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RELATED PARTY TRANSACTIONS
3 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS NOTE 7 - RELATED PARTY TRANSACTIONS

 

At December 31, 2019 and September 30, 2019 and 2018, the Company owed $26,279, $61,768 and $99,265 to a stockholder who is not a 5% stockholder for non-interest-bearing advances made to or on behalf of the Company, respectively. These advances are due on demand.

 

During the three months ended December 31, 2019, the stockholder paid expenses and a security deposit of $14,511 on behalf of the Company, and the Company repaid $50,000 to the stockholder.

 

During the year ended September 30, 2019, (a) the Company repaid $41,871 to its chief executive officer, (b) the stockholder paid expenses and security deposit of $86,969 on behalf of the Company, (c) the stockholder made a loan of $20,000 to the Company and (d) the Company repaid $144,466 to the stockholder.

 

During the year ended September 30, 2018, the Company’s chief executive officer paid a security deposit of $4,992 on behalf of the Company for its lease and he paid operating expenses of $1,000. A stockholder, who is not a 5% stockholder, paid various expenses of $99,265 on behalf of the Company. The Company repaid $500 to its chief executive officer. The payments advances are as non-interest bearing and due on demand.

 

The Company has imputed interest at the rate of 4% on the advances made to the Company in the amount of $440, $722, $2,265 and $3,663 during the three months ended December 31, 2019 and 2018 and the years ended September 30, 2019 and 2018, respectively.

 

As of December 31, 2019 and September 30, 2019 and 2018, the Company had amounts due to related parties of $26,279, $61,768 and $141,136, respectively.