10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended September 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File Number 000-56112

GENUFOOD ENERGY ENZYMES CORP.

(Exact name of registrant as specified in its charter)

Nevada	68-0681158
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1108 S. Baldwin Avenue, Suite 107

Arcadia, California 91007

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (855) 707-2077

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

Title of each class Name of each exchange on which registered

Securities registered pursuant to Section 12(g) of the Act:

Common Stock

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 past 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

As of January 9, 2024, there were 808,900,041 shares outstanding, $0.001 par value per share, of the registrant’s common stock outstanding. No market value has been computed based upon the fact that no active trading market had been established as of September 30, 2023. 

GENUFOOD ENERGY ENZYMES CORP.

FORM 10-K FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

TABLE OF CONTENTS

		Page
PART I
ITEM 1.	BUSINESS	1
ITEM 1A.	RISK FACTORS	3
ITEM 1B.	UNRESOLVED STAFF COMMENTS	3
ITEM 2.	PROPERTIES	3
ITEM 3.	LEGAL PROCEEDINGS	3
ITEM 4.	MINE SAFETY DISCLOSURES	3
PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	4
ITEM 6.	[RESERVED]	5
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	5
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	10
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	10
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	10
ITEM 9A.	CONTROLS AND PROCEDURES	10
ITEM 9B.	OTHER INFORMATION	12
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	12
PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	13
ITEM 11.	EXECUTIVE COMPENSATION	15
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	18
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	19
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	19
PART IV
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	20
ITEM 16.	FORM 10-K SUMMARY	21
SIGNATURES		22
POWER OF ATTORNEY		22

i

GENERAL NOTE

We refer to our business from the period from inception (June 21, 2010) through approximately mid- to late-2016, as our “historic period”, the business conducted during the historic period as our “original business” and the management of our company during the historic period as “Oliver Lin’s management”.

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 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). 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” or “anticipate” 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.

ii

ITEM 1. BUSINESS 

The discussion of the business of Genufood Energy Enzymes Corp. and its wholly-owned subsidiary (“Genufood” “we” or the “Company”), is as of the date of filing this report, unless otherwise indicated.

Original Business

During our historic period, we were a start-up company whose main focus was to promote, market, distribute and export a range of enzyme products manufactured in the United States for sale for human and animal consumption in certain Asian markets, including the Association of Southeast Asian Nations (“ASEAN”). Our objective was to commence marketing and distribution of a range of enzyme products for human and animal consumption to sole country distributors, wholesalers, dealers and retailers, as well as to the general public following a Multi-Level Marketing - Franchise Investor Dealer Related (MLM-FIDR) concept, beginning in Taiwan, and then China, Hong Kong, Macau, Thailand, Malaysia, Singapore and Sri Lanka.

At some point, which we believe may have occurred approximately mid-to late-2016, Oliver Lin’s management ceased operating our original business. We have not generated any revenue from operations since that time.

Genufood Energy Enzymes Corp. was incorporated in Nevada on June 21, 2010. Our principal place of business is located at 1108 S. Baldwin Avenue, Suite 107, Arcadia, California 91007 and our telephone number is (855) 707-2077. Our website is www.geecenzymes.com. No part of our website is incorporated into this report.

Recent Developments

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 our new business plan in such industry. On August 16, 2022, we formally announced our 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. We intend 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 September 30, 2023, we had two sites under construction for charging stations and three sites under planning for future construction. We are actively negotiating and searching for additional sites for future development.

At this time, we reserve the right to further change our business plan at any time.

1

Hukui Investment

In late September 2020, we announced that we and Hukui Biotechnology Corporation (“Hukui”) had entered into a Series C Preferred Shares Subscription Agreement dated September 23, 2020 (the “Hukui Agreement”), pursuant to which we have agreed to purchase an aggregate 200,000 shares of Hukui’s Series C Preferred Stock (“Series C Preferred Shares”) at $10.00 per share, for an aggregate investment of $2,000,000.

The Hukui Agreement provided that we would purchase the Series C Preferred Shares in three tranches, through a date on or before June 30, 2022, as follows:

● The first tranche is 80,000 Series C Preferred Shares in the amount of $800,000 (the “First Tranche Investment”), such shares having been purchased by us on December 15, 2020 (the “First Tranche Closing”);

● The second tranche is 60,000 Series C Preferred Shares in the amount of $600,000 (the “Second Tranche Investment”), such shares having been purchased by us on June 25, 2021 (the “Second Tranche Closing”); and

● The third tranche is 60,000 Series C Preferred Shares in the amount of $600,000 (the “Third Tranche Investment”), such shares to have been purchased on or before June 30, 2022 (the “Third Tranche Closing”).

Following the end of our 2021 fiscal year, an individual and resident of the Republic of China (the “Purchaser”), Hukui and us entered into a Stock Purchase Agreement dated as of November 17, 2021 (the “Stock Purchase Agreement”), pursuant to which we agreed to sell the 140,000 shares of Hukui’s Series C Preferred Stock that we had purchased in the First Tranche Closing and the Second Tranche Closing (the “Hukui Shares”) to the Purchaser for $350,000 in cash, or $2.50 per share. The sale of the Hukui Shares closed on November 19, 2021.

As a result of our original purchase of the first 80,000 of the Hukui Shares on December 15, 2020, together with certain other factors, we may have been deemed to be an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). To the extent that we may have been deemed to be an investment company, we have been relying on Rule 3a-2 promulgated under the Investment Company Act, allowing us to terminate our investment company status on or before December 15, 2021, the first anniversary of our purchase of the first 80,000 of the Hukui Shares, without having to register and be regulated as an investment company.

Believing that it is not in the best interests of the Company and its shareholders to register and be regulated as an investment company under the Investment Company Act, we explored different lawful means by which we could terminate our potential investment company status. We determined that the only viable option to terminate our potential investment company status and lawfully avoid registration and regulation under the Investment Company Act was to sell the Hukui Shares on or before the December 15, 2021, deadline.

After making diligent efforts to seek a purchaser of the Hukui Shares, we received three all-cash offers to purchase the Hukui Shares. We accepted the offer of the Purchaser, which was the highest of the three all-cash offers that we received.

We had purchased the Hukui Shares in two tranches, on December 15, 2020, and June 30, 2021, pursuant to the Hukui Agreement, at $10.00 per share, for an aggregate purchase price of $1,400,000. We sold the Hukui Shares at $2.50 per share, for a total price of $350,000, resulting in a loss of $1,050,000. We recognized impairment loss of the market value of the shares of $1,050,000 for the year ended September 30, 2021. See Note 4 to the Consolidated Financial Statements.

On December 17, 2021, Hukui and us entered into an Agreement (the “Termination Agreement”), pursuant to which our obligation to make the Third Tranche Investment was terminated and the Hukui Agreement was terminated. As a result, we have no continuing contractual obligation to make any investment in Hukui.

2

With the sale of the Hukui Shares, we believe that we are no longer deemed to be an investment company as defined in the Investment Company Act and, accordingly, we are not required to register and be regulated as an investment company thereunder. Additionally, with the execution of the Termination Agreement, the possibility that we could again become an inadvertent investment company under the Investment Company Act has been removed.

We have decided to expand our business in the area of electric vehicle supply equipment (“EVSE”), and we will need to raise capital to pursue such a business. There are no commitments in place to fund such business and no guarantee can be given that we will be able to secure such funding on terms that are favorable to us, or at all .

Employees

As of December 31, 2023, we had 2 part time employees and 1 full time employee. Our employees were based in both Taiwan and USA.

ITEM 1A. RISK FACTORS

Not required for smaller reporting companies.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not required for smaller reporting companies.

ITEM 2. PROPERTIES

Our principal executive offices are located at 1108 S. Baldwin Avenue, Suite 107, Arcadia, California 91007. The arrangement is on a month-to-month basis at a cost of $200 per month.

ITEM 3. LEGAL PROCEEDINGS

There are presently no material pending legal proceedings to which we are a party or as to which any of our property is subject, and no such proceedings are known to us to be threatened or contemplated against us.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

3

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our common stock (“Common Stock”) is not traded on any stock exchange and is occasionally quoted on the OTC Pink Market. As of December 31, 2023, there were approximately 261 record holders of our Common Stock.

Dividend Policy

We have not paid any cash dividends to date and do not anticipate or contemplate paying dividends in the foreseeable future. It is the present intention of management to utilize all available funds for the execution of our business model.

Securities Authorized for Issuance Under Equity Compensation Plans

We have not authorized the issuance of, or issued, any securities under a retirement, pension, profit sharing, stock option or other equity compensation plans.

Recent Sales of Unregistered Securities

On February 24, 2023, we sold 375,000,000 shares of our Common Stock at a purchase price of $0.001 per share, for gross and net proceeds of $375,000, before allocating certain expenses associated with the offering in the amount of $13,000 as adjusted paid-in capital. See Note 6 to the Financial Statements.

