The accompanying notes are an integral part of these condensed consolidated financial statements

F-1              Number

The accompanying notes are an integral part of these consolidated financial statements

F-2              2

The accompanying notes are an integral part of these condensed consolidated financial statements

F-3              CONDENSED CONSOILDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY (UNAUDITED) FOR THE THREE- AND NINE-MONTH PERIODS ENDED JUNE 30, 2020 AND JUNE 30, 2019	3
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE-MONTH PERIODS ENDED JUNE 30, 2020 AND JUNE 30, 2019	4
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	5
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	13
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	22
ITEM 4.	CONTROLS AND PROCEDURES	22
	PART II. OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	24
ITEM 1A.	RISK FACTORS	24
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	24
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	24
ITEM 4.	MINE SAFETY DISCLOSURES	24
ITEM 5.	OTHER INFORMATION	24
ITEM 6.	EXHIBITS	24

PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GENUFOOD ENERGY ENZYMES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(US$, except share data and per share data, or otherwise noted)

See Accompanying Notes to Condensed Consolidated Financial Statements.

GENUFOOD ENERGY ENZYMES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(US$, except share data and per share data, or otherwise noted)

See Accompanying Notes to Condensed Consolidated Financial Statements

GENUFOOD ENERGY ENZYMES CORPORATION

CONDENSED CONSOILDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY

(US$, except share data and per share data, or otherwise noted)

For the Three And Nine Months Ended June 30, 2020 And 2019

See Accompanying Notes to Condensed Consolidated Financial Statements

GENUFOOD ENERGY ENZYMES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(US$, except share data and per share data, or otherwise noted)

See Accompanying Notes to Condensed Consolidated Financial Statements

GENUFOOD ENERGY ENZYMES CORP

 (A Development Stage Company)

Notes to Unaudited Consolidated Financial Statements

NOTE 1- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Organization and Business OperationsNOTE 1 – GENERAL ORGANIZATION AND BUSINESS

GenuFoodGenufood Energy Enzymes Corp., USA (the “Company” or “GEEC”) was incorporated under the laws of the State of Nevada on June 21, 2010. GEECThe Company is a start-up company that intends to be engaged in the business of promoting, marketing, distributing and exporting sea water nasal spray for human consumption in Taiwan and USA. The Company plans to set up a subsidiary in Taiwan and explore this market once the relevant approval and permits about its main focusnasal spray products are obtained from Taiwan health authorities. The Company’s strategy is to promote market distributeits nasal spray product in both Taiwan and export a range of enzyme products for human and animal consumption manufactured in the Unites States for the Asian and ASEAN markets.  The Company is the owner of the following trademarks,ProCellax and ProAnilax.These trademarks and GEEC as a trademark have been filed with the United States Patentthrough online (e.g. Internet-based platforms) and/or offline channels (e.g. both retail and Trademark Office and registered with China (PRC), Hong Kong, Macau, Taiwan and Singapore.  Similarly, these trademarks have been filed with the jurisdictions of Thailand, Malaysia, and Sri Lanka.wholesale outlets).

The Company’s objectivefollowing is to commence marketing and distributiona summary of American rangethe history background of enzyme products for human and animal consumption to sole country distributors, wholesalers, dealers and retailers, as well as to the general public following the Company’s Multi- Level Marketing – Franchise Investor Dealer Related (MLM-FIDR) concept, to begin with, in Taiwan, and then to China, Hong Kong, Macau, Thailand, Malaysia, Singapore and Sri Lanka.Company:

On May 24, 2011, GEEC Internet Sales (Private) Limited (“GEECIS”), a wholly ownedwholly-owned subsidiary of GEEC, was established in the Democratic Socialist Republic of Sri Lanka. GEECIS iswas established initially to be responsible for GEEC’s internet sales worldwide, but recently its role has been changed to that of a Sole Country Distributor.

On February 13, 2012 the Company invested and incorporated a wholly owned subsidiary company, GEEC Enzymes (S) Pte Ltd (GESPL) in Singapore with a view to be the Sole Country Distributor for ProCellax and ProAnilax in Singapore. GESPL has started initial test marketing for the range of ProCellax enzymes products.

