10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended December 31, 2012

o TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

For the transition period from _________ to _________

Commission File Number: 333-171784

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.)
Two Allen Center 1200 Smith Street, Suite 1600 Houston, Texas	77002
(Address of principal executive offices)	(Zip Code)

(713) 353-8834

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was require to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   þ   No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer o      Accelerated filer o     Non-accelerated filer o     Smaller reporting company þ

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

APPLICABLE ONLY TO CORPORATE ISSUERS

As of February 11, 2013 the registrant had 393,308,472 shares of common stock outstanding.

Table of Contents

2             

PART I - FINANCIAL INFORMATION

GENUFOOD ENERGY ENZYMES CORP

(A Development Stage Company)

CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2012

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED STATEMENTS OF OPERATIONS

CONSOLIDATED STATEMENTS OF CASH FLOWS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3             

GENUFOOD ENERGY ENZYMES CORP.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
		December 31, 2012		September 30, 2012
		(Unaudited)
ASSETS
Current assets
Cash	$	1,115,863	$	1,166,927
Prepaid expenses		679		804
Tax receivable		12,860		10,764
Other receivable		-		142
Other receivables – related parties		3,130		393
Inventory		88,555		93,742
Total current assets		1,221,087		1,272,772
Computer equipment and software, net of accumulated depreciation		7,879		5,476
Intangibles and other assets
Trademarks, net of accumulated amortization		31,192		28,524
Security deposit asset		25,832		34,721
Total intangibles and other assets		57,024		63,245
Total assets	$	1,285,990	$	1,341,493
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	72,705	$	16,180
Accounts payable to related party		103,244		74,467
Accrued expenses		2,607		49,739
Total current liabilities		178,556		140,386
Total liabilities		178,556		140,386
Stockholders' equity
Common Stock, $0.001 par, 500,000,000 shares authorized; 393,308,472 shares issued and outstanding at December 31, 2012 and September 30, 2012, respectively		393,308		393,308
Additional paid in capital		3,891,010		3,891,010
Subscription receivable		(1,819,711)		(2,111,300)
Deficit accumulated during development stage		(1,354,700)		(971,082)
Accumulated other comprehensive loss		(2,473)		(829)
Total stockholders' equity		1,107,434		1,201,107
Total liabilities and stockholders' equity	$	1,285,990	$	1,341,493

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

    F-1         

GENUFOOD ENERGY ENZYMES CORP.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) 

		Three Months Ended December 31, 2012		Three Months Ended December 31, 2011		June 21, 2010 (Inception) through December 31, 2012
Revenue
Revenue	$	3,710	$	-	$	3,710
Related party revenue		1,653		-		183,204
Total revenue		5,363		-		186,914
Cost of goods sold
Product costs		2,378		-		103,094
Label costs		-		-		12,007
Other costs		1,436		-		1,436
Total cost of goods sold		3,814		-		116,537
Gross margin		1,549		-		70,377
Expenses
Sales commission expenses		19,566		-		71,795
Compensation to distributors		-		-		274,705
Product label design		285		135		13,393
Advertising & business promotion		167,257		13		200,629
Website design		3,250		4,181		30,162
Bank service charge		2,111		606		7,738
Computer and internet expenses		3,338		-		4,148
Filing fees		-		1,110		13,633
License and permits		651		100		5,639
Meals and entertainment		12,145		-		18,111
Office supplies		499		2		2,357
Rent expense		9,620		3,606		56,852
Transfer agent fees		5,169		650		24,985
Travel expense		15,746		150		64,009
Professional fees		101,693		37,290		540,448
Postage & shipping		642		-		1,435
Telephone expense		853		-		2,726
AGM & board meeting expenses		-		5,241		24,315
Depreciation expense		789		192		1,993
Amortization expense		1,127		465		3,786
Payroll expenses		32,582		-		55,666
Subscription & registration fee		6,500		-		6,500
Staff refreshment & recreation		704		-		704
Logistics & storage expenses		2,867		-		2,867
Medical expenses		-		-		215
Courses and seminars		-		-		72
Insurance expenses		-		-		180
Miscellaneous expenses		1,733		-		1,733
Total operating expenses		389,127		53,741		1,430,796
Total operating loss		(387,578)		(53,741)		(1,360,419)
Other income
Interest income		501		301		2,214
Miscellaneous income		6		-		6
Foreign Currency Exchange Gain/(Loss)		3,453		50		3,499
Net loss		(383,618)		(53,390)		(1,354,700)
Foreign currency translation adjustment		(1,644)		(364)		(1,558)
Comprehensive loss		(385,262)		(53,754)		(1,356,258)
Weighted average number of common shares outstanding-basic and diluted		393,308,472		383,308,472
Net loss per share-basic and diluted	$	(0.00)	$	(0.00)

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

 F-2            

Genufood Energy Enzymes Corp.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		Three months ended December 31, 2012		Three months ended December 31, 2011		June 21, 2010 (Inception) through December 31, 2012
Operating activities
Net loss	$	(383,618)	$	(53,390)	$	(1,354,700)
Adjustment to reconcile net loss to net cash
used by operating activities:
Depreciation		789		192		1,993
Amortization - trademarks		1,127		465		3,786
Compensation to distributor		-		-		274,705
Change in operating assets and liabilities:
Prepaid expenses		125		820		(5,591)
Other Assets		8,993		-		(35,500)
Inventory		5,557		-		(80,123)
Other receivable		(2,066)		-		(2,208)
Other receivable - RP		(2,992)		-		(3,385)
Accounts payable		56,559		11,495		72,739
Accounts payable to related party		26,222		(3,169)		100,025
Accrued expenses		(47,198)		978		(37,196)
Net cash used in Operating activities		(336,502)		(42,609)		(1,065,455)
Investing
Purchase of computer equipment & software		(4,166)		-		(10,909)
Cash received for sale of fixed assets		1,006		-		1,006
Cash paid for trademark registration		(3,794)		(3,236)		(34,977)
Net cash provided by Investing activities		(6,954)		(3,236)		(44,880)
Financing activities
Proceeds from sale of common shares		291,589		-		2,227,289
Proceeds from sale of common shares to founder		-		-		58,000
Cash paid for offering costs		-		-		(345,000)
Capital contribution by shareholders		-		-		289,605
Advances from related party, net		-		-		-
Net cash provided by Financing activities		291,589		-		2,229,894
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		803		(372)		(3,696)
Net increase (decrease ) in cash		(51,064)		(46,217)		1,115,863
Cash at beginning period		1,166,927		543,764		-
Cash at end of period		1,115,863		497,547		1,115,863
Supplemental disclosure of cash flow information Non-cash financing activities:
Cash owed for offering costs to related party	$	-	$	-	$	289,992
Shares issued for offering costs	$	-	$	-	$	150,000
Convertible accounts payable owed to related party-
Converted to shares	$	-	$	-	$	50,000
Issuance of stock payable	$	-	$	-	$	600,000
Subscription/Contribution receivable	$	-	$	-	$	2,11,300

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

F-3             

GENUFOOD ENERGY ENZYMES CORP.

 (A Development Stage Company)

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 1- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization and Business Operations

Genufood Energy Enzymes Corp., USA (the “Company” or “GEEC”) was incorporated under the laws of the State of Nevada on June 21, 2010.  GEEC is a start-up company and its main focus is to promote market, distribute and export a range of enzyme products for human and animal consumption manufactured in the Unites States for the Asian and ASEAN markets.  The Company is the owner of the following trademarks, ProCellax and ProAnilax.  These trademarks and GEEC as a trademark have been filed with the United States Patent and Trademark Office and registered with China (PRC), Hong Kong, Macau, Taiwan and Singapore.  Similarly, these trademarks have been filed with the jurisdictions of Thailand, Malaysia, and Sri Lanka.

The Company’s objective is to commence marketing and distribution of American 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 the Company’s Multi-Level Marketing – Franchise Investor Dealer Related (MLM-FIDR) concept, to begin with, in Taiwan, and then to China, Hong Kong, Macau, Thailand, Malaysia, Singapore and Sri Lanka.

On May 24, 2011, GEEC Internet Sales (Private) Limited (“GEECIS”), a wholly owned subsidiary of GEEC, was established in the Democratic Socialist Republic of Sri Lanka.  GEECIS was established initially to be responsible for GEEC’s internet sales worldwide, but recently its role has been changed to that of a Sole Country Distributor.

 On February 13, 2012 the Company invested and incorporated a wholly owned subsidiary company, GEEC Enzymes (S) Pte Ltd (GESPL) in Singapore with a view to be the Sole Country Distributor for ProCellax and ProAnilax in Singapore. GESPL has started initial test marketing for the range of ProCellax enzymes products.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.

The Company is in its development stage with no significant revenues.  The Company’s initial operations include organization, capital formation, target markets identification and developing marketing plans.  

The Company’s fiscal year end is September 30.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s audited consolidated financial statements included herein have been prepared in accordance with US GAAP and pursuant to the rules of the SEC.  The Company believes that the presentations and disclosures herein are adequate for a fair presentation.  The unaudited consolidated financial statements reflect all adjustments necessary for a fair presentation of the interim periods presented.  These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Form 10-K filed with the United States Securities and Exchange Commission on January 14, 2013.  The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.  

Development Stage Activities

The accompanying consolidated financial statements have been prepared in accordance with ASC 915-10-05, Development Stage Entities.  A development - stage company is one in which planned principal operations have not commenced or, if its operations have commenced, but there have been no significant revenues.

F-4             

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (“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.  

Revenue Recognition

Our revenues are generated from sales of enzyme products under our private label.

For sales of enzyme products under our private label – the Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company recognizes revenue when it is realized or realizable and reduces it for the amount of estimated future doubtful accounts.  The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the products have been shipped to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

Foreign Currency Translation and Transactions

The reporting and functional currency of GEEC is the United States Dollar (“U.S. dollar”).  The functional currency of GEECIS, a wholly owned subsidiary of GEEC, is the Sri Lanka Rupee (“LKR”).  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 Sri Lanka subsidiary, which are prepared using the LKR, are translated into the Company’s reporting currency, the U.S. dollar.  Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.0079 as of December 31, 2012 and 0.0077 as of September 30, 2012, respectively.  Revenue and expenses are translated using average exchange rates prevailing during each reporting period.  The average exchange rate of 0.0077and 0.0089 was used to translate revenues and expenses for the periods ended December 31, 2012 and December 31, 2011, respectively.  Stockholders’ equity is translated at historical exchange rates.  Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ equity.

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, the U.S. dollar.  Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.8169 as of December 31, 2012 and 0.8145 as of September 30, 2012.  Revenue and expenses are translated using average exchange rates prevailing during each reporting period.  The 0.8177 average exchange rate was used to translate revenues and expenses for the reporting period ended December 31, 2012.  Stockholders’ equity is translated at historical exchange rates.  Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ equity.

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 differences are included in the statements of operations.

No representation is made that the LKR or SGD amounts could have been, or could be converted into U.S. dollar at the above rates.

F-5             

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments with original maturities of three months or less when acquired to be cash equivalents.  The Company places the majority of its cash and cash equivalents with financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000.  As of December 31, 2012, the Company had $1,115,863 cash in banks, $251,986 and $612,097 of which with two financial institutions, which is $384,137 in excess of FDIC limit.  As of September 30, 2012, the Company had $1,166,927 cash in banks, $598,228 and $485,270 of which were with two financial institutions, which is $583,498 in excess of FDIC limit.  The Company mitigates this concentration of credit risk by monitoring the credit worthiness of financial institutions and its customers. 

In October 2008, the Federal government temporarily increased the FDIC insured limits up to a maximum of $250,000 per depositor until January 1, 2014, after which time the insured limits will return to $100,000.

