0001599916-19-000110.txt : 20190711 0001599916-19-000110.hdr.sgml : 20190711 20190711172239 ACCESSION NUMBER: 0001599916-19-000110 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190711 DATE AS OF CHANGE: 20190711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Exceed World, Inc. CENTRAL INDEX KEY: 0001634293 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 981339955 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-55377 FILM NUMBER: 19951674 BUSINESS ADDRESS: STREET 1: 1-23-38-6F, ESAKACHO, SUITA-SHI CITY: OSAKA STATE: M0 ZIP: 564-0063 BUSINESS PHONE: 81-6-6339-4177 MAIL ADDRESS: STREET 1: 1-23-38-6F, ESAKACHO, SUITA-SHI CITY: OSAKA STATE: M0 ZIP: 564-0063 FORMER COMPANY: FORMER CONFORMED NAME: Brilliant Acquisition,Inc. DATE OF NAME CHANGE: 20150218 10-Q/A 1 exceed_10q2a119.htm 10-Q/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q/A

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED March 31, 2019

OR

 

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

COMMISSION FILE NUMBER: 000-55377

  

Exceed World, Inc.

(Exact name of registrant as specified in its charter)

 

  Delaware 98-1339955   
 

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer Identification No.)  
       
 

1-23-38-8F, Esakacho, Suita-shi,

Osaka Japan

564-0063

(Zip Code)

 
   (Address of Principal Executive Offices)    

 

  Issuer's telephone number: +81-6-6339-4177

Fax number: +81-6-6339-4180 

Email: ceo.exceed.world@gmail.com

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [ ] No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer or a small reporting company. See definition of large accelerated filer, accelerated filer and small reporting company in Rule 12b-2 of the Securities Exchange Act of 1934.

 

Large accelerated filer     Accelerated filer     Non-accelerated filer  
(Do not check if a smaller reporting company)
Smaller reporting company     Emerging growth company      

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

 [ ] Yes [X] No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

As of July 11, 2019 there were approximately 32,700,000 shares of common stock and no shares of preferred stock issued and outstanding.

 

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Table of Contents

 

INDEX

      Page 
PART I - FINANCIAL INFORMATION 
     
ITEM 1 FINANCIAL STATEMENTS - UNAUDITED   F1
  CONSOLIDATED BALANCE SHEETS - UNAUDITED   F1
  CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - UNAUDITED    F2
  CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - UNAUDITED   F3
  CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED   F4
  NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS    F5
ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS   3
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   3
ITEM 4 CONTROLS AND PROCEDURES   4
 
PART II-OTHER INFORMATION
 
ITEM 1 LEGAL PROCEEDINGS   5
ITEM 1A RISK FACTORS    
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   5
ITEM 3 DEFAULTS UPON SENIOR SECURITIES   5
ITEM 4 MINE SAFETY DISCLOSURES   5
ITEM 5 OTHER INFORMATION   5
ITEM 6 EXHIBITS   5
   
SIGNATURES   6

 

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Table of Contents 

Explanatory Note

 

We are filing this Amendment on Form 10Q/A to amend our Quarterly Report ("Amended Report") for the six months ended March 31, 2019, originally filed with the Securities and Exchange Commission on May 15, 2019 (the "Original Report"), to amend our consolidated financial statements.

 

This Amended Report has not been updated for events occurring after the filing of the Original Report nor does it change any other disclosures contained in the Original Report. Accordingly, this Amended Report should be read in conjunction with the Original Report.

 

In accordance with applicable SEC rules, this Form 10Q/A includes new certifications required by Sections 302 and 906 of the SarbanesOxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated May 15, 2019 10-Q as of the filing date of this Form 10Q/A.

 

Amendment and Restatement Background

 

In the course of its financial statements closing process subsequent to the period ended March 31, 2018, the CEO and CFO (collectively, “the Management”) of Exceed World, Inc. (the “Company”), determined that the Company’s annual financial statements for the year ended September 30, 2018 and interim financial statements for the three-month ended December 31, 2018 and six months ended March 31, 2019, could no longer be relied upon. Specifically, on June 12, 2019, Management discovered that (i) overstatement of cost of revenue which should not be expensed during the year ended September 30, 2018, and (ii) understatement of administrative expenses during the year ended September 30, 2018; overstatement of administrative expenses during the three months ended December 31, 2018 and overstatement of administrative expenses during the six months ended March 31, 2019. As periods to such applicable costs.

 

The Company has evaluated that the changes described above will result in (i) decrease in accounts payable of $1,714,182 as of March 31, 2019, increase in accumulated earnings of $1,719,934 as of March 31, 2019 and decrease in accumulated other comprehensive income of $5,752 as of March 31, 2019; and (ii) an decrease in administrative expenses of $15,586 for the six months ended March 31, 2019, increase in net income of $15,586 for the six months ended March 31, 2019, increase in due to director of $400,479 and decrease in other accounts payable of $9,984 as of March 31, 2019, decrease in accumulated earnings of $390,495 as of March 31, 2019.

 

Because these revisions are treated as corrections of errors to our prior period financial results, the revisions are considered to be an “amendment” under U.S. generally accepted accounting principles. Accordingly, the revised financial information included in the Annual Report on Form 10-Q/A has been identified as “amended and restated”.

 

Internal Control Consideration

 

As disclosed in the Company’s Form 10-Q filed on May 15, 2019, Management had previously disclosed that material weakness existed as of March 31, 2019 with respect to the lack of a functioning audit committee and inadequate segregation of duties resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures. While management’s assessment of the Company’s internal control over financial reporting is ongoing, because of the material weaknesses identified, management concludes that the Company’s internal controls over financial reporting remain ineffective as of the date of this report. Management has determined that the failure to record these cost of revenues and professional fees resulted from control deficiencies with respect to the tracking and disclosure of all Company agreements, and that this control deficiency constitutes a material weakness in the Company’s internal controls over financial reporting. The Company has thoroughly investigated the entire financial reporting process to ensure no other material errors are left undiscovered that may affect the Company’s financial results.

 

PART I - FINANCIAL INFORMATION

  

ITEM 1 FINANCIAL STATEMENTS

  

 

EXCEED WORLD, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited) 

 

      As of   As of
     

March 31,

2019

  September 30, 2018
      (Restated)   (Restated)
ASSETS        
Current Assets        
  Cash and cash equivalents $ 19,638,735 $ 22,737,755
  Marketable securities   595,626   830,331
  Accounts receivable, trade   -   1,032
  Short-term loan receivable (Note 6)   496,211   395,848
  Income tax recoverable   250,567   425,303
  Prepaid expenses   730,531   295,510
  Inventories   720,462   380,925
  Other current assets   340,483   255,030
           
TOTAL CURRENT ASSETS   22,772,615   25,321,734
           
Non-current Assets        
  Property, plant and equipment, net (Note 7) $ 457,053 $ 343,991
  Other intangible assets, net (Note 8)   2,248,279   3,228,655
  Long-term prepaid expenses     58,285   58,341
  Long-term loan receivable from related party   227,475   -
  Deferred tax assets   294,515   287,157
           
TOTAL NON-CURRENT ASSETS   3,285,607   3,918,144
           
TOTAL ASSETS $ 26,058,222 $ 29,239,878
           
LIABILITIES AND SHAREHOLDERS' EQUITY        
Current Liabilities        
  Accounts payable, trade $ 1,035,313 $ 4,572,204
  Accrued expenses   -   65,811
  Income tax payable   153,961   -
  Deposit receipt   103,236   100,657
  Deferred income   4,987,741   4,460,652
  Capital lease obligations-current portion   9,566   9,327
  Due to related parties   480,350   338,725
  Due to directors   739,610   596,059
  Other accounts payable   1,404,635   1,741,639
           
TOTAL CURRENT LIABILITIES   8,914,412   11,885,074
           
  Long term note payable   -   483,814
  Long term deferred income   -   2,183
  Capital lease obligations-long term portion   42,857   41,786
           
TOTAL NON-CURRENT LIABILITIES $ 42,857 $ 527,783
           
TOTAL LIABILITIES $ 8,957,269 $ 12,412,857
           
Shareholders' Equity        
  Preferred stock ($0.0001 par value, 20,000,000 shares authorized;        
  none issued and outstanding  as of March 31, 2019 and September 30, 2018) $ - $ -
  Common stock ($0.0001 par value, 500,000,000 shares authorized,        
  32,700,000 shares issued and outstanding        
  as of March 31, 2019 and September 30, 2018)   3,270   3,270
  Additional paid-in capital   261,516   99,440
  Accumulated earnings   16,531,289   16,896,299
  Accumulated other comprehensive income (loss)   304,878   (171,988)
           
TOTAL SHAREHOLDERS' EQUITY $ 17,100,953 $ 16,827,021
           
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,058,222 $ 29,239,878
           
See Notes to Unaudited Consolidated Financial Statements.

 

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EXCEED WORLD, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

 

      Three Months Ended   Three Months Ended   Six Months Ended   Six Months Ended
      March 31, 2019   March 31, 2018   March 31, 2019   March 31, 2018
      Restated   Restated   Restated   Restated
                   
Revenues $ 5,908,517 $ 5,338,906 $ 13,800,681   $ 10,944,631
                   
Cost of revenues   2,814,543   2,451,179   7,070,360   6,220,446
                   
Gross profit   3,093,974   2,887,727   6,730,321   4,724,185
                   
OPERATING EXPENSE                
  Selling and distribution expenses   424,407   517,671   638,920   832,444
  Administrative expenses   2,823,373   2,887,205   6,212,384   6,167,560
Total operating expenses   3,247,780   3,404,876   6,851,304   7,000,004
                   
Loss from operations   (153,806)   (517,149)   (120,983)   (2,275,819)
                   
Other income                
  Other income   51,180   72,723   77,438   112,811
  Change in fair value of marketable securities   181,677   -   -   -
  Total other income   232,857   72,723   77,438   112,811
                   
Other expenses                
  Other expenses   656   -   57,344   -
  Change in fair value of marketable securities   -   -   111,039   177,484
  Total other expenses   656   -   168,383   177,484
                   
Net income (loss) before tax   78,395   (444,426)   (211,928)   (2,340,492)
                   
Income tax expense   86,583   87,934   153,082   87,934
                   
NET LOSS $ (8,188) $ (532,360) $ (365,010) $ (2,428,426)
                   
OTHER COMPREHENSIVE INCOME (LOSS)                
  Foreign currency translation adjustment   (201,978)   749,020   476,866   721,514
                   
TOTAL COMPREHENSIVE INCOME (LOSS) $ (210,166) $ 216,660 $ 111,856 $ (1,706,912)
                   
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE                
$ (0.00)* $ (0.03) $  (0.01) $  (0.12)
                   
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED                
  32,700,000   20,000,000   32,700,000   20,000,000
                   

* Denotes net loss per common share of less than $0.01 per share

 

See Notes to Unaudited Consolidated Financial Statements.

 

 

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EXCEED WORLD, INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(Unaudited)

 

            ACCUMULATED        
        ADDITIONAL   OTHER        
COMMON STOCK (*)   PAID IN   COMPREHENSIVE   EARNINGS    
NUMBER   AMOUNT   CAPITAL   INCOME (LOSS)   (DEFICIT)   TOTALS
                       
Balance - September 30, 2018 (Restated) 32,700,000 $ 3,270 $ 99,440 $  (171,988) $  16,896,299 $ 16,827,021  
                         
Net loss (Restated)  -   -   -   -   (356,822)   (356,822)  
                         
Disposal of School TV -   -   162,076   -   -   162,076  
                         
Foreign currency translation (Restated) -   -   -   678,844   -   678,844  
                         
Balance – December 31, 2018 (Restated) 32,700,000 $ 3,270 $ 261,516 $ 506,856 $ 16,539,477 $  17,311,119  
                         
Net loss (Restated) -   -   -   -   (8,188)   (8,188)  
                         
Foreign currency translation (Restated) -   -   -   (201,978)   -   (201,978)  
                         
Balance – March 31, 2019 (Restated) 32,700,000 $ 3,270 $ 261,516 $ 304,878 $ 16,531,289 $ 17,100,953  
                                           

 

 

              ACCUMULATED        
          ADDITIONAL   OTHER        
  COMMON STOCK (*)   PAID IN   COMPREHENSIVE   EARNINGS    
  NUMBER   AMOUNT   CAPITAL   INCOME (LOSS)   (DEFICIT)   TOTALS
                       
Balance - September 30, 2017 (Restated) 20,000,000 $ 2,000 $ 59,679 $ 72,746 $  14,520,667 $ 14,655,092
                       
Net loss (Restated) -   -   -   -   (1,896,066)   (1,896,066)
                       
Foreign currency translation (Restated) -   -   -   (27,506)   -   (27,506)
                       
Balance – December 31, 2017 (Restated) 20,000,000 $ 2,000 $ 59,679 $ 45,240 $ 12,624,601   12,731,520
                       
Net loss (Restated) -   -   -   -   (532,360)   (532,360)
                       
Foreign currency translation (Restated) -   -   -   749,020   -   749,020
                       
Balance – March 31, 2018 (Restated) 20,000,000 $ 2,000 $ 59,679 $ 794,260 $ 12,092,241   12,948,180

 

(*) On October 28, 2016, the Company performed the forward stock split, whereby every one (1) share of the common stock was automatically reclassified and changed into twenty (20) shares (the “20-for-1 Forward Stock Split”). The authorized number of shares and par value per share were not be affected by the 20-for-1 Forward Stock Split. The Company’s capital accounts have been retroactively restated to reflect the 20-for-1 Forward Stock Split.

 

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EXCEED WORLD, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

      Six Months Ended   Six Months Ended
      March 31, 2019   March 31, 2018
      Restated   Restated
           
CASH FLOWS FROM OPERATING ACTIVITIES        
  Net income $ (365,010) $ (2,428,426)
  Adjustments to reconcile net loss to net cash used in operating activities:        
  Depreciation of property, plant and equipment   35,540   45,057
  Amortization of intangible assets   483,875   505,962
  Loss on written off of intangible asset   -   21,861
  Loss on disposal of marketable securities   57,344   -
     Change in fair value of marketable securities   111,039   177,484
           
  Changes in operating assets and liabilities:        
  Accounts receivable   1,059   -
  Prepaid expenses   (425,899)   (279,253)
  Inventories   (330,118)   1,275,263
  Long-term loans receivable   (227,475)   -
  Income tax recoverable   339,594   (642,037)
  Other current assets   (208,306)   169,640
  Accounts payable   (3,648,670)   (11,929)
  Accrued expenses and other payables   (293,439)   (672,490)
  Deposit receipt   -   155,001
  Deferred income   412,796   2,170,377
  Net cash (used in) provided by operating activities   (4,057,670)   486,510
           
CASH FLOWS FROM INVESTING ACTIVITIES        
  Proceed from disposal of marketable securities   86,624   -
  Acquisition of subsidiary   -   (4,967)
  Net cash outflow on acquisition of subsidiaries   -   135
      Purchase of property, plant and equipment   (139,207)   (360,000)
  Purchase of intangible assets   (44,907)   (35,870)
  Net cash used in investing activities   (97,490)   (400,702)
           
CASH FLOWS FROM FINANCING ACTIVITIES        
  Repayment of capital lease obligation   -   (21,487)
  Due to directors   282,814   585,118
  Due to related parties   132,945   10,063
  Net cash provided by financing activities   415,759   573,694
           
Net effect of exchange rate changes on cash   640,381   713,330
           
Net Change in Cash and Cash Equivalents $ (3,099,020) $ 1,372,832
Cash and cash equivalents - beginning of period   22,737,755   13,226,698
Cash and cash equivalents - end of period $ 19,638,735 $ 14,599,530
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION        
Interest paid $ - $ -
Income taxes paid (refund)   (300,242)   -
           
See Notes to Unaudited Consolidated Financial Statements.

