UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2023

 

Commission File Number 000-56112

 

GENUFOOD ENERGY ENZYMES CORP.

(Exact name of registrant as specified in its charter)

 

Nevada

(State or other jurisdiction of incorporation or organization)

 

1108 S. Baldwin Avenue, Suite 107

Arcadia, California 91007

(Address of principal executive offices, including zip code.)

 

(855) 707-2077

(Telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which Registered
N/A    N/A    N/A 

 

Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 last 90 days. YES ☒ NO ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☒ 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 ☐ NO ☒

 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 808,900,041 shares as of February 15, 2024

 

 

 

 

 

 

GENUFOOD ENERGY ENZYMES CORP.

 

FORM 10-Q FOR THE THREE-MONTH PERIOD ENDED DECEMBER 31, 2023

 

TABLE OF CONTENTS

 

        Page
Number
    PART I. FINANCIAL INFORMATION    
         
ITEM 1.   CONDENSED CONSOLIDATED FINANCIAL STATEMENTS   1
ITEM 2.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS   11
ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   14
ITEM 4.   CONTROLS AND PROCEDURES   15
         
    PART II. OTHER INFORMATION   17
         
ITEM 1.   LEGAL PROCEEDINGS   17
ITEM 1A.   RISK FACTORS   17
ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   17
ITEM 3.   DEFAULTS UPON SENIOR SECURITIES   17
ITEM 4.   MINE SAFETY DISCLOSURES   17
ITEM 5.   OTHER INFORMATION   17
ITEM 6.   EXHIBITS   18

 

i

 

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

GENUFOOD ENERGY ENZYMES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   December 31,   September 30, 
   2023   2023 
   (Unaudited)     
Assets        
Current assets        
Cash and cash equivalents  $19,617   $125,924 
Prepayment   8,000    8,187 
Total Current Assets   27,617    134,111 
           
Equipment   96,142    67,451 
           
Total Assets  $123,759   $201,562 
           
Liabilities and Stockholders’ (Deficit) Equity          
Current liabilities          
Accounts payable  $111,849   $100,849 
Accrued expenses   37    37 
Due to related parties   4,437    14,730 
Total Current Liabilities   116,323    115,616 
           
Commitment and contingencies (Note 8)   32,976    32,226 
           
Stockholders’ (Deficit) Equity          
Common stock: $0.001 par value; 10,000,000,000 shares authorized; 808,900,041 shares issued and outstanding as of December 31, 2023 and September 30, 2023   808,900    808,900 
Additional paid-in capital   17,008,342    16,989,592 
Discount on common stock   (7,241,581)   (7,241,581)
Accumulated deficit   (10,601,201)   (10,503,191)
Total Stockholders’ (Deficit) Equity   (25,540)   53,720 
           
Total Liabilities and Stockholders’ (Deficit) Equity  $123,759   $201,562 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1

 

 

GENUFOOD ENERGY ENZYMES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

 

   For the Three Months Ended
December 31,		 
   2023   2022 
       (Restated) 
Revenue  $
-
   $
-
 
           
Operating expenses          
General and administrative expenses   95,616    148,995 
Total operating expenses   95,616    148,995 
           
Loss from operations   (95,616)   (148,995)
           
Other income (expense)          
Interest expense   (44)   
-
 
Foreign currency loss   
-
    (43)
Other non-operating income (expenses), net   (750)   (750)
Total other (expense) income   (794)   (793)
           
Loss before income taxes   (96,410)   (149,788)
           
Provision for income taxes   1,600    
-
 
           
Net loss   (98,010)   (149,788)
           
Other comprehensive income (loss)          
Foreign currency transaction adjustment   
-
    (85)
           
Comprehensive loss  $(98,010)  $(149,873)
           
Loss per share of common stock - basic and diluted   *    * 
           
Weighted average shares outstanding - basic and diluted
   808,900,041    299,686,921 

 

*Less than $0.01 per share

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2

 

 

GENUFOOD ENERGY ENZYMES CORPORATION

CONDENSED CONSOILDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(UNAUDITED)

 

                   Accumulated     
   Common Stock   Additional   Discount on       Other   Total 
   Number of      Paid-in-   common   Accumulated   Comprehensive   Stockholder’s 
   Shares   Amount   Capital   stock   Deficit   Income (loss)   Equity 
Balance at September 30, 2023 

808,900,041

   $808,900   $16,989,592   $(7,241,581)  $(10,503,191)  $              -   $53,720 
Stock-based compensation   -    -    18,750    -    -    -    18,750 
Net Loss   -    -    -    -    (98,010)   -    (98,010)
Balance at December 31, 2023   

808,900,041

   $808,900   $17,008,342   $(7,241,581)  $(10,601,201)  $-   $(25,540)

 

                       Accumulated     
   Common Stock   Additional   Discount on       Other   Total 
   Number of       Paid-in-   common   Accumulated   Comprehensive   Stockholder’s 
   Shares   Amount   Capital   stock   Deficit   Income (loss)   Equity 
Balance at September 30, 2022 (restated)   

299,686,921

   $299,687   $16,927,592   $(7,241,581)  $(9,875,489)  $(193,558)  $(83,349)
Stock-based compensation (restated)   -    -    18,750    -    -    -    18,750 
Foreign currency translation   -    -    -    -    -    (85)   (85)
Net loss (restated)   -    -    -    -    (149,788)   -    (149,788)
Balance at December 31, 2022 (restated)   

299,686,921

   $299,687   $16,946,342   $(7,241,581)  $(10,025,277)  $(193,643)  $(214,472)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

 

 

GENUFOOD ENERGY ENZYMES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   For the Three Months Ended 
   December 31, 
   2023   2022 
       (Restated) 
Cash Flows from Operating Activities          
Net loss  $(98,010)  $(149,788)
Adjustments to reconcile net loss to net cash used in operating activities          
Stock-based compensation   18,750    18,750 
Change in operating assets and liabilities          
Prepayment   187    7,836 
Accounts payable   11,000    17,401 
Due to related parties   (10,293)   30,182 
Commitment and contingencies   750    750 
Net cash used in operating activities   (77,616)   (74,869)
           
Cash Flows from Investing Activities          
Purchase of equipment   (28,691)   (15,005)
Net cash used in investing activities   (28,691)   (15,005)
           
Net decrease in cash and cash equivalents   (106,307)   (89,874)
           
Cash and cash equivalents, beginning of period   125,924    136,400 
           
Cash and cash equivalents, end of period  $19,617   $46,526 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION          
Cash paid for interest  $
-
   $
-
 
Cash paid for income taxes  $1,600   $
-
 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4

 

 

GENUFOOD ENERGY ENZYMES CORP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 1 – GENERAL ORGANIZATION AND BUSINESS

 

Genufood Energy Enzymes Corp., USA (the “Company” or “GEEC”) was incorporated under the laws of the State of Nevada on June 21, 2010. On February 13, 2012, GEEC incorporated a wholly-owned subsidiary, Genufood Enzymes (S) Pte Ltd (“GESPL”) in Singapore, which was dissolved on January 9, 2023.

 

Since its inception, the Company has always been in the development stage and never generated significant revenues. The Company is currently developing business in Electric Vehicle Charge station. The Company has engaged in business agreements and development with various parties. The Company has initiated its electric vehicle charging station business.

 

On August 1, 2022, the board of directors (the “Board”) of the Company unanimously approved to expand our business in the area of electric vehicle supply equipment (“EVSE”) and will direct the management team to implement its new business plan in such industry. On August 16, 2022, the Company formally announced its intention to reposition as EVSE solutions provider, seeking to grow business in EVSE industry, including building, owning, and operating the next generation of electric vehicle charging stations in the U.S. The Company intends to bring convenient, reliable, and accessible charging experience to electric vehicle drivers, utilizing frictionless technology and carbon-neutral vehicle-charging infrastructure.

 

On October 26, 2022, the Company entered into three Charging Station Site Host Agreements (the “Agreements”) with two institutions (the “Site Hosts”), respectively, pursuant to which the Site Hosts agree to allow the Company to install its electric vehicle charging stations at the locations set forth in the Agreements (the “Charging Stations”). Under the Agreements, the Company has agreed to share the revenue generated by the sales of electricity at the Charging Stations with the Site Hosts.

