Document and Entity Information
Document and Entity Information | 6 Months Ended |
Mar. 31, 2020 | |
Document And Entity Information | |
Entity Registrant Name | Kibush Capital Corp |
Entity Central Index Key | 0001614466 |
Document Type | POS AM |
Amendment Flag | true |
Amendment description | This post-effective amendment No. 1 relates to our registration on Form S-1 (Registration No. 333-233066) which was declared effective by the Securities and Exchange Commission on October 28, 2019 (the "Registration Statement"). The Registration Statement offered for sale (1) 1,666,666,666 shares of our Common Stock at $0.0003. As of the date hereof, the Company has not sold shares pursuant to the offering. We are filing this post-effective amendment to our registration statement pursuant to the undertakings in Item 17 of the Registration Statement to (i) include the information contained in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2019, that was filed with the SEC on March 16, 2020, (ii) include the information contained in the Company's March 31, 2020, Quarterly Report on Form 10-Q/A, that was filed on July 6, 2020, update the price of the securities to $0.003 and the amount of securities offered to 1,500,000,000, (iii) update our business plan to include our subsidiary and its business, and (iv) update certain other information in the Registration Statement. No additional securities are being registered under this Post-Effective Amendment No. 1. The additional registration fees were paid with the filing of this Post-Effective Registration Statement. |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||||
Net revenues | $ 34,181 | $ 34,748 | $ 73,010 | $ 85,178 | $ 178,768 | $ 81,042 |
Cost of sales | (20,133) | (42,365) | (50,567) | (85,095) | (122,899) | (163,001) |
Gross profit | 14,048 | (7,617) | 22,443 | 83 | (55,869) | (81,959) |
General and administrative | ||||||
Research and development | ||||||
General and administrative | 46,633 | 122,778 | 205,125 | 228,724 | 499,818 | 393,910 |
Total operating expenses | 46,633 | 122,778 | 205,125 | 228,724 | 499,818 | 393,910 |
Profit/Loss from operations | (32,585) | (135,395) | (182,682) | (228,641) | (443,949) | (475,869) |
Other income (expense): | ||||||
Interest income | ||||||
Amortisation of Debt Discount | ||||||
Interest expense | (43,404) | (24,793) | (68,749) | (50,138) | (100,552) | (116,080) |
Other income | 722,732 | 722,732 | ||||
Change in fair value of derivative liabilities | 58,771 | 1,332 | (4,696) | 23,432 | (1,209) | 606,150 |
Total other expense, net | 738,099 | 23,461 | 649,287 | (26,706) | (101,761) | 490,070 |
Profit/Loss before provision for income taxes | 705,514 | (158,856) | 466,605 | (255,347) | (545,710) | 14,201 |
Provision for income taxes | ||||||
Net profit/loss from operations | 705,514 | (158,856) | 466,605 | (255,347) | (545,710) | 14,201 |
Less: Loss attributable to non-controlling interest | 2,394 | 6,910 | 11,073 | 9,976 | 17,067 | 31,388 |
Gain/Loss from discontinued operations | ||||||
Less Net loss from discontinued operations | ||||||
Net profit/loss attributable to Holding Company | $ 707,908 | $ 151,946 | $ (477,678) | $ (245,371) | $ (528,643) | $ 45,589 |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Discontinued Operating basic and diluted loss per common share | $ 0 | $ 0 | ||||
Weighted average common shares outstanding basic and diluted | 240,677,220 | 233,177,226 | 240,677,220 | 233,177,226 | 233,177,226 | 233,177,226 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Current assets: | ||||
Cash | $ 4,253 | $ 2,224 | $ 2,155 | |
Cash in Transit | ||||
Trade Debtors | 15,929 | 5,780 | ||
Inventory - Raw Materials | ||||
Prepaid expenses | ||||
Total current assets | 4,253 | 18,153 | 7,935 | |
Property and equipment, net | 134,121 | 126,121 | 112,612 | |
Investment in unconsolidated Joint Venture/Mining Rights | ||||
Other assets | 62,383 | 52,106 | 50,171 | |
Total assets | 200,757 | 196,380 | 170,718 | |
Current liabilities: | ||||
Accounts payable | ||||
Accrued expenses | 372,323 | 960,249 | 611,899 | |
Convertible notes payable | [1] | 9,000 | 91,166 | 91,166 |
Wages payable | 2,392 | 2,392 | ||
Loan from related party | 2,631,310 | 1,956,986 | 1,737,566 | |
Derivative liabilities | 10,044 | 728,080 | 726,871 | |
Total current liabilities | 3,025,069 | 3,738,873 | 3,167,502 | |
Stockholders' deficit: | ||||
Preferred stock | 24,500 | 23,000 | 23,000 | |
Common stock, $0.001 par value; 975,000,000 shares authorized at September 30, 2019; 2,000,000,000 shares authorized at March 31, 2020 and $0.001 par value; 975,000,000 shares authorized at September 30, 2018, respectively | 443,355 | 443,355 | 443,355 | |
Additional paid-in capital | 10,092,518 | 9,842,517 | 9,842,517 | |
Accumulated deficit | (13,250,623) | (13,728,369) | (13,199,727) | |
Total stockholders' deficit, including non-controlling interest | (2,690,250) | (3,419,497) | (2,890,855) | |
Non-Controlling interest | (134,062) | (122,996) | (105,929) | |
Total stockholders' deficit | (2,824,312) | (3,542,493) | (2,996,784) | |
Total liabilities and stockholders' deficit | $ 200,757 | 196,380 | 170,718 | |
Series A Preferred Stock [Member] | ||||
Stockholders' deficit: | ||||
Preferred stock | 3,000 | 3,000 | ||
Series B Preferred Stock [Member] | ||||
Stockholders' deficit: | ||||
Preferred stock | $ 20,000 | $ 20,000 | ||
[1] | See Note 6 for details of Convertible notes. |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |
Preferred stock, shares issued | 45,000,000 | 23,000,000 | |
Preferred stock, shares outstanding | 45,000,000 | 23,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 975,000,000 | 975,000,000 |
Series A Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding | 3,000,000 | 3,000,000 | 3,000,000 |
Series B Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 20,000,000 | 20,000,000 | |
Preferred stock, shares outstanding | 34,999,899 | 20,000,000 | 20,000,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||||
Net loss | $ (477,678) | $ (245,371) | $ (528,643) | $ 45,589 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 5,657 | 6,679 | 13,082 | 16,618 |
Amortization of debt discount | ||||
Discontinued operations | ||||
Gain/Loss from discontinued operations | ||||
Change in fair value of derivative instruments | (718,036) | (23,432) | 1,209 | (606,150) |
Stock based payments | ||||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other assets | ||||
Others asset | ||||
Inventory Raw Materials | ||||
Accounts receivable | (12,282) | (10,958) | 19,922 | |
Accounts payable | 2,392 | |||
Accrued expenses | 68,500 | 125,000 | 260,127 | 149,225 |
Accrued interest | 68,749 | 50,138 | 100,552 | 116,080 |
Deposits | ||||
Net cash used in operating activities | (97,452) | (99,268) | (162,239) | (258,716) |
Investing Activities: | ||||
Goodwill on Consolidation | ||||
Paradise Gardens | ||||
Purchase of property and equipment | (10,529) | (23,453) | (3,153) | |
Net cash used in investing activities | (10,529) | (23,453) | (3,153) | |
Financing Activities: | ||||
Proceeds from issuance of convertible debt, net of debt discounts | ||||
Repayment of loan from related party | ||||
Proceeds from related party loans, net of debt discounts | 124,009 | 117,183 | 217,749 | 288,468 |
Effective of exchange rates on cash | (13,998) | (17,869) | (31,988) | (30,228) |
Net cash provided by financing activities | 110,011 | 99,314 | 217,749 | 288,468 |
Net change in cash | 2,030 | (46) | 69 | (3,629) |
Cash, beginning of period | 2,224 | 2,155 | 2,155 | 5,784 |
Cash, end of period | $ 4,253 | $ 2,201 | $ 2,224 | $ 2,155 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Paid In Capital [Member] | Non Controlling Interest [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Sep. 30, 2017 | $ 3,960 | $ 23,000 | $ 9,467,573 | $ (74,541) | $ (13,245,316) | $ (3,825,324) | |
Balance, shares at Sep. 30, 2017 | 3,959,541 | 23,000,000 | |||||
Common stock issued for repayment of convertible note | $ 439,395 | (120,056) | 319,339 | ||||
Common stock issued for repayment of convertible note, shares | 439,395,000 | ||||||
Class B Preferred stock issued for repayment of back salary (29.11.16) adjustment | 145,000 | 145,000 | |||||
Exchange rate variation | |||||||
Write back Accruals | 350,000 | 350,000 | |||||
Net loss | (31,388) | 45,589 | 14,201 | ||||
Balance at Sep. 30, 2018 | $ 443,355 | $ 23,000 | 9,842,517 | (105,929) | (13,199,727) | (2,996,784) | |
Balance, shares at Sep. 30, 2018 | 443,354,541 | 23,000,000 | |||||
Exchange rate variation | 1 | 1 | |||||
Net loss | (17,067) | (528,643) | (545,710) | ||||
Balance at Sep. 30, 2019 | $ 443,355 | $ 23,000 | 9,842,517 | (122,996) | (13,728,369) | (3,542,493) | |
Balance, shares at Sep. 30, 2019 | 443,354,541 | 23,000,000 | |||||
Exchange rate variation | (1) | (1) | |||||
101 Series C Preferred Shares issued for repayment of back salary at $0.001 per share | 101 | 1 | 1 | ||||
Net loss | (8,671) | (230,162) | (238,833) | ||||
Balance at Dec. 31, 2019 | $ 443,355 | $ 23,000 | 9,842,518 | (131,668) | (13,958,531) | (3,781,326) | |
Balance, shares at Dec. 31, 2019 | 443,354,541 | 23,000,101 | |||||
Balance at Sep. 30, 2019 | $ 443,355 | $ 23,000 | 9,842,517 | (122,996) | (13,728,369) | (3,542,493) | |
Balance, shares at Sep. 30, 2019 | 443,354,541 | 23,000,000 | |||||
Net loss | 466,605 | ||||||
Balance at Mar. 31, 2020 | $ 443,355 | $ 24,500 | 10,092,518 | (134,062) | (13,250,623) | (2,824,312) | |
Balance, shares at Mar. 31, 2020 | 443,354,541 | 38,000,000 | |||||
Balance at Dec. 31, 2019 | $ 443,355 | $ 23,000 | 9,842,518 | (131,668) | (13,958,531) | (3,781,326) | |
Balance, shares at Dec. 31, 2019 | 443,354,541 | 23,000,101 | |||||
Exchange rate variation | |||||||
Preference Share B Issued for Consideration at $0.0001 per share | $ 1,500 | 1,500 | |||||
Preference Share B Issued for Consideration at $0.0001 per share, shares | 14,999,899 | ||||||
Write back Accruals | 250,000 | 250,000 | |||||
Net loss | (2,394) | 707,908 | 705,514 | ||||
Balance at Mar. 31, 2020 | $ 443,355 | $ 24,500 | $ 10,092,518 | $ (134,062) | $ (13,250,623) | $ (2,824,312) | |
Balance, shares at Mar. 31, 2020 | 443,354,541 | 38,000,000 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Deficit (Parenthetical) - $ / shares | 3 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020 | |
Series C Preferred Stock [Member] | ||
Number of shares issued for repayment of back salary | 101 | |
Shares issued price per share | $ 0.001 | |
Series B Preferred Stock [Member] | ||
Shares issued price per share | $ 0.0001 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Condensed Consolidated Financial Statements | NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Business Kibush Capital Corporation (formerly David Loren Corporation) (the “Company”) includes its 90% owned subsidiary Aqua Mining (PNG). See Basis of Presentation below. The Company has two primary businesses: (i) mining exploration within Aqua Mining, and (ii) timber operations in Papua New Guinea by Aqua Mining. Basis of Presentation The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements of the Company include the accounts of the Company, and all entities in which a direct or indirect controlling interest exists through voting rights or qualifying variable interests. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Certain information and disclosures normally included in the notes to financial statements have been condensed or omitted as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information presented not misleading. The accompanying unaudited financial statements should be read in conjunction with the financial statements of the Company for the year ended September 30, 2019. Change in Fiscal Year End The Company’s fiscal year end is from October 1 to September 30 of each year. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As at March 31, 2020, the Company has an accumulated deficit of $13,250,623 and $13,728,369 as of September 30, 2019 and has not earned sufficient revenues to cover operating costs since inception and has a working capital deficit. The Company intends to fund its mining exploration through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue mining exploration and execution of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Functional and Reporting Currency The consolidated financial statements are presented in U.S. Dollars. The Company’s functional currency is the U.S. Dollar. The functional currency of Aqua Mining is the Papua New Guinean kina. Assets and liabilities are translated using the exchange rate on the respective balance sheet dates. Items in the income statement and cash flow statement are translated into U.S. Dollars using the average rates of exchange for the periods involved. The resulting translation adjustments are recorded as a separate component of other comprehensive income/(loss) within stockholders’ equity. The functional currency of foreign entities is generally the local currency unless the primary economic environment requires the use of another currency. Gains or losses arising from the translation or settlement of foreign-currency-denominated monetary assets and liabilities into the functional currency are recognized in the income in the period in which they arise. However, currency differences on intercompany loans that have the nature of a permanent investment are accounted for as translation differences as a separate component of other comprehensive income/(loss) within stockholders’ equity. | NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Business Kibush Capital Corporation (formerly David Loren Corporation) (the “Company”) includes its 90% owned subsidiary Aqua Mining (PNG). See Basis of Presentation below. The Company has two primary businesses: (i) mining exploration within Aqua Mining, and (ii) timber operations in Papua New Guinea by Aqua Mining. Basis of Presentation The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements of the Company include the accounts of the Company, and all entities in which a direct or indirect controlling interest exists through voting rights or qualifying variable interests. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Change in Fiscal Year End The Board of Directors of the Company approved on September 14, 2014, a change in the Company’s fiscal year end from December 31 to September 30 of each year. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As at September 30, 2018, the Company has an accumulated deficit of $13,199,727 and $13,728,369 as of September 30, 2019, and has not earned sufficient revenues to cover operating costs since inception and has a working capital deficit. The Company intends to fund its logging operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue mining exploration and execution of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Functional and Reporting Currency The consolidated financial statements are presented in U.S. Dollars. The Company’s functional currency is the U.S. Dollar. The functional currency of Aqua Mining is the Papua New Guinean kina. Assets and liabilities are translated using the exchange rate on the respective balance sheet dates. Items in the income statement and cash flow statement are translated into U.S. Dollars using the average rates of exchange for the periods involved. The resulting translation adjustments are recorded as a separate component of other comprehensive income/(loss) within stockholders’ equity. The functional currency of foreign entities is generally the local currency unless the primary economic environment requires the use of another currency. Gains or losses arising from the translation or settlement of foreign-currency-denominated monetary assets and liabilities into the functional currency are recognized in the income in the period in which they arise. However, currency differences on intercompany loans that have the nature of a permanent investment are accounted for as translation differences as a separate component of other comprehensive income/(loss) within stockholders’ equity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the principal accounting policies are set out below: Cash The Company maintains its cash balances in interest and non-interest bearing accounts which do not exceed Federal Deposit Insurance Corporation limits. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Kibush Capital and Aqua Mining. All intercompany accounts and transactions have been eliminated. Other Comprehensive Income and Foreign Currency Translation FASB ASC 220-10-05, Comprehensive Income The accompanying consolidated financial statements are presented in United States dollars. Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management are, recoverability of long-lived assets, valuation and useful lives of intangible assets, valuation of derivative liabilities, and valuation of common stock, options, warrants and deferred tax assets. Actual results could differ from those estimates. Non-Controlling Interests Investments in associated companies over which the Company has the ability to exercise significant influence are accounted for under the consolidation method, after appropriate adjustments for intercompany profits and dividends. In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations.” It requires an acquirer to recognize, at the acquisition date, the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their full fair values as of that date. In a business combination achieved in stages (step acquisitions), the acquirer will be required to re-measure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. The acquisition-related transaction and restructuring costs will no longer be included as part of the capitalized cost of the acquired entity but will be required to be accounted for separately in accordance with applicable generally accepted accounting principles. U.S. SFAS No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. A non-controlling interest in a subsidiary is an ownership interest in a consolidated entity that is reported as equity in the consolidated financial statements and separate from the Company’s equity. In addition, net income/(loss) attributable to non-controlling interests is reported separately from net income attributable to the Company in the consolidated financial statements. The Company’s consolidated statements present the full amount of assets, liabilities, income and expenses of all of our consolidated subsidiaries, with a partially offsetting amount shown in non-controlling interests for the portion of these assets and liabilities that are not controlled by us. Property and Equipment Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statement of operations. Impairment of Long-Lived Assets In accordance with FASB ASC 360-10-5, Accounting for the Impairment or Disposal of Long-Lived Assets ● Significant under performance relative to expected historical or projected future operating results; ● Significant changes in its strategic business objectives and utilization of the assets; ● Significant negative industry or economic trends, including legal factors; If the Company determines that the carrying values of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, the Company’s management performs an undiscounted cash flow analysis to determine if impairment exists. If impairment exists, the Company measures the impairment based on the difference between the asset’s carrying amount and its fair value, and the impairment is charged to operations in the period in which the long-lived asset impairment is determined by management. The carrying value of the Company’s investment in Joint Venture contract with leaseholders of certain Mining Leases in Papua New Guinea represents its ownership, accounted for under the equity method. The ownership interest is not adjusted to fair value on a recurring basis. Each reporting period the Company assesses the fair value of the Company’s ownership interest in Joint Venture in accordance with FASB ASC 325-20-35. Each year the Company conducts an impairment analysis in accordance with the provisions within FASB ASC 320-10-35 paragraphs 25 through 32. Fair Value of Financial Instruments The carrying amounts of the Company’s cash, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of those financial instruments. The Company believes the carrying amount of its notes payable approximates its fair value based on rates and other terms currently available to the Company for similar debt instruments Beneficial Conversion Features of Debentures In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of debentures and related accruing interest is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method. Derivative Financial Instruments We apply the provisions of FASB ASC 815-10, Derivatives and Hedging In applying the Black-Scholes valuation model, the Company used the following assumptions during the period ended March 31, 2020: For the period ended March 31, 2020 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 2.050 % Expected volatility 111 % The inputs used to measure fair value fall in different levels of the fair value hierarchy, a financial security’s hierarchy level is based upon the lowest level of input that is significant to the fair value measurement. The Company determines the fair value of its derivative instruments using a three-level hierarchy for fair value measurements which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy: Level 1 Level 2 Level 3 The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of March 31, 2020, and as of September 30, 2019: Carry Value at March 31, September 30, 2020 2019 Derivative liabilities: Embedded conversion features - notes $ 10,044 $ 728,080 Total derivative liability $ 10,044 $ 728,080 March 31, September 30, 2020 2019 Change in fair value included in other income (expense), net 4,696 -1,209 The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the period ended For the year ended March 31, September 30, 2020 2019 Embedded Conversion Features - Notes: Balance at beginning of year $ 728,080 $ 726,871 Change in derivative liabilities -722,732 2,418 Net change in fair value included in net loss 4,696 -1,209 Ending balance $ 10,044 $ 728,080 The Company re-measures the fair values of all its derivative liabilities as of each period end and records the net aggregate gain/loss due to the change in the fair value of the derivative liabilities as a component of other expense, net in the accompanying consolidated statement of operations. During the years ended September 30, 2019 and the 6 months ended March 31, 2020, the Company recorded a net increase (decrease) to the fair value of derivative liabilities balance of $-1,209 and $4,696, respectively. Debt Consolidation On January 14, 2020, the Company entered into a Promissory Note Consolidation Agreement (the “ Consolidation Agreement Mr. Sheppard Outstanding Debt As a consequence of the debt consolidation, the derivative Liabilities associated with option component has been eliminated, therefore, derivative liabilities amounted to 722,732 as of the debt consolidation date are subsequently reversed and charged into profit and losses in January 2020. Schedule of Outstanding Notes as at January 14 th Promissory Note Outstanding Principal Outstanding Interest David Loren Corporation. 2% Secured Promissory Note issued May 1, 2011 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 22166 3,780 David Loren Corporation. 2% Secured Promissory Note issued January 2, 2012 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 48,000 7,438 David Loren Corporation. 2% Secured Promissory Note issued January 3, 2013 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 12,000 1,618 Kibush Capital Corp. 12.5% Secured Promissory Note issued March 31, 2014 to Warren Sheppard. 157,500 104,815 Kibush Capital Corp. 12.5% Secured Promissory Note issued June 30, 2014 to Warren Sheppard. 110,741 70,384 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2014 to Warren Sheppard. 98,575 59,670 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2015 to Warren Sheppard. 316,046 153,387 Kibush Capital Corp. 12.5% Secured Promissory Note issued October 10, 2016 to Warren Sheppard. 155,300 37,272 Total: 920,328 438,364 Upon the assumption by the Company of the Outstanding Debt, the Company and Mr. Sheppard entered into an unsecured promissory note (the “ Consolidated Note Loss per Share The Company applies FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive. Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs Pursuant to EITF 04-02, “Whether Mineral Rights are Tangible or Intangible Assets and Related Issues”, the Company has an accounting policy to capitalize the direct costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature (lease) bonuses, options to purchase or lease properties, and brokers’ and legal fees. If the acquired mineral rights relate to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured exploration rights prior to establishment of proven and probable reserves. Accounting Treatment of Mining Interests At this time, the Company does not directly own or directly lease mining properties. However, the Company does have contractual rights and governmental permits which allow the Company to conduct mining exploration on the properties referenced in this report. These contractual relationships, coupled with the government permits issued to the Company (or a subsidiary), are substantially similar in nature to a mining lease. Therefore, we have treated these contracts as lease agreements from an accounting prospective. Research and Development Research and development costs are recognized as an expense in the period in which they are incurred. The Company incurred no research and development costs for the quarter ended June 30, 2019. Recent Accounting Pronouncements In October 2018, FASB issued Accounting Standards Update 2018-16, Derivatives and Hedging (Topic 805): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU amends ASC 815 to add the OIS rate based on the SOFR as a fifth US benchmark interest rate. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In October 2018, FASB issued Accounting Standards Update 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. The ASU amends ASC 808 to clarify ASC 606 should apply in entirety to certain transactions between collaborative arrangement participants. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The ASU changes the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Thus, the effective date for such entities’ annual financial statements is now aligned with that for these interim financial statements. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. In December 2018, FASB issued Accounting Standards Update 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The amendments are designed to make lessors adoption of the new leases standard easier such as accounting policy election on sales tax, exclude variable payments for all lessor costs, and clarification on lessor costs. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. In March 2019, FASB Issued Accounting Standards Update 2019-01, Leases (Topic 842): Codification Improvements In March 2019, FASB Issued Accounting Standards Update 2019-02: Improvements to Accounting for Costs of Films and License Agreements for Program Materials. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In March 2019, FASB Issued Accounting Standards Update 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections (Topic 958). We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements as the ASU is applicable to not-for-profit entities. In April 2019, FASB Issued Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The ASU 2019-04 clarifies and improves guidance within the recently issued standards on credit losses, hedging, and recognition and measurement of financial instruments: The effective dates for amendments related to ASUs 2016-13 and 2017-12 align with the effective dates of those standards, unless an entity has already adopted one or both. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In May 2019, FASB Issued Accounting Standards Update 2019-05, Targeted Transition Relief. ASU 2019-05 provides transition relief for ASU 2016-13 (“credit losses standard”) by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. For entities that have not yet adopted ASU 2016-13, the effective dates are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In May 2019, FASB Issued Accounting Standards Update 2019-06, Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities. The amendments are affective upon issuance of the ASU. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the ASB issued Accounting Standards Update 2019-08-Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer. This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. For entities that have not yet adopted the amendments in Update 2018-07, the amendments in this update are effective in fiscal years beginning after December 15, 2019. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the FASB issued Accounting Standards Update 2019-09-Financial Services-Insurance (Topic 944). This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. The amendments in this Update are effective in fiscal years beginning after December 15, 2021. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the FASB issued Accounting Standards Update 2019-10-Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. This ASU discusses the FASB’s proposed ASU Codification Improvements to Hedge Accounting, which would clarify certain amendments made by ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, to the guidance in ASC 815 on hedging activities. The FASB issued the proposal in response to feedback and questions received from stakeholders related to their implementation of ASU 2017-12. The ASU also discusses the recent issuance of FASB ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The ASU provides a framework to stagger effective dates for future major accounting standards and amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities. Specifically, ASU 2019-10 changes some effective dates for ASU 2017-12 on hedging, ASU 2016-02 on leasing, ASU 2016-13 on current expected credit losses, and ASU 2017-04 on simplifying the goodwill impairment test. The amendments in this Update amend the mandatory effective dates Credit Losses for all entities as follows or fiscal years beginning after December 15, 2019. The effective dates for Hedging after applying this update are as follows: for fiscal years beginning after December 15, 2018. The effective dates for Leases after applying this Update are as follows for fiscal years beginning after December 15, 2018. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update 2019-12-Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU summarizes the FASB’s recently issued Accounting Standards Update (ASU) No. 2019-12, simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In January 2020, the FASB issued Accounting Standards Update 2020-01-Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This ASU clarifies the interaction between accounting standards related to equity securities (ASC 321), equity method investments (ASC 323), and certain derivatives (ASC815). The amendments in this Update are effective for fiscal years beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In March 2020, the FASB issued Accounting Standards Update 2020-03-Codification Improvements to Financial Instruments. The Standard is part of FASB’s ongoing project to improve and clarify its Accounting Standards Codification and avoid unintended application. The items addressed are not expected to significantly affect current practice or create a significant administrative cost for most entities. The amendment is divided into issues 1 to 7 with different effective dates as follows: The amendments related to Issue 1, Issue 2, Issue 4, and Issue 5 are conforming amendments. For public business entities, the amendments are effective upon issuance of this update. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. The amendment related to Issue 3 is a conforming amendment that affects the guidance related to the amendments in 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The effective date of this update for the amendments to Update 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For entities that have not yet adopted the amendments related to Update 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in Update 2016-13. For entities that have adopted the guidance in Update 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the principal accounting policies are set out below: Cash The Company maintains its cash balances in interest and non-interest bearing accounts which do not exceed Federal Deposit Insurance Corporation limits. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Kibush Capital and Aqua Mining. All intercompany accounts and transactions have been eliminated. Other Comprehensive Income and Foreign Currency Translation FASB ASC 220-10-05, Comprehensive Income The accompanying consolidated financial statements are presented in United States dollars. Reclassifications Reclassifications have been made to prior year consolidated financial statements in order to conform the presentation to the statements as of and for the period ended September 30, 2014. On June 10, 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management are, recoverability of long-lived assets, valuation and useful lives of intangible assets, valuation of derivative liabilities, and valuation of common stock, options, warrants and deferred tax assets. Actual results could differ from those estimates. Non-Controlling Interests Investments in associated companies over which the Company has the ability to exercise significant influence are accounted for under the consolidation method, after appropriate adjustments for intercompany profits and dividends. In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations.” It requires an acquirer to recognize, at the acquisition date, the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their full fair values as of that date. In a business combination achieved in stages (step acquisitions), the acquirer will be required to re-measure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. The acquisition-related transaction and restructuring costs will no longer be included as part of the capitalized cost of the acquired entity but will be required to be accounted for separately in accordance with applicable generally accepted accounting principles. U.S. SFAS No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. A non-controlling interest in a subsidiary is an ownership interest in a consolidated entity that is reported as equity in the consolidated financial statements and separate from the Company’s equity. In addition, net income/(loss) attributable to non-controlling interests is reported separately from net income attributable to the Company in the consolidated financial statements. The Company’s consolidated statements present the full amount of assets, liabilities, income and expenses of all of our consolidated subsidiaries, with a partially offsetting amount shown in non-controlling interests for the portion of these assets and liabilities that are not controlled by us. For our investments in affiliated entities that are included in the consolidation, the excess cost over underlying fair value of net assets is referred to as goodwill and reported separately as “Goodwill” in our accompanying consolidated balance sheets. Goodwill may only arise where consideration has been paid. Property and Equipment Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statement of operations. Impairment