On May 2, 2013, GESPL entered into a Lease Agreement with Harmony Convention Holdings Pte Ltd to lease a store premises at Suntec City Mall for a period of three years.

sole country distributor. On August 8, 2013, GEECIS changed the company name from GEEC Internet Sales (Private) Limited to Genufood Enzymes Lanka (Private) Limited (“GELPL”).

On April 9,February 13, 2012 GEEC incorporated a wholly-owned subsidiary company, Genufood Enzymes (S) Pte Ltd (“GESPL”) in Singapore with a view to be the sole country distributor for certain enzymes products in Singapore.

In 2014, GESPLGEEC incorporated a wholly-owned subsidiary, Genufood Enzymes (Thailand) Co., Ltd. (“GETCL”), in Thailand.

On August 19, 2014, GEEC entered into a License Agreementshare exchange agreement with City Square Mall, City Developments LimitedNatfresh Beverages Corp (“Natfresh”) pursuant to leasewhich shareholders of Natfresh were issued one share of GEEC common stock for each share of Natfresh stock. As a pushcart store for a period of two month with option to renew.

On May 14, 2014, GESPL entered into a Consignment Agreement with Nature’s Farm Pte Ltd to display and for resale Procellax range of enzyme products at six stores / locations throughout Singapore.

To-date GEPSL has a total of eight stores in Singapore for displaying and for resale of Procellax range of enzyme products whether under lease, consignment or license.

The accompanying consolidated financial statements include the accountsresult of the Company and itsshare exchange, Natfresh became a wholly-owned subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.subsidiary of GEEC.

The Company isceased business operation in mid- to late-2016. All subsidiaries, except for GESPL, were closed or disposed before end of 2016.

Since its inception, the Company has always been in the development stage with noand never generated significant revenues. The Company’s initial operations include organization, capital formation, target markets identificationactivities are subject to significant risks and developing marketing plans.uncertainties, including failing to secure additional funding to operationalize the Company’s current objective of commencing the nasal spray business. 

The Company’s fiscal year end is September 30.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s unaudited consolidated financial statements included herein have been prepared in accordance with US GAAP and pursuant to the rules of the SEC.  The Company believes that the presentations and disclosures herein are adequate for a fair presentation. 

Development Stage Activities

The accompanying unauditedcondensed consolidated financial statements have been prepared in accordance with ASC 915-10-05, Development Stage Entities.  A development - stage company is one in which planned principal operations have not commenced or, if its operations have commenced, but there have been no significant revenues.

Use of Estimates

The preparation of the unaudited consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending September 30, 2020. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2019.

Principle of Consolidation

The condensed consolidated financial statements include the accounts of GEEC and its wholly-owned subsidiary GESPL. All significant inter-company accounts and transactions have been eliminated in consolidation. The other wholly-owned subsidiary of the Company did not have accounting activities during the nine-month periods ended June 30, 2020 and 2019.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with US GAAP”)GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  For the nine-month periods ended June 30, 2020 and 2019, no significant estimates and assumptions have been made in the condensed interim consolidated financial statements.

Revenue RecognitionConcentrations of Credit Risk

Our revenues are generated from salesFinancial instruments that potentially subject the Company to significant concentrations of enzyme products under our private label.credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation. The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management’s expectations.

For sales of enzyme products under our private label – 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 realizableCash and reduces it for the amount of estimated future doubtful accounts.  Cash Equivalents

The Company considers revenue realizedall highly liquid instruments with original maturities of three months or realizableless when acquired to be cash equivalents. As of June 30, 2020 and earned when allSeptember 30, 2019, the Company did not have cash equivalents. The Company’s cash was denominated in United States Dollars (“USD”) or Taiwan Dollars (“TWD”) and was placed with banks in the United States of America and Taiwan.

Fair Value of Financial Instruments

The Company follows the guidance of the following criteriaASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are met: (i) persuasive evidencemeasured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

The Company’s financial instruments consist principally of an arrangement exists, (ii)cash and cash equivalents, accounts payable and accrued expenses, due to related parties, and notes payable. The carrying amounts of such financial instruments in the products have been shippedaccompanying condensed consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management’s opinion that the customer, (iii) the sales priceCompany is fixednot exposed to any significant currency or determinable, and (iv) collectability is reasonably assured.credit risks arising from these financial instruments.

