# EDGAR Filing Document

**Accession Number:** 0001510518
**File Stem:** 0001213900-23-002887
**Filing Date:** 2023-1
**Character Count:** 155842
**Document Hash:** 403f1cb76708dd20e78474b9f790be53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-002887.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001213900-23-002887

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Genufood Energy Enzymes Corp.
- **CENTRAL INDEX KEY:** 0001510518
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **IRS NUMBER:** 680681158
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56112
- **FILM NUMBER:** 23529969

**BUSINESS ADDRESS:**
- **STREET 1:** 1108 S. BALWAIN AVENUE, SUITE 107
- **CITY:** ARCADIA
- **STATE:** CA
- **ZIP:** 91007
- **BUSINESS PHONE:** (855) 707-2077

**MAIL ADDRESS:**
- **STREET 1:** 1108 S. BALWAIN AVENUE, SUITE 107
- **CITY:** ARCADIA
- **STATE:** CA
- **ZIP:** 91007

?xml version="1.0" encoding="ASCII"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K**

**ANNUAL REPORT**

**PURSUANT TO SECTIONS 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

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

**For the Fiscal Year Ended September 30, 2022**

**OR**

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

**For the Transition Period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to**

**Commission File Number 000-56112**

**GENUFOOD ENERGY ENZYMES CORP.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Nevada** | **68-0681158** |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(I.R.S. Employer<br> Identification No.)** |

---

**1108 S. Baldwin Avenue, Suite 107**

**<u>Arcadia, California 91007</u>**

**(Address of principal executive offices, including zip code)** 

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

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

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |

---

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

**Common Stock**

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

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

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ <br> Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

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

As of January 11, 2023, there were 299,686,921 shares outstanding, $0.001 par value per share, of the registrant's common stock outstanding. No market value has been computed based upon the fact that no active trading market had been established as of September 30, 2022.

**GENUFOOD ENERGY ENZYMES CORP.**

**FORM 10-K FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** | **PART I** |  |
| ITEM 1. | [BUSINESS](#a_001) | 1 |
| ITEM 1A. | [RISK FACTORS](#a_002) | 4 |
| ITEM 1B. | [UNRESOLVED STAFF COMMENTS](#a_003) | 4 |
| ITEM 2. | [PROPERTIES](#a_004) | 4 |
| ITEM 3. | [LEGAL PROCEEDINGS](#a_005) | 4 |
| ITEM 4. | [MINE SAFETY DISCLOSURES](#a_006) | 4 |
| **PART II** | **PART II** | **PART II** |
| ITEM 5. | [MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](#a_007) | 5 |
| ITEM 6. | [\[RESERVED\]](#a_008) | 6 |
| ITEM 7. | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_009) | 6 |
| ITEM 7A. | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a_010) | 12 |
| ITEM 8. | [FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#a_011) | 12 |
| ITEM 9. | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#a_012) | 12 |
| ITEM 9A. | [CONTROLS AND PROCEDURES](#a_013) | 12 |
| ITEM 9B. | [OTHER INFORMATION](#a_014) | 14 |
| ITEM 9C. | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#item9c) | 14 |
| **PART III** | **PART III** | **PART III** |
| ITEM 10. | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](#a_015) | 15 |
| ITEM 11. | [EXECUTIVE COMPENSATION](#a_016) | 17 |
| ITEM 12. | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#a_017) | 20 |
| ITEM 13. | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#a_018) | 21 |
| ITEM 14. | [PRINCIPAL ACCOUNTING FEES AND SERVICES](#a_019) | 21 |
| **PART IV** | **PART IV** | **PART IV** |
| ITEM 15. | [EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](#a_020) | 22 |
| ITEM 16. | [FORM 10-K SUMMARY](#a_021) | 22 |
| [SIGNATURES](#a_022) | [SIGNATURES](#a_022) | 23 |
| [POWER OF ATTORNEY](#a_023) | [POWER OF ATTORNEY](#a_023) | 23 |

---

i

**GENERAL NOTE**

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

**FORWARD-LOOKING STATEMENTS**

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.

Forward-looking statements may include the words "may," "could," "will," "estimate," "intend," "continue," "believe," "expect" or "anticipate" or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our ongoing obligation to disclose material information as required by the federal securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. Some of the key factors impacting these risks and uncertainties include, but are not limited to:

● risks related to our ability to identify, pursue and commence a reverse merger and/or a possible operating business;

● our ability to obtain adequate funding to complete a reverse merger or commence a possible operating business and meet our operating expenses on a current basis;

● general economic uncertainty, whether as a result of the COVID-19 pandemic or otherwise;

● delays in our ability to obtain any necessary business licenses and permits, and commence business operations, whether as a result of the COVID-19 pandemic or otherwise; and

● current and longer-term economic and other impacts of the COVID-19 pandemic on our operations, results of operations and financial condition, including without limitation changes in consumer spending patterns for non-essential products, resulting from the economic crisis caused by lockdown, shelter-in-place, stay-at-home or similar orders instituted as a result of the pandemic, or otherwise.

ii

**ITEM 1. BUSINESS**

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

**<u>Original Business</u>**

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

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

**<u>Recent Developments</u>**

In 2019 and through the end of fiscal 2021, we explored plans to restart our enzyme products business or develop a new business. In 2019 and through early 2020, we had planned to restart our original enzyme products business, by importing enzyme supplements from the United States for sale in Taiwan. However, due to the COVID-19 pandemic, all non-COVID-19 related matters, including obtaining an import license from Taiwan's Ministry of Economic Affairs and the Taiwan Food and Drug Administration ("FDA"), were delayed or were taking longer than usual in Taiwan beginning in late-January 2020. For various reasons, including the fact that, without a reasonably foreseeable end of the pandemic and Taiwan government resources being shifted to dealing with the pandemic, we decided to abandon the plan to restart our enzyme products business.

During fiscal year 2020, we announced that we were in the preliminary stage of developing a new business plan to sell and distribute physiological sea water and nasal spray in Taiwan and the United States. However, after exploring this possible business as a result of several factors, including but not limited to difficulties in commencing a new business during the ongoing COVID-19 pandemic, we decided not to pursue the nasal spray business.

In September 2020, we announced that we were exploring business opportunities for medical mask, medical-grade gloves and possibly other PPE. During fiscal 2021, due to lack of sufficient funding, we decided not to pursue the PPE business. We continued to explore other products with high demand since the advent of the COVID-19 pandemic, specifically rapid test kits. However, due to lack of funding and other factors, including the size of enterprise needed to successfully carry out such a business, we no longer intend to pursue this business.

On August 1, 2022, the board of directors (the "Board") of the Company unanimously approved to expand our business in the area of electric vehicle supply equipment ("EVSE") and will direct the management team to implement our new business plan in such industry. On August 16, 2022, we formally announced our intention to reposition as EVSE solutions provider, seeking to grow business in EVSE industry, including building, owning, and operating the next generation of electric vehicle charging stations in the U.S. We intend to bring convenient, reliable, and accessible charging experience to electric vehicle drivers, utilizing frictionless technology and carbon-neutral vehicle-charging infrastructure.

On October 26, 2022, we entered into three Charging Station Site Host Agreements (the "Agreements") with two institutions (the "Site Hosts"), respectively, pursuant to which the Site Hosts agree to allow us to install our electric vehicle charging stations at the locations set forth in the Agreements (the "Charging Stations"). Under the Agreements, we have agreed to share our revenue generated by the sales of electricity at the Charging Stations with the Site Hosts in accordance with the schedules set forth therein.

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

**<u>Hukui Investment</u>**

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

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

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

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

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

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

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

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

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

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

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

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

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

**<u>Certain Regulatory Matters</u>**

**Blank Check Company** 

Based on the current and proposed business activities described above, the Company is a "blank check" company pursuant to Rule 419(a)(2) under the Securities Act. The Securities and Exchange Commission (the "SEC") defines a blank check company as "any development stage company that is issuing a penny stock, within the meaning of Section 3 (a)(51) of the Exchange Act, and that has no specific business plan or purpose, or has indicated that its business plan is to merge with an unidentified company or companies."

Rule 419 requires, among other things, that the proceeds of any public offering of penny stock securities by a blank check company, and all securities issued by a blank check company in such an offering, must be placed in a formal escrow or trust account until certain conditions specified in Rule 419 have been satisfied. In addition, many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions.

**Shell Company** 

Pursuant to Rule 12b-2 under the Exchange Act, we are also a "shell company" because we have no or nominal assets (other than cash) and no or nominal operations. As such, we are subject to a variety of regulations. As we have also previously disclosed, certain specific rules and regulations of the SEC apply to shell companies, including the following:

● Shell companies may not register securities in connection with an employee benefit plan while they are a shell company and for 60 days after reporting certain current public information to the SEC regarding transactions or events resulting in the termination of shell company status.

● Stockholders of shell companies may not rely on the exemption from registration provided by Rule 144, until the following primary requirements have been satisfied: (i) one year has elapsed since the company ceases to be a shell company and certain current information has been timely filed with the SEC regarding the cessation of the company's status as a shell company; (ii) the company is subject to the reporting requirements under the Exchange Act; and (iii) the company has been current in all of its periodic SEC filings for the 12 months preceding the contemplated sale of stock.

● Reporting shell companies are required to disclose transactions and events that result in a shell company ceasing to be a shell company. Such disclosure is typically made on a Current Report on Form 8-K, which requires extensive information about the transactions and events in issue.

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

**<u>Employees</u>**

As of November 30, 2022, we had 7 part time employees and 1 full time employee. Our employees were based in both Taiwan and USA.

**ITEM 1A. RISK FACTORS**

Not required for smaller reporting companies.

**ITEM 1B. UNRESOLVED STAFF COMMENTS** 

Not required for smaller reporting companies.

**ITEM 2. PROPERTIES** 

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

**ITEM 3. LEGAL PROCEEDINGS** 

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

**ITEM 4. MINE SAFETY DISCLOSURES** 

Not applicable.

