NOTE 8 – LEASES

On November 30, 2017, the Company entered into a lease agreement to rent a storage facility in Hong Kong for a two-year term at HK$19,500 (approximately $2,520) per month. The Company paid $4,992 (HK$39,000) as a security deposit. The lease agreement expired in November 2019 and the Company renewed the lease for one month.

On December 27, 2019, the Company entered into a new lease agreement to rent a storage facility in Hong Kong for a two-year term at HK$16,500 (approximately $2,115) per month. A stockholder paid HK$33,000 (approximately $4,230) as a security deposit and HK$16,500 (approximately $2,115) as prepaid rent on behalf of the Company.

For the year ended September 30, 2019 and 2018, the Company incurred rent expense of $30,240 and $25,165, respectively. For the three months ended December 31, 2019 and 2018, the Company incurred rent expense of $7,560 and $8,560, respectively.

The undiscounted future minimum lease payment schedule as follows:

As at December 31, 2019
2020		25,425
2021		22,828
Thereafter		—
Total	$	48,253