 

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EXCEED WORLD, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2019

(UNAUDITED)

 

NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS OF PRESENTATION  

 

Exceed World, Inc., (the “Company”), was incorporated under the laws of the State of Delaware on November 25, 2014.

 

On September 26, 2018, e-Learning Laboratory Co., Ltd. (“e-Learning”), a direct wholly owned subsidiary of Force International Holdings Limited, which was incorporated in Hong Kong with limited liability (“Force Holdings”), entered into a share purchase agreement with Force Internationale Limited (“Force Internationale”), the holding company of Force Holdings, in which e-Learning agreed to sell and Force Internationale agreed to purchase 74.5% equity interest of the Company at a consideration of US$26,000.

 

On September 26, 2018, the same date, Force Internationale entered into a share purchase agreement with the Company, in which Force Internationale agreed to sell and the Company agreed to purchase 100% equity interest of Force Holdings. In consideration of the agreement, the Company issued 12,700,000 common stock at US$1 each to Force Internationale. The results of these transactions are that Force Internationale is a 84.4% owner of the Company and the Company is a 100% owner of Force Holdings (the “Reorganization”).

 

On December 6, 2018, the Company entered into a share contribution agreement (the “Agreement”) with Force Internationale, a 84.4% owner of the Company. Under this Agreement, the Company transferred 100% of the equity interest of School TV Co., Ltd. ("School TV"), to Force Internationale without consideration. This Agreement was approved by the boards of directors of the Company, Force Internationale and School TV. Upon the completion of the disposal, School TV was deconsolidated from the Group's consolidated financial statements.

 

As of March 31, 2019, we operate through our wholly owned subsidiaries, which are engaged in provision of the educational services through an internet platform called “Force Club”.

 

The Company has elected September 30th as its fiscal year end.

 

The accompanying unaudited consolidated financial statements of Exceed World, Inc. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the six months ended March 31, 2019, have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms "Company", "we", "us" or "our" mean the Company. Certain information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America has been omitted from these statements pursuant to such accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our consolidated financial statements for the year ended September 30, 2018, included in our Form 10-K.

 

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

PRINCIPLES OF CONSOLIDATION 

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries (the “Group”). Inter-company accounts and transactions have been eliminated.

 

Name of Subsidiary State or Other Jurisdiction of Incorporation or Organization
Force International Holdings Limited Hong Kong
e-Learning Laboratory Co., Ltd. Japan
e-Communications Co., Ltd. (“e-Communications”) Japan

 

USE OF ESTIMATES 

 

The presentation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as the date of the financial statements and the reported amounts of revenue and expenses reported in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, write-down in value of inventory and sales allowance. Operating results in the future could vary from the amounts derived from management's estimates and assumptions.

 

RELATED PARTY TRANSACTION

 

A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business.

 

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

 

CASH EQUIVALENTS

 

The Company considers all highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents.

 

ACCOUNTS RECEIVABLE AND ALLOWANCE

 

Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off against the allowance when identified.

 

MARKETABLE SECURITIES

 

Investments in marketable securities with readily determinable fair values and all investments in equity securities are reported at their fair values as quoted by market exchanges in the consolidated balance sheets. Unrealized and realized gains and losses are included in the change in fair value of marketable securities.

 

INVENTORIES

 

Inventories, consisting of educational products accounted for using the weighted average method, are valued at the lower of cost and market value.

 

PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment are stated at cost less depreciation and impairment loss. Depreciation is calculated using the straight-line method or reducing balance method at the following estimated useful life:

 

Building Over the shorter of the lease terms or 10 years on straight-line method
Equipment 2 to 15 years on reducing balance method
Vehicle 3 years on reducing balance method

 

Assets held under capital lease obligation are depreciated over their expected useful lives on the same basis as owned assets. However, when there is no reasonable certainty that ownership will be obtained by the end of the lease term, assets are depreciated over the shorter of the lease term and their useful lives.

 

INTANGIBLE ASSETS

 

The Company amortizes its intangible assets with definite useful lives over their estimated useful lives and periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists.

 

The intangible assets with definite useful life are amortized using the straight-line basis over the following estimated useful life:

 

Software 5 years
Membership   15 years – 30 years

 

IMPAIRMENT OF LONG-LIVED ASSETS

 

The carrying value of property, plant and equipment and intangible assets subject to amortization is evaluated whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be measured by the amount by which the carrying value of the asset exceeds the fair value of the asset. Management has determined there were no events or changes in circumstances that required an impairment during the six months ended March 31, 2019 and March 31, 2018.

 

FOREIGN CURRENCY TRANSLATION 

 

The Company maintains its books and records in its local currencies, Japanese YEN (“JPY”) and Hong Kong Dollars (“HK$”), which are the functional currencies as being the primary currencies of the economic environment in which their operations are conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of operations and comprehensive income.

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, Translation of Financial Statement, assets and liabilities of the Group whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the consolidated statements of shareholders’ equity.

 

Translation of amounts from the local currency of the Group into US$1 has been made at the following exchange rates:

 

  March 31, 2019   March 31, 2018
Current JPY: US$1 exchange rate 110.84   106.26
Average JPY: US$1 exchange rate 111.84   110.62
       
Current HK$: US$1 exchange rate 7.85   7.85
Average HK$: US$1 exchange rate 7.83   7.82

 

COMPREHENSIVE INCOME OR LOSS

 

ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying consolidated statements of shareholders’ equity consists of changes in unrealized gains and losses on foreign currency translation.

 

REVENUE RECOGNITION

 

The Company recognizes revenue by applying the following steps in accordance with Accounting Standards Codification (“ASC”) Topic 606 - Revenue from contracts with Customers: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. When payments are received in advance of recognizing revenue, the Company includes the amount in deferred income on the consolidated balance sheets. Membership income of e-Learning educational services was recognized when the membership services are rendered.

 

ADVERTISING

 

Advertising costs are expensed as incurred and included in selling and distributions expenses. Advertising expense was $638,920 and $666,014 for the six months ended March 31, 2019 and 2018, respectively.

 

BASIC EARNINGS PER SHARE

 

The Company computes basic and diluted earnings per share in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income by the weighted average number of common stock outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company.

 

The Company does not have any potentially dilutive instruments as of March 31, 2019 and September 30, 2018 and, thus, anti-dilution issues are not applicable.

 

INCOME TAXES

 

The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Group’s income tax provision and net income or loss in the period the determination is made.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

 

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). This new guidance removes and modifies disclosure requirements on fair value statements. This update is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal year. The Company is currently evaluating the impact, if any, on its disclosures in the Notes to Consolidated Financial Statements. 

 

NOTE 3 - FAIR VALUE MEASUREMENT

 

The Company’s valuation techniques used to measure the fair value of marketable equity securities are derived from quoted prices in active markets for identical assets or liabilities.

 

NOTE 4 - INCOME TAXES

 

The Group conducts its major businesses in Japan and is subject to tax in this jurisdiction. As a result of its business activities, the Group files tax returns that are subject to examination by the local tax authority.

 

National income tax in Japan is charged at 15% with taxable income up to JPY8,000,000 ($72,531) and 23.2% at March 31, 2019 and September 30, 2018, with taxable income over JPY8,000,000. The Company’s subsidiaries, e-Learning and e-Communications (“Japanese Subsidiaries”), were incorporated in Japan and are subject to Japanese national income tax and local corporate tax, business tax and corporate inhabitant taxes at the applicable tax rates on the taxable income as reported in their Japanese statutory accounts in accordance with the relevant enterprises income tax laws applicable to foreign enterprises.

 

For the six months ended March 31, 2019 and March 31, 2018, income tax expense for Japanese Subsidiaries is $153,082 and $87,934, respectively.

 

Exceed World, Inc., which acts as a holding company on a non-consolidated basis, does not plan to engage any business activities and current or future loss will be fully allowed. For the six months ended March 31, 2019 and 2018, respectively, Exceed World, Inc., as a holding company registered in the state of Delaware, has incurred net loss and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry forward has been fully reserved.

 

United States

 

The Company is a Delaware corporation that is subject to U.S. corporate income tax on its taxable income at a rate of up to 21% for taxable years beginning after December 31, 2017 and U.S. corporate income tax on its taxable income of up to 35% for prior tax years. Recent U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “2017 Act”), was signed into law on December 22, 2017. The 2017 Act significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years or in a single lump sum.

 

The 2017 Act also includes provisions for a new tax on the Global Intangible Low-taxed Income (“GILTI”) effective for tax years of foreign corporations beginning after December 31, 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations (“CFCs”), subject to the possible use of foreign tax credits and a deduction equal to 50 percent to offset the income tax liability, subject to some limitations.

 

The Company’s management is still evaluating the effect of the 2017 Act on the Company. Management may update its judgment of that effect based on its continuing evaluation and on future regulations or guidance issued by the U.S. Department of the Treasury, and specific actions the Company may take in the future.

 

To the extent that portions of the Company’s U.S. taxable income, such as Subpart F income or GILTI, are determined to be from sources outside of the U.S., subject to certain limitations, the Company may be able to claim foreign tax credits to offset its U.S. income tax liabilities. If dividends that the Company receives from its subsidiaries are determined to be from sources outside of the U.S., subject to certain limitations, the Company will generally not be required to pay U.S. corporate income tax on those dividends. Any liabilities for U.S. corporate income tax will be accrued in the Company’s consolidated statements of operations and comprehensive income and estimated tax payments will be made when required by U.S. law.

 

NOTE 5 - RELATED-PARTY TRANSACTIONS

 

On September 26, 2018, e-Learning, a direct wholly owned subsidiary of Force Holdings, which was incorporated in Hong Kong with limited liability, entered into a share purchase agreement with Force Internationale, the holding company of Force Holdings, in which e-Learning agreed to sell and Force Internationale agreed to purchase 74.5% equity interest of the Company at a consideration of US$26,000.

 

On September 26, 2018, the same date, Force Internationale entered into a share purchase agreement with the Company, in which Force Internationale agreed to sell and the Company agreed to purchase 100% equity interest of Force Holdings at a consideration by issuance of 12,700,000 common stock at US$1 each to Force Internationale.

 

On December 6, 2018, the Company entered into the Agreement with Force Internationale, a 84.4% owner of the Company. Under the Agreement, the Company transferred 100% of the equity interest of School TV to Force Internationale without consideration. This agreement was approved by the boards of directors of each of the Company, Force Internationale and School TV. Upon the completion of the disposal, School TV was deconsolidated from the Group’s consolidated financial statements.

 

As of March 31, 2019 and September 30, 2018, the Company had $739,610 and $596,059, respectively, owed to Tomoo Yoshida, Chief Executive Officer, Chief Financial Officer and the shareholder of the Company. The advance is unsecured, due on demand and bears no interest.

 

As of March 31, 2019 and September 30, 2018, the Company had $47,337 and $47,710, respectively, owed to Keiichi Koga, who is the shareholder of the Company and the director of the Company’s certain subsidiaries. The advance is unsecured, due on demand and bears no interest.

 

As of March 31, 2019 and September 30, 2018, the Company had $300,476 and $291,015, respectively, owed to Force Internationale which is our holding company and Tomoo Yoshida, our CEO, is also the director of Force Internationale. The advance is unsecured, due on demand and bears no interest. 

 

As of March 31, 2019, the Company had $132,537 owed to School TV. Tomoo Yoshida, our CEO, is also the CEO of School TV. The advance is unsecured, due on demand and bears no interest. 

 

As of March 31, 2019, the Company had a long-term loan JPY25,000,000 ($225,550) to School TV. Tomoo Yoshida, our CEO, is also the CEO of School TV. The loan is unsecured, mature on May 24, 2023 with an interest rate 1% per annum. As of March 31, 2019, the interest receivable was $1,925.

 

NOTE 6 – SHORT-TERM LOAN RECEIVABLE

 

On September 14, 2018, the Company entered into a loan agreement to lend JPY45,000,000 ($405,991) to an independent third party, Star Gate Investment Holdings Limited. The loan is unsecured, matures on March 31, 2019 with an interest of JPY 400,000 ($3,577) per quarter. The loan is repaid on April 24, 2019 without charged of overdue interest.

 

As of March 31, 2019, the Company had short-term loan JPY10,000,000 ($90,220) to School TV. Tomoo Yoshida, our CEO, is also the CEO of School TV. The loan is unsecured, matures on January 15, 2020 with an interest rate 1% per annum.

 

NOTE 7 - PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consist of the following:

 

  March 31, 2019 September 30, 2018
  US$ US$
Buildings 115,395   54,984
Equipment 811,654    741,083  
Vehicles 118,025   119,296
  1,045,074 915,363
     
Accumulated depreciation and amortization (597,417) (569,650)
  447,657  345,713 
     
Net effect of exchange rate 9,396 (1,722)
     
Total net book value 457,053 343,991

 

Depreciation and amortization of property, plant and equipment were $ 35,540 and $45,057 for the six months ended March 31, 2019 and 2018, respectively.

 

NOTE 8 – INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

  March 31, 2019 September 30, 2018
  US$ US$
Software 5,111,144   5,121,311
Franchise right - 667,378
Membership 440,432   450,285  
  5,551,576 6,238,974  
     
Accumulated depreciation and amortization (3,367,707) (2,978,171)
  2,183,869 3,260,803
     
Net effect of exchange rate 64,410 (32,148)
     
Total net book value 2,248,279 3,228,655

 

The aggregate amortization expenses related to the intangible assets was $483,875 and $505,962 for the six months ended March 31, 2019 and 2018, respectively.  

 

NOTE 9 - SHAREHOLDERS’ EQUITY

 

On September 26, 2018, the Company issued 12,700,000 common stock at US$1 each to Force Internationale for the acquisition of 100% equity interests of Force Holdings.

 

NOTE 10 - RESTATEMENT OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

Subsequent to the filing of the Form 10Q on May 15, 2019, the Company had identified accounting issues relating to (i) commission expense which resulted in overstated other comprehensive income of $20,027 and understated other comprehensive income of $42,824 for the three and six months ended March 31, 2019, respectively, and overstated accounts payable balances of $1,671,358 and $1,714,182 as of September 30, 2018 and March 31, 2019, respectively, understated accumulated earnings of $1,719,934 and $1,719,934 as of September 30, 2018 and March 31, 2019, respectively, and understated accumulated other comprehensive loss of $48,576 and overstated accumulated other comprehensive income of $5,752 as of September 30, 2018 and March 31, 2019, respectively, and (ii) professional fee which resulted in overstated administrative expenses of $15,586 and $112,431 for the three and six months ended March 31, 2019, respectively, and understated due to director of $213,515 and $400,479 as of September 30, 2018 and March 31, 2019, respectively, understated other accounts payable of $289,411 and overstated other accounts payable of $9,984 as of September 30, 2018 and March 31, 2019, respectively, overstated accumulated earnings of $502,926 and $390,495 as of September 30, 2018 and March 31, 2019, respectively.