**PART II**

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

**Market Information**

Our common stock ("Common Stock") is not traded on any stock exchange and is occasionally quoted on the OTC Pink Market. As of November 16, 2022, there were approximately 260 record holders of our Common Stock.

**Dividend Policy**

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

**Securities Authorized for Issuance Under Equity Compensation Plans** 

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

**Recent Sales of Unregistered Securities**

In order to fund the First Tranche Investment in Hukui and for general working capital needs, we conducted a private offering of our Common Stock. On December 15, 2020, we sold 107,000,000 shares of our Common Stock to 34 individuals at a purchase price of $0.01 per share (the "Fall 2020 Offering"), for gross and net proceeds of $1,070,000, before allocating certain expenses associated with the offering in the amount of $5,852 as adjusted paid-in capital. See Note 5 to Consolidated Financial Statements.

On April 9, 2021, we issued 3,059,836 shares of our Common Stock to repay the outstanding principal and accrued and unpaid interest on a promissory note we issued to evidence a loan made to us by one of our stockholders in the principal amount of $30,000 (the "October 2020 Note").

In order to fund the Second Tranche Investment in Hukui and for general working capital needs, we conducted a private offering of our Common Stock. On June 15, 2021, we sold 63,000,000 shares of our Common Stock to 18 individuals, at purchase price of $0.01 per share (the "Spring 2021 Offering"), for gross and net proceeds of $630,000, before allocating certain expenses associated with the offering in the amount of $7,230 as adjusted paid-in capital. See Note 5 to Consolidated Financial Statements.

Our Board of Directors authorized that all accrued and unpaid amounts of compensation, as of March 31, 2019, and thereafter, may be converted, at the option of our directors, and present and certain former executive officers, into shares of our Common Stock, at a rate of $0.05 per share for compensation earned on or before September 30, 2020 and $0.01 per share for compensation earned on and after October 1, 2020. Our Board of Directors also agreed that all accrued and unpaid amounts of director fees, as of March 31, 2019, and thereafter, may be converted upon the occurrence of certain events, at the option of the director, into shares of our Common Stock, at the same rates.

Effective March 31, 2021, we issued an aggregate 6,399,965 shares of our Common Stock to certain of our directors, officers, employees and a consultant, who converted accrued and unpaid compensation in the aggregate amount of $94,398. Of this amount, (i) $37,998 was with respect to amounts accrued during fiscal year 2020 and was converted at a rate of $0.05 per share into an aggregate 759,965 shares of our Common Stock; and (ii) $56,400 was with respect to amounts accrued during fiscal year 2021 through March 31, 2021 and was converted at a rate of $0.01 per share into an aggregate 5,640,000 shares of our Common Stock. See Item 11, "Executive Compensation".

Effective September 30, 2021, we issued an aggregate 6,144,000 shares of our Common Stock to certain of our current and former directors, officers, employees and a consultant, who converted accrued and unpaid compensation in the aggregate amount of $61,440 at a rate of $0.01 per share of our Common Stock. See Item 11, "Executive Compensation".

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

**ITEM 6. [RESERVED]**

Not required for smaller reporting companies.

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

*This discussion should be read in conjunction with the Company's consolidated financial statements, including the Notes thereto, for the years ended September 30, 2021 and September 30, 2022, beginning on Page F-1.*

**Management's Discussion and Analysis of Financial Condition and Results of Operations.**

**<u>Overview</u>**

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

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

In 2019 and through the end of fiscal 2021, we explored plans to restart our enzyme products business or develop a new business. In 2019 and through early 2020, we had planned to restart our original enzyme products business, by importing enzyme supplements from the United States for sale in Taiwan. However, due to the COVID-19 pandemic, all non-COVID-19 related matters, including obtaining an import license from Taiwan's Ministry of Economic Affairs and the Taiwan FDA, were delayed or were taking longer than usual in Taiwan beginning in late-January 2020. For various reasons, including the fact that, without a reasonably foreseeable end of the pandemic and Taiwan government resources being shifted to dealing with the pandemic, we decided to abandon the plan to restart our enzyme products business.

During fiscal year 2020, we announced that we were in the preliminary stage of developing a new business plan to sell and distribute physiological sea water and nasal spray in Taiwan and the United States. However, after exploring this possible business as a result of several factors, including but not limited to difficulties in commencing a new business during the ongoing COVID-19 pandemic, we decided not to pursue the nasal spray business.

In September 2020, we announced that we were exploring business opportunities for medical mask, medical-grade gloves and possibly other PPE. During fiscal 2021, due to lack of sufficient funding, we decided not to pursue the PPE business. We continued to explore other products with high demand since the advent of the COVID-19 pandemic, specifically rapid test kits. However, due to lack of funding and other factors, including the size of enterprise needed to successfully carry out such a business, we no longer intend to pursue this business.

On August 1, 2022, the board of directors (the "Board") of the Company unanimously approved to expand our business in the area of electric vehicle supply equipment ("EVSE") and will direct the management team to implement our new business plan in such industry. On August 16, 2022, we formally announced our intention to reposition as EVSE solutions provider, seeking to grow business in EVSE industry, including building, owning, and operating the next generation of electric vehicle charging stations in the U.S. We intend to bring convenient, reliable, and accessible charging experience to electric vehicle drivers, utilizing frictionless technology and carbon-neutral vehicle-charging infrastructure.

On October 26, 2022, we entered into three Charging Station Site Host Agreements (the "Agreements") with two institutions (the "Site Hosts"), respectively, pursuant to which the Site Hosts agree to allow us to install our electric vehicle charging stations at the locations set forth in the Agreements (the "Charging Stations"). Under the Agreements, we agree to share our revenue generated by the sales of electricity at the Charging Stations with the Site Hosts in accordance with the schedules set forth therein.

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

**<u>Hukui Investment</u>**

In late September 2020, we announced that Hukui and we had entered into the Hukui Agreement, pursuant to which we agreed to purchase an aggregate 200,000 shares of Hukui's Series C Preferred Shares at $10.00 per share, for an aggregate investment of $2,000,000.

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

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

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

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

Following the end of our 2021 fiscal year, the Purchaser, Hukui and we entered into the Stock Purchase Agreement, pursuant to which we agreed to sell the 140,000 Hukui Shares that we had purchased in the First Tranche Closing and the Second Tranche Closing to the Purchaser for $350,000 in cash, or $2.50 per share. The sale of the Hukui Shares closed on November 19, 2021.

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

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

As we are currently pursuing business in the area of electric vehicle supply equipment ("EVSE"), we will need to raise capital to pursue such a business. There are no commitments in place to fund any such business and no guarantee can be given that we will be able to secure such funding on terms that are favorable to us, or at all.

For the fiscal year ended September 30, 2020, Jui Pin (John) Lin, our former President and Chief Executive Officer, periodically provided the capital we needed to operate in the form of loans in the aggregate principal amount of $120,410, the principal and accrued and unpaid interest of which are convertible, at his option, into shares of our Common Stock at $0.05 per share. On December 28, 2020, we repaid Mr. Lin $65,410 of the principal amount of loans due and payable plus accrued interest in the amount of $1,162, for a total of $66,572. On January 5, 2021, we repaid Mr. Lin $20,000 of the principal amount of another such loan due and payable plus accrued interest in the amount of $403, for a total of $20,403.

On August 26, 2020, Jui Pin (John) Lin loaned us $35,000 at 4% interest rate and six months' maturity. The loan was repaid on February 26, 2021 in the principal amount of $35,000, together with interest in the amount of of $706, for a total of $35,706.

On October 9, 2020, another stockholder loaned us $30,000 (the "October 2020 Loan"), on substantially the same terms as the terms of the loans from Mr. Lin. On April 9, 2021, the lender converted the outstanding principal, together with accrued and unpaid interest in the amount of $598, into 3,059,836 shares of the Company's Common Stock, at a rate of $0.01 per share.

During the fiscal year ended September 30, 2021, we raised an aggregate $1.8 million in two private offerings, the Fall 2020 Offering and the Spring 2021 Offering, to raise the capital needed to fund our operations and make the First Tranche Investment and Second Tranche Investment in Hukui.

We may also raise equity, debt, convertible debt or a combination of any of the foregoing, from other parties for the capital we may need for any of the purposes specified in this report. There is no agreement in place between the Company and anyone for such capital to continue to be made available to us as needed, and we cannot guarantee that any such capital will continue to be available to us on favorable terms, or at all, in the future.

**<u>Results of Operations</u>**

***<u>Year Ended September 30, 2022 compared to the Year Ended September 30, 2021</u>***

***Revenues***

We did not generate any revenues during the years ended September 30, 2022 and 2021.

***Operating Expenses***

We incurred total operating expenses of $396,311 and $363,637 for the years ended September 30, 2022 and 2021, respectively. Our operating expenses consist of legal fees, other professional fees, payroll expenses, stock-based compensation, rent, bank charges, and transfer agent fees. The increase in operating expenses for the year ended September 30, 2022 compared to the same period ended in 2021 was primarily due to the increase in payroll expenses and stock-based compensation.

***Other expense***

During the year ended September 30, 2022, we incurred $3,823 other expenses mainly due to interest incurred for unpaid penalty from IRS. During the year ended September 30, 2021, we had a net other income of $52,250, which included incurred $78,476 of other income due to liabilities written off, partially offset by a $25,000 penalty plus interest of $1,226 from the IRS for failing to file Form 5472 timely. During the year ended September 30, 2021 we incurred $1,050,000 impairment loss of investment. We invested $1,400,000 in Hukui's Series C Preferred stock, which was sold on November 17, 2021 for $350,000, resulting in loss of $1,050,000. We wrote down the investment on September 30, 2021 to reflect fair market value of the investment.

***Net Loss***

As a result of the above, our net loss decreased from $1,364,432 in the year ended September 30, 2021 to $400,134 in the same period ended in 2022.

