UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X]	QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
☒	QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2020
	OR
[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 000-55256

Kibush Capital Corp.

(Exact Name of Small Business Issuer as specified in its charter)

Nevada

(State or other Jurisdiction of Incorporation or Organization)

c/o CSC Services of Nevada, Inc.

2215-B Renaissance Drive

Las Vegas, Nevada 89119

(Address of principal executive offices)

+(61) 398464288

(Issuer’s telephone number, including area code)

~~Securities~~Indicate ~~registered~~by ~~pursuant~~check mark whether the issuer (1) has filed all reports required to be filed by Section 1213 or 15(bd) of the Exchange Act: ~~None~~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 last 90 days. Yes ☒ No ☐

~~Title~~Indicate by ofcheck ~~each~~mark ~~class~~whether ~~Trading~~the ~~Symbol~~registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (s)SS ~~Name~~232.405 of ~~each~~this ~~exchange~~chapter) onduring ~~which~~the ~~registered~~preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 last 90 days. YES [X] NO [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (SS 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ]

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

Large Accelerated Filer [☐ ] Accelerated Filer [☐ ] Non-accelerated Filer (Do not check if smaller reporting company) [☐ ] Smaller Reporting Company ~~[X]~~☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ~~YES~~Yes ~~[ ]~~☐ NONo ~~[X]~~☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of ~~August~~21st ~~21,~~September ~~2020~~2021, there were ~~443~~737,~~354~~087,~~541~~103 shares of the registrant’s common stock outstanding and 4538,000,000 shares of the registrant’s preferred stock.

CAUTIONARY NOTE REGARDING EXPLORATION STAGE STATUS

We are considered an “exploration stage” company under the U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations (“Industry Guide 7”), because we do not have reserves as defined under Industry Guide 7. Reserves are defined in Guide 7 as that part of a mineral deposit which can be economically and legally extracted or produced at the time of the reserve determination. The establishment of reserves under Guide 7 requires, among other things, certain spacing of exploratory drill holes to establish the required continuity of mineralization and the completion of a detailed cost or feasibility study.

Because we have no reserves as defined in Industry Guide 7, we have not exited the exploration stage and continue to report our financial information as an exploration stage entity as required under Generally Accepted Accounting Principles (“GAAP”). Although for purposes of FASB Accounting Standards Codification Topic 915, Development Stage Entities, we have exited the development stage and no longer report inception to date results of operations, cash flows and other financial information, we will remain an exploration stage company under Industry Guide 7 until such time as we demonstrate reserves in accordance with the criteria in Industry Guide 7.

Because we have no reserves, we have and will continue to expense all mine construction costs, even though these expenditures are expected to have a future economic benefit in excess of one year. We also expense our reclamation and remediation costs at the time the obligation is incurred. Companies that have reserves and have exited the exploration stage typically capitalize these costs, and subsequently amortize them on a units-of-production basis as reserves are mined, with the resulting depletion charge allocated to inventory, and then to cost of sales as the inventory is sold. As a result of these and other differences, our financial statements will not be comparable to the financial statements of mining companies that have established reserves and have exited the exploration stage.

SECURITIES AND EXCHANGE COMMISSION COVID 19 ORDER 34-88465

The Company has relied on this order 34-88465 for this filing. We could not file this report by the prescribed date as a significant portion of the Company’s business operations arelocated in the Papua New Guinea (“PNG”) including certain of its key personnel responsible for assisting the Company in the preparation of its financial statements. As a result of the travel and work restrictions stemming from the COVID-19 pandemic, the Company was unable to obtain financial records that it needed from its PNG based operations to permit the Company to file a timely and accurate Quarterly Report on Form 10-Q for its quarter ended June 30, 2020 by the prescribed date without undue hardship and expense to the Company.

FORWARD LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, Financial Statements and Notes to Financial Statements contains forward-looking statements that discuss, among other things, future expectations and projections regarding future developments, operations and financial conditions. All forward-looking statements are based on management’s existing beliefs about present and future events outside of management’s control and on assumptions that may prove to be incorrect. If any underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected or intended.

-2-

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

~~June~~December 3031, 2020

C O N T E N T S

Condensed Consolidated Statements of Operations	4
Condensed Consolidated Balance Sheets	5
Condensed Consolidated Statements of Cash Flows	6
Condensed Consolidated Statement of Stockholders’ Deficit	7
Notes to Condensed Consolidated Financial Statements	8

-3-

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

Quarter ended June 30,

9 months ended June 30,

Quarter ended December 31,

2020

2019

~~2020~~

~~2019~~

Net revenues

3927,~~300~~712

5539,~~572~~276

~~112,242~~

~~140,556~~

Cost of sales

-187,~~665~~413

-2430,~~727~~784

~~-69,185~~

~~-108,555~~

Gross profit

20,~~635~~299

308,~~845~~492

~~43,057~~

~~32,001~~

Operating expenses:

General and administrative

~~105~~-90,~~303~~493

~~132~~-158,~~712~~513

~~310,407~~

~~362,509~~

Total operating expenses

~~105~~-90,~~303~~493

~~132~~158,~~712~~513

~~310,407~~

~~362,509~~

Profit/Loss from operations

-8470,~~668~~194

-~~101~~150,~~867~~021

~~-267,350~~

~~-330,508~~

Other income (expense):

