Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Jan. 14, 2019 | Mar. 31, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | CLIC TECHNOLOGY, INC. | ||
Entity Central Index Key | 1,658,304 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 17,570,000 | ||
Entity Common Stock, Shares Outstanding | 260,725,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Entity Shell Company | false | ||
Is Entity Emerging Growth Company? | true | ||
Entity Ex Transition Period | false | ||
Entity Small Business | true |
Consolidated statement of finan
Consolidated statement of financial position - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 24,413 | $ 169 |
Total Current assets | 24,413 | 169 |
Goodwill | 570,273 | |
TOTAL ASSETS | 594,686 | 169 |
Current Liabilities | ||
Accounts payable | 44,601 | 3,000 |
Shareholder Loans | 0 | 28,892 |
Total Current Liabilities | 44,601 | 31,892 |
Shareholder Loans | 634,742 | |
Note Payable | 232,027 | |
Total Liabilities | 911,369 | 31,892 |
Stockholders' Equity | ||
Common: Authorized 350,000,000 shares, $.001 par value; Issued and outstanding 260,725,000 shares | 260,725 | 15,150 |
Additional paid in capital | 109,375 | |
Retained Earnings | (46,873) | |
Current Year Loss | (696,940) | |
Foreign Currency Translation Reserve | 10,156 | |
Total Stockholders' Equity | (316,683) | (31,723) |
Total Liabilities & Equity | $ 594,686 | $ 169 |
Consolidated statement of fin_2
Consolidated statement of financial position (Parenthetical) - $ / shares | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 02, 2016 |
Stockholders' Equity | |||
Common stock par value | $ .001 | $ .001 | |
Common stock shares authorized | 350,000,000 | 350,000,000 | |
Common stock shares issued | 260,725,000 | 260,725,000 | 422,000 |
Common stock shares outstanding | 260,725,000 | 260,725,000 | 422,000 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statement - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
i) Income from Operations | ||
Revenue | $ 7,500 | |
Product Development Expenses | 29,358 | |
Adminstrative Expenses | 273,385 | 30,588 |
Interest | 6,027 | |
Expense on acquisition of "FNTT" | 395,670 | |
Total Expenses | 704,440 | 30,588 |
NET LOSS before Taxes | (696,940) | (30,588) |
ii) Other Comprehensive Income | ||
a) Foreign Currency Translation Gain | 10,156 | |
Comprehensive Income | $ (686,783) | |
BASIC AND DILUTED NET LOSS PER COMMON SHARE ATTRIBUTABLE FROM STAEMENT OF OPERATIONS | $ (0.0032) | $ (0.00041) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED | 216,596,535 | 73,850,000 |
Statement of Changes in Shareho
Statement of Changes in Shareholders' Equity - USD ($) | Common Stock | Accumulated Deficit |
Beginning Balance, Shares at Sep. 30, 2016 | 1,750,000,000 | |
Beginning Balance, Amount at Sep. 30, 2016 | $ 1,750,000 | $ (16,585) |
Shares issued for cash, shares | 30,100,000 | |
Shares issued for cash, amount | $ 30,100 | |
Shares cancelled, shares | (1,706,250,000) | |
Shares cancelled, amount | $ (1,764,950) | |
Net loss | (30,288) | |
Ending Balance, Shares at Sep. 30, 2017 | 73,850,000 | |
Ending Balance, Amount at Sep. 30, 2017 | $ 15,150 | (46,873) |
Shares issued for the merger, shares | 110,000,000 | |
Shares issued on acquistion, shares | 76,875,000 | |
Net loss | (1,940,189) | |
Ending Balance, Shares at Sep. 30, 2018 | 260,725,000 | |
Ending Balance, Amount at Sep. 30, 2018 | $ 15,150 | $ (1,987,062) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 12 Months Ended | 37 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Loss before taxes for the period | $ (696,940) | $ (30,588) | $ (696,940) |
Non cash Items: | |||
Interest Expense accrued | 6,027 | ||
Gain/(Loss) on foreign Exchange Fluctuation | 3,059 | ||
Unpaid liabilities on Recapitalization | 40,892 | ||
Operating cash flows before working capital changes | (646,962) | ||
Changes in operating assets and liabilities: | |||
Accounts payable | 44,601 | 2,678 | |
NET CASH USED IN OPERATING ACTIVITIES | (602,361) | (27,610) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from investment in subsidiary | (115,676) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from sale of common stock | 370,100 | 5,160 | |
Proceeds from loan from related party | 146,957 | 21,950 | |
Convertible Notes | 226,000 | ||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 743,057 | 27,110 | |
NET CASH INCREASE (DECREASE) For PERIOD | 25,019 | (500) | |
Cash, Beginning | 169 | 669 | |
Unrealized Loss on cash & Cash equivalents | (437) | (437) | |
Cash, Ending | 24,414 | 169 | $ 24,414 |
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Cash paid during the period for: Interest | 0 | 0 | |