On March 31, 2023, we issued an aggregate of 134,213,120 share of our Common Stock to certain of our current and former directors, officers, employees, and a consultant, who converted accrued and unpaid compensation in the aggregate amount of $134,213 at a rate of $0.001 per share of our Common Stock.

We offered and issued all of the foregoing securities under the exemption from registration provided by Section 4(a)(2) of the Securities Act, and/or Regulation D or Regulation S promulgated thereunder.

4

ITEM 6. [RESERVED]

Not required for smaller reporting companies.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

This discussion should be read in conjunction with the Company’s audited consolidated financial statements, including the Notes thereto, for the years ended September 30, 2022 and September 30, 2023, beginning on Page F-1.

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 designing and engineering services for 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 2 sites, and have them operational in October of 2023.

5

As of September 30, 2023, the Company has began constructions on two sites with total of 10 charging units and three sites with signed agreement under planning.

Hukui Investment

Hukui Biotechnology Corporation (“Hukui”) and we entered into a Series C Preferred Shares Subscription Agreement dated September 23, 2020 (the “Hukui Agreement”), pursuant to which we agreed to purchase an aggregate 200,000 shares of Hukui’s Series C Preferred Stock (the “Series C Preferred Shares”) at $10.00 per share, for an aggregate investment of $2,000,000.

The Hukui Agreement provided that we would purchase the Series C Preferred Shares in three tranches, through a date on or before June 30, 2022, as follows:

● The first tranche is 80,000 Series C Preferred Shares in the amount of $800,000 (the “First Tranche Investment”), such shares having been purchased by us on December 15, 2020 (the “First Tranche Closing”);

● The second tranche is 60,000 Series C Preferred Shares in the amount of $600,000 (the “Second Tranche Investment”), such shares having been purchased by us on June 25, 2021 (the “Second Tranche Closing”); and

● The third tranche is 60,000 Series C Preferred Shares in the amount of $600,000 (the “Third Tranche Investment”), such shares to have been purchased on or before June 30, 2022 (the “Third Tranche Closing”).

An individual and resident of the Republic of China (the “Purchaser”), Hukui and we entered into a Stock Purchase Agreement dated as of November 17, 2021 (the “Stock Purchase Agreement”), pursuant to which we agreed to sell the 140,000 shares of Hukui’s Series C Preferred Stock that we had purchased in the First Tranche Closing and the Second Tranche Closing (the “Hukui Shares”) to the Purchaser for $350,000 in cash, or $2.50 per share. The sale of the Hukui Shares closed on November 19, 2021.

On December 17, 2021, Hukui and we entered into an Agreement (the “Termination Agreement”), pursuant to which our obligation to make the Third Tranche Investment was terminated and the Hukui Agreement was terminated. As a result, we have no continuing contractual obligation to make any investment in Hukui.

Results of Operations

Year Ended September 30, 2023 compared to the Year Ended September 30, 2022

Revenues

We did not generate any revenues during the years ended September 30, 2023 and 2022.

6

Operating Expenses

We incurred total operating expenses of $432,296 and $348,845 for the years ended September 30, 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 increase in operating expenses for the year ended September 30, 2023 compared to the same period ended in 2022 was primarily due to increase in payroll expenses, stock-based compensation as well as business development expenses related to the installation of charging stations.

Other expense

During the year ended September 30, 2023, we incurred $195,406 other expenses mainly due to interest incurred for unpaid penalty from IRS and the loss on disposal of our Singapore subsidiary of $192,365. During the year ended September 30, 2022, we incurred $3,823 other expenses mainly due to interest incurred for unpaid penalty from IRS.

Net Loss

As a result of the above, our net loss increased from $352,668 in the year ended September 30, 2022 to $627,702 in the same period ended in 2023.

Effect of the COVID-19 Pandemic on our Business

While our liquidity and capital resources are severely limited and present serious obstacles to starting a business, these limitations are unrelated to the COVID-19 pandemic and resulting global economic crisis.

Our personnel are in Taiwan, which has been relatively less affected by the pandemic compared to many other countries in Asia, Europe and the United States.

Depending upon the extent and duration of the pandemic and the resulting global economic crisis, these conditions may have an adverse impact on our ability to raise capital and commence any business we may pursue.

Liquidity and Capital Resources

Working Capital

	September 30,		September 30,
	2023		2022
Current Assets	$	134,111	$	150,893
Current Liabilities		115,616		205,016
Working Capital (Deficit)	$	18,495	$	(54,123	)

As of September 30, 2023, we had current assets of $134,111 and a working capital surplus of $18,495. In comparison, as of September 30, 2022, we had current assets of $150,893 and a working capital deficit of $54,123.

We had $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 due to related parties. This is compared to total current liabilities of $205,016 in total current liabilities as of September 30, 2022, consisting of $102,185 in accounts payable and $102,831 due to related parties. The decrease in due to related parties was primarily due to unpaid compensation to officers and directors repaid by shares.

We had total stockholders’ equity of $53,720 and an accumulated deficit of $10,503,191 as of September 30, 2023. In comparison, we had a total stockholders’ deficit of $83,349 and an accumulated deficit of $9,875,489 as of September 30, 2022.

7

Cash Flows

	Year ended September 30, 2023			Year ended September 30, 2022
Cash flows used in operating activities	$	(305,025	)	$	(222,828	)
Cash flows provided by (used in) investing activities		(67,451	)		350,000
Cash flows provided by financing activities		362,000			-
Effect of exchange rate changes on cash		-			(43	)
Net increase in cash during period	$	(10,476	)	$	127,129

During the year ended September 30, 2023, we used $305,025 of cash in operating activities which was attributable primarily to our net loss of $627,702 offset by loss on disposal of subsidiary, stock-based compensation, and change in operating assets and liabilities of $322,677. In comparison, during the year ended September 30, 2022, we used $222,828 of cash in operating activities which was attributable primarily to our net loss of $352,668 offset by stock-based compensation and change in operating assets and liabilities of $129,840.

During the year ended September 30, 2023, we used $67,451 of cash investing activity in purchase of equipment. We received $350,000 in payment for the sale of 140,000 Hukui Shares during the year ended September 30, 2022.

During the year ended September 30, 2023, we received $362,000, net of directly associated legal fees from private offering of our Common Stock. During the year ended September 30, 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 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.

The Company sold 140,000 Hukui Shares for $350,000 cash on November 19, 2021 and received $362,000 from private placement during the nine months ended June 30, 2023. The proceeds have been used for operation expenses.

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.

Off-Balance Sheet Arrangements

As of September 30, 2023, we had not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. As of September 30, 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 September 30, 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 September 30, 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.

8

Critical accounting policies and estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these 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 years ended September 30, 2023, and 2022, no significant estimates and assumptions have been made in the consolidated financial statements. The following are some of the critical accounting policies in relation to the preparation of the 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.

9

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required for smaller reporting companies.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The full text of our audited consolidated financial statements begins on page F-1 of this annual report.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

On February 23, 2022, (i) DYH & Company (“DYH”) resigned as the independent registered public accounting firm of the Company; and (ii) the Board of Directors of the Company, which acts as the audit committee, engaged KCCW Accountancy Corp. (“KCCW”) as the Company’s new independent registered public accounting firm.

The reports of DYH on the consolidated financial statements of the Company as of and for the years ended September 30, 2020, and 2021 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principle.

During the years ended September 30, 2020 and 2021 and through February 23, 2022, there were no disagreements with DYH on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of DYH, would have caused DYH to make reference to the subject matter of the disagreement in its reports on the Company’s consolidated financial statements for such years.

The Company has provided DYH with a copy of the disclosures it is making herein and has requested that DYH furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not DYH agrees with the above statements. A copy of such letter is provided herewith as Exhibit 16.1.

No consultations occurred between the Company and KCCW during the years ended September 30, 2020 and 2021 and through February 23, 2022, regarding either (i) the application of accounting principles to a specific completed or proposed transaction, the type of audit opinion that might be rendered on the Company’s financial statements, or other written or oral information provided that was an important factor considered by the Company in reaching a decision as to an accounting, auditing, or financial reporting issue; or (ii) any matter that was either the subject of a disagreement, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K, or a “reportable event,” as that term is defined in Item 304(a)(1)(v) of Regulation S-K.

ITEM 9A. 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 subsidiaries, required to be disclosed in our SEC reports 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.

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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 evaluation date 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, 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.

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 September 30, 2022 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 consolidated financial statements at and for the year ended September 30, 2023.

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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.