Interest income

Amortisation of Debt Discount

Interest expense

-4342,~~404~~808

-2725,~~508~~345

~~-112,153~~

~~-75,207~~

Other income

~~722,732~~

Change in fair value of derivative liabilities

~~328~~

-1163,~~797~~467

~~-5,024~~

~~11,635~~

Total other expense, net

-4342,~~732~~808

-3988,~~305~~812

~~605,555~~

~~-63,572~~

Profit/Loss before provision for income taxes

-~~128~~113,~~400~~002

-~~141~~238,~~172~~833

~~338,205~~

~~-394,080~~

Provision for income taxes

Net profit/loss from operations

-~~128~~113,~~400~~002

-~~141~~238,~~172~~833

~~338,205~~

~~-394,080~~

Less: Loss attributable to non-controlling interest

~~6,252~~6410

38,~~797~~671

~~17,325~~

~~13,773~~

Net profit/loss attributable to Holding Company

-~~122~~106,~~148~~592

~~137~~-230,~~376~~162

~~-355,530~~

~~-380,307~~

Basic and diluted loss per common share

0.00

Other Comprehensive Income/(Loss)

Weighted average common shares outstanding

Foreign Exchange Adjustment

-6497

basic and diluted

240,677,220

233,177,226

240,677,220

233,177,226

Comprehensive Loss

-113,089

Basic and diluted loss per common share

0.00

Weighted average common shares outstanding basic and diluted

240,677,271

233,177,226

-4-

INTERIM CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30,		September 30,
	December 31,		September 30,
	2020		~~2019~~2020
ASSETS
Current assets:
Cash	$	21,~~297~~794	$	21,~~224~~448
Trade Debtors		~~1,241~~-		151,~~929~~241
Total current assets		3,538		18,153
Sundry Debtors		219		-
Property and equipment, net		136,184		126,121
GST receivables		70,302		67,041
Other assets		65,254		52,106
Total current assets		72,315		69,730
Total assets	$	~~204~~72,~~976~~315	$	~~196~~69,~~380~~730
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable		-		-
Accrued expenses		~~421~~521,~~727~~593		~~960~~483,~~249~~000
Convertible notes payable		9,000		91,166
Wages payable		2,305		2,392
Wages payable		2,392		2,392
Loan from related party		2,844,100		2,770,739
Loan from related party		2,714,197		1,956,986
Total current liabilities		3,367,998		3,256,131
Derivative liabilities		10,372		728,080
Total current liabilities		3,157,688		3,738,873
Stockholders’ deficit:
Preferred stock, $0.001 par value; 50,000,000 shares authorized; 45,000,000 shares issued and outstanding at June 30, 2020 and 23,000,000 shares issued and outstanding at September 30, 2019		24,500		23,000
Preferred stock, $0.001 par value; 50,000,000 shares authorized; 38,000,000 shares issues and outstanding		24,500		24,500
Common stock, $0.001 par value; 2,000,000,000 shares authorized at June 30, 2020 and September 30, 2019; 975,000,000		443,355		443,355
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 443,354,441 shares issued and outstanding		443,355		443,355
Additional paid-in capital		10,092,518		910,~~842~~092,~~517~~518
Accumulated deficit		-13,~~372~~690,~~771~~204		-13,~~728~~577,~~369~~116
Total stockholders’ deficit, including non-controlling interest		-23,~~812~~129,~~398~~831		-3,~~419~~016,~~497~~744
Non-Controlling interest		-~~140~~165,~~313~~852		-~~122~~159,~~996~~441
Total stockholders’ deficit		-23,~~952~~295,~~711~~683		-3,~~542~~176,~~493~~185
Total liabilities and stockholders’ deficit	$	~~204~~72,~~976~~315	$	~~196~~69,~~380~~730

-5-

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

	9 months ended June 30,		9 months ended June 30,
	3 months ended December 31 , 2020			3 months ended December 31, 2019
	2020		2019
Operating Activities:
Operating Activities:
Net loss		-113,002			-230,162
Net loss	$	355,530	$	-380,307
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		-			2,695
Depreciation and amortization		8,838		9,910
Change in fair value of derivative instruments		-			63,469
Change in fair value of derivative instruments		-717,708		-11,635
Changes in operating assets and liabilities:
Changes in operating assets and liabilities:
Other assets		-3261			-
Others asset		-		-
Accounts receivable		1241			-15,929
Accounts receivable		-		-78
Accrued expenses		6,000			62,500
Accrued expenses		74,500		187,500
Accrued interest		42,808			25,345
Accrued interest		112,153		75,207
Deposits					-
Deposits		-		-
Net cash used in operating activities		-66,214			-92,082
Net cash used in operating activities		-166,687		-119,404
Cash flows from investing activities:
Investing Activities:
Purchase of property and equipment		-			-3,195
Purchase of property and equipment		-15,788		-
Net cash used in investing activities		-			-3,195
Net cash used in investing activities		-15,788		-
Cash flows from financing activities:
Financing Activities:
Proceeds from related party loans, net of debt discounts		66,569			95,953
Proceeds from related party loans, net of debt discounts		197,667		143,654
Net cash provided by financing activities		66,569			95,953
Effective of exchange rates on cash		-15,117		-23,412
Foreign currency translation adjustment		-9			-228
Net cash provided by financing activities		182,549		120,242
Net change in cash		346			674
Net change in cash		74		839
Cash, beginning of period		1,448			2,223
Cash, beginning of period		2,223		2,155
Cash, end of period		1,794			2,669
Cash, end of period	$	2,297	$	2,994

-6-

KIBUSH CAPITAL CORPORATION

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIT

for the period SEPTEMBER 30, ~~2019~~2020, December 31, ~~2019, March 31,~~ 2020~~, June 30, 2020 (Unaudited)~~