 

As of December 31, 2023, the Company has two sites under construction for charging stations and three sites under planning.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending September 30, 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023.

 

Principle of Consolidation

 

The condensed consolidated financial statements include the accounts of GEEC and its wholly-owned subsidiary GESPL. All significant inter-company accounts and transactions have been eliminated in consolidation. The wholly-owned subsidiary of the Company did not have business activities prior to its dissolution.

 

Use of Estimates

 

The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

5

 

 

Concentrations of Credit Risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation. The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management’s expectations.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. As of December 31, 2023 and September 30, 2023, the Company did not have cash equivalents.

 

Fair Value of Financial Instruments

 

The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

  ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.
     
  ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.
     
  ● Level 3 inputs are less observable and reflect our own assumptions.

 

The Company’s financial instruments consist principally of cash and cash equivalents, accounts payable and accrued expenses and due to related parties. The carrying amounts of such financial instruments in the accompanying consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.

 

Foreign Currency Translation and Transactions

 

The reporting and functional currency of GEEC is the USD. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the Singapore Dollar (“SGD”).

 

For financial reporting purposes, the financial statements of the Company’s Singapore subsidiary, which are prepared using the SGD, are translated into the Company’s reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.6970 as of September 30, 2022. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7214 average exchange rates were used to translate revenues and expenses for the three months ended December 31, 2022. Stockholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive loss in stockholders’ deficit.

 

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 transactions. The resulting exchange difference, presented as foreign currency transaction loss, is included in the accompanying consolidated statements of operations.

 

Business Segments

 

The Company operates in only one segment.

 

6

 

 

Net Income (Loss) Per Share

 

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. There were no potential dilutive debt or equity instruments issued and outstanding at any time during the three months ended December 31, 2023 and 2022.

 

Discounts on Common Stock

 

Common stock issued lower than the Company’s par value is treated as common stock issued under discounts. The portion of the discount is shown separately as a deduction from the Company’s account of common stock on the Company’s consolidated financial statements.

 

Stock-Based Compensation

 

The Company accounts for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period.

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted 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 on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized.

 

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

 

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.

 

There were no current and deferred income tax provision recorded for the three months ended December 31, 2023 and 2022 since the Company has recurring losses.

 

7

 

 

Recent Accounting Pronouncements

 

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs” or “ASU”) on the Company’s consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial position or results of operations. Recently issued ASUs that the Company feels may be applicable to the Company are as follows:

 

In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The subtitle is Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU addresses complex financial instruments that have characteristics of both debt and equity. The application of this ASU would reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models would result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. To date, no such bifurcation has been necessary. Management is evaluating the potential impact. This ASU becomes effective for fiscal years beginning after December 15, 2023.

 

NOTE 3 – GOING CONCERN

 

As of December 31, 2023 and September 30, 2023, the Company had an accumulated deficit of $10,601,201 and $10,503,191, respectively. To date, the Company’s cash flow requirements have been primarily met through proceeds received from sales of its common stock. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

 

The Company received $362,000 from private placement during the year ended September 30, 2023. The proceeds have been used for operation expenses. Management is currently seeking additional funds for future operation.

 

NOTE 4 – EQUIPMENT

 

As of December 31, 2023 and September 30, 2023 the Company had equipment of $96,142 and $67,451, respectively, consisting of equipment to be installed at its electric vehicle charging stations and related installation costs.

 

NOTE 5 – STOCKHOLDERS’ EQUITY (DEFICIT)

 

The Company is authorized under its articles of incorporation, as amended, to issue 10,000,000,000 shares of Common Stock, par value $0.001 per share.

 

On February 24, 2023, the Company conducted a private placement offering and sold 375,000,000 shares of common stock at $0.001 per share, for gross proceeds of $375,000, and incurred offering costs of $13,000.

 

On March 24, 2023, the Company issued 134,213,120 shares of common stock to its board of directors, officers, and former officers to repay the compensation due to them in the aggregate amount of $134,213 at the conversion rate of $0.001 per share.

 

Stock Options

 

On July 15, 2022, the CEO, David Tang, was granted 15,000,000 options to purchase shares at $0.01 per share. As of December 31, 2023, total options granted was 15,000,000 and 5,312,500 was vested. This option will be subject to a vesting schedule providing for twenty-five percent (25%) vesting after the first twelve (12) months of employment and monthly vesting as to the remaining seventy-five percent (75%) of the shares over the following thirty-six (36) months after the first anniversary of the employment commencement date. These stock options are exercisable over a maximum period of 10 years from the grant date. The weighted average grant date fair value of options granted during the year ended September 30, 2022 was $0.02.

 

Compensation costs associated with the Company’s stock options are recognized, based on the grant-date fair value of these options, over the requisite service period, or vesting period. Accordingly, the Company recognized stock-based compensation expense of $18,750 and $18,750, respectively, which was included in the general and administrative expenses in the consolidated statements of operations for the three months ended December 31, 2023 and 2022.

 

8

 

 

The fair value of the stock options listed above was determined using the Black-Scholes option pricing model with the following assumptions:

 

   December 31,
2023		 
Risk-free interest rate   2.99%
Expected term   6.08 years 
Expected volatility   379.35%
Expected dividend yield   0%

 

The following is a summary of the option activity for the three months ended December 31, 2023:

 

Options  Number of
Underlying
Shares		   Weighted
average
exercise
price		   Weighted
Average
Remaining
Contractual
Life (years)		   Aggregate
Intrinsic
Value		 
Outstanding at October 1, 2023   15,000,000   $0.01    
–
   $
–
 
Granted   
–
   $
–
    –   $– 
Exercised   
–
   $
–
    –   $– 
Forfeited or expired   
–
   $
–
    –   $– 
Outstanding at December 31, 2023   15,000,000   $0.01    8.5   $
–
 
Vested and expected to vest as of December 31, 2023   15,000,000   $0.01    8.5   $
–
 
Exercisable at December 31, 2023   5,312,500   $0.01    8.5   $
–
 

 

As of December 31, 2023, unrecognized total compensation cost associated with these options was $190,428. This expense is expected to be recognized over a weighted-average period of 2.54 years.

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

Related Parties

 

Name of related parties   Relationship with the Company
Yi Lung (Oliver) Lin   Principal shareholder
Jui Pin (John) Lin   Principal shareholder, Chairman of the Board, President, and Director
Jia Tian (Jeffery) Lin   Former Chief Executive Officer
Wen-Piao (Jack) Lai   Director
Shao-Cheng (Will) Wang   Former Chief Financial Officer
Kuang Ming (James) Tsai   Director and Chief Financial Officer
Hsin-Ta (Darren) Su   Director, Treasurer
Hui-Chuan (Sandra) Lin   Director and Secretary, daughter of Jui Pin (John) Lin
David Tang   Chief Executive Officer

 

Due to Related Parties

 

The Company’s due to related parties balances are as follows:

 

   December 31,
2023		   September 30,
2023		 
Hsin-Ta (Darren) Su  $1,496   $707 
David Tang   2,941    14,023 
Total  $4,437   $14,730 

 

The related party balances are unsecured, interest-free and due on demand.

 

9

 

 

NOTE 7 – INCOME TAXES

 

The Company has not generated any revenue from any source in the United States and had consolidated net loss for all the years since inception in 2010. Management believes GEEC does not have any U.S. income tax liability due. However, even though the Company does not have U.S. income tax liability, it may be required to file Form 5471 each year with the Internal Revenue Service (the “IRS”) of Department of Treasury. GEEC falls in the Category Five Filer (as a domestic corporation). The Company used to have subsidiaries: GEECIS in Sri Lanka that was established in May 2011, GESPL in Singapore that was established in February 2012, and GESTL in Thailand that was established in December 2014. The subsidiaries in Sri Lanka and Thailand were disposed in 2014 and 2016, respectively. The Singapore subsidiary has been inactive since 2016 and dissolved in January 2023.