***Effect of the COVID-19 Pandemic on our Business***

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

Our personnel are in Taiwan, which has been relatively less affected by the pandemic compared to many other countries in Asia, Europe and the United States. However, even before an increase in the number of cases of COVID-19 in Taiwan, we experienced delays in obtaining business licenses and permits, and any other governmental approvals that might have been required for businesses that we previously considered commencing, since government offices have been working with reduced staff during the pandemic. We expect this situation to continue and possibly become more challenging depending upon the duration of the pandemic.

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

**<u>Liquidity and Capital Resources</u>**

***Working Capital***

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2022** | **September 30,**<br>**2021** |
| Current Assets | $150893 | $35044 |
| Current Liabilities | 205016 | 105346 |
| Working Capital Deficit | $(54123) | $(70302) |

---

As of September 30, 2022, we had current assets of $150,893 and a working deficit of $54,123. In comparison, as of September 30, 2021, we had current assets of $35,044 and a working capital deficit of $70,302.

As of September 30, 2022, we had total assets of $150,893, compared with total assets of $385,044 at September 30, 2021. The decrease in total assets was primarily due to the sale of investment and cash spent in operating expenses after selling the 140,000 Hukui Shares for cash.

We had $205,016 in total current liabilities as of September 30, 2022, consisting of $102,185 in accounts payable and $102,831 due to related parties. This is compared to total current liabilities of $105,346 in total current liabilities as of September 30, 2021, consisting of $100,746 in accounts payable, $1,590 in accrued expenses, and $3,010 due to related parties. The increase in due to related parties was primarily due to unpaid compensation to officers and directors.

We had total stockholders' deficit of $83,349 and an accumulated deficit of $9,922,955 as of September 30, 2022. In comparison, we had a total stockholders' equity of $253,472 and an accumulated deficit of $9,522,821 as of September 30, 2021.

On December 15, 2020, we completed a private offering of our Common Stock. We sold 107,000,000 shares of our Common Stock to 34 individuals at a purchase price of $0.01 per share, for gross proceeds of $1,070,000 before allocating certain expenses associated with the offering in the amount of $5,852 as adjusted paid-in capital.

Effective March 31, 2021, we issued an aggregate 6,399,965 shares of our Common Stock to some of our directors, officers, employees and independent consultants, who converted accrued and unpaid compensation in the aggregate amount of $94,398. Of this amount, (i) $37,998 was with respect to amounts accrued during fiscal year 2020 and was converted at a rate of $0.05 per share into an aggregate 759,965 shares of our Common Stock; and (ii) $56,400 was with respect to amount accrued during fiscal year 2021 through March 31, 2021 and was converted at a rate of $0.01 per share into an aggregate 5,640,000 shares of our Common Stock.

On April 9, 2021, we issued 3,059,836 shares of our Common Stock to repay the principal and interest accrued upon the maturity of the October 2020 Note.

On June 15, 2021, we sold and issued 63,000,000 shares of our Common Stock to 18 individuals at purchase price of $0.01 per share in the Spring 2021 Offering. Gross proceeds were $630,000, before allocating certain expenses associated with the offering in the amount of $7,230 as adjusted paid-in capital.

On July 15, 2021, the Company completed the Spring 2021 Offering of its Common Stock, on which date it sold and issued additional 10,000,000 shares of its Common Stock to five individuals at a purchase price of $0.01 per share, for gross proceeds of $100,000, before allocating certain expenses associated with the offering in the amount of $959 as adjusted paid-in-capital.

During the year ended September 30, 2021, one of our shareholders made a loan to us in the principal amount of $30,000 (the "October 2020 Loan"), primarily to pay our expenses. The October 2020 Loan bore simple interest at a rate of 4% per annum and was payable as to both principal and interest on the maturity date of April 9, 2021. On the maturity date, the holder of the note evidencing the October 2020 Loan converted the outstanding principal, together with accrued and unpaid interest of $598, into 3,059,836 shares of our Common Stock, at the rate of $0.01 per share.

***Cash Flows***

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> September 30,<br> 2022** | **Year Ended <br> September 30,<br> 2021** |
| Cash flows used in operating activities | $(222828) | $(304588) |
| Cash flows provided by (used in) investing activities | 350000 | (1400000) |
| Cash flows provided by financing activities |  | 1695549 |
| Effect of exchange rate changes on cash | (43) | 218 |
| Net increase (decrease) in cash during period | $127129 | $(8821) |

---

During the year ended September 30, 2022, we used $222,828 of cash in operating activities which was attributable primarily to our net loss of $400,134 offset by change in issuance of stock option and operating assets and liabilities of $177,306. In comparison, during the year ended September 30, 2021, we used $304,588 of cash in operating activities which was attributable primarily to our net loss of $1,364,432 offset by impairment of $1,050,000 to investment and change in operating assets and liabilities of $9,844.

With respect to our investing activities, we received $350,000 in payment for the sale of the 140,000 Hukui Shares during the year ended September 30, 2022. During the year ended September 30, 2021, we used $1,400,000 for investment in Hukui.

During the year ended September 30, 2022, we did not have any financing activity. During the year ended September 30, 2021, we had total cash inflow of $1,695,549 from financing activities. We received $30,000 from the October 2020 Loan. We repaid $120,410 to the notes from related party, who was our then President and Chief Executive Officer, Jui Pin Lin. We received $1,785,959, net of directly associated expenses, including legal, transfer agent, and printing and delivery expenses, from two private offerings of our Common Stock, which were completed in December 2020 and July 2021, respectively. For accounting purpose, we recorded the net proceeds from private offering instead of the gross amount of $1,800,000.

There is substantial doubt that we can continue as an ongoing business for the next twelve months unless we obtain additional capital to pay our expenses as they become due. We do not anticipate any significant additional revenue until and unless we begin to execute on our plan of operations involving the start of our new electric vehicle charging station business. There is no assurance that we will ever reach that stage. The consolidated financial statements presented herein do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that we cannot continue as a going concern.

Our ability to continue as a going concern is dependent upon our ability to successfully execute our business plan and generate profitable operations in the future, and, until and unless we achieve that, to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operation as and when they become due. To date, our capital requirements have primarily been funded by shareholders through the purchase of our Common Stock in private offerings and short-term borrowings from a former officer and another shareholder.

The Company sold the 140,000 Hukui Shares for $350,000 cash on November 19, 2021. The proceeds have been used for operation expenses.

**<u>Contractual Obligations</u>**

We do not have material contractual obligations and commitments. We only have one lease that is renewed on a month-to-month basis.

**<u>Off-Balance Sheet Arrangements</u>**

As of September 30, 2022, we had not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. As of September 30, 2022, we had not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity or that are not reflected in our consolidated financial statements. Furthermore, as of September 30, 2022, we had not had any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. As of September 30, 2022, we had not had any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

**<u>Critical accounting policies and estimates</u>**

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We continually evaluate our estimates, including those related to income taxes, and the valuation of equity transactions. We base our estimates on historical experience and on various other assumptions that we believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. For the years ended September 30, 2022 and 2021, no significant estimates and assumptions have been made in the consolidated financial statements. The following are some of the critical accounting policies in relation to the preparation of the consolidated financial statements. For a full summary of our critical accounting policies, please refer to Note 2 to the Consolidated Financial Statements.

***Foreign currency translation***

The financial statements of our subsidiary denominated in currencies other than the USD are translated into USD using the closing rate method. The balance sheet items are translated into USD using the exchange rates at the respective balance sheet dates. The capital and various reserves are translated at historical exchange rates prevailing at the time of the transactions while income and expenses items are translated at the average exchange rate for the period. All exchange differences are recorded in stockholders' equity.

***Stock-Based Compensation***

We account for stock-based compensation in which we obtain employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation, which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period.

**<u>Recent accounting pronouncements</u>**

We do not expect that the adoption of recently issued accounting pronouncements will have a material impact on our financial position, results of operations, or cash flows. For a full summary of recent accounting pronouncements, please refer to Note 2 to the Consolidated Financial Statements.

**<u>Currency exchange rates</u>**

Our functional currency is the USD, and the functional currency of our operations is the TWD. It is anticipated that all of our sales will be denominated in TWD. As a result, changes in the relative values of USD and TWD affect our reported amounts of revenues and profit (or loss) as the results of our operations are translated into USD for reporting purposes. In particular, fluctuations in currency exchange rates could have a significant impact on our financial stability. Fluctuations in exchange rates between the USD and the TWD would also affect our gross and net profit margins and could result in foreign exchange and operating losses.

Our exposure to foreign exchange risk primarily relates to currency gains or losses resulting from timing differences between the signing of sales contracts and the settling of these contracts. Furthermore, we translate monetary assets and liabilities denominated in other currencies into TWD, the functional currency of our operations. Our results of operations and cash flow are translated at average exchange rates during the period, and assets and liabilities are translated at the unified exchange rate at the end of the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in our statement of shareholders' equity. We have not used any forward contracts, currency options or borrowings to hedge our exposure to foreign currency exchange risk. We cannot predict the impact of future exchange rate fluctuations on our results of operations and may incur net foreign currency losses in the future.

To the extent that we hold assets denominated in USD, any appreciation of the TWD against the USD could result in a charge in our statement of operations and a reduction in the value of our USD-denominated assets. On the other hand, a decline in the value of the TWD against the USD could reduce the USD equivalent amounts of our financial results.

For financial reporting purposes, the financial statements of the Company's Singapore subsidiary, which are prepared using the SGD, are translated into the Company's reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.6970 and 0.7368 as of September 30, 2022 and 2021, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7293 and 0.7458 average exchange rates were used to translate revenues and expenses for the years ended September 30, 2022 and 2021, respectively. Stockholders' equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive loss in stockholders' deficit.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

Not required for smaller reporting companies.

**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

See pages F-1 through F-15.

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

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

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

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

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

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

**ITEM 9A. CONTROLS AND PROCEDURES** 

**Evaluation of Disclosure Controls and Procedures** 

Our disclosure controls and procedures are designed to ensure that the information relating to our Company, including our consolidated subsidiaries, required to be disclosed in our SEC reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow for timely decisions regarding required disclosure. We conducted an evaluation, under the supervision and with the participation of management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this annual report. Based on this evaluation, our chief executive officer and chief financial officer concluded that, as of the evaluation date, our disclosure controls and procedures were not effective due to material weaknesses in our internal control over financial reporting, as described below.

