Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Mar. 19, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Barrel Energy Inc. | |
Entity Central Index Key | 0001631463 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,478,332 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 614 | $ 3,458 |
Prepaid | 33,333 | |
Total current assets | 614 | 36,791 |
Total assets | 614 | 36,791 |
Current liabilities: | ||
Accounts payable and accrued expense | 24,083 | 27,719 |
Consulting payable- related parties | 9,000 | |
Advances from shareholder | 23,201 | 32,791 |
Convertible notes payable- net of discount of $31,167 and zero respectively | 54,749 | 52,709 |
Notes payable | 100,000 | |
Derivative liability | 212,976 | |
Total current liabilities | 424,009 | 113,219 |
Total liabilities | 424,009 | 113,219 |
Commitment and Contingencies | ||
Stockholders' equity (deficit) | ||
Preferred stock, $0.001 par value, 5,000,000 authorized, zero issued and outstanding | ||
Common stock, $0.001 par value, 70,000,000 authorized, 37,478,332 issued and outstanding as of December 31, 2018 and 12,301,332 as of September 30, 2018 | 37,478 | 23,801 |
Additional paid-in capital | 404,711 | 272,638 |
Stock subscription receivable | (11,500) | |
Accumulated other comprehensive loss | (3,437) | (6,857) |
Accumulated deficit | (862,147) | (354,510) |
Total stockholders' equity (deficit) | (423,395) | (76,428) |
Total liabilities and stockholders' equity (deficit) | $ 614 | $ 36,791 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Stockholders' equity (deficit): | ||
Convertible notes payable net of discount | $ 31,167 | $ 0 |
Preferred stock, Par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 5,000,000 | 5,000,000 |
Preferred stock, Issued | 0 | 0 |
Preferred stock, Outstanding | 0 | 0 |
Common Stock, Par value | $ 0.001 | $ 0.001 |
Common Stock, Authorized | 70,000,000 | 70,000,000 |
Common Stock, Issued | 37,478,332 | 12,301,332 |
Common Stock, Outstanding | 37,478,332 | 12,301,332 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses: | ||
Consulting - related party | $ 103,333 | |
Consulting | 31,500 | |
General and administrative expense | 54,736 | 23,395 |
Loss from operations | (189,569) | (23,395) |
Other expense | ||
Loss on currency | (24) | |
Change in fair value | (158,022) | |
Financing cost | (153,704) | |
Interest expense | (6,318) | (1,317) |
Total other expense | (318,068) | (1,317) |
Net loss | (507,637) | (24,712) |
Foreign currency translation adjustment | 3,421 | 2,355 |
Comprehensive loss | $ (510,058) | $ (22,357) |
Net loss per common share, Basic and Diluted | $ (0.02) | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 29,828,277 | 12,301,332 |
STATEMENTS OF SHAREHOLDERS EQUI
STATEMENTS OF SHAREHOLDERS EQUITY (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Stock Receivable | Comprehensive Gain (Loss) | Total |
Beginning Balance, Shares at Sep. 30, 2017 | 12,301,332 | |||||
Beginning Balance, Amount at Sep. 30, 2017 | $ 12,301 | $ 272,638 | $ (178,477) | $ (4,298) | $ 102,165 | |
Comprehensive gain (loss) | 2,355 | 2,355 | ||||
Net loss | (24,712) | (24,712) | ||||
Ending Balance, Shares at Dec. 31, 2017 | 12,301,332 | |||||
Ending Balance, Amount at Dec. 31, 2017 | $ 12,301 | 272,638 | (203,189) | (1,943) | 79,808 | |
Comprehensive gain (loss) | (12,112) | (12,112) | ||||
Net loss | (162,598) | (162,598) | ||||
Ending Balance, Shares at Mar. 31, 2018 | 12,301,332 | |||||
Ending Balance, Amount at Mar. 31, 2018 | $ 12,301 | 272,638 | (365,787) | (14,055) | (94,902) | |
Comprehensive gain (loss) | 6,188 | 6,188 | ||||
Net loss | (8,575) | (8,575) | ||||
Ending Balance, Shares at Jun. 30, 2018 | 12,301,332 | |||||
Ending Balance, Amount at Jun. 30, 2018 | $ 12,301 | 272,638 | (374,362) | (7,867) | (97,290) | |
Comprehensive gain (loss) | 1,010 | 1,010 | ||||
Net loss | 19,852 | 19,852 | ||||
Shares purchased not paid, Shares | ||||||
Shares purchased not paid, Amount | $ 11,500 | (11,500) | ||||
Ending Balance, Shares at Sep. 30, 2018 | 12,301,332 | |||||
Ending Balance, Amount at Sep. 30, 2018 | $ 23,801 | 272,638 | (354,510) | (11,500) | (6,857) | (76,428) |
Comprehensive gain (loss) | 3,421 | 3,421 | ||||
Net loss | (507,637) | (507,637) | ||||
Common stock issued for cash, Shares | 13,502,000 | |||||
Common stock issued for cash, Amount | $ 25,002 | 998 | 26,000 | |||
Common stock issued for service, Shares | 175,000 | |||||
Common stock issued for service, Amount | $ 175 | 131,075 | 131,250 | |||
Shares issued for stock receivable, Shares | 11,500,000 | |||||
Shares issued for stock receivable, Amount | $ (11,500) | 11,500 | ||||
Ending Balance, Shares at Dec. 31, 2018 | 37,478,332 | |||||
