, the Company did not issue any common stock. During the year ended September 30, 2018, the Company issued 50,000 shares of common stock to each of two consultants for services from September 26, 2018 to March 31, 2019. The shares were valued at $307,500, based on the market price of the common stock on the respective dates of the agreements, which was an average of $3.075 per share.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 6 - INCOME TAXES On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law including lowering the corporate tax rate from 35% to 21%. The new rate is effective for tax years beginning after December 31, 2017. In accordance with the new tax law, the Company has applied a transition blended U.S. statutory deferral income tax rate of 24.5% for the year ended September 30, 2018. Since the entire net operating loss at September 30, 2017 was used up in the year ending September 30, 2018, the new tax legislation does not affect the way the Company can use and carry forward its previous net operating losses. The reconciliation of income tax expense at the U.S. statutory rate of 21% in 2019 and the blended U.S. statutory rate of 24.5% in 2018, to the Company’s effective tax rate is as follows: Year Ended September 30, 2019 2018 Income tax expense (benefit) at statutory rate $ (93,202 ) $ 124,269 Income tax adjustment Expense not deductible in current period 69,319 - Imputed interest 476 - Adjustment of prior year income tax (73,071 ) - Change of valuation allowance 23,407 (32,042 ) Income tax expense (benefit) $ (73,071 ) $ 92,227 Net deferred tax assets consist of the following components as of: September 30, September 30, 2019 2018 Operating loss carry forward $ 23,407 $ 32,042 Operating losses utilized - (32,042 ) Valuation allowance (23,407 ) - Deferred tax asset $ - $ - Due to uncertainties surrounding the Company’s ability to generate future taxable income to realize deferred income tax assets arising as a result of net operating losses carried forward, 100% valuation allowance on deferred tax assets was recorded on September 30, 2019. As of September 30, 2019, the Company has approximately $111,000 net operating loss carryforwards available in the U.S. to reduce future taxable income which can be carryforward indefinitely.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 7 - RELATED PARTY TRANSACTIONS At September 30, 2019 and 2018, the Company owed $61,768 and $99,265 to a stockholder who is not a 5% stockholder for non-interest-bearing advances made to or on behalf of the Company, respectively. At September 30, 2018, the Company owed $41,871 to its chief executive officer. These advances are due on demand. During the year ended September 30, 2019, (a) the Company repaid $41,871 to its chief executive officer, (b) the stockholder paid expenses of $86,969 on behalf of the Company, (c) the stockholder made a loan of $20,000 to the Company and (d) the Company repaid $144,466 to the stockholder. During the year ended September 30, 2018, the Company’s chief executive officer paid a security deposit of $4,992 on behalf of the Company for its lease and he paid operating expenses of $1,000. A stockholder, who is not a 5% stockholder, paid various expenses of $99,265 on behalf of the Company. The Company repaid $500 to its chief executive officer. The payments advances are as non-interest bearing and due on demand. The Company has imputed interest at the rate of 4% on the advances made to the Company in the amount of $2,265 and $3,663 during the year ended September 30, 2019 and 2018, respectively. As of September 30, 2019 and 2018, the Company had amounts due to related parties of $61,768 and $141,136, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8 - COMMITMENTS AND CONTINGENCIES On November 30, 2017, the Company entered into a lease agreement to rent a storage place in Hong Kong for a two-year term at HK$19,500 (approximately $2,520) per month. The Company paid $4,992 (HK$39,000) as a security deposit. For the year ended September 30, 2019 and 2018, the Company incurred rent expense of $30,240 and $25,165, respectively. A lease agreement expired in November 2019 and was not renewed.

