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3. ACQUISITION

12 Months Ended

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

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