Ending Balance, Amount at Dec. 31, 2018 | $ 37,478 | $ 404,711 | $ (862,147) | $ (3,436) | $ (423,395) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (507,637) | $ (24,712) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value | 158,022 | |
Amortization of debt discount | 4,833 | |
Financing cost | 153,704 | |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expense | (1,136) | 17,909 |
Prepaid | 33,333 | |
Due to related party | 9,000 | (685) |
Net cash used in operating activities | (149,881) | (7,488) |
Cash flows from financing activities: | ||
Cash received for the sale of common stock | 26,000 | |
Proceeds from notes payable | 100,000 | |
Proceeds from convertible notes payable | 30,000 | |
Repayment of related party advances and convertible note payable | (9,590) | (79,119) |
Net cash provided by (used in) financing activities | 146,410 | (79,119) |
Effects of currency translation | 627 | 2,355 |
Net decrease in cash | (2,844) | (84,252) |
Cash - beginning of period | 3,458 | 250,160 |
Cash - end of period | 614 | 165,908 |
SUPPLEMENT DISCLOSURES: | ||
Interest paid | 334 | |
Income taxes paid | ||
NON CASH INVESTING AND FINANCING ACTIVITIES | ||
Discount recorded on inception of derivatives | 36,000 | |
Expenses paid on behalf of the Company | $ 12,223 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF BUSINESS | BARREL ENERGY INC. is a Nevada corporation, incorporated January 17, 2014, which has engaged historically in the oil and gas sector of the energy industry. The Company entered into an agreement in the lithium exploration business with True Grit LLC. In January 2019 the Company terminated the agreement. The agreement is subject to validation of the ownership and the leases underlying the agreement . It still maintains its interest in capped oil and gas properties in Alberta Canada. BASIS OF PRESENTATION The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information required to be included in a complete set of financial statements in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2019. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. The accompanying unaudited financial statements should be read in conjunction with the audited September 30, 2018 financial statements and related notes included in the Company’s form 10-K filed with the SEC. Basic and diluted net income per share Basic loss per share is calculated as net loss to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted loss per share for the period equals basic loss per share as the effect of any stock based compensation awards or stock warrants would be antidilutive. As of December 31, 2018 the potential shares at convers ion standing was 6,882,000. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN | The Company’s unaudited interim financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company, as shown in the accompanying balance sheets, has negative working capital and an accumulated deficit as of December 31, 2018. The Company has not established any source of revenue to cover its operating costs. These factors raise substantial doubt about the company’s ability to continue as a going concern. The unaudited interim financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company will engage in very limited activities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. |
CONVERTIBLE NOTE
CONVERTIBLE NOTE | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 3 - CONVERTIBLE NOTE | On July 1, 2014, the Company issued a USD $67,215 (CAD $75,000) convertible note for cash. The note bears an interest rate of 9.5% and matured on December 31, 2015. The note, plus accrued interest, is convertible by the holder, in part or whole, until the date of maturity into common stock of the Company at CAD one cent ($0.01) per share. The note is in default. The Company by resolution has elected to allow conversion of any and all the notes outstanding principal and interest until the note is fully paid. On September 30, 2017 the Company issued 700,000 shares of common stock with a value of $5,612 (CDN $7,000) for partial conversion of the convertible note. As of December 31, 2018, the convertible debt outstanding was USD $49,916 plus accrued interest of USD $23,842 for a total liability of USD $73,758. On December 1, 2014, the Company issued to a related party, who is an officer and director of the Company, a convertible note for USD $2,226 (CAD $2,800). The note bears an interest rate of 5% per annum and matured on December 31, 2015. On December 29, 2017 the Company paid the outstanding principal of $2,226 and interest of $334 for a total of $2,560. On November 12, 2018 the Company issued a $36,000 convertible note to Crown Partners, LLC. The note bears an original discount of $3,500, matures in 12 months from the origination date and bears interest at 5% per annuum. The note is convertible at any time, in part or whole, at $0.50 per share until the 180 th |