**Management's Report on Internal Control Over Financial Reporting** 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of management, including our chief executive officer and chief financial officer, we conducted an evaluation of the design and operating effectiveness of our internal controls over financial reporting based on the framework in "Internal Control—Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.

Management assessed the effectiveness of the Company's internal control over financial reporting as of evaluation date and identified the following material weaknesses:

*Inadequate Segregation of Duties*: We have an inadequate number of personnel to properly implement control procedures.

*Comingling of funds:* We do not have adequate control of our petty cash, resulting in the comingling of our petty cash with the nominal account holder's personal funds.

*Lack of Adequate Staffing:* We do not have adequate in-house accounting personnel and expertise in key positions, resulted in overly relying on outside consultants in preparing financial statements and other required disclosures by the Securities and Exchange Commission.

*Ineffective oversight:* We do not exercise effective oversight and monitoring procedures designed and implemented to certain control activities.

 

*Overly relied on outside professionals:* We are unable to prepare internally financial statements and relied on outside professional consultants to prepare financial statements and adequate disclosures.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. As a result of the material weaknesses in internal control over financial reporting identified above, management concluded that the Company's internal control over financial reporting was not effective as of September 30, 2022 based on the criteria set forth in "Internal Control—Integrated Framework" issued by COSO.

Due to the nature of the material weaknesses, there is a more than remote likelihood that misstatements which could be material to the annual or interim financial statements could occur that would not be prevented or detected. The material weaknesses identified above either individually or in aggregation did not result in any identified misstatements or errors in the Company's consolidated financial statements at and for the year ended September 30, 2022.

**Management's Plan for Remediation**

Management has discussed the material weaknesses noted above with our independent registered public accounting firm. Management is committed to improving its internal controls and, subject to having adequate financial resources, intends to:

● increase the frequency of independent reconciliations of significant accounts which will mitigate the lack of segregation of duties to monitor and review until there are sufficient personnel to segregate duties;

● consider providing professional courses for our key position personnel;

● hire additional employees to realize segregation of duties; and

● strengthen management monitoring control over accounting and financial statements preparation processing.

However, due to limitation of funds and personnel, we have so far been unable to begin to implement the plan to remediate the material weaknesses noted above.

**Inherent Limitations on Effectiveness of Controls** 

A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of its inherent limitations, internal control over financial reporting may not prevent or detect all control issues or misstatements. Accordingly, our controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our control system are met. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become adequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Changes in Internal Control** 

There have been no changes in our internal control over financial reporting that occurred during the year ended September 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

None.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

None.

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE** 

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

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| David Tang | 44 | Chief Executive Officer |
| Jui Pin (John) Lin | 67 | Chairman of the Board, President, and Director |
| Shao-Cheng (Will) Wang | 64 | Chief Financial Officer |
| Kuang Ming (James) Tsai | 73 | Director, Chief Operating Officer |
| Wen-Piao (Jack) Lai | 70 | Director |
| Hsin-Ta (Darren) Su | 45 | Director |
| Hui-Chuan (Sandra) Lin | 38 | Director and Secretary |

---

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

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

**Shao-Cheng (Will) Wang** has served as our Chief Financial Officer, Treasurer and Secretary since March 18, 2020. From June 17, 2021 to October 29, 2021 he also served as a director. In August 2020, Mr. Wang became the president of Yuhan Trading Company in Taichung, Taiwan. From January 1994 to the present, Mr. Wang has served as an information technology consultant for Hsinlan Chemical, Co, Ltd. located in Taichung City, Taiwan. From May 2018 to the present, he has served as the General Secretary for Chinese Taipei Wushu Confederation of the Koushu/Wushu Federation of the Republic of China (Taiwan). From August 1986 to July 2015, he was a teacher and Director of Academic Affairs for Taichung Sha-Lu Industrial Senior High School in Taichung, Taiwan. Mr. Wang received a bachelor's degree from the Division of Industrial Technics Education of the National Taiwan Normal University and a master's degree from the Graduate Institute of Statistics of Chung Hua University in Hsinchu City, Taiwan.

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

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

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

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

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

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

**Term of Office**

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

**Director Independence**

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

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

**Involvement in Certain Legal Proceedings**

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

**Corporate Governance, Committee Structure and Conflicts of Interest**

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

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

**Shareholder Communications with the Board of Directors** 

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

**ITEM 11. EXECUTIVE COMPENSATION** 

The Summary Compensation Table shows certain compensation information for services rendered in all capacities for the fiscal years ended 2022 and 2021. Other than as set forth herein, no executive officer's salary and bonus exceeded $100,000 in any of the applicable years. The following information includes the dollar value of base salaries, bonus awards, the number of stock options granted and certain other compensation, if any, whether paid or deferred .

**Summary Compensation Table** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fiscal <br> Year** | **Salary<br> ($)** | **Bonus<br> ($)** | **Stock<br> Awards<br> ($)** | **Option<br> Awards<br> ($)** | **All other<br> compensation<br> ($)** | **Total<br> ($)** |
| David Tang<sup>1</sup> | 2021 |  | – |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer | 2022 | 31250 | – |  | 63288 |  | 94538 |
| Wen-Piao (Jack) Lai<sup>2</sup> | 2021 |  | – |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Director, Former CEO | 2022 | 22210 | – |  |  |  | 22210 |
| Shao-Cheng (will) Wang<sup>3</sup> | 2021 | 24540 | – |  |  |  | 24540 |
| &nbsp;&nbsp;&nbsp;Chief Financial Officer | 2022 | 27600 | – |  |  |  | 27600 |
| Jin Pin (John) Lin<sup>4</sup> | 2021 | 30000 | – |  |  |  | 30000 |
| &nbsp;&nbsp;&nbsp;President | 2022 | 8048 | – |  |  |  | 8048 |
| Kuang-Ming (James) Tsa<sup>i5</sup> | 2021 | 28200 | – |  |  | 1000 | 29200 |
| &nbsp;&nbsp;&nbsp;Chief Operating Officer | 2022 | 20755 | – |  |  |  | 20755 |
| Hsin-Ta (Darren) Su<sup>6</sup> | 2021 |  | – |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Treasurer | 2022 | 17189 | – |  |  |  | 17189 |
| Hui-Chuan (Sandra) Lin<sup>7</sup> | 2021 |  | – |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Secretary | 2022 | 4529 | – |  |  |  | 4529 |

---

<sup>1</sup> Mr. Tang was hired in July 2022 and has since received compensation in the amount of $12,500 per month. Of the total amount of $31,250 earned by Mr. Tang through September 30, 2022 as executive compensation, $31,250 has been paid in cash.

<sup>2</sup> From September 30, 2021 through September 30, 2022, Mr. Lai received compensation in the amount of $2,500 per month. Of the total amount of the $22,210 earned by Mr. Lai through September 30, 2022 as executive compensation, $0 was paid and $22,210 was accrued. Mr. Lai has not yet converted his accrued amount into share of our Common Stock.

<sup>3</sup> From April 1, 2020 through June 30, 2020, Mr. Wang received compensation in the amount of $2,500. Effective July 1, 2020, this amount was reduced to $2,000 per month. Of the total amount of $13,500 earned by Mr. Wang through September 30, 2020 as executive compensation, $2,121 has been paid and $11,379 was accrued. His compensation was increased to $2,300 per month on August 6, 2021. All accrued and unpaid compensation has been converted to shares of our Common Stock. From September 30, 2021 through September 30, 2022, Mr. Wang received compensation in the amount of $2,300 per month. Of the total amount of the $27,600 earned by Mr. Wang through September 30, 2022 as executive compensation, $0 was paid and $27,600 was accrued. Mr. Wang has not yet converted his accrued amount into share of our Common Stock.

<sup>4</sup> Mr. Lin served as our President from March 4, 2020 until August 1, 2021 and as our Chief Executive Officer from March 18, 2020 until August 1, 2021. From April 1, 2020 through June 30, 2020, Mr. Lin received compensation in the amount of $4,000 per month. Effective July 1, 2020, this amount was reduced to $3,000 per month. Of the total amount of $21,000 and $30,000 earned by Mr. Lin through July 31, 2021 as executive compensation, $0 has been paid and all earnings have been converted to shares of our Common Stock. In September 2021, after he ceased serving as our President and Chief Executive Officer, Mr. Lin earned $500 for attending a meeting of the Board of Directors. From September 30, 2021 through September 30, 2022, Mr. Lin received compensation in the amount of $3,000 per month. Of the total amount of the $8,048 earned by Mr. Lin through September 30, 2022 as executive compensation, $0 was paid and $8,048 was accrued. Mr. Lin has not yet converted his accrued amount into share of our Common Stock.

<sup>5</sup> From October 1, 2020 to August 6, 2021, Mr. Tsai received compensation of $2,500 per month, and $1,500 from August 6, 2021 until September 30, 2021. Except for $1,000 for attending a meeting of the Board of Directors in September 2021, all other accrued and unpaid balance has been converted to shares of our Common Stock. From September 30, 2021 through September 30, 2022, Mr. Tsai received compensation in the amount of $1,800 per month. Of the total amount of the $20,755 earned by Mr. Tsai through September 30, 2022 as executive compensation, $0 was paid and $20,755 was accrued. Mr. Tsai has not yet converted his accrued amount into share of our Common Stock.

<sup>6</sup> From September 30, 2021 through September 30, 2022, Mr. Su received compensation in the amount of $1,800 per month. Of the total amount of the $17,188.94 earned by Mr. Su through September 30, 2022 as executive compensation, $2,200 was paid and $14,988.94 was accrued. Mr. Su has not yet converted his accrued amount into share of our Common Stock.

