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SUBSEQUENT EVENTS
6 Months Ended
Mar. 31, 2020
Notes  
SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENT

 

On April 1, 2020, the Company entered into a securities purchase with an accredited investor, Lee Pei Hsuan (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 April 1, 2020. The Note matures on April 1, 2021 (“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.

 

On April 14, 2020, Ms. Lee Hiu Lan resigned from the position of Chief Financial Officer, Secretary and Treasurer, and our Chief Executive Officer, Mr. Lam Chi Kwong Leo took over all these position on the same date.

 

The emergence and wide spread of the novel Coronavirus (“COVID-19”) since the beginning of 2020 has affected business and economic activities across the world. During periods of unfavorable market and economic conditions, the Group’s results of operations may be adversely affected by a total stop on insurance policy selling due to the implementation of social distancing. During a market or general economic downturn, the Group may also consider to make higher provision on the loan lent to Ando Credit Limited. In addition, due to uncertainty or volatility in the market or in response to difficult market conditions, clients or prospective clients may withdraw their decision from insurance policy application.