 

As a result, the Company restated its previously issued consolidated financial statements, included in its Amendment to the Company's 2018 Annual Report on Form 10-K/A, filed on January 14, 2019, and the previously issued condensed consolidated financial statements included in its Amendment to the Company's Quarterly Reports on Form 10-Q/A for the three months ended December 31, 2018, filed on February 13, 2019 and the six months ended March 31, 2019, filed on May 15, 2019.

 

The 2019 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2019 (the “Original Filing”) and this Amendment to its Quarterly Report on Form 10-Q/A (the “2018 Amended Quarterly Report on Form 10-Q/A”) include the restated Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended March 31, 2019 and restated Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2019 and the restated Condensed Consolidated Balance Sheet as of March 31, 2019 and September 30, 2018.

 

The following discloses each line item that is affected by the restatement of the Company's consolidated financial statements as of March 31, 2019 and September 30, 2018 and for the three and six months ended March 31, 2019.

 

Consolidated Statements of Operations and Comprehensive Income (Loss):

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

      As Originally Filed   Effect of Restatement   Effect of Restatement       Restated
                   
Revenues $ 13,800,681 $ - $ - $ 13,800,681
                   
Cost of revenues   7,070,360   -   -   7,070,360
                   
Gross profit   6,730,321   -   -   6,730,321
                   
OPERATING EXPENSE                
  Selling and distributions expenses   638,920   -   -   638,920
  Administrative expenses   6,324,815   -   (112,431)   6,212,384
Total operating expenses   6,963,735   -                (112,431)   6,851,304
                   
Income from operations   (233,414)   -   112,431   (120,983)
                   
Other income                
  Other income   77,438   -   -   77,438
          -   -   -
Other expenses                
  Other expenses   57,344   -   -   57,344
                   
  Change in fair value of marketable securities   111,039   -  

-

  111,039
  Total other expenses   168,383   -   -   168,383
                   
Net loss before tax   (324,359)   -   112,431   (211,928)
                   
Income tax expense   153,082   -   -   153,082
                   
NET LOSS $ (477,441) $ - $ 112,431 $ (365,010)
                   
OTHER COMPREHENSIVE INCOME                
  Foreign currency translation adjustment   434,042   42,824   -   476,866
                   
TOTAL COMPREHENSIVE INCOME $ (43,399) $ 42,824 $ 112,431 $ 111,856
                   
BASIC AND DILUTED NET LOSS PER COMMON SHARE

 

$

(0.01)

 

$

-

 

$

 

-

$ (0.01)
                   
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED                
  32,700,000   -  

 

-

  32,700,000
                   

 

Consolidated Statements of Operations and Comprehensive Income (Loss):

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended March 31, 2019 filed by the Company on May 15, 2019.

 

      As Originally Filed   Effect of Restatement   Effect of Restatement       Restated
                   
Revenues $ 5,908,517 $ - $ - $ 5,908,517
                   
Cost of revenues   2,814,543   -   -   2,814,543
                   
Gross profit   3,093,974   -   -   3,093,974
                   
OPERATING EXPENSE                
  Selling and distributions expenses   424,407   -   -   424,407
  Administrative expenses   2,838,959   -   (15,586)   2,823,373
Total operating expenses   3,263,366   -                (15,586)   3,247,780
                   
Income from operations   (169,392)   -   15,586   (153,806)
                   
Other income                
  Other income   51,180   -   -   51,180
 

Change in fair value of marketable

securities

  181,677   -  

 

-

  181,677
    232,857   -   

 

-

  232,857
Other expenses                
  Other expenses   656   -   -   656
                   
Net loss before tax   62,809   -   15,586   78,395
                   
Income tax expense   86,583   -   -   86,583
                   
NET LOSS $ (23,774) $ - $ 15,586 $ (8,188)
                   
OTHER COMPREHENSIVE INCOME                
  Foreign currency translation adjustment   (181,951)   (20,027)   -   (201,978)
                   
TOTAL COMPREHENSIVE INCOME $ (205,725) $ (20,027) $ 15,586 $ (210,166)
                   
BASIC AND DILUTED NET LOSS PER COMMON SHARE

 

$

(0.00)

 

$

-

 

$

 

-

$ (0.00)
                   
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED                
  32,700,000   -  

 

-

  32,700,000
                   

 

Consolidated Balance Sheets:

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

                         
      As Originally Filed   Effect of Restatement   Effect of Restatement   Restated      
                         
                         
ASSETS                    
Current Assets                    
  Cash and cash equivalents $ 19,638,735 $ - $ - $ 19,638,735    
  Marketable securities   595,626   -   -   595,626    
  Short-term loan receivable   496,211   -   -   496,211    
  Income tax recoverable   250,567   -   -   250,567    
  Prepaid expenses   730,531   -   -   730,531    
  Inventories, net   720,462   -   -   720,462    
  Other current assets   340,483   -   -   340,483    
                       
TOTAL CURRENT ASSETS   22,772,615   -   -   22,772,615    
                       
Non-current Assets                    
  Property, plant and equipment, net $ 457,053 $ - $ - $ 457,053    
  Other intangible assets, net   2,248,279   -   -   2,248,279    
  Long-term prepaid expenses   58,285   -   -   58,285    
  Long-term loan receivable from related party   227,475   -   -   227,475    
  Deferred tax assets   294,515   -   -   294,515    
                       
  TOTAL NON-CURRENT ASSETS   3,285,607   -   -   3,285,607    
                       
TOTAL ASSETS $ 26,058,222 $ - $ - $ 26,058,222    
                       
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Current Liabilities                    
  Accounts payable, trade $ 2,749,495 $ (1,714,182) $ - $ 1,035,313    
  Income tax payable   153,961   -   -   153,961    
  Deposit receipt   103,236   -   -   103,236    
  Deferred income   4,987,741   -   -   4,987,741    
  Capital lease obligations-current portion   9,566   -   -   9,566    
  Due to related parties   480,350   -   -   480,350    
  Due to directors   339,131   -   400,479   739,610    
  Other accounts payable   1,414,619   -   (9,984)   1,404,635    
                       
TOTAL CURRENT LIABILITIES   10,238,099   (1,714,182)   390,495   8,914,412    
                       
Capital lease obligations-long term portion   42,857   -   -   42,857    
                       
TOTAL LIABILITIES   10,280,956   (1,714,182)   390,495   8,957,269    
                       
Shareholders' Equity                    
  Preferred stock ($0.0001 par value, 20,000,000 shares authorized;                    
  none issued and outstanding as of March 31, 2019)   -   -   -   -    
  Common stock ($0.0001 par value, 500,000,000 shares authorized,                    
  32,700,000 shares issued and outstanding                    
  as of March 31, 2019)   3,270   -   -   3,270    
  Additional paid-in capital   261,516   -   -   261,516    
  Accumulated earnings   15,201,850   1,719,934   (390,495)   16,531,289    
  Accumulated other comprehensive income (loss)   310,630   (5,752)   -   304,878    
                       
TOTAL SHAREHOLDERS' EQUITY   15,777,266   1,714,182   (390,495)   17,100,953    
                       
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

26,058,222

 

$

-

 

$

-

 

$

26,058,222    
                       
                             

  

Consolidated Balance Sheets:

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the year ended September 30, 2018 filed by the Company on May 15, 2019.

 

                           
      As Originally Filed   Effect of Restatement   Effect of Restatement   Restated        
                           
                           
ASSETS                      
Current Assets                      
  Cash and cash equivalents $ 22,737,755 $ - $ - $ 22,737,755        
  Marketable securities       830,331   -   -   830,331        
  Accounts receivable, trade, net   1,032   -   -   1,032        
  Short-term loan receivable   395,848   -   -   395,848        
  Income tax recoverable       425,303   -   -   425,303        
  Prepaid expenses   295,510   -   -   295,510        
  Inventories, net       380,925   -   -   380,925        
  Other current assets   255,030   -   -   255,030        
                           
TOTAL CURRENT ASSETS   25,321,734    -   -   25,321,734      
                           
Non-current Assets                      
  Property, plant and equipment, net $ 343,991 $ - $ - $ 343,991        
  Other intangible assets, net   3,228,655   -   -   3,228,655        
  Long-term prepaid expenses       58,341   -   -   58,341        
  Deferred tax assets   287,157   -   -   287,157        
                           
  TOTAL NON-CURRENT ASSETS   3,918,144   -   -   3,918,144        
                           
TOTAL ASSETS $ 29,239,878 $ - $ - $ 29,239,878      
                           
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Current Liabilities                      
  Accounts payable, trade $ 6,243,562 $ (1,671,358) $ - $ 4,572,204        
  Accrued expenses   65,811   -   -   65,811        
  Deposit receipt   100,657   -   -   100,657        
  Deferred income   4,460,652   -   -   4,460,652        
  Capital lease obligations-current portion   9,327   -   -   9,327        
  Due to related parties   338,725   -   -   338,725        
  Due to director   382,544   -   213,515   596,059        
  Other accounts payable   1,452,228   -   289,411   1,741,639        
                           
TOTAL CURRENT LIABILITIES   13,053,506   (1,671,358)   502,926   11,885,074      
                           
Long-term note payable   483,814   -   -   483,814      
Capital lease obligations-long term portion   41,786   -   -   41,786      
Long-term deferred income   2,183   -   -   2,183      
                           
TOTAL LIABILITIES   13,581,289   (1,671,358)   502,926   12,412,857      
                           
Shareholders' Equity                      
  Preferred stock ($0.0001 par value, 20,000,000 shares authorized;                        
  none issued and outstanding as of September 30, 2018)    -   -  

 

-

  -        
  Common stock ($0.0001 par value, 500,000,000 shares authorized,                        
  32,700,000 shares issued and outstanding                        
  as of September 30, 2018)   3,270   -   -   3,270        
  Additional paid-in capital   99,440   -   -   99,440        
  Accumulated earnings   15,679,291   1,719,934   (502,926)   16,896,299        
  Accumulated other comprehensive income (loss)    (123,412)    (48,576)   -    (171,988)        
                           
TOTAL SHAREHOLDERS' EQUITY   15,658,589   1,671,358   (502,926)   16,827,021      
                           
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

29,239,878

 

$

-

 

$

- $ 29,239,878      
                           

 

Consolidated Statements of Cash Flows

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

             
    As Originally Filed   Effect of Restatement   Restated
             
CASH FLOWS FROM OPERATING ACTIVITIES            
Net loss $ (477,441) $ 112,431 $ (365,010)
Adjustments to reconcile net loss to net cash from (used in) operating activities:            
Depreciation of property, plant and equipment   35,540   -   35,540
Amortization of intangible asset   483,875   -   483,875
Loss on disposal of marketable securities   57,344   -   57,344
Change in fair value of marketable securities   111,039   -   111,039
Changes in operating assets and liabilities:       -    
Accounts receivable   1,059   -   1,059
Prepaid expenses   (425,899)   -   (425,899)
Inventories   (330,118)   -   (330,118)
Long-term loans receivable   (227,475)   -   (227,475)
Income tax recoverable   339,594   -   339,594
Other current assets   (208,306)   -   (208,306)
Accounts payable   (3,648,670)   -   (3,648,670)
Accrued expenses and other payables   13,370   (306,809)   (293,439)
Deferred income   412,796   -   412,796
Net cash used in operating activities   (3,863,292)   (194,378)   (4,057,670)
             
CASH FLOWS FROM INVESTING ACTIVITIES            
Proceed from disposal of marketable securities   86,624   -   86,624
 Purchase of property, plant and equipment   (139,207)   -   (139,207)
Purchase of intangible assets   (44,907)   -   (44,907)
Net cash provided by investing activities   (97,490)   -   (97,490)
             
CASH FLOWS FROM FINANCING ACTIVITIES            
Due to director   101,321   181,493   282,814
Due to related parties   132,945   -   132,945
Net cash provided by financing activities   234,266   181,493   415,759
             
Net effect of exchange rate changes on cash   627,496   12,885   640,381
             
Net change in cash and cash Equivalents $ (3,099,020) $ - $ (3,099,020)
Cash and cash equivalents - beginning of period   22,737,755   -   22,737,755
Cash and cash equivalents - end of period $ 19,638,735 $ - $ 19,638,735
             
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION            
 Interest paid $ - $ - $ -
Income taxes (paid) refund $ (300,242) $ - $ (300,242)
             

 

-F5-


Table of Contents

ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Forward-Looking Statements

 

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

 

Any references to “the Company” refer to Exceed World, Inc., which operates through its wholly owned subsidiaries.

 

Company Overview

 

Corporate History

 

The Company was originally incorporated with the name Brilliant Acquisition, Inc., under the laws of the State of Delaware on November 25, 2014, with an objective to acquire, or merge with, an operating business.

 

On January 12, 2016, Thomas DeNunzio of 780 Reservoir Avenue, #123, Cranston, RI 02910, the sole shareholder of the Company, entered into a Share Purchase Agreement (the “Agreement”) with e-Learning Laboratory Co., Ltd. (“e-Learning”), with an address at 1-23-38-6F, Esakacho, Suita-shi, Osaka 564-0063 Japan. Pursuant to the Agreement, Mr. DeNunzio transferred to e-Learning, 20,000,000 shares of our common stock which represented all of our issued and outstanding shares at the time of sale.

 

Following the closing of the share purchase transaction, e-Learning gained a 100% interest in the issued and outstanding shares of our common stock and became the controlling shareholder of the Company.

 

On January 12, 2016, the Company changed its name to Exceed World, Inc. and filed with the Delaware Secretary of State, a Certificate of Amendment.

 

On January 12, 2016, Mr. Thomas DeNunzio resigned as our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer. The resignation was not the result of any disagreement with us on any matter relating to our operations, policies or practices.

 

On January 12, 2016, Mr. Tomoo Yoshida was appointed as our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer.

 

On February 29, 2016, the Company entered into a Stock Purchase Agreement with Tomoo Yoshida, our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer. Pursuant to this Agreement, Tomoo Yoshida transferred to Exceed World, Inc., 10 shares of the common stock of E&F Co., Ltd., a Japan corporation (“E&F”), which represented all of its issued and outstanding shares in consideration of $4,835 (JPY 500,000). Following the effective date of the share purchase transaction on February 29, 2016, Exceed World, Inc. gained a 100% interest in the issued and outstanding shares of E&F’s common stock and E&F became a wholly owned subsidiary of Exceed World.  On August 4, 2016, the E&F changed its name to School TV Co., Ltd. (“School TV”) and filed such amendment with the Legal Affairs Bureau in Osaka, Japan. 

 

On April 1, 2016, e-Learning entered into stock purchase agreements with 7 Japanese shareholders. Pursuant to these agreements, e-Learning sold 140,000 shares of common stock in total to these individuals and received $270 as aggregate consideration. Each shareholder paid JPY0.215 per share. At the time of purchase the price paid per share by each shareholder was the equivalent of about $0.002. 