<sup>7</sup> From September 30, 2021 through September 30, 2022, Ms. Lin received compensation in the amount of $1,800 per month. Of the total amount of the $4,529 earned by Ms. Lin through September 30, 2022 as executive compensation, $0 was paid and $4,529 was accrued. Ms. Lin has not yet converted his accrued amount into share of our Common Stock.

**Employment Agreements**

We have not entered into employment agreements with any of our named executive officers except for David Tang, CEO.

*Employment Contract – David Tang*

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

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

**Compensation Conversion to Common Stock**

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

**Compensation Modification** 

Effective April 1, 2021, our Board of Directors further modified compensation levels for our officers, directors and consultants, as follows:

● The monthly salary of the President/Chief Executive Officer remains at $4,000.

● The monthly salary of the Treasurer/Chief Financial Officer/Secretary remains at $2,500.

● The monthly consultancy fee paid to Kuang Ming Tsai is $2,500.

Effective August 6, 2021, our Board of Directors further modified compensation levels for its officers, directors and consultants, as follows:

● The monthly salary of the President/Chief Executive Officer is $2,500.

● The monthly salary of the Treasurer/Chief Financial Officer/Secretary is $2,300.

● The monthly consultancy fee paid to Kuang Ming Tsai is $1,500.

● The fee paid to the Chairman of the Board for attending meetings of the Board of Directors is $1,000 per meeting.

● The fee paid to all other non-employee directors for attending meetings of the Board of Directors is $500 per meeting; employee directors will not be paid a fee for attending Board meetings beyond their officer salary.

Effective July 15, 2022, our Board of Directors further modified compensation levels for its officers, directors and consultants, as follows:

● The monthly salary of the Chief Executive Officer is $12,500.

● The monthly salary of the President is $3,000.

● The monthly salary paid to Kuang Ming Tsai as Chief Operating Officer is $1,800.

**Outstanding Equity Awards at Fiscal Year-End**

There are no outstanding equity awards to any of our named executive officers.

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

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

The following table sets forth, as of January 11, 2023, the number of shares of our Common Stock owned of record and beneficially by all directors, executive officers and persons who beneficially own more than 5% of the outstanding shares of Common Stock of the Company. We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of Common Stock that they beneficially own.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Amount <br> and Nature of <br> Beneficial<br> Ownership** |  | **Percentage <br> of Class(1)** |
| ***5% Stockholders*** | |  | |
| Hsu, Yu-Pin <br> 4F, No.4, Alley 5, Lane 251, <br> Chung Hsiao E.R.D., Sec. 3 <br> Taipei <br> Taiwan (R.O.C.) | 24000000 |  | 8.0% |
| Yi Lung (Oliver) Lin <br> No. 175-1, 4th Floor-1, Nanher Rd. <br> South Dist.,Taichung City <br> Taiwan 402 (R.O.C) | 20752542 | (2) | 6.9% |
| Huei Ling Wang <br> No. 175-1, 4th Floor-1, Nanher Rd. <br> South Dist.,Taichung City <br> Taiwan 402 (R.O.C) | 20752542 | (2) | 6.9% |
| ***Directors and Executive Officers:*** |  |  |  |
| Jui Pin (John) Lin <br> 1108 S. Baldwin Avenue, Suite 107 <br> Arcadia, California 91007 | 63470000 | (3) | 21.2% |
| Wen-Piao (Jack) Lai <br> 1108 S. Baldwin Avenue, Suite 107 <br> Arcadia, California 91007 | 18110500 | (4) | 6.0% |
| Shao-Cheng (Will) Wang <br> 1108 S. Baldwin Avenue, Suite 107 <br> Arcadia, California 91007 | 12655889 |  | 4.2% |
| Nan-Yao (Jake) Chan <br> 1108 S. Baldwin Avenue, Suite 107 <br> Arcadia, California 91007 | 9000000 | (5) | 3.0% |
| Hsin-Ta (Darren) Su <br> 1108 S. Baldwin Avenue, Suite 107 <br> Arcadia, California 91007 | 8806076 |  | 2.9% |
| Kuang Ming (James) Tsai <br> 1108 S. Baldwin Avenue, Suite 107 <br> Arcadia, California 91007 | 5566055 | (6) | 1.9% |
| All Directors and Executive Officers as a group (6 persons) | 117608520 |  | 39.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Percentages
 are calculated on the basis of 299,686,921 shares of Common Stock outstanding as of January 8, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Consists
 of (i) 8,714,688 shares held by Access Finance and Securities (NZ) Limited, which we believe is controlled by Oliver Lin; (ii) 1,729,765
 shares held by Access Management and Consulting, which we believe is controlled by Oliver Lin; (iii) 21,528 shares held by Lin Yi
 Lung Foundation Charitable Trust, which we believe may be controlled by Oliver Lin; (iv) 9,386,531 shares held by Huei Ling Wang,
 the wife of Oliver Lin; (v) 900,000 shares held by Beckenburg Boon Kee Lim, a son of Oliver Lin, whom we believe may reside with
 his parents or act in concert with respect to the ownership of his shares; and (vi) 30 shares held by Benedict Lim Boon Cheong, a
 son of Oliver Lin, whom we believe may reside with his parents or act in concert with respect to the ownership of his shares.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists
 of (i) 63,420,000 held by Mr. Lin; and (ii) 50,000 shares issuable in the event of the conversion of accrued and unpaid director
 fees in the amount of $500 through September 30, 2021. Mr. Lin served as President of the Company until August 1, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Consists
 of (i) 18,060,500 held by Mr. Lai; and (ii) 50,000 shares issuable in the event of the conversion of accrued and unpaid director
 fees in the amount of $500 through September 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists
 of 9,000,000 shares owned by the wife of Mr. Chan.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Consists
 of (i) 5,466,055 held by Mr. Tsai; and (ii) 100,000 shares issuable in the event of the conversion of accrued and unpaid director
 fees in the amount of $1,000 through September 30, 2021.

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

***Related Parties***

---

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

---

***Due to Related Parties***

The Company's due to related parties balances are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2022** | **September 30,<br> 2021** |
| Kuang Ming (James) Tsai | $20755 | $1000 |
| Jui Pin (John) Lin | 8048 | 1510 |
| Jia Tian (Jeffery) Lin | 2500 |  |
| Shao-Cheng (Will) Wang | 27600 |  |
| Wen-Piao (Jack) Lai | 22210 | 500 |
| Hsin-Ta (Darren) Su | 17189 |  |
| Hui-Chuan (Sandra) Lin | 4529 | - |
| Total | $102831 | $3010 |

---

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

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

The following table summarizes the fees charged by KCCW Accounting Corp. ("KCCW") and DYH & Company ("DYH") for the services rendered to the company and its subsidiaries in fiscal years of 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **Amount Billed and Paid** | **Amount Billed and Paid** |
| <br>**Type of Fee** | **Fiscal Year<br> 2021** | **Fiscal Year<br> 2022** |
| Audit (1) | $32842 | $37767 |
| Audit related (2) | 87 | - |
| &nbsp;&nbsp;&nbsp;*Total* | $32929 | $37767 |

---

(1) Represents
aggregate fees charged by DYH and KCCW for audits of consolidated financial statements for fiscal years ended September 30, 2021, and
2022, and quarterly reviews during fiscal year 2021 and 2022, respectively.

(2) Represents
 aggregate audits related direct out-of-pock expenses charged by DYH.

**PART IV**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Documents filed as part of this report:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Financial Statements

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Financial Statement Schedule

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exhibits

See Exhibit Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Exhibits:*

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

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1(1) | [Articles of Incorporation of Genufood Energy Enzymes Corp. dated June 21, 2010](http://www.sec.gov/Archives/edgar/data/1510518/000121390019021113/f1012g2019ex3-1_genu.htm) |
| 3.2(1) | [Certificate of Amendment dated December 10, 2010 to Articles of Incorporation of Genufood Energy Enzymes Corp.](http://www.sec.gov/Archives/edgar/data/1510518/000121390019021113/f1012g2019ex3-2_genu.htm) |
| 3.3(1) | [Certificate of Amendment dated August 1, 2014 to Articles of Incorporation of Genufood Energy Enzymes Corp.](http://www.sec.gov/Archives/edgar/data/1510518/000121390019021113/f1012g2019ex3-3_genu.htm) |
| 3.4(1) | [Certificate of Amendment dated February 24, 2015 to Articles of Incorporation of Genufood Energy Enzymes Corp.](http://www.sec.gov/Archives/edgar/data/1510518/000121390019021113/f1012g2019ex3-4_genu.htm) |
| 3.5(2) | [Certificate of Change Pursuant to Nevada Revised Statutes Section 78.209, as filed by Genufood Energy Enzymes Corp. with the Secretary of State of the State of Nevada on June 24, 2020.](http://www.sec.gov/Archives/edgar/data/1510518/000121390020016040/ea123467ex3-1_genufood.htm) |
| 3.6(3) | [Bylaws of Genufood Energy Enzymes Corp.](http://www.sec.gov/Archives/edgar/data/1510518/000121390021035882/ea143761ex3-1_genufood.htm) |
| 4.1(4) | [Description of Securities](https://www.sec.gov/Archives/edgar/data/1510518/000121390022001866/f10k2021ex4-1_genufood.htm) |
| 10.1(5) | [Stock Purchase Agreement made and entered into as of November 17, 2021, by and among Genufood Energy Enzymes Corp.; Yu-Lin Chen; and Hukui Biotechnology Corporation](http://www.sec.gov/Archives/edgar/data/1510518/000121390021060717/ea150974ex10-1_genufood.htm) |
| 10.2(6) | [Agreement dated as of December 17, 2021 by and between Genufood Energy Enzymes Corp. and Hukui Biotechnology Corporation](http://www.sec.gov/Archives/edgar/data/1510518/000121390021066190/ea152645ex10-1_genufood.htm) |
| 10.3(7) | [Employment Agreement between David Tang and Genufood Energy Enzymes Corp. dated July 29, 2022](http://www.sec.gov/Archives/edgar/data/1510518/000121390022044828/ea163829ex10-1_genufood.htm) |
| 10.4(7) | [Stock Option Agreement between David Tang and Genufood Energy Enzymes Corp. dated July 29, 2022](http://www.sec.gov/Archives/edgar/data/1510518/000121390022044828/ea163829ex10-2_genufood.htm) |
| 16.1(8) | [Letter from DYH & Company to the Securities and Exchange Commission.](http://www.sec.gov/Archives/edgar/data/1510518/000121390022009591/ea156239ex16-1_genufood.htm) |
| 21(4) | [List of subsidiaries](https://www.sec.gov/Archives/edgar/data/1510518/000121390022001866/f10k2021ex21_genufood.htm) |
| 23.1\* | [Consent of Independent Registered Public Accounting Firm DYH & Company](f10k2022ex23-1_genufood.htm) |
| 23.2\* | [Consent of Independent Registered Public Accounting Firm KCCW Accountancy Corp.](f10k2022ex23-2_genufood.htm) |
| 24.1\* | [Power of Attorney (included after signatures hereto)](#a_023) |
| 31.1\* | [Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934](f10k2022ex31-1_genufood.htm) |
| 31.2\* | [Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934](f10k2022ex31-2_genufood.htm) |
| 32.1\* | [Certification of Periodic Financial Report by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](f10k2022ex32-1_genufood.htm) |
| 32.2\* | [Certification of Periodic Financial Report by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](f10k2022ex32-2_genufood.htm) |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith.

