Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Jan. 11, 2021 | Mar. 31, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | Genufood Energy Enzymes Corp. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Common Stock, Shares Outstanding | 211,083,120 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001510518 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Sep. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
Entity File Number | 000-56112 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 18,092 | $ 121,657 |
Other current assets | 50 | |
Total Current Assets | 18,092 | 121,707 |
Total Assets | 18,092 | 121,707 |
CURRENT LIABILITIES | ||
Accounts payable | 129,154 | 128,971 |
Accrued expenses | 25,436 | 13,697 |
Due to related parties | 96,035 | 211,383 |
Note payable – related party | 120,410 | |
Total Current Liabilities | 371,035 | 354,051 |
Commitment and contingencies (Note 9) | ||
STOCKHOLDERS’ DEFICIENCY | ||
Common stock; $0.001 par value; 10,000,000,000 shares authorized; 104,083,120 and 91,249,120 shares issued and outstanding as of September 30, 2020 and 2019, respectively | 104,083 | 91,249 |
Additional paid-in capital | 15,134,979 | 14,947,113 |
Discount on common stock | (7,241,581) | (7,241,581) |
Shares to be issued | 9,000 | |
Accumulated other comprehensive loss | (192,035) | (190,845) |
Accumulated deficit | (8,158,389) | (7,847,280) |
Total Stockholders’ Deficiency | (352,943) | (232,344) |
Total Liabilities and Stockholders’ Deficiency | $ 18,092 | $ 121,707 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 104,083,120 | 91,249,120 |
Common stock, shares outstanding | 104,083,120 | 91,249,120 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Income Statement [Abstract] | |||
REVENUE | |||
OPERATING EXPENSES | |||
General & administrative expenses | 309,907 | 303,509 | |
Total operating expenses | 309,907 | 303,509 | |
LOSS FROM OPERATIONS | (309,907) | (303,509) | |
OTHER INCOME (EXPENSE) | |||
Interest income (expense) | (1,179) | 8 | |
Foreign currency loss | (23) | (198) | |
Other non-operating income, net | 123 | ||
Total other expense | (1,202) | (67) | |
Loss before income taxes | (311,109) | (303,576) | |
Provision for income taxes | |||
NET LOSS | (311,109) | (303,576) | |
OTHER COMPREHENSIVE LOSS | |||
Foreign currency transaction adjustments | (1,190) | 1,011 | |
COMPREHENSIVE LOSS | $ (312,299) | $ (302,565) | |
BASIC & DILUTED LOSS PER SHARE (in Dollars per share) | [1] | ||
WEIGHTED AVERAGE NUMBER OF ORGINARY SHARES-BASIC & DILUTED (in Shares) | 91,530,184 | 70,009,273 | |
[1] | Less than $0.01 per share |
Consoildated Statements of Stoc
Consoildated Statements of Stockholders’ Equity Deficiency - USD ($) | Common Stock | Additional Paid-in- Capital | Discount on common stock | Shares to be issued | Accumulated Deficit | Accumulated Other Comprehensive Income (loss) | Total |
Balance at, at Sep. 30, 2018 | $ 69,157 | $ 11,869,033 | $ (4,311,995) | $ (7,543,704) | $ (191,856) | $ (109,365) | |
Balance at, (in Shares) at Sep. 30, 2018 | 69,157,299 | ||||||
Common stock issued for equity financing | $ 4,092 | 405,080 | (229,586) | 179,586 | |||
Common stock issued for equity financing (in Shares) | 4,091,720 | ||||||
Common stock issued | $ 18,000 | 2,673,000 | (2,700,000) | 9,000 | |||
Common stock issued (in Shares) | 18,000,000 | ||||||
Foreign Currency Translation adjustment | 1,011 | 1,011 | |||||
Net Loss | (303,576) | (303,576) | |||||
Reverse stock split Fraction stock round up (in Shares) | 101 | ||||||
Balance at, at Sep. 30, 2019 | $ 91,249 | 14,947,113 | (7,241,581) | 9,000 | (7,847,280) | (190,845) | (232,344) |
Balance at, (in Shares) at Sep. 30, 2019 | 91,249,120 | ||||||
Shares issued for debt repayment | $ 3,834 | 187,866 | $ 191,700 | ||||
Shares issued for debt repayment (in Shares) | 3,834,000 | ||||||
Common stock issued for equity financing (in Shares) | 18,000,000 | ||||||
Common stock issued | $ 9,000 | (9,000) | |||||
Common stock issued (in Shares) | 9,000,000 | ||||||
Foreign Currency Translation adjustment | (1,190) | (1,190) | |||||
Net Loss | (311,109) | (311,109) | |||||
Balance at, at Sep. 30, 2020 | $ 104,083 | $ 15,134,979 | $ (7,241,581) | $ (8,158,389) | $ (192,035) | $ (352,943) | |
Balance at, (in Shares) at Sep. 30, 2020 | 104,083,120 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (311,109) | $ (303,576) |
Change in operating assets and liabilities | ||
Prepayment | 50 | 35,066 |
Other current assets | 1,140 | |
Accounts payable | (233) | (3,743) |
Accrued expenses | 11,739 | 13,086 |
Due to related parties | 75,579 | 68,400 |
Net cash used in operating activities | (223,974) | (189,627) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from note payable – related party | 120,410 | |
Proceeds from issuance of common stock | 179,586 | |
Net cash provided by financing activities | 120,410 | 179,586 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1) | (22) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (103,565) | (10,063) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 121,657 | 131,720 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 18,092 | 121,657 |