 

Internal Revenue Code (“IRC”) Section 6038(a) requires information reporting with respect to certain foreign corporations (Form 5471) and describes the information required to be reported on this form. IRC Section 6038(b)(1) provides for a monetary penalty of $10,000 for each Form 5471 that is filed after the due date of the income tax return (including extensions) or does not include the complete and accurate information described in Section 6038(a). According to IRS rules, a penalty may apply to each Form 5471 which is filed after the due date of the income tax return. The penalty will be applied whether or not any tax is due on Form 1120.

 

The Company believes that based on the current information available, it is difficult to determine whether it is probable that the Company will be charged penalties by IRS for the late filing of Form 5471 and even if it will be, it is difficult to reasonably estimate the amount of penalties that may be assessed.

 

During the fiscal year ended September 30, 2021, the IRS imposed a $25,000 penalty on the Company for failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, for the year ended September 30, 2020. The Company has engaged an outside professional advisor to seek for forgiveness of the penalty and interest thereon in the amount of $7,976, for a total of $32,976, which was still pending as of December 31, 2023.

 

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

The Company terminated its previous virtual office agreement in Los Angeles, California and has established a new virtual office in Arcadia, California. The new arrangement is on a month-to-month basis at a cost of $200 per month. As of December 31, 2023, the Company has no material commitments under operating leases.

 

During the fiscal year ended September 30, 2021, the IRS imposed a $25,000 penalty on the Company for failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, for the year ended September 30, 2020 (see Note 7).

 

NOTE 9 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date when the consolidated financial statements were issued and determined that no subsequent events occurred that would require adjustment to or disclosure in the consolidated financial statements.

 

10

 

 

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

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This document contains “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. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.

 

Forward-looking statements may include the words “may,” “could,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect”, “anticipate”, “hope” or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our ongoing obligation to disclose material information as required by the federal securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement.

 

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. Some of the key factors impacting these risks and uncertainties include, but are not limited to:

 

●risks related to our ability to identify, pursue and commence a reverse merger and/or a possible operating business;

 

●our ability to obtain adequate funding to complete a reverse merger or commence a possible operating business and meet our operating expenses on a current basis;

 

●general economic uncertainty, whether as a result of the COVID-19 pandemic or otherwise;

 

●delays in our ability to obtain any necessary business licenses and permits, and commence business operations, whether as a result of the COVID-19 pandemic or otherwise; and

 

●current and longer-term economic and other impacts of the COVID-19 pandemic on our operations, results of operations and financial condition, including without limitation changes in consumer spending patterns for non-essential products, resulting from the economic crisis caused by lockdown, shelter-in-place, stay-at-home or similar orders instituted as a result of the pandemic, or otherwise.

 

Overview

 

On August 1, 2022, the board of directors (the “Board”) of the Company unanimously approved to expand our business in the area of electric vehicle supply equipment (“EVSE”) and will direct the management team to implement its new business plan in such industry. On August 16, 2022, the Company formally announced its intention to reposition as EVSE solutions provider, seeking to grow business in EVSE industry, including building, owning, and operating the next generation of electric vehicle charging stations in the U.S. The Company intends to bring convenient, reliable, and accessible charging experience to electric vehicle drivers, utilizing frictionless technology and carbon-neutral vehicle-charging infrastructure.

 

On October 26, 2022, we entered into three Charging Station Site Host Agreements (the “Agreements”) with two institutions (the “Site Hosts”), respectively, pursuant to which the Site Hosts agree to allow us to install our electric vehicle charging stations at the locations set forth in the Agreements (the “Charging Stations”). Under the Agreements, we have agreed to share our revenue generated by the sales of electricity at the Charging Stations with the Site Hosts in accordance with the schedules set forth therein.

 

As of December 31, 2022, the Company has purchased certain electric vehicle charging equipment. Furthermore, the Company is in the process of obtaining permits to construct the Charging Stations at the three confirmed sites. As of December 31, 2022, the Company contracted an architectural firm on providing design and engineering services for the two sites and working on technical issues for the third site.

 

As of February 13, 2023, the Company has received the finalized site plans and electrical diagrams from the architectural firm and electrical engineers for 2 sites. The Company has also received permission from the site owners to proceed with the charging station construction permit applications with the local municipalities. The Company expects to install up to a total of 10 charging units for the first two sites and expects to have them operational in early 2024.

 

11

 

 

Results of Operations

 

Three Months Ended December 31, 2023 compared to the Three Months Ended December 31, 2022

 

Revenues

 

We did not generate any revenues during the three months ended December 31, 2023 and 2022.

 

Operating Expenses

 

We incurred total operating expenses of $95,616 and $148,995 for the three months ended December 31, 2023 and 2022, respectively. Our operating expenses consist of business development expenses, legal fees, other professional fees, payroll expenses, stock-based compensation, rent, bank charges, and transfer agent fees. The decrease in operating expenses for the three months ended December 31, 2023 compared to the same period ended in 2022 was primarily due to decrease in payroll expenses.

 

Other expense

 

During the three months ended December 31, 2023, we incurred $794 other expenses mainly due to interest incurred for unpaid penalty from IRS. During the three months ended December 31, 2022, we incurred $793 other expenses mainly due to interest incurred for unpaid penalty from IRS.

 

Net Loss

 

As a result of the above, our net loss decreased from $149,788 in the three months ended December 31, 2022 to $98,010 in the same period ended in 2023.

 

Liquidity and Capital Resources

 

Working Capital

 

   December 31,   September 30, 
   2023   2023 
Current Assets  $27,617   $134,111 
Current Liabilities   116,323    115,616 
Working Capital (Deficit)  $(88,706)  $18,495 

 

As of December 31, 2023, we had current assets of $27,617 and a working capital deficit of $88,706. In comparison, as of September 30, 2023, we had current assets of $134,111 and a working capital surplus of $18,495.

 

We had $116,323 in total current liabilities as of December 31, 2023, consisting of $111,849 in accounts payable, $37 in accrued expenses, and $4,437 due to related parties. This is compared to total current liabilities of $115,616 in total current liabilities as of September 30, 2023, consisting of $100,849 in accounts payable, $37 in accrued expenses, and $14,730 in due to related parties. The decrease in due to related parties was primarily due to unpaid compensation to officers and directors repaid.

 

We had total stockholders’ deficit of $25,540 and an accumulated deficit of $10,601,201 as of December 31, 2023. In comparison, we had a total stockholders’ equity of $53,720 and an accumulated deficit of $10,503,191 as of September 30, 2023.

 

12

 

 

Cash Flows

 

   Three months
ended
December 31,
2023		   Three months
ended
December 31,
2022		 
Cash flows used in operating activities  $(77,616)  $(74,869)
Cash flows used in investing activities   (28,691)   (15,005)
Cash flows provided by financing activities   -    - 
Effect of exchange rate changes on cash   -    - 
Net decrease in cash during period  $(106,307)  $(89,874)

 

During the three months ended December 31, 2023, we used $77,616 of cash in operating activities which was attributable primarily to our net loss of $98,010 offset by stock-based compensation, and change in operating assets and liabilities of $20,394. In comparison, during the three months ended December 31, 2022, we used $74,869 of cash in operating activities which was attributable primarily to our net loss of $149,788 offset by stock-based compensation and change in operating assets and liabilities of $74,919.

 

During the three months ended December 31, 2023, we used $28,691 of cash investing activity in purchase of equipment. During the three months ended December 31, 2022, we used $15,005 of cash investing activity in purchase of equipment.

 

During the three months ended December 31, 2023 and 2022, we did not have any financing activity.

 

There is substantial doubt that we can continue as an ongoing business for the next twelve months unless we obtain additional capital to pay our expenses as they become due. We do not anticipate any significant additional revenue until and unless we begin to execute our plan of operations involving the start of our new electric vehicle charging station business. There is no assurance that we will ever reach that stage. The condensed consolidated financial statements presented herein do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that we cannot continue as a going concern.

 

Our ability to continue as a going concern is dependent upon our ability to successfully execute our business plan and generate profitable operations in the future, and, until and unless we achieve that, to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operation as and when they become due. To date, our capital requirements have primarily been funded by shareholders through the purchase of our Common Stock in private offerings and short-term borrowings from a former officer and another shareholder.

 

Contractual Obligations

 

We do not have material contractual obligations and commitments. We only have one lease that is renewed on a month-to-month basis.