											Non				Accumulated Other
	Common Stock				Preferred Stock				Paid In		Controlling		Accumulated		Comprehensive		Stockholders’
	Shares		Amount		Shares		Amount		Capital		Interest		Deficit		Income		Deficit
Balance at September 30, 2018		443,354,541		443,355		23,000,000		23,000		9,842,517		-105,929		-13,199,727		-		-2,996,784
Exchange rate variation		-		-		-		-		-		-		1		-		1
Net loss		-		-		-		-		-		-17,067		-528,643		-		-545,710
Balance at September 30, 2019		443,354,541		443,355		23,000,000		23,000		9,842,517		-122,996		-13,728,369		-		-3,542,493
101 Series C Preferred Shares issued for repayment of back salary at $0.001 per share		-		-		101		-		1		-		-		-		1
Exchange rate variation		-		-		-		-		-		-1		-		-		-1
Net loss		-		-		-		-		-		-8,671		-230,162		-		-238,833
Balance at December 31, 2019		443,354,541		443,355		23,000,101		23,000		9,842,518		-131,668		-13,958,531		-		-3,781,326
Preference Share B Issued for Consideration at $0.0001 per share		-		-		14,999,899		1,500		-		-		-		-		1,500
Write back Accruals		-		-		-		-		250,000		-		-		-		250,000
Exchange rate variation		-		-		-		-		-		-		-		-		-
Net loss		-		-		-		-		-		-2,394		707,908		-		705,514
Balance at March 31, 2020		443,354,541		443,355		38,000,000		24,500		10,092,518		-134,062		-13,250,623		-		-2,824,312
Exchange rate variation		-		-		-		-		-		-		-		-		-
Net loss		-		-		-		-		-		-6,252		-122,148		-		128,400
Balance at June 30, 2020		443,354,541		443,355		38,000,000		24,500		10,092,518		-140,313		-13,372,771		-		-2,952,711

(Unaudited)

	Common Stock				Preferred Stock				Paid In		Non- Controlling		Accumulated		Accumulated Other Comprehensive		Stockholders’
	Shares		Amount		Shares		Amount		Capital		Interest		Deficit		Income		Deficit
Balance at September 30, 2019		443,354,541		443,355		23,000,000		23,000		9,842,517		-122,996		-13,728.369		-		-3,542,493

101 Series C Preferred Shares issued for repayment of back salary at $0.001 per share		-		-		15,000		1,500		-		-		-		-		1,500
Exchange rate variation Write back accruals		-		-		-		-		250,001		-		-		-		250,001
Net loss		-		-		-		-		-		-36,445		-151,252		-		114,808

Balance at September 30, 2020		443,354,541		443,355		38,000,000		24,500		10,092,518		-159,441		-13,577,116		-		-3,176,184
101 Series C Preferred Shares issued for repayment of back salary at $0.001 per share		-		-		-		-				-		-		-
Exchange rate variation		-		-		-		-		-		-		-6497		-		-6497
Net loss		-		-		-		-		-		-6,410		-106,592		-		-113,002

Balance at December 31, 2020		443,354,541		443,355		38,000,000		24,500		10,092,518		-165,852		-13,690,204		-		-3,295,683

-7-

NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Business

Kibush Capital Corporation (formerly David Loren Corporation) (the “Company”) includes its 90% owned subsidiary Aqua Mining (PNG). See Basis of Presentation below. The Company has two primary businesses: (i) mining exploration within Aqua Mining, and (ii) timber operations in Papua New Guinea by Aqua Mining.

Basis of Presentation

The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).

The consolidated financial statements of the Company include the accounts of the Company, and all entities in which a direct or indirect controlling interest exists through voting rights or qualifying variable interests. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

Certain information and disclosures normally included in the notes to financial statements have been condensed or omitted as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information presented not misleading. The accompanying unaudited financial statements should be read in conjunction with the financial statements of the Company for the year ended September 30, 2019.

Change in Fiscal Year End

The Company’s fiscal year end is from October 1 to September 30 of each year.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates ~~the~~ the realization of assets and the liquidation of liabilities in the normal course of business. As at ~~June~~December 3031, 2020, the Company has an accumulated deficit of $13,~~372~~690,~~771~~204 and $13,~~728~~577,~~369~~116 as of September 30, ~~2019~~2020 and has not earned sufficient revenues to cover ~~operating~~ operating costs since inception and has a working capital deficit. The Company intends to fund its mining exploration through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year.

The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue mining exploration and execution of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings.

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Functional and Reporting Currency

The consolidated financial statements are presented in U.S. Dollars. The Company’s functional currency is the U.S. Dollar. The functional currency of Aqua Mining is the Papua New Guinean kina. Assets and liabilities are translated using the exchange rate on the respective balance sheet dates. Items in the income statement and cash flow statement are translated into U.S. Dollars using the average rates of exchange for the periods involved. The resulting translation adjustments are recorded as a separate component of other comprehensive income/(loss) within stockholders’ equity.

The functional currency of foreign entities is generally the local currency unless the primary economic environment requires the use of another currency. Gains or losses arising from the translation or settlement of foreign-currency-denominated monetary assets and liabilities into the functional currency are recognized in the income in the period in which they arise. However, currency differences on intercompany loans that have the nature of a permanent investment are accounted for as translation differences as a separate component of other comprehensive income/(loss) within stockholders’ equity.