Cash and cash equivalents which are held in foreign banks were $251,667 and $83,429 as of December 31, 2012 and September 30, 2012, respectively.  For Singapore’s operation, the Company placed its cash and cash equivalents denominated in Singapore Dollars with financial institutions that are insured by the Singapore Deposit Insurance Corporation (“SDIC”) up to Singapore Dollar 50,000.  As of December 31, 2012 and September 30, 2012, $40,845 and $2,566 was insured, respectively.  For Sri Lanka’s operation, the Company placed its cash and cash equivalents denominated in Sri Lanka Rupee with financial institutions that are insured by the Sri Lanka Deposit Insurance Scheme (“SLDIS”) up to Sri Lanka Rupee 200,000.  As of December 31, 2012 and September 30, 2012, $1,580 and $1,540 was insured, respectively.

Beneficial Conversion Features

From time to time, the Company may issue convertible debt that may have conversion prices that create an embedded beneficial conversion feature pursuant to the Emerging Issues Task Force guidance on beneficial conversion features.  A beneficial conversion feature exists on the date a convertible liability is issued when the fair value of the underlying common stock to which the liability is convertible into is in excess of the face value of the liability.  In accordance with this guidance, the intrinsic value of the beneficial conversion feature is recorded as a discount on the liability with a corresponding amount to additional paid in capital.  The debt discount is amortized to interest expense over the term of the liability using the effective interest method.  In cases where the liability relates to amounts owed for direct offering costs of an equity offering, the discount is charged to additional paid in capital with amortization.

Inventories

The Company’s inventories include enzyme products, packaging and labeling materials.  Inventories are stated at the lower of cost or market value.  Cost is determined using weighted average cost method.  As of December 31, 2012 and September 30, 2012, the Company had inventory balances of $88,555 and $93,742, respectively, which was comprised solely of enzyme products, packaging and labeling materials.

Intangible Assets

The Company’s intangible assets consist primarily of trademarks, which are carried at amortized cost.  The company capitalizes filing and legal fees related to the trademark registration.  All trademarks have legal lives from 7 to 10 years and are amortized over their respective legal lives upon approval (see Note 5-Trademarks).

The Company reviews its intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable.  The Company assesses recoverability by reference to future cash flows from the products underlying these intangible assets.  If these estimates change in the future, the Company may be required to record impairment charges for these assets.  As of December 31, 2012, no impairment indicators were prevalent.

Security Deposit Asset

The security deposit is a refundable deposit, lodged with the Sampath Bank, for a facility to receive internet sales funds.  In the event this facility was not obtained and instructions have been given to the Bank to refund the deposit.  As of December 31, 2012, GESPL had a balance of $11,437 for refundable security deposit for the lease of office premises.  As of December 31, 2012, GESPL had a balance of $12,254 for refundable security deposit for goods and services tax registration.  During the three months ended December 31, 2012, GESPL paid a deposit of $489 for rent of credit card terminals.  As of December 31, 2012, the Company had a balance of $1,652 for a refundable security deposit to a consulting company.

F-6             

Customer Deposit

The customer deposit represents money received by the Company in advance and will not be recognized as revenue until the products are shipped to customer.

Property, Plant and Equipment

Property, plant and equipment (PP&E) are stated at cost less accumulated depreciation.  Gains or losses on disposals are recorded in the year of disposal.  The cost of improvements that extend the life of property, plant, and equipment are capitalized.  These capitalized costs may include structural improvements, equipment, and fixtures.  All ordinary repair and maintenance costs are expensed as incurred.

The Company’s PP&E as of December 31, 2012 and September 30, 2012 consisted of computer equipment and software with useful lives of five and three years, respectively.  Depreciation is computed using the straight line method over the estimated useful lives.

Fair Value of Financial Instruments

FASB ASC Topic 825 – Financial Instruments requires the Company to disclose, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments.  The Company's financial instruments consist primarily of cash, prepaid expenses, customer deposit, accounts payable and some other current liabilities.  The Company believes that the carrying values of these financial instruments approximate their fair value due to the short-term nature of these items.

As defined in FASB ASC Topic No. 820 – 10 (formerly SFAS 157-Fair Value Measurements), fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  FASB ASC Topic No. 820 – 10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements.  The statement requires fair value measurements be classified and disclosed in one of the following categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.  The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.  

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity).  

As required by FASB ASC Topic No. 820 – 10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The Company had no instruments re-measured to fair value on a recurring or non-recurring basis as of December 31, 2012 or September 30, 2012.

Net Earnings (Loss) Per Share

Basic net earnings (loss) per common share are computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding during the period.  Diluted net earnings (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents.  In periods when losses are reported, which is the case for all periods presented in these consolidated financial statements, the diluted weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.  For the three months ended December 31, 2012 and 2011, the company didn't have any potentially dilutive securities.

F-7             

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.

The Company also adopted FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, to account for equity instruments issued to parties other than employees for acquiring goods or services.  Such awards for services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable.

During the year ended December 31, 2011, the Company recorded $0 of stock-based compensation to a distributor and $0 of stock-based compensation to employees.  No stock based compensation was recorded during the three months ended December 31, 2012.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes.  Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets.  The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period.  Based upon the level of losses and projections of the future taxable income over the periods in which the deferred tax assets are deductible, a full valuation allowance has been provided as management believes that it is more likely than not, based upon available evidence, that the deferred tax assets will not be realized.

As of December 31, 2012, the Company has a tax receivable balance of $12,860.  The tax receivable is related to the goods and services tax (“GST”) refund claimable from Singapore by the Singapore operations for the three months ended December 31, 2012.  The Company recorded the amount as a current asset and offset such asset upon receiving refund from the tax authority without impacting revenues or expenses.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.

Recently Issued and Newly Adopted Accounting Pronouncements

In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04.  The amendments in this update cover a wide range of Topics in the Accounting Standards Codification.  These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements.  The amendments in this update will be effective for fiscal periods beginning after December 15, 2012.  The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03.  This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114.  The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations.

In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02.  This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012.  Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance.  The adoption of ASU 2012-02 is not expected to have a material impact on our financial position or results of operations.

F-8             

NOTE 3 – GOING CONCERN

The Company is a development stage company and has incurred a cumulative net loss since inception of $1,354,700.  As of December 31, 2012, the Company had a positive working capital of $1,042,531, which, however, might be insufficient to finance the Company's business plan for the next twelve months.  Due to the start-up nature, the Company expects to incur additional losses in the immediate future.  To date, the Company’s cash flow requirements have been primarily met through proceeds received from sales of common stock.  The ability of the Company to emerge from the development stage is dependent upon the Company's successful efforts to raise sufficient capital and attain profitable operations.

Management’s plan includes obtaining additional funds by increasing revenues and equity financing through the participation of its country sole distributors, wholesalers, dealers and retailers in the Multi-Level Marketing – Franchise Investor Dealer Related (MLM-FIDR) concept; however there is no assurance of additional funding being available.  These circumstances raise substantial doubt about the Company’s ability to continue as a going concern.  The accompanying consolidated financial statements do not include any adjustments that might arise as a result of this uncertainty.

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment (PP&E) as of December 31, 2012 and September 30, 2012 consisted solely of the computer equipment and software with useful life of 5 and 3 years, respectively.  Balances for the PP&E as of December 31, 2012 and December 31, 2011 were as follows:

		December 31, 2012		September 30, 2012
Computer equipment & software	$	9,863	$	6,664
Less: accumulated depreciation		(1,984)		(1,188)
Property, plant and equipment, net	$	7,879	$	5,476

Depreciation expense for the three months ended December 31, 2012 and 2011 was $789 and $192, respectively.

NOTE 5 – TRADEMARKS

The Company filed applications for trademarks on three of its products in their target markets: the United States, Singapore, Thailand, Hong Kong, Taiwan, Macau, Sri Lanka and Malaysia.  As of December 31, 2012, the registration for all three products was completed in the United States, China (PRC), Hong Kong, Taiwan, Macau and Singapore, and still pending in other target markets.  As of December 31, 2012 and September 30, 2012, the Company capitalized trademark costs of $34,978 and $31,183, respectively.  Accumulated amortization at December 31, 2012 and September 30, 2012 was $3,786 and $2,659, respectively.  During the three months ended December 31, 2012 and 2011, the Company recorded trademark amortization expense of $1,127 and $465.  All trademarks have legal lives from 7 to 10 years and are amortized over their respective legal lives upon approval.

NOTE 6 – COMMON STOCK

The total number of shares of capital stock, which the Company shall have authority to issue, is 500,000,000.  These shares consist of one class of 500,000,000 shares designated as common stock at $0.001 par value (“Common Stock”).

Holders of shares of Common Stock shall be entitled to cast one vote for each share held at all stockholders’ meetings for all purposes, including the election of directors.  The Common Stock does not have cumulative voting rights.

Unless there are prior arrangements made and agreed by the Company in writing, no holder of shares of stock of any class shall be entitled as a matter of right to subscribe for, or purchase, or receive any part of any new or additional issue of shares of stock of any class, or of any securities convertible into shares of any class, whether now hereafter authorized or whether issued for money, for consideration other than money, or by way of a dividend.

On July 6, 2010, 150,000,000 shares were issued to a consultant for services directly related to the S-1 registration and offering.  These shares were valued at $0.25 per share and recorded as a reduction to additional paid- in capital due to it being an offering cost of the future S-1 offering.  As a result of this transaction, additional paid in capital was reduced for the value of the shares equal to $37,500,000.  This reduction was offset by recording an increase to common stock according to the par value of the shares issued equal to $150,000, and increasing additional paid in capital by $37,350,000.  Due to the offsetting entries to additional paid in capital from the transaction, the net effect on equity was a reduction to additional paid in capital for $150,000 and an increase to the value of common stock for $150,000.  In addition to this share issuance, the Company issued an additional 50,000,000 shares to the consultant for offering costs.  The 50,000,000 additional shares were issued to convert the $50,000 payable owed to the consulting company (see Note 8).  Through March 31, 2012, the Company paid a total of $345,000 cash to this consultant for offering costs.  As of December 31, 2012 and September 30, 2012, nothing additional is owed to the consultant related to the S-1 registration and offering.

   F-9         

On July 6, 2010, the Company received stock subscriptions from investors at various prices; 

1.

58,000,000 shares of Common Stock sold to twelve stockholders, at a purchase price of $0.001 per share for cash received  of $58,000,

2.

113,000 shares of Common Stock sold to eleven stockholders at a price of $0.10 for cash received  of $11,300,

3.

106,672 shares of Common Stock sold to sixteen stockholders at a price of $0.15 per share for cash received  of $16,000,

4.

50,000 shares of Common Stock sold to two stockholders at a price of $0.20 per share for cash received  of $10,000,

5.

18,800 shares of Common Stock sold to eight stockholders at a price of $0.25 per share for cash received of $9,700. 

6.

20,000 shares were sold to directors for total consideration of $5,000 on August 9, 2010.

During 2011, pursuant to the terms of the Sole Distributorship Agreement dated October 11, 2010, the Company sold to Taiwan Cell Energy Enzymes Corporation (“TCEEC”) 125,000,000 shares of its common stock at price $0.008 per share for total proceeds of $1,000,000.  The value of the shares issued was evaluated and found to be worth more than the cash received at a total value of $1,274,705.  The difference of $274,705 represented compensation to the distributor.

The Company considered a third party valuation report to assist with valuing the underlying share issuances associated with the Sole Distributorship Agreement using the weighted discounted cash flow method and discounted market multiple method.  The following values represent assumptions and key inputs to this model:

1.

Risk adjusted discount rate – 18.77%

2.

Long-Term growth rate – 12.30%

3.

Discount for lack of marketability – 53.14%

The specific value ascribed to the long term growth rate was based on the expectation of the Company’s consistent long term growth within the current target markets and calculated based on guidance from the Company’s valuation expert regarding industry results for long term growth within the industry.  The growth rate used was based on the median historical growth rate of 535 companies selling within emerging markets with businesses related to the following: Food Processing, Retail (Distribution); and Retail (Specialty Lines).  Since the Company believes that there is high demand for its products, it had no reason to think that the Company’s long term growth rate would be below industry benchmarks.  Given the Company’s inception stage of operations and strong market demand for its product, the Company believes that the 12.3% growth rate is reasonable and comparable to similar companies within the field.

