Cover
Cover - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 26, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | Kinetic Group Inc. | |
Entity Central Index Key | 0001696195 | |
Document Type | 10-K | |
Amendment Flag | false | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --09-30 | |
Entity Well Known Seasoned Issuer | No | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 26,320,200 | |
Entity Public Float | $ 72,493,054 | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Fin Stmt Error Correction Flag | false | |
Entity File Number | 333-216047 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 47-4685650 | |
Entity Address Address Line 1 | 2801 NW 74TH Avenue | |
Entity Address City Or Town | Miami | |
Entity Address State Or Province | FL | |
Entity Address Postal Zip Code | 33122 | |
City Area Code | 786 | |
Icfr Auditor Attestation Flag | true | |
Auditor Name | OLAYINKA OYEBOLA & CO. | |
Auditor Location | Lagos Nigeria | |
Auditor Firm Id | 5968 | |
Local Phone Number | 7126827 | |
Security 12b Title | Common Stock $0.001 par value | |
Entity Interactive Data Current | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Current Assets | ||
Cash | $ 113 | $ 13,665 |
Due from Related Parties | 550,000 | 550,000 |
TOTAL ASSETS | 550,113 | 563,665 |
Current Liabilities | ||
Account payable and accrued liabilities | 152,026 | 43,902 |
Total current Liabilities | 152,026 | 43,902 |
Common stock, par value $0.001 per share, 75,000,000 shares authorized; 26,320,200 shares issued and outstanding as of September 30, 2023 and September 30, 2022 | 26,320 | 26,320 |
Additional paid-in capital | 744,322 | 744,222 |
Accumulated deficit | (372,555) | (250,779) |
Total stockholders' equity (deficit) | 398,087 | 519,763 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT) | $ 550,113 | $ 563,665 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Sep. 30, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 26,320,200 | 26,320,200 |
Common stock, shares outstanding | 26,320,200 | 26,320,200 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Revenue | $ 0 | $ 0 |
Cost of revenue | 0 | 0 |
Gross profit | 0 | 0 |
Operating Expenses: | ||
Officer Stock Base Compensation | 54,000 | 20,300 |
Professional Fee | 59,436 | 14,941 |
General and administrative | 8,339 | 17,616 |
Total operating expenses | 121,776 | 52,857 |
Income (Loss) from Operations | (121,776) | (52,857) |
Income tax provision | 0 | 0 |
Net Income (Loss) | $ (121,776) | $ (52,857) |
Net Income (Loss) per common share - Basic and Diluted | $ 0 | $ 0 |
Outstanding - Basic and Diluted | 26,320,200 | 26,320,200 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Sep. 30, 2021 | 23,710,200 | |||
Balance, amount at Sep. 30, 2021 | $ 0 | $ 23,710 | $ 174,212 | $ (197,922) |
Officers stock-based compensation, shares | 2,300,000 | |||
Officers stock-based compensation, amount | 2,300 | $ 2,300 | 0 | 0 |
Additional paid in capital, shares | 310,000 | |||
Additional paid in capital, amount | 570,320 | $ 310 | 570,010 | 0 |
Net Lost | (52,857) | (52,857) | ||
Balance, shares at Sep. 30, 2022 | 26,320,200 | |||
Balance, amount at Sep. 30, 2022 | 519,763 | $ 26,320 | 744,222 | (250,779) |
Additional paid in capital, amount | 100 | $ 0 | 100 | 0 |
Net Lost | (121,776) | (121,776) | ||
Common stock issued, shares | 0 | |||
Common stock issued, amount | 0 | $ 0 | 0 | |
Balance, shares at Sep. 30, 2023 | 26,320,200 | |||
Balance, amount at Sep. 30, 2023 | $ 398,087 | $ 26,320 | $ 744,322 | $ (372,555) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Net loss | $ (121,776) | $ (52,857) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Cancelation of debt and common shares | 0 | 0 |
Due from related party | 53,168 | (550,000) |
Accounts Payable (A/P): Account Payable Vendors | 54,956 | |
Accounts payable and accrued liabilities | 0 | 43,902 |
Accounts payable - related party | 0 | |
Net Cash Provided (Used) by Operating Activities | (13,652) | (558,955) |
Investing Activities: | ||
Acquisition of property and equipment | 0 | |
Acquisition of software | 0 | |
Net Cash Used in Investing Activities | 0 | 0 |
Financing Activities: | ||
Proceeds from issuance of common stock | 0 | |
Additional Paid-in capital | 100 | 570,010 |
Common stock issued | 2,610 | |
Net Cash Provided by Financing Activities | 100 | 572,620 |
Net Change in Cash | (13,552) | 13,665 |
Cash - Beginning of Period | 13,665 | 0 |
Cash - End of Period | 113 | 13,665 |
Cash paid during the period for: | ||
Interest | 0 | 0 |
Income tax paid | 0 | 0 |
Non-Cash Financing and Investing Activities: | ||
Restricted common stock canceled, and proceeds contributed to capital | 0 | |
Issuance of 26,320,200 shares for officer's compensation at par | $ 0 | $ 0 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Sep. 30, 2023 | |
Organization and Operations | |