of Long-Lived Assets In accordance with FASB ASC 360-10-5, Accounting for the Impairment or Disposal of Long-Lived Assets ● Significant under performance relative to expected historical or projected future operating results; ● Significant changes in its strategic business objectives and utilization of the assets; ● Significant negative industry or economic trends, including legal factors; If the Company determines that the carrying values of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, the Company’s management performs an undiscounted cash flow analysis to determine if impairment exists. If impairment exists, the Company measures the impairment based on the difference between the asset’s carrying amount and its fair value, and the impairment is charged to operations in the period in which the long-lived asset impairment is determined by management. The carrying value of the Company’s investment in Joint Venture contract with leaseholders of certain Mining Leases in Papua New Guinea represents its ownership, accounted for under the equity method. The ownership interest is not adjusted to fair value on a recurring basis. Each reporting period the Company assesses the fair value of the Company’s ownership interest in Joint Venture in accordance with FASB ASC 325-20-35. Each year the Company conducts an impairment analysis in accordance with the provisions within FASB ASC 320-10-35 paragraphs 25 through 32. Fair Value of Financial Instruments The carrying amounts of the Company’s cash, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of those financial instruments. The Company believes the carrying amount of its notes payable approximates its fair value based on rates and other terms currently available to the Company for similar debt instruments Beneficial Conversion Features of Debentures In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of debentures and related accruing interest is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method. Derivative Financial Instruments We apply the provisions of FASB ASC 815-10, Derivatives and Hedging In applying the Black-Scholes valuation model, the Company used the following assumptions during the year ended September 30, 2019: For the year ended September 30, 2019 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 1.7 % Expected volatility 55 % The inputs used to measure fair value fall in different levels of the fair value hierarchy, a financial security’s hierarchy level is based upon the lowest level of input that is significant to the fair value measurement. The Company determines the fair value of its derivative instruments using a three-level hierarchy for fair value measurements which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy: Level 1 Level 2 Level 3 The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of September 30, 2018, and as of September 30, 2019: Carry Value at Carry Value at September 30, 2019 September 30, 2018 Derivative liabilities: Embedded conversion features - notes $ 728,080 $ 726,871 Total derivative liability $ 728,080 $ 726,871 For the year ended For the year ended September 30, 2019 September 30, 2018 Change in fair value included in other income (expense), net -1,209 606,150 The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the year ended For the year ended September 30, 2019 September 30, 2018 Embedded Conversion Features - Notes: Balance at beginning of year $ 726,871 $ 1,333,021 Change in derivative liabilities $ 2,418 $ -1,212,300 Net change in fair value included in net loss -1,209 606,150 Ending balance $ 728,080 $ 726,871 The Company re-measures the fair values of all its derivative liabilities as of each period end and records the net aggregate gain/loss due to the change in the fair value of the derivative liabilities as a component of other expense, net in the accompanying consolidated statement of operations. During the years ended September 30, 2019 and 2018, the Company recorded a net increase (decrease) to the fair value of derivative liabilities balance of $(1,209) and $606,150, respectively. Loss per Share The Company applies FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive. Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs Pursuant to EITF 04-02, “Whether Mineral Rights are Tangible or Intangible Assets and Related Issues”, the Company has an accounting policy to capitalize the direct costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature (lease) bonuses, options to purchase or lease properties, and brokers’ and legal fees. If the acquired mineral rights relate to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured exploration rights prior to establishment of proven and probable reserves. Accounting Treatment of Mining Interests At this time, the Company does not directly own or directly lease mining properties. However, the Company does have contractual rights and governmental permits which allow the Company to conduct mining exploration on the properties referenced in this report. These contractual relationships, coupled with the government permits issued to the Company (or a subsidiary), are substantially similar in nature to a mining lease. Therefore, we have treated these contracts as lease agreements from an accounting prospective. Research and Development Research and development costs are recognized as an expense in the period in which they are incurred. The Company incurred no research and development costs for the years ended September 30, 2019 and 2018, respectively. Recent Accounting Pronouncements In October 2018, FASB issued Accounting Standards Update 2018-16, Derivatives and Hedging (Topic 805): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU amends ASC 815 to add the OIS rate based on the SOFR as a fifth US benchmark interest rate. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In October 2018, FASB issued Accounting Standards Update 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. The ASU amends ASC 808 to clarify ASC 606 should apply in entirety to certain transactions between collaborative arrangement participants. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The ASU changes the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Thus, the effective date for such entities’ annual financial statements is now aligned with that for these interim financial statements. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. In December 2018, FASB issued Accounting Standards Update 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The amendments are designed to make lessors adoption of the new leases standard easier such as accounting policy election on sales tax, exclude variable payments for all lessor costs, and clarification on lessor costs. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. |
Investments in Subsidiaries
Investments in Subsidiaries | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Investments in Subsidiaries | NOTE 3 – INVESTMENTS IN SUBSIDIARIES The Company owns interests in the following entities which was recorded at their book value since they were related party common control acquisitions. Investment Ownership % Aqua Mining (PNG) 34 90 % As Aqua Mining (PNG) Ltd was acquired from a related entity, Five Arrows Limited (see Note 10 – Business Combinations), the shares were recorded in the accounts at their true cost value. | NOTE 3 – INVESTMENTS IN SUBSIDIARIES The Company owns interests in the following entities which was recorded at their book value since they were related party common control acquisitions. Investment Ownership % Aqua Mining (PNG) 34 90 % As Aqua Mining (PNG) Ltd was acquired from a related entity, Five Arrows Limited (see Note 10 – Business Combinations), the shares were recorded in the accounts at their true cost value. |
Property and Equipment
Property and Equipment | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Property and Equipment | NOTE 4 – PROPERTY AND EQUIPMENT March 31, September 30, 2020 2019 Plant Equipment 103,009 89,322 Motor Vehicle 111,585 111,585 214,594 200,907 Less accumulated depreciation -80,473 -74,786 $ 134,121 $ 126,121 Depreciation expense was approximately $13,082 for the year ended September 30, 2019 and $5,657 for the 6 months ended March 31, 2020. | NOTE 4 – PROPERTY AND EQUIPMENT September 30, 2019 September 30, 2018 Plant Equipment 89,322 65,869 Motor Vehicle 111,585 111,585 200,907 177,454 Less accumulated depreciation -74,786 -64,842 $ 126,121 $ 112,612 Depreciation expense was approximately $13,082 for the year ended September 30, 2019 and $16,618 for the year ended September 30, 2018. |
Convertible Notes Payable
Convertible Notes Payable | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Debt Disclosure [Abstract] | ||
Convertible Notes Payable | NOTE 5 – CONVERTIBLE NOTES PAYABLE (READ IN CONJUNCTION WITH NOTE 2 – DEBT CONSOLIDATION) March 31, 2020 Note face Debt Discount Net Amount of Note 2011 Note $ - $ - $ - 2012 Note - - - 2013 Note - - - 2014 Note 9,000 - 9,000 2016 Note - - - 2017 Note - - - Total $ 9,000 $ - $ 9,000 September 30, 2019 Note face Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2017 Note - - - Total $ 91,166 $ - $ 91,166 2011 Note On May 1, 2011, the Company issued a 2.00% Convertible Note due April 30, 2012 with a principal amount of $32,000 (the “2011 Note”) for cash. Interest on the 2011 Note is accrued annually effective from May 1, 2011 forward. The 2011 Note is unsecured and repayable on demand. The 2011 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of March 31, 2020, is $0. 2012 Note On January 2, 2012, the Company issued a 2.00% Convertible Note due January 1, 2013 with a principal amount of $48,000 (the “2012 Note”) for cash. Interest on the 2012 Note is accrued annually effective from January 2, 2012 forward. The 2012 Note is unsecured and repayable on demand. The 2012 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of March 31, 2020, is $0. 2013 Note On January 3, 2013, the Company issued a 2.00% Convertible Note due January 2, 2014 with a principal amount of $12,000 (the “2013 Note”) for cash. Interest on the 2013 Note is accrued annually effective from January 3, 2013 forward. The 2013 Note is unsecured and repayable on demand. The 2013 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of March 31, 2020, is $0. 2014 Note On August 25, 2014, the Company issued two 12.00% Convertible Promissory Note due February 25, 2015 with a principal amount of $50,000 each (the “2014 Note”) for cash. Interest on the 2014 Note is accrued annually effective from August 25, 2014 forward. The 2014 Note is unsecured. The notes are convertible at a conversion price the lesser of (a) $0.25 per share, or (b) the price per share as reported on the Over-the-Counter Bulletin Board on the conversion date. The Note Holders also received Warrants to purchase an aggregate of 800,000 shares of our common stock at an initial exercise price of $0.25 per share. Each of the Warrants has a term of five (5) years. The embedded conversion feature of the 2014 Notes and Warrants were recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the 2014 Notes. The fair value on the grant date of the embedded conversion feature of the convertible debt was $145,362 as computed using the Black-Scholes option pricing model. The Company established a debt discount of $100,000, representing the value of the embedded conversion feature inherent in the convertible debt and warrant, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $19,566. The balance of the debt discount was $80,434 at September 30, 2014. For the quarter ended March 31, 2020, the Company recorded amortization of the debt discount of $0. The balance of the debt discount was $0 at March 31, 2020. The face amount of the outstanding note as of March 31, 2020, is $9,000. | NOTE 5 – CONVERTIBLE NOTES PAYABLE September 30, 2019 Note Face Amount Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2016 Note - - - 2017 Note - - - Total $ 91,166 $ - $ 91,166 September 30, 2018 Note Face Amount Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2016 Note - - - 2016 Note - - - Total $ 91,166 $ - $ 91,166 2011 Note On May 1, 2011, the Company issued a 2.00% Convertible Note due April 30, 2012 with a principal amount of $32,000 (the “2011 Note”) for cash. Interest on the 2011 Note is accrued annually effective from May 1, 2011 forward. The 2011 Note is unsecured and repayable on demand. The 2011 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $22,166. As of September 30, 2019, the note has been discounted by $0. 2012 Note On January 2, 2012, the Company issued a 2.00% Convertible Note due January 1, 2013 with a principal amount of $48,000 (the “2012 Note”) for cash. Interest on the 2012 Note is accrued annually effective from January 2, 2012 forward. The 2012 Note is unsecured and repayable on demand. The 2012 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $48,000. As of September 30, 2019, the note has been discounted by $0. 2013 Note On January 3, 2013, the Company issued a 2.00% Convertible Note due January 2, 2014 with a principal amount of $12,000 (the “2013 Note”) for cash. Interest on the 2013 Note is accrued annually effective from January 3, 2013 forward. The 2013 Note is unsecured and repayable on demand. The 2013 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $12,000. As of September 30, 2019, the note has been discounted by $0. 2014 Note On August 25, 2014, the Company issued two 12.00% Convertible Promissory Note due February 25, 2015 with a principal amount of $50,000 each (the “2014 Note”) for cash. Interest on the 2014 Note is accrued annually effective from August 25, 2014 forward. The 2014 Note is unsecured. The notes are convertible at a conversion price the lesser of (a) $0.25 per share, or (b) the price per share as reported on the Over-the-Counter Bulletin Board on the conversion date. The Note Holders also received Warrants to purchase an aggregate of 800,000 shares of our common stock at an initial exercise price of $0.25 per share. Each of the Warrants has a term of five (5) years. The embedded conversion feature of the 2014 Notes and Warrants were recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the 2014 Notes. The fair value on the grant date of the embedded conversion feature of the convertible debt was $145,362 as computed using the Black-Scholes option pricing model. The Company established a debt discount of $100,000, representing the value of the embedded conversion feature inherent in the convertible debt and warrant, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $19,566. The balance of the debt discount was $80,434 at September 30, 2014. For the year ended September 30, 2019, the Company recorded amortization of the debt discount of $0. The balance of the debt discount was $0 at September 30, 2019. The face amount of the outstanding note as of September 30, 2019, is $9,000. 2016 Notes On January 5, 2016, the Company issued a $47,615 Convertible Promissory Note to the McGee Law Firm for services rendered. The Note was due on October 31, 2016 and carried interest at 12.0% per annum. On or after May 1, 2016, at the option of the holder, the then outstanding amount of the Note was convertible into common stock of the Company at a conversion price equal to the lesser of $0.01 per share or 50% of the three lowest closing prices average for the 10 business days prior to the conversion date. On August 11, 2016, the Company restructured a portion a Convertible Promissory Note issued on January 5, 2016 in conjunction with an assignment of that Note. The restructured Note was a 9.00% Convertible Promissory Note due August 11, 2017 with a principal amount of $30,000. Interest on the 2016 Note is accrued annually effective from September 1, 2016 forward. This Note was unsecured and repayable on demand. The 2016 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. On September 13, 2016, the Company restructured a portion a Convertible Promissory Note issued on January 5, 2016 in conjunction with an assignment of that Note. The restructured Note was a 9.00% Convertible Promissory Note due September 13, 2017 with a principal amount of $15,836.32. Interest on the 2016 Note is accrued annually effective from October 1, 2016 forward. The 2016 Note is unsecured and repayable on demand. The 2016 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. On August 23, 2016, the Company issued a 9.00% Convertible Promissory Note due August 23, 2017 with a principal amount of $25,000 for cash. Interest on the 2016 Note is accrued annually effective from October 1, 2016 forward. The 2016 Note is unsecured and repayable on demand. The 2016 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. On September 17, 2016, the Company issued a 9.00% Convertible Promissory Note due September 17, 2017 with a principal amount of $25,000 for cash. Interest on the 2016 Note is accrued annually effective from October 1, 2016 forward. The 2016 Note is unsecured and repayable on demand. The 2016 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. 2017 Notes On October 28, 2016, the Company restructured a portion a Convertible Promissory Note issued on August 25, 2014 in conjunction with an assignment of that Note. The restructured Note was a 9.00% Convertible Promissory Note due October 28, 2017 with a principal amount of $35,000. Interest on the 2016 Note is accrued annually effective from November 1, 2016 forward. The 2017 Note is unsecured and repayable on demand. The 2017 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001. As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of September 30, 2019, is $0. As of September 30, 2019, the note has been discounted by $0. |
Loan from Related Party
Loan from Related Party | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Debt Disclosure [Abstract] | ||