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 year ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

As of the date of the filing of this Annual Report, our current directors and executive officers and additional information concerning them are as follows:

Name	Age	Position
David Tang	45	Chief Executive Officer
Jui Pin (John) Lin	68	Chairman of the Board, President, and Director
Kuang Ming (James) Tsai	73	Director, Chief Financial Officer
Wen-Piao (Jack) Lai	71	Director
Hsin-Ta (Darren) Su	46	Director
Hui-Chuan (Sandra) Lin	39	Director and Secretary

David Tang has served as our Chief Executive Officer since July 15, 2022. Prior to joining us, Mr. Tang was a Relationship Manager of Venture Lending Emerging Technologies division at East West Bank in California from 2019 to 2022. Prior to that, Mr. Tang was an advisor to many startups in Hong Kong, including Maxvoice and Maxisense from 2016 to 2019. Mr. Tang was the founder and the Chief Executive Officer of Fontainebleau Partners, a technology startup in Hong Kong from 2012 to 2016. In 2011, Mr. Tang was an Equity Research Analyst at BNP Paribas Securities in Hong Kong and Taipei. In 2009, Mr. Tang was an MBA Consultant for Swire Coca-Cola HK Limited. From 2005 to 2008, Mr. Tang was a Relationship Manager at Manufacturing Bank in California, a Sumitomo Mitsui Banking Corporation subsidiary. From 2004 to 2005, Mr. Tang was a Client Financial Analyst at Citibank in California. Mr. Tang has a bachelor degree in History from University of California, Irvine and a Master of Business Administration degree in Finance from Hong Kong University of Science & Technology. Mr. Tang is currently a mentor at KidsX Accelerator, a network of pediatric experts and innovators founded and administered by Children’s Hospital Los Angeles.

Jui Pin (John) Lin has served as our President since July 14, 2022, and Mr. Lin has served as a director since June 17, 2021. He also served as our President from March 4, 2020 to August 1, 2021 and as our Chief Executive Officer from March 18, 2020 to August 1, 2021. Mr. Lin previously served as our President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer, and as a director, from April 18, 2017 to August 4, 2017. From November 1983 to the present, Mr. Lin has served as the President of Risesun Electrical & Industry Co. Ltd. located in Taiwan. From March 1994 to the present, he has served as President of Risesun Electric & Industry (Kunshan) Co. Ltd. located in China. From May 1998 to the present, Mr. Lin has served as the Chairman and Director of Yogo Textile Co. Ltd. located in Bangladesh. From September 2015 to the present, he has served as the President of First Empire Corp. located in Seychelles. From November 2018 to the present, Mr. Lin has served as the President of Rekun Electronic Technology (Kunshan) Corp. located in China. Mr. Lin received a bachelor degree from the Oriental Institute of Technology in Taipei, Taiwan in 1977, where he majored in Textile Engineering.

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Kuang Ming (James) Tsai has served as our Chief Financial Officer since July 22, 2023, our Chief Operating Officer since July 14, 2022, and has served as a director since June 11, 2018. Mr. Tsai served as our President from June 29, 2018 to March 4, 2020, our Chief Executive Officer from June 29, 2018 to March 18, 2020 and our Chief Financial Officer from September 12, 2018 to March 18, 2020. From July 2017 to June 2018, Mr. Tsai served as the President of YAMA KAWA Bilingual Club, part of District 67 Toastmasters International. From 2010 to 2017, Mr. Tsai was retired, during which period he was an investor of securities. From 2006 to 2010, he served as the President of Blanfield Pty Ltd., an import company. Mr. Tsai received a Bachelor of Arts Degree from National Taiwan University in 1973, majoring in Economics.

Wen-Piao (Jack) Lai has served as a director since June 17, 2021. Mr. Lai founded Kuan Dar Textile Co., Ltd., located in Taoyuan City, Taiwan, in 1987 and has served as its President since that time. From January 2016 to December 2017, Mr. Lai served as President of the Alumni Association of Sha-Lu Industrial Vocational Senior High School, from which he graduated in 1967. Mr. Lai has extensive experience in business operations and management through more than 30 years of business management experiences in the company he founded. He also has participated with volunteer firefighting with Taoyuan City Bade Fire Station Squadron in Taoyuan City, Taiwan since 1999.

Hsin-Ta (Darren) Su has served as a director since October 29, 2021 and as our IT manager since March 2020. From April 2020 to October 2021, he was a software developer for JC Healthcare Technology Co., Ltd. In Taiwan. From May 2016 to March 2020, he was a software developer Evolve Development Co., Ltd., in Taiwan. Mr. Su received an associate degree of computer engineering in 1998 from Kuang Wu Junior College in Taiwan.

Hui-Chuan (Sandra) Lin has served as Secretary since July 15, 2022. Ms Lin was previously a Sales Representative of Tai-Wan Motor Parts Co., Ltd since 2017. Ms. Lin received a Master of Business Administration from the University of Glasgow in 2012. Ms. Lin also received her bachelor’s degree in civil engineering from Chung Yuan Christian University in 2007.

None of our directors presently serves as a director of any other public companies. We have not entered into indemnification agreements with our directors, although they have indemnification protection under the laws of the State of Nevada, in which we are incorporated. We do not currently maintain director and officer liability insurance.

We believe that what qualifies each of our directors to serve as such is that each of our directors has a good working relationship with our shareholders generally, has been engaged in private raises of capital, which we will require, and has a broad background in business, all of which qualities and attributes could help us in the future.

Term of Office

Directors hold office until the next annual meeting of our shareholders and until their successors have been duly elected and qualified. Our Bylaws provide that our Board of Directors will consist of no less than one nor more than nine members, as may be set from time to time by our shareholders. Our officers are appointed by, and serve at the discretion of, the Board of Directors.

Director Independence

Our Board of Directors is currently composed of 5 members, neither of whom qualifies as an independent director in accordance with the published listing requirements of the Nasdaq Stock Market. The Nasdaq independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his or her family members has engaged in various types of business dealings with us.

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In addition, our Board of Directors has not made a subjective determination as to any of our directors that no relationships exist which, in the opinion of our Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, although such subjective determination is required by Nasdaq requirements. Had our Board of Directors made these determinations, our Board of Directors would have reviewed and discussed information provided by our directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management.

Involvement in Certain Legal Proceedings

During the past ten years, there have been no events under any bankruptcy act, no criminal proceedings and no judgments, injunctions, orders or decrees material to the evaluation of the ability and integrity of any director, executive officer, promoter or control person of the Company, including any allegations (not subsequently reversed, suspended or vacated), permanent or temporary injunction, or any other order of any federal or state authority or self-regulatory organization, relating to activities in any phase of the securities, commodities, banking, savings and loan, or insurance businesses in connection with the purchase or sale of any security or commodity, or involving mail or wire fraud in any business.

Corporate Governance, Committee Structure and Conflicts of Interest

We do not have standing audit, compensation and nominating/corporate governance committee, or committees performing similar functions. We have not adopted a code of ethics. We anticipate that as we become more familiar with the obligations of U.S. public companies, we will implement appropriate corporate governance structures to comply with SEC and/or stock exchange requirements. We intend to comply with all corporate governance requirements applicable to us at this time.

Since our Board of Directors does not have standing audit, compensation or nominating/corporate governance committees, or any other committees, the functions that would have been performed by such committees are performed by our Board of Directors as a whole. We do not currently have a director who would satisfy the requirements of being an audit committee financial expert. Our Board of Directors has determined that such committees are not necessary at this time, since the Company is in the early stages of its plan of operations, and there is no active trading of our Common Stock. It should be noted that since, at most, only one of our directors is independent, there is a risk of conflicts of interest arising from time to time. During the next fiscal year, our Board of Directors will monitor whether and when it would be appropriate to diversify the Board of Directors to include independent directors and/or establish Audit, Compensation and/or Nominating/Corporate Governance Committees.

Shareholder Communications with the Board of Directors

We have not implemented a formal policy or procedure by which our stockholders can communicate directly with our Board of Directors. Nevertheless, our directors welcome the views of our shareholders. During the next fiscal year, our Board of Directors will continue to monitor whether and when it would be appropriate to adopt such a process.

ITEM 11. EXECUTIVE COMPENSATION

The Summary Compensation Table shows certain compensation information for services rendered in all capacities for the fiscal years ended September 30, 2023 and 2022. Other than as set forth herein, no executive officer’s salary and bonus exceeded $100,000 in any of the applicable years. The following information includes the dollar value of base salaries, bonus awards, the number of stock options granted and certain other compensation, if any, whether paid or deferred.