Foreign Currency Translation and Transactions

The reporting and functional currency of GEEC is the United States Dollar (“U.S. dollar”).  The functional currency of GELPL, a wholly owned subsidiary of GEEC, is the Sri Lanka Rupee (“LKR”).USD. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the Singapore Dollar (“SGD”).

For financial reporting purposes, the financial statements of the Company’s Sri Lanka subsidiary, which are prepared using the LKR, are translated into the Company’s reporting currency, the U.S. dollar.  Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.0077 and 0.0079 as of June 30, 2014 and 2013, respectively.  Revenue and expenses are translated using average exchange rates prevailing during each reporting period.  The 0.0076 and 0.0079 average exchange rates were used to translate revenues and expenses for the reporting period ended June 30, 2014 and 2013, respectively.  Stockholders’ equity is translated at historical exchange rates.  Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ equity.

For financial reporting purposes, the financial statements of the Company’s Singapore subsidiary, which are prepared using the SGD, are translated into the Company’s reporting currency, the U.S. dollar.USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.79960.7176 and 0.8060.7236 as of June 30, 20142020 and 2013,September 30, 2019, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.79530.7212 and 0.80810.7328 average exchange rates were used to translate revenues and expenses for the reporting periodnine-month periods ended June 30, 20142020 and 2013.2019, respectively. Stockholders’ equity (deficiency) is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity.equity (deficiency).

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions.  The resulting exchange differences aredifference, presented as foreign currency transaction gain (loss), is included in the accompanying condensed consolidated statements of operations.

No representation is made that the LKR or SGD amounts could have been, or could be converted into U.S. dollar at the above rates.

Cash and Cash EquivalentsBusiness Segments

The Company considers all highly liquid debt instruments with original maturities of three months or less when acquired to be cash equivalents.  The Company places the majority of its cash and cash equivalents with financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000.  As of June 30, 2014, the Company had $366,082 cashoperates in banks, $327,549 of which withonly one financial institution, which is $77,549 in excess of FDIC limit.  The Company mitigates this concentration of credit risk by monitoring the credit worthiness of financial institutions and its customers. segment.

F-5

Beneficial Conversion Features

From time to time, the Company may issue convertible debt that may have conversion prices that create an embedded beneficial conversion feature pursuant to the Emerging Issues Task Force guidance on beneficial conversion features.  A beneficial conversion feature exists on the date a convertible liability is issued when the fair value of the underlying common stock to which the liability is convertible into is in excess of the face value of the liability.  In accordance with this guidance, the intrinsic value of the beneficial conversion feature is recorded as a discount on the liability with a corresponding amount to additional paid in capital.  The debt discount is amortized to interest expense over the term of the liability using the effective interest method.  In cases where the liability relates to amounts owed for direct offering costs of an equity offering, the discount is charged to additional paid in capital with amortization. 

Inventories

The Company’s inventories include enzyme products, packaging and labeling materials.  Inventories are stated at the lower of cost or market value.  Cost is determined using weighted average cost method.  As of June 30, 2014 and September 30, 2013, the Company had inventory balances of $260,556 and $110,894, respectively, which was comprised of enzyme products, beverages, packaging and labeling materials.

Enzyme products are typically shipped from manufacturer directly to our customer, with the Company never taking title to the enzymes products prior to shipment.

Intangible Assets

The Company’s intangible assets consist primarily of trademarks, which are carried at amortized cost.  The company capitalizes filing and legal fees related to the trademark registration.  All trademarks have legal lives from 7 to 10 years and are amortized over their respective legal lives upon approval (see Note 5-Trademarks).Net Income (Loss) Per Share

The Company reviews its intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable.  The Company assesses recoverability by reference to future cash flows from the products underlying these intangible assets.  If these estimates changecalculates net loss per share in the future, the Company may be required to record impairment charges for these assets.  As of June 30 , 2014, no impairment was recorded.

Property, Plant and Equipment

Property, plant and equipment (PP&E) are stated at cost less accumulated depreciation.  Gains or losses on disposals are recorded in the year of disposal.  The cost of improvements that extend the life of property, plant, and equipment are capitalized.  These capitalized costs may include structural improvements, equipment, and fixtures.  All ordinary repair and maintenance costs are expensed as incurred.