-8-

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A summary of the principal accounting policies are set out below:

Cash

The Company maintains its cash balances in interest and non-interest -bearing accounts which do not exceed Federal Deposit Insurance ~~Corporation~~ Corporation limits.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Kibush Capital and Aqua Mining. All intercompany accounts and transactions have been eliminated.

-8-

Other Comprehensive Income and Foreign Currency Translation

FASB ASC 220-10-05, Comprehensive Income, establishes standards for the reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distribution to owners.

The accompanying consolidated financial statements are presented in United States dollars.

Use of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management are, recoverability of long-lived assets, valuation and useful lives of intangible assets, valuation of derivative liabilities, and valuation of common stock, options, warrants and deferred tax assets. Actual results could differ from those estimates.

Non-Controlling Interests

Investments in associated companies over which the Company has the ability to exercise significant influence are accounted for under the consolidation method, after appropriate adjustments for intercompany profits and dividends.

In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations.” It requires an acquirer to recognize, at the acquisition date, the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their full fair values as of that date. In a business combination achieved in stages (step acquisitions), the acquirer will be required to re-measure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. The acquisition-related transaction and restructuring costs will no longer be included as part of the capitalized cost of the acquired entity but will be required to be accounted for separately in accordance with applicable generally accepted accounting principles. U.S. SFAS No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.

A non-controlling interest in a subsidiary is an ownership interest in a consolidated entity that is reported as equity in the consolidated financial statements and separate from the Company’s equity. In addition, net income/(loss) attributable to non-controlling interests is reported separately from net income attributable to the Company in the consolidated financial statements. The Company’s consolidated statements present the full amount of assets, liabilities, income and expenses of all of our consolidated subsidiaries, with a partially offsetting amount shown in non-controlling interests for the portion of these assets and liabilities that are not controlled by us.

Property and Equipment

Property and equipment isare stated at cost. Depreciation is computed using the straight-line method over estimated useful lives as follows:

Plant equipment		2 to 15 years
Motor Vehicle		4 to 15 years

-9-

Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statement of operations.

Impairment of Long-Lived Assets

In accordance with FASB ASC 360-10-5, Accounting for the Impairment or Disposal of Long-Lived Assets, the Company evaluates the carrying value of its long-lived assets for impairment whenever events or changes in circumstances indicate that such carrying values may not be recoverable. The Company uses its best judgment based on the current facts and circumstances relating to its business when determining whether any significant impairment factors exist. The Company considers the following factors or conditions, among others, that could indicate the need for an impairment review:

● Significant under performance relative to expected historical or projected future operating results;. ● Significant changes in its strategic business objectives and utilization of the assets;. ● Significant negative industry or economic trends, including legal factors;.

-9-

If the Company determines that the carrying values of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, the Company’s management performs an undiscounted cash flow analysis to determine if impairment exists. If impairment exists, the Company measures the impairment based on the difference between the asset’s carrying amount and its fair value, and the impairment is charged to operations in the period in which the long-lived asset impairment is determined by management.

During the year ended September 30, 2020, the Aqua Mining business continued to generate material operating losses. Consequently, management has re-assessed the carrying value of the existing plant and equipment and its ability to generate positive cash flows over the remaining useful life of the group of assets used within the Timber milling business. Managements current assessment, which takes into consideration the ongoing uncertain impacts of COVID-19 on market supply chains and the access to equipment required for timber processing facility enhancements, indicates that the current group of assets are impaired and need to be written down to a carrying value indicative representative of fair value. Managements current assessment of the carrying value is nil as there is no reliable secondary market at present for these assets in the Port Moresby region combined with other market constraints relating to COVID-19 impacts on supply chains. Management will continue to explore opportunities to expand the supply and processing capacity of the timber milling process with a view to re-assessing the carrying value of the asset group should positive operating cash flows start to be generated in future periods.

The carrying value of the Company’s investment in Joint Venture contract with leaseholders of certain Mining Leases in Papua New Guinea represents its ownership, accounted for under the equity method. The ownership interest is not adjusted to fair value on a recurring basis. Each reporting period the Company assesses the fair value of the Company’s ownership interest in Joint Venture in accordance with FASB ASC 325-20-35. Each year the Company conducts an impairment analysis in accordance with the provisions within FASB ASC 320-10-35 paragraphs 25 through 32.

Fair Value of Financial Instruments

The carrying amounts of the Company’s cash, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of those financial instruments. The Company believes the carrying amount of its notes payable approximates its fair value based on rates and other terms currently available to the Company for similar debt instruments

Beneficial Conversion Features of Debentures

In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of debentures and related accruing interest is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method.

Derivative Financial Instruments

We apply the provisions of FASB ASC 815-10, Derivatives and Hedging (“ASC 815-10”). Derivatives within the scope of ASC 815-10 must be recorded on the balance sheet at fair value. During the year ended September 30, 2014, the Company issued convertible debt and recorded derivative liabilities related to a reset provision associated with the embedded conversion feature of the convertible debt. The Company computed the fair value of these derivative liabilities on the grant date and various measurement dates using the Black-Scholes pricing model. Due to the reset provisions within the embedded conversion feature, the Company determined that the Black-Scholes pricing model was the most appropriate for valuing these instruments.

-10-

In applying the Black-Scholes valuation model, the Company used the following assumptions during the period ended June 30, 2020:

	For the period ended
	June 30, 2020
Annual dividend yield		-
Expected life (years)		0.50 – 1.00
Risk-free interest rate		2.050	%
Expected volatility		125	%

The inputs used to measure fair value fall in different levels of the fair value hierarchy, a financial security’s hierarchy level is based upon the lowest level of input that is significant to the fair value measurement.