SUPPLEMENTAL DISCLOSURE | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Supplemental disclosures of non-cash investing and financing activities: | ||
Shares issued to repay due to related parties | $ 191,700 |
General Organization and Busine
General Organization and Business | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
GENERAL ORGANIZATION AND BUSINESS | NOTE 1 – GENERAL ORGANIZATION AND BUSINESS Genufood Energy Enzymes Corp., USA (the “Company” or “GEEC”) was incorporated under the laws of the State of Nevada on June 21, 2010. The Company is currently a shell Company. The following is a summary of the history background of the Company: On May 24, 2011, GEEC Internet Sales (Private) Limited (“GEECIS”), a wholly-owned subsidiary of GEEC, was established in the Democratic Socialist Republic of Sri Lanka. GEECIS was established initially to be responsible for GEEC’s internet sales worldwide, but its role changed to that of a 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 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, GEEC incorporated a wholly-owned subsidiary, Genufood Enzymes (Thailand) Co., Ltd. (“GETCL”), in Thailand. On August 19, 2014, GEEC entered into a share exchange agreement with Natfresh Beverages Corp (“Natfresh”) pursuant to which shareholders of Natfresh were issued one share of GEEC Common Stock for each share of Natfresh stock. As a result of the share exchange, Natfresh became a wholly-owned subsidiary of GEEC. The Company ceased 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 and never generated significant revenues. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s proposed nasal spray business. For various reasons, the Company has abandoned its plan to pursue the nasal spray business. On December 15, 2020, the Company made the First Tranche Investment in Hukui, by purchasing 80,000 shares of Hukui’s Series C Preferred Stock for $800,000. The Company intends to develop a plan of operations within the next 12 months in the healthcare or a related industry. The plan is currently under development. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying 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 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, 2020. Principle of Consolidation The 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 years ended September 30, 2020 and 2019. Use of Estimates The preparation of the consolidated financial statements in conformity with US 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For the years ended September 30, 2020 and 2019, no significant estimates and assumptions have been made in the consolidated financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of 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. Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. As of September 30, 2020 and 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 ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect our own assumptions. The Company’s financial instruments consist principally of 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 accompanying consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. Foreign Currency Translation and Transactions The reporting and functional currency of GEEC is the 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 Singapore subsidiary, which are prepared using the SGD, are translated into the Company’s reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.7325 and 0.7236 as of September 30, 2020 and 2019, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7228 and 0.7315 average exchange rates were used to translate revenues and expenses for the years ended September 30, 2020 and 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 (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 difference, presented as foreign currency transaction gain (loss), is included in the accompanying consolidated statements of operations. Business Segments The Company operates in only one segment. Net Income (Loss) Per Share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic loss per share except that the denominator 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 years ended September 30, 2020 and 2019. Discounts on Common Stock Common stock issued under the Company’s par value are treated as common stock issued under discounts. The portion of the discount is shown separately as a deduction from the Company’s account of common stock on the Company’s consolidated financial 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. No stock based compensation was issued or outstanding during the years ended September 30, 2020 and 2019. Income Taxes 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 of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax 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 ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within 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, 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 tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position 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 progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. There were no current and deferred income tax provision recorded for the years ended September 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 has reviewed the following recent accounting pronouncements and concluded that they were either not applicable or had no impact to the Company’s consolidated financial statements: In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The subtitle is Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This Accounting Standard Update (“ASU”) addresses complex financial instruments that have characteristics of both debt and equity. The application of this ASU would reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models would result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. To date, no such bifurcation has been necessary. Management is evaluating the potential impact. This ASU becomes effective for fiscal years beginning after December 15, 2023. 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. 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 evaluate the impact of the new standards in the fiscal year when it becomes effective. |
Going Concern
Going Concern | 12 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN As of September 30, 2020 and 2019, the Company had an accumulated deficit of $8,158,389 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. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The Company intends to pursue additional financing to enable it to implement the Company’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 such financing currently. |
Stockholders_ Deficiency
Stockholders’ Deficiency | 12 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ DEFICIENCY | NOTE 4 – STOCKHOLDERS’ DEFICIENCY The Company is authorized under its articles of incorporation, as amended, to issue 10,000,000,000 shares of Common Stock, par value $0.001 per share. Issuance of Common Stock During the year ended September 30, 2020 the Company issued 3,834,000 shares of Common Stock (adjusted for the 1-for-100 reverse stock split) to related parties to repay unpaid compensation and 9,000,000 shares of Common Stock to the CEO for stock (adjusted for the 1-for-100 reverse stock split) previous not issued due to limited number of authorized shares. For the year ended September 30, 2019 the Company issued 4,091,720 shares of Common Stock (adjusted for the 1-for-100 reverse stock split) for equity financing and 18,000,000 shares of Common Stock (adjusted for the 1-for-100 reverse stock split) to the CEO for settlement. Settlement of Disputed Shares On December 16, 2019, two groups of the Company’s shareholders settled a dispute between them regarding certain disputed shares of the Company’s Common Stock by entering into a settlement agreement, pursuant to which the disputed shares were transferred from one group to the other group. Certain Effects of the Reverse Stock Split On June 23, 2020, the Company’s Board of Directors approved a reverse stock split of the Company’s Common Stock, at a ratio of 1-for-100 (the “Reverse Stock Split”). The Reverse Stock Split became effective with the Secretary of State of the State of Nevada at 9:00 a.m. on July 6, 2020 (the “Effective Date”), and on July 23, 2020 with the Financial Industry Regulatory Authority and in the marketplace. The aggregate par value of the outstanding Common Stock was reduced, while the aggregate capital in excess of par value attributable to the outstanding Common Stock for statutory and accounting purposes was correspondingly increased. The Reverse Stock Split will not affect the Company’s total stockholders’ equity. All share and per share information will be retroactively adjusted following the Effective Date to reflect the Reverse Stock Split for all periods presented in future filings. On the Effective Date, the total number of shares of the Company’s Common Stock held by each shareholder were converted automatically into the number of whole shares of Common Stock equal to (i) the number of issued and outstanding shares of Common Stock held by such shareholder immediately prior to the Reverse Stock Split, divided by (ii) 100. No fractional shares were issued in connection with the Reverse Stock Split, and no cash or other consideration was be paid. Instead, the Company issued one whole share of the post-Reverse Stock Split Common Stock to any shareholder who otherwise would have received a fractional share as a result of the Reverse Stock Split. The Company is currently authorized to issue 10,000,000,000 shares of Common Stock. As a result of the Reverse Stock Split, the total number of authorized shares did not change. The Reverse Stock Split did not have any effect on the stated par value of the Company’s Common Stock. The rights and privileges of the holders of shares of Common Stock will be unaffected by the Reverse Stock Split. All options, warrants and convertible securities of the Company outstanding immediately prior to the Reverse Stock Split will be appropriately adjusted by dividing the number of shares of Common Stock into which the options, warrants and convertible securities are exercisable or convertible by 100 and multiplying the exercise or conversion price thereof by 100. 