Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
12 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

NOTE 9 – DISCONTINUED OPERATIONS

In March 2018, the Company approved a Letter of intent to be issued by its subsidiary VoiceInterop, Inc. to CanniPlus Global, Inc. The Company also approved the spin-off VoiceInterop, Inc. into a separate company under a Form S-1 registration to be filed with the United States Securities and Exchange Commission. On April 23, 2018 the company approved an asset purchase agreement whereby VoiceInterop, Inc. would acquire the assets of CanniPlus Global, Inc. On May 31, 2018, the asset purchase agreement was cancelled due to major discrepancies in the schedule of assets to be acquired. Despite the cancellation of the asset purchase agreement, the Company intends to move forward with the spin-off of Voiceinterop, Inc. Therefore, the Company has discontinued operations of this subsidiary.

 

As September 30, 2018 and 2017, assets and liabilities from discontinued operations are listed below:

 

   

2018

 

2017

         

Cash

 

 $                     285

 

 $                  18,434

Assets from discontinued operations

 

 $                     285

 

 $                  18,434

         
         

Current Liabilities

       

Accounts Payable

 

 $                 10,086

 

 $                    2,074

Deferred Revenues

 

                   28,720

 

                     22,058

Due from unrelated parties

 

                   68,000

 

                           -   

Current labilities from discontinued operations

 

                  106,806

 

                     24,132

         

Long Term Liabilities

       

Deferred revenue, net of current portion

 

                            -

 

                      7,434

Long term liabilities from discontinued operations

 

                            -

 

                      7,434

         

Liabilities from discontinued operations

 

 $               106,806

 

 $                  31,566

           

The following table illustrates the reporting of the discontinued operations included in the Statements of Operations for the year ended September 30, 2018 and 2017.

 

 

2018

 

2017

       

Revenue

 $ 191,635

 

 $179,377

Cost of revenue

     80,604

 

     90,102

Gross profit

 111,031

 

  89,275

       

Operating expenses:

     

Selling expenses

     28,300

 

     19,368

Administrative expenses

     64,200

 

     76,310

Acquisition costs

     95,817

 

             -

Total operating expenses

 188,317

 

  95,678

       

Loss  from operations

      (77,286)

 

        (6,403)

       

Other income

     

Other income

         3,442

 

           830

Total Other Income

         3,442

 

           830

       

Loss Before Income Taxes

      (73,844)

 

        (5,573)

Provision for income taxes

                -

 

                -

Loss from discontinued operations

 $    (73,844)

 

 $     (5,573)