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SUBSEQUENT EVENTS
12 Months Ended
Sep. 30, 2019
Notes  
SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENT

 

On November 25, 2019, The Company filed a preliminary Schedule 14-C to SEC for increasing its authorized capital from $75,000 to $85,000. The increased authorized capital will be divided into 10,000,000 preferred shares, with par value at $0.001 per share. The preferred share is designated as Series A Preferred Stock with the following rights and designations: (i) par value of $0.001 per share, (ii) no voting rights, (iii) no conversion rights, (iv) no redemption rights, (v) no maturity date, and (vi) a yearly dividend payment equal to 6% of the amount invested at $1.00 per share.

 

On November 28, 2019, the Company entered into a securities purchase with an accredited investor, Tsai Ming Hsiu (the “Lender”), pursuant to which the Company issued promissory note for an aggregate of $50,000, with an interest rate of 10% per annum. The Note is to be paid within one year beginning from November 28, 2019. The Note mature on November 28, 2020 (“Maturity Date”) and contain an auto renewal clause for one year if the Lender fails to provide notice for redemption on or before 30 days from the Maturity Date. A Form 8-K was filed on November 28, 2019.

 

On December 5, 2019, The Company filed a definitive Schedule 14-C to SEC for increasing its authorized capital from $75,000 to $85,000. The increased authorized capital will be divided into 10,000,000 preferred shares, with par value at $0.001 per share. The preferred share is designated as Series A Preferred Stock with the following rights and designations: (i) par value of $0.001 per share, (ii) no voting rights, (iii) no conversion rights, (iv) no redemption rights, (v) no maturity date, and (vi) a yearly dividend payment equal to 6% of the amount invested at $1.00 per share.

 

In December 2019, the Company entered into several securities purchase agreements with a batch of accredited investors, pursuant to which the Company issued promissory notes for an aggregate of $1,070,000 (the “Outstanding Balance”), with an interest rate of 10% per annum (the “Note”). The Outstanding Balance of the Notes are to be paid within one year beginning from the effective dates of the notes (“Maturity Dates”). The Notes contain an auto renewal clause for one year if the Lender fails to provide notice for redemption on or before 30 days from the Maturity Date. A Form 8-K was filed on December 11, 2019.

 

On December 9 and December 16, 2019, the Company entered into two loan agreements with Ando Credit Limited, a related party which the CEO of the Company, Mr. Lam, has significant influence on, amounted $738,000 and $250,000 (the “Loan Amount”) respectively (total: $988,000), with interest rate 12% per annum. The Company would receive monthly interest income from Ando Credit Limited. The Loan Amount will not be due unless there is any event of default occurrence. The Company will be in default if the Note holders ask for repayment and Ando Credit Limited does not pay back to the Company.

 

On December 26, 2019, the Company filed with the State of Nevada, a Certificate of Designation for its Series A preferred stock (the “Certificate”). The Certificate was effective on December 26, 2019. The Certificate establishes all of the rights of the holders of the Series A Preferred Stock (the “Series A”), as related to the Series A, including, but not limited to the lack of Series A conversion rights and voting rights, the six percent (6%) interest rights, and the liquidation preference (collectively, the “Rights”). On the same day, the Company also filed with State of Nevada, a Certificate of Change for increasing its authorized shares by 10,000,000 so that they consisted of 75,000,000 common stocks and 10,000,000 preferred stocks.

 

In January 2020, the Company entered into several securities purchase agreements with a batch of accredited investors, pursuant to which the Company issued promissory notes for an aggregate of $260,000 (the “Outstanding Balance”), with an interest rate of 10% per annum (the “Note”). The Outstanding Balance of the Notes are to be paid within one year beginning from the effective dates of the notes (“Maturity Dates”). The Notes contain an auto renewal clause for one year if the Lender fails to provide notice for redemption on or before 30 days from the Maturity Date. A Form 8-K was filed on January 14, 2020.