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). The Company issued the remaining 9,000,000 shares (adjusted for the 1-for-100 reverse stock split) on September 22, 2020, after the reverse stock split was 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 the Company’s current President and Chief Executive Officer. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Related Parties Name of related parties Relationship with the Company Yi Lung (Oliver) Lin Principal shareholder Jui Pin (John) Lin Principal shareholder, President and CEO Shao-Cheng (Will) Wang CFO Kuang Ming (James) Tsai Director Ching Ming (James) Hsu Director Yi Ling (Betty) Chen Former director and Principal Accounting Officer Access Management Consulting and Marketing Pte Ltd. (“AMCM”) Company controlled by Oliver Lin Due to related party balance The Company’s related party balances are as follows: September 30, September 30, AMCM $ 63,656 $ 62,883 James Tsai - 52,000 Betty Chen - 58,000 James Hsu - 38,500 Jui Pin (John) Lin 21,000 - Shao-Cheng (Will) Wang 11,379 - Total $ 96,035 $ 211,383 The balances due to AMCM were carried forward from previous year and related to sharing of office space in Singapore. The balances due to AMCM changed from $62,883 to $63,656, primarily due to currency translation. The balances due to James Tsai, Betty Chen, James Hsu, Jui Pin (John) Lin, and Shao-Cheng (Will) Wang were related to unpaid compensation due to these current and former officers and directors. The related party balances are unsecured, interest-free and due on demand. |
Notes Payable _ Related Party
Notes Payable – Related Party | 12 Months Ended |
Sep. 30, 2020 | |
Notes Payable Related Parties [Abstract] | |
NOTES PAYABLE – RELATED PARTY | NOTE 6 – NOTES PAYABLE – RELATED PARTY In April, May, July and August 2020, the Company’s President and Chief Executive Officer, Jui Pin Lin, made loans to the Company primarily to pay the Company’s expenses. The promissory notes the Company issued to evidence these loans are due as to both principal and simple interest in six months from their respective issuance dates. Mr. Lin may, at his sole option, convert the then outstanding principal and accrued and unpaid interest on the notes into shares of the Common Stock of the Company at a rate of $0.05 per share. Note date Amount Interest rate (per annum) Maturity date April 24, 2020 $ 25,000 1 % October 24, 2020 May 18, 2020 $ 40,410 4 % November 18, 2020 July 3, 2020 $ 20,000 4 % January 3, 2021 August 26, 2020 $ 35,000 4 % February 26, 2021 Interest expense incurred from the note for the year ended September 30, 2020 amounted to $1,134. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 7 – STOCK-BASED COMPENSATION The Company’s Board of Directors has previously authorized unpaid officer salaries and director fees to be settled, at the option of the individual, by conversion of such amounts into shares of the Company’s Common Stock at a price of $0.05 per share. As a result, $27,000, $12,000, and $4,200 may be converted into 540,000, 240,000, and 84,000 shares, respectively, as compensation for services performed for the year ended September 30, 2020 by Kuang Ming Tsai, Yi Ling Chen and Ching Ming Hsu, respectively. Accrued and unpaid compensation for the Company’s current President and Chief Executive Officer, Jui Pin Lin, and Chief Financial Officer, Shao-Cheng Wang, amounted to $21,000 and $11,379, respectively, which may be converted into 420,000 and 227,571 shares, respectively. The expenses have been reflected in the accompanying consolidated financial statements. The share conversions referred to in this Note have taken into the effect of the Reverse Stock Split. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 – INCOME TAXES The Company has not generated any revenue from any source in the United States and had consolidated net loss for all the years since inception in 2010. Management believes GEEC does not have any U.S. income tax liability due. However, even the Company does not have U.S. income tax liability, it may be required to file Form 5471 each year with the Internal Revenue Service (the “IRS”) of Department of Treasury. GEEC falls in the Category Five Filer (as a domestic corporation). The Company used to have subsidiaries: GEECIS in Sri Lanka that was established in May 2011, GESPL in Singapore that was established in February 2012, and GESTL in Thailand that was established in December 2014. The subsidiaries in Sri Lanka and Thailand were disposed in 2014 and 2016, respectively, and the Singapore subsidiary has been inactive since 2016. Internal Revenue Code (“IRC”) Section 6038(a) requires information reporting with respect to certain foreign corporations (Form 5471) and describes the information required to be reported on this form. IRC