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Summary Compensation Table

Name and Principal Position	Fiscal Year		Salary ($)		Bonus ($)		Stock Awards ($)		Option Awards ($)		All other compensation ($)		Total ($)
David Tang		2022		31,250		-		-		15,822		-		47,072
Chief Executive Officer		2023		150,000		-		-		75,000		-		225,000
Wen-Piao (Jack) Lai(1)		2022		22,210		-		-		-		-		22,210
Director, Former CEO		2023		1,800		-		-		-		-		1,800
Shao-Cheng (Will) Wang(2)		2022		27,600										27,600
		2023		0										0
Jin Pin (John) Lin(3)		2022		8,048		-		-		-		-		8,048
President		2023		9,000		-		-		-		-		9,000
Kuang-Ming (James) Tsai(4)		2022		20,755		-		-		-		-		20,755
Chief Financial Officer		2023		5,400		-		-		-		-		5,400
Hsin-Ta (Darren) Su(5)		2022		17,189		-		-		-		-		17,189
Treasurer		2023		15,300		-		-		-		-		15,300
Hui-Chuan (Sandra) Lin(6)		2022		4,529		-		-		-		-		4,529
Secretary		2023		5,400		-		-		-		-		5,400

1 From September 30, 2021, through September 30, 2022, Mr. Lai was entitled to receive his compensation in the amount of $2,500 per month. Of the total amount of the $22,210 earned by Mr. Lai through September 30, 2022, as executive compensation, $0 was paid and $22,210 was accrued. Mr. Lai converted his accrued amount into 24,010,000 shares of common stock on March 24, 2023.

2 34,500,000 shares of Mr. Wang’s accrued and unpaid compensation has been converted to shares of our Common Stock on March 24, 2023. From September 30, 2021, through September 30, 2022, Mr. Wang was entitled to receive his compensation in the amount of $2,300 per month. Of the total amount of the $27,600 earned by Mr. Wang through September 30, 2022, as the former CFO $0 was paid and $27,600 was accrued. Additionally, Mr. Wang has resigned from the Chief Financial Officer position on July 22, 2023.

3 Mr. Lin served as our President from March 4, 2020, until August 1, 2021 and as our Chief Executive Officer from March 18, 2020 until August 1, 2021. From September 30, 2021, through September 30, 2022, Mr. Lin was entitled to receive his compensation in the amount of $3,000 per month,which was owed to him and being accrued by the Company in the total amount of $17,048. Then, on March 24, 2023, he converted the amount due to him in 17,048,000 shares of the Company’s common stock. Of the total amount of the $8,048 earned by Mr. Lin through September 30, 2022, as executive compensation, $0 was paid and $8,048 was accrued. Additionally, Mr. Lin served as our President and Chief Executive Officer from August 1, 2021, until October 29, 2021. From August 1, 2021, through September 30, 2021, Mr. Lin received compensation of $2,500 a month. All accrued and unpaid compensation has been converted to shares of our Common Stock.

4 From September 30, 2021 to September 30, 2022, Mr. Tsai was entitled to receive his compensation in the amount of $1,800 per month. Of the total amount of the $20,755 earned by Mr. Tsai through September 30, 2022, as executive compensation, $0 was paid and $20,755 was accrued. On March 24, 2023, Mr. Tsai converted the accrued amount of his compensation into 26,155,000 shares of the Company Common Stock. From July 22, 2023, Mr. Tsai was appointed as Chief Financial Officer.

5 From September 30, 2021, through September 30, 2022, Mr. Su was entitled to receive his compensation in the amount of $1,800 per month as the treasurer. Of the total amount of the $17,188.94 earned by Mr. Su through September 30, 2022, $2,200 was paid and $14,988.94 was accrued. Mr. Su has accrued $18,271.12 and converted 18,271,120 into the Company’s Common Stock.

6 From September 30, 2021, through September 30, 2022, Ms. Lin was entitled to receive her compensation in the amount of $1,800 per month as the secretary. Of the total amount of the $4,529 earned by Ms. Lin through September 30, 2022, $0 was paid and $4,529 was accrued. Ms. Lin has accrued $9,929 of unpaid compensation , which was converted into 9,929,000 shares of the Company’s Common Stock. Additionally, in fiscal year 2023, Ms. Lin accrued $5,400 in compensation, which was then converted into 9,929,000 shares of the Company’s Common Stock.

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Employment Agreements

We have not entered into employment agreements with any of our named executive officers except for David Tang, CEO and Kuang Ming (James) Tsai, CFO.

Employment Contract - David Tang

On July 29, 2022, the Company and David Tang (the “Executive”) executed an employment agreement (the “Employment Agreement”) dated July 29, 2022. Pursuant to the Employment Agreement, the Executive’s full time employment with the Company as the Chief Executive Officer began on July 15, 2022, and the Executive’s responsibilities include executing development of electric vehicle supply equipment (“EVSE”) or commonly known as charging stations and coordinating global strategy and marketing. Additionally, under the Employment Agreement, the Executive shall receive an annual base salary of $150,000 and be eligible for annual bonus subject to certain millstones as mutually agreed by the Executive and the board of directors (the “Board”) of the Company. In accordance with the Employment Agreement, the Executive is also eligible for other benefits, such as medical/dental insurance and telecommunication/commuting reimbursements and paid vacation days.

In connection with the Employment Agreement, on July 29, 2022, the Company and the Executive entered into a stock option agreement (the “Stock Option Agreement”), pursuant to which the Company granted the Executive the stock option (the “Stock Option”) as of July 15, 2022 (the “Date of Grant”) to purchase 15,000,000 shares of the Company’s common stock with the first twenty-five percent (25%) of the Stock Option to be vested on July 15, 2023; the second twenty-five percent (25%) of the Stock Option to be vested on July 15, 2024; the third twenty-five percent (25%) of the Stock Option to be vested on July 15, 2025; and the fourth twenty-five percent (25%) of the Stock Option to be vested on July 15, 2026. Unless terminated earlier pursuant to the Stock Option Agreement, the Stock Option shall expire on July 15, 2032 (the “Expiration Date”).

Employment Contract – Kuang Ming (James) Tsai

On July 22, 2023, the Company and Kuang Ming (James) Tsai (the “CFO”) executed an employment agreement (the “CFO Employment Agreement”). Pursuant to the CFO Employment Agreement, Mr. Tsai will be responsible for duties pertaining to the Chief Financial Officer, including financial reporting and fund raising. The Company and Mr. Tsai hereby agree that the Company will pay Mr. Tsai a special one-time bonus upon successful fund raise of the Company as a result of Mr. Tsai’s efforts or relationships, payable upon receipt of such investment. The special one-time bonus will be four percent (4%) of the total proceeds for any new funding up to $250,000.00, and five percent (5%) of the total proceeds for any new funding over $250,000.00.

Additionally, as Mr. Tsai is a significant shareholder in the Company, he will forgo any monthly cash compensation, and pursuant to the agreement, the compensation arrangement will be reviewed quarterly, subject to adjustment as needed. Further, Mr. Tsai no longer receives the consultancy compensation as of the start date of the CFO Employment Agreement.

Compensation Conversion to Common Stock

On December 11, 2022, our Board of Directors authorized that all accrued and unpaid amounts of compensation, as of December 31, 2022, may be converted, at the option of our directors, and present and certain former executive officers, into shares of our Common Stock. No further action has taken place.

Outstanding Equity Awards at Fiscal Year-End

There are no outstanding equity awards to any of our named executive officers other than the stock option issued to David Tang.

No retirement, pension, profit sharing, stock option or insurance programs or other similar programs have been adopted by the Company. We have no present intention of adopting any such plans in the foreseeable future.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth, as of December 31, 2023, the number of shares of our Common Stock owned of record and beneficially by all directors, executive officers and persons who beneficially own more than 5% of the outstanding shares of Common Stock of the Company. We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of Common Stock that they beneficially own.

Name and Address	Amount and Nature of Beneficial Ownership			Percentage of Class(1)
5% or more Stockholders:
Shao-cheng Wang No. 11, Ln. 120, Yongshun St., Dajia Dist., Taichung City 437 Taiwan 402 (R.O.C)		87,155,889			10.77	%
Directors and Executive Officers:
David Tang 1108 S. Baldwin Avenue, Suite 107 Arcadia, California 91007		0			0	%
Jui Pin (John) Lin 1108 S. Baldwin Avenue, Suite 107 Arcadia, California 91007		80,468,000	(2)		9.95	%
Wen-Piao (Jack) Lai 1108 S. Baldwin Avenue, Suite 107 Arcadia, California 91007		72,070,500			8.91	%
Kuang Ming (James) Tsai 1108 S. Baldwin Avenue, Suite 107 Arcadia, California 91007		31,555,000			3.90	%
Hui-Chuan (Sandra) Lin(2) 1108 S. Baldwin Avenue, Suite 107 Arcadia, California 91007		14,433,400	(2)		1.76	%
Hsin-Ta (Darren) Su 1108 S. Baldwin Avenue, Suite 107 Arcadia, California 91007		32,077,196			3.97	%
All Directors and Executive Officers as a group (5 persons)		230,395,696			39.2	%

(1) Percentages are calculated on the basis of 808,900,041 shares of Common Stock outstanding as of December 28, 2023.