In December of 2011 the Company’s distributor Taiwan Cell Energy Enzymes Corporation (“TCEEC”) agreed to contribute $279,705 related to subsequent valuations of the shares originally purchased by the distributor for $1,000,000.  The Company collected the full $279,705 during the year ended September 30, 2012 inclusive of $5,000 paid to the value as professional fees.

During the year ended September 30, 2012 the Company sold 10,000,000 shares for $0.30 per share for total proceeds of $3,000,000.  Of this amount, $291,589 was collected during the three months ended December 31, 2012 and the remaining $1,819,711 was held as a subscription receivable at December 31, 2012.  The remaining amount is due in April of 2013 from TCEEC per the related signed promissory note agreement between both parties.

F-10             

NOTE 7 – RELATED PARTY TRANSACTIONS

On August 9, 2010, the Company sold 20,000 shares of common stock at $0.25 a share to its directors for total consideration of $5,000.

The CEO of the Company is the managing director of a consulting company, who provides consulting services for the Company.  In January 2011, the Company converted $50,000 owed to this consulting company into 50,000,000 shares of the Company’s common stock at the price of $0.001 per share.  The $50,000 was recorded as an offering cost when owed due to the cost being directly related to the stock offering.  The Company issued this consulting company an additional 150,000,000 shares valued at $150,000 also recorded as offering costs.  From inception through September 30, 2011, the Company issued the aforementioned 200,000,000 shares recorded at $200,000 and paid total cash of $345,000 for offering costs.  The Company also paid a total $100,000 for consulting services to this company during the year ended September 30, 2011 which was expensed as professional fees.

During the year ended September 30, 2011, the Company’s President, Chief Executive Officer, Chief Financial Officer, and director, Mr. Yi Lung Lin paid some operating expenses on behalf of the Company.  The amounts due to him for these expenses were $1,250 and $0 as of December 31, 2012 and December 31, 2011, respectively. 

During the twelve months ended September 30, 2012, the Company paid one of the directors of GEECIS $11,550 for IT consulting services.

During the twelve months ended September 30, 2012, the Company reimbursed one of the directors of GEECIS $8,076for rent and utilities in Sri Lanka.

On September 21, 2010, the Company entered into a Sole Marketing Agent Agreement with Access Management Consulting and Marketing Pte.  Ltd. (“Access Management Consulting”) for the marketing of the Company’s range of enzyme products and to source, select and interview country sole distributors for the distribution of our range of enzyme products to the world at large.  The Company’s President, Chief Executive Officer, Chief Financial Officer, and director, Mr. Yi Lung Lin, is also the President and Managing Director of Access Management Consulting.

On October 11, 2010, the Company entered into a Sole Distributorship Agreement (General Outlet-Human Consumption) with Taiwan Cell Energy Enzymes Corporation (“TCEEC”) for marketing and distribution of the Company’s enzyme products in the Republic of China (Taiwan).  Mr. Chen Wen Hsu, one of the Company’s directors, has voting and investment control over TCEEC.  As was provided for under the Sole Distributorship Agreement, during the year ended September 30, 2011, TCEEC had invested in the Company by subscribing to 125,000,000 shares of the Company’s common stock at a price of $0.008 per share, for total proceeds of $1 million.  The value of the shares issued was evaluated and found to be worth more than the cash received at a total value of $1,274,705.  The difference of $274,705 represented compensation to the distributor.

During the year ended September 30, 2012 and September 30, 2011, the Company recognized $60,993 and $120,558, respectively, in related party revenue from its customer TCEEC who is controlled by one of the Company’s directors Ken Wen Hsu.

During the three months ended December 31, 2012 and December 31, 2011, the Company recognized $1,653 and $0, respectively, in related party revenue from Yi Lung Lin who is the President of the Company and Access Management Consulting and Marketing Pte Ltd (AMCM) where Yi Lung Lin is the Managing Director of AMCM.

During the twelve months ended September 30, 2012, the Company collected $279,705 of contribution receivable of capital from its customer TCEEC who is controlled by the Company director Ken Wen Hsu.

During the year ended September 30, 2012, the Company received a total of $850,000 from TCEEC for 2,833,333 shares issued to them during the year then ended.  TCEEC owed an additional $2,111,300 to the Company as of September 30, 2012 for 7,037,667 shares issued during the year then ended.

During the year ended September 30, 2012, the Company received a total of $9,000 from Access Equity Capital Management, a company controlled by Mr. Yi Lung Lin, in consideration of 30,000 shares issued to them.

On February 15, 2012 the Board approved the appointment of Access Management Consulting and Marketing Pte Ltd (AMCM) to provide bookkeeping services in replacement of Albeck Financial Services.  The Company’s President is also the Managing Director of AMCM.

F-11             

On September 6, 2012, the Board approved a monthly salary of $5,000 to the Company’s President, Yi Lung Lin commencing September 1, 2012.

On September 21, 2012, the Board approved the engagement of Millar & Smith PLLC as the immigration lawyer to provide immigration legal service and to apply L-1 visa for the Company’s President, YI Lung Lin and L-2 visa for his wife, Wang Huei Ling.

As of December 31, 2012, and as of September 30, 2012 there were amounts due to related parties of $103,244 and $74,467 respectively.

As of December 31, 2012, $39,992 was accrued as an offering cost owed to the consulting company controlled by Mr. Yi Lung Lin.

During the three months ended December 31, 2012, the Company received a total of $155,000 from TCEEC for subscription receivable.  As of December 31, 2012, TCEEC owed the Company a total of $1,819,711.

NOTE 8 – INCOME TAXES

At December 31, 2012, the Company has available for federal income tax purposes a net operating loss carry forward from the period ended December 31, 2012, of approximately $1,077,010, that may be used to offset future taxable income.  The net operating loss carry forward expires beginning the year 2031.  The Company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that the benefits will not be realized.  Based upon the change in ownership rules under section 382 of the Internal Revenue Code of 1986, if in the future the Company issues common stock or additional equity instruments convertible in common shares which result in an ownership change exceeding the 50% limitation threshold imposed by that section, all of the Company’s net operating losses carry forwards may be significantly limited as to the amount of use in a particular years.

In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized.  Based upon the level of losses and projections of the future taxable income over the periods in which the deferred tax assets are deductible, a full valuation allowance has been provided as management believes that it is more likely than not, based upon available evidence, that the deferred tax assets will not be realized.

The difference between income tax expense computed by applying the federal statutory corporate tax rate and actual income tax expense is as follows:

	December 31, 2012		September 30, 2012
Statutory federal income tax rate		(34.0%)		(34.0 %)
Change in valuation allowance		34.0 %		34.0 %
Effective tax rate		0.0 %		0.0 %

The Company had deferred income tax assets as of December 31, 2012 and September 30, 2012 as follows:

		December 31, 2012		September 30, 2012
Deferred Tax assets:
Net operating loss carried forward	$	366,183	$	242,687
Less: Valuation allowance		(366,183)		(242,687)
Gross deferred tax asset	$	-	$	-

The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1.  The Company recognized no increase in the liability for unrecognized tax benefits.  The company has no uncertain tax position at December 31, 2012 or September 30, 2012 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  No such interest or penalties were recognized during the periods presented.  The Company had no accruals for interest and penalties at December 31, 2012 or September 30, 2012.  The Company’s utilization of any net operating loss carry forward may be unlikely due to its’ continuing losses.

As of December 31, 2012, the Company has tax receivable balance of $18,860.  The tax receivable is related to the goods and services tax (“GST”) refund claimable from Singapore by the Singapore operations in fiscal year 2012.  The Company recorded the amount as a current asset and offset such asset upon receiving refund from the tax authority without impacting revenues or expenses.

    F-12        

NOTE 9 - COMMITMENTS

On September 21, 2010, the Company reached an agreement with Specialty Enzymes and Biochemicals Co. (BSC Biochemicals), USA (“SEB”) for supplying various types of enzyme product to the Company under the Company’s private label.  SEB has been in operation since 1957 and is the largest enzyme manufacturer and enzymes provider in the US.

The Company leases a virtual office.  The original lease term was from July 14, 2010 through July 31, 2011, and was a subject to the annual renewal.  The lease was renewed for another year through July 14, 2012.  During the year ended September 30, 2012, the Company leased a virtual office.  The original lease term was from September 1, 2012 through September 30, 2013, and was subject to the annual renewal.  During the year ended September 30, 2012, GESPL entered into a lease agreement for office premises.  The lease term was from October 1, 2012 through March 31, 2013.  GESPL has the option to renew the lease at the expiration of the lease.  

                                                                      Fiscal year end 9/30:

2013	$27,828
2014	$     219
2015	$        -
2016	$        -
2017	$        -

 NOTE 10 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and has determined that there are no events to disclose.

   F-13         

ITEM 2.  Management Discussion and Analysis of Financial Condition and Results of Operations.  

Safe Harbor Statement

This report on Form 10-Q contains certain forward-looking statements.  All statements other than statements of historical fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements.

These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs, and risk of declining revenues.  Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors.  These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements.  The following discusses our financial condition and results of operations based upon our consolidated financial statements which have been prepared in conformity with accounting principles generally accepted in the United States.  It should be read in conjunction with our financial statements and the notes thereto included elsewhere herein.

The following discussion should be read in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this Form 10-Q.  The discussions of results, causes and trends should not be construed to imply any conclusion that these results or trends will necessarily continue into the future.

Overview

We are a start-up company and our main focus is to promote, market, distribute and export enzyme products to the Asian market, to begin with, Taiwan, and then followed by China, Hong Kong, Macau, Thailand, Malaysia, Singapore and Sri Lanka.  These enzyme products are specifically formulated for our marketing and distribution under contract manufacturing arrangements.  There are two contracted OEM manufacturers, one in Taiwan and the other in the United States.  We have contracted with Specialty Enzymes and Biochemicals Co. (Advanced Supplemental Therapies or AST Enzymes) to be our OEM Manufacturer in the United States.  They are located in Chino, California.

To date, we have succeeded in the appointment of Taiwan Cell Energy Enzymes Corporation, a marketing and distribution company in Taiwan specialized in the promotion and distribution of enzyme products.  They will distribute our range of enzyme products for human consumption to the general public in Taiwan with an annual purchase quota of US $2 million.  The enzyme market for human consumption is very substantial and how successful we can penetrate and capture the market like Taiwan for example will depend on how successful we are implementing our business plan.  Both enzyme products for human consumption and animal consumption have a tremendous consumption volume in the Asian market. 

Liquidity and Capital Resources

As of December 31, 2012, we had cash and cash equivalents of $1,115,863 and a working capital surplus of $1,042,531.  As of December 31, 2012 our accumulated deficit was $1,354,700.  For the three months ended December 31, 2012 our net loss was $383,618 compared to $53,390 during the same period in 2011.  This increase was mostly due to increased operations in 2012.

Our loss was funded by proceeds from the sale of our common stock.  During the three months ended December 31, 2012, we raised net proceeds of $291,589 through financing activities and our cash position decreased by $51,064.  

We used net cash of $336,502 in operating activities for the three months ended December 31, 2012 compared to net cash of $42,609 in operating activities for the same period in 2011.  We used net cash of $6,954 in investing activities for the three months ended December 31, 2012 compared to $3,236 during the same period in 2011.  The effect of exchange rates on cash was an increase in cash of $803 for the three months ended December 31, 2012 compared to a decrease of $372 during the three months ended December 31, 2011.

During the three months ended December 31, 2012 our monthly cash requirement was approximately $112,167 compared to approximately $14,203 for the same period in 2011.

We plan to implement the sole distributorship agreement we had signed and to enter into formal sole distributorship agreement with other country sole distributors.  We plan to promote, market, distribute and export our range of enzyme products to the Asian market, to begin with Taiwan and then to China.