Loan from Related Party | NOTE 6 – LOAN FROM RELATED PARTY Convertible Notes Issued to the President and Director of Kibush Capital Corporation: March 31, 2020 Note face Debt Discount Net Amount of note Loan from related party $ 2,631,310 $ 0 $ 2,631,310 Total $ 2,631,310 $ 0 $ 2,631,310 September 30, 2019 Note face Debt Discount Net Amount of note Loan from related party $ 1,956,986 $ 0 $ 1,956,986 Total $ 1,956,986 $ 0 $ 1,956,986 For the year ended September 30, 2019, Mr. Sheppard had loaned the Company $219,419. For the quarter ended December 31, 2019, Mr. Sheppard had loaned the Company $89,053. On January 16, 2020, the Company entered into a Promissory Note Consolidation Agreement (the “Consolidation Agreement”) with one of its noteholders, Warren Sheppard., as lender (“Mr. Sheppard”). Pursuant to the terms of the Consolidation Agreement, the Company consolidated an aggregate of $1,383,753 of outstanding debt obligations (the “Outstanding Debt”), which included principal and interest, owed to Mr. Sheppard by the Company. As a consequence of the debt consolidation, the derivative Liabilities associated with option component has been eliminated, therefore, derivative liabilities amounted to 782,022 as of the debt consolidation date are subsequently reversed and charged into profit and losses in January 2020. Upon the assumption by the Company of the Outstanding Debt, the Company and Mr. Sheppard entered into an unsecured promissory note (the “Consolidated Note”), which such Consolidated Note restated the repayment terms and conditions of the Outstanding Debt in full. Pursuant to the terms and conditions of the Consolidated Note, the Outstanding Debt accrues simple interest at 12.5% per year, compounded annually, and the Consolidated Note has a maturity date of January 15, 2022. No regularly scheduled periodic payments of principal or interest are due under the Consolidated Note, and, unless there is an earlier event of default, all outstanding and unpaid principal and interest under the Consolidated Note is due and payable in a single lump sum payment at maturity. The Consolidated Note also removes any common stock conversion features from previous notes. The Company may prepay the Consolidated Note at any time prior to maturity without penalty. For the quarter ended March 31, 2020, Mr. Sheppard had loaned the Company $34,956. | NOTE 6 – LOAN FROM RELATED PARTY Convertible Notes Issued to the President and Director of Kibush Capital Corporation: September 30, 2018 Note face amount Debt Discount Net Amount of note Loan from related party $ 1,737,566 $ 0 $ 1,737,566 Total $ 1,737,566 $ 0 $ 1,737,566 September 30, 2019 Note face amount Debt Discount Net Amount of note Loan from related party $ 1,956,986 $ 0 $ 1,956,986 Total $ 1,956,986 $ 0 $ 1,956,986 On March 31, 2014, the Company issued a 12.50% Convertible Promissory Note due March 31, 2015 with a principal amount of $157,500 (the “March 2014 Note”) for cash. Interest on the March 2014 Note is accrued annually effective from March 31, 2014 forward. The March 2014 Note is unsecured. The note is convertible into common stock at a price of 50 percent of the average closing bid price, determined on the then current trading market for the ten business days prior to the conversion date. The embedded conversion feature of the March 2014 Notes was recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the March 2014 Notes. The fair value on the grant date of the embedded conversion feature of the convertible debt was $305,039 as computed using the Black-Scholes option pricing model. The fair value was $165,542 for the year ended September 30, 2019. The Company established a debt discount of $157,500, representing the value of the embedded conversion feature inherent in the convertible debt, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $78,966. The balance of the debt discount was $78,534 at September 30, 2014. As of September 30, 2019, the balance of the debt discount was $0. On June 30, 2014, the Company issued a 12.50% Convertible Promissory Note due June 30, 2015 with a principal amount of $110,741 (the “June 2014 Note”) for cash. Interest on the June 2014 Note is accrued annually effective from June 30, 2014 forward. The June 2014 Note is unsecured. The note is convertible into common stock at a price of 50 percent of the average closing bid price, determined on the then current trading market for the ten business days prior to the conversion date. The embedded conversion feature of the June 2014 Note was recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the June 2014 Note. The fair value on the grant date of the embedded conversion feature of the convertible debt was $213,207 as computed using the Black-Scholes option pricing model. The fair value was $116,395 for the year ended September 30, 2019. The Company established a debt discount of $110,741 representing the value of the embedded conversion feature inherent in the convertible debt, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $27,913. The balance of the debt discount was $82,828 at September 30, 2014. As of September 30, 2019, the balance of the debt discount was $0. On September 30, 2014, the Company issued a 12.50% Convertible Promissory Note due September 30, 2015 with a principal amount of $98,575 (the “September 2014 Note”) for cash. Interest on the September 2014 Note is accrued annually effective from September 30, 2014 forward. The September 2014 Note is unsecured. The note is convertible into common stock at a price of 50 percent of the average closing bid price, determined on the then current trading market for the ten business days prior to the conversion date. The embedded conversion feature of the September 2014 Notes was recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the September 2014 Note. The fair value on the grant date of the embedded conversion feature of the convertible debt was $181,771 as computed using the Black-Scholes option pricing model. The fair value was $103,608 for the year ended September 30, 2019. The Company established a debt discount of $98,575 representing the value of the embedded conversion feature inherent in the convertible debt, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $0. The balance of the debt discount was $98,575 at September 30, 2014. As of September 30, 2019, the balance of the debt discount was $0. As of September 30, 2014, and 2013, cumulative interest of $96,579 and $0 respectively, has been accrued on these notes. The Company established a debt discount of $61,273 representing the value of the embedded conversion feature inherent in the convertible debt, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2019, the Company recorded amortization of the debt discount of $0. The balance of the debt discount was $0 at September 30, 2019. On October 1, 2016, the Company issued an 8% Promissory Note due September 30, 2017 with a principal amount of $155,300 (the “October 2016 Note”) for cash received over the period between September 30, 2014 and April 28,2015. No interest was to accrue on the first two years of the loan, interest on the October 2016 Note is to be accrued annually effective from October 1, 2016 forward. The October 2016 Note is unsecured. Cavenagh Capital Corporation is a shareholder in Kibush Capital Corporation. |
Stockholder's Deficit
Stockholder's Deficit | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Equity [Abstract] | ||
Stockholder's Deficit | NOTE 7 – STOCKHOLDER’S DEFICIT Common Stock On August 22, 2013, the Company’s Board authorized a 225:1 reverse stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split. On October 12, 2013, the Company issued by director’s resolution, 10,000,000 shares of newly issued common stock for the purchase of a Memorandum of Understanding (dated September 2, 2013) from a related company (Five Arrows Limited); which gave Kibush Capital Corporation the right to acquire 80% ownership in Instacash Pty Ltd, an Australian Currency Services provider, and corporate trustee of the Instacash Trust. As this transaction was with a related party, the value was recorded at the par value of the stock i.e. $0.001 per share of common stock. Between October 23, 2013 and September 30, 2014, the Company issued a total of 3,274,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $3,274 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. On February 28, 2014, the Company issued by director’s resolution, 40,000,000 shares of newly issued common stock to conclude a Assignment and Bill of Sale (dated February 14, 2014) from a related company (Five Arrows Limited); which gave Kibush Capital Corporation the right to enter into a Joint Venture contract with the leaseholders of certain Mining Leases in Papua New Guinea. As this transaction was with a related party, the value was recorded at par value of the stock i.e. $0.001 per share of common stock. Between November 1, 2014 and March 31, 2015, the Company issued a total of 4,560,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $3,274 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between April 1, 2016 and September 30, 2016, the Company issued a total of 190,114,175 shares of common stock upon the requests from convertible note holders to convert principal totaling $190,114 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between October 1, 2016 and December 31, 2016, the Company issued a total of 208,879,614 shares of common stock upon the requests from convertible note holders to convert principal totaling $208,880 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between January 1, 2017 and March 31, 2017, the Company issued a total of 9,375,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $9,375 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between April 1, 2017 and June 30, 2017, the Company issued a total of 405,000,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $405,000 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. On August 23, 2017, the Company’s Board authorized a 1:25 reverse stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split. Between October 1, 2017 and December 31, 2017, the Company issued a total of 180,395,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $180,395 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between January 1, 2018 and March 31, 2018, the Company issued a total of 139,000,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $139,000 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between April 1, 2018 and June 30, 2018, the Company issued a total of 120,000,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $120,000 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Preferred Stock Preferred stock includes 50,000,000 shares authorized at $0.001 par value, of which 10,000,000 have been designated Series A and 25,000,000 designated as Series B. A total of 3,000,000 shares of Series A preferred stock are issued and outstanding as of March 31, 2020, and September 30, 2019. A total of 34,999,899 shares of Series B preferred stock were outstanding as of March 31, 2020 and a total of 101 Series C Preference Shares issued and outstanding as of March 31, 2020. Issued Preference Share B On January 9, 2020, the Board of Directors, with the approval of a majority vote of the shareholders approved the filing of a Certificate of Amendment of Designation of the Company’s Series B Preferred Stock (“Series B Preferred Stock”). The Board of Directors authorized the increase of authorized shares of the Series B Preferred Stock to 34,999,899 shares by filing the Certificate of Amendment of Designation with the Nevada Secretary of State. The terms of the Certificate of Amendment of Designation of the Series B Preferred Stock, which was filed and approved by the State of Nevada on January 9, 2020 have not otherwise changed as previously filed and disclosed. | NOTE 7 – STOCKHOLDER’S DEFICIT Common Stock On August 22, 2013, the Company’s Board authorized a 225:1 reverse stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split. On October 12, 2013, the Company issued by director’s resolution, 10,000,000 shares of newly issued common stock for the purchase of a Memorandum of Understanding (dated September 2, 2013) from a related company (Five Arrows Limited); which gave Kibush Capital Corporation the right to acquire 80% ownership in Instacash Pty Ltd, an Australian Currency Services provider, and corporate trustee of the Instacash Trust. As this transaction was with a related party, the value was recorded at the par value of the stock i.e. $0.001 per share of common stock. Between October 23, 2013 and September 30, 2014, the Company issued a total of 3,274,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $3,274 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. On February 28, 2014, the Company issued by director’s resolution, 40,000,000 shares of newly issued common stock to conclude a Assignment and Bill of Sale (dated February 14, 2014) from a related company (Five Arrows Limited); which gave Kibush Capital Corporation the right to enter into a Joint Venture contract with the leaseholders of certain Mining Leases in Papua New Guinea. As this transaction was with a related party, the value was recorded at par value of the stock i.e. $0.001 per share of common stock. Between November 1, 2014 and March 31, 2015, the Company issued a total of 4,560,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $3,274 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between April 1, 2016 and September 30, 2016, the Company issued a total of 190,114,175 shares of common stock upon the requests from convertible note holders to convert principal totaling $190,114 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between October 1, 2016 and December 31, 2016, the Company issued a total of 208,879,614 shares of common stock upon the requests from convertible note holders to convert principal totaling $208,880 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between January 1, 2017 and March 31, 2017, the Company issued a total of 9,375,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $9,375 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. Between April 1, 2017 and June 30, 2017, the Company issued a total of 405,000,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $405,000 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001. On August 23, 2017, the Company’s Board authorized a 1:25 reverse stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split. Preferred Stock Preferred stock includes 50,000,000 shares authorized at $0.001 par value, of which 10,000,000 have been designated Series A and 5,000,000 designated as Series B. A total of 3,000,000 shares of Series A preferred stock are issued and outstanding as of September 30, 2018, and September 30, 2019. These Series A preferred shares are owned by our Officer and Director, Warren Sheppard. A total of 20,000,000 shares of Series B preferred stock were outstanding as of September 30, 2018, September 30, 2019. These Series B preferred shares are owned by our Officer and Director, Warren Sheppard. Through his ownership of the 3,000,000 shares of Series A and 15,000,000 shares of Series B preferred Stock, Mr. Sheppard will retain majority voting control over the Company even if his ownership of common stock falls below 51% as a result of this Offering. No shares of preferred stock are offered for sale in this Offering. |
Income Taxes
Income Taxes | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | NOTE 8 – INCOME TAXES The provision/(benefit) for income taxes for the 6 months ended March 31, 2020 and the year ended September 30, 2019 was as follows (assuming a 15% effective tax rate). 6 months ended September 30, 2020 2019 Current Tax Provision Federal-Taxable Income - - Total current tax provisions - - $ - $ - Deferred Tax Provision Federal-Loss carry forwards $ - $ - Change in valuation allowance $ - $ - Total deferred tax provisions $ - $ - As of September 30, 2019, the Company had approximately $13,728,369 in tax loss carry forwards that can be utilized future periods to reduce taxable income, and the carry forward incurred for the year ended September 30, 2019 will expire by the year 2035. As of March 31, 2020, the Company had approximately $13,250,623 in tax loss carry forwards that can be utilized future periods to reduce taxable income, and the carry forward incurred for the year ended September 30, 2019 will expire by the year 2036. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Corporation are subject to examination by the IRS, generally for three years after they are filed. | NOTE 8 – INCOME TAXES The provision/(benefit) for income taxes for the year ended September 30, 2019 and 2018 was as follows (assuming a 15% effective tax rate) September 30, 2019 September 30, 2018 Current Tax Provision Federal- Taxable Income - - Total current tax provisions - - $ - $ - Deferred Tax Provision Federal- Loss carry forwards $ - $ 6,838 Change in valuation allowance $ - $ 6,838 Total deferred tax provisions $ - $ - As of September 30, 2019, the Company had approximately $13,714,488 in tax loss carry forwards that can be utilized future periods to reduce taxable income, and the carry forward incurred for the year ended September 30, 2019 will expire by the year 2035. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Corporation are subject to examination by the IRS, generally for three years after they are filed. |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | NOTE 9 – RELATED PARTY TRANSACTIONS Details of transactions between the Corporation and related parties are disclosed below. The following transactions were carried out with related parties: March 31, 2020 September 30, 2019 Loan from related party $ 2,631,310 $ 1,956,986 Convertible Loans (B) $ 9,000 $ 91,166 Total $ 2,640,310 $ 2,048,152 (a) From time to time, the president and stockholder of the Company provides advances to the Company for its working capital purposes. These advances bear no interest and are due on demand. (b) See Note 6 for details of Convertible notes. Executive Employment On February 10, 2020, Kibush Capital Corp., a Nevada corporation (the “Company”) entered into an Employment Agreement (the “Agreement”) with Warren Sheppard (“Mr. Sheppard”) an individual. Pursuant to the terms and conditions of the Agreement, Mr. Sheppard shall continue to serve as the Company’s President, Chief Executive Officer, Chief Financial Officer, Principal Financial Officer and a member of the Board of Directors and shall assume such other positions as reasonably requested by the Board of Directors, commencing on January 1, 2020 for a term of Four (4) years, and shall have the option to be renewed for an additional one (1) year unless earlier terminated. In exchange for his services, Mr. Sheppard shall receive a yearly salary of $24,000. | NOTE 9 – RELATED PARTY TRANSACTIONS Details of transactions between the Corporation and related parties are disclosed below. The following transactions were carried out with related parties: September 30, 2019 September 30, 2018 Loan from related party $ 1,956,986 $ 1,737,566 Convertible Loans (B) $ 91,166 $ 91,166 Total $ 2,048,152 $ 1,828,732 (a) From time to time, the president and stockholder of the Company provides advances to the Company for its working capital purposes. These advances bear no interest and are due on demand. (b) See Note 6 for details of Convertible notes. |