(2) Hui-Chuan (Sandra) Lin is Jui Pin (John) Lin’s daughter.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Related Parties

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

	September 30, 2023		September 30, 2022
Kuang Ming (James) Tsai	$		$	20,755
David Tang		14,023
Jui Pin (John) Lin				8,048
Jia Tian (Jeffery) Lin				2,500
Wen-Piao (Jack) Lai				22,210
Hsin-Ta (Darren) Su		707		17,189
Hui-Chuan (Sandra) Lin				4,529
Total	$	14,730	$	102,831

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

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 

The following table summarizes the fees charged by KCCW Accounting Corp. (“KCCW”) for the services rendered to the company and its subsidiaries in fiscal years of 2023 and 2022:

	Amount Billed and Paid
Type of Fee	Fiscal Year 2022		Fiscal Year 2023
Audit (1)	$	37,767	$	34,365
Audit related (2)		-		-
Total	$	37,767	$	34,365

(1) Represents aggregate fees charged by KCCW for audits of consolidated financial statements for fiscal years ended September 30, 2022, and 2023, and quarterly reviews during fiscal year 2022 and 2023, respectively.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Documents filed as part of this report:

1. Financial Statements

The consolidated financial statements contained herein are as listed on the “Index to Consolidated Financial Statements” on page F-1 of this report.

2. Financial Statement Schedule

The consolidated financial statement schedule contained herein is as listed on the “Index to Consolidated Financial Statements” on page F-1 of this report. All other schedules have been omitted because they are not applicable, not required, or the information is included in the consolidated financial statements or notes thereto.

3. Exhibits

See Exhibit Index.

(b) Exhibits:

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The following exhibits are attached hereto and incorporated herein by reference.

Exhibit No.	Description
3.1(1)	Articles of Incorporation of Genufood Energy Enzymes Corp. dated June 21, 2010
3.2(1)	Certificate of Amendment dated December 10, 2010 to Articles of Incorporation of Genufood Energy Enzymes Corp.
3.3(1)	Certificate of Amendment dated August 1, 2014 to Articles of Incorporation of Genufood Energy Enzymes Corp.
3.4(1)	Certificate of Amendment dated February 24, 2015 to Articles of Incorporation of Genufood Energy Enzymes Corp.
3.5(2)	Certificate of Change Pursuant to Nevada Revised Statutes Section 78.209, as filed by Genufood Energy Enzymes Corp. with the Secretary of State of the State of Nevada on June 24, 2020.
3.6(3)	Bylaws of Genufood Energy Enzymes Corp.
4.1(4)	Description of Securities
10.1(5)	Stock Purchase Agreement made and entered into as of November 17, 2021, by and among Genufood Energy Enzymes Corp.; Yu-Lin Chen; and Hukui Biotechnology Corporation
10.2(6)	Agreement dated as of December 17, 2021 by and between Genufood Energy Enzymes Corp. and Hukui Biotechnology Corporation
10.3(7)	Employment Agreement between David Tang and Genufood Energy Enzymes Corp. dated July 29, 2022
10.4(7)	Stock Option Agreement between David Tang and Genufood Energy Enzymes Corp. dated July 29, 2022
10.5(8)	Employment Agreement between Kuang Ming (James) Tsai and Genufood Enzymes Corp. dated July 22, 2023
16.1(9)	Letter from DYH & Company to the Securities and Exchange Commission.
21(4)	List of subsidiaries
23.1*	Consent of Independent Registered Public Accounting Firm KCCW Accountancy Corp.
24.1*	Power of Attorney (included after signatures hereto)
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 Periodic Financial Report by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Periodic Financial Report by 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).

* Filed herewith.

(1)	Incorporated by reference from our registration statement on Form 10, filed with the Securities and Exchange Commission on October 25, 2019.
(2)	Incorporated by reference from our Current Report on Form 8-K dated June 23, 2020.
(3)	Incorporated by reference from our Current Report on Form 8-K dated July 7, 2021.
(4)	Incorporated by reference from our Annual Report on Form 10-K dated January 13, 2022
(5)	Incorporated by reference from our Current Report on Form 8-K dated November 19, 2021.
(6)	Incorporated by reference from our Current Report on Form 8-K dated December 20, 2021.
(7)	Incorporated by reference from our Current Report on Form 8-K dated August 4, 2022
(8)	Incorporated by reference from our Current Report on Form 8-K dated July 27, 2023
(9)	Incorporated by reference from our Current Report on Form 8-K dated February 28, 2022

(c) Financial Statement Schedules:

Not applicable

ITEM 16. FORM 10-K SUMMARY

None.

21

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: January 12, 2024	By:	/s/ David Tang
		David Tang
		Chief Executive Officer

Signature	Title	Date
/s/ David Tang	Chief Executive Officer	January 12, 2024
David Tang	(principal executive officer)
/s/ Jui Pin (John) Lin	Chairman of the Board	January 12, 2024
Jui Pin (John) Lin
/s/ Kuang Ming (James) Tsai	Director and Chief Financial Officer (principal financial officer)	January 12, 2024
Kuang Ming (James) Tsai
/s/ Wen-Piao (Jack) Lai	Director	January 12, 2024
Wen-Piao (Jack) Lai
/s/ Hsin-Ta (Darren) Su	Director	January 12, 2024
Hsin-Ta (Darren) Su
/s/ Hui-Chuan (Sandra) Lin	Director	January 12, 2024
Hui-Chuan (Sandra) Lin

22

GENUFOOD ENERGY ENZYMES CORPORATION

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS  

Statement	Page
Consolidated Financial Statements for the Years Ended September 30, 2023 and 2022
Index to Consolidated Financial Statements	F-1
Report of Independent Registered Public Accounting Firm (PCAOB ID 2851)	F-2
Consolidated Balance Sheets as of September 30, 2023 and 2022	F-3
Consolidated Statements of Operations and Comprehensive Loss for the Years Ended September 30, 2023 and 2022	F-4
Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Years Ended September 30, 2023 and 2022	F-5
Consolidated Statements of Cash Flows for the Years Ended September 30, 2023 and 2022	F-6
Notes to Consolidated Financial Statements	F-7

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Genufood Energy Enzymes Corporation

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Genufood Energy Enzymes Corporation (the “Company”) as of September 30, 2023, and 2022, and the related consolidated statements of operations and comprehensive loss, changes in stockholders’ equity (deficit), and cash flows for the years then ended and the related notes (collectively referred to as “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2023 and 2022 and the results of its operations and its cash flows for the years ended September 30, 2023 and 2022, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, as of September 30, 2023, the Company had recurring losses from operations, an accumulated deficit, and a negative cash flows from operating activities. As such there is substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ KCCW Accountancy Corp.

We have served as the Company’s auditor since 2022.

Diamond Bar, California

January 11, 2024

F-2

GENUFOOD ENERGY ENZYMES CORPORATION

CONSOLIDATED BALANCE SHEETS

	September 30,			September 30,
	2023			2022
				(Restated)
Assets
Current assets
Cash and cash equivalents	$	125,924		$	136,400
Prepayment		8,187			14,493
Total Current Assets		134,111			150,893
Equipment		67,451			-
Total Assets	$	201,562		$	150,893
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	100,849		$	102,185
Accrued expenses		37			-
Due to related parties		14,730			102,831
Total Current Liabilities		115,616			205,016
Commitment and contingencies (Note 9)		32,226			29,226
Stockholders’ Equity (Deficit)
Common stock; $0.001 par value; 10,000,000,000 shares authorized; 808,900,041 and 299,686,921 shares issued and outstanding as of  September 30, 2023 and September 30, 2022, respectively		808,900			299,687
Additional paid-in capital		16,989,592			16,927,592
Discount on common stock		(7,241,581	)		(7,241,581	)
Accumulated deficit		(10,503,191	)		(9,875,489	)
Accumulated other comprehensive loss		-			(193,558	)
Total Stockholders’ Equity (Deficit)		53,720			(83,349	)
Total Liabilities and Stockholders’ Equity	$	201,562		$	150,893

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

F-3

GENUFOOD ENERGY ENZYMES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the Year Ended September 30,
	2023			2022
				(Restated)
Revenue	$	-		$	-
Operating expenses
General and administrative expenses		432,296			348,845
Total operating expenses		432,296			348,845
Loss from operations		(432,296	)		(348,845	)
Other income (expense)
Interest income (expense)		2			6
Loss on disposal of subsidiary		(192,365	)		-
Foreign currency income (loss)		(43	)		6
Other non-operating income (expenses), net		(3,000	)		(3,835	)
Total other expense, net		(195,406	)		(3,823	)
Loss before income taxes		(627,702	)		(352,668	)
Provision for income taxes		-			-
Net loss		(627,702	)		(352,668	)
Other comprehensive income (loss)
Foreign currency transaction adjustments		193,558			25
Comprehensive loss	$	(434,144	)	$	(352,643	)
Loss per share of common stock - basic and diluted		*			*
Weighted average shares outstanding - basic and diluted		526,044,946			299,686,921