 

The aforementioned sale of shares was exempt from registration in accordance with Regulation S of the Securities Act of 1933, as amended ("Regulation S") because the above sales of the stock were made to non-U.S. persons (as defined under Rule 902 section (k)(2)(i) of Regulation S), pursuant to offshore transactions, and no directed selling efforts were made in the United States by the issuer, a distributor, any of their respective affiliates, or any person acting on behalf of any of the foregoing.

 

On August 1, 2016, the Company changed its fiscal year end from November 30 to September 30. 

 

On August 9, 2016, e-Learning entered into stock purchase agreements with 33 Japanese shareholders. Pursuant to these agreements, e-Learning sold 3,300 shares of common stock in total to these individuals and received $330 as aggregate consideration. Each shareholder paid JPY10 per share. At the time of purchase the price paid per share by each shareholder was the equivalent of about $0.1. 

 

These shares were sold pursuant to the Company’s effective S-1 Registration Statement deemed effective on July 20, 2016 at 4pm EST. 

 

On October 28, 2016, Exceed World, Inc., a Delaware corporation, (the “Company” or “Exceed”), with the approval of its board of directors and its majority shareholders by written consent in lieu of a meeting, authorized the cancellation of shares owned by e-Learning. e-Learning has provided consent for the cancellation of shares. The total number of shares cancelled was 19,000,000 shares which was comprised of 16,500,000 restricted common shares and 2,500,000 free trading shares.

 

Shareholder’s name: e-Learning Laboratory Co., Ltd.

Total amount of shares cancelled 19,000,000 Shares
  Restricted shares 16,500,000 Shares
  Free trading shares 2,500,000 Shares

  

On October 28, 2016, every one (1) share of common stock, par value $.0001 per share, of the Company issued and outstanding was automatically reclassified and changed into twenty (20) shares fully paid and non-assessable shares of common stock of the Company, par value $.0001 per share ("20-for-1 Forward Stock Split"). No fractional shares were issued. The authorized number of shares, and par value per share, of Common Stock are not affected by the 20-for-1 Forward Stock Split.

 

On October 28, 2016, we filed a Certificate of Amendment with the Delaware Secretary of State. The effective date of the 20-for-1 Forward Stock Split was upon the acceptance of the Certificate of Amendment with the Secretary of State of Delaware. The Certificate of Amendment can be found as Exhibit 3.1 to Form 8-K filed November 1, 2016.

 

During July 2017 and August 2017, e-Learning entered into stock purchase agreements with 24 Japanese individuals. Pursuant to these agreements, e-Learning sold 2,240,000 shares of its common stock in total to these individuals and received $38,263 as aggregate consideration.

 

On September 26, 2018, e-Learning, a direct wholly owned subsidiary of Force International Holdings Limited, a Hong Kong limited company (“Force Holdings”), which was incorporated in Hong Kong with limited liability, entered into a share purchase agreement with Force Internationale Limited, a Cayman Island limited company (“Force Internationale”), the sole shareholder of Force Holdings, in which e-Learning agreed to sell and Force Internationale agreed to purchase 74.5% equity interest of the Company at a consideration of US$26,000.

 

On September 26, 2018, the Company entered into, and consummated, a share purchase agreement with Force Internationale to acquire 100% of Force Holdings. Force Holdings is the 100% owner of e-Learning. In consideration of this agreement, the Company issued 12,700,000 common shares to Force Internationale.

 

On December 6, 2018, the Company entered into a share contribution agreement with Force Internationale, a 84.4% owner of the Company. Under this agreement, the Company transferred 100% of the equity interest of School TV, to Force Internationale without consideration. This Agreement was approved by the boards of directors of each of the Company, Force Internationale and School TV. Upon the completion of the disposal, School TV was deconsolidated from the Group's consolidated financial statements.

 

Business Information

 

As of March 31, 2019, we operate through our wholly owned subsidiaries, which are engaged in provision of the educational services through an internet platform called “Force Club”.

 

Our principal executive offices are located at 1-1-36, 1-23-38-6F, Esaka-cho, Suita-shi, Osaka 564-0063, Japan. Our phone number is +81-6-6339-4177.

 

Liquidity and Capital Resources 

 

As of March 31, 2019, and September 30, 2018, we had cash and cash equivalents in the amount of $19,638,735 and $22,737,755, respectively. The decrease in cash is attributed to the decrease of accounts payable. These accounts payable were mainly unpaid commissions to Force Club premium members and these payments were completed as of the date of this report. Currently, our cash balance is sufficient to fund our operations without the need for additional funding.

 

Revenues

 

We recorded revenue of $5,908,517 and $5,338,906 for the three months ended March 31, 2019 and March 31, 2018, respectively. We recorded revenue of $13,800,681 and $10,944,631 for the six months ended March 31, 2019 and March 31, 2018, respectively. The increase in revenue, in our opinion, is attributed to an increase in recruitment activities of Force Club premium members.

 

Net Income (Loss)

 

We recorded net loss of $8,188 and $532,360 for the three months ended March 31, 2019 and March 31, 2018, respectively. We recorded net loss of $365,010 and $2,428,426 for the six months ended March 31, 2019 and March 31, 2018, respectively. The decrease in net loss is attributed to an increase in revenue.

 

Cash flow

 

For the six months ended March 31, 2019, we recorded negative cash flows from operations in the amount of $4,057,670. For the six months ended March 31, 2018, we recorded cash flows from operations in the amount of $486,510.

 

Working capital

 

As of March 31, 2019, and September 30, 2018, we had working capital of $13,858,203 and $13,436,660, respectively.

 

Advertising

 

Advertising costs are expensed as incurred and included in selling and distributions expenses. For the three months ended March 31, 2019 and March 31, 2018, advertising expenses were $424,407 and $351,241, respectively. For the six months ended March 31, 2019 and March 31, 2018, advertising expenses were $638,920 and $666,014, respectively. Advertising expenses were comprised of, but not limited to, sales events hosted for sales agents, exhibitions to promote and display company product offerings, signboards, and public relations activities.

 

Future Plans

 

Over the course of the next twelve months, we the "Group" (which is comprised of the Company, Force International Holdings Limited, a Hong Kong limited company, and its subsidiaries) intend to focus on expanding our sales network in order to strengthen our business activities. Currently, revenue is derived primarily from sales of the Group's Force Club premium package. While it is the intention of the Group to maintain this revenue stream, and to further increase the number of premium members of the Force Club, the Group also intends to diversify its operations and develop additional business activities.

 

In order to do so, the Group intends to focus on development of an online educational platform on which additional advertising income can be generated. At present, there are no definitive plans that have been made regarding the implementation or direction of this future online educational platform. However, we intend to begin efforts to hire additional personnel with extensive experience in web marketing in order to assist in the development of our future platform.

 

Further, it is the intention of the Group to begin development of a plan to set up after-school care facilities within Japan. Our exact plan has not been finalized in any capacity, as we will need to hire additional personnel in order to assist with the formulation of such plans with any level of specificity.

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.

 

-3-


Table of Contents

ITEM 4 CONTROLS AND PROCEDURES

Management’s Report on Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and our chief financial officer (who is acting as our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

 

As ofMarch 31, 2019, the end of the fiscal period covered by this report, we carried out an evaluation, under the supervision of our chief executive officer, with the participation of our chief financial officer, of the effectiveness of the design and the operation of our disclosure controls and procedures. The officers concluded that the disclosure controls and procedures were not effective as of the end of the period covered by this report due to material weaknesses identified below. 

 

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: domination of management by a limited individuals without adequate compensating controls, lack of a majority of outside directors on board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; inadequate segregation of duties consistent with control objectives, lack of well-established procedures to identify, approve and report related party transactions, and lack of an audit committee. These material weaknesses were identified by our Chief Executive Officer who also serves as our Chief Financial Officer in connection with the above annual evaluation.

 

Inherent limitations on effectiveness of controls

 

Internal control over financial reporting has inherent limitations which include but is not limited to the use of independent professionals for advice and guidance, interpretation of existing and/or changing rules and principles, segregation of management duties, scale of organization, and personnel factors. Internal control over financial reporting is a process which involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis, however these inherent limitations are known features of the financial reporting process and it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal controls over financial reporting that have occurred for the three months ending March 31, 2019, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

 

-4-


Table of Contents

PART II-OTHER INFORMATION

 

ITEM 1 LEGAL PROCEEDINGS

During the past ten (10) years, none of our directors, persons nominated to become directors, executive officers, promoters or control persons was involved in any of the legal proceedings listen in Item 401 (f) of Regulation S-K.

 

ITEM 1A RISK FACTORS

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.

 

ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On September 26, 2018, Force Internationale Limited, a Cayman Island limited company ("Force Internationale") entered into a Share Purchase Agreement with its wholly-owned subsidiary, e-Learning Laboratory Co., Ltd., a Japan corporation ("e-Learning") which, at the time, owned 74.5% of the Company. Under this Share Purchase Agreement, e-Learning transferred its 74.5% equity interest in the Company (14,894,000 shares of common stock of Exceed World, Inc.) to Force Internationale. As consideration for this transfer, Force Internationale paid $26,000.00 to e-Learning. Immediately thereafter, the Company entered into a Share Purchase Agreement with Force Internationale, to acquire 100% of Force International Holdings Limited, a Hong Kong limited company ("Force Holdings"), which is the 100% beneficial owner of e-Learning. In consideration of this agreement, the Company issued 12,700,000 common shares to Force Internationale. The result of these transactions is that Force Internationale became a 84.4% owner of the Company, the Company (a 100% owner of Force Holdings), became 100% beneficial owner of e-Learning. Prior to the Share Purchase Agreements, Force Internationale, through its subsidiaries, was an indirect owner of 74.5% of the Company and subsequent to the Share Purchase Agreements, Force Internationale is a direct beneficial owner of 84.4% of the Company. The Share Purchase Agreements were approved by the board of directors of each of the Company, Force Internationale, Force Holdings, and e-Learning. Copies of the Share Purchase Agreements are included as Exhibit 2.1 and Exhibit 2.2 to the Form 8-K filed on October 2, 2018 and is hereby incorporated by reference.

 

ITEM 3 DEFAULTS UPON SENIOR SECURITIES

None

 

ITEM 4 MINE SAFETY DISCLOSURES

Not applicable.

 

ITEM 5 OTHER INFORMATION

None

 

ITEM 6 EXHIBITS

 

Exhibit No.

Description

3.1 Certificate of Incorporation (1)
   
3.2 By-laws (1)
   
3.3 Amendment to the Articles of Incorporation of the Company (2)
   
3.4 Amendment to the Articles of Incorporation of the Company (3)
   
3.5 Articles of Association of Force Holdings (4)
   
3.6 Articles of Incorporation of e-Learning (4)
   
10.1 Share Purchase Agreement dated September 26, 2018 by and among Force Internationale and e-Learning (4)
   
10.2 Share Purchase Agreement dated September 26, 2018 by and among Force Internationale and Exceed World (4)
   
10.3 Share Contribution Agreement dated December 6, 2018 by and among Force Internationale and Exceed World (5)
   
31 Certification of the Company’s Principal Executive and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s report on Form 10-K (6)
   
32 Certification of the Company’s Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (6)
   
101.INS XBRL Instance Document (7)
   
101.SCH XBRL Taxonomy Extension Schema (7)
   
101.CAL XBRL Taxonomy Extension Calculation Linkbase (7)
   
101.DEF XBRL Taxonomy Extension Definition Linkbase (7)
   
101.LAB XBRL Taxonomy Extension Label Linkbase (7)
   
101.PRE XBRL Taxonomy Extension Presentation Linkbase (7)

 

(1) Filed as an exhibit to the Company's Registration Statement on Form 10, as filed with the SEC on February 19, 2015, and incorporated herein by this reference.
(2) Filed as an exhibit to the Company's Current Report on Form 8-K as filed with the SEC on January 12, 2016, and incorporated herein by this reference.
(3) Filed as an exhibit to the Company's Current Report on Form 8-K as filed with the SEC on November 1, 2016, and incorporated herein by this reference.
(4) Filed as an exhibit to the Company's Current Report on Form 8-K as filed with the SEC on October 2, 2018, and incorporated herein by this reference.
(5) Filed as an exhibit to the Company's Current Report on Form 8-K as filed with the SEC on December 12, 2018, and incorporated herein by this reference.
(6) Filed herewith.
(7) Users of this data are advised that, pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or Annual Report for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Exchange Act of 1934 and otherwise are not subject to liability.

 

-5-


Table of Contents

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

 

Exceed World, Inc.

(Registrant)

 

By: /s/ Tomoo Yoshida 

Name: Tomoo Yoshida

CEO, President, Director

Dated: July 11, 2019 

 

-6-


 

 

 

EX-31 2 ex31.htm EX-31

 

EXHIBIT 31.1

 

Exceed World, INC.

OFFICER'S CERTIFICATE PURSUANT TO SECTION 302

 

I, Tomoo Yoshida, certify that:

 

1.   I have reviewed this report on Form 10-Q/A of Exceed World, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The small business issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The small business owner’s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small issuer's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting. 

 

Dated: July 11, 2019

 

By: /s/ Tomoo Yoshida

Tomoo Yoshida,

Chief Executive Officer

(Principal Executive Officer)

 

 

EXHIBIT 31.2

 

 

Exceed World, INC.

OFFICER'S CERTIFICATE PURSUANT TO SECTION 302

 

I, Tomoo Yoshida, certify that:

 

1.   I have reviewed this report on Form 10-Q/A of Exceed World, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The small business issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The small business owner’s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small issuer's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting. 