 

13

 

 

Off-Balance Sheet Arrangements

 

As of December 31, 2023, we had not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. As of December 31, 2023, we had not entered into any derivative contracts that are indexed to our shares and classified as shareholder’s equity or that are not reflected in our condensed consolidated financial statements. Furthermore, as of December 31, 2023, we had not had any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. As of December 31, 2023, we had not had any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

 

Critical accounting policies and estimates

 

Our discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We continually evaluate our estimates, including those related to income taxes, and the valuation of equity transactions. We base our estimates on historical experience and on various other assumptions that we believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. For the three months ended December 31, 2023, and 2022, no significant estimates and assumptions have been made in the condensed consolidated financial statements. The following are some of the critical accounting policies in relation to the preparation of the condensed consolidated financial statements. For a full summary of our critical accounting policies, please refer to Note 2 to the Consolidated Financial Statements.

 

Stock-Based Compensation

 

We account for stock-based compensation in which we obtain employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation, which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period.

 

Recent accounting pronouncements

 

We do not expect that the adoption of recently issued accounting pronouncements will have a material impact on our financial position, results of operations, or cash flows. For a full summary of recent accounting pronouncements, please refer to Note 2 to the Consolidated Financial Statements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

 

Not required for smaller reporting companies.

 

14

 

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

Our disclosure controls and procedures are designed to ensure that the information relating to our Company, including our consolidated subsidiary, required to be disclosed in our reports filed with the Securities and Exchange Commission (the “SEC”) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow for timely decisions regarding required disclosure. We conducted an evaluation, under the supervision and with the participation of management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this annual report. Based on this evaluation, our chief executive officer and chief financial officer concluded that, as of the evaluation date, our disclosure controls and procedures were not effective due to material weaknesses in our internal control over financial reporting, as described below.

 

Management’s Report on Internal Control Over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of management, including our chief executive officer and chief financial officer, we conducted an evaluation of the design and operating effectiveness of our internal controls over financial reporting based on the framework in “Internal Control-Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

 

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.

 

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023 and identified the following material weaknesses:

 

Inadequate Segregation of Duties: We have an inadequate number of personnel to properly implement control procedures.

 

Comingling of funds: We do not have adequate control of our petty cash, resulting in the comingling of our petty cash with the nominal account holder’s personal funds.

 

Lack of Adequate Staffing: We do not have adequate in-house accounting personnel and expertise in key positions, which resulted in overly relying on outside consultants in preparing financial statements and other required disclosures by the Securities and Exchange Commission.

 

Ineffective oversight: We do not exercise effective oversight and monitoring procedures designed and implemented to certain control activities.

 

Overly relied on outside professionals: We are unable to prepare internally financial statements and relied on outside professional consultants to prepare financial statements and adequate disclosures.

 

15

 

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. As a result of the material weaknesses in internal control over financial reporting identified above, management concluded that the Company’s internal control over financial reporting was not effective as of December 31, 2023, based on the criteria set forth in “Internal Control-Integrated Framework” issued by COSO.

 

Due to the nature of the material weaknesses, there is a more than remote likelihood that misstatements which could be material to the annual or interim financial statements could occur that would not be prevented or detected. The material weaknesses identified above either individually or in aggregation did not result in any identified misstatements or errors in the Company’s condensed consolidated financial statements at and for the three-month period ended December 31, 2023.

 

Management’s Plan for Remediation

 

Management has discussed the material weaknesses noted above with our independent registered public accounting firm. Management is committed to improving its internal controls and, subject to having adequate financial resources, intends to:

 

●increase the frequency of independent reconciliations of significant accounts which will mitigate the lack of segregation of duties to monitor and review until there are sufficient personnel to segregate duties;

 

●consider providing professional courses for our key position personnel;

 

●hire additional employees to realize segregation of duties; and

 

●strengthen management monitoring control over accounting and financial statements preparation processing.

 

However, due to limitation of funds and personnel, we have so far been unable to begin to implement the plan to remediate the material weaknesses noted above and it is uncertain when we will be able to begin to implement the plan to remediate these material weaknesses.

 

Inherent Limitations on Effectiveness of Controls

 

A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Because of its inherent limitations, internal control over financial reporting may not prevent or detect all control issues or misstatements. Accordingly, our controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our control system are met. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become adequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Changes in Internal Control

 

There have been no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

16

 

 

PART II

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

We are not currently a party to any lawsuit or proceeding, which, in the opinion of management, is likely to have a material adverse effect on us or our business.

 

ITEM 1A. RISK FACTORS

 

Not required of smaller reporting companies.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

17

 

 

ITEM 6. EXHIBITS

 

Exhibit No.   Description
31.1   Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934.
31.2   Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934.
32.1*   Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*   Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS   Inline XBRL Instance Document.
101.SCH   Inline XBRL Taxonomy Extension Schema Document.
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

*The certifications attached as Exhibits 32.1 and 32.2 accompany this quarterly report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

18

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  GENUFOOD ENERGY ENZYMES CORP.
     
Date: February 20, 2024 By: /s/ David Tang
    David Tang
    Chief Executive Officer
   
  By: /s/ Kuang Ming (James) Tsai
    Kuang Ming (James) Tsai
    Director, Chief Financial Officer

 

 

19

 

NONE Yes Yes 299686921 808900041 false --09-30 Q1 2024 false 0001510518 00-0000000 true 0001510518 2023-10-01 2023-12-31 0001510518 2024-02-15 0001510518 2023-12-31 0001510518 2023-09-30 0001510518 us-gaap:RelatedPartyMember 2023-12-31 0001510518 us-gaap:RelatedPartyMember 2023-09-30 0001510518 2022-10-01 2022-12-31 0001510518 us-gaap:CommonStockMember 2023-09-30 0001510518 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001510518 gfoo:DiscountOnCommonStockMember 2023-09-30 0001510518 us-gaap:RetainedEarningsMember 2023-09-30 0001510518 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0001510518 us-gaap:CommonStockMember 2023-10-01 2023-12-31 0001510518 us-gaap:AdditionalPaidInCapitalMember 2023-10-01 2023-12-31 0001510518 gfoo:DiscountOnCommonStockMember 2023-10-01 2023-12-31 0001510518 us-gaap:RetainedEarningsMember 2023-10-01 2023-12-31 0001510518 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-10-01 2023-12-31 0001510518 us-gaap:CommonStockMember 2023-12-31 0001510518 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001510518 gfoo:DiscountOnCommonStockMember 2023-12-31 0001510518 us-gaap:RetainedEarningsMember 2023-12-31 0001510518 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001510518 gfoo:RestatedMember us-gaap:CommonStockMember 2022-09-30 0001510518 gfoo:RestatedMember us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001510518 gfoo:RestatedMember gfoo:DiscountOnCommonStockMember 2022-09-30 0001510518 gfoo:RestatedMember us-gaap:RetainedEarningsMember 2022-09-30 0001510518 gfoo:RestatedMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0001510518 gfoo:RestatedMember 2022-09-30 0001510518 gfoo:RestatedMember us-gaap:CommonStockMember 2022-10-01 2022-12-31 0001510518 gfoo:RestatedMember us-gaap:AdditionalPaidInCapitalMember 2022-10-01 2022-12-31 0001510518 gfoo:RestatedMember gfoo:DiscountOnCommonStockMember 2022-10-01 2022-12-31 0001510518 gfoo:RestatedMember us-gaap:RetainedEarningsMember 2022-10-01 2022-12-31 0001510518 gfoo:RestatedMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-10-01 2022-12-31 0001510518 gfoo:RestatedMember 2022-10-01 2022-12-31 0001510518 gfoo:RestatedMember us-gaap:CommonStockMember 2022-12-31 0001510518 gfoo:RestatedMember us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001510518 gfoo:RestatedMember gfoo:DiscountOnCommonStockMember 2022-12-31 0001510518 gfoo:RestatedMember us-gaap:RetainedEarningsMember 2022-12-31 0001510518 gfoo:RestatedMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001510518 gfoo:RestatedMember 2022-12-31 0001510518 2022-09-30 0001510518 2022-12-31 0001510518 2022-10-01 2023-09-30 0001510518 2023-02-24 0001510518 2023-02-24 2023-02-24 0001510518 2023-03-24 0001510518 2023-03-24 2023-03-24 0001510518 srt:ChiefExecutiveOfficerMember 2022-07-15 2022-07-15 0001510518 srt:ChiefExecutiveOfficerMember 2022-07-15 0001510518 us-gaap:ShareBasedCompensationAwardTrancheOneMember 2023-12-31 0001510518 us-gaap:StockOptionMember gfoo:VestingMember 2023-10-01 2023-12-31 0001510518 gfoo:VestingMember 2023-10-01 2023-12-31 0001510518 us-gaap:StockOptionMember 2023-10-01 2023-12-31 0001510518 us-gaap:StockOptionMember 2021-10-01 2022-09-30 0001510518 gfoo:YiLungOliverLinMember 2023-10-01 2023-12-31 0001510518 gfoo:JuiPinJohnLinMember 2023-10-01 2023-12-31 0001510518 gfoo:JiaTianJefferyLinMember 2023-10-01 2023-12-31 0001510518 gfoo:WenPiaoJackLaiMember 2023-10-01 2023-12-31 0001510518 gfoo:ShaoChengWillWangMember 2023-10-01 2023-12-31 0001510518 gfoo:KuangMingJamesTsaiMember 2023-10-01 2023-12-31 0001510518 gfoo:HsinTaDarrenSuMember 2023-10-01 2023-12-31 0001510518 gfoo:HuiChuanSandraLinMember 2023-10-01 2023-12-31 0001510518 gfoo:DavidTangMember 2023-10-01 2023-12-31 0001510518 us-gaap:RelatedPartyMember gfoo:HsinTaDarrenSuMember 2023-12-31 0001510518 us-gaap:RelatedPartyMember gfoo:HsinTaDarrenSuMember 2023-09-30 0001510518 us-gaap:RelatedPartyMember gfoo:DavidTangMember 2023-12-31 0001510518 us-gaap:RelatedPartyMember gfoo:DavidTangMember 2023-09-30 0001510518 us-gaap:RelatedPartyMember 2023-12-31 0001510518 us-gaap:RelatedPartyMember 2023-09-30 0001510518 2021-09-30 0001510518 2019-10-01 2020-09-30 0001510518 2020-10-01 2021-09-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure

Exhibit 31.1

 

CERTIFICATION

 

I, David Tang, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Genufood Energy Enzymes Corp.;

 

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 registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15-d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant 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 registrant, 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 registrant’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 registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’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 registrant’s internal control over financial reporting.

 

Date: February 20, 2024  
   
By: /s/ David Tang  
Name:  David Tang  
Title: Chief Executive Officer  
  (principal executive officer)  

 

Exhibit 31.2

 

CERTIFICATION

 

I, Kuang Ming (James) Tsai, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Genufood Energy Enzymes Corp.;

 

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 registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15-d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant 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 registrant, 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 registrant’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 registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’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 registrant’s internal control over financial reporting.

 

Date: February 20, 2024  
     
By: /s/ Kuang Ming (James) Tsai  
Name:  Kuang Ming (James) Tsai  
Title: Director, Chief Financial Officer  
  (principal financial officer and  
  principal accounting officer)  

 

Exhibit 32.1

 

CERTIFICATION

 

In connection with the quarterly report of Genufood Energy Enzymes Corp. (the “Company”) on Form 10-Q for the quarter ended December 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, David Tang, Chief Executive Officer (Principal Executive Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, 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 at the dates and for the periods indicated.

 

Date: February 20, 2024  
   
By: /s/ David Tang  
Name:  David Tang  
Title: Chief Executive Officer  
  (principal executive officer)  

 

This certification is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing. A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

Exhibit 32.2

 

CERTIFICATION

 

In connection with the quarterly report of Genufood Energy Enzymes Corp. (the “Company”) on Form 10-Q for the quarter ended December 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Kuang Ming (James) Tsai, Director, Chief Financial Officer (Principal Financial Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, 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 at the dates and for the periods indicated.

 

Date: February 20, 2024  
   
By: /s/ Kuang Ming (James) Tsai  
Name:  Kuang Ming (James) Tsai  
Title: Director, Chief Financial Officer  
  (principal financial officer and  
  principal accounting officer)  

 

This certification is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing. A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

v3.24.0.1
Document And Entity Information - shares
 3 Months Ended
Dec. 31, 2023
Feb. 15, 2024
Document Information Line Items    
Entity Registrant Name GENUFOOD ENERGY ENZYMES CORP.  
Document Type 10-Q  
Current Fiscal Year End Date --09-30  
Entity Common Stock, Shares Outstanding   808,900,041
Amendment Flag false  
Entity Central Index Key 0001510518  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Document Period End Date Dec. 31, 2023  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Quarterly Report true  
Entity File Number 000-56112  
Entity Incorporation, State or Country Code NV  
Entity Address, Address Line One 1108 S. Baldwin Avenue  
Entity Address, Address Line Two Suite 107  
Entity Address, City or Town Arcadia  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 91007  
City Area Code (855)  
Local Phone Number 707-2077  
Title of 12(b) Security N/A  
Security Exchange Name NONE  
Entity Interactive Data Current Yes  
Document Transition Report false  
Entity Tax Identification Number 00-0000000  
No Trading Symbol Flag true  
v3.24.0.1
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Current assets    
Cash and cash equivalents $ 19,617 $ 125,924
Prepayment 8,000 8,187
Total Current Assets 27,617 134,111
Equipment 96,142 67,451
Total Assets 123,759 201,562
Current liabilities    
Accounts payable 111,849 100,849
Accrued expenses 37 37
Total Current Liabilities 116,323 115,616
Commitment and contingencies (Note 8) 32,976 32,226
Stockholders’ (Deficit) Equity    
Common stock: $0.001 par value; 10,000,000,000 shares authorized; 808,900,041 shares issued and outstanding as of December 31, 2023 and September 30, 2023 808,900 808,900
Additional paid-in capital 17,008,342 16,989,592
Discount on common stock (7,241,581) (7,241,581)
Accumulated deficit (10,601,201) (10,503,191)
Total Stockholders’ (Deficit) Equity (25,540) 53,720
Total Liabilities and Stockholders’ (Deficit) Equity 123,759 201,562
Related Party    
Current liabilities    
Due to related parties $ 4,437 $ 14,730
v3.24.0.1
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Dec. 31, 2023
Sep. 30, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in Dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 10,000,000,000 10,000,000,000
Common stock, shares issued 808,900,041 808,900,041
Common stock, shares outstanding 808,900,041 808,900,041
v3.24.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]    
Revenue
Operating expenses    
General and administrative expenses 95,616 148,995
Total operating expenses 95,616 148,995
Loss from operations (95,616) (148,995)
Other income (expense)    
Interest expense (44)
Foreign currency loss (43)
Other non-operating income (expenses), net (750) (750)
Total other (expense) income (794) (793)
Loss before income taxes (96,410) (149,788)
Provision for income taxes 1,600
Net loss (98,010) (149,788)
Other comprehensive income (loss)    
Foreign currency transaction adjustment (85)
Comprehensive loss $ (98,010) $ (149,873)
Loss per share of common stock - basic (in Dollars per share) [1]
Weighted average shares outstanding - basic (in Shares) 808,900,041 299,686,921
[1] Less than $0.01 per share
v3.24.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]    
Loss per share of common stock - diluted [1]
Weighted average shares outstanding - diluted 808,900,041 299,686,921
[1] Less than $0.01 per share
v3.24.0.1
Condensed Consoildated Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($)
Restated
Common Stock
Restated
Additional Paid-in- Capital
Restated
Discount on common stock
Restated
Accumulated Deficit
Restated
Accumulated Other Comprehensive Income (loss)
Restated
Common Stock
Additional Paid-in- Capital
Discount on common stock
Accumulated Deficit
Accumulated Other Comprehensive Income (loss)
Total
Balance at Sep. 30, 2022 $ 299,687 $ 16,927,592 $ (7,241,581) $ (9,875,489) $ (193,558) $ (83,349)            
Balance (in Shares) at Sep. 30, 2022 299,686,921                      
Stock-based compensation 18,750 18,750            
Foreign currency translation (85) (85)            
Net Loss (149,788) (149,788)           $ (149,788)
Balance at Dec. 31, 2022 $ 299,687 $ 16,946,342 $ (7,241,581) $ (10,025,277) $ (193,643) $ (214,472)            
Balance (in Shares) at Dec. 31, 2022 299,686,921                      
Balance at Sep. 30, 2023             $ 808,900 $ 16,989,592 $ (7,241,581) $ (10,503,191) 53,720
Balance (in Shares) at Sep. 30, 2023             808,900,041          
Stock-based compensation             18,750 18,750
Net Loss             (98,010) (98,010)
Balance at Dec. 31, 2023             $ 808,900 $ 17,008,342 $ (7,241,581) $ (10,601,201) $ (25,540)
Balance (in Shares) at Dec. 31, 2023             808,900,041          
v3.24.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities    
Net loss $ (98,010) $ (149,788)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation 18,750 18,750
Change in operating assets and liabilities    
Prepayment 187 7,836
Accounts payable 11,000 17,401
Due to related parties (10,293) 30,182
Commitment and contingencies 750 750
Net cash used in operating activities (77,616) (74,869)
Cash Flows from Investing Activities    
Purchase of equipment (28,691) (15,005)
Net cash used in investing activities (28,691) (15,005)
Net decrease in cash and cash equivalents (106,307) (89,874)
Cash and cash equivalents, beginning of period 125,924 136,400
Cash and cash equivalents, end of period 19,617 46,526
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes $ 1,600
v3.24.0.1
General Organization and Business
 3 Months Ended
Dec. 31, 2023
General Organization and Business [Abstract]  
GENERAL ORGANIZATION AND BUSINESS