(1) Incorporated by reference from our registration statement
 on Form 10, filed with the Securities and Exchange Commission on October 25, 2019.

(2) Incorporated by reference from our Current Report on
 Form 8-K dated June 23, 2020.

(3) Incorporated by reference
 from our Current Report on Form 8-K dated July 7, 2021.

(4) Incorporated by reference from our Annual Report on Form 10-K dated
January 13, 2022

(5) Incorporated by reference
 from our Current Report on Form 8-K dated November 19, 2021.

(6) Incorporated by reference
 from our Current Report on Form 8-K dated December 20, 2021.

(7) Incorporated by reference from our Current Report on
 Form 8-K dated August 4, 2022

(8) Incorporated by reference from our Current Report on
 Form 8-K dated February 28, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Financial Statement Schedules:*

Not applicable

**ITEM 16. FORM 10-K SUMMARY**

None.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| GENUFOOD ENERGY ENZYMES CORP. | GENUFOOD ENERGY ENZYMES CORP. |
| By: | /s/ David Tang |
|  | **David Tang** |
|  | **Chief Executive Officer** |

---

Date: January 13, 2023

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints, jointly and severally, Wen-Piao Lai and Kuang Ming Tsai, and each of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934 this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ David Tang | Chief Executive Officer | January 13, 2023 |
| **David Tang** | (principal executive officer) |  |
| /s/ | Chairman of the Board, President, and Director | January 13, 2023 |
| **Jui Pin (John) Lin** |  |  |
| /s/ Shao-Cheng (Will) Wang | Chief Financial Officer (principal accounting officer) | January 13, 2023 |
| **Shao-Cheng (Will) Wang** |  |  |
| /s/ Kuang Ming (James) Tsai | Director, Chief Operating Officer | January 13, 2023 |
| **Kuang Ming (James) Tsai**<br>|  |  |
| /s/ Wen-Piao (Jack) Lai | Director | January 13, 2023 |
| **Wen-Piao (Jack) Lai**<br>|  |  |
| /s/ Hsin-Ta (Darren) Su | Director | January 13, 2023 |
| **Hsin-Ta (Darren) Su** <br>|  |  |
| /s/ | Director and Secretary | January 13, 2023 |
| **Hui-Chuan (Sandra) Lin** <br>|  |  |

---

**GENUFOOD ENERGY ENZYMES CORPORATION**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Statement** | **Page** |
| **Consolidated Financial Statements for the Years Ended September 30, 2022 and 2021** |  |
| [Index to Consolidated Financial Statements](#b_008) | F-1 |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID 2851)](#b_001) | F-2 |
| [Report of Independent Registered Public Accounting Firm](#k_001) | F-3 |
| [Consolidated Balance Sheets as of September 30, 2022 and 2021](#b_003) | F-5 |
| [Consolidated Statements of Operations and Comprehensive Loss for the Years Ended September 30, 2022 and 2021](#b_004) | F-6 |
| [Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Years Ended September 30, 2022 and 2021](#b_005) | F-7 |
| [Consolidated Statements of Cash Flows for the Years Ended September 30, 2022 and 2021](#b_006) | F-8 |
| [Notes to Consolidated Financial Statements](#b_007) | F-9 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of

Genufood Energy Enzymes Corporation and subsidiary

**Opinion on the Consolidated Financial Statements**

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

**Going Concern** 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, as of September 30, 2022, the Company had recurring losses from operations, an accumulated deficit, and a negative cash flows from operating activities. As such there is substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

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

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

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

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Recognition of Stock-Based Compensation Cost for Stock Options Issued

As described in Note 5 to the consolidated financial statements, the Company granted stock options to its Chief Executive Officer and estimated total stock compensation cost related to the issuance of stock options. The stock compensation cost was valued at the grant date, and management evaluated the fair value of these stock options at the grant date and recognized based on the vesting schedule.

We identified the recognition of stock options as a critical audit matter due to the significant judgments made by management when developing underlying assumptions.

The following are the primary procedures we performed to address this critical audit matter. We obtained an understanding and evaluated management's process relating to significant judgments and assumptions developed by management. We evaluated and tested sources of data and assumptions used by management. In addition, we tested the completeness and accuracy of the underlying assumptions used by management.

/s/ KCCW Accountancy Corp.

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

Diamond Bar, California

January 13, 2023

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and

Stockholders of Genufood Energy Enzymes Corporation and subsidiary

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Genufood Energy Enzymes Corporation (the "Company") as of September 30, 2021 and 2020, and the related consolidated statements of operations, comprehensive loss, stockholders' equity (deficiency), and cash flows for each of the years in the two year periods ended September 30, 2021, and the related notes (collectively the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of September 30, 2021 and 2020, and the results of its consolidated operations and cash flows for each of the years in the two-year period ended September 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company has experienced recurring losses, negative cash flows from operations, has limited capital resources, and recognized a significant loss for the year. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

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

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

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

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee or the Board of Directors and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

<u>Investment Impairment Assessment</u>

As described in Note 4 and Note 12 to the consolidated financial statements, the Company's investment balance was $350,000 at September 30, 2021, after deduction of a significant impairment to the total original investment cost of $1,400,000 paid for 140,000 shares of the investee's Series C Preferred Stock initiated in December 2020. Investment is tested for impairment at least annually and the determination of the fair value of the investment requires management to make significant estimates and assumptions related to the performance of the investee, a private entity. As disclosed by management, changes in these assumptions could have a significant impact on the fair value of the reported investment, the amount of any impairment charge, or both.

We identified the Company's assessment of investment impairment as a critical audit matter. Believing that it would not be in the best interests of the Company and its shareholders to register and be regulated as an investment company under the Investment Company Act, the Company sold the entire investment to an individual subsequently in November 2021 and resulted a significant loss. Management determined that the loss should be recognized as an impairment to the investment at September 30, 2021.

Our primary audit procedures to address management's judgment regarding the impairment and this critical audit matter include:

● Reviewing the investment agreement and understanding the primary purpose of investment based on inquiries with management and the Board Chairman.

● Considering the Company's internal control over financial reporting.

● Discussing with the Investee's President/Chief Executive Officer.

● Consulting with the Company's legal counsel and evaluating the entire circumstance as well as the options that the Company might have in order to avoid becoming an Investment Company.

● Evaluating the reasonableness of management judgment and the subsequent events.

---

| |
|:---|
| /s/ DYH & Company |
| DYH & Company |
| We have served as the Company's auditor since 2017. |

---

Brea, California

January 13, 2022

**GENUFOOD ENERGY ENZYMES CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**September 30,**<br>**2022** | **As of**<br>**September 30,**<br>**2021** |
| **ASSETS** |  |  |
| **CURRENT ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $136400 | $9271 |
| &nbsp;&nbsp;&nbsp;Prepayment | 14493 | 25773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 150893 | 35044 |
| Investment | - | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $150893 | $385044 |
| **LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY** |  |  |
| **CURRENT LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $102185 | $100746 |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  | 1590 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 102831 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 205016 | 105346 |
| Commitment and contingencies (Note 8) | 29226 | 26226 |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock; $0.001 par value; 10,000,000,000 shares authorized; 299,686,921 and 299,686,921 shares issued and outstanding as of September 30, 2022 and 2021, respectively | 299687 | 299687 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 16975058 | 16911770 |
| &nbsp;&nbsp;&nbsp;Discount on common stock | (7241581) | (7241581) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (193558) | (193583) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (9922955) | (9522821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' (Deficit) Equity | (83349) | 253472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' (Deficit) Equity | $150893 | $385044 |

---

**GENUFOOD ENERGY ENZYMES CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> September 30,** | **For the years ended<br> September 30,** |
|  | **2022** | **2021** |
| **REVENUE** | $- | $- |
| **OPERATING EXPENSES** |  |  |
| General and administrative expenses | 396311 | 363637 |
| Total operating expenses | 396311 | 363637 |
| **LOSS FROM OPERATIONS** | (396311) | (363637) |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest income (expense) | 6 | (1734) |
| Impairment expense |  | (1050000) |
| Foreign currency income (loss) | 6 | (511) |
| Other non-operating income (expenses), net | (3835) | 52250 |
| Total other expense | (3823) | (999995) |
| Loss before income taxes | (400134) | (1363632) |
| Income tax expense | - | 800 |
| **NET LOSS** | $(400134) | $(1364432) |
| **OTHER COMPREHENSIVE INCOME (LOSS)** |  |  |
| Foreign currency transaction adjustments | 25 | (1548) |
| **COMPREHENSIVE LOSS** | $(400109) | $(1365980) |
| **BASIC & DILUTED LOSS PER SHARE** | $\* | $\* |
| **WEIGHTED AVERAGE NUMBER OF ORGINARY SHARES-BASIC & DILUTED** | 299686921 | 215264348 |