* Less than $0.01 per share

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

F-4

GENUFOOD ENERGY ENZYMES CORPORATION

CONSOILDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

														Accumulated			Total
	Common Stock				Additional			Discount on						Other			Stockholder’s
	Number of Shares		Amount		Paid-in- Capital			common stock			Accumulated Deficit			Comprehensive Income (loss)			Equity (Deficit)
Balance at September 30, 2021		299,686,921	$	299,687	$	16,911,770		$	(7,241,581	)	$	(9,522,821	)	$	(193,583	)	$	253,472
Stock-based compensation (restated)		-		-		15,822			-			-			-			15,822
Net loss (restated)		-		-		-			-			(352,668	)		-			(352,668	)
Foreign currency translation		-		-		-			-			-			25			25
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		-		-		75,000			-			-			-			75,000
Common stock issued		375,000,000		375,000		(13,000	)		-			-			-			362,000
Issuance of common stock for debt conversion		134,213,120		134,213		-			-			-			-			134,213
Disposal of subsidiary		-		-		-			-			-			193,643			193,643
Net loss		-		-		-			-			(627,702	)		-			(627,702	)
Foreign currency translation		-		-		-			-			-			(85	)		(85	)
Balance at September 30, 2023		808,900,041	$	808,900	$	16,989,592		$	(7,241,581	)	$	(10,503,191	)	$	-		$	53,720

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

F-5

GENUFOOD ENERGY ENZYMES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Year Ended September 30,
	2023			2022
				(Restated)
Cash Flows from Operating Activities
Net loss	$	(627,702	)	$	(352,668	)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation		75,000			15,822
Loss on disposal of subsidiary		192,365			-
Change in operating assets and liabilities
Prepayment		6,306			11,280
Accounts payable		(143	)		1,507
Accrued expenses		37			(1,590	)
Due to related parties		46,112			99,821
Commitment and contingencies		3,000			3,000
Net cash used in operating activities		(305,025	)		(222,828	)
Cash Flows from Investing Activities
Purchase of equipment		(67,451	)		-
Proceeds from sale of Hukui investment		-			350,000
Net cash (used in) provided by investing activities		(67,451	)		350,000
Cash Flows from Financing Activities
Proceeds from issuance of common stock, net of offering costs		362,000			-
Net cash provided by financing activities		362,000			-
Effect of exchange rate changes on cash and cash equivalents		-			(43	)
Net (decrease) increase in cash and cash equivalents		(10,476	)		127,129
Cash and cash equivalents, beginning of period		136,400			9,271
Cash and cash equivalents, end of period	$	125,924		$	136,400
Supplemental Disclosures
Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-
Supplemental Non-Cash Investing and Financing Activities
Issuance of common stock for debt conversion	$	134,213		$	-

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

F-6

GENUFOOD ENERGY ENZYMES CORP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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. During the year ended September 30, 2023, the Company has initiated its electric vehicle charging station business.

The Company made two investments in Hukui Biotechnology Corporation (“Hukui”) by purchasing 80,000 shares of Hukui’s Series C Preferred Stock for $800,000 on December 15, 2020; and purchasing 60,000 shares of Hukui’s Series C Preferred Stock for $600,000 on June 25, 2021. The Company, an individual and resident of the Republic of China (the “Purchaser”), and Hukui, entered into a Stock Purchase Agreement dated as of November 17, 2021, pursuant to which the Company agreed to sell these 140,000 shares of Hukui’s Series C Preferred Stock (the “Hukui Shares”) to the Purchaser for $350,000 in cash, or $2.50 per share. The sale of the Hukui Shares closed on November 19, 2021.

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 September 30, 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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Principle of Consolidation

The 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 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.

F-7

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 September 30, 2023, and 2022, 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 0.7293 average exchange rates were used to translate revenues and expenses for the year ended September 30, 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 years ended September 30, 2023 and 2022.

F-8

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 years ended September 30, 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.

F-9

NOTE 3 – GOING CONCERN

As of September 30, 2023, and 2022, the Company had an accumulated deficit of $10,503,191 and $9,875,489, respectively. To date, the Company’s cash flow requirements have been primarily met through proceeds received from sales of its common stock and investment. 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 sold the 140,000 Hukui Shares for $350,000 in cash on November 19, 2021, and 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 September 30, 2023, and 2022 the Company had equipment of $67,451 and $0, respectively, consisting of equipment to be installed at its electric vehicle charging stations and related installation costs.

NOTE 5 – INVESTMENT

Pursuant to that certain Series C Preferred Shares Subscription Agreement dated September 23, 2020 between the Company and Hukui (the “Hukui Agreement”), the Company agreed to purchase an aggregate 200,000 Series C Preferred Shares, at $10.00 per share, for an aggregate investment of $2,000,000, in a series of three closings from December 15, 2020 through June 30, 2022. On December 15, 2020, the Company purchased 80,000 shares of Series C Preferred Stock at $10.00 per share, for a total purchase price of $800,000; and on June 25, 2021, the Company purchased an additional 60,000 shares of Series C Preferred Stock at $10.00 per share, for a total purchase price of $600,000. The total $1,400,000 investment consists of less than 20% of Hukui’s total equity with no significant control over or influence on Hukui. The investment was recorded at cost.

On November 17, 2021, the Company entered into a stock purchase agreement to sell all 140,000 Hukui Shares at $2.50 per share for a total of $350,000, The sale was completed on November 19, 2021, resulting in loss of $1,050,000. The Company recognized impairment loss of the market value of the shares of $1,050,000 for the year ended September 30, 2021.

NOTE 6 – 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.

F-10

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 September 30, 2023, total options granted was 15,000,000 and 4,375,000 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 $75,000 and $15,822, respectively, which was included in the general and administrative expenses in the consolidated statements of operations for the years ended September 30, 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:

	September 30, 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 year ended September 30, 2023:

Options	Number of Underlying Shares		Weighted average exercise price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Outstanding at October 1, 2022		15,000,000	$	0.01		–	$	–
Granted		–	$	–		–	$	–
Exercised		–	$	–		–	$	–
Forfeited or expired		–	$	–		–	$	–
Outstanding at September 30, 2023		15,000,000	$	0.01		8.8	$	–
Vested and expected to vest as of September 30, 2023		15,000,000	$	0.01		8.8	$	–
Exercisable at September 30, 2023		4,375,000	$	0.01		8.8	$	–

As of September 30, 2023, unrecognized total compensation cost associated with these options was $209,178. This expense is expected to be recognized over a weighted-average period of 2.79 years.

F-11

NOTE 7 – 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:

	September 30, 2023		September 30, 2022
Kuang Ming (James) Tsai	$	-	$	20,755
Jui Pin (John) Lin		-		8,048
Jia Tian (Jeffery) Lin		-		2,500
Shao-Cheng (Will) Wang		-		27,600
Wen-Piao (Jack) Lai		-		22,210
Hsin-Ta (Darren) Su		707		17,189
Hui-Chuan (Sandra) Lin		-		4,529
David Tang		14,023		-
Total	$	14,730	$	102,831

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

NOTE 8 – 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.

F-12

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 $7,226, for a total of $32,226, which was still pending as of September 30, 2023.

NOTE 9 – 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 September 30, 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 8).

NOTE 10 – 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.

F-13

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We hereby consent to the inclusion in this Annual Report on Form 10-K, as amended, of Genufood Energy Enzymes Corp. (the “Company”) for the years ended September 30, 2022 and 2023, of our report dated January 12, included in its Form 10-K, as amended, with respect to our audits of the consolidated financial statements of the Company as of September 30, 2023, and for the year ended September 30, 2023.

/s/ KCCW Accountancy Corp.