Section 6038(b)(1) provides for a monetary penalty of $10,000 for each Form 5471 that is filed after the due date of the income tax return (including extensions) or does not include the complete and accurate information described in Section 6038(a). According to IRS rules, a penalty may apply to each Form 5471 which is filed after the due date of the income tax return. The penalty will be applied whether or not any tax is due on Form 1120. The Company believes that based on the current information available, it is difficult to determine whether it is probable that the Company will be charged penalties by IRS for the late filing of Form 5471 and even if it will be, it is difficult to reasonably estimate the amount of penalties that may be assessed. On November 30, 2019, the Company filed Form 1120 for the fiscal years ended September 30, 2014 through September 30, 2018. |
Commitments and Contigincies
Commitments and Contigincies | 12 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTIGINCIES | NOTE 9 – COMMITMENTS AND CONTIGINCIES Operating lease commitments The Company terminated its virtual office agreement in Los Angeles, California and has established a new virtual office in Arcadia, California. The new arrangement is on a month-to-month basis at a cost of $200 per month. As of September 30, 2020, the Company has no material commitments under operating leases. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS On October 9, 2020, a Company’s shareholder loaned the Company the principal amount of $30,000 (the “October2020 Loan”), primarily to pay the Company’s expenses. The October 2020 Loan bears simple interest at a rate of 4% per annum, and lesser of 10% or maximum rate allowed by usury or other similar law after maturity date, and is payable as to both principal and interest on April 9, 2021 (the “Maturity Date”). The holder of the promissory note (the “October 2020 Note”) evidencing the October 2020 Loan, may, at his sole option, convert (a “Voluntary Conversion”) the outstanding principal and accrued and unpaid interested on the October 2020 Note into shares of the Company’s Common Stock at a rate of $0.01 per share. The October 2020 Note also provides for events of default and remedies in such event, including without limitation interest at a rate equal to the lesser of 4% per annum or the maximum interest rate allowed under usury or other similar laws from the Maturity Date until the October 2020 Note is paid in full. The October 2020 Note also contains other terms and conditions typical for a transaction of this type. On December 15, 2020, the Company completed a private offering of its Common Stock. The Company sold 107,000,000 shares of its Common Stock to 34 individuals at a purchase price of $0.01 per share, for gross and net proceeds of $1,070,000. On December 15, 2020, the Company purchased 80,000 shares of Series C Preferred Stock (“Series C Preferred Shares”), at $10.00 per share, for a total purchase price of $800,000, from Hukui Biotechnology Corporation (“Hukui”), pursuant to that certain Series C Preferred Shares Subscription Agreement dated September 23, 2020 (the “Hukui Agreement”). As previously reported, pursuant to the Hukui Agreement, the Company has agreed to purchase an aggregate 200,000 Series C Preferred Shares, at $10.00 per share, for an aggregate investment of $2,000,000, in a series of three closings from December 15, 2020 through June 30, 2022. On December 28, 2020, the Company repaid Mr. Lin $65,410 principal amount of a loan due and payable plus accrued interest in the amount of $1,162, for a total of $66,572. On January 5, 2021, the Company repaid Mr. Lin $20,000 principal amount of a loan due and payable plus accrued interest in the amount of $403, for a total of $20,403. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying 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 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, 2020. |
Principle of Consolidation | Principle of Consolidation The 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 years ended September 30, 2020 and 2019. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with US 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For the years ended September 30, 2020 and 2019, no significant estimates and assumptions have been made in the consolidated financial statements. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. As of September 30, 2020 and 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 | Fair Value of Financial Instruments The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect our own assumptions. The Company’s financial instruments consist principally of 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 accompanying consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The reporting and functional currency of GEEC is the 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 Singapore subsidiary, which are prepared using the SGD, are translated into the Company’s reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.7325 and 0.7236 as of September 30, 2020 and 2019, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7228 and 0.7315 average exchange rates were used to translate revenues and expenses for the years ended September 30, 2020 and 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 (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 difference, presented as foreign currency transaction gain (loss), is included in the accompanying consolidated statements of operations. |