---

*\** *Less than $0.01 per share*

**GENUFOOD ENERGY ENZYMES CORPORATION**

**CONSOILDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)**

**FOR THE YEARS ENDED SEPTEMBER 30, 2022 AND 2021**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | |
|  | **Number of Shares** | **Amount** | **Additional**<br>**Paid-in-<br> Capital** | **Discount on**<br>**common<br> stock** |<br>**Accumulated<br> Deficit** | **Accumulated Other**<br>**Comprehensive Income (loss)** | **Total** <br> **Stockholder 's** <br>**Equity <br> (Deficit)** |
| BALANCE AT SEPTEMBER 30, 2020 | 104083120 | $104083 | $15134979 | $(7241581) | $(8158389) | $(192035) | $(352943) |
| Shares issued for cash | 180000000 | 180000 | 1605959 |  |  |  | 1785959 |
| Issuance of Common Stock for Debt Conversion – Current and Former Director and Officers | 9345889 | 9346 | 108988 |  |  |  | 118334 |
| Issuance of Common Stock for Debt Conversion – Current and Former Consultants | 3198076 | 3198 | 34306 |  |  |  | 37504 |
| Issuance of Common Stock for Debt Conversion | 3059836 | 3060 | 27538 |  |  |  | 30598 |
| Foreign Currency Translation adjustment |  |  |  |  |  | (1548) | (1548) |
| Net Loss | - | - | - | - | (1364432) | - | (1364432) |
| BALANCE AT SEPTEMBER 30, 2021 | 299686921 | 299687 | 16911770 | (7241581) | (9522821) | (193583) | 253472 |
| Stock-based compensation |  |  | 63288 |  |  |  | 63288 |
| Foreign Currency Translation adjustment |  |  |  |  |  | 25 | 25 |
| Net Loss | - | - | - | - | (400134) | - | (400134) |
| BALANCE AT SEPTEMBER 30, 2022 | 299686921 | $299687 | $16975058 | $(7241581) | $(9922955) | $(193558) | $(83349) |

---

**GENUFOOD ENERGY ENZYMES CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2022** | **2021** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net loss | $(400134) | $(1364432) |
| Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;Impairment to investment |  | 1050000 |
| &nbsp;&nbsp;Stock-based compensation | 63288 |  |
| Change in operating assets and liabilities |  |  |
| &nbsp;&nbsp;Prepayment | 11280 | (25773) |
| &nbsp;&nbsp;Accounts payable | 1507 | (29015) |
| &nbsp;&nbsp;Accrued expenses | (1590) | 14256 |
| &nbsp;&nbsp;Due to related parties | 99821 | 24150 |
| &nbsp;&nbsp;Commitment and contingencies | 3000 | 26226 |
| Net cash used in operating activities | (222828) | (304588) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Payment for Hukui investment |  | (1400000) |
| Proceeds from sale of Hukui investment | 350000 | - |
| Net cash provided by (used in) financing activities | 350000 | (1400000) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Proceeds from note payable – related party |  | 30000 |
| Payment to note payable – related party |  | (120410) |
| Proceeds from issuance of common stock | - | 1785959 |
| Net cash provided by financing activities | - | 1695549 |
| **EFFECT OF EXCHANGE RATE CHANGES ON CASH** | (43) | 218 |
| **NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS** | 127129 | (8821) |
| **CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD** | 9271 | 18092 |
| **CASH AND CASH EQUIVALENTS - END OF PERIOD** | $136400 | $9271 |
| **SUPPLEMENTAL DISCLOSURE OF CASHFLOW INFORMATION** |  |  |
| Cash paid for interest | $- | $2271 |
| Cash paid for income taxes | $- | $800 |
| **SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:** |  |  |
| Issuance of Common Stock for Debt Conversion – Director and Officers | $- | $118334 |
| Issuance of Common Stock for Debt Conversion – Consultants |  | 37504 |
| Issuance of Common Stock for Debt Conversion – Promissory Note |  | 30000 |
| Issuance of Common Stock for Debt Conversion – Promissory Note Interest | - | 598 |
|  | $- | $186436 |

---

**GENUFOOD ENERGY ENZYMES CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 – GENERAL ORGANIZATION AND BUSINESS**

Genufood Energy Enzymes Corp., USA (the "Company" or "GEEC") was incorporated under the laws of the State of Nevada on June 21, 2010. On February 13, 2012, GEEC incorporated a wholly-owned subsidiary, Genufood Enzymes (S) Pte Ltd ("GESPL") in Singapore.

Since its inception, the Company has always been in the development stage and never generated significant revenues. The Company is currently developing business in Electric Vehicle Charge station. The Company has engaged in business agreements and development with various parties.

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

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

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

**Principle of Consolidation**

The consolidated financial statements include the accounts of GEEC and its wholly-owned subsidiary GESPL. All significant inter-company accounts and transactions have been eliminated in consolidation. The wholly-owned subsidiary of the Company did not have business activities during the year ended September 30, 2022 and 2021.

**Use of Estimates**

The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Concentrations of Credit Risk**

Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, to the extent balances exceeded limits that were insured by the Federal Deposit Insurance Corporation. The Company does not require collateral and maintains reserves for potential credit losses. Such losses have historically been immaterial and have been within management's expectations.

**Cash and Cash Equivalents**

The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. As of September 30, 2022 and 2021, the Company did not have cash equivalents. The Company's cash was denominated in United States Dollars ("USD") or New Taiwan Dollars ("TWD") and was placed with banks in the United States of America and Taiwan.

**Fair Value of Financial Instruments**

The Company follows the guidance of the ASC Topic 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

● Level 3 inputs are less observable and reflect our own assumptions.

The Company's financial instruments consist principally of cash and cash equivalents, accounts payable and accrued expenses and due to related parties. The carrying amounts of such financial instruments in the accompanying consolidated balance sheets approximate their fair values due to their relatively short-term nature. It is management's opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.

**Foreign Currency Translation and Transactions**

The reporting and functional currency of GEEC is the USD. The functional currency of GESPL, a wholly owned subsidiary of GEEC, is the Singapore Dollar ("SGD").

For financial reporting purposes, the financial statements of the Company's Singapore subsidiary, which are prepared using the SGD, are translated into the Company's reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date, which was 0.6970 and 0.7368 as of September 30, 2022 and 2021, respectively. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. The 0.7293 and 0.7458 average exchange rates were used to translate revenues and expenses for the years ended September 30, 2022 and 2021, respectively. Stockholders' equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive loss in stockholders' deficit.

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange difference, presented as foreign currency transaction loss, is included in the accompanying consolidated statements of operations.

**Business Segments**

The Company operates in only one segment.

**Net Income (Loss) Per Share**

The Company calculates net loss per share in accordance with ASC Topic 260, "Earnings per Share." Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. There were no potential dilutive debt or equity instruments issued and outstanding at any time during the years ended September 30, 2022 and 2021.

**Discounts on Common Stock**

Common stock issued lower than the Company's par value is treated as common stock issued under discounts. The portion of the discount is shown separately as a deduction from the Company's account of common stock on the Company's consolidated financial statements.

**Stock-Based Compensation**

The Company accounts for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under FASB ASC Topic 718, Compensation – Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period.

**Income Taxes**

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the Company's deferred tax assets to the amount that is more likely than not to be realized.

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company's liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company's effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.

There were no current and deferred income tax provision recorded for the years ended September 30, 2022 and 2021 since the Company is in developing stage and did not generate any revenues in the two fiscal periods.

**Recent Accounting Pronouncements**

The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs" or "ASU") on the Company's consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. Recently issued ASUs that the Company feels may be applicable to the Company are as follows:

In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40). The subtitle is Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU addresses complex financial instruments that have characteristics of both debt and equity. The application of this ASU would reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models would result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. To date, no such bifurcation has been necessary. Management is evaluating the potential impact. This ASU becomes effective for fiscal years beginning after December 15, 2023.

In March 2020, the FASB issued Accounting Standards Update No. 2020-03, Codification Improvements to Financial Instruments. There are seven issues addressed in this update. Issues 1 through 5 were clarifications and codifications of previous updates. Issue 3 relates only to depository and lending institutions and therefore would not be applicable to the Company. Issue 6 was a clarification on determining the contractual term of a net investment in a lease for purposes of measuring expected credit losses, an issue not applicable to the Company. Issue 7 relates to the regaining control of financial assets sold and the recordation of an allowance for credit losses. The amendment related to issues 1, 2, 4 and 5 become effective immediately upon adoption of the update. Issue 3 becomes effective for fiscal years beginning after December 15, 2019. Issues 6 and 7 become effective on varying dates that relate to the dates of adoption other updates. Management's initial analysis is that it does not believe the new guidance will substantially impact the Company's financial statements.

**NOTE 3 – GOING CONCERN**

As of September 30, 2022 and 2021, the Company had an accumulated deficit of $9,922,955 and $9,522,821, respectively. To date, the Company's cash flow requirements have been primarily met through proceeds received from sales of Common Stock and investment. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

The Company sold the 140,000 Hukui Shares for $350,000 cash on November 19, 2021. The proceeds have been used for operation expenses. Management is currently seeking additional funds for future operation.

**NOTE 4 – INVESTMENT**

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

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

**NOTE 5 – STOCKHOLDERS' EQUITY (DEFICIT)**

The Company is authorized under its articles of incorporation, as amended, to issue 10,000,000,000 shares of Common Stock, par value $0.001 per share.

***Issuance of Common Stock***

On December 15, 2020, the Company completed a private offering of its Common Stock. The Company sold 107,000,000 shares of its Common Stock to 34 individuals at a purchase price of $0.01 per share, for gross proceeds of $1,070,000, before allocating certain expenses associated with the offering in the amount of $5,852 as adjusted paid-in capital.