NOTE 1 – GENERAL ORGANIZATION AND BUSINESS

 

Genufood Energy Enzymes Corp., USA (the “Company” or “GEEC”) was incorporated under the laws of the State of Nevada on June 21, 2010. On February 13, 2012, GEEC incorporated a wholly-owned subsidiary, Genufood Enzymes (S) Pte Ltd (“GESPL”) in Singapore, which was dissolved on January 9, 2023.

 

Since its inception, the Company has always been in the development stage and never generated significant revenues. The Company is currently developing business in Electric Vehicle Charge station. The Company has engaged in business agreements and development with various parties. The Company has initiated its electric vehicle charging station business.

 

On August 1, 2022, the board of directors (the “Board”) of the Company unanimously approved to expand our business in the area of electric vehicle supply equipment (“EVSE”) and will direct the management team to implement its new business plan in such industry. On August 16, 2022, the Company formally announced its intention to reposition as EVSE solutions provider, seeking to grow business in EVSE industry, including building, owning, and operating the next generation of electric vehicle charging stations in the U.S. The Company intends to bring convenient, reliable, and accessible charging experience to electric vehicle drivers, utilizing frictionless technology and carbon-neutral vehicle-charging infrastructure.

 

On October 26, 2022, the Company entered into three Charging Station Site Host Agreements (the “Agreements”) with two institutions (the “Site Hosts”), respectively, pursuant to which the Site Hosts agree to allow the Company to install its electric vehicle charging stations at the locations set forth in the Agreements (the “Charging Stations”). Under the Agreements, the Company has agreed to share the revenue generated by the sales of electricity at the Charging Stations with the Site Hosts.

 

As of December 31, 2023, the Company has two sites under construction for charging stations and three sites under planning.
v3.24.0.1
Summary of Significant Accounting Policies
 3 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending September 30, 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023.

 

Principle of Consolidation

 

The condensed consolidated financial statements include the accounts of GEEC and its wholly-owned subsidiary GESPL. All significant inter-company accounts and transactions have been eliminated in consolidation. The wholly-owned subsidiary of the Company did not have business activities prior to its dissolution.

 

Use of Estimates

 

The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Concentrations of Credit Risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation. The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management’s expectations.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. As of December 31, 2023 and September 30, 2023, the Company did not have cash equivalents.

 

Fair Value of Financial Instruments

 

The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

  ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.
     
  ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.
     
  ● Level 3 inputs are less observable and reflect our own assumptions.

 

The Company’s financial instruments consist principally of cash and cash equivalents, accounts payable and accrued expenses and due to related parties. The carrying amounts of such financial instruments in the accompanying consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.

 

Foreign Currency Translation and Transactions

 

The reporting and functional currency of GEEC is the USD. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the Singapore Dollar (“SGD”).

 

For financial reporting purposes, the financial statements of the Company’s Singapore subsidiary, which are prepared using the SGD, are translated into the Company’s reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.6970 as of September 30, 2022. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7214 average exchange rates were used to translate revenues and expenses for the three months ended December 31, 2022. Stockholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive loss in stockholders’ deficit.

 

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 transactions. The resulting exchange difference, presented as foreign currency transaction loss, is included in the accompanying consolidated statements of operations.

 

Business Segments

 

The Company operates in only one segment.

 

Net Income (Loss) Per Share

 

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. There were no potential dilutive debt or equity instruments issued and outstanding at any time during the three months ended December 31, 2023 and 2022.

 

Discounts on Common Stock

 

Common stock issued lower than the Company’s par value is treated as common stock issued under discounts. The portion of the discount is shown separately as a deduction from the Company’s account of common stock on the Company’s consolidated financial statements.

 

Stock-Based Compensation

 

The Company accounts for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period.

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted 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 on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized.

 

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

 

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.

 

There were no current and deferred income tax provision recorded for the three months ended December 31, 2023 and 2022 since the Company has recurring losses.

 

Recent Accounting Pronouncements

 

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs” or “ASU”) on the Company’s consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial position or results of operations. Recently issued ASUs that the Company feels may be applicable to the Company are as follows:

 

In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The subtitle is Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU addresses complex financial instruments that have characteristics of both debt and equity. The application of this ASU would reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models would result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. To date, no such bifurcation has been necessary. Management is evaluating the potential impact. This ASU becomes effective for fiscal years beginning after December 15, 2023.
v3.24.0.1
Going Concern
 3 Months Ended
Dec. 31, 2023
Going Concern [Abstract]  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

As of December 31, 2023 and September 30, 2023, the Company had an accumulated deficit of $10,601,201 and $10,503,191, respectively. To date, the Company’s cash flow requirements have been primarily met through proceeds received from sales of its common stock. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

 

The Company received $362,000 from private placement during the year ended September 30, 2023. The proceeds have been used for operation expenses. Management is currently seeking additional funds for future operation.
v3.24.0.1
Equipment
 3 Months Ended
Dec. 31, 2023
Equipment [Abstract]  
EQUIPMENT

NOTE 4 – EQUIPMENT

 

As of December 31, 2023 and September 30, 2023 the Company had equipment of $96,142 and $67,451, respectively, consisting of equipment to be installed at its electric vehicle charging stations and related installation costs.
v3.24.0.1
Stockholders’ Equity (Deficit)
 3 Months Ended
Dec. 31, 2023
Stockholders’ Equity (Deficit) [Abstract]  
STOCKHOLDERS’ EQUITY (DEFICIT)

NOTE 5 – STOCKHOLDERS’ EQUITY (DEFICIT)

 

The Company is authorized under its articles of incorporation, as amended, to issue 10,000,000,000 shares of Common Stock, par value $0.001 per share.

 

On February 24, 2023, the Company conducted a private placement offering and sold 375,000,000 shares of common stock at $0.001 per share, for gross proceeds of $375,000, and incurred offering costs of $13,000.

 

On March 24, 2023, the Company issued 134,213,120 shares of common stock to its board of directors, officers, and former officers to repay the compensation due to them in the aggregate amount of $134,213 at the conversion rate of $0.001 per share.

 

Stock Options

 

On July 15, 2022, the CEO, David Tang, was granted 15,000,000 options to purchase shares at $0.01 per share. As of December 31, 2023, total options granted was 15,000,000 and 5,312,500 was vested. This option will be subject to a vesting schedule providing for twenty-five percent (25%) vesting after the first twelve (12) months of employment and monthly vesting as to the remaining seventy-five percent (75%) of the shares over the following thirty-six (36) months after the first anniversary of the employment commencement date. These stock options are exercisable over a maximum period of 10 years from the grant date. The weighted average grant date fair value of options granted during the year ended September 30, 2022 was $0.02.