Cash paid during the period for: Income taxes | $ 0 | $ 0 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION | CLIC Technology, Inc. is a publicly traded holding company under the symbol, “CLCI”. CLIC Technology Inc is a fintech company and all the products are developed from the ground up and in-house by its developers. The Company is amongst the first publicly traded companies to market blockchain products built for the future of global commerce. Overview Clic Technology Inc (“CLIC”) was formed as an early stage company with the strategic intent to focus on a rewards-based crowdfunding model. Following the Merger (as defined below), the Company has abandoned the prior business plan and is now pursuing CLIC Technology’s proposed business, which focuses on the development of tools, based on blockchain technology, to facilitate digital asset management, including whose specific to processing e-commerce and financial industry payments, in multiple countries and multiple payment platforms. Reverse Merger On May 3, 2018, the FNTT and CLIC Technology, Inc. (“CTI”), a privately-held Florida corporation, entered into an Agreement of Merger and Plan of Reorganization (the “Merger Agreement”), pursuant to which, on May 3, 2018, CTI merged into FNTT, with FNTT being the surviving corporation. Upon the closing of the Merger, the shareholders of CTI exchanged 100% of their CTI shareholder interest for a total of One Hundred Ten Million (110,000,000) shares of FNTT restricted common stock as consideration for the Merger, and the former shareholders of CTI now control approximately 83.6% of the Company’s outstanding common stock. This Company was previously known as: • FundThatCompany, Inc. until July 31, 2018 which was incorporated in the State of Nevada as a for-profit Company on September 4, 2015 The Company adapted fiscal year end of September 30. This company acquired a Cyprus company, “Oceanovasto Investments Ltd.”, a company organized under the laws of the Republic of Cyprus, on May 17, 2018 from which date it is its wholly owned subsidiary. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 2. GOING CONCERN | To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $696,940. As of the current balance sheet date, the Company has a working capital deficit of $ 20,188. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, and reflect the consolidated financial position, results of operations, comprehensive income and cash flows of our consolidated subsidiaries as at the year ended 30 th Use of Estimates and Assumptions The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying disclosures. We evaluate our estimates on a continuous basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The actual amounts may vary from the estimates used in the preparation of the accompanying consolidated financial statements. We have reclassified certain prior period amounts to conform to current period presentation. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Fair Value of Financial Instruments The carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short-term maturities. Earnings/(Loss) per Common Share The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. As of the current balance sheet date, there were 260,725,000 common stock outstanding. However, the potential common shares arising from the arrangement entered with Chief Technology Officer and the promissory note are anti-dilutive in nature. Hence the diluted earnings(loss) and basic earnings(loss) per common share are same. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those 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 that includes the date of enactment or substantive enactment. Stock-based Compensation The Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,” and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As of the current balance sheet date, the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease or the estimated useful life of the improvement. Maintenance and repairs are expensed as incurred. The equipment’s such as computers and software’s procured by the Company during the year whose useful life is estimated to be less than a year and therefore the same is charged to statement of income from operations. Product Development Expenses: The Cyprus subsidiary is in the development stage till its online payment portal and the gateway for payments in multiple currencies is built and tested. As a development stage entity, its present efforts are [a] Financial planning; [b] Raising capital; [c] Exploring the available resources; [d] Patenting the developed tools for proprietary user privileges; [e] Research and development; [f] Establishing sources of supply; [g] Acquiring property, plant, equipment, or other operating assets; [h] Recruiting and training