CONCENTRATION

CONCENTRATION	12 Months Ended
	Sep. 30, 2019
Concentration Risks, Types, No Concentration Percentage [Abstract]
CONCENTRATION	NOTE 9– CONCENTRATION Revenue The following table sets forth our sales to customers during the years ended September 30, 2019 and 2018. Year ended September 30, 2019 Year ended September 30, 2018 Sales Percent Sales Percent Customer A $ 1,274,000 94 % $ 4,271,500 53 % Customer B - - 3,743,000 47 % Customer C 80,000 6 % - - Total $ 1,354,000 100 % $ 8,014,500 100 % Purchase During the year ended September 30, 2019, all purchases were derived from purchase contracts with one supplier of Cordyceps products. During the year ended September 30, 2018, all purchases were derived from purchase contracts with two suppliers, which represent 70% and 30% of total purchases, respectively. These suppliers were different from the sole supplier for the year ended September 30, 2019.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 - SUBSEQUENT EVENTS The Company has evaluated subsequent events that have occurred after the date of the balance sheet through the date of issuance of these financial statements and determined that no subsequent event requires recognition or disclosure to the financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.
Inventories	Inventories Inventories consist primarily of finished goods. Inventories are valued at the lower of cost or net realizable value. The Company determines cost on the basis of first-in, first-out methods. The Company periodically reviews inventories for obsolescence and any inventories identified as obsolete are written down or written off. Although the Company believes that the assumptions it uses to estimate inventory write-downs are reasonable, future changes in these assumptions could provide a significantly different result. No inventory markdown was recorded for the years ended September 30, 2019 and 2018.
Net Income (Loss) Per Share of Common Stock	Net Income (Loss) Per Share of Common Stock The Company has adopted ASC Topic 260, ”Earnings per Share”
Concentrations of Credit Risk	Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high creditworthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits.
Financial Instruments	Financial Instruments The Company follows ASC 820, “ Fair Value Measurements and Disclosures, Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The carrying values of our financial instruments, including, cash and cash equivalents; prepaid expenses; accounts payable and accrued expenses and due to related parties approximate their fair values due to the short-term maturities of these financial instruments.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation expense for stock-based compensation in accordance with ASC Topic 718. For employee stock-based awards, the Company calculates the fair value of the award on the date of grant using the Black-Scholes method for stock options and the quoted price of its common stock for unrestricted shares; the expense is recognized over the service period for awards expected to vest. Share-based payments to consultants, service providers and other non-employees are accounted for in accordance with ASC Topic 718, ASC Topic 505, “Equity Payments to Non-Employees” or other applicable authoritative guidance. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent that actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience.
Deferred Income Taxes and Valuation Allowance	Deferred Income Taxes and Valuation Allowance The Company accounts for income taxes under ASC 740 “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.
Related Parties	Related Parties The Company follows ASC 850, ”Related Party Disclosures,”
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Topic 606, which requires revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company recognizes revenue when products are delivered to customers in accordance with the written sales terms.
Deferred Revenue	Deferred Revenue The Company has entered into agreements where the products to be delivered. The Company usually receives the cash in advance and records it as deferred revenue. Deferred revenue at September 30, 2019 and 2018, was $116,000 and $0, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee’s obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning after December 15, 2018. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on the Company’s financial statements. The Company has reviewed all other recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial statements.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	Year Ended September 30, 2019 2018 Income tax expense (benefit) at statutory rate $ (93,202 ) $ 124,269 Income tax adjustment Expense not deductible in current period 69,319 - Imputed interest 476 - Adjustment of prior year income tax (73,071 ) - Change of valuation allowance 23,407 (32,042 ) Income tax expense (benefit) $ (73,071 ) $ 92,227
Schedule of net deferred tax assets	September 30, September 30, 2019 2018 Operating loss carry forward $ 23,407 $ 32,042 Operating losses utilized - (32,042 ) Valuation allowance (23,407 ) - Deferred tax asset $ - $ -

CONCENTRATION (Tables)

CONCENTRATION (Tables)	12 Months Ended
	Sep. 30, 2019
Concentration Risks, Types, No Concentration Percentage [Abstract]
Schedules of table sets forth our sales to our two customers	Year ended September 30, 2019 Year ended September 30, 2018 Sales Percent Sales Percent Customer A $ 1,274,000 94 % $ 4,271,500 53 % Customer B - - 3,743,000 47 % Customer C 80,000 6 % - - Total $ 1,354,000 100 % $ 8,014,500 100 %