Business Combinations
Business Combinations | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Business Combinations [Abstract] | ||
Business Combinations | NOTE 10 – BUSINESS COMBINATIONS Set out below are the controlled and non-controlled members of the group as of March 31, 2020, which, in the opinion of the directors, are material to the group. The subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the Company; the country of incorporation is also their principal place of business. Name of Entity Country of Incorporation Acquisition Date Voting Equity Interests Aqua Mining (PNG) Ltd Papua New Guinea 28-Feb-2014 90 % | NOTE 10 – BUSINESS COMBINATIONS Set out below are the controlled and non-controlled members of the group as of September 30, 2019, which, in the opinion of the directors, are material to the group. The subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the Company; the country of incorporation is also their principal place of business. Name of Entity Country of Incorporation Acquisition Date Voting Equity Interests Aqua Mining (PNG) Ltd Papua New Guinea 28-Feb-2014 90 % |
Legal Proceedings
Legal Proceedings | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Legal Proceedings | NOTE 11 – LEGAL PROCEEDINGS We are not presently a party to any litigation. | NOTE 11 – LEGAL PROCEEDINGS We are not presently a party to any litigation. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Contingent Liabilities | NOTE 12 - CONTINGENT LIABILITIES None. | NOTE 12 - CONTINGENT LIABILITIES None. |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Subsequent Events [Abstract] | ||
Subsequent Events | NOTE 13 – SUBSEQUENT EVENTS COVID-19 pandemic The COVID-19 pandemic announced by the World Health Organisation post 31 January 2020 is having negative impact on the world economy. We have witnessed unprecedented measures implemented by the government on strict border security requirements. It is likely to have a significant impact on the Company’s export sales and associated supply chains. However, at this point of time, the impact of COVID-19 is unknown and cannot be quantified. We expect our business to remain in operation but will manage the unavoidable disruptions to our best abilities. | NOTE 13 – SUBSEQUENT EVENTS None. |
Inventory
Inventory | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | ||
Inventory | NOTE 14 – INVENTORY Inventories are valued at cost. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. There are three types of inventory in three stages of completion. Raw materials comprise of logs that are on the ground and at the log pond; Work-in-progress comprise of rough sawn timber at the Rigo site whilst Finished goods are planed, straightened timber at Laloki for sale. Each would have a different wholesale value depending on the level of processing. Management is unable to verify the stocktake and valuation at year end. Accordingly, for the year ended September 30, 2019, and for the 6 months ended March 31, 2020 we written down the amounts to zero to accommodate that situation. | NOTE 14 – INVENTORY Inventories are valued at cost. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. There are three types of inventory in three stages of completion. Raw materials comprise of logs that are on the ground and at the log pond; Work-in-progress comprise of rough sawn timber at the Rigo site whilst Finished goods are planed, straightened timber at Laloki for sale. Each would have a different wholesale value depending on the level of processing. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | ||
Cash | Cash The Company maintains its cash balances in interest and non-interest bearing accounts which do not exceed Federal Deposit Insurance Corporation limits. | Cash The Company maintains its cash balances in interest and non-interest bearing accounts which do not exceed Federal Deposit Insurance Corporation limits. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Kibush Capital and Aqua Mining. All intercompany accounts and transactions have been eliminated. | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Kibush Capital and Aqua Mining. All intercompany accounts and transactions have been eliminated. |
Other Comprehensive Income and Foreign Currency Translation | Other Comprehensive Income and Foreign Currency Translation FASB ASC 220-10-05, Comprehensive Income The accompanying consolidated financial statements are presented in United States dollars. | Other Comprehensive Income and Foreign Currency Translation FASB ASC 220-10-05, Comprehensive Income The accompanying consolidated financial statements are presented in United States dollars. |
Reclassifications | Reclassifications Reclassifications have been made to prior year consolidated financial statements in order to conform the presentation to the statements as of and for the period ended September 30, 2014. On June 10, 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management are, recoverability of long-lived assets, valuation and useful lives of intangible assets, valuation of derivative liabilities, and valuation of common stock, options, warrants and deferred tax assets. Actual results could differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management are, recoverability of long-lived assets, valuation and useful lives of intangible assets, valuation of derivative liabilities, and valuation of common stock, options, warrants and deferred tax assets. Actual results could differ from those estimates. |
Non-Controlling Interests | Non-Controlling Interests Investments in associated companies over which the Company has the ability to exercise significant influence are accounted for under the consolidation method, after appropriate adjustments for intercompany profits and dividends. In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations.” It requires an acquirer to recognize, at the acquisition date, the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their full fair values as of that date. In a business combination achieved in stages (step acquisitions), the acquirer will be required to re-measure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. The acquisition-related transaction and restructuring costs will no longer be included as part of the capitalized cost of the acquired entity but will be required to be accounted for separately in accordance with applicable generally accepted accounting principles. U.S. SFAS No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. A non-controlling interest in a subsidiary is an ownership interest in a consolidated entity that is reported as equity in the consolidated financial statements and separate from the Company’s equity. In addition, net income/(loss) attributable to non-controlling interests is reported separately from net income attributable to the Company in the consolidated financial statements. The Company’s consolidated statements present the full amount of assets, liabilities, income and expenses of all of our consolidated subsidiaries, with a partially offsetting amount shown in non-controlling interests for the portion of these assets and liabilities that are not controlled by us. | Non-Controlling Interests Investments in associated companies over which the Company has the ability to exercise significant influence are accounted for under the consolidation method, after appropriate adjustments for intercompany profits and dividends. In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations.” It requires an acquirer to recognize, at the acquisition date, the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their full fair values as of that date. In a business combination achieved in stages (step acquisitions), the acquirer will be required to re-measure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. The acquisition-related transaction and restructuring costs will no longer be included as part of the capitalized cost of the acquired entity but will be required to be accounted for separately in accordance with applicable generally accepted accounting principles. U.S. SFAS No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. A non-controlling interest in a subsidiary is an ownership interest in a consolidated entity that is reported as equity in the consolidated financial statements and separate from the Company’s equity. In addition, net income/(loss) attributable to non-controlling interests is reported separately from net income attributable to the Company in the consolidated financial statements. The Company’s consolidated statements present the full amount of assets, liabilities, income and expenses of all of our consolidated subsidiaries, with a partially offsetting amount shown in non-controlling interests for the portion of these assets and liabilities that are not controlled by us. For our investments in affiliated entities that are included in the consolidation, the excess cost over underlying fair value of net assets is referred to as goodwill and reported separately as “Goodwill” in our accompanying consolidated balance sheets. Goodwill may only arise where consideration has been paid. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statement of operations. | Property and Equipment Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statement of operations. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with FASB ASC 360-10-5, Accounting for the Impairment or Disposal of Long-Lived Assets ● Significant under performance relative to expected historical or projected future operating results; ● Significant changes in its strategic business objectives and utilization of the assets; ● Significant negative industry or economic trends, including legal factors; If the Company determines that the carrying values of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, the Company’s management performs an undiscounted cash flow analysis to determine if impairment exists. If impairment exists, the Company measures the impairment based on the difference between the asset’s carrying amount and its fair value, and the impairment is charged to operations in the period in which the long-lived asset impairment is determined by management. The carrying value of the Company’s investment in Joint Venture contract with leaseholders of certain Mining Leases in Papua New Guinea represents its ownership, accounted for under the equity method. The ownership interest is not adjusted to fair value on a recurring basis. Each reporting period the Company assesses the fair value of the Company’s ownership interest in Joint Venture in accordance with FASB ASC 325-20-35. Each year the Company conducts an impairment analysis in accordance with the provisions within FASB ASC 320-10-35 paragraphs 25 through 32. | Impairment of Long-Lived Assets In accordance with FASB ASC 360-10-5, Accounting for the Impairment or Disposal of Long-Lived Assets ● Significant under performance relative to expected historical or projected future operating results; ● Significant changes in its strategic business objectives and utilization of the assets; ● Significant negative industry or economic trends, including legal factors; If the Company determines that the carrying values of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, the Company’s management performs an undiscounted cash flow analysis to determine if impairment exists. If impairment exists, the Company measures the impairment based on the difference between the asset’s carrying amount and its fair value, and the impairment is charged to operations in the period in which the long-lived asset impairment is determined by management. The carrying value of the Company’s investment in Joint Venture contract with leaseholders of certain Mining Leases in Papua New Guinea represents its ownership, accounted for under the equity method. The ownership interest is not adjusted to fair value on a recurring basis. Each reporting period the Company assesses the fair value of the Company’s ownership interest in Joint Venture in accordance with FASB ASC 325-20-35. Each year the Company conducts an impairment analysis in accordance with the provisions within FASB ASC 320-10-35 paragraphs 25 through 32. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s cash, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of those financial instruments. The Company believes the carrying amount of its notes payable approximates its fair value based on rates and other terms currently available to the Company for similar debt instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s cash, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of those financial instruments. The Company believes the carrying amount of its notes payable approximates its fair value based on rates and other terms currently available to the Company for similar debt instruments |
Beneficial Conversion Features of Debentures | Beneficial Conversion Features of Debentures In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of debentures and related accruing interest is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method. | Beneficial Conversion Features of Debentures In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of debentures and related accruing interest is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method. |
Derivative Financial Instruments | Derivative Financial Instruments We apply the provisions of FASB ASC 815-10, Derivatives and Hedging In applying the Black-Scholes valuation model, the Company used the following assumptions during the period ended March 31, 2020: For the period ended March 31, 2020 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 2.050 % Expected volatility 111 % The inputs used to measure fair value fall in different levels of the fair value hierarchy, a financial security’s hierarchy level is based upon the lowest level of input that is significant to the fair value measurement. The Company determines the fair value of its derivative instruments using a three-level hierarchy for fair value measurements which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy: Level 1 Level 2 Level 3 The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of March 31, 2020, and as of September 30, 2019: Carry Value at March 31, September 30, 2020 2019 Derivative liabilities: Embedded conversion features - notes $ 10,044 $ 728,080 Total derivative liability $ 10,044 $ 728,080 March 31, September 30, 2020 2019 Change in fair value included in other income (expense), net 4,696 -1,209 The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the period ended For the year ended March 31, September 30, 2020 2019 Embedded Conversion Features - Notes: Balance at beginning of year $ 728,080 $ 726,871 Change in derivative liabilities -722,732 2,418 Net change in fair value included in net loss 4,696 -1,209 Ending balance $ 10,044 $ 728,080 The Company re-measures the fair values of all its derivative liabilities as of each period end and records the net aggregate gain/loss due to the change in the fair value of the derivative liabilities as a component of other expense, net in the accompanying consolidated statement of operations. During the years ended September 30, 2019 and the 6 months ended March 31, 2020, the Company recorded a net increase (decrease) to the fair value of derivative liabilities balance of $-1,209 and $4,696, respectively. | Derivative Financial Instruments We apply the provisions of FASB ASC 815-10, Derivatives and Hedging In applying the Black-Scholes valuation model, the Company used the following assumptions during the year ended September 30, 2019: For the year ended September 30, 2019 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 1.7 % Expected volatility 55 % The inputs used to measure fair value fall in different levels of the fair value hierarchy, a financial security’s hierarchy level is based upon the lowest level of input that is significant to the fair value measurement. The Company determines the fair value of its derivative instruments using a three-level hierarchy for fair value measurements which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy: Level 1 Level 2 Level 3 The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of September 30, 2018, and as of September 30, 2019: Carry Value at Carry Value at September 30, 2019 September 30, 2018 Derivative liabilities: Embedded conversion features - notes $ 728,080 $ 726,871 Total derivative liability $ 728,080 $ 726,871 For the year ended For the year ended September 30, 2019 September 30, 2018 Change in fair value included in other income (expense), net -1,209 606,150 The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the year ended For the year ended September 30, 2019 September 30, 2018 Embedded Conversion Features - Notes: Balance at beginning of year $ 726,871 $ 1,333,021 Change in derivative liabilities $ 2,418 $ -1,212,300 Net change in fair value included in net loss -1,209 606,150 Ending balance $ 728,080 $ 726,871 The Company re-measures the fair values of all its derivative liabilities as of each period end and records the net aggregate gain/loss due to the change in the fair value of the derivative liabilities as a component of other expense, net in the accompanying consolidated statement of operations. During the years ended September 30, 2019 and 2018, the Company recorded a net increase (decrease) to the fair value of derivative liabilities balance of $(1,209) and $606,150, respectively. |
