Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2018 | Jul. 12, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | China Grand Resorts, Inc. | |
Entity Central Index Key | 860,543 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 33,272,311 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 |
CURRENT ASSETS | ||
Cash | ||
Prepaid Expenses | 5,000 | |
TOTAL CURRENT ASSETS | 5,000 | |
TOTAL OTHER ASSETS | ||
TOTAL ASSETS | 5,000 | |
CURRENT LIABILTIES | ||
Accounts Payable | 44,145 | 21,187 |
Accrued Interest on Loans from Related Parties | 378,292 | 353,944 |
Loan from Related Parties | 1,219,814 | 1,219,814 |
TOTAL CURRENT LIABILTIES | 1,642,251 | 1,594,945 |
TOTAL LIABILITIES | 1,642,251 | 1,594,945 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common stock ($0.001 par value; 100,000,000 shares authorized; 33,272,311 shares issued and outstanding at March 31, 2018 and September 30, 2017) | 33,272 | 33,272 |
Additional Paid in Capital | 10,128,046 | 10,114,796 |
Accumulated Deficit | (11,803,569) | (11,738,013) |
TOTAL STOCKHOLDER'S EQUITY (DEFICIT) | (1,642,251) | (1,589,945) |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY/(DEFICIT) | $ 5,000 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Sep. 30, 2017 | May 05, 2016 |
STOCKHOLDERS' EQUITY | |||
Common Stock, shares par value | $ 0.001 | $ 0.001 | |
Common Stock, shares authorized | 100,000,000 | 100,000,000 | 1,750,000,000 |
Common Stock, shares issued | 33,272,311 | 33,272,311 | |
Common Stock, shares outstanding | 33,272,311 | 33,272,311 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statements Of Operations | ||||
Sales | ||||
Total Revenue | ||||
EXPENSES: | ||||
Selling, General and Administrative | 2,500 | |||
Professional Fees | 23,115 | 635 | 38,707 | 1,085 |
Total Expense | 23,115 | 635 | 41,207 | 1,085 |
Loss from operations | (23,115) | (635) | (41,207) | (1,085) |
OTHER INCOME/(EXPENSES): | ||||
Interest Income | ||||
Interest Expense | (12,174) | (12,174) | (24,348) | (24,348) |
Total Other Net Income/(Expense) | (12,174) | (12,174) | (24,348) | (24,348) |
Loss Before Income tax | (35,289) | (12,809) | (65,555) | (25,433) |
Provision for Income Taxes | ||||
Net Income/(Loss) | $ (35,289) | $ (12,809) | $ (65,555) | $ (25,433) |
Weighted average common shares outstanding, basic and diluted | 33,272,311 | 33,272,311 | 33,272,311 | 33,272,311 |
Basic and fully diluted net loss per common share: | ||||
Net Income/(Loss) | $ (0.001) | $ 0 | $ (0.002) | $ (0.001) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (65,555) | $ (25,433) |
Changes in Assets and Liabilities: | ||
Increase (decrease) in Prepaid Expense | 5,000 | |
Increase (decrease) in Accounts Payable and Other Accruals | 47,305 | 24,348 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (13,250) | (1,085) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | ||
FINANCING ACTIVITIES | ||
Capital Contributions | 13,250 | 1,085 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 13,250 | 1,085 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | ||
CASH AND CASH EQUIVALENTS, END OF THE PERIOD | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
CASH PAID DURING THE PERIOD FOR: Interest | ||
CASH PAID DURING THE PERIOD FOR: Taxes |
BUSINESS ACTIVITY
BUSINESS ACTIVITY | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE A - BUSINESS ACTIVITY | China Grand Resorts, Inc. (the Company) was organized under the laws of the State of Nevada on September 21, 1989 under the name Fulton Ventures, Inc. Effective on November 16, 2009, the name was changed to China Grand Resorts Inc. After the September 30, 2014 10Q filing, the management of the Company abandoned the Company and the subsidiaries were taken back by the PRC national companies in China who owned them. The remaining parent company, China Grand Resorts, Inc. became a dormant company until 2016 when a new shareholder acquired stock to become the majority shareholder and owner of the Company. The Companys fiscal year end is September 30 th |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE B - GOING CONCERN | The accompanying financial statements have been prepared on a going concern basis, which assumes the Company will realize its assets and discharge its liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company has a deficit accumulated of $11,803,569 and cash used in operations of $13,250 at March 31, 2018. The Companys ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These circumstances raise substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might arise because of this uncertainty. To address these aforementioned, Management has undertaken the following initiatives: 1) enter into discussions to secure additional equity funding from current or new shareholders; 2) undertake a program to continue to monitor the Companys ongoing working capital requirements and minimum expenditure commitments; and 3) continue their focus on maintaining an appropriate level of corporate overhead in line with the Companys available cash resources. |