The Company determines the fair value of its derivative instruments using a three-level hierarchy for fair value measurements which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy:

Level 1 — Valuation based on unadjusted quoted market prices in active markets for identical securities. Currently, the Company does not have any items as Level 1.

Level 2 — Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. Currently, the Company does not have any items classified as Level 2.

Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement, and involve management judgment. The Company used the Black-Scholes option pricing models to determine the fair value of the instruments.

The following table presents the Company’s embedded conversion features of its convertible debt measured at fair value on a recurring basis as of June 30, 2020, and as of September 30, 2019:

	Carry Value at
	June 30,		September 30,
	2020		2019
Derivative liabilities:
Embedded conversion features - notes	$	10,372	$	728,080
Total derivative liability	$	10,372	$	728,080

	June 30,		September 30,
	2020		2019
Change in fair value included in other income (expense), net		5,024		-1,209

-11-

The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs:

	For the period ended		For the year ended
	June 30,		September 30,
	2020		2019
Embedded Conversion
Features - Notes:
Balance at beginning of year	$	728,080	$	726,871
Change in derivative liabilities		-722,732		2,418
Net change in fair value included in net loss		5,024		(1,209	)
Ending balance	$	10,372	$	728,080

The Company re-measures the fair values of all its derivative liabilities as of each period end and records the net aggregate gain/loss due to the change in the fair value of the derivative liabilities as a component of other expense, net in the accompanying consolidated statement of operations. During the years ended September 30, 2019 and the 9 months ended June 30, 2020, the Company recorded a net increase (decrease) to the fair value of derivative liabilities balance of -$1,209 and $5,024 respectively.

Debt Consolidation

On January 14, 2020, the Company entered into a Promissory Note Consolidation Agreement (the “Consolidation Agreement”) with one of its noteholders, Warren Sheppard., as lender (“Mr. Sheppard”). Pursuant to the terms of the Consolidation Agreement, the Company consolidated an aggregate of $1,358,692 of outstanding debt obligations (the “Outstanding Debt”), which included principal and interest, owed to Mr. Sheppard by the Company.

As a consequence of the debt consolidation, the derivative Liabilities associated with option component has been eliminated, therefore, derivative liabilities amounted to 722,732 as of the debt consolidation date are subsequently reversed and charged into profit and losses in January 2020.

Schedule of Outstanding Notes as at January 14th 2020

Promissory Note	Outstanding Principal		Outstanding Interest
David Loren Corporation. 2% Secured Promissory Note issued May 1, 2011 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013		22,166		3,780
David Loren Corporation. 2% Secured Promissory Note issued January 2, 2012 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013		48,000		7,438
David Loren Corporation. 2% Secured Promissory Note issued January 3, 2013 to Hoboken Street Associates, and as assigned to Warren Sheppard on July 3, 2013		12,000		1,618
Kibush Capital Corp. 12.5% Secured Promissory Note issued March 31, 2014 to Warren Sheppard.		157,500		104,815
Kibush Capital Corp. 12.5% Secured Promissory Note issued June 30, 2014 to Warren Sheppard.		110,741		70,384
Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2014 to Warren Sheppard.		98,575		59,670
Kibush Capital Corp. 12.5% Secured Promissory Note issued September 30, 2015 to Warren Sheppard.		316,046		153,387
Kibush Capital Corp. 12.5% Secured Promissory Note issued October 10, 2016 to Warren Sheppard.		155,300		37,272
Total:		920,328		438,364

-12-

Upon the assumption by the Company of the Outstanding Debt, the Company and Mr. Sheppard entered into an unsecured promissory note (the “Consolidated Note”), which such Consolidated Note restated the repayment terms and conditions of the Outstanding Debt in full. Pursuant to the terms and conditions of the Consolidated Note, the Outstanding Debt accrues simple interest at 12.5% per year, compounded annually, and the Consolidated Note has a maturity date of January 15, 2022. No regularly scheduled periodic payments of principal or interest are due under the Consolidated Note, and, unless there is an earlier event of default, all outstanding and unpaid principal and interest under the Consolidated Note is due and payable in a single lump sum payment at maturity. The Consolidated Note also removes any common stock conversion features from previous notes. The Company may prepay the Consolidated Note at any time prior to maturity without penalty.

Loss per Share

The Company applies FASB ASC 260, “Earnings per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive.

Income Taxes

Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

-10-

Mineral Property, Mineral Rights (Claims) Payments and Exploration Costs

Pursuant to EITF 04-02, “Whether Mineral Rights are Tangible or Intangible Assets and Related Issues”, the Company has an accounting policy to capitalize the direct costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature (lease) bonuses, options to purchase or lease properties, and brokers’ and legal fees. If the acquired mineral rights relate to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured exploration rights prior to establishment of proven and probable reserves.

Accounting Treatment of Mining Interests

At this time, the Company does not directly own or directly lease mining properties. However, the Company does have contractual rights ~~and~~ and governmental permits which allow the Company to conduct mining exploration on the properties referenced in this report. These ~~contractual~~ contractual relationships, coupled with the government permits issued to the Company (or a subsidiary), are substantially similar in nature to a mining lease. Therefore, we have treated these contracts as lease agreements from an accounting ~~prospective~~perspective.

Research and Development

Research and development costs are recognized as an expense in the period in which they are incurred. The Company incurred no research and development costs for the quarter ended ~~June~~December 3031, 2020.