Organization and Operations | Note 1 – Organization and Operations Kinetic Group Inc., a Nevada corporation, (the “Company”) was formed under the laws of the State of Nevada on June 6, 2014. Kinetic Group Inc. (“KNIT” or “Company”) changed its business description and now is a technology holding company, offering digital transformation through AI technology to enterprises looking to improve strategic and operational decision making. KNIT accelerates the digital transformation of companies by converting property, plants and equipment into Smart Assets which enhance productivity. The Company will generate revenue from acquisitions and operations in Latin America and the USA. On April 18, 2023, The Company announced that it has signed a formal Memorandum of Understanding with a profitable AI Company. As a result of the possible acquisition, KINETIC will own 100% of an early entrant AI company offering digital transformation to enterprises. KNIT will offer customizable AI solutions to businesses to improve their decision making, reduce risk and improve operations. Customized solutions, including Digital Twins, Smart Assets, AI predictive analytics and Metaverse engagement are designed to produce significant productivity improvements. KNIT is an early mover in offering a suite of AI business services to both the private and public sectors. The Company also hired CIM Securities LLC as lead placement agent in a $3 million raise structured as an 8% PIK Dividend Series A Convertible Participating Preferred. The preferred offers a 1.5x liquidation preference and is priced at $1.00 per preferred share. Use of funds is to promote international sales and roll out a subscription-based revenue model. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principle of consolidation The accompanying consolidated financial statements include all of the accounts of the Company as of September 30, 2023 and 2022. All intercompany balances and transactions have been eliminated. Development Stage company Kinetic Group Inc. is a development stage company as defined by section 915-10-20 of the FASB Accounting Standards Codification. Although the Company has recognized nominal amounts of revenue, it is still devoting substantially all of its efforts to establishing the business. All losses accumulated since Inception (June 4, 2014) have been considered as part of the Company’s development stage activities. In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Kinetic Group has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage. Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted 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(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s).Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates and assumptions affecting the financial statements were: (i) Assumption as a going concern (ii) Allowance for doubtful accounts (iii) Valuation allowance for deferred tax assets: These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable and accrued expenses, approximate their fair value because of the short maturity of those instruments. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less to be cash and cash equivalents. Property and Equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five (5) years for computer equipment to seven (7) years for office furniture. Upon sale or retirement of office equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. Related Parties The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include: a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. Commitments and Contingencies The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. Revenue Recognition The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. The Company derives its revenues from sales contracts with its customers with revenues being generated upon rendering of services. Persuasive evidence of an arrangement is demonstrated via invoice; service is considered provided when the service is delivered to the customers; and the sales price to the customer is fixed upon acceptance of the purchase order and there is no separate sales rebate, discount, or volume incentive. A right of return exists for customers’ retainers that were received prior to commencement of services. If a customer cancels a service contract subsequent to the commencement date, the customer is entitled to a refund, except for services already provided. Income Tax Provision The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. 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 the statements of operations in the period that includes the enactment date. The Company adopted the provisions of paragraph 740-10-25-13 of the FASB Accounting Standards Codification. Paragraph 740-10-25-13 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In the management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Uncertain Tax Positions The Company did not take any uncertain tax positions and had no unrecognized tax liabilities or benefits in accordance with the provisions of Section 740-10-25 on September 30, 2023 and 2022. Earnings per Share Earnings Per Share is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. Earnings per share (“EPS”) is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Pursuant to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied. Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid stock subscriptions (see paragraph 260–10–55–23). Anti-diluted contracts, such as purchased put options and purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued. b. The proceeds from the exercise shall be assumed to be used to purchase common stock at the average market price during the period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted EPS computation. There were no potential debt or equity instruments issued and outstanding at any time during the years ended September 30, 2023 and 2022. Cash Flows Reporting The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification. Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, will have a material effect on the accompanying financial statements. |