4             

We expect to require a total of approximately $1,763,864 to fully carry out our business plan over the next twelve months beginning March 2013 as set out in this table:

Description	Estimated Expense
Inventory	$1,263,864
General Administration, Sales and Marketing Overhead	$250,000
Sales Advertisement and Promotion Support Overhead technologies	$250,000
Total	$1,763,864

We intend to meet our cash requirements for the next 12 months through external sources: a combination of debt financing and equity financing through private placements.  We are currently not in good short-term financial standing.  We anticipate that we may not generate any revenues in the near future and we will not have enough positive internal operating cash flow until we can generate substantial revenues, which may take the next few years to fully realize.  There is no assurance we will achieve profitable operations.  We have historically financed our operations primarily by cash flows generated from the sale of our equity securities and through cash infusions from officers and outside investors in exchange for debt and/or common stock.

These consolidated financial statements have been prepared on the assumption that we are a going concern, meaning we will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations.  Different bases of measurement may be appropriate when a company is not expected to continue operations for the foreseeable future.  Our continuation as a going concern is dependent upon our ability to attain profitable operations and generate funds there-from, and/or raise equity capital or borrowings sufficient to meet current and future obligations.  Management plans to raise equity financings over the next twelve months to finance operations.  There is no guarantee that we will be able to complete any of these objectives.  We have incurred losses from operations since inception and at December 31, 2012, have an accumulated deficit that creates substantial doubt about our ability to continue as a going concern.

Results of Operations for the three months ended December 31, 2012 compared to the three months ended December 31, 2011 and from inception to December 31, 2012.

Limited Revenues

Since our inception on June 21, 2010 to December 31, 2012, we have earned limited revenue of $186,914.  As of December 31, 2012, we have an accumulated deficit of $1,354,700 and we earned revenues of $5,363 during the three months ending on December 31, 2012, compared to $nil for the three months ended December 31, 2011.  At this time, our ability to generate any significant revenues continues to be uncertain.  Our financial statements contain an additional explanatory paragraph in Note 3, which identifies issues that raise substantial doubt about our ability to continue as a going concern.  Our financial statements do not include any adjustment that might result from the outcome of this uncertainty.

Net Loss

We incurred a net loss of $383,618 for the three months ended December 31, 2012, compared to a net loss of $53,390 for the same period in 2011.  This increase in net loss is mostly due to increased operating expenses.  From inception on June 21, 2010 to December 31, 2012, we have incurred a net loss of $1,354,700.  Our basic and diluted loss per share was ($0.00) for the three months ended December 31, 2012, and ($0.00) for the same period in 2011.  

Expenses

Our total operating expenses increased from $53,741 to $389,127 for the three months ended December 31, 2012 compared to the same period in 2011.  This increase in expenses is due to higher operating expenses.  Since our inception on June 21, 2010 to December 31, 2012, we have incurred total operating expenses of $1,430,796.

Our professional fees, consisting primarily of legal, accounting and auditing fees, increased from $37,290 for the three months ended December 31, 2011 to $101,693 for the same period in 2012, mainly due to increased legal and auditing services provided in the three month periods ended December 31, 2012.  Since our inception on June 21, 2010 until December 31, 2012 we have spent $540,448 on professional fees.

Our advertising and business promotion fees increased from $13 for the three months ended December 31, 2011 to $167,257 for the same period in 2012, mainly due to increased operating activities during the three month periods ended December 31, 2012.  Since our inception on June 21, 2010 until December 31, 2012 we have spent $200,629 on advertising and business promotion fees.

Off-Balance Sheet Arrangements

As of December 31, 2012, we had no off-balance sheet transactions that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

5             

ITEM 3.  Quantitative and Qualitative Disclosure About Market Risks.

Not applicable.

ITEM 4.  Control and Procedures

Not applicable

ITEM 4T.  Control and Procedures.

Disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company is collected and communicated to management to allow timely decisions regarding required disclosures.  The Chief Executive Officer and the Chief Financial Officer have concluded, based on their evaluation as of December 31, 2012 that, as a result of the following material weaknesses in internal control over financial reporting, disclosure controls and procedures were not effective in providing reasonable assurance that material information is made known to them by others within the Company:

(a)    We did not maintain sufficient personnel with an appropriate level of technical accounting knowledge, experience, and training in the application of generally accepted accounting principles commensurate with our complexity and our financial accounting and reporting requirements.  We have limited experience in the areas of financial reporting and disclosure controls and procedures.  Also, we do not have an independent audit committee.  As a result, there is a lack of monitoring of the financial reporting process and there is a reasonable possibility that material misstatements of the consolidated financial statements, including disclosures, will not be prevented or detected on a timely basis; and

(b)    Due to our small size, we do not have a proper segregation of duties in certain areas of our financial reporting process.  The areas where we have a lack of segregation of duties include cash receipts and disbursements, approval of purchases and approval of accounts payable invoices for payment.  This control deficiency, which is pervasive in nature, results in a reasonable possibility that material misstatements of the financial statements will not be prevented or detected on a timely basis.

Changes in Internal Control Over Financial Reporting  

There were no changes in our internal control over financial reporting during the fiscal quarter ended December 31, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations On The Effectiveness Of Internal Controls

Our management, including our CEO and CFO, does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error.  An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  Further, the design of the control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.  Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.  These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.  Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control.  The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.  Over time, control may become inadequate because of changes in conditions, and/or the degree of compliance with the policies or procedures may deteriorate.

      6      

PART II – OTHER INFORMATION

ITEM 1.  Legal Proceedings.

We are not currently a party to any legal proceedings.  Our address for service of process in Nevada is 4421 Edward Avenue, Las Vegas, Nevada 89108.

ITEM 2.  Unregistered Sales of Equity Securities.

None.

ITEM 3.  Defaults Upon Senior Securities.

None.

ITEM 4.  Submission of Matters to a Vote of Security Holders.

None.

ITEM 5.  Other Information.

None.

ITEM 6.  Exhibits.

Exhibit Number	Exhibit Description
31.1	Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.LAB	XBRL Taxonomy Extension Label Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase

   7         

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

	GENUFOOD ENERGY ENZYMES CORP. (REGISTRANT)
Date:  February 12, 2013	Per:  /s/ Yi Lung Lin
	Yi Lung Lin, President & C.E.O.

   8         

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

I, Yi Lung Ling; certify that:

1.

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

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.

I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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; and

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervisions, 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; and

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.

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 registrant’s board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  February 12, 2013

By:	/s/ Yi Lung Lin
Name:	Yi Lung Lin
Title:	Chief Executive Officer, Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

I, Yi Lung Ling; Chief Executive Officer and Chief Financial Officer of Genufood Energy Enzymes Corp. (the “Registrant”), do hereby certify pursuant to Rule 15d-14(b) of the Securities and Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code that:

1.

the Registrant’s Quarterly Report on Form 10-Q of the Registrant for the quarter ended December 31, 2012 (the “Report”), to which this statement is filed as an exhibit, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:  February 12, 2013

By:	/s/ Yi Lung Lin
Name:	Yi Lung Lin
Title:	Chief Executive Officer, Chief Financial Officer

XML

Common Stock (Details) (USD $)	1 Months Ended		3 Months Ended		12 Months Ended		30 Months Ended		1 Months Ended	12 Months Ended		1 Months Ended			1 Months Ended		1 Months Ended		1 Months Ended		1 Months Ended
	Jan. 31, 2011	Jul. 31, 2010	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2012	Jul. 06, 2010	Dec. 31, 2011 Taiwan Cell Energy Enzymes Corporation [Member]	Sep. 30, 2012 Taiwan Cell Energy Enzymes Corporation [Member]	Sep. 30, 2011 Taiwan Cell Energy Enzymes Corporation [Member]	Jul. 31, 2010 Directors [Member]	Jul. 31, 2010 Share Price one [Member] Stockholder	Jul. 06, 2010 Share Price one [Member]	Jul. 31, 2010 Share Price two [Member] Stockholder	Jul. 06, 2010 Share Price two [Member]	Jul. 31, 2010 Share Price three [Member] Stockholder	Jul. 06, 2010 Share Price three [Member]	Jul. 31, 2010 Share Price four [Member] Stockholder	Jul. 06, 2010 Share Price four [Member]	Jul. 31, 2010 Share Price five [Member] Stockholder	Jul. 06, 2010 Share Price five [Member]
Common Stock (Textual)
Sale of common stock shares					10,000,000						125,000,000	20,000	58,000,000		113,000		106,672		50,000		18,800
Sale of stock to number of stockholders													12		11		16		2		8
Sale of stock, share price					$ 0.30						$ 0.008			$ 0.001		$ 0.10		$ 0.15		$ 0.20		$ 0.25
Consideration received on sale of stock					$ 3,000,000						$ 1,000,000	$ 5,000	$ 58,000		$ 11,300		$ 16,000		$ 10,000		$ 9,700
Sale of stock transaction date											Oct. 11, 2010	Aug. 09, 2010
Value of common stock purchased by distributor after valuation of shares									279,705
Value of common stock purchased by distributor before valuation of shares									1,000,000
Amount collected from distributor										279,705
Common stock, par value			$ 0.001		$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized			500,000,000		500,000,000	500,000,000	500,000,000
Common stock, voting right					One vote for each share
Shares issued to consultant for services		150,000,000
Share price								$ 0.25
Reduced value of shares due to reduction in additional paid in capital in capital		37,500,000
Reduction in additional paid in capital offset by increase to common stock		150,000
Increasing in additional paid in capital		37,350,000
Reduction in additional paid in capital equity effect due to offsetting		150,000
Increase to value of common stock equity effect due to offsetting		150,000
Additional shares issued to consultant recorded as offering cost	150,000,000	50,000,000
Additional shares issued to convert payable owed to consulting company, (Shares)		50,000,000
Additional shares issued to convert payable owed to consulting company		50,000
Cash paid for offering costs							345,000
Total value of shares sold to directors						1,274,705
Difference in share sold value and cash received represented compensation to distributor			274,705			274,705
Risk adjusted discount rate			18.77%
Long-Term growth rate			12.30%
Discount for lack of marketability			53.14%
Long term growth rate description			The growth rate used was based on the median historical growth rate of 535 companies selling within emerging markets with businesses related to the following: Food Processing, Retail (Distribution); and Retail (Specialty Lines).
Professional fees paid					5,000
Amount collected from sale of stock			291,589
Subscription receivable			$ 1,819,711		$ 2,111,300		$ 1,819,711

XML

Property, Plant and Equipment

3 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment (PP&E) as of December 31, 2012 and September 30, 2012 consisted solely of the computer equipment and software with useful life of 5 and 3 years, respectively.  Balances for the PP&E as of December 31, 2012 and December 31, 2011 were as follows:

	December 31, 2012			September 30, 2012
Computer equipment & software	$	9,863		$	6,664
Less: accumulated depreciation		(1,984	)		(1,188	)
Property, plant and equipment, net	$	7,879		$	5,476

Depreciation expense for the three months ended December 31, 2012 and 2011 was $789 and $192, respectively.

XML

Income Taxes (Details Textual) (USD $)	3 Months Ended
	Dec. 31, 2012	Sep. 30, 2012
Income Taxes (Textual)
Net operating loss carryforwards	$ 1,077,010
Description of expiration period for operating loss carryforwards	Beginning the year 2031
Uncertain certain tax position	0	0
Accruals interest and penalties	0	0
Tax receivable	$ 12,860	$ 10,764

XML

Income Taxes (Details 1) (USD $)	Dec. 31, 2012	Sep. 30, 2012
Deferred Tax assets:
Net operating loss carried forward	$ 366,183	$ 242,687
Less: Valuation allowance	(366,183)	(242,687)
Gross deferred tax asset

XML

Commitments (Details) (USD $)	Sep. 30, 2012
Summary of expiration lease
2013	$ 27,828
2014	219
2015
2016
2017

XML

Going Concern

3 Months Ended

Dec. 31, 2012

Going Concern [Abstract]

GOING CONCERN

NOTE 3 – GOING CONCERN

The Company is a development stage company and has incurred a cumulative net loss since inception of $1,354,700.  As of December 31, 2012, the Company had a positive working capital of $1,042,531, which, however, might be insufficient to finance the Company's business plan for the next twelve months.  Due to the start-up nature, the Company expects to incur additional losses in the immediate future.  To date, the Company’s cash flow requirements have been primarily met through proceeds received from sales of common stock.  The ability of the Company to emerge from the development stage is dependent upon the Company's successful efforts to raise sufficient capital and attain profitable operations.