Business Segments | Business Segments The Company operates in only one segment. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic loss per share except that the denominator 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 years ended September 30, 2020 and 2019. |
Discounts on Common Stock | Discounts on Common Stock Common stock issued under the Company’s par value are treated as common stock issued under discounts. The portion of the discount is shown separately as a deduction from the Company’s account of common stock on the Company’s consolidated financial statements. |
Stock-Based Compensation | 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. No stock based compensation was issued or outstanding during the years ended September 30, 2020 and 2019. |
Income Taxes | Income Taxes 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 of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax 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 ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within 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, 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 tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position 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 progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. There were no current and deferred income tax provision recorded for the years ended September 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 | Recent Accounting Pronouncements The Company has reviewed the following recent accounting pronouncements and concluded that they were either not applicable or had no impact to the Company’s consolidated financial statements: In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The subtitle is Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This Accounting Standard Update (“ASU”) addresses complex financial instruments that have characteristics of both debt and equity. The application of this ASU would reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models would result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. To date, no such bifurcation has been necessary. Management is evaluating the potential impact. This ASU becomes effective for fiscal years beginning after December 15, 2023. 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. 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 evaluate the impact of the new standards in the fiscal year when it becomes effective. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Name of related parties Relationship with the Company Yi Lung (Oliver) Lin Principal shareholder Jui Pin (John) Lin Principal shareholder, President and CEO Shao-Cheng (Will) Wang CFO Kuang Ming (James) Tsai Director Ching Ming (James) Hsu Director Yi Ling (Betty) Chen Former director and Principal Accounting Officer Access Management Consulting and Marketing Pte Ltd. (“AMCM”) Company controlled by Oliver Lin |
Schedule of due to related party balance | September 30, September 30, AMCM $ 63,656 $ 62,883 James Tsai - 52,000 Betty Chen - 58,000 James Hsu - 38,500 Jui Pin (John) Lin 21,000 - Shao-Cheng (Will) Wang 11,379 - Total $ 96,035 $ 211,383 |
Notes Payable _ Related Party (
Notes Payable – Related Party (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Notes Payable Related Parties [Abstract] | |
Schedule of notes payable related party | Note date Amount Interest rate (per annum) Maturity date April 24, 2020 $ 25,000 1 % October 24, 2020 May 18, 2020 $ 40,410 4 % November 18, 2020 July 3, 2020 $ 20,000 4 % January 3, 2021 August 26, 2020 $ 35,000 4 % February 26, 2021 |
General Organization and Busi_2
General Organization and Business (Details) - Series C Preferred Stock [Member] | Dec. 15, 2020USD ($)shares |
General Organization and Business (Details) [Line Items] | |
Sale of Stock, Consideration Received on Transaction | $ | $ 80,000 |
Sale of Stock, Number of Shares Issued in Transaction | shares | 800,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Description of foreign currency translation | Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.7325 and 0.7236 as of September 30, 2020 and 2019, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7228 and 0.7315 average exchange rates were used to translate revenues and expenses for the years ended September 30, 2020 and 2019 |
Tax benefit | 50.00% |
Number of Segments | 1 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (8,158,389) | $ (7,847,280) |
Stockholders_ Deficiency (Detai
Stockholders’ Deficiency (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |
Jun. 23, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stockholders’ Deficiency (Details) [Line Items] | |||
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Reverse stock split, description | the Company’s Board of Directors approved a reverse stock split of the Company’s Common Stock, at a ratio of 1-for-100 (the “Reverse Stock Split”). | the Company issued 3,834,000 shares of Common Stock (adjusted for the 1-for-100 reverse stock split) to related parties to repay unpaid compensation and 9,000,000 shares of Common Stock to the CEO for stock (adjusted for the 1-for-100 reverse stock split) previous not issued due to limited number of authorized shares. For the year ended September 30, 2019 the Company issued 4,091,720 shares of Common Stock (adjusted for the 1-for-100 reverse stock split) for equity financing and 18,000,000 shares of Common Stock (adjusted for the 1-for-100 reverse stock split) to the CEO for settlement. | |
Issuance of common stock | 3,834,000 | 4,091,720 | |
Issued of reverse stock split | 1 | ||
Unaffected by reverse stock split | The Reverse Stock Split did not have any effect on the stated par value of the Company’s Common Stock. The rights and privileges of the holders of shares of Common Stock will be unaffected by the Reverse Stock Split. All options, warrants and convertible securities of the Company outstanding immediately prior to the Reverse Stock Split will be appropriately adjusted by dividing the number of shares of Common Stock into which the options, warrants and convertible securities are exercisable or convertible by 100 and multiplying the exercise or conversion price thereof by 100. | ||
Description of agreement | 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). The Company issued the remaining 9,000,000 shares (adjusted for the 1-for-100 reverse stock split) on September 22, 2020, after the reverse stock split was completed. The Company did not record par value of shares issued of $1,800,000 prior to the Reverse Stock Split against discount on Common Stock. The Company reclassified this amount as of September 30, 2019 to correct the error. Mr. Lin is the Company’s current President and Chief Executive Officer. | ||
Issuance of shares | 27,000,000 | ||
Issuance of common stock | 18,000,000 | ||
Chief Executive Officer [Member] | |||
Stockholders’ Deficiency (Details) [Line Items] | |||
Issuance of common stock | 9,000,000 | 18,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - AMCM [Member] | Sep. 30, 2020USD ($) |
Minimum [Member] | |
Related Party Transactions (Details) [Line Items] | |
Due to related party balance | $ 62,883 |
Maximum [Member] | |
Related Party Transactions (Details) [Line Items] | |
Due to related party balance | $ 63,656 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of related party transactions | 12 Months Ended |
Sep. 30, 2020 | |
Yi lung (Oliver) Lin [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Principal shareholder |
Jui Pin (John) Lin [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Principal shareholder, President and CEO |
Shao-Cheng (Will) Wang [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Company | CFO |
Kuang Ming (James) Tsai [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Director |
Ching Ming (James) Hsu [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Director |
Yi Ling (Betty) Chen [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Former director and Principal Accounting Officer |
Access Management Consulting and Marketing Pte Ltd. (“AMCM”) [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Company controlled by Oliver Lin |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of due to related party balance - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Related Party Transactions (Details) - Schedule of due to related party balance [Line Items] | ||
Due to related party balance | $ 96,035 | $ 211,383 |
AMCM [Member] | ||
Related Party Transactions (Details) - Schedule of due to related party balance [Line Items] | ||
Due to related party balance | 63,656 | 62,883 |
James Tsai [Member] | ||
Related Party Transactions (Details) - Schedule of due to related party balance [Line Items] | ||
Due to related party balance | 52,000 | |
Betty Chen [Member] | ||
Related Party Transactions (Details) - Schedule of due to related party balance [Line Items] | ||
Due to related party balance | 58,000 | |
James Hsu [Member] | ||
Related Party Transactions (Details) - Schedule of due to related party balance [Line Items] | ||
Due to related party balance | 38,500 | |
Jui Pin (John) Lin [Member] | ||
Related Party Transactions (Details) - Schedule of due to related party balance [Line Items] | ||
Due to related party balance | 21,000 | |
Shao-Cheng (Will) Wang [Member] | ||
Related Party Transactions (Details) - Schedule of due to related party balance [Line Items] | ||
Due to related party balance | $ 11,379 |
Notes Payable _ Related Party_2
Notes Payable – Related Party (Details) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Notes Payable Related Parties [Abstract] | |