Going Concern
Going Concern | 12 Months Ended |
Sep. 30, 2023 | |
Going Concern | |
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 continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had an accumulated deficit of $-372,555 on September 30, 2023, which raises substantial doubt about the Company’s ability to continue as a going concern. The Company is attempting to generate sufficient revenue; however, the Company’s cash position may not be sufficient to support the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to continue operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2023 | |
Property and Equipment | |
Property and Equipment | Note 4 – Property and Equipment Property and equipment on September 30, 2023 and 2022 consisted of the following: Property and Equipment Estimated useful lives (Years) Year Ended 9/30/2023 Year Ended 9/30/2022 Computer equipment 5 $ - $ - Less accumulated depreciation $ - $ - Computer equipment, net $ - $ - Software 1 $ - $ - Less accumulated amortization $ - $ - Software, net $ - $ - Total property and equipment, net - - Depreciation expense Depreciation expense for the year ended September 30, 2023 and 2022 was $0 and $0, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions | |
Related Party Transactions | Note 5 – Related Party Transactions Consulting services from President, Chief Executive Officer, Secretary and Treasurer and Chief Financial Officer Consulting services provided by the Company’s officers for the years ended September 30, 2023 and 2022 were as follows: Consulting Services from Company's Officers Year Ended 9/30/2023 Year Ended 9/30/2022 President, Chief Executive Officer $ 0 $ 2,300 Chief Financial Officer, Secretary and Treasurer $ 54,000 $ 18,000 Total $ 54,000 $ 20,300 Debt Settlement All debt from last management group have been canceled. On September 30, 2023, the company has debt with Shareholders for $77,380 which persons have supported some expenses required for initial operation after acquisition (Ana Maria Mendez President for $39,689, Damian Grider-Director for $35,650 and Canopi Group for $2,041) and with CFO Roberto Mora for $72,010. |
Stockholders Equity (Deficit)
Stockholders Equity (Deficit) | 12 Months Ended |
Sep. 30, 2023 | |
Stockholders Equity (Deficit) | |
Stockholders' Equity (Deficit) | Note 6 – Stockholders’ Equity (Deficit) Shares authorized. Upon formation the total number of shares of all classes of stock which the Company is authorized to issue is seventy-five million (75,000,000) shares of common stock, par value $0.001 per share. Total outstanding shares: 26,320,200 Unregistered shares of common stock None. Registered shares of common stock As of September 30, 2023 all shares are registered: 99.53% in possession of new stockholders and 0.47% in open free market. During the period Broad Waters Global Capital acquired total shares from Brandink LLC. Stockholder Total Shares of Common Stock Percentage Ownership Canopi Group S.A. 5,969,650 22.68 % Partnership CK LLV 2,984,825 11.34 % New Gate Investments S.A 2,505,700 9.52 % Ana Maria Mendez 4,844,650 18.41 % Maria Cristina Mendez 122,000 0.46 % Steven Steinmetz 3,000 0.01 % Telco Acquisition Partners LLC 5,644,650 21.45 % Jackeline Bullon 325,000 1.23 % Broad Waters Global Capital SA 3,438,925 13.07 % Michelle Santiago 35,300 0.13 % Jose Benjamin Zapata 12,500 0.05 % Total 25,886,200 98.35 % NEW OFFERING * Martin Johnson 10,000 0.04 % * International Monetary 300,000 1.14 % Total 26,196,200 99.53 % OPEN MARKET 124,000 0.47 % TOTAL OUSTANDING 26,320,200 100.00 % Regulation D Offering The Company filed with the Securities and Exchange Commission a notice of an exempt offering of the Company’s securities on the Form D (the “Offering”). The Company is offering $40,000,000 under the Offering at market price with discount. The Securities are being offered by the Company through its officers and directors on a “best efforts” basis, pursuant to a non-public offering exemption from the registration requirements imposed by the Securities Act of 1933, under Regulation D, Rule 506, as amended (“1933 Act”). The Securities are not being registered and may not be sold unless they are registered under applicable Federal and State laws. The offering will expire on May 31, 2024. (see exhibits) On August 2022, the company sold 10,000 common shares at the price of $2.00. This sale represents the only cash received by the company in the period ended September 30, 2022. The company gave 300,000 shares to International Monetary according to an agreement signed. |