 

Dated: July 11, 2019

 

By: /s/ Tomoo Yoshida

Tomoo Yoshida,

Chief Financial Officer

(Principal Financial Officer)

 

EX-32 3 ex32.htm EX-32

EXHIBIT 32.1

 

 

Exceed World, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Quarterly Report of Exceed World, Inc. (the Company) on Form 10-Q/A for the quarter ended March 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Tomoo Yoshida, Principal Executive Officer of the Company, certify,  pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)  The Report fully complies with the  requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to Tomoo Yoshida and will be retained by Exceed World, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

Dated: July 11, 2019

 

By: /s/ Tomoo Yoshida

Tomoo Yoshida,

Chief Executive Officer

(Principal Executive Officer)

 

 

 

 

EXHIBIT 32.2

 

 

Exceed World, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Quarterly Report of Exceed World, Inc. (the Company) on Form 10-Q/A for the quarter ended March 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Tomoo Yoshida, Principal  Financial Officer of the Company, certify,  pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)  The Report fully complies with the  requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to Tomoo Yoshida and will be retained by Exceed World, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

Dated: July 11, 2019

 

By: /s/ Tomoo Yoshida

Tomoo Yoshida,

Chief Financial Officer

(Principal Financial Officer)

 

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The Company has evaluated that the changes described above will result in (i) decrease in accounts payable of $1,714,182 as of March 31, 2019, increase in accumulated earnings of $1,719,934 as of March 31, 2019 and decrease in accumulated other comprehensive income of $5,752 as of March 31, 2019; and (ii) an decrease in administrative expenses of $15,586 for the six months ended March 31, 2019, increase in net income of $15,586 for the six months ended March 31, 2019, increase in due to director of $400,479 and decrease in other accounts payable of $9,984 as of March 31, 2019, decrease in accumulated earnings of $390,495 as of March 31, 2019. Because these revisions are treated as corrections of errors to our prior period financial results, the revisions are considered to be an “amendment” under U.S. generally accepted accounting principles. Accordingly, the revised financial information included in the Annual Report on Form 10-Q/A has been identified as “amended and restated”. 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Document and Entity Information - shares
6 Months Ended
Mar. 31, 2019
Jul. 11, 2019
Document And Entity Information    
Entity Registrant Name Exceed World, Inc.  
Entity Central Index Key 0001634293  
Document Type 10-Q/A  
Document Period End Date Mar. 31, 2019  
Amendment Flag true  
Amendment Description We are filing this Amendment on Form 10Q/A to amend our Quarterly Report ("Amended Report") for the six months ended March 31, 2019, originally filed with the Securities and Exchange Commission on May 15, 2019 (the "Original Report"), to amend our consolidated financial statements. This Amended Report has not been updated for events occurring after the filing of the Original Report nor does it change any other disclosures contained in the Original Report. Accordingly, this Amended Report should be read in conjunction with the Original Report. In accordance with applicable SEC rules, this Form 10Q/A includes new certifications required by Sections 302 and 906 of the SarbanesOxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated May 15, 2019 10-Q as of the filing date of this Form 10Q/A. Amendment and Restatement Background In the course of its financial statements closing process subsequent to the period ended March 31, 2018, the CEO and CFO (collectively, “the Management”) of Exceed World, Inc. (the “Company”), determined that the Company’s annual financial statements for the year ended September 30, 2018 and interim financial statements for the three-month ended December 31, 2018 and six months ended March 31, 2019, could no longer be relied upon. Specifically, on June 12, 2019, Management discovered that (i) overstatement of cost of revenue which should not be expensed during the year ended September 30, 2018, and (ii) understatement of administrative expenses during the year ended September 30, 2018; overstatement of administrative expenses during the three months ended December 31, 2018 and overstatement of administrative expenses during the six months ended March 31, 2019. As periods to such applicable costs. The Company has evaluated that the changes described above will result in (i) decrease in accounts payable of $1,714,182 as of March 31, 2019, increase in accumulated earnings of $1,719,934 as of March 31, 2019 and decrease in accumulated other comprehensive income of $5,752 as of March 31, 2019; and (ii) an decrease in administrative expenses of $15,586 for the six months ended March 31, 2019, increase in net income of $15,586 for the six months ended March 31, 2019, increase in due to director of $400,479 and decrease in other accounts payable of $9,984 as of March 31, 2019, decrease in accumulated earnings of $390,495 as of March 31, 2019. Because these revisions are treated as corrections of errors to our prior period financial results, the revisions are considered to be an “amendment” under U.S. generally accepted accounting principles. Accordingly, the revised financial information included in the Annual Report on Form 10-Q/A has been identified as “amended and restated”. Internal Control Consideration As disclosed in the Company’s Form 10-Q filed on May 15, 2019, Management had previously disclosed that material weakness existed as of March 31, 2019 with respect to the lack of a functioning audit committee and inadequate segregation of duties resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures. While management’s assessment of the Company’s internal control over financial reporting is ongoing, because of the material weaknesses identified, management concludes that the Company’s internal controls over financial reporting remain ineffective as of the date of this report. Management has determined that the failure to record these cost of revenues and professional fees resulted from control deficiencies with respect to the tracking and disclosure of all Company agreements, and that this control deficiency constitutes a material weakness in the Company’s internal controls over financial reporting. The Company has thoroughly investigated the entire financial reporting process to ensure no other material errors are left undiscovered that may affect the Company’s financial results.  
Current Fiscal Year End Date --09-30  
Smaller Reporting Company true  
Entity Emerging Growth Company true  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock Shares Outstanding   32,700,000
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2019  
Transition Period false  
Entity Shell Company false  
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CONSOLIDATED BALANCE SHEETS (March 31, 2019 Unaudited) - USD ($)
Mar. 31, 2019
Sep. 30, 2018
Current Assets    
Cash and cash equivalents $ 19,638,735 $ 22,737,755
Marketable securities 595,626 830,331
Accounts receivable, trade 1,032
Short-term loan receivable (Note 6) 496,211 395,848
Income tax recoverable 250,567 425,303
Prepaid expenses 730,531 295,510
Inventories 720,462 380,925
Other current assets 340,483 255,030
Total Current Assets 22,772,615 25,321,734
Non-current Assets    
Property, plant and equipment, net (Note 7) 457,053 343,991
Other intangible assets, net (Note 8) 2,248,279 3,228,655
Long-term prepaid expenses 58,285 58,341
Long-term loan receivable from related party 227,475
Deferred tax assets 294,515 287,157
Total Non-Current Assets 3,285,607 3,918,144
Total Assets 26,058,222 29,239,878
Current Liabilities    
Accounts payable, trade 1,035,313 4,572,204
Accrued expenses 65,811
Income tax payable 153,961
Deposit receipt 103,236 100,657
Deferred income 4,987,741 4,460,652
Capital lease obligations-current portion 9,566 9,327
Due to related parties 480,350 338,725
Due to directors 739,610 596,059
Other accounts payable 1,404,635 1,741,639
Total Current Liabilities 8,914,412 11,885,074
Long-term note payable 483,814
Long-term deferred income 2,183
Capital lease obligations-long term portion 42,857 41,786
Total Non-Current Liabilities 42,857 527,783
Total Liabilities 8,957,269 12,412,857
Shareholders' Equity    
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; none issued and outstanding as of March 31, 2019 and September 30, 2018)
Common stock ($.0001 par value, 500,000,000 shares authorized, 32,700,000 and 32,700,000 shares issued and outstanding as of March 31, 2019 and September 30, 2018) 3,270 3,270
Additional Paid In Capital 261,516 99,440
Accumulated earnings 16,531,289 16,896,299
Accumulated other comprehensive income (loss) 304,878 (171,988)
TOTAL SHAREHOLDERS' EQUITY 17,100,953 16,827,021
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,058,222 $ 29,239,878
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BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2019
Sep. 30, 2018
StockholdersEquity    
Preferred Stock Par Or Stated Value Per Share $ 0.0001 $ 0.0001
Preferred Stock Shares Authorized 20,000,000 20,000,000
Preferred Stock Shares Issued 0 0
Preferred Stock Shares Outstanding 0 0
Common Stock Par Or Stated Value Per Share $ .0001 $ 0.0001
Common Stock Shares Authorized 500,000,000 500,000,000
Common Stock Shares Issued 32,700,000 32,700,000
Common Stock Shares Outstanding 32,700,000 32,700,000
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]        
Revenues $ 5,908,517 $ 5,338,906 $ 13,800,681 $ 10,944,631
Cost of revenues 2,814,543 2,451,179 7,070,360 6,220,446
Gross profit 3,093,974 2,887,727 6,730,321 4,724,185
Operating Expense        
Selling and distributions expenses 424,407 517,671 638,920 832,444
Administrative expenses 2,823,373 2,887,205 6,212,384 6,167,560
Total operating expenses 3,247,780 3,404,876 6,851,304 7,000,004
Loss from operations (153,806) (517,149) (120,983) (2,275,819)
Other income        
Other income 51,180 72,723 77,438 112,811
Change in fair value of marketable securities 181,677
Total Other Income 232,857 72,723 77,438 112,811
Other expenses 656 57,344
Change in fair value of marketable securities 111,039 177,484
Total Other Expenses 656 168,383 177,484
Net income (loss) before tax 78,395 (444,426) (211,928) (2,340,492)
Income tax expense 86,583 87,934 153,082 87,934
Net Loss (8,188) (532,360) (365,010) (2,428,426)
Other Comprehensive Income (Loss)        
Foreign Currency Translation Adjustment (201,978) 749,020 476,866 721,514
Total comprehensive income (loss) $ (210,166) $ 216,660 $ 111,856 $ (1,706,912)
Basic and diluted net income (loss) per common share $ 0.00 $ (0.03) $ (0.01) $ (0.12)
Weighted Average Number of Common Shares Outstanding, Basic and Diluted 32,700,000 20,000,000 32,700,000 20,000,000
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.19.2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
Common Stock Amount (Valued at Par)
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Earnings (Deficit)
Total
Beginning Balance at Sep. 30, 2017 $ 2,000 $ 59,679 $ 72,746 $ 14,520,667 $ 14,655,092
Net Loss (1,896,066) (1,896,066)
Foreign currency translation (27,506) (27,506)
Ending Balance at Dec. 31, 2017 2,000 59,679 45,240 12,624,601 12,731,520
Net Loss (532,360) (532,360)
Foreign currency translation 749,020 749,020
Ending Balance at Mar. 31, 2018 2,000 59,679 794,260 12,092,241 12,948,180
Beginning Balance at Sep. 30, 2018 3,270 99,440 (171,988) 16,896,299 16,827,021
Net Loss (356,822) (356,822)
Disposal of School TV 162,076 162,076
Foreign currency translation 678,844 678,844
Ending Balance at Dec. 31, 2018 3,270 261,516 506,856 16,539,477 17,311,119
Net Loss (8,188) (8,188)
Foreign currency translation (201,978) (201,978)
Ending Balance at Mar. 31, 2019 $ 3,270 $ 261,516 $ 304,878 $ 16,531,289 $ 17,100,953
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ (365,010) $ (2,428,426)
Depreciation of property, plant and equipment 35,540 45,057
Amortization of intangible assets 483,875 505,962
Loss on written off of intangible asset 21,861
Loss on disposal of marketable securities 57,344
Change in fair value of marketable securities 111,039 177,484
Changes in operating assets and liabilities:    
Accounts receivable 1,059
Prepaid expenses (425,899) (279,253)
Inventories (330,118) 1,275,263
Long-term loans receivable (227,475)
Income tax recoverable 339,594 (642,037)
Other current assets (208,306) 169,640
Accounts payable (3,648,670) (11,929)
Accrued expenses and other payables (293,439) (672,490)
Deposit receipt 155,001
Deferred income 412,796 2,170,377
Net cash (used in) provided by operating activities (4,057,670) 486,510
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceed from disposal of marketable securities 86,624
Acquisition of subsidiary (4,967)
Net cash outflow on acquisition of subsidiary 135
Purchase of property, plant and equipment (139,207) (360,000)
Purchase of intangible assets (44,907) (35,870)
Net cash used in investing activities (97,490) (400,702)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of capital lease obligation (21,487)
Due to directors 282,814 585,118
Due to related parties 132,945 10,063
Net cash provided by financing activities 415,759 573,694
Net effect of exchange rate changes on cash 640,381 713,330
Net Change in Cash and Cash Equivalents (3,099,020) 1,372,832
Cash and cash equivalents - beginning of period 22,737,755 13,226,698
Cash and cash equivalents - end of period 19,638,735 14,599,530
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest paid
Income taxes paid (refund) $ (300,242)
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS OF PRESENTATION
6 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business

NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS OF PRESENTATION  

 

Exceed World, Inc., (the “Company”), was incorporated under the laws of the State of Delaware on November 25, 2014.

 

On September 26, 2018, e-Learning Laboratory Co., Ltd. (“e-Learning”), a direct wholly owned subsidiary of Force International Holdings Limited, which was incorporated in Hong Kong with limited liability (“Force Holdings”), entered into a share purchase agreement with Force Internationale Limited (“Force Internationale”), the holding company of Force Holdings, in which e-Learning agreed to sell and Force Internationale agreed to purchase 74.5% equity interest of the Company at a consideration of US$26,000.

 

On September 26, 2018, the same date, Force Internationale entered into a share purchase agreement with the Company, in which Force Internationale agreed to sell and the Company agreed to purchase 100% equity interest of Force Holdings. In consideration of the agreement, the Company issued 12,700,000 common stock at US$1 each to Force Internationale. The results of these transactions are that Force Internationale is a 84.4% owner of the Company and the Company is a 100% owner of Force Holdings (the “Reorganization”).

 

On December 6, 2018, the Company entered into a share contribution agreement (the “Agreement”) with Force Internationale, a 84.4% owner of the Company. Under this Agreement, the Company transferred 100% of the equity interest of School TV Co., Ltd. ("School TV"), to Force Internationale without consideration. This Agreement was approved by the boards of directors of the Company, Force Internationale and School TV. Upon the completion of the disposal, School TV was deconsolidated from the Group's consolidated financial statements.

 

As of March 31, 2019, we operate through our wholly owned subsidiaries, which are engaged in provision of the educational services through an internet platform called “Force Club”.

 

The Company has elected September 30th as its fiscal year end.

 

The accompanying unaudited consolidated financial statements of Exceed World, Inc. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the six months ended March 31, 2019, have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms "Company", "we", "us" or "our" mean the Company. Certain information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America has been omitted from these statements pursuant to such accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our consolidated financial statements for the year ended September 30, 2018, included in our Form 10-K.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

PRINCIPLES OF CONSOLIDATION 

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries (the “Group”). Inter-company accounts and transactions have been eliminated.

 

Name of Subsidiary State or Other Jurisdiction of Incorporation or Organization
Force International Holdings Limited Hong Kong
e-Learning Laboratory Co., Ltd. Japan
e-Communications Co., Ltd. (“e-Communications”) Japan

 

USE OF ESTIMATES 

 

The presentation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as the date of the financial statements and the reported amounts of revenue and expenses reported in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, write-down in value of inventory and sales allowance. Operating results in the future could vary from the amounts derived from management's estimates and assumptions.

 

RELATED PARTY TRANSACTION

 

A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business.

 

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

 

CASH EQUIVALENTS

 

The Company considers all highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents.

 

ACCOUNTS RECEIVABLE AND ALLOWANCE

 

Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off against the allowance when identified.

 

MARKETABLE SECURITIES

 

Investments in marketable securities with readily determinable fair values and all investments in equity securities are reported at their fair values as quoted by market exchanges in the consolidated balance sheets. Unrealized and realized gains and losses are included in the change in fair value of marketable securities.

 

INVENTORIES

 

Inventories, consisting of educational products accounted for using the weighted average method, are valued at the lower of cost and market value.

 

PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment are stated at cost less depreciation and impairment loss. Depreciation is calculated using the straight-line method or reducing balance method at the following estimated useful life:

 

Building Over the shorter of the lease terms or 10 years on straight-line method
Equipment 2 to 15 years on reducing balance method
Vehicle 3 years on reducing balance method

 

Assets held under capital lease obligation are depreciated over their expected useful lives on the same basis as owned assets. However, when there is no reasonable certainty that ownership will be obtained by the end of the lease term, assets are depreciated over the shorter of the lease term and their useful lives.

 

INTANGIBLE ASSETS

 

The Company amortizes its intangible assets with definite useful lives over their estimated useful lives and periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists.

 

The intangible assets with definite useful life are amortized using the straight-line basis over the following estimated useful life:

 

Software 5 years
Membership   15 years – 30 years

 

IMPAIRMENT OF LONG-LIVED ASSETS

 

The carrying value of property, plant and equipment and intangible assets subject to amortization is evaluated whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be measured by the amount by which the carrying value of the asset exceeds the fair value of the asset. Management has determined there were no events or changes in circumstances that required an impairment during the six months ended March 31, 2019 and March 31, 2018.