Promissory note, description | In April, May, July and August 2020, the Company’s President and Chief Executive Officer, Jui Pin Lin, made loans to the Company primarily to pay the Company’s expenses. The promissory notes the Company issued to evidence these loans are due as to both principal and simple interest in six months from their respective issuance dates. Mr. Lin may, at his sole option, convert the then outstanding principal and accrued and unpaid interest on the notes into shares of the Common Stock of the Company at a rate of $0.05 per share. |
Interest expense incurred | $ 1,134 |
Notes Payable _ Related Party_3
Notes Payable – Related Party (Details) - Schedule of notes payable related party | 12 Months Ended |
Sep. 30, 2020USD ($) | |
April 24, 2020 [Member] | |
Notes Payable – Related Party (Details) - Schedule of notes payable related party [Line Items] | |
Amount | $ 25,000 |
Interest rate (per annum) | 1.00% |
Maturity date | Oct. 24, 2020 |
May 18, 2020 [Member] | |
Notes Payable – Related Party (Details) - Schedule of notes payable related party [Line Items] | |
Amount | $ 40,410 |
Interest rate (per annum) | 4.00% |
Maturity date | Nov. 18, 2020 |
July 3, 2020 [Member] | |
Notes Payable – Related Party (Details) - Schedule of notes payable related party [Line Items] | |
Amount | $ 20,000 |
Interest rate (per annum) | 4.00% |
Maturity date | Jan. 3, 2021 |
August 26, 2020 [Member] | |
Notes Payable – Related Party (Details) - Schedule of notes payable related party [Line Items] | |
Amount | $ 35,000 |
Interest rate (per annum) | 4.00% |
Maturity date | Feb. 26, 2021 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Stock-Based Compensation (Details) [Line Items] | |
Common stock price per share | $ / shares | $ 0.05 |
Reverse stock split, description | The share conversions referred to in this Note have taken into the effect of the Reverse Stock Split. |
Kuang Ming Tsai [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Conversion amount | $ | $ 27,000 |
Kuang Ming Tsai [Member] | Common Stock [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Conversion of shares | shares | 540,000 |
Yi Ling Chen [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Conversion amount | $ | $ 12,000 |
Yi Ling Chen [Member] | Common Stock [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Conversion of shares | shares | 240,000 |
Ching Ming Hsu [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Conversion amount | $ | $ 4,200 |
Ching Ming Hsu [Member] | Common Stock [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Conversion of shares | shares | 84,000 |
Jui Pin Lin [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Accrued and unpaid compensation | $ | $ 21,000 |
Jui Pin Lin [Member] | Common Stock [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Conversion of shares | shares | 420,000 |
Shao-Cheng Wang [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Accrued and unpaid compensation | $ | $ 11,379 |
Shao-Cheng Wang [Member] | Common Stock [Member] | |
Stock-Based Compensation (Details) [Line Items] | |
Conversion of shares | shares | 227,571 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Penalty amount | $ 10,000 |
Commitments and Contigincies (D
Commitments and Contigincies (Details) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease cost | $ 200 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Dec. 15, 2020 | Oct. 09, 2020 | Jan. 05, 2021 | Dec. 28, 2020 | Oct. 31, 2020 |
Subsequent Event [Member] | |||||
Subsequent Events (Details) [Line Items] | |||||
Principal amount | $ 30,000 | ||||
Interest rate | 4.00% | ||||
Common stock per share (in Dollars per share) | $ 0.01 | ||||
Sold of common stock shares (in Shares) | 107,000,000 | ||||
Purchase price (in Dollars per share) | $ 0.01 | ||||
Net proceeds | $ 1,070,000 | ||||
Purchasing shares, description | the Company purchased 80,000 shares of Series C Preferred Stock (“Series C Preferred Shares”), at $10.00 per share, for a total purchase price of $800,000, from Hukui Biotechnology Corporation (“Hukui”), pursuant to that certain Series C Preferred Shares Subscription Agreement dated September 23, 2020 (the “Hukui Agreement”). As previously reported, pursuant to the Hukui Agreement, the Company has agreed to purchase an aggregate 200,000 Series C Preferred Shares, at $10.00 per share, for an aggregate investment of $2,000,000, in a series of three closings from December 15, 2020 through June 30, 2022. | ||||
Minimum [Member] | Subsequent Event [Member] | |||||
Subsequent Events (Details) [Line Items] | |||||
Interest rate | 4.00% | ||||
Maximum [Member] | Subsequent Event [Member] | |||||
Subsequent Events (Details) [Line Items] | |||||
Interest rate | 10.00% | ||||
Mr. Lin [Member] | Subsequent Event [Member] | |||||
Subsequent Events (Details) [Line Items] | |||||
Principal amount | $ 65,410 | ||||
Loan due and payable | 1,162 | ||||
Accrued interest | $ 66,572 | ||||
Forecast [Member] | Mr. Lin [Member] | |||||
Subsequent Events (Details) [Line Items] | |||||
Principal amount | $ 20,000 | ||||
Loan due and payable | 403 | ||||
Accrued interest | $ 20,403 |