 

Compensation costs associated with the Company’s stock options are recognized, based on the grant-date fair value of these options, over the requisite service period, or vesting period. Accordingly, the Company recognized stock-based compensation expense of $18,750 and $18,750, respectively, which was included in the general and administrative expenses in the consolidated statements of operations for the three months ended December 31, 2023 and 2022.

 

The fair value of the stock options listed above was determined using the Black-Scholes option pricing model with the following assumptions:

 

   December 31,
2023		 
Risk-free interest rate   2.99%
Expected term   6.08 years 
Expected volatility   379.35%
Expected dividend yield   0%

 

The following is a summary of the option activity for the three months ended December 31, 2023:

 

Options  Number of
Underlying
Shares		   Weighted
average
exercise
price		   Weighted
Average
Remaining
Contractual
Life (years)		   Aggregate
Intrinsic
Value		 
Outstanding at October 1, 2023   15,000,000   $0.01    
–
   $
–
 
Granted   
–
   $
–
    –   $– 
Exercised   
–
   $
–
    –   $– 
Forfeited or expired   
–
   $
–
    –   $– 
Outstanding at December 31, 2023   15,000,000   $0.01    8.5   $
–
 
Vested and expected to vest as of December 31, 2023   15,000,000   $0.01    8.5   $
–
 
Exercisable at December 31, 2023   5,312,500   $0.01    8.5   $
–
 

 

As of December 31, 2023, unrecognized total compensation cost associated with these options was $190,428. This expense is expected to be recognized over a weighted-average period of 2.54 years.
v3.24.0.1
Related Party Transactions
 3 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

 

Related Parties

 

Name of related parties   Relationship with the Company
Yi Lung (Oliver) Lin   Principal shareholder
Jui Pin (John) Lin   Principal shareholder, Chairman of the Board, President, and Director
Jia Tian (Jeffery) Lin   Former Chief Executive Officer
Wen-Piao (Jack) Lai   Director
Shao-Cheng (Will) Wang   Former Chief Financial Officer
Kuang Ming (James) Tsai   Director and Chief Financial Officer
Hsin-Ta (Darren) Su   Director, Treasurer
Hui-Chuan (Sandra) Lin   Director and Secretary, daughter of Jui Pin (John) Lin
David Tang   Chief Executive Officer

 

Due to Related Parties

 

The Company’s due to related parties balances are as follows:

 

   December 31,
2023		   September 30,
2023		 
Hsin-Ta (Darren) Su  $1,496   $707 
David Tang   2,941    14,023 
Total  $4,437   $14,730 

 

The related party balances are unsecured, interest-free and due on demand.
v3.24.0.1
Income Taxes
 3 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
INCOME TAXES

NOTE 7 – INCOME TAXES

 

The Company has not generated any revenue from any source in the United States and had consolidated net loss for all the years since inception in 2010. Management believes GEEC does not have any U.S. income tax liability due. However, even though the Company does not have U.S. income tax liability, it may be required to file Form 5471 each year with the Internal Revenue Service (the “IRS”) of Department of Treasury. GEEC falls in the Category Five Filer (as a domestic corporation). The Company used to have subsidiaries: GEECIS in Sri Lanka that was established in May 2011, GESPL in Singapore that was established in February 2012, and GESTL in Thailand that was established in December 2014. The subsidiaries in Sri Lanka and Thailand were disposed in 2014 and 2016, respectively. The Singapore subsidiary has been inactive since 2016 and dissolved in January 2023.

 

Internal Revenue Code (“IRC”) Section 6038(a) requires information reporting with respect to certain foreign corporations (Form 5471) and describes the information required to be reported on this form. IRC Section 6038(b)(1) provides for a monetary penalty of $10,000 for each Form 5471 that is filed after the due date of the income tax return (including extensions) or does not include the complete and accurate information described in Section 6038(a). According to IRS rules, a penalty may apply to each Form 5471 which is filed after the due date of the income tax return. The penalty will be applied whether or not any tax is due on Form 1120.

 

The Company believes that based on the current information available, it is difficult to determine whether it is probable that the Company will be charged penalties by IRS for the late filing of Form 5471 and even if it will be, it is difficult to reasonably estimate the amount of penalties that may be assessed.

 

During the fiscal year ended September 30, 2021, the IRS imposed a $25,000 penalty on the Company for failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, for the year ended September 30, 2020. The Company has engaged an outside professional advisor to seek for forgiveness of the penalty and interest thereon in the amount of $7,976, for a total of $32,976, which was still pending as of December 31, 2023.
v3.24.0.1
Commitments and Contingencies
 3 Months Ended
Dec. 31, 2023
Commitments and Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

The Company terminated its previous virtual office agreement in Los Angeles, California and has established a new virtual office in Arcadia, California. The new arrangement is on a month-to-month basis at a cost of $200 per month. As of December 31, 2023, the Company has no material commitments under operating leases.

 

During the fiscal year ended September 30, 2021, the IRS imposed a $25,000 penalty on the Company for failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, for the year ended September 30, 2020 (see Note 7).
v3.24.0.1
Subsequent Events
 3 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date when the consolidated financial statements were issued and determined that no subsequent events occurred that would require adjustment to or disclosure in the consolidated financial statements.
v3.24.0.1
Accounting Policies, by Policy (Policies)
 3 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending September 30, 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023.
Principle of Consolidation

Principle of Consolidation

The condensed consolidated financial statements include the accounts of GEEC and its wholly-owned subsidiary GESPL. All significant inter-company accounts and transactions have been eliminated in consolidation. The wholly-owned subsidiary of the Company did not have business activities prior to its dissolution.
Use of Estimates

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 
Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation. The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management’s expectations.
Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. As of December 31, 2023 and September 30, 2023, the Company did not have cash equivalents.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

  ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.
     
  ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.
     
  ● Level 3 inputs are less observable and reflect our own assumptions.

The Company’s financial instruments consist principally of cash and cash equivalents, accounts payable and accrued expenses and due to related parties. The carrying amounts of such financial instruments in the accompanying consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.
Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions

The reporting and functional currency of GEEC is the USD. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the Singapore Dollar (“SGD”).

For financial reporting purposes, the financial statements of the Company’s Singapore subsidiary, which are prepared using the SGD, are translated into the Company’s reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.6970 as of September 30, 2022. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7214 average exchange rates were used to translate revenues and expenses for the three months ended December 31, 2022. Stockholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive loss in stockholders’ deficit.

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 transactions. The resulting exchange difference, presented as foreign currency transaction loss, is included in the accompanying consolidated statements of operations.
Business Segments

Business Segments

The Company operates in only one segment.

 
Net Income (Loss) Per Share

Net Income (Loss) Per Share

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. There were no potential dilutive debt or equity instruments issued and outstanding at any time during the three months ended December 31, 2023 and 2022.
Discounts on Common Stock

Discounts on Common Stock

Common stock issued lower than the Company’s par value is treated as common stock issued under discounts. The portion of the discount is shown separately as a deduction from the Company’s account of common stock on the Company’s consolidated financial statements.
Stock-Based Compensation

Stock-Based Compensation

The Company accounts for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period.
Income Taxes

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted 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 on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized.

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.

There were no current and deferred income tax provision recorded for the three months ended December 31, 2023 and 2022 since the Company has recurring losses.