Income Tax
Income Tax | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax | |
Income Tax | Note 7 – Income Tax Deferred Tax Assets On September 30, 2023 and 2022, the Company had net operating loss (“NOL”) carry–forwards for Federal income tax purposes respectively. Year Ended 9/30/2023 Year Ended 9/30/2022 Net deferred tax assets – Non-current: $ 0 $ 0 Expected income tax benefit from NOL carry-forwards $ 78,237 $ 52,664 Less valuation allowance $ (78,237 ) $ (52,664 ) Deferred tax assets, net of valuation allowance $ 0 $ 0 Deferred tax assets consist primarily of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding their realizability. The valuation allowance increased approximately $(25,573) during the year ended September 30, 2023. We follow ASC 740 Accounting for Uncertainty in Income Taxes Our policy is to recognize potential interest and penalties accrued related to unrecognized tax benefits within income tax expense. For the years ended September 30, 2023 and 2022, we did not recognize any interest or penalties in our statement of operations, nor did we have any interest or penalties accrued in our balance sheet on September 30, 2023 and 2022 relating to unrecognized tax benefits. The tax years 2021-2020 remain open to examination for federal income tax purposes and by the other major taxing jurisdictions to which we are subject. The taxes year 2022 was submitted to IRS. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events | |
Subsequent Events | Note 8 – Subsequent Events In accordance with ASC 855-10 we have analyzed our operations subsequent to September 30,2023 to September 30, 2022, date of these financial statement was issued, and have determined that we do not have any material subsequent events to disclose in these financial statements. (a) Departure of Directors During this period there was not a departure of Directors. (c) Appoint of Officers During this period there were no changes in Officers. Ana Maria Mendez is President and Chairwoman. (d) Appointment of Directors During this period there were no changes of Directors. Damien Grider is a member of board of directors. (e) Appointment of Management During this period there were no changes in management. Roberto Mora is the CFO (Chief Financial Officer). (f) Other Events 1. On July 22, 2022, business activities of KINETIC changed to: Kinetic Group Inc. is a technology holding company, offering digital transformation through AI technology to enterprises looking to improve strategic and operational decision making. KNIT accelerates the digital transformation of companies by converting property, plants and equipment into Smart Assets which enhance productivity. 2. On September 2023, KINETIC hired a new Accountant company: BGM Consulting located in Houston Texas, represented by Barry G. McDaniel, CPA, CGMA and APA. We continue with our Audit company: Olayinka Oyebola & Co. located in Houston Texas and Lagos Nigeria, represented by Olayinka T. Oyebola, PCAOB-USA. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principle of consolidation | The accompanying consolidated financial statements include all of the accounts of the Company as of September 30, 2023 and 2022. All intercompany balances and transactions have been eliminated. |
Development Stage company | Kinetic Group Inc. is a development stage company as defined by section 915-10-20 of the FASB Accounting Standards Codification. Although the Company has recognized nominal amounts of revenue, it is still devoting substantially all of its efforts to establishing the business. All losses accumulated since Inception (June 4, 2014) have been considered as part of the Company’s development stage activities. In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Kinetic Group has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage. |
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | The preparation of financial statements in conformity with accounting principles generally accepted 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(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s).Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates and assumptions affecting the financial statements were: (i) Assumption as a going concern (ii) Allowance for doubtful accounts (iii) Valuation allowance for deferred tax assets: These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable and accrued expenses, approximate their fair value because of the short maturity of those instruments. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. |
Cash Equivalents | The Company considers all highly liquid investments with a maturity of three months or less to be cash and cash equivalents. |
Property and Equipment | Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five (5) years for computer equipment to seven (7) years for office furniture. Upon sale or retirement of office equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. |