personnel; [i] Market Development; [j] Commencing the operations; etc. Prior to the acquisition, the Cyprus company was accumulating the developmental costs as current asset and on cash basis. Such an accumulated cost has no real value until the Quality Control Checks clear the varying degrees of uncertainties in shaping up the outcome of the payment portal and the payment gateway. On becoming the wholly owned subsidiary, the same accounting practice was continued. However, this Company can capitalize the same at the time the product is marketable. The capitalized costs are amortized on straight line basis over the useful life of the asset. Costs incurred in performing activities associated with the preliminary project phase and post implementation phase are expensed as incurred. As on the date of the Balance Sheet the Company has not identified the products which have been cleared through the technical feasibility and quality control checks and therefore the costs related to the products have not been capitalized and charged to the statement of income from operations. Going forward the Company is looking forward to capitalize the costs which are directly attributable to the products. Business Combinations. We account for business combinations using the acquisition method, which requires the identification of the acquirer, the determination of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets acquired, the liabilities assumed, including any contingent consideration and any noncontrolling interest in the acquiree at their acquisition date fair values. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in our consolidated financial statements from the acquisition date. Merger, Acquisition & Goodwill On 3 rd The merger is being treated as reverse merger where the CLIC Technology Inc is considered as the accounting acquirer while the FNTT is the legal acquirer. This arrangement of reverse acquisition does not result in a business combination as per ASC 805-40-25-1 and interpretive guidance issued by SEC. The merger related costs $ 395,670 have been recognized in statement of income from operations. The Acquisition agreement was entered between CLIC Technology Inc., a Nevada corporation, and Oceanovasto Investments Ltd, a company organized under the laws of Republic of Cyprus. The arrangement provides for issue of 76,875,000 shares of restricted common stock of FNTT representing the full value for all the Oceano shares. Oceanovasto has two bank accounts one with National Bank of Greece and one at Bank of Cyprus. Both the accounts have become inoperative as a result of change in signatory and updation of the signatory has not been carried out. Therefore, subsequent to 7 th The fair value of the shares transferred to Oceanovasto has been measured by taking the net asset value of the Oceanovasto, as against the requirement of ASC 805 which provides for measurement of the shares transferred at the fair value. The quoted value obtained from the OTC markets is not relevant and not reliable as it does not provide for similar volumes trading in shares as that of the current issue to Oceanovasto and there is no frequent trading undertaken. Therefore, goodwill arising from the acquisition arrangement is computed using the net asset value method which is as follows:- Particulars Amount ($) Consideration (A) Nil Minority Interest (B) Nil (Less) Net Assets acquired from Oceanovasto (C) (570,273.41 ) Goodwill (A+B-C) 570,273.41 Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 4. COMMON STOCK | The Company is authorized to issue 350,000,000 common shares with a par value of $0.001 per share, with 260,725,000 and 260,725,000 shares issued and as of the balance sheet date. No preferred shares have been authorized or issued. On September 4, 2015, the Company issued 1,750,000,000 (pre-split 10,000,000) common shares at $0.000005714 (pre-split $0.001) per share to the sole director and President of the Company for cash proceeds of $10,000. On October 26, 2015, the Company received $10,000 for issued 1,750,000,000 common shares at $0.000005714 per share to the sole director and President of the Company on September 4, 2015. On December 2, 2016 the Company has sold 30,100,000 (pre-split 172,000) common shares at $0.0001714 (pre-split $0.03) per share to 30 shareholders of the company for proceeds of $5,160. Funds were received by the Company on January 5, 2017. On December 2, 2016, the founding shareholder of the Company returned 1,706,250,000 (pre-split 9,750,000) restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. The shares were returned to treasury for $0.000000005 per share for a total consideration of $10 to the shareholder. On December 2, 2016, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 