 

FOREIGN CURRENCY TRANSLATION 

 

The Company maintains its books and records in its local currencies, Japanese YEN (“JPY”) and Hong Kong Dollars (“HK$”), which are the functional currencies as being the primary currencies of the economic environment in which their operations are conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of operations and comprehensive income.

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, Translation of Financial Statement, assets and liabilities of the Group whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the consolidated statements of shareholders’ equity.

 

Translation of amounts from the local currency of the Group into US$1 has been made at the following exchange rates:

 

  March 31, 2019   March 31, 2018
Current JPY: US$1 exchange rate 110.84   106.26
Average JPY: US$1 exchange rate 111.84   110.62
       
Current HK$: US$1 exchange rate 7.85   7.85
Average HK$: US$1 exchange rate 7.83   7.82

 

COMPREHENSIVE INCOME OR LOSS

 

ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying consolidated statements of shareholders’ equity consists of changes in unrealized gains and losses on foreign currency translation.

 

REVENUE RECOGNITION

 

The Company recognizes revenue by applying the following steps in accordance with Accounting Standards Codification (“ASC”) Topic 606 - Revenue from contracts with Customers: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. When payments are received in advance of recognizing revenue, the Company includes the amount in deferred income on the consolidated balance sheets. Membership income of e-Learning educational services was recognized when the membership services are rendered.

 

ADVERTISING

 

Advertising costs are expensed as incurred and included in selling and distributions expenses. Advertising expense was $638,920 and $666,014 for the six months ended March 31, 2019 and 2018, respectively.

 

BASIC EARNINGS PER SHARE

 

The Company computes basic and diluted earnings per share in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income by the weighted average number of common stock outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company.

 

The Company does not have any potentially dilutive instruments as of March 31, 2019 and September 30, 2018 and, thus, anti-dilution issues are not applicable.

 

INCOME TAXES

 

The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Group’s income tax provision and net income or loss in the period the determination is made.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

 

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). This new guidance removes and modifies disclosure requirements on fair value statements. This update is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal year. The Company is currently evaluating the impact, if any, on its disclosures in the Notes to Consolidated Financial Statements. 

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 3 - FAIR VALUE MEASUREMENT
6 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurement

NOTE 3 – FAIR VALUE MEASUREMENT

 

The Company’s valuation techniques used to measure the fair value of marketable equity securities are derived from quoted prices in active markets for identical assets or liabilities.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 4 - INCOME TAXES
6 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Income taxes

nOTE 4 - INCOME TAXES

 

The Group conducts its major businesses in Japan and is subject to tax in this jurisdiction. As a result of its business activities, the Group files tax returns that are subject to examination by the local tax authority.

 

National income tax in Japan is charged at 15% with taxable income up to JPY8,000,000 ($72,531) and 23.2% at March 31, 2019 and September 30, 2018, with taxable income over JPY8,000,000. The Company’s subsidiaries, e-Learning and e-Communications (“Japanese Subsidiaries”), were incorporated in Japan and are subject to Japanese national income tax and local corporate tax, business tax and corporate inhabitant taxes at the applicable tax rates on the taxable income as reported in their Japanese statutory accounts in accordance with the relevant enterprises income tax laws applicable to foreign enterprises.

 

For the six months ended March 31, 2019 and March 31, 2018, income tax expense for Japanese Subsidiaries is $153,082 and $87,934, respectively.

 

Exceed World, Inc., which acts as a holding company on a non-consolidated basis, does not plan to engage any business activities and current or future loss will be fully allowed. For the six months ended March 31, 2019 and 2018, respectively, Exceed World, Inc., as a holding company registered in the state of Delaware, has incurred net loss and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry forward has been fully reserved.

 

United States

 

The Company is a Delaware corporation that is subject to U.S. corporate income tax on its taxable income at a rate of up to 21% for taxable years beginning after December 31, 2017 and U.S. corporate income tax on its taxable income of up to 35% for prior tax years. Recent U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “2017 Act”), was signed into law on December 22, 2017. The 2017 Act significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a territorial tax system with a one-time transition tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years or in a single lump sum.

 

The 2017 Act also includes provisions for a new tax on the Global Intangible Low-taxed Income (“GILTI”) effective for tax years of foreign corporations beginning after December 31, 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations (“CFCs”), subject to the possible use of foreign tax credits and a deduction equal to 50 percent to offset the income tax liability, subject to some limitations.

 

The Company’s management is still evaluating the effect of the 2017 Act on the Company. Management may update its judgment of that effect based on its continuing evaluation and on future regulations or guidance issued by the U.S. Department of the Treasury, and specific actions the Company may take in the future.

 

To the extent that portions of the Company’s U.S. taxable income, such as Subpart F income or GILTI, are determined to be from sources outside of the U.S., subject to certain limitations, the Company may be able to claim foreign tax credits to offset its U.S. income tax liabilities. If dividends that the Company receives from its subsidiaries are determined to be from sources outside of the U.S., subject to certain limitations, the Company will generally not be required to pay U.S. corporate income tax on those dividends. Any liabilities for U.S. corporate income tax will be accrued in the Company’s consolidated statements of operations and comprehensive income and estimated tax payments will be made when required by U.S. law.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 5 - RELATED PARTY TRANSACTIONS
6 Months Ended
Mar. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

 

NOTE 5 - RELATED-PARTY TRANSACTIONS

 

On September 26, 2018, e-Learning, a direct wholly owned subsidiary of Force Holdings, which was incorporated in Hong Kong with limited liability, entered into a share purchase agreement with Force Internationale, the holding company of Force Holdings, in which e-Learning agreed to sell and Force Internationale agreed to purchase 74.5% equity interest of the Company at a consideration of US$26,000.

 

On September 26, 2018, the same date, Force Internationale entered into a share purchase agreement with the Company, in which Force Internationale agreed to sell and the Company agreed to purchase 100% equity interest of Force Holdings at a consideration by issuance of 12,700,000 common stock at US$1 each to Force Internationale.

 

On December 6, 2018, the Company entered into the Agreement with Force Internationale, a 84.4% owner of the Company. Under the Agreement, the Company transferred 100% of the equity interest of School TV to Force Internationale without consideration. This agreement was approved by the boards of directors of each of the Company, Force Internationale and School TV. Upon the completion of the disposal, School TV was deconsolidated from the Group’s consolidated financial statements.

 

As of March 31, 2019 and September 30, 2018, the Company had $739,610 and $596,059, respectively, owed to Tomoo Yoshida, Chief Executive Officer, Chief Financial Officer and the shareholder of the Company. The advance is unsecured, due on demand and bears no interest.

 

As of March 31, 2019 and September 30, 2018, the Company had $47,337 and $47,710, respectively, owed to Keiichi Koga, who is the shareholder of the Company and the director of the Company’s certain subsidiaries. The advance is unsecured, due on demand and bears no interest.

 

As of March 31, 2019 and September 30, 2018, the Company had $300,476 and $291,015, respectively, owed to Force Internationale which is our holding company and Tomoo Yoshida, our CEO, is also the director of Force Internationale. The advance is unsecured, due on demand and bears no interest. 

 

As of March 31, 2019, the Company had $132,537 owed to School TV. Tomoo Yoshida, our CEO, is also the CEO of School TV. The advance is unsecured, due on demand and bears no interest. 

 

As of March 31, 2019, the Company had a long-term loan JPY25,000,000 ($225,550) to School TV. Tomoo Yoshida, our CEO, is also the CEO of School TV. The loan is unsecured, mature on May 24, 2023 with an interest rate 1% per annum. As of March 31, 2019, the interest receivable was $1,925.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 6 - SHORT-TERM LOAN RECEIVABLE
6 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Short Term Loan Receivable

NOTE 6 – SHORT-TERM LOAN RECEIVABLE

 

On September 14, 2018, the Company entered into a loan agreement to lend JPY45,000,000 ($405,991) to an independent third party, Star Gate Investment Holdings Limited. The loan is unsecured, matures on March 31, 2019 with an interest of JPY 400,000 ($3,577) per quarter. The loan is repaid on April 24, 2019 without charged of overdue interest.

 

As of March 31, 2019, the Company had short-term loan JPY10,000,000 ($90,220) to School TV. Tomoo Yoshida, our CEO, is also the CEO of School TV. The loan is unsecured, matures on January 15, 2020 with an interest rate 1% per annum.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT
6 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment

NOTE 7 - PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consist of the following:

 

  March 31, 2019 September 30, 2018
  US$ US$
Buildings 115,395   54,984
Equipment 811,654    741,083  
Vehicles 118,025   119,296
  1,045,074 915,363
     
Accumulated depreciation and amortization (597,417) (569,650)
  447,657  345,713 
     
Net effect of exchange rate 9,396 (1,722)
     
Total net book value 457,053 343,991

 

Depreciation and amortization of property, plant and equipment were $ 35,540 and $45,057 for the six months ended March 31, 2019 and 2018, respectively.

 

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 8 - INTANGIBLE ASSETS
6 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 8 – INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

  March 31, 2019 September 30, 2018
  US$ US$
Software 5,111,144   5,121,311
Franchise right - 667,378
Membership 440,432   450,285  
  5,551,576 6,238,974  
     
Accumulated depreciation and amortization (3,367,707) (2,978,171)
  2,183,869 3,260,803
     
Net effect of exchange rate 64,410 (32,148)
     
Total net book value 2,248,279 3,228,655

 

The aggregate amortization expenses related to the intangible assets was $483,875 and $505,962 for the six months ended March 31, 2019 and 2018, respectively.  

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 9 - SHAREHOLDERS' EQUITY
6 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Shareholders' Equity

NOTE 9 - SHAREHOLDERS’ EQUITY

 

On September 26, 2018, the Company issued 12,700,000 common stock at US$1 each to Force Internationale for the acquisition of 100% equity interests of Force Holdings.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 10 - RESTATEMENT OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
NOTE 10 - RESTATEMENT OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

NOTE 10 - RESTATEMENT OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

Subsequent to the filing of the Form 10Q on May 15, 2019, the Company had identified accounting issues relating to (i) commission expense which resulted in overstated other comprehensive income of $20,027 and understated other comprehensive income of $42,824 for the three and six months ended March 31, 2019, respectively, and overstated accounts payable balances of $1,671,358 and $1,714,182 as of September 30, 2018 and March 31, 2019, respectively, understated accumulated earnings of $1,719,934 and $1,719,934 as of September 30, 2018 and March 31, 2019, respectively, and understated accumulated other comprehensive loss of $48,576 and overstated accumulated other comprehensive income of $5,752 as of September 30, 2018 and March 31, 2019, respectively, and (ii) professional fee which resulted in overstated administrative expenses of $15,586 and $112,431 for the three and six months ended March 31, 2019, respectively, and understated due to director of $213,515 and $400,479 as of September 30, 2018 and March 31, 2019, respectively, understated other accounts payable of $289,411 and overstated other accounts payable of $9,984 as of September 30, 2018 and March 31, 2019, respectively, overstated accumulated earnings of $502,926 and $390,495 as of September 30, 2018 and March 31, 2019, respectively.

 

As a result, the Company restated its previously issued consolidated financial statements, included in its Amendment to the Company's 2018 Annual Report on Form 10-K/A, filed on January 14, 2019, and the previously issued condensed consolidated financial statements included in its Amendment to the Company's Quarterly Reports on Form 10-Q/A for the three months ended December 31, 2018, filed on February 13, 2019 and the six months ended March 31, 2019, filed on May 15, 2019.

 

The 2019 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2019 (the “Original Filing”) and this Amendment to its Quarterly Report on Form 10-Q/A (the “2018 Amended Quarterly Report on Form 10-Q/A”) include the restated Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended March 31, 2019 and restated Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2019 and the restated Condensed Consolidated Balance Sheet as of March 31, 2019 and September 30, 2018.

 

The following discloses each line item that is affected by the restatement of the Company's consolidated financial statements as of March 31, 2019 and September 30, 2018 and for the three and six months ended March 31, 2019.

 

Consolidated Statements of Operations and Comprehensive Income (Loss):

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

      As Originally Filed   Effect of Restatement   Effect of Restatement       Restated
                   
Revenues $ 13,800,681 $ - $ - $ 13,800,681
                   
Cost of revenues   7,070,360   -   -   7,070,360
                   
Gross profit   6,730,321   -   -   6,730,321
                   
OPERATING EXPENSE                
  Selling and distributions expenses   638,920   -   -   638,920
  Administrative expenses   6,324,815   -   (112,431)   6,212,384
Total operating expenses   6,963,735   -                (112,431)   6,851,304
                   
Income from operations   (233,414)   -   112,431   (120,983)
                   
Other income                
  Other income   77,438   -   -   77,438
          -   -   -
Other expenses                
  Other expenses   57,344   -   -   57,344
                   
  Change in fair value of marketable securities   111,039   -  

 

-

  111,039
  Total other expenses   168,383   -   -   168,383
                   
Net loss before tax   (324,359)   -   112,431   (211,928)
                   
Income tax expense   153,082   -   -   153,082
                   
NET LOSS $ (477,441) $ - $ 112,431 $ (365,010)
                   
OTHER COMPREHENSIVE INCOME                
  Foreign currency translation adjustment   434,042   42,824   -   476,866
                   
TOTAL COMPREHENSIVE INCOME $ (43,399) $ 42,824 $ 112,431 $ 111,856
                   
BASIC AND DILUTED NET LOSS PER COMMON SHARE

 

$

(0.01)

 

$

-

 

$

 

-

$ (0.01)
                   
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED                
  32,700,000   -  

 

-

  32,700,000
                   

 

Consolidated Statements of Operations and Comprehensive Income (Loss):

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended March 31, 2019 filed by the Company on May 15, 2019.