The Company’s PP&E as of June 30 , 2014 and September 30, 2013 consisted of computer equipment, software, furniture and leasehold improvementaccordance with useful life of 3 or 5 years.  Depreciation is computed using the straight line method over the estimated useful lives.  Depreciation on leasehold improvements is amortized over the lesser of the useful lives or the term of the lease.

Fair Value of Financial Instruments.

FASB ASC Topic 825 – Financial Instruments requires the Company to disclose, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments.  The Company's financial instruments consist primarily of cash, prepaid expenses, customer deposit, accounts payable and some other current liabilities.  The Company believes that the carrying values of these financial instruments approximate their fair value due to the short-term nature of these items.

As defined in FASB ASC Topic No. 820 – 10 (formerly SFAS 157-Fair Value Measurements), fair value260, “Earnings per Share.” Basic loss per share is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  FASB ASC Topic No. 820 – 10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements.  The statement requires fair value measurements be classified and disclosed in one of the following categories:

As required by FASB ASC Topic No. 820 – 10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The Company had no instruments re-measured to fair value on a recurring or non-recurring basis as of September 30, 2013.

The fair value of the Company’s derivative liabilities was $111,145 as of June 30, 2014.  

See Note 9 for the Company’s detailed information of derivative liabilities.

F-6

Net Earnings (Loss) Per Share

Basic net earnings (loss) per common share are computed by dividing the net earnings (loss)loss by the weighted-average number of common shares outstanding during the period. Diluted net earnings (loss)income per common share is determined usingcomputed similar to basic loss per share except that the weighted-averagedenominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. There were no potential dilutive debt or equity instruments issued and outstanding at any time during the period, adjusted fornine-month periods ended June 30, 2020 and 2019.

Discounts on Common Stock

Common stocks issued under the dilutive effectCompany’s par value are treated as common stocks issued under discounts. The portion of the discount is shown separately as a deduction from the Company’s account of common stock equivalents.  In periods when losses are reported, which ison the case for all periods presented in theseCompany’s condensed consolidated financial statements, the diluted weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.  For the nine months ended June 30 , 2014 and 2013, the company didn't have any potentially dilutive securities.statements.

Stock-Based Compensation

The Company accounts for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation,, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period.

The Company also adopted FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees,, to account for equity instruments issued to parties other than employees for acquiring goods or services. Such awards for services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable.

ForNo stock based compensation was issued or outstanding during the nine monthsnine-month periods ended June 30, 20142020 and 2013, the Company did not record any stock-based compensation to employees or non-employees.

Income Taxes2019.

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes.  Under FASB ASC Topic 740,

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. 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 are determined based on temporary differences betweenof a change in tax rates is recognized in income in the bases of certain assets and liabilities for income tax and financial reporting purposes.  Theperiod that includes the enactment date. A valuation allowance is recorded to reduce the Company’s deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.amount that is more likely than not to be realized. 

The Company maintainsconsiders positive and negative evidence when determining whether a valuation allowance with respect toportion or all of its deferred tax assets.assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The Company establishes a valuation allowance based upon the potential likelihoodultimate realization of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period.  Basedassets is dependent upon the level of losses and projections of theits ability to generate sufficient future taxable income overwithin the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, are deductible,the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

The Company recognizes a full valuation allowance has been provided as management believes thattax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not based upon available evidence, that the deferredposition will be sustained upon examination by a taxing authority. For a tax assets will not be realized.

Changes inposition that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizabilityprogress of the related deferred tax asset.  Any changeaudits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the valuation allowance will be includedperiod in incomewhich they are identified. The Company’s effective tax rate includes the net impact of changes in the year ofliability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the change in estimate.liability for unrecognized tax benefits as income tax expense.

Recently IssuedThere were no current and Newly Adopteddeferred income tax provision recorded for the nine-month periods ended June 30, 2020 and 2019 since the Company is in developing stage and did not generate any revenues in the two fiscal periods.

Recent Accounting Pronouncements

The Company does not expect thathas reviewed the adoption of recently issuedfollowing recent accounting pronouncements and concluded that they were either not applicable or had no impact to the Company’s condensed consolidated financial statements:

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2018-13, “Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments in this update apply to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company will have a materialevaluate the impact on its financial position, results of operations, or cash flows.the new standards in the fiscal year when it becomes effective.