Diamond Bar, California

January 12, 2024

EX-31.1

Exhibit 31.1

Certification of 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

I, David Tang, certify that:

1. I have reviewed this Annual Report on Form 10-K 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 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-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 financing 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: January 12, 2024	/s/ David Tang
	David Tang
	Chief / Principal Executive Officer

EX-31.2

Exhibit 31.2

Certification of 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

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

1. I have reviewed this Annual Report on Form 10-K 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 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-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 financing 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: January 12, 2024	/s/ KUANG MING (JAMES) TSAI
	Kuang Ming (James) Tsai
	Chief / Principal Financial Officer

EX-32

Exhibit 32.1

Certification of Periodic Financial Report by the Chief Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Solely for the purposes of complying with 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Chief Executive Officer of Genufood Energy Enzymes Corp. (the “Company”), hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the year ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: January 12, 2024	/s/ David Tang
	David Tang
	Chief Executive Officer (principal executive officer)

EX-32.2

Exhibit 32.2

Certification of Periodic Financial Report by the Chief Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Solely for the purposes of complying with 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Chief Financial Officer of Genufood Energy Enzymes Corp. (the “Company”), hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the year ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: January 12, 2024	/s/ Kuang Ming (James) Tsai
	Kuang Ming (James) Tsai
	Chief Financial Officer (principal accounting officer)

XML

Document And Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2023	Jan. 09, 2024	Mar. 31, 2023
Document Information Line Items
Entity Registrant Name	GENUFOOD ENERGY ENZYMES CORP.
Document Type	10-K
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		808,900,041
Entity Public Float			$ 0
Amendment Flag	false
Entity Central Index Key	0001510518
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-56112
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	68-0681158
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
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	2851
Auditor Name	KCCW Accountancy Corp.
Auditor Location	California

XML

Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Current assets
Cash and cash equivalents	$ 125,924	$ 136,400
Prepayment	8,187	14,493
Total Current Assets	134,111	150,893
Equipment	67,451
Total Assets	201,562	150,893
Current liabilities
Accounts payable	100,849	102,185
Accrued expenses	37
Total Current Liabilities	115,616	205,016
Commitment and contingencies (Note 9)	32,226	29,226
Stockholders’ Equity (Deficit)
Common stock; $0.001 par value; 10,000,000,000 shares authorized; 808,900,041 and 299,686,921 shares issued and outstanding as of September 30, 2023 and September 30, 2022, respectively	808,900	299,687
Additional paid-in capital	16,989,592	16,927,592
Discount on common stock	(7,241,581)	(7,241,581)
Accumulated deficit	(10,503,191)	(9,875,489)
Accumulated other comprehensive loss		(193,558)
Total Stockholders’ Equity (Deficit)	53,720	(83,349)
Total Liabilities and Stockholders’ Equity	201,562	150,893
Related Party
Current liabilities
Due to related parties	$ 14,730	$ 102,831

XML

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2023	Sep. 30, 2022
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	299,686,921
Common stock, shares outstanding	808,900,041	299,686,921

XML

Consolidated Statements of Operations and Comprehensive Loss - USD ($)		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue
Operating expenses
General and administrative expenses		432,296	348,845
Total operating expenses		432,296	348,845
Loss from operations		(432,296)	(348,845)
Other income (expense)
Interest income (expense)		2	6
Loss on disposal of subsidiary		(192,365)
Foreign currency income (loss)		(43)	6
Other non-operating income (expenses), net		(3,000)	(3,835)
Total other expense, net		(195,406)	(3,823)
Loss before income taxes		(627,702)	(352,668)
Provision for income taxes
Net loss		(627,702)	(352,668)
Other comprehensive income (loss)
Foreign currency transaction adjustments		193,558	25
Comprehensive loss		$ (434,144)	$ (352,643)
Loss per share of common stock - basic (in Dollars per share)	[1]
Weighted average shares outstanding - basic (in Shares)		526,044,946	299,686,921

[1] Less than $0.01 per share

XML

Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Loss per share of common stock diluted	[1]
Weighted average shares outstanding diluted (in Shares)		526,044,946	299,686,921

[1] Less than $0.01 per share

XML

Consoildated Statements of Stockholders’ Equity (Deficit) - USD ($)	Common Stock	Additional Paid-in- Capital	Discount on common stock	Accumulated Deficit	Accumulated Other Comprehensive Income (loss)	Total
Balance at Sep. 30, 2021	$ 299,687	$ 16,911,770	$ (7,241,581)	$ (9,522,821)	$ (193,583)	$ 253,472
Balance (in Shares) at Sep. 30, 2021	299,686,921
Stock-based compensation		15,822				15,822
Net loss				(352,668)		(352,668)
Foreign currency translation					25	25
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					299,686,921
Stock-based compensation		75,000				$ 75,000
Common stock issued	$ 375,000	(13,000)				362,000
Common stock issued (in Shares)	375,000,000
Issuance of common stock for debt conversion	$ 134,213					134,213
Issuance of common stock for debt conversion (in Shares)	134,213,120
Disposal of subsidiary					193,643	193,643
Net loss				(627,702)		(627,702)
Foreign currency translation					(85)	(85)
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					808,900,041

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net loss	$ (627,702)	$ (352,668)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	75,000	15,822
Loss on disposal of subsidiary	192,365
Change in operating assets and liabilities
Prepayment	6,306	11,280
Accounts payable	(143)	1,507
Accrued expenses	37	(1,590)
Due to related parties	46,112	99,821
Commitment and contingencies	3,000	3,000
Net cash used in operating activities	(305,025)	(222,828)
Cash Flows from Investing Activities
Purchase of equipment	(67,451)
Proceeds from sale of Hukui investment		350,000
Net cash (used in) provided by investing activities	(67,451)	350,000
Cash Flows from Financing Activities
Proceeds from issuance of common stock, net of offering costs	362,000
Net cash provided by financing activities	362,000
Effect of exchange rate changes on cash and cash equivalents		(43)
Net (decrease) increase in cash and cash equivalents	(10,476)	127,129
Cash and cash equivalents, beginning of period	136,400	9,271
Cash and cash equivalents, end of period	125,924	136,400
Supplemental Disclosures
Cash paid for interest
Cash paid for income taxes
Supplemental Non-Cash Investing and Financing Activities
Issuance of common stock for debt conversion	$ 134,213

XML

General Organization and Business

12 Months Ended

Sep. 30, 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. During the year ended September 30, 2023, the Company has initiated its electric vehicle charging station business.

The Company made two investments in Hukui Biotechnology Corporation (“Hukui”) by purchasing 80,000 shares of Hukui’s Series C Preferred Stock for $800,000 on December 15, 2020; and purchasing 60,000 shares of Hukui’s Series C Preferred Stock for $600,000 on June 25, 2021. The Company, an individual and resident of the Republic of China (the “Purchaser”), and Hukui, entered into a Stock Purchase Agreement dated as of November 17, 2021, pursuant to which the Company agreed to sell these 140,000 shares of Hukui’s Series C Preferred Stock (the “Hukui Shares”) to the Purchaser for $350,000 in cash, or $2.50 per share. The sale of the Hukui Shares closed on November 19, 2021.

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 September 30, 2023, the Company has two sites under construction for charging stations and three sites under planning.

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Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Principle of Consolidation

The 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 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 September 30, 2023, and 2022, 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 0.7293 average exchange rates were used to translate revenues and expenses for the year ended September 30, 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 years ended September 30, 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 years ended September 30, 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.

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Going Concern

12 Months Ended

Sep. 30, 2023

Going Concern [Abstract]

GOING CONCERN

NOTE 3 – GOING CONCERN

As of September 30, 2023, and 2022, the Company had an accumulated deficit of $10,503,191 and $9,875,489, respectively. To date, the Company’s cash flow requirements have been primarily met through proceeds received from sales of its common stock and investment. 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 sold the 140,000 Hukui Shares for $350,000 in cash on November 19, 2021, and 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.

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Equipment

12 Months Ended

Sep. 30, 2023

Equipment [Abstract]

EQUIPMENT

NOTE 4 – EQUIPMENT

As of September 30, 2023, and 2022 the Company had equipment of $67,451 and $0, respectively, consisting of equipment to be installed at its electric vehicle charging stations and related installation costs.

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Investment

12 Months Ended

Sep. 30, 2023

Investment [Abstract]

INVESTMENT

NOTE 5 – INVESTMENT

Pursuant to that certain Series C Preferred Shares Subscription Agreement dated September 23, 2020 between the Company and Hukui (the “Hukui Agreement”), the Company agreed to purchase an aggregate 200,000 Series C Preferred Shares, at $10.00 per share, for an aggregate investment of $2,000,000, in a series of three closings from December 15, 2020 through June 30, 2022. On December 15, 2020, the Company purchased 80,000 shares of Series C Preferred Stock at $10.00 per share, for a total purchase price of $800,000; and on June 25, 2021, the Company purchased an additional 60,000 shares of Series C Preferred Stock at $10.00 per share, for a total purchase price of $600,000. The total $1,400,000 investment consists of less than 20% of Hukui’s total equity with no significant control over or influence on Hukui. The investment was recorded at cost.

On November 17, 2021, the Company entered into a stock purchase agreement to sell all 140,000 Hukui Shares at $2.50 per share for a total of $350,000, The sale was completed on November 19, 2021, resulting in loss of $1,050,000. The Company recognized impairment loss of the market value of the shares of $1,050,000 for the year ended September 30, 2021.