175 new common shares for 1 old common share. The issued and outstanding common stock increased from 422,000 to 73,850,000 as of December 2, 2016. On April 11, 2018, following a change of control effective April 9, 2018, as reported on Form 8-K, filed with the Securities and Exchange Commission on April 10, 2018, the board of directors of the Company increased the total quantity of authorized shares to 350,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On May 3, 2018, the Company issued 110,000,000 restricted shares pursuant to the agreement of merger and plan of reorganization. On May 17, 2018, the Company issued 76,875,000 restricted shares pursuant to the acquisition agreement. Until the date of this financial statement, the Company has not granted any stock options and has not recorded any stock-based compensation. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 5. RELATED PARTY TRANSACTIONS | As of the current balance sheet date, the present chairman, Yosef Biton, a related party, advanced $ 187,849 and $ 425,720 was advanced from another shareholder towards the working capital. The amounts due to the related parties are unsecured, and non- interest bearing, with no set terms of repayment. Since July 2018, money was sent to Shyane McCulloch, Chief Technology Officer of the Company and a shareholder is as below Sl.no Description of the Transaction Amount ($) 1 CTO Salary 24,999 But this shareholder holds 4 million shares out of issued 260.725 millions which is 1.534% and is not an interested party |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 6. INCOME TAXES | A reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows: Particulars 30th Sep 2018 30th Sep 2017 Net loss before income taxes as per financial statements -696,940 -46,873 Income Tax Rate 34 % 34 % Income Tax Recovery -236,960 -15936.82 Non Deductible 0 0 Valuation Allowance 236,960 15936.82 Provision for Income Tax 0 0 The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change, and which cause a change in management’s judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. As of the current balance sheet date, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the current year; and no interest or penalties have been accrued as of the current balance sheet date. The Company did not have any amounts recorded pertaining to uncertain tax positions, as of the current balance sheet date. The tax files of the current as well as the past years remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 12 Months Ended |
Sep. 30, 2018 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | The consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, and reflect the consolidated financial position, results of operations, comprehensive income and cash flows of our consolidated subsidiaries as at the year ended 30 th |
Use of Estimates and Assumptions | The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying disclosures. We evaluate our estimates on a continuous basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The actual amounts may vary from the estimates used in the preparation of the accompanying consolidated financial statements. We have reclassified certain prior period amounts to conform to current period presentation. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Fair Value of Financial Instruments | The carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short-term maturities. |
Earnings/(Loss) per Common Share | The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. As of the current balance sheet date, there were 260,725,000 common stock outstanding. However, the potential common shares arising from the arrangement entered with Chief Technology Officer and the promissory note are anti-dilutive in nature. Hence the diluted earnings(loss) and basic earnings(loss) per common share are same. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those 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 that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,” and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As of the current balance sheet date, the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. |
Property and Equipment | Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease or the estimated useful life of the improvement. Maintenance and repairs are expensed as incurred. The equipment’s such as computers and software’s procured by the Company during the year whose useful life is estimated to be less than a year and therefore the same is charged to statement of income from operations. |