In March 2020, The FASB issued Accounting Standards Update No. 2020-03, Codification Improvements to Financial Instruments. There are seven issues addressed in this update. Issues 1 through 5 were clarifications and codifications of previous updates. Issue 3 relates only to depository and lending institutions and therefore would not be applicable to the Company. Issue 6 was a clarification on determining the contractual term of a net investment in a lease for purposes of measuring expected credit losses, an issue not applicable to the Company. Issue 7 relates to the regaining control of financial assets sold and the recordation of an allowance for credit losses. The amendment related to issues 1, 2, 4 and 5 become effective immediately upon adoption of the update. Issue 3 becomes effective for fiscal years beginning after December 15, 2019. Issues 6 and 7 become effective on varying dates that relate to the dates of adoption other updates. Management’s initial analysis is that it does not believe the new guidance will substantially impact the Company’s financial statements.

NOTE 3 – GOING CONCERNRESTATEMENT

On September 30, 2019 the Company entered into a settlement agreement with Jui Pin (John) Lin, to issue an additional 27,000,000 shares (adjusted for the 1-for-100 reverse stock split) that the Company should have issued to him in April 2017 at the time he made an investment in the Company’s common stock. Of this amount, the Company issued 18,000,000 shares (adjusted for the 1-for-100 reverse stock split) and will issue the remaining 9,000,000 shares (adjusted for the 1-for-100 reverse stock split) now that the reverse stock split has been completed. The Company did not record par value of shares issued of $1,800,000 prior to the reverse stock split against discount on common stock. The Company reclassified this amount as of September 30, 2019 to correct the error. Mr. Lin is a development stage companythe Company’s current President and has incurred a cumulative net loss since inception of $4,724,750.  Chief Executive Officer.

NOTE 4 – GOING CONCERN

As of June 30, , 2014,2020 and September 30, 2019, the Company had a positive working capitalan accumulated deficit of $ 158,182 , which, however, might be insufficient to finance the Company's business plan for the next twelve months.  Due to the start-up nature, the Company expects to incur additional losses in the immediate future.$8,082,713 and $7,847,280, respectively. To date, the Company’s cash flow requirements have been primarily met through proceeds received from sales of common stock. The ability of the Company to emerge from the development stage is dependent upon the Company's successful efforts to raise sufficient capitalThese and attain profitable operations.

Management’s plan includes obtaining additional funds by increasing revenues and equity financing through the participation of its country sole distributors, wholesalers, dealers and retailers in the Multi-Level Marketing – Franchise Investor Dealer Related (MLM-FIDR) concept; however there is no assurance of additional funding being available.  These circumstancesother factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanyingThese condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that might arisemay result in the Company not being able to continue as a result of this uncertainty.

NOTE 4 – PROPERTY, PLANT AND EQUIPMENTgoing concern.

Property, plant and equipment (PP&E) as of June 30, 2014 and September 30, 2013 consisted ofThe Company intends to pursue additional financing to enable it to implement the computer equipment and software, furniture and leasehold improvement with useful life of 3 or 5 years.  BalancesCompany’s business plan. Management believes that these actions, if successful, will allow the Company to continue its operations through the next 12 months. However, there are no commitments in place for the PP&E as of June 30, 2014 and September 30, 2013 were as follows:

Depreciation expense for the nine months ended June 30, 2014 and 2013 was $30,772 and $ 2,660 , respectively.

F-7

such financing currently.

NOTE 5 – TRADEMARKSSTOCKHOLDERS’ DEFICIENCY

The Company filed applications for trademarks on threeis authorized under its articles of its products in their target markets: the United States, Singapore, Thailand, Hong Kong, Taiwan, Macau, Sri Lanka and Malaysia.  Asincorporation, as amended, to issue 10,000,000,000 shares of June 30, 2014, the registration for all three products was completed in the United States, China (PRC), Hong Kong, Taiwan, Macau and Singapore, and still pending in other target markets.  AsCommon Stock par value $0.001 per share.

Issuance of June 30, 2014, the Company capitalized trademark costs of $37,939.  Accumulated amortization at June 30, 2014 and September 30, 2013 was $6,906 and $5,459, respectively.  Common Stock

During the nine monthsnine-month periods ended June 30, 20142020 and 2013,2019, the Company recorded trademark amortization expense of $1,448 and $ 2,236 .  All trademarks have legal lives from 7 to 10 years and are amortized over their respective legal lives upon approval.did not issue any common stock.