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Stockholders’ Equity (Deficit)

12 Months Ended

Sep. 30, 2023

Stockholders’ Equity (Deficit) [Abstract]

STOCKHOLDERS’ EQUITY (DEFICIT)

NOTE 6 – 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 September 30, 2023, total options granted was 15,000,000 and 4,375,000 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 $75,000 and $15,822, respectively, which was included in the general and administrative expenses in the consolidated statements of operations for the years ended September 30, 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:

	September 30, 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 year ended September 30, 2023:

Options	Number of Underlying Shares		Weighted average exercise price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Outstanding at October 1, 2022		15,000,000	$	0.01		–	$	–
Granted		–	$	–		–	$	–
Exercised		–	$	–		–	$	–
Forfeited or expired		–	$	–		–	$	–
Outstanding at September 30, 2023		15,000,000	$	0.01		8.8	$	–
Vested and expected to vest as of September 30, 2023		15,000,000	$	0.01		8.8	$	–
Exercisable at September 30, 2023		4,375,000	$	0.01		8.8	$	–

As of September 30, 2023, unrecognized total compensation cost associated with these options was $209,178. This expense is expected to be recognized over a weighted-average period of 2.79 years.

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Related Party Transactions

12 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7 – 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:

	September 30, 2023		September 30, 2022
Kuang Ming (James) Tsai	$	-	$	20,755
Jui Pin (John) Lin		-		8,048
Jia Tian (Jeffery) Lin		-		2,500
Shao-Cheng (Will) Wang		-		27,600
Wen-Piao (Jack) Lai		-		22,210
Hsin-Ta (Darren) Su		707		17,189
Hui-Chuan (Sandra) Lin		-		4,529
David Tang		14,023		-
Total	$	14,730	$	102,831

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

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Income Taxes

12 Months Ended

Sep. 30, 2023

Income Taxes [Abstract]

INCOME TAXES

NOTE 8 – 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 $7,226, for a total of $32,226, which was still pending as of September 30, 2023.

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Commitments and Contingencies

12 Months Ended

Sep. 30, 2023

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 9 – 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 September 30, 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 8).

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Subsequent Events

12 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – 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.

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Accounting Policies, by Policy (Policies)

12 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Principle of Consolidation

Principle of Consolidation

The 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 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 September 30, 2023, and 2022, 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 0.7293 average exchange rates were used to translate revenues and expenses for the year ended September 30, 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 years ended September 30, 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 years ended September 30, 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.

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Stockholders’ Equity (Deficit) (Tables)

12 Months Ended

Sep. 30, 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:

	September 30, 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 year ended September 30, 2023:

Options	Number of Underlying Shares		Weighted average exercise price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Outstanding at October 1, 2022		15,000,000	$	0.01		–	$	–
Granted		–	$	–		–	$	–
Exercised		–	$	–		–	$	–
Forfeited or expired		–	$	–		–	$	–
Outstanding at September 30, 2023		15,000,000	$	0.01		8.8	$	–
Vested and expected to vest as of September 30, 2023		15,000,000	$	0.01		8.8	$	–
Exercisable at September 30, 2023		4,375,000	$	0.01		8.8	$	–

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Related Party Transactions (Tables)

12 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Schedule of Related Parties Name and Relationship

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:

	September 30, 2023		September 30, 2022
Kuang Ming (James) Tsai	$	-	$	20,755
Jui Pin (John) Lin		-		8,048
Jia Tian (Jeffery) Lin		-		2,500
Shao-Cheng (Will) Wang		-		27,600
Wen-Piao (Jack) Lai		-		22,210
Hsin-Ta (Darren) Su		707		17,189
Hui-Chuan (Sandra) Lin		-		4,529
David Tang		14,023		-
Total	$	14,730	$	102,831

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General Organization and Business (Details) - Series C Preferred Stock [Member] - Hukui Biotechnology Corporation (“Hukui”) [Member] - USD ($)	Nov. 17, 2021	Jun. 25, 2021	Dec. 15, 2020
General Organization and Business [Line Items]
Purchase of shares		60,000	80,000
Amount of shares purchased		$ 600,000	$ 800,000
Sale of shares	140,000
Cash consideration	$ 350,000
Price per share	$ 2.5

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Summary of Significant Accounting Policies (Details)	12 Months Ended
	Sep. 30, 2023 Segment	Sep. 30, 2022 $ / shares
Summary of Significant Accounting Policies [Abstract]
Exchange rate		$ 0.697
Average exchange rates		$ 0.7293
Number of segments (in Segment) | Segment	1
Tax benefit, percentage	50.00%

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Going Concern (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 19, 2021	Sep. 30, 2023	Sep. 30, 2022
Going Concern (Details) [Line Items]
Accumulated deficit		$ (10,503,191)	$ (9,875,489)
Hukui Shares [Member]
Going Concern (Details) [Line Items]
Company sold shares (in Shares)	140,000
Proceeds from sale of Hukui investment	$ 350,000
Private placement		$ 362,000

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Equipment (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Equipment [Abstract]
Equipment	$ 67,451	$ 0

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Investment (Details) - USD ($)			1 Months Ended			12 Months Ended
	Nov. 19, 2021	Dec. 15, 2020	Nov. 17, 2021	Jun. 25, 2021	Sep. 23, 2020	Sep. 30, 2023	Mar. 24, 2023	Sep. 30, 2021
Investment (Details) [Line Items]
Share price (in Dollars per share)							$ 0.001
Total investment						$ 1,400,000
Percentage of equity investment						20.00%
Loss on sale	$ 1,050,000
Loss of market value								$ 1,050,000
Series C Preferred Shares [Member]
Investment (Details) [Line Items]
Share price (in Dollars per share)		$ 10		$ 10
Purchase shares of stock (in Shares)		80,000
Purchase price		$ 800,000		$ 600,000
Purchase of additional shares (in Shares)				60,000
Hukui Agreement [Member] | Series C Preferred Shares [Member]
Investment (Details) [Line Items]
Purchase aggregate shares (in Shares)					200,000
Share price (in Dollars per share)			$ 2.5		$ 10
Aggregate investment					$ 2,000,000
Selling aggregate shares (in Shares)			140,000
Selling shares value			$ 350,000

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Stockholders’ Equity (Deficit) (Details) - USD ($)				12 Months Ended
	Mar. 24, 2023	Feb. 24, 2023	Jul. 15, 2022	Sep. 30, 2023	Sep. 30, 2022
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		$ 362,000
Offering costs		$ 13,000
Aggregate amount	$ 134,213
Conversion per share	$ 0.001
Options to purchase share				4,375,000
Stock based compensation expense				$ 75,000	$ 15,822
Compensation cost				$ 209,178
Stock option period				2 years 9 months 14 days
Stock Options [Member]
Stockholders’ Equity (Deficit) [Line Items]
Stock option period				10
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

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Stockholders’ Equity (Deficit) (Details) - Schedule of Fair Value the Stock Options Black-Scholes Option Pricing Model	12 Months Ended
	Sep. 30, 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%

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Stockholders’ Equity (Deficit) (Details) - Schedule of Option Activity	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Schedule of the 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 9 months 18 days
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 9 months 18 days
Aggregate Intrinsic Value Vested and expected to vest | $
Number of Underlying Shares, Exercisable | shares	4,375,000
Weighted average exercise price, Exercisable | $ / shares	$ 0.01
Weighted Average Remaining Contractual Life (years), Exercisable	8 years 9 months 18 days
Aggregate Intrinsic Value, Exercisable | $

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Related Party Transactions (Details) - Schedule of Related Parties Name and Relationship	12 Months Ended
	Sep. 30, 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

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Related Party Transactions (Details) - Schedule of Due to Related Parties Balances - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Kuang Ming (James) Tsai [Member]
Related Party Transactions [Line Items]
Due to related parties balances		$ 20,755
Jui Pin (John) Lin [Member]
Related Party Transactions [Line Items]
Due to related parties balances		8,048
Jia Tian (Jeffery) Lin [Member]
Related Party Transactions [Line Items]
Due to related parties balances		2,500
Shao-Cheng (Will) Wang [Member]
Related Party Transactions [Line Items]
Due to related parties balances		27,600
Wen-Piao (Jack) Lai [Member]
Related Party Transactions [Line Items]
Due to related parties balances		22,210
Hsin-Ta (Darren) Su [Member]
Related Party Transactions [Line Items]
Due to related parties balances	707	17,189
Hui-Chuan (Sandra) Lin [Member]
Related Party Transactions [Line Items]
Due to related parties balances		4,529
David Tang [Member]
Related Party Transactions [Line Items]
Due to related parties balances	14,023
Related Party [Member]
Related Party Transactions [Line Items]
Due to related parties balances	$ 14,730	$ 102,831

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Income Taxes (Details) - USD ($)	12 Months Ended
	Sep. 30, 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	7,226
Total amount of penalty and interest	$ 32,226

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Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies [Abstract]
Operating lease cost	$ 200
Penalty imposed		$ 25,000
Return, percentage			25.00%