Debt Consolidation | Debt Consolidation On January 14, 2020, the Company entered into a Promissory Note Consolidation Agreement (the “ Consolidation Agreement Mr. Sheppard Outstanding Debt As a consequence of the debt consolidation, the derivative Liabilities associated with option component has been eliminated, therefore, derivative liabilities amounted to 722,732 as of the debt consolidation date are subsequently reversed and charged into profit and losses in January 2020. Schedule of Outstanding Notes as at January 14 th Promissory Note Outstanding Principal Outstanding Interest David Loren Corporation. 2% Secured Promissory Note issued May 1, 2011 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 22166 3,780 David Loren Corporation. 2% Secured Promissory Note issued January 2, 2012 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 48,000 7,438 David Loren Corporation. 2% Secured Promissory Note issued January 3, 2013 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 12,000 1,618 Kibush Capital Corp. 12.5% Secured Promissory Note issued March 31, 2014 to Warren Sheppard. 157,500 104,815 Kibush Capital Corp. 12.5% Secured Promissory Note issued June 30, 2014 to Warren Sheppard. 110,741 70,384 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2014 to Warren Sheppard. 98,575 59,670 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2015 to Warren Sheppard. 316,046 153,387 Kibush Capital Corp. 12.5% Secured Promissory Note issued October 10, 2016 to Warren Sheppard. 155,300 37,272 Total: 920,328 438,364 Upon the assumption by the Company of the Outstanding Debt, the Company and Mr. Sheppard entered into an unsecured promissory note (the “ Consolidated Note | |
Loss Per Share | Loss per Share The Company applies FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive. | Loss per Share The Company applies FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs | Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs Pursuant to EITF 04-02, “Whether Mineral Rights are Tangible or Intangible Assets and Related Issues”, the Company has an accounting policy to capitalize the direct costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature (lease) bonuses, options to purchase or lease properties, and brokers’ and legal fees. If the acquired mineral rights relate to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured exploration rights prior to establishment of proven and probable reserves. | Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs Pursuant to EITF 04-02, “Whether Mineral Rights are Tangible or Intangible Assets and Related Issues”, the Company has an accounting policy to capitalize the direct costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature (lease) bonuses, options to purchase or lease properties, and brokers’ and legal fees. If the acquired mineral rights relate to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured exploration rights prior to establishment of proven and probable reserves. |
Accounting Treatment of Mining Interests | Accounting Treatment of Mining Interests At this time, the Company does not directly own or directly lease mining properties. However, the Company does have contractual rights and governmental permits which allow the Company to conduct mining exploration on the properties referenced in this report. These contractual relationships, coupled with the government permits issued to the Company (or a subsidiary), are substantially similar in nature to a mining lease. Therefore, we have treated these contracts as lease agreements from an accounting prospective. | Accounting Treatment of Mining Interests At this time, the Company does not directly own or directly lease mining properties. However, the Company does have contractual rights and governmental permits which allow the Company to conduct mining exploration on the properties referenced in this report. These contractual relationships, coupled with the government permits issued to the Company (or a subsidiary), are substantially similar in nature to a mining lease. Therefore, we have treated these contracts as lease agreements from an accounting prospective. |
Research and Development | Research and Development Research and development costs are recognized as an expense in the period in which they are incurred. The Company incurred no research and development costs for the quarter ended June 30, 2019. | Research and Development Research and development costs are recognized as an expense in the period in which they are incurred. The Company incurred no research and development costs for the years ended September 30, 2019 and 2018, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2018, FASB issued Accounting Standards Update 2018-16, Derivatives and Hedging (Topic 805): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU amends ASC 815 to add the OIS rate based on the SOFR as a fifth US benchmark interest rate. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In October 2018, FASB issued Accounting Standards Update 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. The ASU amends ASC 808 to clarify ASC 606 should apply in entirety to certain transactions between collaborative arrangement participants. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The ASU changes the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Thus, the effective date for such entities’ annual financial statements is now aligned with that for these interim financial statements. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. In December 2018, FASB issued Accounting Standards Update 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The amendments are designed to make lessors adoption of the new leases standard easier such as accounting policy election on sales tax, exclude variable payments for all lessor costs, and clarification on lessor costs. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. In March 2019, FASB Issued Accounting Standards Update 2019-01, Leases (Topic 842): Codification Improvements In March 2019, FASB Issued Accounting Standards Update 2019-02: Improvements to Accounting for Costs of Films and License Agreements for Program Materials. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In March 2019, FASB Issued Accounting Standards Update 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections (Topic 958). We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements as the ASU is applicable to not-for-profit entities. In April 2019, FASB Issued Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The ASU 2019-04 clarifies and improves guidance within the recently issued standards on credit losses, hedging, and recognition and measurement of financial instruments: The effective dates for amendments related to ASUs 2016-13 and 2017-12 align with the effective dates of those standards, unless an entity has already adopted one or both. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In May 2019, FASB Issued Accounting Standards Update 2019-05, Targeted Transition Relief. ASU 2019-05 provides transition relief for ASU 2016-13 (“credit losses standard”) by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. For entities that have not yet adopted ASU 2016-13, the effective dates are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In May 2019, FASB Issued Accounting Standards Update 2019-06, Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities. The amendments are affective upon issuance of the ASU. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the ASB issued Accounting Standards Update 2019-08-Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer. This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. For entities that have not yet adopted the amendments in Update 2018-07, the amendments in this update are effective in fiscal years beginning after December 15, 2019. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the FASB issued Accounting Standards Update 2019-09-Financial Services-Insurance (Topic 944). This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. The amendments in this Update are effective in fiscal years beginning after December 15, 2021. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2019, the FASB issued Accounting Standards Update 2019-10-Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. This ASU discusses the FASB’s proposed ASU Codification Improvements to Hedge Accounting, which would clarify certain amendments made by ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, to the guidance in ASC 815 on hedging activities. The FASB issued the proposal in response to feedback and questions received from stakeholders related to their implementation of ASU 2017-12. The ASU also discusses the recent issuance of FASB ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The ASU provides a framework to stagger effective dates for future major accounting standards and amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities. Specifically, ASU 2019-10 changes some effective dates for ASU 2017-12 on hedging, ASU 2016-02 on leasing, ASU 2016-13 on current expected credit losses, and ASU 2017-04 on simplifying the goodwill impairment test. The amendments in this Update amend the mandatory effective dates Credit Losses for all entities as follows or fiscal years beginning after December 15, 2019. The effective dates for Hedging after applying this update are as follows: for fiscal years beginning after December 15, 2018. The effective dates for Leases after applying this Update are as follows for fiscal years beginning after December 15, 2018. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update 2019-12-Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU summarizes the FASB’s recently issued Accounting Standards Update (ASU) No. 2019-12, simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In January 2020, the FASB issued Accounting Standards Update 2020-01-Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This ASU clarifies the interaction between accounting standards related to equity securities (ASC 321), equity method investments (ASC 323), and certain derivatives (ASC815). The amendments in this Update are effective for fiscal years beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In March 2020, the FASB issued Accounting Standards Update 2020-03-Codification Improvements to Financial Instruments. The Standard is part of FASB’s ongoing project to improve and clarify its Accounting Standards Codification and avoid unintended application. The items addressed are not expected to significantly affect current practice or create a significant administrative cost for most entities. The amendment is divided into issues 1 to 7 with different effective dates as follows: The amendments related to Issue 1, Issue 2, Issue 4, and Issue 5 are conforming amendments. For public business entities, the amendments are effective upon issuance of this update. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. The amendment related to Issue 3 is a conforming amendment that affects the guidance related to the amendments in 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The effective date of this update for the amendments to Update 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For entities that have not yet adopted the amendments related to Update 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in Update 2016-13. For entities that have adopted the guidance in Update 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. | Recent Accounting Pronouncements In October 2018, FASB issued Accounting Standards Update 2018-16, Derivatives and Hedging (Topic 805): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU amends ASC 815 to add the OIS rate based on the SOFR as a fifth US benchmark interest rate. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In October 2018, FASB issued Accounting Standards Update 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. The ASU amends ASC 808 to clarify ASC 606 should apply in entirety to certain transactions between collaborative arrangement participants. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In November 2018, FASB issued Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The ASU changes the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Thus, the effective date for such entities’ annual financial statements is now aligned with that for these interim financial statements. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. In December 2018, FASB issued Accounting Standards Update 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The amendments are designed to make lessors adoption of the new leases standard easier such as accounting policy election on sales tax, exclude variable payments for all lessor costs, and clarification on lessor costs. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | ||
Schedule of Property and Equipment Estimated Useful Lives | Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years | Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows: Plant equipment 2 to 15 years Motor Vehicle 4 to 15 years |
Schedule of Assumption Used Derivative Financial Instruments | In applying the Black-Scholes valuation model, the Company used the following assumptions during the period ended March 31, 2020: For the period ended March 31, 2020 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 2.050 % Expected volatility 111 % | In applying the Black-Scholes valuation model, the Company used the following assumptions during the year ended September 30, 2019: For the year ended September 30, 2019 Annual dividend yield - Expected life (years) 0.50 – 1.00 Risk-free interest rate 1.7 % Expected volatility 55 % |
Schedule of Convertible Debt Measured at Fair Value | The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of March 31, 2020, and as of September 30, 2019: Carry Value at March 31, September 30, 2020 2019 Derivative liabilities: Embedded conversion features - notes $ 10,044 $ 728,080 Total derivative liability $ 10,044 $ 728,080 March 31, September 30, 2020 2019 Change in fair value included in other income (expense), net 4,696 -1,209 | The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of September 30, 2018, and as of September 30, 2019: Carry Value at Carry Value at September 30, 2019 September 30, 2018 Derivative liabilities: Embedded conversion features - notes $ 728,080 $ 726,871 Total derivative liability $ 728,080 $ 726,871 For the year ended For the year ended September 30, 2019 September 30, 2018 Change in fair value included in other income (expense), net -1,209 606,150 |
Schedule of Derivative Liabilities Measured at Fair Value | The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the period ended For the year ended March 31, September 30, 2020 2019 Embedded Conversion Features - Notes: Balance at beginning of year $ 728,080 $ 726,871 Change in derivative liabilities -722,732 2,418 Net change in fair value included in net loss 4,696 -1,209 Ending balance $ 10,044 $ 728,080 | The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: For the year ended For the year ended September 30, 2019 September 30, 2018 Embedded Conversion Features - Notes: Balance at beginning of year $ 726,871 $ 1,333,021 Change in derivative liabilities $ 2,418 $ -1,212,300 Net change in fair value included in net loss -1,209 606,150 Ending balance $ 728,080 $ 726,871 |
Schedule of Outstanding Notes | As a consequence of the debt consolidation, the derivative Liabilities associated with option component has been eliminated, therefore, derivative liabilities amounted to 722,732 as of the debt consolidation date are subsequently reversed and charged into profit and losses in January 2020. Schedule of Outstanding Notes as at January 14 th Promissory Note Outstanding Principal Outstanding Interest David Loren Corporation. 2% Secured Promissory Note issued May 1, 2011 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 22166 3,780 David Loren Corporation. 2% Secured Promissory Note issued January 2, 2012 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 48,000 7,438 David Loren Corporation. 2% Secured Promissory Note issued January 3, 2013 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013 12,000 1,618 Kibush Capital Corp. 12.5% Secured Promissory Note issued March 31, 2014 to Warren Sheppard. 157,500 104,815 Kibush Capital Corp. 12.5% Secured Promissory Note issued June 30, 2014 to Warren Sheppard. 110,741 70,384 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2014 to Warren Sheppard. 98,575 59,670 Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2015 to Warren Sheppard. 316,046 153,387 Kibush Capital Corp. 12.5% Secured Promissory Note issued October 10, 2016 to Warren Sheppard. 155,300 37,272 Total: 920,328 438,364 |
Investments in Subsidiaries (Ta
Investments in Subsidiaries (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Schedule of Direct Cost Measured at Fair Market Value | Investment Ownership % Aqua Mining (PNG) 34 90 % | Investment Ownership % Aqua Mining (PNG) 34 90 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Equipment | March 31, September 30, 2020 2019 Plant Equipment 103,009 89,322 Motor Vehicle 111,585 111,585 214,594 200,907 Less accumulated depreciation -80,473 -74,786 $ 134,121 $ 126,121 | September 30, 2019 September 30, 2018 Plant Equipment 89,322 65,869 Motor Vehicle 111,585 111,585 200,907 177,454 Less accumulated depreciation -74,786 -64,842 $ 126,121 $ 112,612 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Debt Disclosure [Abstract] | ||
Schedule of Convertible Notes Payable | March 31, 2020 Note face Debt Discount Net Amount of Note 2011 Note $ - $ - $ - 2012 Note - - - 2013 Note - - - 2014 Note 9,000 - 9,000 2016 Note - - - 2017 Note - - - Total $ 9,000 $ - $ 9,000 September 30, 2019 Note face Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2017 Note - - - Total $ 91,166 $ - $ 91,166 | September 30, 2019 Note Face Amount Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2016 Note - - - 2017 Note - - - Total $ 91,166 $ - $ 91,166 September 30, 2018 Note Face Amount Debt Discount Net Amount of Note 2011 Note $ 22,166 $ - $ 22,166 2012 Note 48,000 - 48,000 2013 Note 12,000 - 12,000 2014 Note 9,000 - 9,000 2016 Note - - - 2016 Note - - - 2016 Note - - - Total $ 91,166 $ - $ 91,166 |
Loan from Related Party (Tables
Loan from Related Party (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Debt Disclosure [Abstract] | ||
Schedule of Loan from Related Party | Convertible Notes Issued to the President and Director of Kibush Capital Corporation: March 31, 2020 Note face Debt Discount Net Amount of note Loan from related party $ 2,631,310 $ 0 $ 2,631,310 Total $ 2,631,310 $ 0 $ 2,631,310 September 30, 2019 Note face Debt Discount Net Amount of note Loan from related party $ 1,956,986 $ 0 $ 1,956,986 Total $ 1,956,986 $ 0 $ 1,956,986 | September 30, 2018 Note face amount Debt Discount Net Amount of note Loan from related party $ 1,737,566 $ 0 $ 1,737,566 Total $ 1,737,566 $ 0 $ 1,737,566 September 30, 2019 Note face amount Debt Discount Net Amount of note Loan from related party $ 1,956,986 $ 0 $ 1,956,986 Total $ 1,956,986 $ 0 $ 1,956,986 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Components of Income Tax Expense (Benefit) | 6 months ended September 30, 2020 2019 Current Tax Provision Federal-Taxable Income - - Total current tax provisions - - $ - $ - Deferred Tax Provision Federal-Loss carry forwards $ - $ - Change in valuation allowance $ - $ - Total deferred tax provisions $ - $ - | September 30, 2019 September 30, 2018 Current Tax Provision Federal- Taxable Income - - Total current tax provisions - - $ - $ - Deferred Tax Provision Federal- Loss carry forwards $ - $ 6,838 Change in valuation allowance $ - $ 6,838 Total deferred tax provisions $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Related Party Transactions [Abstract] | ||
Schedule of Related Party Transactions | The following transactions were carried out with related parties: March 31, 2020 September 30, 2019 Loan from related party $ 2,631,310 $ 1,956,986 Convertible Loans (B) $ 9,000 $ 91,166 Total $ 2,640,310 $ 2,048,152 | The following transactions were carried out with related parties: September 30, 2019 September 30, 2018 Loan from related party $ 1,956,986 $ 1,737,566 Convertible Loans (B) $ 91,166 $ 91,166 Total $ 2,048,152 $ 1,828,732 (a) From time to time, the president and stockholder of the Company provides advances to the Company for its working capital purposes. These advances bear no interest and are due on demand. (b) See Note 6 for details of Convertible notes. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Business Combinations [Abstract] | ||
Schedule of Business Combinations | The subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the Company; the country of incorporation is also their principal place of business. Name of Entity Country of Incorporation Acquisition Date Voting Equity Interests Aqua Mining (PNG) Ltd Papua New Guinea 28-Feb-2014 90 % | Name of Entity Country of Incorporation Acquisition Date Voting Equity Interests Aqua Mining (PNG) Ltd Papua New Guinea 28-Feb-2014 90 % |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statements (Details Narrative) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 12, 2013 |
Percentage of owned subsidiary | 80.00% | |||
Accumulated deficit | $ (13,250,623) | $ (13,728,369) | $ (13,199,727) | |
Aqua Mining (PNG) [Member] | ||||
Percentage of owned subsidiary | 90.00% | 90.00% |
Condensed Consolidated Financ_3
Condensed Consolidated Financial Statements (Details Narrative) (10K) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 12, 2013 |
Percentage of owned subsidiary | 80.00% | |||
Accumulated deficit | $ (13,250,623) | $ (13,728,369) | $ (13,199,727) | |
Aqua Mining (PNG) [Member] | ||||
Percentage of owned subsidiary | 90.00% | 90.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jan. 16, 2020 | Jan. 14, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Net increase (decrease) to fair value of derivative liabilities | $ 4,696 | $ (1,209) | $ 606,150 | |||
Research and development costs | ||||||
Mr. Warren Sheppard [Member] | Consolidated Note [Member] | ||||||
Debt interest rate | 12.50% | 12.50% | ||||
Debt maturity date | Jan. 15, 2022 | Jan. 15, 2022 | ||||
Promissory Note Consolidation Agreement [Member] | Mr. Warren Sheppard [Member] | ||||||
Outstanding debt obligations | $ 1,358,692 | |||||
Derivative liabilities | $ 782,022 | $ 722,732 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) (10K) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounting Policies [Abstract] | ||||
Net increase (decrease) to fair value of derivative liabilities | $ 4,696 | $ (1,209) | $ 606,150 | |
Research and development costs |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Plant Equipment [Member] | Minimum [Member] | ||
Estimated useful lives | 2 years | 2 years |
Plant Equipment [Member] | Maximum [Member] | ||
Estimated useful lives | 15 years | 15 years |
Motor Vehicle [Member] | Minimum [Member] | ||
Estimated useful lives | 4 years | 4 years |
Motor Vehicle [Member] | Maximum [Member] | ||
Estimated useful lives | 15 years | 15 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details) (10K) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Plant Equipment [Member] | Minimum [Member] | ||
Estimated useful lives | 2 years | 2 years |
Plant Equipment [Member] | Maximum [Member] | ||
Estimated useful lives | 15 years | 15 years |
Motor Vehicle [Member] | Minimum [Member] | ||
Estimated useful lives | 4 years | 4 years |
Motor Vehicle [Member] | Maximum [Member] | ||
Estimated useful lives | 15 years | 15 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Assumption Used Derivative Financial Instruments (Details) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Annual Dividend Yield [Member] | ||
Derivative liability, measurement input | 0 | 0 |
Expected Life (Years) [Member] | Minimum [Member] | ||
Derivative liability, term | 6 months | 6 months |
Expected Life (Years) [Member] | Maximum [Member] | ||
Derivative liability, term | 1 year | 1 year |
Risk-Free Interest Rate [Member] | ||
Derivative liability, measurement input | 2.050 | 0.017 |
Expected Volatility [Member] | ||
Derivative liability, measurement input | 111 | 0.55 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Assumption Used Derivative Financial Instruments (Details) (10K) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Annual Dividend Yield [Member] | ||
Derivative liability, measurement input | 0 | 0 |
Expected Life (Years) [Member] | Minimum [Member] | ||
Derivative liability, term | 6 months | 6 months |
Expected Life (Years) [Member] | Maximum [Member] | ||
Derivative liability, term | 1 year | 1 year |
Risk-Free Interest Rate [Member] | ||
Derivative liability, measurement input | 2.050 | 0.017 |
Expected Volatility [Member] | ||
Derivative liability, measurement input | 111 | 0.55 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Convertible Debt Measured at Fair Value (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Total derivative liability | $ 10,044 | $ 10,044 | $ 728,080 | $ 726,871 | ||
Change in fair value included in other income (expense), net | (58,771) | $ (1,332) | 4,696 | $ (23,432) | 1,209 | (606,150) |
Carry Value [Member] | ||||||
Derivative liabilities: Embedded conversion features - notes | 10,044 | 10,044 | 728,080 | 726,871 | ||
Total derivative liability | $ 10,044 | $ 10,044 | $ 728,080 | $ 726,871 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Schedule of Convertible Debt Measured at Fair Value (Details) (10K) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Total derivative liability | $ 10,044 | $ 10,044 | $ 728,080 | $ 726,871 | ||
Change in fair value included in other income (expense), net | 58,771 | $ 1,332 | (4,696) | $ 23,432 | (1,209) | 606,150 |
Carry Value [Member] | ||||||
Derivative liabilities: Embedded conversion features - notes | 10,044 | 10,044 | 728,080 | 726,871 | ||
Total derivative liability | $ 10,044 | $ 10,044 | $ 728,080 | $ 726,871 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Schedule of Derivative Liabilities Measured at Fair Value (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounting Policies [Abstract] | |||
Balance at beginning of year | $ 728,080 | $ 726,871 | $ 1,333,021 |
Change in derivative liabilities | (722,732) | 2,418 | (1,212,300) |
Net change in fair value included in net loss | 4,696 | (1,209) | 606,150 |
Ending balance | $ 10,044 | $ 728,080 | $ 726,871 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Schedule of Derivative Liabilities Measured at Fair Value (Details) (10K) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounting Policies [Abstract] | |||
Balance at beginning of year | $ 728,080 | $ 726,871 | $ 1,333,021 |
Change in derivative liabilities | (722,732) | 2,418 | (1,212,300) |
Net change in fair value included in net loss | 4,696 | (1,209) | 606,150 |
Ending balance | $ 10,044 | $ 728,080 | $ 726,871 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Schedule of Outstanding Notes (Details) | Jan. 14, 2020USD ($) |
Outstanding Principal | $ 920,328 |
Outstanding Interest | 438,364 |
Secured Promissory Note Three [Member] | Kibush Capital Corp [Member] | |
Outstanding Principal | 12,000 |
Outstanding Interest | 1,618 |
Secured Promissory Note Four [Member] | Kibush Capital Corp [Member] | |
Outstanding Principal | 157,500 |
Outstanding Interest | 104,815 |
Secured Promissory Note Five [Member] | Kibush Capital Corp [Member] | |
Outstanding Principal | 110,741 |
Outstanding Interest | 70,384 |
Secured Promissory Note Six [Member] | Kibush Capital Corp [Member] | |
Outstanding Principal | 98,575 |
Outstanding Interest | 59,670 |
Secured Promissory Note Seven [Member] | Kibush Capital Corp [Member] | |
Outstanding Principal | 316,046 |
Outstanding Interest | 153,387 |
Secured Promissory Note Eight [Member] | Kibush Capital Corp [Member] | |
Outstanding Principal | 155,300 |
Outstanding Interest | 37,272 |
David Loren Corporation [Member] | Secured Promissory Note One [Member] | |
Outstanding Principal | 22,166 |
Outstanding Interest | 3,780 |
David Loren Corporation [Member] | Secured Promissory Note Two [Member] | |
Outstanding Principal | 48,000 |
Outstanding Interest | $ 7,438 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Schedule of Outstanding Notes (Details) (Parenthetical) | Jan. 14, 2020 |
Secured Promissory Note Three [Member] | Kibush Capital Corp [Member] | |
Secured promissory note interest rate | 2.00% |
Secured promissory note issuance date | Jan. 3, 2013 |
Secured Promissory Note Four [Member] | Kibush Capital Corp [Member] | |
Secured promissory note interest rate | 12.50% |
Secured promissory note issuance date | Mar. 31, 2014 |
Secured Promissory Note Five [Member] | Kibush Capital Corp [Member] | |
Secured promissory note interest rate | 12.50% |
Secured promissory note issuance date | Jun. 30, 2014 |
Secured Promissory Note Six [Member] | Kibush Capital Corp [Member] | |
Secured promissory note interest rate | 12.50% |
Secured promissory note issuance date | Sep. 30, 2014 |
Secured Promissory Note Seven [Member] | Kibush Capital Corp [Member] | |
Secured promissory note interest rate | 12.50% |
Secured promissory note issuance date | Sep. 30, 2015 |
Secured Promissory Note Eight [Member] | Kibush Capital Corp [Member] | |
Secured promissory note interest rate | 12.50% |
Secured promissory note issuance date | Oct. 10, 2016 |
David Loren Corporation [Member] | Secured Promissory Note One [Member] | |
Secured promissory note interest rate | 2.00% |
Secured promissory note issuance date | May 1, 2011 |
David Loren Corporation [Member] | Secured Promissory Note Two [Member] | |
Secured promissory note interest rate | 2.00% |
Secured promissory note issuance date | Jan. 2, 2012 |
Investments in Subsidiaries - S
Investments in Subsidiaries - Schedule of Direct Cost Measured at Fair Market Value (Details) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Oct. 12, 2013 |
Ownership percentage | 80.00% | ||
Aqua Mining (PNG) [Member] | |||
Investment | $ 34 | $ 34 | |
Ownership percentage | 90.00% | 90.00% |
Investments in Subsidiaries -_2
Investments in Subsidiaries - Schedule of Direct Cost Measured at Fair Market Value (Details) (10K) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Oct. 12, 2013 |
Ownership percentage | 80.00% | ||
Aqua Mining (PNG) [Member] | |||
Investment | $ 34 | $ 34 | |
Ownership percentage | 90.00% | 90.00% |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 5,657 | $ 6,679 | $ 13,082 | $ 16,618 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) (10K) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 5,657 | $ 6,679 | $ 13,082 | $ 16,618 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Property and equipment, gross | $ 214,594 | $ 200,907 | $ 177,454 |
Less accumulated depreciation | (80,473) | (74,786) | (64,842) |
Property and equipment, net | 134,121 | 126,121 | 112,612 |
Plant Equipment [Member] | |||
Property and equipment, gross | 103,009 | 89,322 | 65,869 |
Motor Vehicle [Member] | |||
Property and equipment, gross | $ 111,585 | $ 111,585 | $ 111,585 |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Property and Equipment (Details) (10K) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Property and equipment, gross | $ 214,594 | $ 200,907 | $ 177,454 |
Less accumulated depreciation | (80,473) | (74,786) | (64,842) |
Property and equipment, net | 134,121 | 126,121 | 112,612 |
Plant Equipment [Member] | |||
Property and equipment, gross | 103,009 | 89,322 | 65,869 |
Motor Vehicle [Member] | |||
Property and equipment, gross | $ 111,585 | $ 111,585 | $ 111,585 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) - USD ($) | Aug. 25, 2014 | Jan. 03, 2013 | Jan. 02, 2012 | May 01, 2011 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2014 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2015 |
Debt principal amount | $ 9,000 | $ 9,000 | $ 91,166 | $ 91,166 | ||||||||||||||||
Debt conversion price per share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Debt discount | ||||||||||||||||||||
Amortization of debt discount | ||||||||||||||||||||
2011 Convertible Note [Member] | ||||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||||
Debt due date | Apr. 30, 2012 | |||||||||||||||||||
Debt principal amount | $ 32,000 | 22,166 | 22,166 | |||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||
Debt face amount | 0 | 0 | ||||||||||||||||||
Debt discount | ||||||||||||||||||||
2012 Convertible Note [Member] | ||||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||||
Debt due date | Jan. 1, 2013 | |||||||||||||||||||
Debt principal amount | $ 48,000 | 48,000 | 48,000 | |||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||
Debt face amount | 0 | 0 | ||||||||||||||||||
Debt discount | ||||||||||||||||||||
2013 Convertible Note [Member] | ||||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||||
Debt due date | Jan. 2, 2014 | |||||||||||||||||||
Debt principal amount | $ 12,000 | 12,000 | 12,000 | |||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||
Debt face amount | 0 | 0 | ||||||||||||||||||
Debt discount | ||||||||||||||||||||
2014 Convertible Promissory Note [Member] | ||||||||||||||||||||
Debt interest rate percentage | 12.00% | |||||||||||||||||||
Debt due date | Feb. 25, 2015 | |||||||||||||||||||
Debt principal amount | $ 50,000 | 9,000 | ||||||||||||||||||
Debt conversion price per share | $ 0.25 | |||||||||||||||||||
Debt face amount | 9,000 | 9,000 | ||||||||||||||||||
Debt discount | $ 100,000 | 0 | $ 0 | 0 | $ 80,434 | |||||||||||||||
Warrants to purchase common stock | 800,000 | |||||||||||||||||||
Warrants exercise price per share | $ 0.25 | |||||||||||||||||||
Warrants term | 5 years | |||||||||||||||||||
Fair value on grant date of embedded conversion feature of convertible debt | $ 145,362 | |||||||||||||||||||
Amortization of debt discount | $ 0 | $ 0 | $ 19,566 |
Convertible Notes Payable (De_2
Convertible Notes Payable (Details Narrative) (10K) - USD ($) | Oct. 28, 2016 | Sep. 17, 2016 | Sep. 13, 2016 | Aug. 23, 2016 | Aug. 11, 2016 | Jan. 05, 2016 | Aug. 25, 2014 | Jan. 03, 2013 | Jan. 02, 2012 | May 01, 2011 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2014 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2015 |
Debt principal amount | $ 9,000 | $ 9,000 | $ 91,166 | $ 91,166 | ||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||
Debt discount | ||||||||||||||||||||||||||
Amortization of debt discount | ||||||||||||||||||||||||||
2011 Convertible Note [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||||||||||
Debt due date | Apr. 30, 2012 | |||||||||||||||||||||||||
Debt principal amount | $ 32,000 | 22,166 | 22,166 | |||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||||||||