Product Development Expenses: | The Cyprus subsidiary is in the development stage till its online payment portal and the gateway for payments in multiple currencies is built and tested. As a development stage entity, its present efforts are [a] Financial planning; [b] Raising capital; [c] Exploring the available resources; [d] Patenting the developed tools for proprietary user privileges; [e] Research and development; [f] Establishing sources of supply; [g] Acquiring property, plant, equipment, or other operating assets; [h] Recruiting and training personnel; [i] Market Development; [j] Commencing the operations; etc. Prior to the acquisition, the Cyprus company was accumulating the developmental costs as current asset and on cash basis. Such an accumulated cost has no real value until the Quality Control Checks clear the varying degrees of uncertainties in shaping up the outcome of the payment portal and the payment gateway. On becoming the wholly owned subsidiary, the same accounting practice was continued. However, this Company can capitalize the same at the time the product is marketable. The capitalized costs are amortized on straight line basis over the useful life of the asset. Costs incurred in performing activities associated with the preliminary project phase and post implementation phase are expensed as incurred. As on the date of the Balance Sheet the Company has not identified the products which have been cleared through the technical feasibility and quality control checks and therefore the costs related to the products have not been capitalized and charged to the statement of income from operations. Going forward the Company is looking forward to capitalize the costs which are directly attributable to the products. |
Business Combinations | We account for business combinations using the acquisition method, which requires the identification of the acquirer, the determination of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets acquired, the liabilities assumed, including any contingent consideration and any noncontrolling interest in the acquiree at their acquisition date fair values. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in our consolidated financial statements from the acquisition date. |
Merger, Acquisition & Goodwill | On 3 rd The merger is being treated as reverse merger where the CLIC Technology Inc is considered as the accounting acquirer while the FNTT is the legal acquirer. This arrangement of reverse acquisition does not result in a business combination as per ASC 805-40-25-1 and interpretive guidance issued by SEC. The merger related costs $ 395,670 have been recognized in statement of income from operations. The Acquisition agreement was entered between CLIC Technology Inc., a Nevada corporation, and Oceanovasto Investments Ltd, a company organized under the laws of Republic of Cyprus. The arrangement provides for issue of 76,875,000 shares of restricted common stock of FNTT representing the full value for all the Oceano shares. Oceanovasto has two bank accounts one with National Bank of Greece and one at Bank of Cyprus. Both the accounts have become inoperative as a result of change in signatory and updation of the signatory has not been carried out. Therefore, subsequent to 7 th The fair value of the shares transferred to Oceanovasto has been measured by taking the net asset value of the Oceanovasto, as against the requirement of ASC 805 which provides for measurement of the shares transferred at the fair value. The quoted value obtained from the OTC markets is not relevant and not reliable as it does not provide for similar volumes trading in shares as that of the current issue to Oceanovasto and there is no frequent trading undertaken. Therefore, goodwill arising from the acquisition arrangement is computed using the net asset value method which is as follows:- Particulars Amount ($) Consideration (A) Nil Minority Interest (B) Nil (Less) Net Assets acquired from Oceanovasto (C) (570,273.41 ) Goodwill (A+B-C) 570,273.41 |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Summary Of Significant Accounting Policies Tables Abstract | |
Schedule of goodwill | Particulars Amount ($) Consideration (A) Nil Minority Interest (B) Nil (Less) Net Assets acquired from Oceanovasto (C) (570,273.41 ) Goodwill (A+B-C) 570,273.41 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions | |
Description of the transaction | Sl.no Description of the Transaction Amount ($) 1 CTO Salary 24,999 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Taxes Tables Abstract | |
Provision for income taxes at federal statutory rate | Particulars 30th Sep 2018 30th Sep 2017 Net loss before income taxes as per financial statements -696,940 -46,873 Income Tax Rate 34 % 34 % Income Tax Recovery -236,960 -15936.82 Non Deductible 0 0 Valuation Allowance 236,960 15936.82 Provision for Income Tax 0 0 |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - shares | 12 Months Ended | |