Management’s plan includes obtaining additional funds by increasing revenues and equity financing through the participation of its country sole distributors, wholesalers, dealers and retailers in the Multi-Level Marketing – Franchise Investor Dealer Related (MLM-FIDR) concept; however there is no assurance of additional funding being available.  These circumstances raise substantial doubt about the Company’s ability to continue as a going concern.  The accompanying consolidated financial statements do not include any adjustments that might arise as a result of this uncertainty.

XML

Consolidated Balance Sheets (USD $)	Dec. 31, 2012	Sep. 30, 2012
Current assets
Cash	$ 1,115,863	$ 1,166,927
Prepaid expenses	679	804
Tax receivable	12,860	10,764
Other receivable		142
Other receivables - related parties	3,130	393
Inventory	88,555	93,742
Total current assets	1,221,087	1,272,772
Computer equipment and software, net of accumulated depreciation	7,879	5,476
Intangibles and other assets
Trademarks, net of accumulated amortization	31,192	28,524
Security deposit asset	25,832	34,721
Total intangibles and other assets	57,024	63,245
Total assets	1,285,990	1,341,493
Current liabilities
Accounts payable	72,705	16,180
Accounts payable to related party	103,244	74,467
Accrued expenses	2,607	49,739
Total current liabilities	178,556	140,386
Total liabilities	178,556	140,386
Stockholders' equity
Common Stock, $0.001 par, 500,000,000 shares authorized; 393,308,472 shares issued and outstanding at December 31, 2012 and September 30, 2012, respectively	393,308	393,308
Additional paid in capital	3,891,010	3,891,010
Subscription receivable	(1,819,711)	(2,111,300)
Deficit accumulated during development stage	(1,354,700)	(971,082)
Accumulated other comprehensive loss	(2,473)	(829)
Total stockholders' equity	1,107,434	1,201,107
Total liabilities and stockholders' equity	$ 1,285,990	$ 1,341,493

XML

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Dec. 31, 2012

Basis Of Presentation and Significant Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 1- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization and Business Operations

Genufood Energy Enzymes Corp., USA (the “Company” or “GEEC”) was incorporated under the laws of the State of Nevada on June 21, 2010.  GEEC is a start-up company and its main focus is to promote market, distribute and export a range of enzyme products for human and animal consumption manufactured in the Unites States for the Asian and ASEAN markets.  The Company is the owner of the following trademarks,ProCellax and ProAnilax.These trademarks and GEEC as a trademark have been filed with the United States Patent and Trademark Office and registered with China (PRC), Hong Kong, Macau, Taiwan and Singapore.  Similarly, these trademarks have been filed with the jurisdictions of Thailand, Malaysia, and Sri Lanka.

The Company’s objective is to commence marketing and distribution of American 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 the Company’s Multi-Level Marketing – Franchise Investor Dealer Related (MLM-FIDR) concept, to begin with, in Taiwan, and then to China, Hong Kong, Macau, Thailand, Malaysia, Singapore and Sri Lanka.

On May 24, 2011, GEEC Internet Sales (Private) Limited (“GEECIS”), a wholly owned subsidiary of GEEC, was established in the Democratic Socialist Republic of Sri Lanka.  GEECIS was established initially to be responsible for GEEC’s internet sales worldwide, but recently its role has been changed to that of a Sole Country Distributor.

On February 13, 2012 the Company invested and incorporated a wholly owned subsidiary company, GEEC Enzymes (S) Pte Ltd (GESPL) in Singapore with a view to be the Sole Country Distributor for ProCellax and ProAnilax in Singapore. GESPL has started initial test marketing for the range of ProCellax enzymes products.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.

The Company is in its development stage with no significant revenues.  The Company’s initial operations include organization, capital formation, target markets identification and developing marketing plans.  

The Company’s fiscal year end is September 30.

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Property, Plant and Equipment (Details) (USD $)	Dec. 31, 2012	Sep. 30, 2012
Summary of property, plant and equipment
Computer equipment & software	$ 9,863	$ 6,664
Less: accumulated depreciation	(1,984)	(1,188)
Property, plant and equipment, net	$ 7,879	$ 5,476

XML

Trademarks (Details) (USD $)	3 Months Ended		30 Months Ended
	Dec. 31, 2012 Product	Dec. 31, 2011	Dec. 31, 2012	Sep. 30, 2012
Trademarks (Textual)
Number of product in target markets	3
Trademark	$ 34,978		$ 34,978	$ 31,183
Accumulated amortization	3,786		3,786	2,659
Amortization expense	$ 1,127	$ 465	$ 3,786
Minimum [Member]
Trademarks (Textual)
Legal lives of trademarks	7 years
Maximum [Member]
Trademarks (Textual)
Legal lives of trademarks	10 years

XML

Summary of Significant Accounting Policies

3 Months Ended

Dec. 31, 2012

Summary Of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s audited consolidated financial statements included herein have been prepared in accordance with US GAAP and pursuant to the rules of the SEC.  The Company believes that the presentations and disclosures herein are adequate for a fair presentation.  The unaudited consolidated financial statements reflect all adjustments necessary for a fair presentation of the interim periods presented.  These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Form 10-K filed with the United States Securities and Exchange Commission on January 14, 2013.  The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.

Development Stage Activities

The accompanying consolidated financial statements have been prepared in accordance with ASC 915-10-05, Development Stage Entities.  A development - stage company is one in which planned principal operations have not commenced or, if its operations have commenced, but there have been no significant revenues.

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (“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.  

Revenue Recognition

Our revenues are generated from sales of enzyme products under our private label.

For sales of enzyme products under our private label – the Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company recognizes revenue when it is realized or realizable and reduces it for the amount of estimated future doubtful accounts.  The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the products have been shipped to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

Foreign Currency Translation and Transactions

The reporting and functional currency of GEEC is the United States Dollar (“U.S. dollar”).  The functional currency of GEECIS, a wholly owned subsidiary of GEEC, is the Sri Lanka Rupee (“LKR”).  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 Sri Lanka subsidiary, which are prepared using the LKR, are translated into the Company’s reporting currency, the U.S. dollar.  Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.0079 as of December 31, 2012 and 0.0077 as of September 30, 2012, respectively.  Revenue and expenses are translated using average exchange rates prevailing during each reporting period.  The average exchange rate of 0.0077 and 0.0089 was used to translate revenues and expenses for the periods ended December 31, 2012 and December 31, 2011, respectively.  Stockholders’ equity is translated at historical exchange rates.  Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ equity.

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, the U.S. dollar.  Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.8169 as of December 31, 2012 and 0.8145 as of September 30, 2012.  Revenue and expenses are translated using average exchange rates prevailing during each reporting period.  The 0.8177 average exchange rate was used to translate revenues and expenses for the reporting period ended December 31, 2012.  Stockholders’ equity is translated at historical exchange rates.  Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ equity.

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 differences are included in the statements of operations.

No representation is made that the LKR or SGD amounts could have been, or could be converted into U.S. dollar at the above rates.

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments with original maturities of three months or less when acquired to be cash equivalents.  The Company places the majority of its cash and cash equivalents with financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000.  As of December 31, 2012, the Company had $1,115,863 cash in banks, $251,986 and $612,097 of which with two financial institutions, which is $384,137 in excess of FDIC limit.  As of September 30, 2012, the Company had $1,166,927 cash in banks, $598,228 and $485,270 of which were with two financial institutions, which is $583,498 in excess of FDIC limit.  The Company mitigates this concentration of credit risk by monitoring the credit worthiness of financial institutions and its customers. 

In October 2008, the Federal government temporarily increased the FDIC insured limits up to a maximum of $250,000 per depositor until January 1, 2014, after which time the insured limits will return to $100,000.

Cash and cash equivalents which are held in foreign banks were $251,667 and $83,429 as of December 31, 2012 and September 30, 2012, respectively.  For Singapore’s operation, the Company placed its cash and cash equivalents denominated in Singapore Dollars with financial institutions that are insured by the Singapore Deposit Insurance Corporation (“SDIC”) up to Singapore Dollar 50,000.  As of December 31, 2012 and September 30, 2012, $40,845 and $2,566 was insured, respectively.  For Sri Lanka’s operation, the Company placed its cash and cash equivalents denominated in Sri Lanka Rupee with financial institutions that are insured by the Sri Lanka Deposit Insurance Scheme (“SLDIS”) up to Sri Lanka Rupee 200,000.  As of December 31, 2012 and September 30, 2012, $1,580 and $1,540 was insured, respectively.

Beneficial Conversion Features

From time to time, the Company may issue convertible debt that may have conversion prices that create an embedded beneficial conversion feature pursuant to the Emerging Issues Task Force guidance on beneficial conversion features.  A beneficial conversion feature exists on the date a convertible liability is issued when the fair value of the underlying common stock to which the liability is convertible into is in excess of the face value of the liability.  In accordance with this guidance, the intrinsic value of the beneficial conversion feature is recorded as a discount on the liability with a corresponding amount to additional paid in capital.  The debt discount is amortized to interest expense over the term of the liability using the effective interest method.  In cases where the liability relates to amounts owed for direct offering costs of an equity offering, the discount is charged to additional paid in capital with amortization.

Inventories

The Company’s inventories include enzyme products, packaging and labeling materials.  Inventories are stated at the lower of cost or market value.  Cost is determined using weighted average cost method.  As of December 31, 2012 and September 30, 2012, the Company had inventory balances of $88,555 and $93,742, respectively, which was comprised solely of enzyme products, packaging and labeling materials.

Intangible Assets

The Company’s intangible assets consist primarily of trademarks, which are carried at amortized cost.  The company capitalizes filing and legal fees related to the trademark registration.  All trademarks have legal lives from 7 to 10 years and are amortized over their respective legal lives upon approval (see Note 5-Trademarks).

The Company reviews its intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable.  The Company assesses recoverability by reference to future cash flows from the products underlying these intangible assets.  If these estimates change in the future, the Company may be required to record impairment charges for these assets.  As of December 31, 2012, no impairment indicators were prevalent.

Security Deposit Asset

The security deposit is a refundable deposit, lodged with the Sampath Bank, for a facility to receive internet sales funds.  In the event this facility was not obtained and instructions have been given to the Bank to refund the deposit.  As of December 31, 2012, GESPL had a balance of $11,437 for refundable security deposit for the lease of office premises.  As of December 31, 2012, GESPL had a balance of $12,254 for refundable security deposit for goods and services tax registration.  During the three months ended December 31, 2012, GESPL paid a deposit of $489 for rent of credit card terminals.  As of December 31, 2012, the Company had a balance of $1,652 for a refundable security deposit to a consulting company.

Customer Deposit

The customer deposit represents money received by the Company in advance and will not be recognized as revenue until the products are shipped to customer.

Property, Plant and Equipment

Property, plant and equipment (PP&E) are stated at cost less accumulated depreciation.  Gains or losses on disposals are recorded in the year of disposal.  The cost of improvements that extend the life of property, plant, and equipment are capitalized.  These capitalized costs may include structural improvements, equipment, and fixtures.  All ordinary repair and maintenance costs are expensed as incurred.

The Company’s PP&E as of December 31, 2012 and September 30, 2012 consisted of computer equipment and software with useful lives of five and three years, respectively.  Depreciation is computed using the straight line method over the estimated useful lives.

Fair Value of Financial Instruments

FASB ASC Topic 825 – Financial Instruments requires the Company to disclose, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments.  The Company's financial instruments consist primarily of cash, prepaid expenses, customer deposit, accounts payable and some other current liabilities.  The Company believes that the carrying values of these financial instruments approximate their fair value due to the short-term nature of these items.