Recent Accounting Pronouncements

In October 2018, FASB issued Accounting Standards Update 2018-16, Derivaties and Hedging (Topic 805): Inclusion of the Secured Overnight Financing Rate (SOFR) Overight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU amends ASC 815 to add the OIS rate based on the SOFR as a fifth US benchmark interest rate. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In October 2018, FASB issued Accounting Standards Update 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

-13-

In November 2018, FASB issued Accounting Standards Update 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. The ASU amends ASC 808 to clarify ASC 606 should apply in entirety to certain transactions between collaborative arrangement participants. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In November 2018, FASB issued Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The ASU changes the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Thus, the effective date for such entities’ annual financial statements is now aligned with that for these interim financial statements. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures.

In December 2018, FASB issued Accounting Standards Update 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The amendments are designed to make lessors adoption of the new leases standard easier such as accounting policy election on sales tax, exclude variable payments for all lessor costs, and clarification on lessor costs. We are currently evaluating the impact that the standard will have on our consolidated financial statements and related disclosures.

In March 2019, FASB Issued Accounting Standards Update 2019-01, Leases (Topic 842): Codification Improvements. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In March 2019, FASB Issued Accounting Standards Update 2019-02: Improvements to Accounting for Costs of Films and License Agreements for Program Materials. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

-11-

In March 2019, FASB Issued Accounting Standards Update 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections (Topic 958). We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements as the ASU is applicable to not-for-profit entities.

In April 2019, FASB Issued Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The ASU 2019-04 clarifies and improves guidance within the recently issued standards on credit losses, hedging, and recognition and measurement of financial instruments: The effective dates for amendments related to ASUs 2016-13 and 2017-12 align with the effective dates of those standards, unless an entity has already adopted one or both. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In May 2019, FASB Issued Accounting Standards Update 2019-05, Targeted Transition Relief. ASU 2019-05 provides transition relief for ASU 2016-13 (“credit losses standard”) by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. For entities that have not yet adopted ASU 2016-13, the effective dates are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In May 2019, FASB Issued Accounting Standards Update 2019-06, Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities. The amendments are affective upon issuance of the ASU. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In November 2019, the ASB issued Accounting Standards Update 2019-08-Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer. This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. For entities that have not yet adopted the amendments in Update 2018-07, the amendments in this update are effective in fiscal years beginning after December 15, 2019. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In November 2019, the FASB issued Accounting Standards Update 2019-09-Financial Services-Insurance (Topic 944). This ASU will affect companies that issue share-based payments (e.g., options or warrants) to their customers. Similar to issuing a cash rebate to a customer, issuing a share-based payment to a customer can incentivize additional purchases. The share-based payments can also serve a strategic purpose by aligning the interests of a supplier and its customer, because the customer’s additional purchases increase its investment in the supplier. The amendments in this Update are effective in fiscal years beginning after December 15, 2021. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

-14-

In November 2019, the FASB issued Accounting Standards Update 2019-10-Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. This ASU discusses the FASB’s proposed ASU Codification Improvements to Hedge Accounting, which would clarify certain amendments made by ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, to the guidance in ASC 815 on hedging activities. The FASB issued the proposal in response to feedback and questions received from stakeholders related to their implementation of ASU 2017-12. The ASU also discusses the recent issuance of FASB ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The ASU provides a framework to stagger effective dates for future major accounting standards and amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities. Specifically, ASU 2019-10 changes some effective dates for ASU 2017-12 on hedging, ASU 2016-02 on leasing, ASU 2016-13 on current expected credit losses, and ASU 2017-04 on simplifying the goodwill impairment test. The amendments in this Update amend the mandatory effective dates Credit Losses for all entities as follows or fiscal years beginning after December 15, 2019. The effective dates for Hedging after applying this update are as follows: for fiscal years beginning after December 15, 2018. The effective dates for Leases after applying this Update are as follows for fiscal years beginning after December 15, 2018. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In December 2019, the FASB issued Accounting Standards Update 2019-12-Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU summarizes the FASB’s recently issued Accounting Standards Update (ASU) No. 2019-12, simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

-12-

In January 2020, the FASB issued Accounting Standards Update 2020-01-Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This ASU clarifies the interaction between accounting standards related to equity securities (ASC 321), equity method investments (ASC 323), and certain derivatives (ASC815). The amendments in this Update are effective for fiscal years beginning after December 15, 2020. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In March 2020, the FASB issued Accounting Standards Update 2020-03-Codification Improvements to Financial Instruments. The Standard is part of FASB’s ongoing project to improve and clarify its Accounting Standards Codification and avoid unintended application. The items addressed are not expected to significantly affect current practice or create a significant administrative cost for most entities. The amendment is divided into issues 1 to 7 with different effective dates as follows: The amendments related to Issue 1, Issue 2, Issue 4, and Issue 5 are conforming amendments. For public business entities, the amendments are effective upon issuance of this update. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. The amendment related to Issue 3 is a conforming amendment that affects the guidance related to the amendments in 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The effective date of this update for the amendments to Update 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For entities that have not yet adopted the amendments related to Update 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in Update 2016-13. For entities that have adopted the guidance in Update 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements.

In June 2020, the FASB issued Accounting Standards Update 2020-05—Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities. The amendments in this Update are effective upon issuance.

-15-

In August 2020, the FASB issued Accounting Standards Update 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. An entity that has not yet adopted the amendments in Accounting Standards Update No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, and (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, can early adopt the amendments in this Update for convertible instruments that include a down round feature. This early adoption is permitted for fiscal years beginning after December 15, 2019.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption.

NOTE 3 – INVESTMENTS IN SUBSIDIARIES

The Company owns interests in the following entities which was recorded at their book value since they were related party common control acquisitions.