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs” or “ASU”) on the Company’s consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial position or results of operations. Recently issued ASUs that the Company feels may be applicable to the Company are as follows:

In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The subtitle is Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU addresses complex financial instruments that have characteristics of both debt and equity. The application of this ASU would reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models would result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. To date, no such bifurcation has been necessary. Management is evaluating the potential impact. This ASU becomes effective for fiscal years beginning after December 15, 2023.
v3.24.0.1
Stockholders’ Equity (Deficit) (Tables)
 3 Months Ended
Dec. 31, 2023
Stockholders’ Equity (Deficit) [Abstract]  
Schedule of Fair Value the Stock Options Black-Scholes Option Pricing Model The fair value of the stock options listed above was determined using the Black-Scholes option pricing model with the following assumptions:
   December 31,
2023		 
Risk-free interest rate   2.99%
Expected term   6.08 years 
Expected volatility   379.35%
Expected dividend yield   0%
Schedule of Option Activity The following is a summary of the option activity for the three months ended December 31, 2023:
Options  Number of
Underlying
Shares		   Weighted
average
exercise
price		   Weighted
Average
Remaining
Contractual
Life (years)		   Aggregate
Intrinsic
Value		 
Outstanding at October 1, 2023   15,000,000   $0.01    
–
   $
–
 
Granted   
–
   $
–
    –   $– 
Exercised   
–
   $
–
    –   $– 
Forfeited or expired   
–
   $
–
    –   $– 
Outstanding at December 31, 2023   15,000,000   $0.01    8.5   $
–
 
Vested and expected to vest as of December 31, 2023   15,000,000   $0.01    8.5   $
–
 
Exercisable at December 31, 2023   5,312,500   $0.01    8.5   $
–
 
v3.24.0.1
Related Party Transactions (Tables)
 3 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Schedule of Related Parties Name and Relationship Related Parties
Name of related parties   Relationship with the Company
Yi Lung (Oliver) Lin   Principal shareholder
Jui Pin (John) Lin   Principal shareholder, Chairman of the Board, President, and Director
Jia Tian (Jeffery) Lin   Former Chief Executive Officer
Wen-Piao (Jack) Lai   Director
Shao-Cheng (Will) Wang   Former Chief Financial Officer
Kuang Ming (James) Tsai   Director and Chief Financial Officer
Hsin-Ta (Darren) Su   Director, Treasurer
Hui-Chuan (Sandra) Lin   Director and Secretary, daughter of Jui Pin (John) Lin
David Tang   Chief Executive Officer
Schedule of Due to Related Parties Balances The Company’s due to related parties balances are as follows:
   December 31,
2023		   September 30,
2023		 
Hsin-Ta (Darren) Su  $1,496   $707 
David Tang   2,941    14,023 
Total  $4,437   $14,730 
v3.24.0.1
Summary of Significant Accounting Policies (Details)
 3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
$ / shares
Sep. 30, 2022
$ / shares
Summary of Significant Accounting Policies [Abstract]      
Exchange rate     $ 0.697
Average exchange rates   $ 0.7214  
Number of segments 1    
Tax benefit, percentage 50.00%    
v3.24.0.1
Going Concern (Details) - USD ($)
 12 Months Ended
Sep. 30, 2023
Dec. 31, 2023
Going Concern [Abstract]    
Accumulated deficit $ (10,503,191) $ (10,601,201)
Private placement $ 362,000  
v3.24.0.1
Equipment (Details) - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Equipment [Abstract]    
Equipment $ 96,142 $ 67,451
v3.24.0.1
Stockholders’ Equity (Deficit) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 24, 2023
Feb. 24, 2023
Jul. 15, 2022
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Sep. 30, 2023
Stockholders’ Equity (Deficit) [Line Items]              
Common stock, shares authorized 134,213,120 375,000,000   10,000,000,000     10,000,000,000
Common stock, par value   $ 0.001   $ 0.001     $ 0.001
Gross proceeds   $ 375,000          
Offering costs   $ 13,000          
Aggregate amount $ 134,213            
Conversion per share $ 0.001            
Options to purchase share       5,312,500      
Stock based compensation expense       $ 18,750 $ 18,750    
Compensation cost       $ 190,428      
Stock option period       2 years 6 months 14 days      
Stock Options [Member]              
Stockholders’ Equity (Deficit) [Line Items]              
Stock option period       10 years      
Stock price           $ 0.02  
Share-Based Payment Arrangement, Tranche One [Member]              
Stockholders’ Equity (Deficit) [Line Items]              
Options to purchase share       15,000,000      
Vesting [Member]              
Stockholders’ Equity (Deficit) [Line Items]              
Vesting right percentage       75.00%      
Vesting [Member] | Stock Options [Member]              
Stockholders’ Equity (Deficit) [Line Items]              
Vesting right percentage       25.00%      
Chief Executive Officer [Member]              
Stockholders’ Equity (Deficit) [Line Items]              
Granted options     15,000,000        
Options per share     $ 0.01        
v3.24.0.1
Stockholders’ Equity (Deficit) (Details) - Schedule of Fair Value the Stock Options Black-Scholes Option Pricing Model
 3 Months Ended
Dec. 31, 2023
Schedule of Fair Value the Stock Options Black-Scholes Option Pricing Model [Abstract]  
Risk-free interest rate 2.99%
Expected term 6 years 29 days
Expected volatility 379.35%
Expected dividend yield 0.00%
v3.24.0.1
Stockholders’ Equity (Deficit) (Details) - Schedule of Option Activity
 3 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Schedule of Option Activity [Abstract]  
Number of Underlying Shares, Beginning Outstanding | shares 15,000,000
Weighted average exercise price, Beginning Outstanding | $ / shares $ 0.01
Weighted Average Remaining Contractual Life (years), Beginning Outstanding
Aggregate Intrinsic Value, Beginning Outstanding | $
Number of Underlying Shares, Granted | shares
Weighted average exercise price, Granted | $ / shares
Number of Underlying Shares, Exercised | shares
Weighted average exercise price, Exercised | $ / shares
Number of Underlying Shares, Forfeited or expired | shares
Weighted average exercise price, Forfeited or expired | $ / shares
Number of Underlying Shares, Ending Outstanding | shares 15,000,000
Weighted average exercise price, Ending Outstanding | $ / shares $ 0.01
Weighted Average Remaining Contractual Life (years), Ending Outstanding 8 years 6 months
Aggregate Intrinsic Value, Ending Outstanding | $
Number of Underlying Shares Vested and expected to vest | shares 15,000,000
Weighted average exercise price Vested and expected to vest | $ / shares $ 0.01
Weighted Average Remaining Contractual Life (years) Vested and expected to vest 8 years 6 months
Aggregate Intrinsic Value Vested and expected to vest | $
Number of Underlying Shares, Exercisable | shares 5,312,500
Weighted average exercise price, Exercisable | $ / shares $ 0.01
Weighted Average Remaining Contractual Life (years), Exercisable 8 years 6 months
Aggregate Intrinsic Value, Exercisable | $
v3.24.0.1
Related Party Transactions (Details) - Schedule of Related Parties Name and Relationship
 3 Months Ended
Dec. 31, 2023
Yi Lung (Oliver) Lin [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Principal shareholder
Jui Pin (John) Lin [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Principal shareholder, Chairman of the Board, President, and Director
Jia Tian (Jeffery) Lin [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Former Chief Executive Officer
Wen-Piao (Jack) Lai [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Director
Shao-Cheng (Will) Wang [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Former Chief Financial Officer
Kuang Ming (James) Tsai [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Director and Chief Financial Officer
Hsin-Ta (Darren) Su [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Director, Treasurer
Hui-Chuan (Sandra) Lin [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Director and Secretary, daughter of Jui Pin (John) Lin
David Tang [Member]  
Related Party Transactions [Line Items]  
Relationship with the Company Chief Executive Officer
v3.24.0.1
Related Party Transactions (Details) - Schedule of Due to Related Parties Balances - Related Party [Member] - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Related Party Transactions [Line Items]    
Due to related parties balances $ 4,437 $ 14,730
Hsin-Ta (Darren) Su [Member]    
Related Party Transactions [Line Items]    
Due to related parties balances 1,496 707
David Tang [Member]    
Related Party Transactions [Line Items]    
Due to related parties balances $ 2,941 $ 14,023
v3.24.0.1
Income Taxes (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2020
Sep. 30, 2021
Income Taxes [Abstract]      
Penalty amount $ 10,000    
Penalty received     $ 25,000
Income taxes return, percentage   25.00%  
Forgiveness of penalty and interest 7,976    
Total amount of penalty and interest $ 32,976    
v3.24.0.1
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2021
Sep. 30, 2020
Commitments and Contingencies [Abstract]      
Operating lease cost $ 200    
Penalty imposed   $ 25,000  
Return, percentage     25.00%
Genufood Energy Enzymes (CE) (USOTC:GFOO)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Genufood Energy Enzymes (CE) Charts.
Genufood Energy Enzymes (CE) (USOTC:GFOO)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Genufood Energy Enzymes (CE) Charts.