As defined in FASB ASC Topic No. 820 – 10 (formerly SFAS 157-Fair Value Measurements), fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  FASB ASC Topic No. 820 – 10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements.  The statement requires fair value measurements be classified and disclosed in one of the following categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.  The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity).

As required by FASB ASC Topic No. 820 – 10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The Company had no instruments re-measured to fair value on a recurring or non-recurring basis as of December 31, 2012 or September 30, 2012.

Net Earnings (Loss) Per Share

Basic net earnings (loss) per common share are computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding during the period.  Diluted net earnings (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents.  In periods when losses are reported, which is the case for all periods presented in these consolidated financial statements, the diluted weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.  For the three months ended December 31, 2012 and 2011, the company didn't have any potentially dilutive securities.

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.

The Company also adopted FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, to account for equity instruments issued to parties other than employees for acquiring goods or services.  Such awards for services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable.

During the year ended December 31, 2011, the Company recorded $0 of stock-based compensation to a distributor and $0 of stock-based compensation to employees.  No stock based compensation was recorded during the three months ended December 31, 2012.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes.  Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets.  The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period.  Based upon the level of losses and projections of the future taxable income over the periods in which the deferred tax assets are deductible, a full valuation allowance has been provided as management believes that it is more likely than not, based upon available evidence, that the deferred tax assets will not be realized.

As of December 31, 2012, the Company has a tax receivable balance of $12,860.  The tax receivable is related to the goods and services tax (“GST”) refund claimable from Singapore by the Singapore operations for the three months ended December 31, 2012.  The Company recorded the amount as a current asset and offset such asset upon receiving refund from the tax authority without impacting revenues or expenses.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.

Recently Issued and Newly Adopted Accounting Pronouncements

In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04.  The amendments in this update cover a wide range of Topics in the Accounting Standards Codification.  These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements.  The amendments in this update will be effective for fiscal periods beginning after December 15, 2012.  The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03.  This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114.  The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations.

In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02.  This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012.  Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance.  The adoption of ASU 2012-02 is not expected to have a material impact on our financial position or results of operations.

XML

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2012	Sep. 30, 2012
Balance Sheets [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	393,308,472	393,308,472
Common stock, shares outstanding	393,308,472	393,308,472

XML

Property, Plant and Equipment (Tables)

3 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

Summary of property, plant and equipment

	December 31, 2012			September 30, 2012
Computer equipment & software	$	9,863		$	6,664
Less: accumulated depreciation		(1,984	)		(1,188	)
Property, plant and equipment, net	$	7,879		$	5,476

XML

Document and Entity Information	3 Months Ended
	Dec. 31, 2012	Feb. 11, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	Genufood Energy Enzymes Corp.
Entity Central Index Key	0001510518
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Type	10-Q
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		393,308,472

XML

Income Taxes (Tables)

3 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Summary of federal statutory corporate tax rate and actual income tax expense

	December 31, 2012		September 30, 2012
Statutory federal income tax rate	(34.0	%)	(34.0	%)
Change in valuation allowance	34.0	%	34.0	%
Effective tax rate	0.0	%	0.0	%

Summary of deferred income tax assets

	December 31, 2012			September 30, 2012
Deferred Tax assets:
Net operating loss carried forward	$	366,183		$	242,687
Less: Valuation allowance		(366,183	)		(242,687	)
Gross deferred tax asset	$	-		$	-

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Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		30 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012
Revenue
Revenue	$ 3,710		$ 3,710
Related party revenue	1,653		183,204
Total revenue	5,363		186,914
Cost of goods sold
Product costs	2,378		103,094
Label costs			12,007
Other costs	1,436		1,436
Total cost of goods sold	3,814		116,537
Gross margin	1,549		70,377
Expenses
Sales commission expenses	19,566		71,795
Compensation to distributors			274,705
Product label design	285	135	13,393
Advertising & business promotion	167,257	13	200,629
Website design	3,250	4,181	30,162
Bank service charge	2,111	606	7,738
Computer and internet expenses	3,338		4,148
Filing fees		1,110	13,633
License and permits	651	100	5,639
Meals and entertainment	12,145		18,111
Office supplies	499	2	2,357
Rent expense	9,620	3,606	56,852
Transfer agent fees	5,169	650	24,985
Travel expense	15,746	150	64,009
Professional fees	101,693	37,290	540,448
Postage & shipping	642		1,435
Telephone expense	853		2,726
AGM & board meeting expenses		5,241	24,315
Depreciation expense	789	192	1,993
Amortization expense	1,127	465	3,786
Payroll expenses	32,582		55,666
Subscription & registration fee	6,500		6,500
Staff refreshment & recreation	704		704
Logistics & storage expenses	2,867		2,867
Medical expenses			215
Courses and seminars			72
Insurance expenses			180
Miscellaneous expenses	1,733		1,733
Total operating expenses	389,127	53,741	1,430,796
Total operating loss	(387,578)	(53,741)	(1,360,419)
Other income
Interest income	501	301	2,214
Miscellaneous income	6		6
Foreign Currency Exchange Gain/(Loss)	3,453	50	3,499
Net loss	(383,618)	(53,390)	(1,354,700)
Foreign currency translation adjustment	(1,644)	(364)	(1,558)
Comprehensive loss	$ (385,262)	$ (53,754)	$ (1,356,258)
Weighted average number of common shares outstanding-basic and diluted	393,308,472	383,308,472
Net loss per share-basic and diluted	$ 0.00	$ 0.00

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Related Party Transactions

3 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

On August 9, 2010, the Company sold 20,000 shares of common stock at $0.25 a share to its directors for total consideration of $5,000.

The CEO of the Company is the managing director of a consulting company, who provides consulting services for the Company.  In January 2011, the Company converted $50,000 owed to this consulting company into 50,000,000 shares of the Company’s common stock at the price of $0.001 per share.  The $50,000 was recorded as an offering cost when owed due to the cost being directly related to the stock offering.  The Company issued this consulting company an additional 150,000,000 shares valued at $150,000 also recorded as offering costs.  From inception through September 30, 2011, the Company issued the aforementioned 200,000,000 shares recorded at $200,000 and paid total cash of $345,000 for offering costs.  The Company also paid a total $100,000 for consulting services to this company during the year ended September 30, 2011 which was expensed as professional fees.

During the year ended September 30, 2011, the Company’s President, Chief Executive Officer, Chief Financial Officer, and director, Mr. Yi Lung Lin paid some operating expenses on behalf of the Company.  The amounts due to him for these expenses were $1,250 and $0 as of December 31, 2012 and December 31, 2011, respectively. 

During the twelve months ended September 30, 2012, the Company paid one of the directors of GEECIS $11,550 for IT consulting services.

During the twelve months ended September 30, 2012, the Company reimbursed one of the directors of GEECIS $8,076for rent and utilities in Sri Lanka.

On September 21, 2010, the Company entered into a Sole Marketing Agent Agreement with Access Management Consulting and Marketing Pte.  Ltd. (“Access Management Consulting”) for the marketing of the Company’s range of enzyme products and to source, select and interview country sole distributors for the distribution of our range of enzyme products to the world at large.  The Company’s President, Chief Executive Officer, Chief Financial Officer, and director, Mr. Yi Lung Lin, is also the President and Managing Director of Access Management Consulting.

On October 11, 2010, the Company entered into a Sole Distributorship Agreement (General Outlet-Human Consumption) with Taiwan Cell Energy Enzymes Corporation (“TCEEC”) for marketing and distribution of the Company’s enzyme products in the Republic of China (Taiwan).  Mr. Chen Wen Hsu, one of the Company’s directors, has voting and investment control over TCEEC.  As was provided for under the Sole Distributorship Agreement, during the year ended September 30, 2011, TCEEC had invested in the Company by subscribing to 125,000,000 shares of the Company’s common stock at a price of $0.008 per share, for total proceeds of $1 million.  The value of the shares issued was evaluated and found to be worth more than the cash received at a total value of $1,274,705.  The difference of $274,705 represented compensation to the distributor.

During the year ended September 30, 2012 and September 30, 2011, the Company recognized $60,993 and $120,558, respectively, in related party revenue from its customer TCEEC who is controlled by one of the Company’s directors Ken Wen Hsu.

During the three months ended December 31, 2012 and December 31, 2011, the Company recognized $1,653 and $0, respectively, in related party revenue from Yi Lung Lin who is the President of the Company and Access Management Consulting and Marketing Pte Ltd (AMCM) where Yi Lung Lin is the Managing Director of AMCM.

During the twelve months ended September 30, 2012, the Company collected $279,705 of contribution receivable of capital from its customer TCEEC who is controlled by the Company director Ken Wen Hsu.

During the year ended September 30, 2012, the Company received a total of $850,000 from TCEEC for 2,833,333 shares issued to them during the year then ended.  TCEEC owed an additional $2,111,300 to the Company as of September 30, 2012 for 7,037,667 shares issued during the year then ended.

During the year ended September 30, 2012, the Company received a total of $9,000 from Access Equity Capital Management, a company controlled by Mr. Yi Lung Lin, in consideration of 30,000 shares issued to them.

On February 15, 2012 the Board approved the appointment of Access Management Consulting and Marketing Pte Ltd (AMCM) to provide bookkeeping services in replacement of Albeck Financial Services.  The Company’s President is also the Managing Director of AMCM.

On September 6, 2012, the Board approved a monthly salary of $5,000 to the Company’s President, Yi Lung Lin commencing September 1, 2012.

On September 21, 2012, the Board approved the engagement of Millar & Smith PLLC as the immigration lawyer to provide immigration legal service and to apply L-1 visa for the Company’s President, YI Lung Lin and L-2 visa for his wife, Wang Huei Ling.

As of December 31, 2012, and as of September 30, 2012 there were amounts due to related parties of $103,244 and $74,467 respectively.

As of December 31, 2012, $39,992 was accrued as an offering cost owed to the consulting company controlled by Mr. Yi Lung Lin.

During the three months ended December 31, 2012, the Company received a total of $155,000 from TCEEC for subscription receivable.  As of December 31, 2012, TCEEC owed the Company a total of $1,819,711.

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Common Stock

3 Months Ended

Dec. 31, 2012

Common Stock [Abstract]

COMMON STOCK

NOTE 6 – COMMON STOCK

The total number of shares of capital stock, which the Company shall have authority to issue, is 500,000,000.  These shares consist of one class of 500,000,000 shares designated as common stock at $0.001 par value (“Common Stock”).

Holders of shares of Common Stock shall be entitled to cast one vote for each share held at all stockholders’ meetings for all purposes, including the election of directors.  The Common Stock does not have cumulative voting rights.

Unless there are prior arrangements made and agreed by the Company in writing, no holder of shares of stock of any class shall be entitled as a matter of right to subscribe for, or purchase, or receive any part of any new or additional issue of shares of stock of any class, or of any securities convertible into shares of any class, whether now hereafter authorized or whether issued for money, for consideration other than money, or by way of a dividend.

On July 6, 2010, 150,000,000 shares were issued to a consultant for services directly related to the S-1 registration and offering.  These shares were valued at $0.25 per share and recorded as a reduction to additional paid- in capital due to it being an offering cost of the future S-1 offering.  As a result of this transaction, additional paid in capital was reduced for the value of the shares equal to $37,500,000.  This reduction was offset by recording an increase to common stock according to the par value of the shares issued equal to $150,000, and increasing additional paid in capital by $37,350,000.  Due to the offsetting entries to additional paid in capital from the transaction, the net effect on equity was a reduction to additional paid in capital for $150,000 and an increase to the value of common stock for $150,000.  In addition to this share issuance, the Company issued an additional 50,000,000 shares to the consultant for offering costs.  The 50,000,000 additional shares were issued to convert the $50,000 payable owed to the consulting company (see Note 8).  Through March 31, 2012, the Company paid a total of $345,000 cash to this consultant for offering costs.  As of December 31, 2012 and September 30, 2012, nothing additional is owed to the consultant related to the S-1 registration and offering.