SUMMARIES OF SIGNIFICANT ACCOUN
SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation- The financial statements included herein were prepared under Generally Accepted Accounting Principles (GAAP). All adjustments have been made which in the opinion of management are necessary for presentation. Interim filings should be read in conjunction with the Companys annual report as of September 30, 2017. Cash and Cash Equivalents Managements Use of Estimates Revenue Recognition (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered and all required milestones achieved, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. Comprehensive Income (Loss) Net Income per Common Share Deferred Taxes Fair Value of Financial Instruments Accounts Receivable Impairment of Long-Lived Assets Stock-Based Compensation Fair Value for Financial Assets and Financial Liabilities 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 unobservable inputs and not corroborated by market data. The carrying amounts of the Companys financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Companys note payable approximates the fair value of such instrument based upon managements best estimate of interest rates that would be available to the Company for similar financial arrangement at March 31, 2018 and March 31, 2017. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at March 31, 2018, nor gains or losses are reported in the statement of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the periods ended March 31, 2018 or March 31, 2017. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, which revises the definition of a business and assists in the evaluation of when a set of transferred assets and activities is a business. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017 and should be applied prospectively. Early adoption is permitted under certain circumstances. The Company does not expect the adoption of this guidance will have a material impact on its financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates step two of the goodwill impairment test and specifies that goodwill impairment should be measured by comparing the fair value of a reporting unit with its carrying amount. Additionally, the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets should be disclosed. ASU 2017-04 is effective for annual or interim goodwill impairment tests performed in fiscal years beginning after December 15, 2019; early adoption is permitted. We currently anticipate that the adoption of ASU 2017-04 will not have a material impact on our financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting, which provides guidance about which changes to the terms or conditions of a share-based payment awarded require an entity to apply modification accounting. ASU 2017-09 is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The amendments in ASU 2017-09 are to be applied prospectively to an award modified on or after the adoption date; consequently, the impact will be dependent on whether we modify any share-based payment awards and the nature of such modifications. The adoption of this standard is not expected to have a material impact on our financial statements. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE D - SEGMENT REPORTING | The Company follows the guidance set forth by section 280-10 of the FASB Accounting Standards Codification for reporting and disclosure on operating segments of the Company. It also requires segment disclosures about products and services, geographic areas, and major customers. The Company determined that it did not have any separately reportable operating segments as of March 31, 2018 and March 31, 2017. |
ACCOUNTS PAYABLE PRIOR TO COMPA
ACCOUNTS PAYABLE PRIOR TO COMPANY BEING ABANDONED | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE E - ACCOUNTS PAYABLE PRIOR TO COMPANY BEING ABANDONED | Other payables prior to the Company being abandoned consist of the following: March 31, 2018 September 30, 2017 Professional Fees $ 2,000 $ 2,000 Office Expenses $ 19,187 $ 19,187 Total $ 21,187 $ 21,187 |
RELATED PARTY TRANSACTIONS PRIO
