What changed in this filing

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Item 1. Financial Statements

2022-12-19 compared with 2022-12-19 · 75 added, 95 removed, 360 unchanged (32% of the section changed)

21 unchanged sentences

For the Three Months Ended

For the Six Months Ended

Operating expenses:

General and administrative (including fees paid to related party of $0 and $455, and $0 and $1,253, for the three and six months ended March 31, 2020 and 2019, respectively)

General and administrative (including $0 and $798 of fees paid to related party)

Total operating expenses

2 unchanged sentences

Interest expense

Change in fair value of convertible debt

Total other expenses

5 unchanged sentences

CONSOLIDATED STATEMENT OF STOCKHOLDERS DEFICIT

THE THREE AND SIX MONTHS ENDED MARCH 31, 2020 AND 2019

THE THREE MONTHS ENDED DECEMBER 31, 2019 and 2018

Additional Paid

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Balance, December 31, 2018

$ (5,087,353 )

Balance, March 31, 2019

$ (5,090,990 )

Balance, October 1, 2019

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$ (5,102,007 )

Balance, March 31, 2020

$ (5,105,534 )

accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

THE SIX MONTHS ENDED MARCH 31, 2020 AND 2019

THE THREE MONTHS ENDED DECEMBER 31, 2019 and 2018

Cash flows from operating activities:

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by including common stock equivalents outstanding for the period in the denominator.

For the three and six months ended March 31, 2020

and 2019, any equivalents would have been anti-dilutive as we had net losses for the periods then ended.

of March 31, 2020 and September 30, 2019, the Company had two convertible notes with principal and accrued interest balances totaling

For the three months ended December 31, 2019 and

2018, any equivalents would have been anti-dilutive as we had net losses for the periods then ended.

of December 31, 2019 and September 30, 2019, the Company had two convertible notes with principal and accrued interest balances totaling

$27,114 and $26,357, respectively.

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These common stock equivalents of approximately 2,529,261

and 334,050 shares as of March 31, 2020 and 2019, respectively, are not included in the calculation

of diluted EPS as their effect would be anti-dilutive.

of March 31, 2020 and September 30, 2019, the Company had 3,291,000 in stock options outstanding which are exercisable at the holders

and 253,688 shares as of December 31, 2019 and 2018, respectively, are not included in the calculation of diluted EPS as their

effect would be anti-dilutive.

of December 31, 2019 and September 30, 2019, the Company had 3,291,000 in stock options outstanding which are exercisable at the holders

option, with an exercise price of $0.0067, which are not included in the calculation of diluted EPS as their effect would be anti-dilutive.

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or modified disclosures upon issuance of ASU 2018-13.

The Company adopted ASU 2018-13 on October 1, 2020 and has determined that

the adoption of this guidance had no impact on its consolidated financial statements.

The Company adopted ASI 2018-13 on October 1, 2020 and has determined that the

adoption of this guidance had no impact on its consolidated financial statements.

February 2016, the FASB issued ASU No.

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A lease liability is a lessees obligation to make lease payments arising

from a lease, measured on a discounted basis and a right-of-use asset represents the lessees right to use, or control use of, a

specified asset for the lease term.

from a lease, measured on a discounted basis and a right-of-use asset represents the lessees right to use, or control use of,

a specified asset for the lease term.

The amendments in this ASU simplify the accounting for sale and leaseback transactions primarily

4 unchanged sentences

2016-02 is effective for reporting periods beginning after December

The Company adopted ASU 2016-02 on October 1, 2019 and has determined that the adoption of this guidance had no

The Company adopted ASI 2016-02 on October 1, 2019 and has determined that the adoption of this guidance had no

impact on its consolidated financial statements.

GOING CONCERN AND MANAGEMENTS LIQUIDITY PLANS

of March 31, 2020, the Company had an accumulated deficit of $5,105,534 and a working capital deficiency of $241,132.

During the six

months ended March 31, 2020, the Company incurred a net loss of $7,047 and used cash in operating activities of $59.

As of March 31,

of December 31, 2019, the Company had an accumulated deficit of $5,102,007 and a working capital deficiency of $238,605.

During the three

months ended December 31, 2019, the Company incurred a net loss of $3,520 and used cash in operating activities of $29.

As of December

31, 2019, the Company had cash of $498.

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related parties are amounts payable to current and former officers and directors for services provided to the Company

totaling $87,237 and $87,237, As of March 31, 2020 and September 30, 2019, respectively.

These amounts include accounts payable to an

entity controlled by our sole officer and director for financial services such entity is incurring on behalf of the Company totaling

$12,360 and $12,360 as of March 31, 2020 and September 30, 2019, respectively.

