1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loans (Tables)

6 Months Ended

Mar. 31, 2020

Tables/Schedules

Loans

Loans

On June 30, 2016, NuZee JP entered into a loan agreement with Tono Shinyo Kinko Bank. NuZee JP borrowed the sum of approximately $145,758 to be repaid on or before June 5, 2021 at an annual interest rate of 1.2%. The loan is unsecured and guaranteed by a director. The outstanding balance on the loan at March 31, 2020 amounted to $34,692. On January 27, 2017, NuZee JP entered into a loan agreement with Nihon Seisaku Kouko. NuZee JP borrowed approximately $87,268 to be repaid on or before January 20, 2022 at an interest rate of 0.16%. The loan is unsecured and not guaranteed by a director. The outstanding balance on the loan at March 31, 2020 amounted to $34,660.

On April 1, 2019, NuZee purchased a delivery van from Ford Motor Credit for $41,627. The Company paid $3,500 as a down payment and financed $38,127 for 60 months at a rate of 2.9%. The loan is secured by the van. The outstanding balance on the loan at March 31, 2020 amounted to $31,583.

On February 15, 2019 NuZee KR entered into equipment financing for production equipment with ShinHan Bank for $60,563. In June 28, 2019 NuZee KR purchased additional equipment and increased the loan with ShinHan Bank by $86,518. The loan is secured by our production equipment at NuZee KR. The financing bears a term of 36 months at a rate of 4.33% per annum. Principal payments began in July of 2019. The outstanding balance on this loan at March 31, 2020 amounts to $104,576.

The loan payments required for the next five years are as follows:

		Nihon	Ford
	Tono Shinyo	Seisaku	Motor	ShinHan
	Kinko Bank	Kouko	Credit	Bank	Total
2020	$   13,876	$     9,380	$     3,669	$   23,239
2021	13,876	9,380	3,722	23,239
Total Current Portion	$   27,752	$   18,760	$     7,391	$   46,478	$ 100,381
2021	$     6,940	$     9,380	$     7,609	$   23,239
2022		6,520	7,833	34,859
2023			8,063
2024			687
Total Long Term Portion	$     6,940	$   15,900	$   24,192	$   58,098	$ 105,130
Grand Total	$   34,692	$   34,660	$   31,583	$ 104,576	$ 205,511