Sep. 30, 2018 | May 03, 2018 | |
State of incorporation | Nevada | |
Date of incorporation | Sep. 4, 2015 | |
Merger Agreement [Member] | ||
CTI shareholder interest exchanged in consideration for Merger, percentage | 100.00% | |
CTI shareholder interest in Company | 83.60% | |
CTI shareholder interest exchanged in consideration for Merger, restricted shares | 110,000,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | 37 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | |
Going Concern | |||
Working capital deficit | $ (20,188) | $ (20,188) | |
Net Loss before taxes for the period | $ (696,940) | $ (30,588) | $ (696,940) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Summary Of Significant Accounting Policies Details Abstract | ||
Consideration (A) | ||
Minority Interest (B) | ||
(Less) Net Assets acquired from Oceanovasto(C ) | (570,273) | |
Goodwill ( A+B-C) | $ 570,273 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | May 03, 2018 | Dec. 02, 2016 | |
Maturity of cash and cash equivalents | Three months or less | |||
Common stock shares outstanding | 260,725,000 | 260,725,000 | 422,000 | |
Expense on acquisition of "FNTT" | $ 395,670 | |||
Common Stock | ||||
Common stock shares outstanding | 73,850,000 | |||
Shares issued on acquisition, shares | 76,875,000 | |||
Merger Agreement [Member] | ||||
CTI shareholder interest exchanged in consideration for Merger, percentage | 100.00% | |||
CTI shareholder interest in Company | 83.60% | |||
CTI shareholder interest exchanged in consideration for Merger, restricted shares | 110,000,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) | Dec. 02, 2016USD ($)Shareholder$ / sharesshares | Sep. 04, 2015USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | May 17, 2018shares | May 03, 2018shares |
Common stock par value | $ / shares | $ .001 | $ .001 | ||||
Common stock shares authorized | 350,000,000 | 350,000,000 | ||||
Common stock shares issued | 422,000 | 260,725,000 | 260,725,000 | |||
Common stock shares outstanding | 422,000 | 260,725,000 | 260,725,000 | |||
Proceeds from sale of common stock | $ | $ 370,100 | $ 5,160 | ||||
Forward split description | Common stock of the Company on a basis of 175 new common shares for 1 old common share | |||||
Merger and plan of reorganization agreement [Member] | Restricted Stock [Member] | ||||||
Common stock shares issued | 110,000,000 | |||||
Acquisition agreement [Member] | Oceanovasto investments, Ltd. [Member] | ||||||
Common stock shares issued | 76,875,000 | |||||
Common Stock [Member] | ||||||
Common stock shares issued | 73,850,000 | |||||
Common stock shares outstanding | 73,850,000 | |||||
Common stock shares returned or cancelled | (1,706,250,000) | |||||
Board of Directors [Member] | On April 10, 2018 [Member] | ||||||
Common stock par value | $ / shares | $ 0.001 | |||||
Common stock shares authorized, increased | 350,000,000 | |||||
Director and President [Member] | ||||||
Common stock par value | $ / shares | $ 0.000005714 | |||||
Common stock shares issued | 1,750,000,000 | |||||
Pre-split of common shares | 10,000,000 | |||||
Pre-split of common stock, par value | $ / shares | $ 0.001 | |||||
Proceeds from sale of common stock | $ | $ 10,000 | |||||
Shareholder [Member] | ||||||
Common stock par value | $ / shares | $ 0.0001714 | |||||
Common stock shares issued | 30,100,000 | |||||
Pre-split of common shares | 172,000 | |||||
Pre-split of common stock, par value | $ / shares | $ 0.03 | |||||
Proceeds from sale of common stock | $ | $ 5,160 | |||||
Number of shareholders | Shareholder | 30 | |||||
Treasury Stock [Member] | ||||||
Common stock par value | $ / shares | $ 0.00 | |||||
Pre-split of common shares | 9,750,000 | |||||
Proceeds from sale of common stock | $ | $ 10 | |||||
Common stock shares returned or cancelled | 1,706,250,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 12 Months Ended |
Sep. 30, 2018USD ($) | |
Chief Technology Officer [Member] | |
Salary expenses | $ 24,999 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Shareholder loans | $ 634,742 | |
Chairman [Member] | ||
Advanced from related party | 187,849 | |
Shareholder loans | $ 425,720 | |
Shareholder [Member] | ||
Shares reserved from future issuance | 260,725,000 | |
Number of shares issued to uninterested party | 4,000,000 | |
Ownership interest | 1.534% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes Details Abstract | ||
Net loss before income taxes as per financial statements | $ (696,940) | $ (46,873) |
Income tax rate | 34.00% | 34.00% |
Income tax recovery | $ (236,960) | $ (15,937) |
Non Deductible | ||
Valuation Allowance | 236,960 | 15,937 |
Provision for Income Tax |