Total expense incurred related to this entity was $0 and

$455 for the three months ended March 31, 2020 and 2019, respectively, and $0 and $1,253 for the six months ended March 31, 2020 and

2019, respectively, with no other related party expenses incurred.

totaling $87,237 and $87,237, as of December 31, 2019 and September 30, 2019, respectively.

These amounts include accounts payable to

an entity controlled by our sole officer and director for financial services such entity is incurring on behalf of the Company totaling

$12,360 and $12,360 as of December 31, 2019 and September 30, 2019, respectively.

Total expense incurred related to this entity was $0

and $798 for the three months ended September 30, 2019 and 2018, respectively, with no other related party expenses incurred.

CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

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March 21, 2018 to March 21, 2019.

As of March 31, 2020 and September 30, 2019, the total accrued interest owing under this note was $3,953

As of December 31, 2019 and September 30, 2019, the total accrued interest owing under this note was

$3,578 and $3,201, respectively.

As of the date of this report, that date has not been extended, and the Company is accruing interest at the

default interest rate of 15%.

As of the date of this report, that date has not been extended, and the Company is accruing interest

at the default interest rate of 15%.

with Individual

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On May 11, 2018, the agreement had been amended to extend the maturing date of the note from March 30, 2018 to March

As of March 31, 2020 and September 30, 2019, the total accrued interest owing under this note was $3,908 and $3,156 respectively.

Subsequent to the six months ended March 31, 2020, on December 3, 2021, the Company repaid this loan and accrued interest in full.

As of December 31, 2019 and September 30, 2019, the total accrued interest owing under this note was $3,579 and $3,156 respectively.

Subsequent to the three months ended December 31, 2019, on December 3, 2021, the Company repaid this loan and accrued interest in full.

with Mediapark Investments Limited

4 unchanged sentences

As of July 9, 2018, the loan was extended to July 10, 2019.

As of March 31, 2020 and September 30,

As of December 31, 2019 and September

30, 2019, the total accrued interest owing under this note was $5,773 and $4,904, respectively.

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of 12% per annum.

As of the March 31, 2020 and September 30, 2019, the total accrued interest owing under this note was $5,379 and $3,875,

As of the December 31, 2019 and September 30, 2019, the total accrued interest owing under this note was $4,631 and

$3,875, respectively.

Subsequent to the six months ended March 31, 2020, on December 3, 2021, the Company repaid this loan and accrued interest

stock options were granted during the six months ended March 31, 2020 and 2019.

following is a summary of outstanding stock options issued to employees and directors As of March 31, 2020 and September 30, 2019:

Subsequent to the three months ended December 31, 2019, on December 3, 2021, the Company repaid this loan and accrued

interest in full.

stock options were granted during the three months ended December 31, 2019 and 2018.

following is a summary of outstanding stock options issued to employees and directors as of December 31, 2019 and September 30, 2019:

Exercise Price per

Outstanding March 31, 2020 and September 30, 2019

Exercisable, March 31, 2020 and September 30, 2019

following is a summary of outstanding stock options issued to non-employees, excluding directors, as of March 31, 2020 and September

Outstanding December 31, 2019 and September 30, 2019

Exercisable, December 31, 2019 and September 30, 2019

following is a summary of outstanding stock options issued to non-employees, excluding directors, as of December 31, 2019 and September

Exercise Price per

Outstanding March 31, 2020 and September 30, 2019

Exercisable, March 31, 2020 and September 30, 2019

was no equity-based compensation for the six months ended March 31, 2020 and 2019.

Outstanding December 31, 2019 and September 30, 2019

Exercisable, December 31, 2019 and September 30, 2019

was no equity-based compensation for the three months ended December 31, 2019 and 2018.

SUBSEQUENT EVENTS

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of Operations

of the Three Months Ended March 31, 2020 to the Three Months Ended March 31, 2019

revenue or cost of sales were generated for the three months ended March 31, 2020 or March 31, 2019.

Companys expenses for the three months ended March 31, 2020 and 2019, are summarized as follows:

Three Months Ended March 31,

General and administrative (including fees paid to related party of $0 and $455)

of the Three Months Ended December 31, 2019 to the Three Months Ended December 31, 2018

revenue or cost of sales were generated for the three months ended December 31, 2019 or December 31, 2018.

Companys expenses for the three months ended December 31, 2019 and 2018, are summarized as follows:

Three Months Ended December 31,

General and administrative (including $0 and $798 of fees paid to related party)

Total operating expenses

decrease in general and administrative expenses for the three months ended March 31, 2020 compared to the three months ended March 31,

2019 of $602 is due primarily to a decrease in accounting fees.