Related Parties | The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include: a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and Contingencies | The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Revenue Recognition | The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. The Company derives its revenues from sales contracts with its customers with revenues being generated upon rendering of services. Persuasive evidence of an arrangement is demonstrated via invoice; service is considered provided when the service is delivered to the customers; and the sales price to the customer is fixed upon acceptance of the purchase order and there is no separate sales rebate, discount, or volume incentive. A right of return exists for customers’ retainers that were received prior to commencement of services. If a customer cancels a service contract subsequent to the commencement date, the customer is entitled to a refund, except for services already provided. |
Income Tax Provision | The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. 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 the statements of operations in the period that includes the enactment date. The Company adopted the provisions of paragraph 740-10-25-13 of the FASB Accounting Standards Codification. Paragraph 740-10-25-13 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In the management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. |
Uncertain Tax Positions | The Company did not take any uncertain tax positions and had no unrecognized tax liabilities or benefits in accordance with the provisions of Section 740-10-25 on September 30, 2023 and 2022. |
Earnings per Share | Earnings Per Share is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. Earnings per share (“EPS”) is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Pursuant to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied. Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid stock subscriptions (see paragraph 260–10–55–23). Anti-diluted contracts, such as purchased put options and purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued. b. The proceeds from the exercise shall be assumed to be used to purchase common stock at the average market price during the period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted EPS computation. There were no potential debt or equity instruments issued and outstanding at any time during the years ended September 30, 2023 and 2022. |
Cash Flows Reporting | The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification. |
Subsequent Events | The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. |
Recently Issued Accounting Pronouncements | Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, will have a material effect on the accompanying financial statements. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Property and Equipment | |
Schedule of Property and Equipment | Property and Equipment Estimated useful lives (Years) Year Ended 9/30/2023 Year Ended 9/30/2022 Computer equipment 5 $ - $ - Less accumulated depreciation $ - $ - Computer equipment, net $ - $ - Software 1 $ - $ - Less accumulated amortization $ - $ - Software, net $ - $ - Total property and equipment, net - - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions | |
Schedule of Related Party Transactions | Consulting Services from Company's Officers Year Ended 9/30/2023 Year Ended 9/30/2022 President, Chief Executive Officer $ 0 $ 2,300 Chief Financial Officer, Secretary and Treasurer $ 54,000 $ 18,000 Total $ 54,000 $ 20,300 |
Stockholders Equity (Deficit) (
Stockholders Equity (Deficit) (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Stockholders Equity (Deficit) | |
Schedule of Registered shares | Stockholder Total Shares of Common Stock Percentage Ownership Canopi Group S.A. 5,969,650 22.68 % Partnership CK LLV 2,984,825 11.34 % New Gate Investments S.A 2,505,700 9.52 % Ana Maria Mendez 4,844,650 18.41 % Maria Cristina Mendez 122,000 0.46 % Steven Steinmetz 3,000 0.01 % Telco Acquisition Partners LLC 5,644,650 21.45 % Jackeline Bullon 325,000 1.23 % Broad Waters Global Capital SA 3,438,925 13.07 % Michelle Santiago 35,300 0.13 % Jose Benjamin Zapata 12,500 0.05 % Total 25,886,200 98.35 % NEW OFFERING * Martin Johnson 10,000 0.04 % * International Monetary 300,000 1.14 % Total 26,196,200 99.53 % OPEN MARKET 124,000 0.47 % TOTAL OUSTANDING 26,320,200 100.00 % |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax | |
Schedule of deferred tax assets | Year Ended 9/30/2023 Year Ended 9/30/2022 Net deferred tax assets – Non-current: $ 0 $ 0 Expected income tax benefit from NOL carry-forwards $ 78,237 $ 52,664 Less valuation allowance $ (78,237 ) $ (52,664 ) Deferred tax assets, net of valuation allowance $ 0 $ 0 |
Organization and Operations (De
Organization and Operations (Details Narrative) $ / shares in Units, $ in Millions | 12 Months Ended |
Sep. 30, 2023 USD ($) $ / shares | |
Organization and Operations | |
Securities purchased | $ | $ 3 |
Price per preferred share | $ / shares | $ 1 |
Acquisition | 100% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Sep. 30, 2023 | |
Tax benefits recognized, description | The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures |
Furniture and Fixtures [Member] | |
Property and equipment, useful lives | 7 years |
Computer Equipment [Member] | |
Property and equipment, useful lives | 5 years |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Going Concern | ||
Accumulated deficit | $ (372,555) | $ (250,779) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Total property and equipment, net88 | $ 0 | $ 0 |
Computer Equipment [Member] | ||
Property and equipment, useful lives | 5 years | |
Total property and equipment, net | $ 0 | 0 |
Property and equipment, gross | 0 | 0 |
Property and equipment, accumulated amortization | $ 0 | 0 |
Software Development [Member] | ||
Property and equipment, useful lives | 1 year | |
Total property and equipment, net | $ 0 | 0 |
Property and equipment, gross | 0 | 0 |
Property and equipment, accumulated amortization | $ 0 | $ 0 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property and Equipment | ||
Depreciation expense | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Consulting services | $ 54,000 | $ 20,300 |
President, Chief Executive Officer [Member] | ||
Consulting services | 0 | 2,300 |
Chief Financial Officer, Secretary and Treasurer [Member] | ||
Consulting services | $ 54,000 | $ 18,000 |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) - Debt [Member] | Jun. 30, 2023 USD ($) |
Total debt | $ 77,380 |
Ana Maria Mendez [Member] | |
Total debt | 39,689 |
Damian Grider [Member] | |
Total debt | 35,650 |
Canopi Group [Member] | |
Total debt | 2,041 |
CFO Roberto Mora [Member] | |
Total debt | $ 72,010 |
Stockholders Equity (Deficit)_2
Stockholders Equity (Deficit) (Details) | 12 Months Ended |
Sep. 30, 2023 shares | |
New offering | 26,196,200 |
New offering ownership percentage | 99.53% |
Open market | 124,000 |
Open market ownership percentage | 0.47% |
Total outstanding | 26,320,200 |
Total outstanding | 100% |
Stock Cancellation Agreements [Member] | |
Number of common stock shares cancelled | 25,886,200 |
Ownership percentange | 98.35% |
Stock Cancellation Agreements [Member] | Canopi Group S.A. [Member] | |
Number of common stock shares cancelled | 5,969,650 |
Ownership percentange | 22.68% |
Stock Cancellation Agreements [Member] | Partnership CK LLV [Member] | |
Number of common stock shares cancelled | 2,984,825 |
Ownership percentange | 11.34% |
Stock Cancellation Agreements [Member] | New Gate Investments S.A [Member] | |
Number of common stock shares cancelled | 2,505,700 |
Ownership percentange | 9.52% |
Stock Cancellation Agreements [Member] | Ana Maria Mendez [Member] | |
Number of common stock shares cancelled | 4,844,650 |
Ownership percentange | 18.41% |
Stock Cancellation Agreements [Member] | Maria Christina Mendez [Member] | |
Number of common stock shares cancelled | 122,000 |
Ownership percentange | 0.46% |
Stock Cancellation Agreements [Member] | Steven Steinmetz [Member] | |
Number of common stock shares cancelled | 3,000 |
Ownership percentange | 0.01% |
Stock Cancellation Agreements [Member] | Telco Acquisition Partners LLC [Member] | |
Number of common stock shares cancelled | 5,644,650 |
Ownership percentange | 21.45% |
Stock Cancellation Agreements [Member] | Jackeline Bullon [Member] | |
Number of common stock shares cancelled | 325,000 |
Ownership percentange | 1.23% |
Stock Cancellation Agreements [Member] | Broad Waters Global Capital SA [Member] | |
Number of common stock shares cancelled | 3,438,925 |
Ownership percentange | 13.07% |
Stock Cancellation Agreements [Member] | Michelle Santiago [Member] | |
Number of common stock shares cancelled | 35,300 |
Ownership percentange | 0.13% |
Stock Cancellation Agreements [Member] | Jose Benjamin Zapata [Member] | |
Number of common stock shares cancelled | 12,500 |
Ownership percentange | 0.05% |
Stock Cancellation Agreements [Member] | Martin Johnson [Member] | |
New offering | 10,000 |
New offering ownership percentage | 0.04% |
Stock Cancellation Agreements [Member] | International Monetary [Member] | |
New offering | 300,000 |
New offering ownership percentage | 1.14% |
Stockholders Equity (Deficit)_3
Stockholders Equity (Deficit) (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Common stock shares total offering | $ 40,000,000 | |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 26,320,200 | 26,320,200 |
Shares sold in new offering, price per share | $ 2 | |
Shares sold in new offering, shares | 10,000 | |
Registered shares of common stock | As of September 30, 2023 all shares are registered: 99.53% in possession of new stockholders and 0.47% in open free market. | |
International Monetary [Member] | ||
Shares sold in new offering, shares | 300,000 |
Income Tax (Details)
Income Tax (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Income Tax | ||
Net deferred tax assets - Non-current | $ 0 | $ 0 |
Expected income tax benefit from NOL carry-forwards | 78,237 | 52,664 |
Less valuation allowance | (78,237) | (52,664) |
Deferred tax assets, net of valuation allowance | $ 0 | $ 0 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) | 12 Months Ended |
Sep. 30, 2023 USD ($) | |
Income Tax | |
Valuation allowance increase | $ 25,573 |