RELATED PARTY
RELATED PARTY | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY | On December 1, 2014, the Company issued to a related party, who is an officer and director of the Company, a convertible note for USD $ 2,226 (CAD $2,800). The note bears an interest rate of 5% per annum and matured on December 31, 2015. On December 29, 2017 the Company paid the outstanding principal of $2,226 and interest of $334 for a total of $2,560. During the period from October 1, 2018 through December 31, 2018 the Company paid the officers consulting fees of $57,000 of which Harp Sangha was paid $42,000 and Craig Alford was paid $15,000. Under the terms of their consulting agreements Mr. Alford is entitled to $21,000 for the period and Mr. Sangha $45,000. As of December 31, 2018 the Company owed the two related parties $9,000 in accrued consulting. In addition the Company paid five individuals consulting fees of $35,500 during the same period. The aggregate due the non-related party consultants per their agreements for the period is $31,500 and one related party $4,000. The terms of the consulting agreements all terminated on or before December 31, 2018 with no future commitments after that date. During the period ended December 31, 2018 Harpreet Sangha, the Company’s Chairman and Chief Financial Officer, entered into an agreement and purchased 10,000,000 shares of the Company’s common stock for $10,000 and Craig Alford, the Company’s President, who entered into an agreement and purchased 4,000,000 shares of the Company’s common stock for $4,000. |
EQUITY
EQUITY | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 5 - EQUITY | During the period from September 30, 2018 to December 31, 2018, the Company entered into separate Subscription Agreements with 17 persons under which 25,002,000 shares of the Company’s common stock were sold for $0.001 per share plus one person was sold 2,000 shares at $0.50 per share plus an option to purchase 2,000 shares at $0.50 per share. This included Harpreet Sangha, the Company’s Chairman, who entered into an agreement to purchase 10,000,000 shares of the Company’s common stock and Craig Alford, the Company’s President, who entered into an agreement to purchase 4,000,000 shares of the Company’s common stock. Three individuals purchasing a total of 3,250,000 shares of common stock with a value $3,250 are relatives of the company Chairman and CFO. The subscription agreements dated September 30, 2018 for 11,500,000 shares of common stock with a value of $11,500 were treated as stock subscriptions receivable and funds were received in the period ending December 31, 2018. Subscription Agreements were approved by the Company’s Board of Directors. The sales were made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and, with respect to a majority of the purchasers, Regulation S. On November 13, 2018 the Company entered into a $3,000,000 equity purchase agreement with Crown Bridge Partners. Under the terms of the agreement, the Company may put to the investor shares of the Company common stock in minimums of $10,000 to maximums of either $100,000 or 200% of the average trading volume, whichever is less. The agreement may be terminated at any time by the Company or when the total commitment of shares are sold by the Company to the investor. As part of the agreement, the Company issued 175,000 shares of its common stock at $0.75 per share as a commitment fee. The value of the transaction of $131,250 was expensed as a financing cost. |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 6 - NOTES PAYABLE | On November 15, 2018 the Company received an advance from one non-related party for $65,000. On December 3, 2018 the Company received an additional advance of $35,000 from the same individual for a total of $100,000. Both advances are unsecured, on demand and bear no interest. |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 7 - DERIVATIVE LIABILITIES | On November 12, 2018 the Company issued a $36,000 convertible note to Crown Partners, LLC. The note bears an original discount of $3,500, matures in 12 months from the origination date and bears interest at 5% per annuum. The note is convertible at any time, in part or whole, at $0.50 per share until the 180 th Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels: Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2— quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3— Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of September 30, 2018 and December 31, 2018: Level 1 Level 2 Level 3 Total As of September 30, 