Debt discount | ||||||||||||||||||||||||||
2012 Convertible Note [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||||||||||
Debt due date | Jan. 1, 2013 | |||||||||||||||||||||||||
Debt principal amount | $ 48,000 | 48,000 | 48,000 | |||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||||||||
Debt discount | ||||||||||||||||||||||||||
2013 Convertible Note [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 2.00% | |||||||||||||||||||||||||
Debt due date | Jan. 2, 2014 | |||||||||||||||||||||||||
Debt principal amount | $ 12,000 | 12,000 | 12,000 | |||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||||||||
Debt discount | ||||||||||||||||||||||||||
2014 Convertible Promissory Note [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 12.00% | |||||||||||||||||||||||||
Debt due date | Feb. 25, 2015 | |||||||||||||||||||||||||
Debt principal amount | $ 50,000 | 9,000 | ||||||||||||||||||||||||
Debt conversion price per share | $ 0.25 | |||||||||||||||||||||||||
Debt discount | $ 100,000 | 0 | $ 0 | 0 | $ 80,434 | |||||||||||||||||||||
Warrants to purchase common stock | 800,000 | |||||||||||||||||||||||||
Warrants to purchase common stock, exercise price | $ 0.25 | |||||||||||||||||||||||||
Warrants term | 5 years | |||||||||||||||||||||||||
Fair value on grant date of embedded conversion feature of convertible debt | $ 145,362 | |||||||||||||||||||||||||
Amortization of debt discount | $ 0 | 0 | $ 19,566 | |||||||||||||||||||||||
2016 Convertible Promissory Note [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 9.00% | 12.00% | ||||||||||||||||||||||||
Debt due date | Aug. 11, 2017 | Oct. 31, 2016 | ||||||||||||||||||||||||
Debt principal amount | $ 30,000 | $ 47,615 | 0 | |||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | $ 0.01 | ||||||||||||||||||||||||
Debt discount | 0 | |||||||||||||||||||||||||
Percentage of closing price | 50.00% | |||||||||||||||||||||||||
2016 Convertible Promissory Note One [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 9.00% | |||||||||||||||||||||||||
Debt due date | Sep. 13, 2017 | |||||||||||||||||||||||||
Debt principal amount | $ 15,836 | 0 | ||||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||||||||
Debt discount | 0 | |||||||||||||||||||||||||
2016 Convertible Promissory Note Two [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 9.00% | |||||||||||||||||||||||||
Debt due date | Aug. 23, 2017 | |||||||||||||||||||||||||
Debt principal amount | $ 25,000 | 0 | ||||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||||||||
Debt discount | 0 | |||||||||||||||||||||||||
2016 Convertible Promissory Note Three [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 9.00% | |||||||||||||||||||||||||
Debt due date | Sep. 17, 2017 | |||||||||||||||||||||||||
Debt principal amount | $ 25,000 | 0 | ||||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||||||||
Debt discount | 0 | |||||||||||||||||||||||||
2017 Convertible Promissory Note [Member] | ||||||||||||||||||||||||||
Debt interest rate percentage | 9.00% | |||||||||||||||||||||||||
Debt due date | Oct. 28, 2017 | |||||||||||||||||||||||||
Debt principal amount | $ 35,000 | 0 | ||||||||||||||||||||||||
Debt conversion price per share | $ 0.001 | |||||||||||||||||||||||||
Debt discount | $ 0 |
Convertible Notes Payable - Sch
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 03, 2013 | Jan. 02, 2012 | May 01, 2011 | |
Note Face Amount | $ 9,000 | $ 91,166 | $ 91,166 | ||||
Debt Discount | |||||||
Net Amount of Note | [1] | 9,000 | 91,166 | 91,166 | |||
2011 Convertible Note [Member] | |||||||
Note Face Amount | 22,166 | 22,166 | $ 32,000 | ||||
Debt Discount | |||||||
Net Amount of Note | 22,166 | 22,166 | |||||
2012 Convertible Note [Member] | |||||||
Note Face Amount | 48,000 | 48,000 | $ 48,000 | ||||
Debt Discount | |||||||
Net Amount of Note | 48,000 | 48,000 | |||||
2013 Convertible Note [Member] | |||||||
Note Face Amount | 12,000 | 12,000 | $ 12,000 | ||||
Debt Discount | |||||||
Net Amount of Note | 12,000 | 12,000 | |||||
2014 Convertible Note [Member] | |||||||
Note Face Amount | 9,000 | 9,000 | 9,000 | ||||
Debt Discount | |||||||
Net Amount of Note | 9,000 | 9,000 | 9,000 | ||||
2016 Convertible Note [Member] | |||||||
Note Face Amount | |||||||
Debt Discount | |||||||
Net Amount of Note | |||||||
2017 Convertible Note [Member] | |||||||
Note Face Amount | |||||||
Debt Discount | |||||||
Net Amount of Note | |||||||
[1] | See Note 6 for details of Convertible notes. |
Convertible Notes Payable - S_2
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) (10K) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 03, 2013 | Jan. 02, 2012 | May 01, 2011 | |
Note Face Amount | $ 9,000 | $ 91,166 | $ 91,166 | ||||
Debt Discount | |||||||
Net Amount of Note | [1] | 9,000 | 91,166 | 91,166 | |||
2011 Convertible Note [Member] | |||||||
Note Face Amount | 22,166 | 22,166 | $ 32,000 | ||||
Debt Discount | |||||||
Net Amount of Note | 22,166 | 22,166 | |||||
2012 Convertible Note [Member] | |||||||
Note Face Amount | 48,000 | 48,000 | $ 48,000 | ||||
Debt Discount | |||||||
Net Amount of Note | 48,000 | 48,000 | |||||
2013 Convertible Note [Member] | |||||||
Note Face Amount | 12,000 | 12,000 | $ 12,000 | ||||
Debt Discount | |||||||
Net Amount of Note | 12,000 | 12,000 | |||||
2014 Convertible Note [Member] | |||||||
Note Face Amount | 9,000 | 9,000 | 9,000 | ||||
Debt Discount | |||||||
Net Amount of Note | 9,000 | 9,000 | 9,000 | ||||
2016 Convertible Note [Member] | |||||||
Note Face Amount | |||||||
Debt Discount | |||||||
Net Amount of Note | |||||||
2016 Convertible Note One [Member] | |||||||
Note Face Amount | |||||||
Debt Discount | |||||||
Net Amount of Note | |||||||
2017 Convertible Note [Member] | |||||||
Note Face Amount | |||||||
Debt Discount | |||||||
Net Amount of Note | |||||||
2016 Convertible Note Two [Member] | |||||||
Note Face Amount | |||||||
Debt Discount | |||||||
Net Amount of Note | |||||||
[1] | See Note 6 for details of Convertible notes. |
Loan from Related Party (Detail
Loan from Related Party (Details Narrative) - USD ($) | Jan. 16, 2020 | Jan. 14, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Loan from related party | $ 2,631,310 | $ 1,956,986 | $ 1,737,566 | |||
Mr. Warren Sheppard [Member] | ||||||
Loan from related party | $ 34,956 | $ 89,053 | $ 219,419 | |||
Mr. Warren Sheppard [Member] | Consolidated Note [Member] | ||||||
Debt interest rate | 12.50% | 12.50% | ||||
Debt maturity date | Jan. 15, 2022 | Jan. 15, 2022 | ||||
Mr. Warren Sheppard [Member] | Promissory Note Consolidation Agreement [Member] | ||||||
Outstanding debt obligations | $ 1,383,753 | |||||
Derivative liabilities | $ 782,022 | $ 722,732 |
Loan from Related Party (Deta_2
Loan from Related Party (Details Narrative) (10K) - USD ($) | Oct. 02, 2016 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Debt principal amount | $ 9,000 | $ 9,000 | $ 91,166 | $ 91,166 | ||||||||
Established debt discount | ||||||||||||
Amortization of debt discount | ||||||||||||
Cumulative interest | $ 96,579 | $ 0 | ||||||||||
March 2014 Convertible Promissory Note [Member] | ||||||||||||
Debt interest rate | 12.50% | |||||||||||
Debt maturity date | Mar. 31, 2015 | |||||||||||
Debt principal amount | $ 157,500 | |||||||||||
Percentage of common stock conversion price | 50.00% | |||||||||||
Embedded conversion feature of convertible debt | $ 305,039 | |||||||||||
Convertible debt fair value | 165,542 | |||||||||||
Established debt discount | $ 78,534 | $ 157,500 | 0 | 78,534 | ||||||||
Amortization of debt discount | 78,966 | |||||||||||
June 2014 Convertible Promissory Note [Member] | ||||||||||||
Debt interest rate | 12.50% | |||||||||||
Debt maturity date | Jun. 30, 2015 | |||||||||||
Debt principal amount | $ 110,741 | |||||||||||
Percentage of common stock conversion price | 50.00% | |||||||||||
Embedded conversion feature of convertible debt | $ 213,207 | |||||||||||
Convertible debt fair value | 116,395 | |||||||||||
Established debt discount | $ 82,828 | 0 | 82,828 | $ 110,741 | ||||||||
Amortization of debt discount | $ 27,913 | |||||||||||
September 2014 Convertible Promissory Note [Member] | ||||||||||||
Debt interest rate | 12.50% | 12.50% | ||||||||||
Debt maturity date | Sep. 30, 2015 | |||||||||||
Debt principal amount | $ 98,575 | $ 98,575 | ||||||||||
Percentage of common stock conversion price | 50.00% | |||||||||||
Embedded conversion feature of convertible debt | $ 181,771 | |||||||||||
Convertible debt fair value | 103,608 | |||||||||||
Established debt discount | 98,575 | 0 | 98,575 | |||||||||
Amortization of debt discount | 0 | |||||||||||
September 2014 Convertible Promissory Note One [Member] | ||||||||||||
Established debt discount | $ 61,273 | 0 | $ 61,273 | |||||||||
Amortization of debt discount | $ 0 | |||||||||||
October 2016 Convertible Promissory Note [Member] | ||||||||||||
Debt interest rate | 8.00% | |||||||||||
Debt maturity date | Sep. 30, 2017 | |||||||||||
Debt principal amount | $ 155,300 |
Loan from Related Party - Sched
Loan from Related Party - Schedule of Loan from Related Party (Details) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Note face amount | $ 9,000 | $ 91,166 | $ 91,166 |
Debt discount | |||
Net amount of note | 2,631,310 | 1,956,986 | 1,737,566 |
President and Director [Member] | |||
Note face amount | 2,631,310 | 1,956,986 | 1,737,566 |
Debt discount | 0 | 0 | 0 |
Net amount of note | 2,631,310 | 1,956,986 | 1,737,566 |
Loan From Related Party [Member] | President and Director [Member] | |||
Note face amount | 2,631,310 | 1,956,986 | 1,737,566 |
Debt discount | 0 | 0 | 0 |
Net amount of note | $ 2,631,310 | $ 1,956,986 | $ 1,737,566 |
Loan from Related Party - Sch_2
Loan from Related Party - Schedule of Loan from Related Party (Details) (10K) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Note face amount | $ 9,000 | $ 91,166 | $ 91,166 |
Debt Discount | |||
Net Amount of note | 2,631,310 | 1,956,986 | 1,737,566 |
President and Director [Member] | |||
Note face amount | 2,631,310 | 1,956,986 | 1,737,566 |
Debt Discount | 0 | 0 | 0 |
Net Amount of note | 2,631,310 | 1,956,986 | 1,737,566 |
Loan From Related Party [Member] | President and Director [Member] | |||
Note face amount | 2,631,310 | 1,956,986 | 1,737,566 |
Debt Discount | 0 | 0 | 0 |
Net Amount of note | $ 2,631,310 | $ 1,956,986 | $ 1,737,566 |
Stockholder's Deficit (Details
Stockholder's Deficit (Details Narrative) - USD ($) | Aug. 23, 2017 | Feb. 28, 2014 | Oct. 12, 2013 | Aug. 22, 2013 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2014 | Mar. 31, 2020 | Jan. 09, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2015 |
Authorized reverse stock split | 1:25 reverse stock split | 225:1 reverse stock split | ||||||||||||||||
Number of stock issued during period | 40,000,000 | 10,000,000 | ||||||||||||||||
Percentage of ownership acquire | 80.00% | |||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||
Debt conversion into shares | 120,000,000 | 139,000,000 | 180,395,000 | 405,000,000 | 9,375,000 | 208,879,614 | 4,560,000 | 190,114,175 | 3,274,000 | |||||||||
Debt conversion into shares, value | $ 120,000 | $ 139,000 | $ 180,395 | $ 405,000 | $ 9,375 | $ 208,880 | $ 3,274 | $ 190,114 | $ 3,274 | |||||||||
Conversion price per share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||||||||||||||||
Preferred stock, shares issued | 45,000,000 | 23,000,000 | ||||||||||||||||
Preferred stock, shares outstanding | 45,000,000 | 23,000,000 | ||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||
Preferred stock, designated | 10,000,000 | 10,000,000 | ||||||||||||||||
Preferred stock, shares issued | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||||
Preferred stock, shares outstanding | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||
Preferred stock, designated | 25,000,000 | 5,000,000 | ||||||||||||||||
Preferred stock, shares issued | 20,000,000 | 20,000,000 | ||||||||||||||||
Preferred stock, shares outstanding | 34,999,899 | 20,000,000 | 20,000,000 | |||||||||||||||
Increase in number of authorized shares | 34,999,899 | |||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||
Preferred stock, shares issued | 101 | |||||||||||||||||
Preferred stock, shares outstanding | 101 |
Stockholder's Deficit (Detail_2
Stockholder's Deficit (Details Narrative) (10K) - USD ($) | Aug. 23, 2017 | Feb. 28, 2014 | Oct. 12, 2013 | Aug. 22, 2013 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2014 | Sep. 30, 2019 | Mar. 31, 2020 | Sep. 30, 2018 | Jun. 30, 2015 |
Authorized reverse stock split | 1:25 reverse stock split | 225:1 reverse stock split | |||||||||||||||
Number of stock issued during period | 40,000,000 | 10,000,000 | |||||||||||||||
Percentage of ownership acquire | 80.00% | ||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Debt conversion into shares | 120,000,000 | 139,000,000 | 180,395,000 | 405,000,000 | 9,375,000 | 208,879,614 | 4,560,000 | 190,114,175 | 3,274,000 | ||||||||
Debt conversion into shares, value | $ 120,000 | $ 139,000 | $ 180,395 | $ 405,000 | $ 9,375 | $ 208,880 | $ 3,274 | $ 190,114 | $ 3,274 | ||||||||
Conversion price per share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||||||||
Preferred stock, shares issued | 23,000,000 | 45,000,000 | |||||||||||||||
Preferred stock, shares outstanding | 23,000,000 | 45,000,000 | |||||||||||||||
Mr. Warren Sheppard [Member] | |||||||||||||||||
Voting rights | Through his ownership of the 3,000,000 shares of Series A and 15,000,000 shares of Series B preferred Stock, Mr. Sheppard will retain majority voting control over the Company even if his ownership of common stock falls below 51% as a result of this Offering. | ||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Preferred stock, designated | 10,000,000 | 10,000,000 | |||||||||||||||
Preferred stock, shares issued | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||
Preferred stock, shares outstanding | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||
Series A Preferred Stock [Member] | Mr. Warren Sheppard [Member] | |||||||||||||||||
Preferred stock, shares issued | 3,000,000 | ||||||||||||||||
Preferred stock, shares outstanding | 3,000,000 | ||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Preferred stock, designated | 5,000,000 | 25,000,000 | |||||||||||||||
Preferred stock, shares issued | 20,000,000 | 20,000,000 | |||||||||||||||
Preferred stock, shares outstanding | 20,000,000 | 34,999,899 | 20,000,000 | ||||||||||||||
Series B Preferred Stock [Member] | Mr. Warren Sheppard [Member] | |||||||||||||||||
Preferred stock, shares outstanding | 20,000,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Tax loss carryforwards | $ 13,250,623 | $ 13,714,488 |
Operating loss carryforwards expiring year | 2035 | |
September 30, 2020 [Member] | ||
Operating loss carryforwards expiring year | 2036 |
Income Taxes (Details Narrati_2
Income Taxes (Details Narrative) (10K) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Tax loss carryforwards | $ 13,714,488 | $ 13,250,623 |
Operating loss carryforwards expiring year | 2035 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current Tax Provision Federal - Taxable income | |||
Total current tax provisions | |||
Deferred Tax Provision, Federal - Loss carry forwards | 6,838 | ||
Change in valuation allowance | (6,838) | ||
Total deferred tax provisions |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) (Parenthetical) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 15.00% | 15.00% | 15.00% |
Income Taxes - Schedule of Co_3
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) (10K) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current Tax Provision Federal - Taxable income | |||
Total current tax provisions | |||
Deferred Tax Provision, Federal - Loss carry forwards | 6,838 | ||
Change in valuation allowance | 6,838 | ||
Total deferred tax provisions |
Income Taxes - Schedule of Co_4
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) (10K) (Parenthetical) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 15.00% | 15.00% | 15.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - Employment Agreement [Member] | Feb. 10, 2020USD ($) |
Debt term | 4 years |
Option to be renewed term | 1 year |
Mr. Warren Sheppard [Member] | |
Yearly salary | $ 24,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transactions [Abstract] | ||||
Loan from related party | $ 2,631,310 | $ 1,956,986 | $ 1,737,566 | |
Convertible Loans | [1] | 9,000 | 91,166 | 91,166 |
Total | $ 2,640,310 | $ 2,048,152 | $ 1,828,732 | |
[1] | See Note 6 for details of Convertible notes. |
Related Party Transactions - _2
Related Party Transactions - Schedule of Related Party Transactions (Details) (10K) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transactions [Abstract] | ||||
Loan from related party | $ 2,631,310 | $ 1,956,986 | $ 1,737,566 | |
Convertible Loans | [1] | 9,000 | 91,166 | 91,166 |
Total | $ 2,640,310 | $ 2,048,152 | $ 1,828,732 | |
[1] | See Note 6 for details of Convertible notes. |
Business Combinations - Schedul
Business Combinations - Schedule of Business Combinations (Details) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Business Combinations [Abstract] | ||
Name of Entity | Aqua Mining (PNG) Ltd | Aqua Mining (PNG) Ltd |
Country of Incorporation | Papua New Guinea | Papua New Guinea |
Acquisition Date | Feb. 28, 2014 | Feb. 28, 2014 |
Voting Equity Interests | 90.00% | 90.00% |
Business Combinations - Sched_2
Business Combinations - Schedule of Business Combinations (Details) (10K) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Business Combinations [Abstract] | ||
Name of Entity | Aqua Mining (PNG) Ltd | Aqua Mining (PNG) Ltd |
Country of Incorporation | Papua New Guinea | Papua New Guinea |
Acquisition Date | Feb. 28, 2014 | Feb. 28, 2014 |
Voting Equity Interests | 90.00% | 90.00% |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | ||
Inventory, written down | $ 0 | $ 0 |