	Investment		Ownership %

Aqua Mining (PNG)		34		90	%

As Aqua Mining (PNG) Ltd was acquired from a related entity, Five Arrows Limited (see Note 10 – Business Combinations), the shares were recorded in the accounts at their true cost value.

NOTE 4 – PROPERTY AND EQUIPMENT

	June 30,		September 30,
	December 31, 2020		September 30, 2020
	2020		2019
Plant Equipment		113,515		113,515
Plant Equipment		108,259		89,322
Motor Vehicle		111,585		111,585
		219,844		200,907
		225,100		225,100
Less accumulated depreciation		-83,660		-74,786
Less Accumulated Depreciation		-97,280		-97,280
	$	136,184	$	126,121
Less Provision for Impairment		-127,820		-127820
—	$	0	$	0

~~Depreciation expense was approximately $~~-13~~,082 for the year ended September 30, 2019 and $8,838 for the 9 months ended June 30, 2020.~~-

NOTE 5 – ~~CONVERTIBLE~~LOAN ~~NOTES~~FROM ~~PAYABLE~~ RELATED PARTY

(READ IN CONJUCTION WITH NOTE 2 – DEBT CONSOLIDATION)

	June 30, 2020
	Note face amount		Debt Discount		Net Amount of Note
2011 Note	$	-	$	-	$	-
2012 Note		-		-		-
2013 Note		-		-		-
2014 Note		9,000		-		9,000
Total	$	9,000	$	-	$	9,000

-16-

	September 30, 2019
	Note face amount		Debt Discount		Net Amount of Note
2011 Note	$	22,166	$	-	$	22,166
2012 Note		48,000		-		48,000
2013 Note		12,000		-		12,000
2014 Note		9,000		-		9,000
Total	$	91,166	$	-	$	91,166

2011 Note

On May 1, 2011, the Company issued a 2.00% Convertible Note due April 30, 2012 with a principal amount of $32,000 (the “2011 Note”) for cash. Interest on the 2011 Note is accrued annually effective from May 1, 2011 forward. The 2011 Note is unsecured and repayable on demand. The 2011 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001.

As this note carries a conversion rate that is less than market rate, the rules of beneficial conversion apply. The difference between the conversion rate and the market rate is classified as a discount on the note and accreted over the term of the note, which with respect to this note is 12 months. The face amount of the outstanding note as of June 30, 2020, is $0.

2012 Note

On January 2, 2012, the Company issued a 2.00% Convertible Note due January 1, 2013 with a principal amount of $48,000 (the “2012 Note”) for cash. Interest on the 2012 Note is accrued annually effective from January 2, 2012 forward. The 2012 Note is unsecured and repayable on demand. The 2012 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001.

2013 Note

On January 3, 2013, the Company issued a 2.00% Convertible Note due January 2, 2014 with a principal amount of $12,000 (the “2013 Note”) for cash. Interest on the 2013 Note is accrued annually effective from January 3, 2013 forward. The 2013 Note is unsecured and repayable on demand. The 2013 Note is senior in right to all existing and future indebtedness which is subordinated by its terms and at the option of the Lender, the principal along with any accrued interest may be converted in whole or part into Common Stock at a price of $0.001.

2014 Note

On August 25, 2014, the Company issued two 12.00% Convertible Promissory Note due February 25, 2015 with a principal amount of $50,000 each (the “2014 Note”) for cash. Interest on the 2014 Note is accrued annually effective from August 25, 2014 forward. The 2014 Note is unsecured.

-17-

The notes are convertible at a conversion price the lesser of (a) $0.25 per share, or (b) the price per share as reported on the Over-the-Counter Bulletin Board on the conversion date. The Note Holders also received Warrants to purchase an aggregate of 800,000 shares of our common stock at an initial exercise price of $0.25 per share. Each of the Warrants has a term of five (5) years.

The embedded conversion feature of the 2014 Notes and Warrants were recorded as derivative liabilities in accordance with relevant accounting guidance due to the variable conversion price of the 2014 Notes. The fair value on the grant date of the embedded conversion feature of the convertible debt was $145,362 as computed using the Black-Scholes option pricing model.

The Company established a debt discount of $100,000, representing the value of the embedded conversion feature inherent in the convertible debt and warrant, as limited to the face amount of the debt. The debt discount is being amortized over the life of the debt using the straight-line method over the terms of the debt, which approximates the effective-interest method. For the year ended September 30, 2014, the Company recorded amortization of the debt discount of $19,566. The balance of the debt discount was $80,434 at September 30, 2014. For the quarter ended June 30, 2020, the Company recorded amortization of the debt discount of $0. The balance of the debt discount was $0 at June 30, 2020. The face amount of the outstanding note as of June 30, 2020, is $9,000.

NOTE 6 – LOAN FROM RELATED PARTY

Convertible Notes Issued to the President and Director of Kibush Capital Corporation:

	June 30, 2020
	December 30, 2020
	Note face amount		Debt Discount		Net Amount of note
Loan from related party	$	2,~~714~~844,~~197~~100	$	-0	$	2,~~714~~844,~~197~~100
Total	$	2,~~714~~844,~~197~~100	$	0	$	2,~~714~~844,~~197~~100

	September 30, 2019
	September 30, 2020
	Note face amount		Debt Discount		Net Amount of note
Loan from related party	$	12,~~956~~770,~~986~~739	$	-0	$	12,~~956~~770,~~986~~739
Total	$	12,~~956~~770,~~986~~739	$	0	$	12,~~956~~770,~~986~~739

~~For~~On January 16, 2020, the ~~year~~Company ~~ended~~entered ~~September~~into 30a Promissory Note Consolidation Agreement (the “Consolidation Agreement”) with one of its noteholders, ~~2019~~Warren Sheppard., as lender (“Mr. Sheppard”). ~~had~~Pursuant ~~loaned~~to the terms of the Consolidation Agreement, the Company consolidated an aggregate of $~~219~~1,~~419~~358,692 of outstanding debt obligations (the “Outstanding Debt”), which included principal and interest, owed to Mr. Sheppard by the Company.