On July 6, 2010, the Company received stock subscriptions from investors at various prices; 

1. 58,000,000 shares of Common Stock sold to twelve stockholders, at a purchase price of $0.001 per share for cash received  of $58,000,

2. 113,000 shares of Common Stock sold to eleven stockholders at a price of $0.10 for cash received  of $11,300,

3. 106,672 shares of Common Stock sold to sixteen stockholders at a price of $0.15 per share for cash received  of $16,000,

4. 50,000 shares of Common Stock sold to two stockholders at a price of $0.20 per share for cash received  of $10,000,

5. 18,800 shares of Common Stock sold to eight stockholders at a price of $0.25 per share for cash received of $9,700. 

6. 20,000 shares were sold to directors for total consideration of $5,000 on August 9, 2010.

During 2011, pursuant to the terms of the Sole Distributorship Agreement dated October 11, 2010, the Company sold to Taiwan Cell Energy Enzymes Corporation (“TCEEC”) 125,000,000 shares of its common stock at price $0.008 per share for total proceeds of $1,000,000.  The value of the shares issued was evaluated and found to be worth more than the cash received at a total value of $1,274,705.  The difference of $274,705 represented compensation to the distributor.

The Company considered a third party valuation report to assist with valuing the underlying share issuances associated with the Sole Distributorship Agreement using the weighted discounted cash flow method and discounted market multiple method.  The following values represent assumptions and key inputs to this model:

1. Risk adjusted discount rate – 18.77%

2. Long-Term growth rate – 12.30%

3. Discount for lack of marketability – 53.14%

The specific value ascribed to the long term growth rate was based on the expectation of the Company’s consistent long term growth within the current target markets and calculated based on guidance from the Company’s valuation expert regarding industry results for long term growth within the industry.  The growth rate used was based on the median historical growth rate of 535 companies selling within emerging markets with businesses related to the following: Food Processing, Retail (Distribution); and Retail (Specialty Lines).  Since the Company believes that there is high demand for its products, it had no reason to think that the Company’s long term growth rate would be below industry benchmarks.  Given the Company’s inception stage of operations and strong market demand for its product, the Company believes that the 12.3% growth rate is reasonable and comparable to similar companies within the field.

In December of 2011 the Company’s distributor Taiwan Cell Energy Enzymes Corporation (“TCEEC”) agreed to contribute $279,705 related to subsequent valuations of the shares originally purchased by the distributor for $1,000,000.  The Company collected the full $279,705 during the year ended September 30, 2012 inclusive of $5,000 paid to the value as professional fees.

During the year ended September 30, 2012 the Company sold 10,000,000 shares for $0.30 per share for total proceeds of $3,000,000.  Of this amount, $291,589 was collected during the three months ended December 31, 2012 and the remaining $1,819,711 was held as a subscription receivable at December 31, 2012.  The remaining amount is due in April of 2013 from TCEEC per the related signed promissory note agreement between both parties.

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Property, Plant and Equipment (Details Textual) (USD $)	3 Months Ended		12 Months Ended	30 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012	Dec. 31, 2012
Property, Plant and Equipment (Textual)
Computer equipment and software estimated useful lives	5 years		3 years
Depreciation expense	$ 789	$ 192		$ 1,993

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Commitments (Tables)

3 Months Ended

Dec. 31, 2012

Commitments [Abstract]

Summary of expiration lease

Fiscal year end 9/30:
2013	$	27,828
2014	$	219
2015	$	-
2016	$	-
2017	$	-

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Subsequent Events

3 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and has determined that there are no events to disclose.

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Income Taxes

3 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

INCOME TAXES

NOTE 8 – INCOME TAXES

At December 31, 2012, the Company has available for federal income tax purposes a net operating loss carry forward from the period ended December 31, 2012, of approximately $1,077,010, that may be used to offset future taxable income.  The net operating loss carry forward expires beginning the year 2031.  The Company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that the benefits will not be realized.  Based upon the change in ownership rules under section 382 of the Internal Revenue Code of 1986, if in the future the Company issues common stock or additional equity instruments convertible in common shares which result in an ownership change exceeding the 50% limitation threshold imposed by that section, all of the Company’s net operating losses carry forwards may be significantly limited as to the amount of use in a particular years.

In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized.  Based upon the level of losses and projections of the future taxable income over the periods in which the deferred tax assets are deductible, a full valuation allowance has been provided as management believes that it is more likely than not, based upon available evidence, that the deferred tax assets will not be realized.

The difference between income tax expense computed by applying the federal statutory corporate tax rate and actual income tax expense is as follows:

	December 31, 2012		September 30, 2012
Statutory federal income tax rate	(34.0	%)	(34.0	%)
Change in valuation allowance	34.0	%	34.0	%
Effective tax rate	0.0	%	0.0	%

The Company had deferred income tax assets as of December 31, 2012 and September 30, 2012 as follows:
	December 31, 2012			September 30, 2012
Deferred Tax assets:
Net operating loss carried forward	$	366,183		$	242,687
Less: Valuation allowance		(366,183	)		(242,687	)
Gross deferred tax asset	$	-		$	-

The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1.  The Company recognized no increase in the liability for unrecognized tax benefits.  The company has no uncertain tax position at December 31, 2012 or September 30, 2012 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  No such interest or penalties were recognized during the periods presented.  The Company had no accruals for interest and penalties at December 31, 2012 or September 30, 2012.  The Company’s utilization of any net operating loss carry forward may be unlikely due to its’ continuing losses.

As of December 31, 2012, the Company has tax receivable balance of $18,860.  The tax receivable is related to the goods and services tax (“GST”) refund claimable from Singapore by the Singapore operations in fiscal year 2012.  The Company recorded the amount as a current asset and offset such asset upon receiving refund from the tax authority without impacting revenues or expenses.

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Commitments

3 Months Ended

Dec. 31, 2012

Commitments [Abstract]

COMMITMENTS

NOTE 9 - COMMITMENTS

On September 21, 2010, the Company reached an agreement with Specialty Enzymes and Biochemicals Co. (BSC Biochemicals), USA (“SEB”) for supplying various types of enzyme product to the Company under the Company’s private label.  SEB has been in operation since 1957 and is the largest enzyme manufacturer and enzymes provider in the US.

The Company leases a virtual office.  The original lease term was from July 14, 2010 through July 31, 2011, and was a subject to the annual renewal.  The lease was renewed for another year through July 14, 2012.  During the year ended September 30, 2012, the Company leased a virtual office.  The original lease term was from September 1, 2012 through September 30, 2013, and was subject to the annual renewal.  During the year ended September 30, 2012, GESPL entered into a lease agreement for office premises.  The lease term was from October 1, 2012 through March 31, 2013.  GESPL has the option to renew the lease at the expiration of the lease.

Fiscal year end 9/30:
2013	$	27,828
2014	$	219
2015	$	-
2016	$	-
2017	$	-

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Dec. 31, 2012

Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company’s audited consolidated financial statements included herein have been prepared in accordance with US GAAP and pursuant to the rules of the SEC.  The Company believes that the presentations and disclosures herein are adequate for a fair presentation.  The unaudited consolidated financial statements reflect all adjustments necessary for a fair presentation of the interim periods presented.  These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Form 10-K filed with the United States Securities and Exchange Commission on January 14, 2013.  The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.

Development Stage Activities

Development Stage Activities

The accompanying consolidated financial statements have been prepared in accordance with ASC 915-10-05, Development Stage Entities.  A development - stage company is one in which planned principal operations have not commenced or, if its operations have commenced, but there have been no significant revenues.

Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (“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.

Revenue Recognition

Revenue Recognition

Our revenues are generated from sales of enzyme products under our private label.

For sales of enzyme products under our private label – the Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company recognizes revenue when it is realized or realizable and reduces it for the amount of estimated future doubtful accounts.  The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the products have been shipped to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions

The reporting and functional currency of GEEC is the United States Dollar (“U.S. dollar”).  The functional currency of GEECIS, a wholly owned subsidiary of GEEC, is the Sri Lanka Rupee (“LKR”).  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 Sri Lanka subsidiary, which are prepared using the LKR, are translated into the Company’s reporting currency, the U.S. dollar.  Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.0079 as of December 31, 2012 and 0.0077 as of September 30, 2012, respectively.  Revenue and expenses are translated using average exchange rates prevailing during each reporting period.  The average exchange rate of 0.0077 and 0.0089 was used to translate revenues and expenses for the periods ended December 31, 2012 and December 31, 2011, respectively.  Stockholders’ equity is translated at historical exchange rates.  Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ equity.

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, the U.S. dollar.  Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.8169 as of December 31, 2012 and 0.8145 as of September 30, 2012.  Revenue and expenses are translated using average exchange rates prevailing during each reporting period.  The 0.8177 average exchange rate was used to translate revenues and expenses for the reporting period ended December 31, 2012.  Stockholders’ equity is translated at historical exchange rates.  Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ equity.

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 differences are included in the statements of operations.

No representation is made that the LKR or SGD amounts could have been, or could be converted into U.S. dollar at the above rates.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments with original maturities of three months or less when acquired to be cash equivalents.  The Company places the majority of its cash and cash equivalents with financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000.  As of December 31, 2012, the Company had $1,115,863 cash in banks, $251,986 and $612,097 of which with two financial institutions, which is $384,137 in excess of FDIC limit.  As of September 30, 2012, the Company had $1,166,927 cash in banks, $598,228 and $485,270 of which were with two financial institutions, which is $583,498 in excess of FDIC limit.  The Company mitigates this concentration of credit risk by monitoring the credit worthiness of financial institutions and its customers. 

In October 2008, the Federal government temporarily increased the FDIC insured limits up to a maximum of $250,000 per depositor until January 1, 2014, after which time the insured limits will return to $100,000.

Cash and cash equivalents which are held in foreign banks were $251,667 and $83,429 as of December 31, 2012 and September 30, 2012, respectively.  For Singapore’s operation, the Company placed its cash and cash equivalents denominated in Singapore Dollars with financial institutions that are insured by the Singapore Deposit Insurance Corporation (“SDIC”) up to Singapore Dollar 50,000.  As of December 31, 2012 and September 30, 2012, $40,845 and $2,566 was insured, respectively.  For Sri Lanka’s operation, the Company placed its cash and cash equivalents denominated in Sri Lanka Rupee with financial institutions that are insured by the Sri Lanka Deposit Insurance Scheme (“SLDIS”) up to Sri Lanka Rupee 200,000.  As of December 31, 2012 and September 30, 2012, $1,580 and $1,540 was insured, respectively.

Beneficial Conversion Features

Beneficial Conversion Features

From time to time, the Company may issue convertible debt that may have conversion prices that create an embedded beneficial conversion feature pursuant to the Emerging Issues Task Force guidance on beneficial conversion features.  A beneficial conversion feature exists on the date a convertible liability is issued when the fair value of the underlying common stock to which the liability is convertible into is in excess of the face value of the liability.  In accordance with this guidance, the intrinsic value of the beneficial conversion feature is recorded as a discount on the liability with a corresponding amount to additional paid in capital.  The debt discount is amortized to interest expense over the term of the liability using the effective interest method.  In cases where the liability relates to amounts owed for direct offering costs of an equity offering, the discount is charged to additional paid in capital with amortization.

Inventories

Inventories

The Company’s inventories include enzyme products, packaging and labeling materials.  Inventories are stated at the lower of cost or market value.  Cost is determined using weighted average cost method.  As of December 31, 2012 and September 30, 2012, the Company had inventory balances of $88,555 and $93,742, respectively, which was comprised solely of enzyme products, packaging and labeling materials.

Intangible Assets

Intangible Assets

The Company’s intangible assets consist primarily of trademarks, which are carried at amortized cost.  The company capitalizes filing and legal fees related to the trademark registration.  All trademarks have legal lives from 7 to 10 years and are amortized over their respective legal lives upon approval (see Note 5-Trademarks).