 

      As Originally Filed   Effect of Restatement   Effect of Restatement       Restated
                   
Revenues $ 5,908,517 $ - $ - $ 5,908,517
                   
Cost of revenues   2,814,543   -   -   2,814,543
                   
Gross profit   3,093,974   -   -   3,093,974
                   
OPERATING EXPENSE                
  Selling and distributions expenses   424,407   -   -   424,407
  Administrative expenses   2,838,959   -   (15,586)   2,823,373
Total operating expenses   3,263,366   -                (15,586)   3,247,780
                   
Income from operations   (169,392)   -   15,586   (153,806)
                   
Other income                
  Other income   51,180   -   -   51,180
 

Change in fair value of marketable

securities

  181,677   -  

 

-

  181,677
    232,857   -   

 

-

  232,857
Other expenses                
  Other expenses   656   -   -   656
                   
Net loss before tax   62,809   -   15,586   78,395
                   
Income tax expense   86,583   -   -   86,583
                   
NET LOSS $ (23,774) $ - $ 15,586 $ (8,188)
                   
OTHER COMPREHENSIVE INCOME                
  Foreign currency translation adjustment   (181,951)   (20,027)   -   (201,978)
                   
TOTAL COMPREHENSIVE INCOME $ (205,725) $ (20,027) $ 15,586 $ (210,166)
                   
BASIC AND DILUTED NET LOSS PER COMMON SHARE

 

$

(0.00)

 

$

-

 

$

 

-

$ (0.00)
                   
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED                
  32,700,000   -  

 

-

  32,700,000
                   

 

Consolidated Balance Sheets:

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

                         
      As Originally Filed   Effect of Restatement   Effect of Restatement   Restated      
                         
                         
ASSETS                    
Current Assets                    
  Cash and cash equivalents $ 19,638,735 $ - $ - $ 19,638,735    
  Marketable securities   595,626   -   -   595,626    
  Short-term loan receivable   496,211   -   -   496,211    
  Income tax recoverable   250,567   -   -   250,567    
  Prepaid expenses   730,531   -   -   730,531    
  Inventories, net   720,462   -   -   720,462    
  Other current assets   340,483   -   -   340,483    
                       
TOTAL CURRENT ASSETS   22,772,615   -   -   22,772,615    
                       
Non-current Assets                    
  Property, plant and equipment, net $ 457,053 $ - $ - $ 457,053    
  Other intangible assets, net   2,248,279   -   -   2,248,279    
  Long-term prepaid expenses   58,285   -   -   58,285    
  Long-term loan receivable from related party   227,475   -   -   227,475    
  Deferred tax assets   294,515   -   -   294,515    
                       
  TOTAL NON-CURRENT ASSETS   3,285,607   -   -   3,285,607    
                       
TOTAL ASSETS $ 26,058,222 $ - $ - $ 26,058,222    
                       
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Current Liabilities                    
  Accounts payable, trade $ 2,749,495 $ (1,714,182) $ - $ 1,035,313    
  Income tax payable   153,961   -   -   153,961    
  Deposit receipt   103,236   -   -   103,236    
  Deferred income   4,987,741   -   -   4,987,741    
  Capital lease obligations-current portion   9,566   -   -   9,566    
  Due to related parties   480,350   -   -   480,350    
  Due to directors   339,131   -   400,479   739,610    
  Other accounts payable   1,414,619   -   (9,984)   1,404,635    
                       
TOTAL CURRENT LIABILITIES   10,238,099   (1,714,182)   390,495   8,914,412    
                       
Capital lease obligations-long term portion   42,857   -   -   42,857    
                       
TOTAL LIABILITIES   10,280,956   (1,714,182)   390,495   8,957,269    
                       
Shareholders' Equity                    
  Preferred stock ($0.0001 par value, 20,000,000 shares authorized;                    
  none issued and outstanding as of March 31, 2019)   -   -   -   -    
  Common stock ($0.0001 par value, 500,000,000 shares authorized,                    
  32,700,000 shares issued and outstanding                    
  as of March 31, 2019)   3,270   -   -   3,270    
  Additional paid-in capital   261,516   -   -   261,516    
  Accumulated earnings   15,201,850   1,719,934   (390,495)   16,531,289    
  Accumulated other comprehensive income (loss)   310,630   (5,752)   -   304,878    
                       
TOTAL SHAREHOLDERS' EQUITY   15,777,266   1,714,182   (390,495)   17,100,953    
                       
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

26,058,222

 

$

-

 

$

-

 

$

26,058,222    
                       
                             

  

Consolidated Balance Sheets:

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the year ended September 30, 2018 filed by the Company on May 15, 2019.

 

                           
      As Originally Filed   Effect of Restatement   Effect of Restatement   Restated        
                           
                           
ASSETS                      
Current Assets                      
  Cash and cash equivalents $ 22,737,755 $ - $ - $ 22,737,755        
  Marketable securities       830,331   -   -   830,331        
  Accounts receivable, trade, net   1,032   -   -   1,032        
  Short-term loan receivable   395,848   -   -   395,848        
  Income tax recoverable       425,303   -   -   425,303        
  Prepaid expenses   295,510   -   -   295,510        
  Inventories, net       380,925   -   -   380,925        
  Other current assets   255,030   -   -   255,030        
                           
TOTAL CURRENT ASSETS   25,321,734    -   -   25,321,734      
                           
Non-current Assets                      
  Property, plant and equipment, net $ 343,991 $ - $ - $ 343,991        
  Other intangible assets, net   3,228,655   -   -   3,228,655        
  Long-term prepaid expenses       58,341   -   -   58,341        
  Deferred tax assets   287,157   -   -   287,157        
                           
  TOTAL NON-CURRENT ASSETS   3,918,144   -   -   3,918,144        
                           
TOTAL ASSETS $ 29,239,878 $ - $ - $ 29,239,878      
                           
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Current Liabilities                      
  Accounts payable, trade $ 6,243,562 $ (1,671,358) $ - $ 4,572,204        
  Accrued expenses   65,811   -   -   65,811        
  Deposit receipt   100,657   -   -   100,657        
  Deferred income   4,460,652   -   -   4,460,652        
  Capital lease obligations-current portion   9,327   -   -   9,327        
  Due to related parties   338,725   -   -   338,725        
  Due to director   382,544   -   213,515   596,059        
  Other accounts payable   1,452,228   -   289,411   1,741,639        
                           
TOTAL CURRENT LIABILITIES   13,053,506   (1,671,358)   502,926   11,885,074      
                           
Long-term note payable   483,814   -   -   483,814      
Capital lease obligations-long term portion   41,786   -   -   41,786      
Long-term deferred income   2,183   -   -   2,183      
                           
TOTAL LIABILITIES   13,581,289   (1,671,358)   502,926   12,412,857      
                           
Shareholders' Equity                      
  Preferred stock ($0.0001 par value, 20,000,000 shares authorized;                        
  none issued and outstanding as of September 30, 2018)    -   -  

 

-

  -        
  Common stock ($0.0001 par value, 500,000,000 shares authorized,                        
  32,700,000 shares issued and outstanding                        
  as of September 30, 2018)   3,270   -   -   3,270        
  Additional paid-in capital   99,440   -   -   99,440        
  Accumulated earnings   15,679,291   1,719,934   (502,926)   16,896,299        
  Accumulated other comprehensive income (loss)    (123,412)    (48,576)   -    (171,988)        
                           
TOTAL SHAREHOLDERS' EQUITY   15,658,589   1,671,358   (502,926)   16,827,021      
                           
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

29,239,878

 

$

-

 

$

- $ 29,239,878      
                           

 

Consolidated Statements of Cash Flows

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

             
    As Originally Filed   Effect of Restatement   Restated
             
CASH FLOWS FROM OPERATING ACTIVITIES            
Net loss $ (477,441) $ 112,431 $ (365,010)
Adjustments to reconcile net loss to net cash from (used in) operating activities:            
Depreciation of property, plant and equipment   35,540   -   35,540
Amortization of intangible asset   483,875   -   483,875
Loss on disposal of marketable securities   57,344   -   57,344
Change in fair value of marketable securities   111,039   -   111,039
Changes in operating assets and liabilities:       -    
Accounts receivable   1,059   -   1,059
Prepaid expenses   (425,899)   -   (425,899)
Inventories   (330,118)   -   (330,118)
Long-term loans receivable   (227,475)   -   (227,475)
Income tax recoverable   339,594   -   339,594
Other current assets   (208,306)   -   (208,306)
Accounts payable   (3,648,670)   -   (3,648,670)
Accrued expenses and other payables   13,370   (306,809)   (293,439)
Deferred income   412,796   -   412,796
Net cash used in operating activities   (3,863,292)   (194,378)   (4,057,670)
             
CASH FLOWS FROM INVESTING ACTIVITIES            
Proceed from disposal of marketable securities   86,624   -   86,624
 Purchase of property, plant and equipment   (139,207)   -   (139,207)
Purchase of intangible assets   (44,907)   -   (44,907)
Net cash provided by investing activities   (97,490)   -   (97,490)
             
CASH FLOWS FROM FINANCING ACTIVITIES            
Due to director   101,321   181,493   282,814
Due to related parties   132,945   -   132,945
Net cash provided by financing activities   234,266   181,493   415,759
             
Net effect of exchange rate changes on cash   627,496   12,885   640,381
             
Net change in cash and cash Equivalents $ (3,099,020) $ - $ (3,099,020)
Cash and cash equivalents - beginning of period   22,737,755   -   22,737,755
Cash and cash equivalents - end of period $ 19,638,735 $ - $ 19,638,735
             
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION            
 Interest paid $ - $ - $ -
Income taxes (paid) refund $ (300,242) $ - $ (300,242)
             

 

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.19.2
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries (the “Group”). Inter-company accounts and transactions have been eliminated.

 

Name of Subsidiary State or Other Jurisdiction of Incorporation or Organization
Force International Holdings Limited Hong Kong
e-Learning Laboratory Co., Ltd. Japan
e-Communications Co., Ltd. (“e-Communications”) Japan

 

Use of Estimates

USE OF ESTIMATES

 

The presentation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as the date of the financial statements and the reported amounts of revenue and expenses reported in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, write-down in value of inventory and sales allowance. Operating results in the future could vary from the amounts derived from management's estimates and assumptions.

Related Party Transaction

RELATED PARTY TRANSACTION

 

A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business.

 

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

Cash Equivalents

CASH EQUIVALENTS

 

The Company considers all highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents.

Accounts Receivable and Allowance

ACCOUNTS RECEIVABLE AND ALLOWANCE

 

Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off against the allowance when identified.

Marketable Securities

MARKETABLE SECURITIES

 

Investments in marketable securities with readily determinable fair values and all investments in equity securities are reported at their fair values as quoted by market exchanges in the consolidated balance sheets. Unrealized and realized gains and losses are included in the change in fair value of marketable securities.

Inventories

INVENTORIES

 

Inventories, consisting of educational products accounted for using the weighted average method, are valued at the lower of cost and market value.

 

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment are stated at cost less depreciation and impairment loss. Depreciation is calculated using the straight-line method or reducing balance method at the following estimated useful life:

 

Building Over the shorter of the lease terms or 10 years on straight-line method
Equipment 2 to 15 years on reducing balance method
Vehicle 3 years on reducing balance method

 

Assets held under capital lease obligation are depreciated over their expected useful lives on the same basis as owned assets. However, when there is no reasonable certainty that ownership will be obtained by the end of the lease term, assets are depreciated over the shorter of the lease term and their useful lives.

 

Intangible Assets

INTANGIBLE ASSETS

 

The Company amortizes its intangible assets with definite useful lives over their estimated useful lives and periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists.

 

The intangible assets with definite useful life are amortized using the straight-line basis over the following estimated useful life:

 

Software 5 years
Membership   15 years – 30 years

 

Impairment of Long-Lived Assets

IMPAIRMENT OF LONG-LIVED ASSETS

 

The carrying value of property, plant and equipment and intangible assets subject to amortization is evaluated whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be measured by the amount by which the carrying value of the asset exceeds the fair value of the asset. Management has determined there were no events or changes in circumstances that required an impairment during the six months ended March 31, 2019 and March 31, 2018.

Foreign Currency Translation

FOREIGN CURRENCY TRANSLATION 

 

The Company maintains its books and records in its local currencies, Japanese YEN (“JPY”) and Hong Kong Dollars (“HK$”), which are the functional currencies as being the primary currencies of the economic environment in which their operations are conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of operations and comprehensive income.

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, Translation of Financial Statement, assets and liabilities of the Group whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the consolidated statements of shareholders’ equity.

 

Translation of amounts from the local currency of the Group into US$1 has been made at the following exchange rates:

 

  March 31, 2019   March 31, 2018
Current JPY: US$1 exchange rate 110.84   106.26
Average JPY: US$1 exchange rate 111.84   110.62
       
Current HK$: US$1 exchange rate 7.85   7.85
Average HK$: US$1 exchange rate 7.83   7.82

 

Comprehensive Income or Loss

COMPREHENSIVE INCOME OR LOSS

 

ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying consolidated statements of shareholders’ equity consists of changes in unrealized gains and losses on foreign currency translation.

Revenue Recognition

REVENUE RECOGNITION

 

The Company recognizes revenue by applying the following steps in accordance with Accounting Standards Codification (“ASC”) Topic 606 - Revenue from contracts with Customers: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. When payments are received in advance of recognizing revenue, the Company includes the amount in deferred income on the consolidated balance sheets. Membership income of e-Learning educational services was recognized when the membership services are rendered.

Advertising

 

ADVERTISING

 

Advertising costs are expensed as incurred and included in selling and distributions expenses. Advertising expense was $638,920 and $666,014 for the six months ended March 31, 2019 and 2018, respectively.

Basic Earnings Per Share

BASIC EARNINGS PER SHARE

 

The Company computes basic and diluted earnings per share in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income by the weighted average number of common stock outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company.

 

The Company does not have any potentially dilutive instruments as of March 31, 2019 and September 30, 2018 and, thus, anti-dilution issues are not applicable.

Income Taxes

INCOME TAXES

 

The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Group’s income tax provision and net income or loss in the period the determination is made.

Recently Issued Accounting Pronouncements

 

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

 

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). This new guidance removes and modifies disclosure requirements on fair value statements. This update is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal year. The Company is currently evaluating the impact, if any, on its disclosures in the Notes to Consolidated Financial Statements. 

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.19.2
PRINCIPLES OF CONSOLIDATION (Tables)
6 Months Ended
Mar. 31, 2019
Principles Of Consolidation  
Principles of Consolidation Table

 

Name of Subsidiary State or Other Jurisdiction of Incorporation or Organization
Force International Holdings Limited Hong Kong
e-Learning Laboratory Co., Ltd. Japan
e-Communications Co., Ltd. (“e-Communications”) Japan

 

XML 28 R19.htm IDEA: XBRL DOCUMENT v3.19.2
FOREIGN CURRENCY TRANSLATION (Tables)
6 Months Ended
Mar. 31, 2019
Foreign Currency Translation Tables Abstract  
Foreign Currency Translation

 

The Company maintains its books and records in its local currencies, Japanese YEN (“JPY”) and Hong Kong Dollars (“HK$”), which are the functional currencies as being the primary currencies of the economic environment in which their operations are conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements of operations and comprehensive income.

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, Translation of Financial Statement, assets and liabilities of the Group whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the consolidated statements of shareholders’ equity.

 

Translation of amounts from the local currency of the Group into US$1 has been made at the following exchange rates:

 

  March 31, 2019   March 31, 2018
Current JPY: US$1 exchange rate 110.84   106.26
Average JPY: US$1 exchange rate 111.84   110.62
       
Current HK$: US$1 exchange rate 7.85   7.85
Average HK$: US$1 exchange rate 7.83   7.82

 

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.19.2
PROPERTY, PLANT AND EQUIPMENT (Tables)
6 Months Ended
Mar. 31, 2019
Property Plant And Equipment  
Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consist of the following:

 

  March 31, 2019 September 30, 2018
  US$ US$
Buildings 115,395   54,984
Equipment 811,654    741,083  
Vehicles 118,025   119,296
  1,045,074 915,363
     
Accumulated depreciation and amortization (597,417) (569,650)
  447,657  345,713 
     
Net effect of exchange rate 9,396 (1,722)
     
Total net book value 457,053 343,991

 

Depreciation and amortization of property, plant and equipment were $ 35,540 and $45,057 for the six months ended March 31, 2019 and 2018, respectively.

