Related Party Transactions

3 Months Ended

Dec. 31, 2016

3.	RELATED PARTY TRANSACTIONS

A certain former director of the Company was owed $8,542 at September 30, 2015; however, the Company underwent a change of control when majority ownership was transferred to a new majority shareholder. Pursuant to the agreement between the previous majority shareholder and new majority shareholder, the previous majority shareholder would assume all obligations owed by the Company up until the date of the ownership is transferred, including payables owed to the former director. Accordingly, the debt owed to the former director was written off and the Company recognized a one-time gain of $8,542, which is included as gain on change of control in the Company’s results of operations during the year ended September 30, 2015.

As of December 31, 2016, another former director has advanced funds in the total amount of $410,200 to the Company to fund general corporate activities. The advances were non-interest bearing, due upon demand and unsecured. On December 31, 2016, the former director agreed to waive his creditor’s right against the company in the full amount of $410,200. Accordingly, the debt owed to the former director was credited to the Company’s additional pain in capital.