RELATED PARTY TRANSACTIONS PRIOR TO COMPANY BEING ABANDONED | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE F - RELATED PARTY TRANSACTIONS PRIOR TO COMPANY BEING ABANDONED | March 31, 2018 September 30, 2017 Redrock Capital Venture Limited (a) 100,281 $ 100,281 Beijing Hua Hui Hengye Investment Limited (b) 1,119,533 1,119,533 Total $ 1,219,814 $ 1,219,814 (a) From June 2009 through December 2009, the Company received loans from Redrock Capital Venture Limited for working capital purpose. The loans are unsecured, due on demand and without formal written loan agreements. The loans amounted to $100,281 as of December 31, 2009 and remained the same amount as of March 31, 2018. (b) Commencing in October 2009, the Company began receiving loans from time to time from Hua Hui, our largest shareholder at the time, for working capital purposes. As of March 31, 2018, the amount due to Hua Hui is $1,119,533, which is due on demand and bears interest at the prevailing rate charged by the PRC Central Bank. The interest accrued as of March 31, 2018 amounted to approximately $378,292 and the interest rate of the loans was 4.35%. Interest accrued for the three months ended March 31, 2018 and March 31, 2017 was $12,174 and $12,174, respectively. The agreements for the aforementioned loans are not formal agreements and current management has obtained the interest rates from the prior filings. Management will continue to accrue interest until any applicable statute of limitations has passed and the Company has received a legal opinion stating that the collectability actions are no longer available to the creditor. |
EQUITY
EQUITY | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE G - EQUITY | The Company is authorized to issue 100,000,000 Common Shares at $.001 par value per share. In April 2016, 30,000,000 shares were issued to new owner, Bryan Glass at par. Total issued and outstanding shares as of March 31, 2018 were 33,272,311. To date, the majority shareholder, Bryan Glass contributed $29,006 for expenses and fees to reinstate the Company. This money is booked as a capital contribution. October 1, 2015 to September 30, 2016 $ 6,924 October 1, 2016 to September 30, 2017 $ 8,832 October 1, 2017 to March 31, 2018 $ 13,250 Total $ 29,006 |
INCOME TAX
INCOME TAX | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE H - INCOME TAX | The Company provides for income taxes under (now included under Accounting Standards Codification (ASC), 740), Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. For Federal income tax purposes, the Company has net operating loss carry forwards that expire through 2030. The net operating loss as of March 31, 2018 is approximately $11,800,000 and as of March 31, 2017 is $11,700,000 approximately. The total deferred tax asset is approximately $2,478,000 and $2,457,000 for the periods March 31, 2018 and March 31, 2017, respectively. No tax benefit has been reported in the financial statements because after evaluating our own potential tax uncertainties, the Company has determined that there are no material uncertain tax positions that have a greater than 50% likelihood of reversal if the Company were to be audited. The Company is not obligated to pay state income taxes because it is a Nevada corporation. |
MATERIAL EVENTS
MATERIAL EVENTS | 6 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
NOTE I - MATERIAL EVENTS | Amended and Restated Articles of Incorporation On May 5, 2016, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada. The principal amendments to the articles of incorporation, as amended through the date of the filing of the Amended and Restated Articles of Incorporation include: • a reduction in the number of shares of common stock that the Company is authorized to issue from 1,750,000,000 shares to 100,000,000 shares; • the addition of a class of blank check preferred stock and the grant of authority to designate and issue said class of stock to the board of directors; and • provisions which require the Company to indemnify its directors and officers to the fullest extent permitted by law. Related Party Transaction On May 6, 2016, the Company entered into a consulting agreement with Bryan Glass pursuant to which it retained Mr. Glass to identify and negotiate with persons or entities with which the Company might enter into a business transaction to create an operating entity, in consideration for which services the Company issued to Mr. Glass 30 million shares of common stock. Mr. Glass has subsequently paid $10,756 on behalf of the Company for the filing and registration fees to the State of Nevada to reinstate the Company to active status. Amended and Restated Bylaws On October 24, 2017, the board of directors of the Company adopted Amended and Restated Bylaws to replace the prior bylaws in their entirety. The Amended and Restated Bylaws are intended to reflect the existing status of Nevada corporate law as of the date of their adoption and replace outdated provisions included in the Companys original bylaws. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | The financial statements included herein were prepared under Generally Accepted Accounting Principles (GAAP). All adjustments have been made which in the opinion of management are necessary for presentation. Interim filings should be read in conjunction with the Companys annual report as of September 30, 2017. |
Cash and Cash Equivalents | For purposes of the Statement of Cash Flows, the Company considers liquid investments with an original maturity of three months or less to be cash equivalents. |
Managements Use of Estimates | 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 disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The financial statements above reflect all of the costs of doing business. |
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 less estimated future doubtful accounts. The Company considers revenue realized or realizable and earned when all the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered and all required milestones achieved, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. |
Comprehensive Income (Loss) | The Company reports Comprehensive income and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during the period covered in the financial statements. |
Net Income per Common Share | Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of March 31, 2018 and March 31, 2017. |
Deferred Taxes | The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when 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. |
Fair Value of Financial Instruments | The carrying amounts reported in the balance sheet for cash, accounts receivable and payable approximate fair value based on the short-term maturity of these instruments. |
Accounts Receivable | Accounts deemed uncollectible are written off in the year they become uncollectible. As of March 31, 2018 and September 30, 2017, the balance in Accounts Receivable was $0 and $0, respectively. |
Impairment of Long-Lived Assets | The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during the periods ended March 31, 2018 and March 31, 2017. |
Stock-Based Compensation | The Company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure 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). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Fair Value for Financial Assets and Financial Liabilities | 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 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 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 unobservable inputs and not corroborated by market data. The carrying amounts of the Companys financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Companys note payable approximates the fair value of such instrument based upon managements best estimate of interest rates that would be available to the Company for similar financial arrangement at March 31, 2018 and March 31, 2017. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at March 31, 2018, nor gains or losses are reported in the statement of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the periods ended March 31, 2018 or March 31, 2017. |
Recently Issued Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, which revises the definition of a business and assists in the evaluation of when a set of transferred assets and activities is a business. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017 and should be applied prospectively. Early adoption is permitted under certain circumstances. The Company does not expect the adoption of this guidance will have a material impact on its financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates step two of the goodwill impairment test and specifies that goodwill impairment should be measured by comparing the fair value of a reporting unit with its carrying amount. Additionally, the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets should be disclosed. ASU 2017-04 is effective for annual or interim goodwill impairment tests performed in fiscal years beginning after December 15, 2019; early adoption is permitted. We currently anticipate that the adoption of ASU 2017-04 will not have a material impact on our financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting, which provides guidance about which changes to the terms or conditions of a share-based payment awarded require an entity to apply modification accounting. ASU 2017-09 is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The amendments in ASU 2017-09 are to be applied prospectively to an award modified on or after the adoption date; consequently, the impact will be dependent on whether we modify any share-based payment awards and the nature of such modifications. The adoption of this standard is not expected to have a material impact on our financial statements. |