2018: Assets None $ - $ - $ - $ - Liabilities Derivative liability $ - $ - $ -- $ -- As of December 31, 2018: Assets None $ - $ - $ - $ - Liabilities Derivative liability $ - $ - $ 212,976 $ 212,976 The following table summarizes the change in the fair value of the derivative liability during the three months ended December 31, 2018: Fair value as of September 30, 2018 $ -- Additions -- Debt discount charged to derivative 36,000 Financing cost charged to derivative 18,954 Change in fair value 158,022 Fair value as of December 31, 2018 $ 212,976 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 8 - SUBSEQUENT EVENT | On January 17,2019 the Company terminated the Earn-In agreement with True Grit Resources. The Company has evaluated subsequent events to determine events occurring after December 31, 2018 through March 19, 2019 that would have a material impact on the Company’s financial results or require disclosure and have determined none exist other than those noted above in this footnote. |
NATURE OF BUSINESS (Policies)
NATURE OF BUSINESS (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Nature Of Business | |
Basis of Presentation | The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information required to be included in a complete set of financial statements in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2019. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. The accompanying unaudited financial statements should be read in conjunction with the audited September 30, 2018 financial statements and related notes included in the Company’s form 10-K filed with the SEC. |
Basic and diluted net income per share | Basic loss per share is calculated as net loss to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted loss per share for the period equals basic loss per share as the effect of any stock based compensation awards or stock warrants would be antidilutive. As of December 31, 2018 the potential shares at convers ion standing was 6,882,000. |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Derivative Liabilities | |
Schedule of fair value financial assets and liabilities measured on recurring basis | Level 1 Level 2 Level 3 Total As of September 30, 2018: Assets None $ - $ - $ - $ - Liabilities Derivative liability $ - $ - $ -- $ -- As of December 31, 2018: Assets None $ - $ - $ - $ - Liabilities Derivative liability $ - $ - $ 212,976 $ 212,976 |
Schedule of derivative liabilities at fair value | Fair value as of September 30, 2018 $ -- Additions -- Debt discount charged to derivative 36,000 Financing cost charged to derivative 18,954 Change in fair value 158,022 Fair value as of December 31, 2018 $ 212,976 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) | 3 Months Ended |
Dec. 31, 2018shares | |
Nature Of Business Details Narrative | |
State of Incorporation | State of Nevada |
Date of Incorporation | Jan. 17, 2014 |
Antidilutive securities excluded from computation of earnings per share | 6,882,000 |
CONVERTIBLE NOTE (Details Narra
CONVERTIBLE NOTE (Details Narrative) - USD ($) | Nov. 12, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 29, 2017 |
Convertible debt | $ 54,749 | $ 52,709 | ||||
Total liability | 73,758 | |||||
Accrued interest | 23,842 | |||||
Convertible debt outstanding | 49,916 | |||||
Original discount | 4,833 | |||||
On July 1, 2014 [Member] | ||||||
Convertible debt | $ 67,215 | |||||
Interest rate | 9.50% | |||||
Debt maturity date | Dec. 31, 2015 | |||||
Common stock issued for debt conversion, Shares | 700,000 | |||||
Common stock issued for debt conversion, Amount | $ 5,612 | |||||
Former officer and director [Member] | ||||||
Total liability | $ 2,560 | |||||
Accrued interest | 334 | |||||
Convertible debt outstanding | $ 2,226 | |||||
Director & Officer [Member] | On December 1, 2014 [Member] | ||||||
Interest rate | 5.00% | |||||
Debt maturity date | Dec. 31, 2015 | |||||
Convertible note - related party | $ 2,226 | |||||
Crown Partners, LLC [Member] | ||||||
Convertible debt | $ 36,000 | |||||
Interest rate | 5.00% | |||||
Terms of conversion feature | The note is convertible at any time, in part or whole, at $0.50 per share until the 180th date of the note at which time it is convertible an 55% of the market price which is defined as the lowest trading price 25 days prior to conversion. | |||||
Original discount | $ 3,500 |
RELATED PARTY (Details Narrativ
RELATED PARTY (Details Narrative) | 3 Months Ended | ||
Dec. 31, 2018USD ($)Integershares | Dec. 31, 2017USD ($) | Dec. 29, 2017USD ($) | |
Total liability | $ 73,758 | ||
Accrued interest | 23,842 | ||
Convertible debt outstanding | 49,916 | ||
Consulting fees | 31,500 | ||
Stock issued during period value | 26,000 | ||