Disputed Shares

NOTE 6 – COMMON STOCKPursuant to the Natfresh Exchange Agreementon August 19, 2014, among the shares issued by GEEC to all Natfresh shareholders were 5,464,606 shares of GEEC Common Stock (adjusted for the 1-for-100 reverse stock split of the Company’s Common Stock), constituting the Disputed Shares, which were issued by Oliver Lin’s management to Group B. The Company’s current management believes that the Disputed Shares should have been issued to Group A, since Group A, rather than Group B, had paid for the shares in question in the Natfresh Offering. However, the Company’s current management believes also that all shares of Natfresh common stock, including the Disputed Shares, were fully paid at the time of the Natfresh Offering and, therefore, all such shares, including the Disputed Shares, that were issued pursuant to the Natfresh Exchange Agreement were fully paid at the time of their issuance.

The totalCompany’s management has been informed that Group A and Group B have entered into an agreement (the “Group A/Group B Settlement Agreement”) pursuant to which, among other things, (i) Group B transferred all of the Disputed Shares to Group A in proportion to the consideration paid by the individuals comprising Group A during the Natfresh Offering and (ii) both Group A and Group B have indemnified the Company and agreed to hold the Company harmless for all matters arising out of or related in any manner whatsoever to the Disputed Shares.

The Group A/Group B Settlement Agreement has been executed and the transfer of the Disputed Shares was completed on December 16, 2019. Because Taiwan, the jurisdiction in which all Group B members reside, does not have a medallion or other third-party signature guarantee system, upon the request of the Company’s transfer agent, the Company has agreed to indemnify and assume all liability of the Company’s transfer agent and its agents and employees, from any dispute, loss, damage or expense which may arise directly or indirectly by reason thereof.

Certain Effects of the Reverse Stock Split

The 1-for-100 reverse stock split decreased the number of outstanding shares of the Company’s common stock by a factor of 100, subject to rounding of shares. The reverse stock split did not affect any stockholder’s proportionate equity interest in the Company. The par value of the Company’s common stock remains at $0.001 per share following the reverse stock split and the number of shares of capital stock, which the Company shall have authority to issue, is 500,000,000.  These shares consist of one class of 500,000,000 shares designated asCompany’s common stock at $0.001 par value (“Common Stock”).

Holders of shares of Common Stock shall be entitled to cast one vote for each share held at all stockholders’ meetings for all purposes, including the election of directors.  The Common Stock does not have cumulative voting rights.

Unless there are prior arrangements made and agreed by the Company in writing, no holder of shares of stock of any class shall be entitled as a matter of right to subscribe for, or purchase, or receive any part of any new or additional issue of shares of stock of any class, or of any securities convertible into shares of any class, whether now hereafter authorized or whether issued for money, for consideration other than money, or by way of a dividend.

On July 6, 2010, 150,000,000 shares were issued to a consultant for services directly related to the S-1 registration and offering.  These shares were valued at $0.25 per share and recorded as a reduction to additional paid- in capital due to it being an offering cost of the future S-1 offering.was proportionally reduced. As a result of this transaction, additional paid in capital was reduced forconsequence, the value of the shares equal to $37,500,000.  This reduction was offset by recording an increase to common stock according to theaggregate par value of the shares issued equal to $150,000, and increasing additional paidCompany’s outstanding common stock was reduced, while the aggregate capital in capital by $37,350,000.  Dueexcess of par value attributable to the offsetting entries to additional paid in capital from the transaction, the net effect on equity was a reduction to additional paid in capital for $150,000 and an increase to the value ofCompany’s outstanding common stock for $150,000.  In addition to this share issuance, the Company issued an additional 50,000,000statutory and accounting purpose was correspondingly increased. Total stockholder equity was not affected. All shares to the consultant for offering costs.  The 50,000,000 additional shares were issued to convert the $50,000 payable owed to the consulting company (see Note 8).  Through March 31, 2012, the Company paid a total of $345,000 cash to this consultant for offering costs.  As of June 30, 2014 and 2013, nothing additional is owed to the consultant.

On July 6, 2010, the Company received stock subscriptions from investors at various prices;