XML 30 R21.htm IDEA: XBRL DOCUMENT v3.19.2
INTANGIBLE ASSETS (Tables)
6 Months Ended
Mar. 31, 2019
Intangible Assets Tables Abstract  
Intangible Assets Table

INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

  March 31, 2019 September 30, 2018
  US$ US$
Software 5,111,144   5,121,311
Franchise right - 667,378
Membership 440,432   450,285  
  5,551,576 6,238,974  
     
Accumulated depreciation and amortization (3,367,707) (2,978,171)
  2,183,869 3,260,803
     
Net effect of exchange rate 64,410 (32,148)
     
Total net book value 2,248,279 3,228,655

 

The aggregate amortization expenses related to the intangible assets was $483,875 and $505,962 for the six months ended March 31, 2019 and 2018, respectively.  

 

XML 31 R22.htm IDEA: XBRL DOCUMENT v3.19.2
RESTATEMENT (Tables)
6 Months Ended
Mar. 31, 2019
Restatement  
Restatement table(s)

 

Subsequent to the filing of the Form 10Q on May 15, 2019, the Company had identified accounting issues relating to (i) commission expense which resulted in overstated other comprehensive income of $20,027 and understated other comprehensive income of $42,824 for the three and six months ended March 31, 2019, respectively, and overstated accounts payable balances of $1,671,358 and $1,714,182 as of September 30, 2018 and March 31, 2019, respectively, understated accumulated earnings of $1,719,934 and $1,719,934 as of September 30, 2018 and March 31, 2019, respectively, and understated accumulated other comprehensive loss of $48,576 and overstated accumulated other comprehensive income of $5,752 as of September 30, 2018 and March 31, 2019, respectively, and (ii) professional fee which resulted in overstated administrative expenses of $15,586 and $112,431 for the three and six months ended March 31, 2019, respectively, and understated due to director of $213,515 and $400,479 as of September 30, 2018 and March 31, 2019, respectively, understated other accounts payable of $289,411 and overstated other accounts payable of $9,984 as of September 30, 2018 and March 31, 2019, respectively, overstated accumulated earnings of $502,926 and $390,495 as of September 30, 2018 and March 31, 2019, respectively.

 

As a result, the Company restated its previously issued consolidated financial statements, included in its Amendment to the Company's 2018 Annual Report on Form 10-K/A, filed on January 14, 2019, and the previously issued condensed consolidated financial statements included in its Amendment to the Company's Quarterly Reports on Form 10-Q/A for the three months ended December 31, 2018, filed on February 13, 2019 and the six months ended March 31, 2019, filed on May 15, 2019.

 

The 2019 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2019 (the “Original Filing”) and this Amendment to its Quarterly Report on Form 10-Q/A (the “2018 Amended Quarterly Report on Form 10-Q/A”) include the restated Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended March 31, 2019 and restated Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2019 and the restated Condensed Consolidated Balance Sheet as of March 31, 2019 and September 30, 2018.

 

The following discloses each line item that is affected by the restatement of the Company's consolidated financial statements as of March 31, 2019 and September 30, 2018 and for the three and six months ended March 31, 2019.

 

Consolidated Statements of Operations and Comprehensive Income (Loss):

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

      As Originally Filed   Effect of Restatement   Effect of Restatement       Restated
                   
Revenues $ 13,800,681 $ - $ - $ 13,800,681
                   
Cost of revenues   7,070,360   -   -   7,070,360
                   
Gross profit   6,730,321   -   -   6,730,321
                   
OPERATING EXPENSE                
  Selling and distributions expenses   638,920   -   -   638,920
  Administrative expenses   6,324,815   -   (112,431)   6,212,384
Total operating expenses   6,963,735   -                (112,431)   6,851,304
                   
Income from operations   (233,414)   -   112,431   (120,983)
                   
Other income                
  Other income   77,438   -   -   77,438
          -   -   -
Other expenses                
  Other expenses   57,344   -   -   57,344
                   
  Change in fair value of marketable securities   111,039   -  

 

-

  111,039
  Total other expenses   168,383   -   -   168,383
                   
Net loss before tax   (324,359)   -   112,431   (211,928)
                   
Income tax expense   153,082   -   -   153,082
                   
NET LOSS $ (477,441) $ - $ 112,431 $ (365,010)
                   
OTHER COMPREHENSIVE INCOME                
  Foreign currency translation adjustment   434,042   42,824   -   476,866
                   
TOTAL COMPREHENSIVE INCOME $ (43,399) $ 42,824 $ 112,431 $ 111,856
                   
BASIC AND DILUTED NET LOSS PER COMMON SHARE

 

$

(0.01)

 

$

-

 

$

 

-

$ (0.01)
                   
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED                
  32,700,000   -  

 

-

  32,700,000
                   

 

Consolidated Statements of Operations and Comprehensive Income (Loss):

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended March 31, 2019 filed by the Company on May 15, 2019.

 

      As Originally Filed   Effect of Restatement   Effect of Restatement       Restated
                   
Revenues $ 5,908,517 $ - $ - $ 5,908,517
                   
Cost of revenues   2,814,543   -   -   2,814,543
                   
Gross profit   3,093,974   -   -   3,093,974
                   
OPERATING EXPENSE                
  Selling and distributions expenses   424,407   -   -   424,407
  Administrative expenses   2,838,959   -   (15,586)   2,823,373
Total operating expenses   3,263,366   -                (15,586)   3,247,780
                   
Income from operations   (169,392)   -   15,586   (153,806)
                   
Other income                
  Other income   51,180   -   -   51,180
 

Change in fair value of marketable

securities

  181,677   -  

 

-

  181,677
    232,857   -   

 

-

  232,857
Other expenses                
  Other expenses   656   -   -   656
                   
Net loss before tax   62,809   -   15,586   78,395
                   
Income tax expense   86,583   -   -   86,583
                   
NET LOSS $ (23,774) $ - $ 15,586 $ (8,188)
                   
OTHER COMPREHENSIVE INCOME                
  Foreign currency translation adjustment   (181,951)   (20,027)   -   (201,978)
                   
TOTAL COMPREHENSIVE INCOME $ (205,725) $ (20,027) $ 15,586 $ (210,166)
                   
BASIC AND DILUTED NET LOSS PER COMMON SHARE

 

$

(0.00)

 

$

-

 

$

 

-

$ (0.00)
                   
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED                
  32,700,000   -  

 

-

  32,700,000
                   

 

Consolidated Balance Sheets:

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

                         
      As Originally Filed   Effect of Restatement   Effect of Restatement   Restated      
                         
                         
ASSETS                    
Current Assets                    
  Cash and cash equivalents $ 19,638,735 $ - $ - $ 19,638,735    
  Marketable securities   595,626   -   -   595,626    
  Short-term loan receivable   496,211   -   -   496,211    
  Income tax recoverable   250,567   -   -   250,567    
  Prepaid expenses   730,531   -   -   730,531    
  Inventories, net   720,462   -   -   720,462    
  Other current assets   340,483   -   -   340,483    
                       
TOTAL CURRENT ASSETS   22,772,615   -   -   22,772,615    
                       
Non-current Assets                    
  Property, plant and equipment, net $ 457,053 $ - $ - $ 457,053    
  Other intangible assets, net   2,248,279   -   -   2,248,279    
  Long-term prepaid expenses   58,285   -   -   58,285    
  Long-term loan receivable from related party   227,475   -   -   227,475    
  Deferred tax assets   294,515   -   -   294,515    
                       
  TOTAL NON-CURRENT ASSETS   3,285,607   -   -   3,285,607    
                       
TOTAL ASSETS $ 26,058,222 $ - $ - $ 26,058,222    
                       
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Current Liabilities                    
  Accounts payable, trade $ 2,749,495 $ (1,714,182) $ - $ 1,035,313    
  Income tax payable   153,961   -   -   153,961    
  Deposit receipt   103,236   -   -   103,236    
  Deferred income   4,987,741   -   -   4,987,741    
  Capital lease obligations-current portion   9,566   -   -   9,566    
  Due to related parties   480,350   -   -   480,350    
  Due to directors   339,131   -   400,479   739,610    
  Other accounts payable   1,414,619   -   (9,984)   1,404,635    
                       
TOTAL CURRENT LIABILITIES   10,238,099   (1,714,182)   390,495   8,914,412    
                       
Capital lease obligations-long term portion   42,857   -   -   42,857    
                       
TOTAL LIABILITIES   10,280,956   (1,714,182)   390,495   8,957,269    
                       
Shareholders' Equity                    
  Preferred stock ($0.0001 par value, 20,000,000 shares authorized;                    
  none issued and outstanding as of March 31, 2019)   -   -   -   -    
  Common stock ($0.0001 par value, 500,000,000 shares authorized,                    
  32,700,000 shares issued and outstanding                    
  as of March 31, 2019)   3,270   -   -   3,270    
  Additional paid-in capital   261,516   -   -   261,516    
  Accumulated earnings   15,201,850   1,719,934   (390,495)   16,531,289    
  Accumulated other comprehensive income (loss)   310,630   (5,752)   -   304,878    
                       
TOTAL SHAREHOLDERS' EQUITY   15,777,266   1,714,182   (390,495)   17,100,953    
                       
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

26,058,222

 

$

-

 

$

-

 

$

26,058,222    
                       
                             

  

Consolidated Balance Sheets:

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the year ended September 30, 2018 filed by the Company on May 15, 2019.

 

                           
      As Originally Filed   Effect of Restatement   Effect of Restatement   Restated        
                           
                           
ASSETS                      
Current Assets                      
  Cash and cash equivalents $ 22,737,755 $ - $ - $ 22,737,755        
  Marketable securities       830,331   -   -   830,331        
  Accounts receivable, trade, net   1,032   -   -   1,032        
  Short-term loan receivable   395,848   -   -   395,848        
  Income tax recoverable       425,303   -   -   425,303        
  Prepaid expenses   295,510   -   -   295,510        
  Inventories, net       380,925   -   -   380,925        
  Other current assets   255,030   -   -   255,030        
                           
TOTAL CURRENT ASSETS   25,321,734    -   -   25,321,734      
                           
Non-current Assets                      
  Property, plant and equipment, net $ 343,991 $ - $ - $ 343,991        
  Other intangible assets, net   3,228,655   -   -   3,228,655        
  Long-term prepaid expenses       58,341   -   -   58,341        
  Deferred tax assets   287,157   -   -   287,157        
                           
  TOTAL NON-CURRENT ASSETS   3,918,144   -   -   3,918,144        
                           
TOTAL ASSETS $ 29,239,878 $ - $ - $ 29,239,878      
                           
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Current Liabilities                      
  Accounts payable, trade $ 6,243,562 $ (1,671,358) $ - $ 4,572,204        
  Accrued expenses   65,811   -   -   65,811        
  Deposit receipt   100,657   -   -   100,657        
  Deferred income   4,460,652   -   -   4,460,652        
  Capital lease obligations-current portion   9,327   -   -   9,327        
  Due to related parties   338,725   -   -   338,725        
  Due to director   382,544   -   213,515   596,059        
  Other accounts payable   1,452,228   -   289,411   1,741,639        
                           
TOTAL CURRENT LIABILITIES   13,053,506   (1,671,358)   502,926   11,885,074      
                           
Long-term note payable   483,814   -   -   483,814      
Capital lease obligations-long term portion   41,786   -   -   41,786      
Long-term deferred income   2,183   -   -   2,183      
                           
TOTAL LIABILITIES   13,581,289   (1,671,358)   502,926   12,412,857      
                           
Shareholders' Equity                      
  Preferred stock ($0.0001 par value, 20,000,000 shares authorized;                        
  none issued and outstanding as of September 30, 2018)    -   -  

 

-

  -        
  Common stock ($0.0001 par value, 500,000,000 shares authorized,                        
  32,700,000 shares issued and outstanding                        
  as of September 30, 2018)   3,270   -   -   3,270        
  Additional paid-in capital   99,440   -   -   99,440        
  Accumulated earnings   15,679,291   1,719,934   (502,926)   16,896,299        
  Accumulated other comprehensive income (loss)    (123,412)    (48,576)   -    (171,988)        
                           
TOTAL SHAREHOLDERS' EQUITY   15,658,589   1,671,358   (502,926)   16,827,021      
                           
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

29,239,878

 

$

-

 

$

- $ 29,239,878      
                           

 

Consolidated Statements of Cash Flows

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended March 31, 2019 filed by the Company on May 15, 2019.

 

             
    As Originally Filed   Effect of Restatement   Restated
             
CASH FLOWS FROM OPERATING ACTIVITIES            
Net loss $ (477,441) $ 112,431 $ (365,010)
Adjustments to reconcile net loss to net cash from (used in) operating activities:            
Depreciation of property, plant and equipment   35,540   -   35,540
Amortization of intangible asset   483,875   -   483,875
Loss on disposal of marketable securities   57,344   -   57,344
Change in fair value of marketable securities   111,039   -   111,039
Changes in operating assets and liabilities:       -    
Accounts receivable   1,059   -   1,059
Prepaid expenses   (425,899)   -   (425,899)
Inventories   (330,118)   -   (330,118)
Long-term loans receivable   (227,475)   -   (227,475)
Income tax recoverable   339,594   -   339,594
Other current assets   (208,306)   -   (208,306)
Accounts payable   (3,648,670)   -   (3,648,670)
Accrued expenses and other payables   13,370   (306,809)   (293,439)
Deferred income   412,796   -   412,796
Net cash used in operating activities   (3,863,292)   (194,378)   (4,057,670)
             
CASH FLOWS FROM INVESTING ACTIVITIES            
Proceed from disposal of marketable securities   86,624   -   86,624
 Purchase of property, plant and equipment   (139,207)   -   (139,207)
Purchase of intangible assets   (44,907)   -   (44,907)
Net cash provided by investing activities   (97,490)   -   (97,490)
             
CASH FLOWS FROM FINANCING ACTIVITIES            
Due to director   101,321   181,493   282,814
Due to related parties   132,945   -   132,945
Net cash provided by financing activities   234,266   181,493   415,759
             
Net effect of exchange rate changes on cash   627,496   12,885   640,381
             
Net change in cash and cash Equivalents $ (3,099,020) $ - $ (3,099,020)
Cash and cash equivalents - beginning of period   22,737,755   -   22,737,755
Cash and cash equivalents - end of period $ 19,638,735 $ - $ 19,638,735
             
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION            
 Interest paid $ - $ - $ -
Income taxes (paid) refund $ (300,242) $ - $ (300,242)
             

 

XML 32 R23.htm IDEA: XBRL DOCUMENT v3.19.2
ADVERTISING (Details) - USD ($)
6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Advertising Details Abstract    
Advertising costs $ 638,920 $ 666,014
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.19.2
INCOME TAXES (Details) - USD ($)
6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Taxes Details Abstract    
Foreign income tax expense for Japanese Subsidiaries $ 153,082 $ 87,934
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.19.2
RELATED-PARTY TRANSACTIONS (Details) - USD ($)
Mar. 31, 2019
Sep. 30, 2018
Related-party Transactions    
Amount owed to Tomoo Yoshida $ 739,610 $ 596,059
Amount owed to Keiichi Koga 47,337 47,710
Amount owed to Force Internationale 300,476 $ 291,015
Amount owed to School TV 132,537  
Long-term loan to School TV 225,550  
Interest receivable regarding loan to School TV $ 1,925  
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.19.2
DEPRECIATION OF PROPERTY, PLANT, EQUIPMENT (Details) - USD ($)
6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Depreciation Of Property Plant Equipment    
Depreciation of property, plant and equipment $ 35,540 $ 45,057
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