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3. ACQUISITION | 12 Months Ended
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Sep. 30, 2018
Notes |
3. ACQUISITION | 3. ACQUISITION NuZee JAPAN Co., Ltd On August 16, 2016, the Company entered into a Share Exchange Agreement with NuZee JAPAN Co., Ltd ("NuZee JP") and its shareholders whereby the Company will exchange 1,148,734 shares of its common stock, par value $0.00001 per share, for seventy percent (70%) of the issued and outstanding common stock of NuZee JP. The Company’s issued shares had an acquisition date fair value of $258,465. The remaining thirty percent (30%) of NuZee JP's issued and outstanding common stock is, and will be at the closing, owned by NuZee JP's current President and Chairman of its Board of Directors. The reason for this acquisition is to extend our market shares as well as obtain more business opportunities in both USA and Japan market. This transaction closed on October 3, 2016. The Company applied the acquisition method to the business combination and valued each of the assets acquired and liabilities assumed at fair value as of the acquisition date. The following table shows the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition:
Acquisition of NuZee Japan Co., Ltd. |  |
Assets acquired: |  |
Cash |  | $ 201,676
Accounts receivable |  | 60,770
Inventories |  | 233,845
Other current assets |  | 76,524
Customer list |  | 57,374
Property and equipment |  | 16,677
Goodwill |  | 17,112
Total assets acquired |  | 663,978
Less liabilities assumed |  |
Accounts payable and accrued liabilities |  | (153,820)
Loan payable |  | (140,922)
Total liabilities assumed |  | (294,742)
Less non-controlling interest |  | (110,771)
Net assets acquired from NuZee JP acquisition |  | 258,465

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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