ACCOUNTS PAYABLE PRIOR TO COM16
ACCOUNTS PAYABLE PRIOR TO COMPANY BEING ABANDONED (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Accounts Payable Prior To Company Being Abandoned | |
Other payables | March 31, 2018 September 30, 2017 Professional Fees $ 2,000 $ 2,000 Office Expenses $ 19,187 $ 19,187 Total $ 21,187 $ 21,187 |
RELATED PARTY TRANSACTIONS PR17
RELATED PARTY TRANSACTIONS PRIOR TO COMPANY BEING ABANDONED (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions Prior To Company Being Abandoned | |
Related Party Transactions | March 31, 2018 September 30, 2017 Redrock Capital Venture Limited (a) 100,281 $ 100,281 Beijing Hua Hui Hengye Investment Limited (b) 1,119,533 1,119,533 Total $ 1,219,814 $ 1,219,814 (a) From June 2009 through December 2009, the Company received loans from Redrock Capital Venture Limited for working capital purpose. The loans are unsecured, due on demand and without formal written loan agreements. The loans amounted to $100,281 as of December 31, 2009 and remained the same amount as of March 31, 2018. (b) Commencing in October 2009, the Company began receiving loans from time to time from Hua Hui, our largest shareholder at the time, for working capital purposes. As of March 31, 2018, the amount due to Hua Hui is $1,119,533, which is due on demand and bears interest at the prevailing rate charged by the PRC Central Bank. The interest accrued as of March 31, 2018 amounted to approximately $378,292 and the interest rate of the loans was 4.35%. Interest accrued for the three months ended March 31, 2018 and March 31, 2017 was $12,174 and $12,174, respectively. The agreements for the aforementioned loans are not formal agreements and current management has obtained the interest rates from the prior filings. Management will continue to accrue interest until any applicable statute of limitations has passed and the Company has received a legal opinion stating that the collectability actions are no longer available to the creditor. |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Equity | |
Capital contribution | October 1, 2015 to September 30, 2016 $ 6,924 October 1, 2016 to September 30, 2017 $ 8,832 October 1, 2017 to March 31, 2018 $ 13,250 Total $ 29,006 |
BUSINESS ACTIVITY (Details Narr
BUSINESS ACTIVITY (Details Narrative) | 6 Months Ended |
Mar. 31, 2018 | |
Business Activity | |
State of Incorporation | Nevada |
Date of Incorporation | Sep. 21, 1989 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | |
Going Concern | |||
Accumulated Deficit | $ (11,803,569) | $ (11,738,013) | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ (13,250) | $ (1,085) |
ACCOUNTS PAYABLE PRIOR TO COM21
ACCOUNTS PAYABLE PRIOR TO COMPANY BEING ABANDONED (Details) - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 |
Other payables | $ 21,187 | $ 21,187 |
Professional Fees [Member] | ||
Other payables | 2,000 | 2,000 |
Office Expenses [Member] | ||
Other payables | $ 19,187 | $ 19,187 |
RELATED PARTY TRANSACTIONS PR22
RELATED PARTY TRANSACTIONS PRIOR TO COMPANY BEING ABANDONED (Details) - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2009 | |
Loan from Related Parties | $ 1,219,814 | $ 1,219,814 | ||
Redrock Capital Venture Limited [Member] | ||||
Loan from Related Parties | [1] | 100,281 | 100,281 | $ 100,281 |
Beijing Hua Hui Hengye Investment Limited [Member] | ||||
Loan from Related Parties | [2] | $ 1,119,533 | $ 1,119,533 | |
[1] | (a)From June 2009 through December 2009, the Company received loans from Redrock Capital Venture Limited for working capital purpose. The loans are unsecured, due on demand and without formal written loan agreements. The loans amounted to $100,281 as of December 31, 2009 and remained the same amount as of March 31, 2018. | |||
[2] | (b)Commencing in October 2009, the Company began receiving loans from time to time from Hua Hui, our largest shareholder at the time, for working capital purposes. As of March 31, 2018, the amount due to Hua Hui is $1,119,533, which is due on demand and bears interest at the prevailing rate charged by the PRC Central Bank. The interest accrued as of March 31, 2018 amounted to approximately $378,292 and the interest rate of the loans was 4.35%. Interest accrued for the three months ended March 31, 2018 and March 31, 2017 was $12,174 and $12,174, respectively. The agreements for the aforementioned loans are not formal agreements and current management has obtained the interest rates from the prior filings. Management will continue to accrue interest until any applicable statute of limitations has passed and the Company has received a legal opinion stating that the collectability actions are no longer available to the creditor. |