Three Months Ended March 31,

decrease in general and administrative expenses for the three months ended December 31, 2019 compared to the three months ended December

31, 2018 of $185 is due to a decrease in accounting and legal fees.

Three Months Ended December 31,

Interest Expense

Total other expenses

expense increased $492 for the three months ended March 31, 2020 from the comparative period of 2019 due to the increase in interest

expense increased $476 for the three months ended December 31, 2019 from the comparative period of 2018 due to the increase in interest

rate to 15% on the Companys notes payable due to the default rate provisions.

of the Six Months Ended March 31, 2020 to the Six Months Ended March 31, 2019

revenue or cost of sales were generated for the six months ended March 31, 2020 or March 31, 2019.

Companys expenses for the six months ended March 31, 2020 and 2019, are summarized as follows:

Six Months Ended March 31,

General and administrative (including fees paid to related party of $0 and $1,253)

Total operating expenses

decrease in general and administrative expenses for the six months ended March 31, 2020 compared to the six months ended March 31, 2019

of $417 is due primarily to a decrease in accounting fees.

Six Months Ended March 31,

Interest Expense

Total other expenses

expense increased $968 for the six months ended March 31, 2020 from the comparative period of 2019 due to the increase in interest rate

to 15% on the Companys notes payable due to the default rate provisions.

and Capital Resources

following table sets forth a summary of changes in working capital as of ended March 31, 2020 and September 30, 2019:

March 31, 2020

following table sets forth a summary of changes in working capital as of ended December 31, 2019 and September 30, 2019:

December 31, 2019

September 30, 2019

2 unchanged sentences

Working capital

decrease in current assets of $59 is mainly due to a decrease in cash from the payment of outstanding bills during the six months ended

March 31, 2020.

The increase in current liabilities of $6,988 is primarily due to an increase in accrued liabilities during the six months

ended March 31, 2020.

following table sets forth a summary of changes in cash flows for the six months ended March 31, 2020 and 2019:

Six Months Ended March 31,

decrease in current assets of $29 is mainly due to a decrease in cash from the payment of outstanding bills during the three months ended

December 31, 2019.

The increase in current liabilities of $3,491 is primarily due to an increase in accrued liabilities during the three

months ended December 31, 2019.

following table sets forth a summary of changes in cash flows for the three months ended December 31, 2019 and 2018:

Three Months Ended December 31,

Net cash used in operating activities

Change in cash

of March 31, 2020, our cash balance was $468.

The Company does not expect its current cash and operating income to be sufficient to meet

its financial needs for continuing operations over the next twelve months.

cash used in operations for the six months ended March 31, 2020 of $59 was mainly due to the net loss that was incurred during the period.

of December 31, 2019, our cash balance was $498.

The Company does not expect its current cash and operating income to be sufficient to

meet its financial needs for continuing operations over the next twelve months.

cash used in operations for the three months ended December 31, 2019 of $29 was mainly due to the net loss that was incurred during the

may need to evaluate raising additional capital through the sale of equity securities, through an offering of debt securities or through

3 unchanged sentences

December 16, 2022, we had cash of approximately $97,000.

During the year ended September 30, 2021, the Company received an

aggregate of $275,000 related to the issuance of 14 notes payable to various noteholders, including an aggregate of $35,000 as a result

of two notes payable issued to the Companys Chief Executive Officer, a related party.

The notes are unsecured, bear interest at

1.5% per annum, and mature on September 30, 2021.

There can be no assurance, however, that additional financing will be available or,

if it is available, that we will be able to structure such financing on terms acceptable to us and that it will be sufficient to fund

our cash requirements until we can reach a level of profitable operations and positive cash flows.

Even if we are able to raise the funds

required, it is possible that we could incur unexpected costs and expenses or experience unexpected cash requirements that would force

us to seek additional financing.

If additional financing is not available or is not available on acceptable terms, we will have to curtail

our operations.

During the year ended September 30, 2021, the Company

received an aggregate of $275,000 related to the issuance of 14 notes payable to various noteholders, including an aggregate of $35,000

as a result of two notes payable issued to the Companys Chief Executive Officer, a related party.

The notes are unsecured, bear

interest at 1.5% per annum, and mature on September 30, 2021.

There can be no assurance, however, that additional financing will be available

or, if it is available, that we will be able to structure such financing on terms acceptable to us and that it will be sufficient to

fund our cash requirements until we can reach a level of profitable operations and positive cash flows.

Even if we are able to raise

the funds required, it is possible that we could incur unexpected costs and expenses or experience unexpected cash requirements that

would force us to seek additional financing.

If additional financing is not available or is not available on acceptable terms, we will

have to curtail our operations.

Sheet Arrangements

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements