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GAIN ON DISPOSAL OF SUBSIDIARY COMPANY
12 Months Ended
Sep. 30, 2021
Gain On Disposal Of Subsidiary Company  
GAIN ON DISPOSAL OF SUBSIDIARY COMPANY

NOTE 4. GAIN ON DISPOSAL OF SUBSIDIARY COMPANY

 

Effective September 30, 2020, we disposed of 100% of the issued and outstanding share capital of our subsidiary company, AAWC Corporation, to an independent third party (the “Purchaser”).

 

As of September 30, 2020, AAWC Corporation had no ongoing business or operations, no assets and liabilities totaling $15,488.

 

 

As an inducement for the Purchaser to acquire AAWC Corporation with outstanding net liabilities of $15,488, we paid the Purchaser $1,000.

 

Accordingly, we recognized a net gain of $14,488 in respect of the disposal of the subsidiary company as Other Income in our statement of operations.