PREPAID EXPENSE (Detail Textual

PREPAID EXPENSE (Detail Textuals) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Prepaid Expense, Current [Abstract]
Prepaid expenses	$ 3,000	$ 330,089

EQUITY (Detail Textuals)

EQUITY (Detail Textuals)	12 Months Ended
	Sep. 30, 2018USD ($)consultant$ / sharesshares
Related Party Transaction [Line Items]
Value of common stock issued for consultants services	$ 307,500
Two Consultants Services
Related Party Transaction [Line Items]
Number of common stock issued for consultants services | shares	50,000
Number of consultants services | consultant	2
Value of common stock issued for consultants services	$ 307,500
Average share price | $ / shares	$ 3.075

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at statutory rate	$ (93,202)	$ 124,269
Income tax adjustment
Expense not deductible in current period	69,319	0
Imputed interest	476	0
Adjustment of prior year income tax	(73,071)	0
Change of valuation allowance	23,407	(32,042)
Income tax expense (benefit)	$ (73,071)	$ 92,227

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Operating loss carry forward	$ 23,407	$ 32,042
Operating losses utilized	0	(32,042)
Valuation allowance	(23,407)	0
Deferred tax asset	$ 0	$ 0

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals)	12 Months Ended
	Sep. 30, 2019USD ($)
Income Tax [Line Items]
Blended U.S. statutory deferral income tax rate	24.50%
Net operating loss carryforwards	$ 111,000
Previous year
Income Tax [Line Items]
Statutory federal income tax rate	35.00%
Latest year
Income Tax [Line Items]
Statutory federal income tax rate	21.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Operating expenses	$ 576,953	$ 317,850
Due to related parties	61,768	141,136
Amount of company repaid	$ 186,337	500
Percentage of imputed interest	4.00%
Imputed interest - related parties	$ 2,265	3,663
Chief executive officer
Related Party Transaction [Line Items]
Security deposit paid by related party		4,992
Operating expenses		1,000
Due to related parties	41,871	500
Amount of company repaid	4,992	41,871
Stockholder
Related Party Transaction [Line Items]
Due to related parties	61,768	99,265
Amount of company repaid	144,466
Stockholder paid various expenses	$ 86,969	$ 99,265
Percentage of stockholder who Is not paid various expenses	5.00%	5.00%
Loan to stockholders	$ 20,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail Textuals)	1 Months Ended		12 Months Ended
	Nov. 30, 2017USD ($)	Nov. 30, 2017HKD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2018HKD ($)
Commitments and Contingencies Disclosure [Abstract]
Rent expense on office space	$ 2,520	$ 19,500	$ 30,240	$ 25,165
Lease term of office space	2 years	2 years
Security deposit				$ 4,992	$ 39,000

CONCENTRATION (Details)

CONCENTRATION (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Concentration Risk [Line Items]
Sales	$ 1,354,000	$ 8,014,500
Revenue | Customer concentration risk
Concentration Risk [Line Items]
Sales	$ 1,354,000	$ 8,014,500
Concentration risk, percentage	100.00%	100.00%
Revenue | Customer concentration risk | Customer A
Concentration Risk [Line Items]
Sales	$ 1,274,000	$ 4,271,500
Concentration risk, percentage	94.00%	53.00%
Revenue | Customer concentration risk | Customer B
Concentration Risk [Line Items]
Sales		$ 3,743,000
Concentration risk, percentage		47.00%
Revenue | Customer concentration risk | Customer C
Concentration Risk [Line Items]
Sales	$ 80,000
Concentration risk, percentage	6.00%

CONCENTRATION (Detail Textuals)

CONCENTRATION (Detail Textuals) - Contract	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Revenue | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, customer	2
Purchases | Supplier concentration risk
Concentration Risk [Line Items]
Number of contracts	1	2
Purchases | Supplier concentration risk | Supplier one
Concentration Risk [Line Items]
Concentration risk, supplier		70
Purchases | Supplier concentration risk | Supplier two
Concentration Risk [Line Items]
Concentration risk, supplier		30