Effective March 31, 2021, the Company issued an aggregate 6,399,965 shares of its Common Stock to certain of its directors, officers, employees and a consultant, who converted accrued and unpaid compensation in the aggregate amount of $94,398. Of this amount, (i) $37,998 was with respect to amounts accrued during fiscal year 2020 and was converted at a rate of $0.05 per share into an aggregate 759,965 shares of its Common Stock; and (ii) $56,400 was with respect to amount accrued during fiscal year 2021 through March 31, 2021 and was converted at a rate of $0.01 per share into an aggregate 5,640,000 shares of its Common Stock.

During the year ended September 30, 2021, one of the Company's shareholders made a loan to the Company in the principal amount of $30,000, primarily to pay our expenses. The loan bore simple interest at a rate of 4% per annum and was payable as to both principal and interest on the maturity date of April 9, 2021. On the maturity date, the holder of the note converted the outstanding principal, together with accrued and unpaid interest of $598, into 3,059,836 shares of the Company's Common Stock, at the rate of $0.01 per share.

On June 15, 2021, the Company sold and issued 63,000,000 shares of Common Stock to 18 individuals, at purchase price of $0.01 per share, from a private offering of its Common Stock (the "Spring 2021 Offering"). The gross proceeds were $630,000, before allocating certain expenses associated with the offering in the amount of $7,230 as adjusted paid-in capital.

On July 15, 2021, the Company completed the Spring 2021 Offering of its Common Stock, on which date it sold and issued additional 10,000,000 shares of its Common Stock to five individuals at a purchase price of $0.01 per share, for gross proceeds of $100,000, before allocating certain expenses associated with the offering in the amount of $959 as adjusted paid-in capital.

Effective September 30, 2021, the Company issued an aggregate 6,144,000 shares of its Common Stock to certain of its directors, officers, employees and a consultant, who converted accrued and unpaid compensation in the aggregate amount of $61,440.

***Stock Options***

On July 15, 2022, the CEO, David Tang, was granted 15,000,000 options to purchase shares at $0.01 per share. As of September 30, 2022, total options granted was 15,000,000 and none was vested. This option will be subject to a vesting schedule providing for twenty-five percent (25%) vesting after the first twelve (12) months of employment and monthly vesting as to the remaining seventy-five percent (75%) of the shares over the following thirty-six (36) months after the first anniversary of the employment commencement date. These stock options are exercisable over a maximum period of 10 years from the grant date. The weighted average grant date fair value of options granted during the year ended September 30, 2022 was $0.02.

Compensation costs associated with the Company's stock options are recognized, based on the grant-date fair value of these options, over the requisite service period, or vesting period. Accordingly, the Company recognized stock-based compensation expense of $63,288 and $0, respectively, which was included in the general and administrative expenses in the consolidated statements of operations for the years ended September 30, 2022 and 2021.

The fair value of the stock options listed above was determined using the Black-Scholes option pricing model with the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2021** |
| Risk-free interest rate | 2.99% |  |
| Expected term | 6.08 years |  |
| Expected volatility | 379.35% |  |
| Expected dividend yield | 0% |  |

---

The following is a summary of the option activity for the year ended September 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Options** | **Number of Underlying Shares** | **Weighted<br> average<br> exercise<br> price** | **Weighted<br> Average<br> Remaining<br> Contractual<br> Life (years)** | **Aggregate<br> Intrinsic<br> Value** |
| Outstanding at October 1, 2021 |  | $– |  | $– |
| Granted | 15000000 | $0.01 |  | $– |
| Exercised |  | $– |  | $– |
| Forfeited or expired | – | $– |  | $– |
| Outstanding at September 30, 2022 | 15000000 | $0.01 | 9.8 | $375000 |
| Vested and expected to vest as of September 30, 2022 | 15000000 | $0.01 | 9.8 | $375000 |
| Exercisable at September 30, 2022 | – | $– |  | $– |

---

As of September 30, 2022*,* unrecognized total compensation cost associated with these options was $236,712. This expense is expected to be recognized over a weighted-average period of 3.79 years.

**NOTE 6 – RELATED PARTY TRANSACTIONS**

***Related Parties***

---

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

---

***Due to Related Parties***

The Company's due to related parties balances are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2022** | **September 30,<br> 2021** |
| Kuang Ming (James) Tsai | $20755 | $1000 |
| Jui Pin (John) Lin | 8048 | 1510 |
| Jia Tian (Jeffery) Lin | 2500 |  |
| Shao-Cheng (Will) Wang | 27600 |  |
| Wen-Piao (Jack) Lai | 22210 | 500 |
| Hsin-Ta (Darren) Su | 17189 |  |
| Hui-Chuan (Sandra) Lin | 4529 | - |
| Total | $102831 | $3010 |

---

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

**NOTE 7 – INCOME TAXES**

The Company has not generated any revenue from any source in the United States and had consolidated net loss for all the years since inception in 2010. Management believes GEEC does not have any U.S. income tax liability due. However, even though the Company does not have U.S. income tax liability, it may be required to file Form 5471 each year with the Internal Revenue Service (the "IRS") of Department of Treasury. GEEC falls in the Category Five Filer (as a domestic corporation). The Company used to have subsidiaries: GEECIS in Sri Lanka that was established in May 2011, GESPL in Singapore that was established in February 2012, and GESTL in Thailand that was established in December 2014. The subsidiaries in Sri Lanka and Thailand were disposed in 2014 and 2016, respectively, and the Singapore subsidiary has been inactive since 2016.

Internal Revenue Code ("IRC") Section 6038(a) requires information reporting with respect to certain foreign corporations (Form 5471) and describes the information required to be reported on this form. IRC Section 6038(b)(1) provides for a monetary penalty of $10,000 for each Form 5471 that is filed after the due date of the income tax return (including extensions) or does not include the complete and accurate information described in Section 6038(a). According to IRS rules, a penalty may apply to each Form 5471 which is filed after the due date of the income tax return. The penalty will be applied whether or not any tax is due on Form 1120.

The Company believes that based on the current information available, it is difficult to determine whether it is probable that the Company will be charged penalties by IRS for the late filing of Form 5471 and even if it will be, it is difficult to reasonably estimate the amount of penalties that may be assessed.

During the fiscal year ended September 30, 2021, the IRS imposed a $25,000 penalty on the Company for failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, for the year ended September 30, 2020. The Company has engaged an outside professional advisor to seek for forgiveness of the penalty and interest thereon in the amount of $4,226, for a total of $29,226, which was still pending as of September 30, 2022.

**NOTE 8 – COMMITMENTS AND CONTINGENCIES**

The Company terminated its previous virtual office agreement in Los Angeles, California and has established a new virtual office in Arcadia, California. The new arrangement is on a month-to-month basis at a cost of $200 per month. As of September 30, 2022, the Company has no material commitments under operating leases.

During the fiscal year ended September 30, 2021, the IRS imposed a $25,000 penalty on the Company for failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, for the year ended September 30, 2020 (see Note 7).

**NOTE 9 – SUBSEQUENT EVENTS**

The Company announced that on October 26, 2022, it entered into three Charging Station Site Host Agreements (the "Agreements") with two institutions (the "Site Hosts"), respectively, pursuant to which the Site Hosts agree to allow the Company to install its electric vehicle charging stations at the locations set forth in the Agreements (the "Charging Stations"). Under the Agreements, the Company agrees to share its revenue generated by the sales of electricity at the Charging Stations with the Site Hosts.

The foregoing description of the Agreements does not purport to be complete and is subject to, and qualified in its entirety by reference to the Agreements.

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date when the consolidated financial statements were issued and determined that no subsequent events occurred that would require adjustment to or disclosure in the consolidated financial statements.

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in this Annual Report on Form 10-K of Genufood Energy Enzymes Corp. for the years ended September 30, 2022 and 2021, of our report dated January 13, 2022, included in its Form 10-K, dated January 13, 2023, relating to the financial statements and financial statement schedules for the year ended September 30, 2021, listed in the accompanying index.

/S/ DYH & Company

Brea, California

January 13, 2023

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the inclusion in this Annual Report on Form 10-K of Genufood Energy Enzymes Corp. (the "Company") for the years ended September 30, 2022 and 2021, of our report dated January 13, 2023, included in its Form 10-K with respect to our audits of the consolidated financial statements of the Company as of September 30, 2022, and for the year ended September 30, 2022.

---

| |
|:---|
| */s/ KCCW Accountancy Corp.* |
| Diamond Bar, California |
| January 13, 2023 |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

**and Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934** 

I, David Tang, certify that:

1. I
have reviewed this Annual Report on Form 10-K of Genufood Energy Enzymes Corp.;

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

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

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
such internal control over financing reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | |
|:---|:---|
| Date: January 13, 2023 | /s/ David Tang |
|  | **David Tang** |
|  | **Chief Executive Officer (principal executive officer)** |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

**and Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934** 

I, Shao-Cheng Wang, certify that:

1. I
have reviewed this Annual Report on Form 10-K of Genufood Energy Enzymes Corp.;

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

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

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
such internal control over financing reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | |
|:---|:---|
| Date: January 13, 2023 | /s/ Shao-Cheng Wang |
|  | **Shao-Cheng Wang** |
|  | **Chief Financial Officer (principal accounting officer)** |

---

## Exhibit 32.1

**Exhibit 32**.**1**

**Certification of Periodic Financial Report by the Chief Executive Officer** 

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

Solely for the purposes of complying with 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Chief Executive Officer of Genufood Energy Enzymes Corp. (the "Company"), hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the year ended September 30, 2022 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 13, 2023 | /s/ David Tan**g** |
|  | **David Tang** |
|  | **Chief Executive Officer (principal executive officer)** |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Periodic Financial Report by the Chief Financial Officer** 

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

Solely for the purposes of complying with 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Chief Financial Officer of Genufood Energy Enzymes Corp. (the "Company"), hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the year ended September 30, 2022 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 13, 2023 | /s/ Shao-Cheng Wang |
|  | **Shao-Cheng Wang** |
|  | **Chief Financial Officer (principal accounting officer)** |

---