Non-Related Parties [Member] | |||
Accrued consulting fees | 31,500 | ||
One Related Parties [Member] | |||
Accrued consulting fees | 4,000 | ||
Related Parties [Member] | |||
Accrued consulting fees | $ 9,000 | ||
Number of related parties | Integer | 2 | ||
Former officer and director [Member] | |||
Total liability | $ 2,560 | ||
Accrued interest | 334 | ||
Convertible debt outstanding | $ 2,226 | ||
Harpreet Sangha [Member] | |||
Consulting fees | $ 42,000 | ||
Accrued consulting fees | $ 45,000 | ||
Stock issued during period | shares | 10,000,000 | ||
Stock issued during period value | $ 10,000 | ||
Craig Alford [Member] | |||
Consulting fees | 15,000 | ||
Accrued consulting fees | $ 21,000 | ||
Stock issued during period | shares | 4,000,000 | ||
Stock issued during period value | $ 4,000 | ||
Individuals [Member] | |||
Consulting fees | $ 35,500 | ||
Number of individuals | Integer | 5 | ||
Director & Officer [Member] | On December 1, 2014 [Member] | |||
Interest rate | 5.00% | ||
Convertible note - related party | $ 2,226 | ||
Debt maturity date | Dec. 31, 2015 | ||
Officer [Member] | |||
Consulting fees | $ 57,000 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Sale of stock per shares | $ 3 | ||
Shares issued for stock receivable, Amount | |||
Common stock shares issued | 37,478,332 | 12,301,332 | |
Common stock per shares | $ 0.001 | $ 0.001 | |
Financing cost | $ 153,704 | ||
Proceeds from issuance of common stock | $ 26,000 | ||
Equity Purchase Agreement [Member] | |||
Common stock shares issued | 175,000 | ||
Common stock per shares | $ 0.75 | ||
Financing cost | $ 131,250 | ||
Subscription Agreements [Member] | |||
Sale of stock, number issued and transaction | 25,002,000 | ||
Sale of stock per shares | $ 0.001 | ||
Number of persons | 17 | ||
Shares issued for stock receivable, Shares | 11,500,000 | ||
Shares issued for stock receivable, Amount | $ 11,500 | ||
Crown Bridge Partners [Member] | Equity Purchase Agreement [Member] | |||
Equity purchase amount | $ 3,000,000 | ||
Equity purchase agreement description | The Company may put to the investor shares of the Company common stock in minimums of $10,000 to maximums of either $100,000 or 200% of the average trading volume, whichever is less. | ||
Craig Alford [Member] | |||
Stock issued during period | 4,000,000 | ||
Harpreet Sangha [Member] | |||
Stock issued during period | 10,000,000 | ||
Person [Member] | Subscription Agreements [Member] | |||
Sale of stock, number issued and transaction | 2,000 | ||
Sale of stock per shares | $ 0.50 | ||
Number of persons | 1 | ||
Three individuals [Member] | CFO [Member] | |||
Common stock shares issued | 3,250,000 | ||
Proceeds from issuance of common stock | $ 3,250 | ||
Option [Member] | |||
Purchase of warrants | 2,000 | ||
Exercise price of warrants | $ .50 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 03, 2018 | Nov. 15, 2018 |
Non-Related Parties [Member] | |||
Advance received for related party | $ 100,000 | $ 35,000 | $ 65,000 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Assets | ||
None | ||
Liabilities | ||
Derivative liability | 212,976 | |
Level 1 [Member] | ||
Assets | ||
None | ||
Liabilities | ||
Derivative liability | ||
Level 2 [Member] | ||
Assets | ||
None | ||
Liabilities | ||
Derivative liability | ||
Level 3 [Member] | ||
Assets | ||
None | ||
Liabilities | ||
Derivative liability | $ 212,976 |
DERIVATIVE LIABILITIES (Detai_2
DERIVATIVE LIABILITIES (Details 1) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Liabilities Details 1Abstract | ||
Fair value as of September 30, 2018 | ||
Additions | ||
Debt discount charged to derivative | 36,000 | |
Financing cost charged to derivative | 18,954 | |
Change in fair value | 158,022 | |
Fair value as of December 31, 2018 | $ 212,976 |
DERIVATIVE LIABILITIES (Detai_3
DERIVATIVE LIABILITIES (Details Narrative) - USD ($) | Nov. 12, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 |
Convertible debt | $ 54,749 | $ 52,709 | ||
Original discount | $ 4,833 | |||
Volatility rate | 306.00% | |||
Change in fair value | $ 158,022 | |||
Convertible notes payable net of discount | 31,167 | $ 0 | ||
Amortization of debt discount | $ 4,833 | |||
Discount rate | 2.44% | |||
Note origination fee | $ 19,954 | |||
Common stock price per share | $ 3 | |||
Crown Partners, LLC [Member] | ||||
Convertible debt | $ 36,000 | |||
Interest rate | 5.00% | |||
Terms of conversion feature | The note is convertible at any time, in part or whole, at $0.50 per share until the 180th date of the note at which time it is convertible an 55% of the market price which is defined as the lowest trading price 25 days prior to conversion. | |||
Original discount | $ 3,500 | |||
Amortization of debt discount | $ 3,500 |