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SUBSEQUENT EVENTS
3 Months Ended
Dec. 31, 2019
Notes  
SUBSEQUENT EVENTS

NOTE 10 - SUBSEQUENT EVENT

 

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 23, 2020.

 

On January 6, 2020, the Company entered into a loan agreement with Ando Credit Limited, a related party which the CEO of the Company, Mr. Lam, has significant influence on, amounted $160,000, 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.