The Company reviews its intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable.  The Company assesses recoverability by reference to future cash flows from the products underlying these intangible assets.  If these estimates change in the future, the Company may be required to record impairment charges for these assets.  As of December 31, 2012, no impairment indicators were prevalent.

Security Deposit Asset

Security Deposit Asset

The security deposit is a refundable deposit, lodged with the Sampath Bank, for a facility to receive internet sales funds.  In the event this facility was not obtained and instructions have been given to the Bank to refund the deposit.  As of December 31, 2012, GESPL had a balance of $11,437 for refundable security deposit for the lease of office premises.  As of December 31, 2012, GESPL had a balance of $12,254 for refundable security deposit for goods and services tax registration.  During the three months ended December 31, 2012, GESPL paid a deposit of $489 for rent of credit card terminals.  As of December 31, 2012, the Company had a balance of $1,652 for a refundable security deposit to a consulting company.

Customer Deposit

Customer Deposit

The customer deposit represents money received by the Company in advance and will not be recognized as revenue until the products are shipped to customer.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment (PP&E) are stated at cost less accumulated depreciation.  Gains or losses on disposals are recorded in the year of disposal.  The cost of improvements that extend the life of property, plant, and equipment are capitalized.  These capitalized costs may include structural improvements, equipment, and fixtures.  All ordinary repair and maintenance costs are expensed as incurred.

The Company’s PP&E as of December 31, 2012 and September 30, 2012 consisted of computer equipment and software with useful lives of five and three years, respectively.  Depreciation is computed using the straight line method over the estimated useful lives.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

FASB ASC Topic 825 – Financial Instruments requires the Company to disclose, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments.  The Company's financial instruments consist primarily of cash, prepaid expenses, customer deposit, accounts payable and some other current liabilities.  The Company believes that the carrying values of these financial instruments approximate their fair value due to the short-term nature of these items.

As defined in FASB ASC Topic No. 820 – 10 (formerly SFAS 157-Fair Value Measurements), fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  FASB ASC Topic No. 820 – 10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements.  The statement requires fair value measurements be classified and disclosed in one of the following categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.  The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity).

As required by FASB ASC Topic No. 820 – 10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The Company had no instruments re-measured to fair value on a recurring or non-recurring basis as of December 31, 2012 or September 30, 2012.

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share

Basic net earnings (loss) per common share are computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding during the period.  Diluted net earnings (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents.  In periods when losses are reported, which is the case for all periods presented in these consolidated financial statements, the diluted weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.  For the three months ended December 31, 2012 and 2011, the company didn't have any potentially dilutive securities.

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.

The Company also adopted FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, to account for equity instruments issued to parties other than employees for acquiring goods or services.  Such awards for services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable.

During the year ended December 31, 2011, the Company recorded $0 of stock-based compensation to a distributor and $0 of stock-based compensation to employees.  No stock based compensation was recorded during the three months ended December 31, 2012.

Income Taxes

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes.  Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets.  The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period.  Based upon the level of losses and projections of the future taxable income over the periods in which the deferred tax assets are deductible, a full valuation allowance has been provided as management believes that it is more likely than not, based upon available evidence, that the deferred tax assets will not be realized.

As of December 31, 2012, the Company has a tax receivable balance of $12,860.  The tax receivable is related to the goods and services tax (“GST”) refund claimable from Singapore by the Singapore operations for the three months ended December 31, 2012.  The Company recorded the amount as a current asset and offset such asset upon receiving refund from the tax authority without impacting revenues or expenses.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.

ASU 2012-04, Technical Corrections and Improvements [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Recently Issued and Newly Adopted Accounting Pronouncements

In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04.  The amendments in this update cover a wide range of Topics in the Accounting Standards Codification.  These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements.  The amendments in this update will be effective for fiscal periods beginning after December 15, 2012.  The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

ASU 2012-03, Technical Amendments and Corrections to SEC Sections [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Recently Issued and Newly Adopted Accounting Pronouncements

In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03.  This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114.  The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations.

ASU 2012-02, Indefinite-Lived Intangible Assets for Impairment [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Recently Issued and Newly Adopted Accounting Pronouncements

In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02.  This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012.  Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance.  The adoption of ASU 2012-02 is not expected to have a material impact on our financial position or results of operations.

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Going Concern (Details) (USD $)	Dec. 31, 2012	Sep. 30, 2012
Going Concern (Textual)
Cumulative net loss	$ 1,354,700	$ 971,082
Working capital	$ 1,042,531

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Related Party Transactions (Details) (USD $)	1 Months Ended		3 Months Ended		12 Months Ended		15 Months Ended	30 Months Ended	1 Months Ended				1 Months Ended	3 Months Ended			12 Months Ended
	Jan. 31, 2011	Jul. 31, 2010	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2011	Dec. 31, 2012	Jan. 31, 2011 Directors [Member]	Aug. 31, 2010 Directors [Member]	Dec. 09, 2010 Directors [Member]	Aug. 09, 2010 Directors [Member]	Sep. 30, 2012 Mr. Yi Lung Lin [Member]	Dec. 31, 2012 Mr. Yi Lung Lin [Member]	Dec. 31, 2011 Mr. Yi Lung Lin [Member]	Dec. 31, 2012 Taiwan Cell Energy Enzymes Corporation [Member]	Sep. 30, 2012 Taiwan Cell Energy Enzymes Corporation [Member]	Sep. 30, 2011 Taiwan Cell Energy Enzymes Corporation [Member]	Sep. 30, 2012 GEECIS [Member]	Sep. 30, 2012 Access Equity Capital Management [Member]
Related Party Transactions (Textual)
Sale of common stock shares					10,000,000					20,000							2,833,333	125,000,000		30,000
Sale of stock, share price					$ 0.30						$ 0.25	$ 0.25						$ 0.008
Consideration received on sale of stock					$ 3,000,000					$ 5,000							$ 850,000	$ 1,000,000		$ 9,000
Value of common stock shares issued to convert payable owed to consulting company		50,000							50,000								7,037,667
Common stock issued to convert payable owed to consulting company		50,000,000							50,000,000								2,111,300
Per share price of common stock issued to convert payable owed to consulting company									$ 0.001
Accounts payable to related party			103,244		74,467			103,244						1,250	0
Payment for consulting fees					100,000														11,550
Reimbursed amount of rent and utilities to one of the director																			8,076
Cash received as contribution receivable of capital																	279,705
Salary of President paid monthly													5,000
Related party revenue			1,653					183,204						1,653	0		60,993	120,558
Proceeds from related party for subscription receivable																155,000
Due to related party																1,819,711
Amount accrued as offering cost owed to consulting company														39,992
Stock offering cost	50,000
Additional shares issued to consultant recorded as offering cost	150,000,000	50,000,000
Value of additional shares issued to consultant recorded as offering cost	150,000
Net common stock shares issued for consulting services							200,000,000
Value of net common stock issued for consulting services							200,000
Net cash paid as offering costs							345,000
Total value of shares sold to directors						1,274,705
Difference in share sold value and cash received represented compensation to distributor			$ 274,705			$ 274,705

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		30 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012
Operating activities
Net loss	$ (383,618)	$ (53,390)	$ (1,354,700)
Adjustment to reconcile net loss to net cash used by operating activities:
Depreciation	789	192	1,993
Amortization - trademarks	1,127	465	3,786
Compensation to distributors			274,705
Change in operating assets and liabilities:
Prepaid expenses	125	820	(5,591)
Other Assets	8,993		(35,500)
Inventory	5,557		(80,123)
Other receivable	(2,066)		(2,208)
Other receivable - RP	(2,992)		(3,385)
Accounts payable	56,559	11,495	72,739
Accounts payable to related party	26,222	(3,169)	100,025
Accrued expenses	(47,198)	978	(37,196)
Net cash used in Operating activities	(336,502)	(42,609)	(1,065,455)
Investing
Purchase of computer equipment & software	(4,166)		(10,909)
Cash received for sale of fixed assets	1,006		1,006
Cash paid for trademark registration	(3,794)	(3,236)	(34,977)
Net cash provided by Investing activities	(6,954)	(3,236)	(44,880)
Financing activities
Proceeds from sale of common shares	291,589		2,227,289
Proceeds from sale of common shares to founder			58,000
Cash paid for offering costs			(345,000)
Capital contribution by shareholders			289,605
Advances from related party, net
Net cash provided by Financing activities	291,589		2,229,894
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	803	(372)	(3,696)
Net increase (decrease ) in cash	(51,064)	(46,217)	1,115,863
Cash at beginning period	1,166,927	543,764
Cash at end of period	1,115,863	497,547	1,115,863
Supplemental disclosure of cash flow information Non-cash financing activities:
Cash owed for offering costs to related party			289,992
Shares issued for offering costs			150,000
Convertible accounts payable owed to related party - converted to shares			50,000
Issuance of stock payable			600,000
Subscription/Contribution receivable			$ 2,111,300

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Trademarks

3 Months Ended

Dec. 31, 2012

Trademarks [Abstract]

TRADEMARKS

NOTE 5 – TRADEMARKS

The Company filed applications for trademarks on three of its products in their target markets: the United States, Singapore, Thailand, Hong Kong, Taiwan, Macau, Sri Lanka and Malaysia.  As of December 31, 2012, the registration for all three products was completed in the United States, China (PRC), Hong Kong, Taiwan, Macau and Singapore, and still pending in other target markets.  As of December 31, 2012 and September 30, 2012, the Company capitalized trademark costs of $34,978 and $31,183, respectively.  Accumulated amortization at December 31, 2012 and September 30, 2012 was $3,786 and $2,659, respectively.  During the three months ended December 31, 2012 and 2011, the Company recorded trademark amortization expense of $1,127 and $465.  All trademarks have legal lives from 7 to 10 years and are amortized over their respective legal lives upon approval.

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Income Taxes (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012
Summary of federal statutory corporate tax rate and actual income tax expense
Statutory federal income tax rate	(34.00%)	(34.00%)
Change in valuation allowance	34.00%	34.00%
Effective tax rate	0.00%	0.00%

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Summary of Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended				3 Months Ended							3 Months Ended
	Dec. 31, 2012 USD ($) Institution	Sep. 30, 2012 USD ($) Institution	Dec. 31, 2012 LKR	Dec. 31, 2012 SGD	Oct. 31, 2008 USD ($)	Dec. 31, 2011 Distributor [Member] USD ($)	Dec. 31, 2011 Employees [Member] USD ($)	Dec. 31, 2012 Minimum [Member]	Dec. 31, 2012 Maximum [Member]	Dec. 31, 2012 GEECIS [Member]	Dec. 31, 2011 GEECIS [Member]	Sep. 30, 2012 GEECIS [Member]	Dec. 31, 2012 GESPL [Member] USD ($)	Sep. 30, 2012 GESPL [Member]
Summary of Significant Accounting Policies (Textual)
Exchange rate for translation of assets and liabilities										0.0079		0.0077	0.8169	0.8145
Average exchange rate for translation of revenue and expenses										0.0077	0.0089		0.8177
Legal lives of trademarks								7 years	10 years
Security deposit for lease of office premises													$ 11,437
Security deposit for goods and services tax registration													12,254
Deposit for rent of credit card terminals													489
Security deposit to consulting company													1,652
Stock-based compensation	0					0	0
Cash, FDIC Insured Amount	250,000
Cash in bank	1,115,863	1,166,927
Number of financial institutions	2	2
Cash deposited with financial institution one	251,986	598,228
Cash deposited with financial institution two	612,097	485,270
Cash in excess of FDIC insurance limit	384,137	583,498
Maximum temporarily increased FDIC insured limit amount per depositor until January 1, 2014					250,000
Original FDIC insured limit	100,000
Cash and cash equivalents held in foreign banks	251,667	83,429
Cash SDIC insured amount	40,845	2,566		50,000
Cash SLDIS insured amount	1,580	1,540	200,000
Inventory	88,555	93,742
Impairment charges for assets	0
Computer equipment and software estimated useful lives	Five years	Three years
Tax receivable	$ 12,860	$ 10,764