RELATED PARTY TRANSACTIONS PR23
RELATED PARTY TRANSACTIONS PRIOR TO COMPANY BEING ABANDONED (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2009 | ||
Loan from Related Parties | $ 1,219,814 | $ 1,219,814 | $ 1,219,814 | ||||
Accrued interest | 378,292 | 378,292 | 353,944 | ||||
Interest expenses | (12,174) | $ (12,174) | (24,348) | $ (24,348) | |||
Redrock Capital Venture Limited [Member] | |||||||
Loan from Related Parties | [1] | 100,281 | 100,281 | 100,281 | $ 100,281 | ||
Beijing Hua Hui Hengye Investment Limited [Member] | |||||||
Loan from Related Parties | [2] | 1,119,533 | 1,119,533 | $ 1,119,533 | |||
Accrued interest | $ 378,292 | $ 378,292 | |||||
Interest rate | 4.35% | 4.35% | |||||
Interest expenses | $ (12,174) | $ (12,174) | |||||
[1] | (a)From June 2009 through December 2009, the Company received loans from Redrock Capital Venture Limited for working capital purpose. The loans are unsecured, due on demand and without formal written loan agreements. The loans amounted to $100,281 as of December 31, 2009 and remained the same amount as of March 31, 2018. | ||||||
[2] | (b)Commencing in October 2009, the Company began receiving loans from time to time from Hua Hui, our largest shareholder at the time, for working capital purposes. As of March 31, 2018, the amount due to Hua Hui is $1,119,533, which is due on demand and bears interest at the prevailing rate charged by the PRC Central Bank. The interest accrued as of March 31, 2018 amounted to approximately $378,292 and the interest rate of the loans was 4.35%. Interest accrued for the three months ended March 31, 2018 and March 31, 2017 was $12,174 and $12,174, respectively. The agreements for the aforementioned loans are not formal agreements and current management has obtained the interest rates from the prior filings. Management will continue to accrue interest until any applicable statute of limitations has passed and the Company has received a legal opinion stating that the collectability actions are no longer available to the creditor. |
EQUITY (Details)
EQUITY (Details) - USD ($) | 6 Months Ended | 30 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | |
Capital Contributions | $ 13,250 | $ 1,085 | |
Mr. Bryan Glass [Member] | Majority Shareholder [Member] | |||
Capital Contributions | $ 29,006 | ||
Mr. Bryan Glass [Member] | October 1, 2015 to September 30, 2016 [Member] | |||
Capital Contributions | 6,924 | ||
Mr. Bryan Glass [Member] | October 1, 2016 to September 30, 2017 [Member] | |||
Capital Contributions | 8,832 | ||
Mr. Bryan Glass [Member] | October 1, 2017 to March 31, 2018 [Member] | |||
Capital Contributions | $ 13,250 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 6 Months Ended | 30 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Sep. 30, 2017 | May 05, 2016 | Apr. 30, 2016 | |
Common Stock, shares par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common Stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 1,750,000,000 | ||
Common Stock, shares issued | 33,272,311 | 33,272,311 | 33,272,311 | |||
Common Stock, shares outstanding | 33,272,311 | 33,272,311 | 33,272,311 | |||
Capital Contributions | $ 13,250 | $ 1,085 | ||||
Mr. Bryan Glass [Member] | ||||||
Common Stock, shares issued | 30,000,000 | |||||
Mr. Bryan Glass [Member] | Majority Shareholder [Member] | ||||||
Capital Contributions | $ 29,006 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax | ||
Net operating loss carry forwards expiration date description | Expire through 2030 | |
Net operating loss | $ (11,800,000) | $ (11,700,000) |
Deferred tax asset | $ 2,478,000 | $ 2,457,000 |
MATERIAL EVENTS (Details Narrat
MATERIAL EVENTS (Details Narrative) - USD ($) | May 06, 2016 | Mar. 31, 2018 | Sep. 30, 2017 | May 05, 2016 | Apr. 30, 2016 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 | 1,750,000,000 | ||
Amendment to common stock shares authorized, reduced shares | 100,000,000 | ||||
Common Stock, shares issued | 33,272,311 | 33,272,311 | |||
Mr. Bryan Glass [Member] | |||||
Common Stock, shares issued | 30,000,000 | ||||
Mr. Bryan Glass [Member] | Consulting Agreement [Member] | |||||
Filing and registration fees paid by related party | $ 10,756 | ||||
Common Stock, shares issued | 30,000,000 |