For the quarter ended December 31, 2019, Mr. Sheppard had loaned the Company $89,053.

On January 16, 2020, the Company entered into a Promissory Note Consolidation Agreement (the “Consolidation Agreement”) with one of its noteholders, Warren Sheppard., as lender (“Mr. Sheppard”). Pursuant to the terms of the Consolidation Agreement, the Company consolidated an aggregate of $1,383,753 of outstanding debt obligations (the “Outstanding Debt”), which included principal and interest, owed to Mr. Sheppard by the Company.

As a consequence of the debt consolidation, the derivative Liabilities associated with option component has been eliminated, therefore, derivative liabilities amounted to 782,022 as of the debt consolidation date are subsequently reversed and charged into profit and losses in January 2020.

-18-

~~For~~As a consequence of the ~~quarter~~debt ~~ended~~consolidation, ~~March~~the 31derivative Liabilities associated with option component has been eliminated, ~~2020~~therefore, derivative ~~Mr.~~liabilities ~~Sheppard~~amounted ~~had~~to ~~loaned~~$728,080 as of the ~~Company~~debt ~~$34,956~~consolidation date are subsequently reversed and charged into profit and losses in January 2020.

~~For~~As at December 30,2020 the ~~quarter~~Related ~~ended~~Party ~~June~~Loans ~~30,~~of ~~2020~~$2,844,100 ~~Mr.~~comprises ~~Sheppard~~Consolidation ~~had~~Note ~~loaned~~$1,358,692 ~~the~~and ~~Company~~an unsecured loan of $821,~~887~~485,408.27.

~~NOTE~~Mr 7Sheppard –has ~~STOCKHOLDER’S~~provided ~~DEFICIT~~a letter of comfort to the company stating that he will not request repayment of the loan, for a period of not less than 12 months, from the date of signing the 10 K accounts.

-14-

NOTE 6 – STOCKHOLDER’S DEFICIT

Common Stock

On August 22, 2013, the Company’s Board authorized a 225:1 reverse stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split.

On October 12, 2013, the Company issued by director’s resolution, 10,000,000 shares of newly issued common stock for the purchase of a Memorandum of Understanding (dated September 2, 2013) from a related company (Five Arrows Limited); which gave Kibush Capital Corporation the right to acquire 80% ownership in Instacash Pty Ltd, an Australian Currency Services provider, and corporate trustee of the Instacash Trust. As this transaction was with a related party, the value was recorded at the par value of the stock i.e. $0.001 per share of common stock.

Between October 23, 2013 and September 30, 2014, the Company issued a total of 3,274,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $3,274 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

On February 28, 2014, the Company issued by director’s resolution, 40,000,000 shares of newly issued common stock to conclude a Assignment and Bill of Sale (dated February 14, 2014) from a related company (Five Arrows Limited); which gave Kibush Capital Corporation the right to enter into a Joint Venture contract with the leaseholders of certain Mining Leases in Papua New Guinea. As this transaction was with a related party, the value was recorded at par value of the stock i.e. $0.001 per share of common stock.

Between November 1, 2014 and March 31, 2015, the Company issued a total of 4,560,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $3,274 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

Between April 1, 2016 and September 30, 2016, the Company issued a total of 190,114,175 shares of common stock upon the requests from convertible note holders to convert principal totaling $190,114 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

Between October 1, 2016 and December 31, 2016, the Company issued a total of 208,879,614 shares of common stock upon the requests from convertible note holders to convert principal totaling $208,880 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

Between January 1, 2017 and March 31, 2017, the Company issued a total of 9,375,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $9,375 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

Between April 1, 2017 and June 30, 2017, the Company issued a total of 405,000,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $405,000 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

On August 23, 2017, the Company’s Board authorized a 1:25 reverse stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split.

Between October 1, 2017 and December 31, 2017, the Company issued a total of 180,395,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $180,395 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

-19-

Between January 1, 2018 and March 31, 2018, the Company issued a total of 139,000,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $139,000 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

Between April 1, 2018 and June 30, 2018, the Company issued a total of 120,000,000 shares of common stock upon the requests from convertible note holders to convert principal totaling $120,000 into the Company’s common stock based on the terms set forth in the loans. The conversion rate was $0.001.

Preferred Stock

Preferred stock includes 50,000,000 shares authorized at $0.001 par value, of which 10,000,000 have been designated Series A and 25,000,000 ~~designated~~ designated as Series B. A total of 3,000,000 shares of Series A preferred stock are issued and outstanding as of ~~June~~December 30, 2020, and September 30, ~~2019~~2020. A total of 34,999,899 shares of Series B preferred stock were outstanding as of ~~June~~December 3031, 2020, and a total of 101 Series C Preference Shares are issued and outstanding as of ~~June~~December 3031, 2020.

-15-

Issued Preference Share B

On January 9, 2020, the Board of Directors, with the approval of a majority vote of the shareholders approved the filing of a Certificate of Amendment of Designation of the Company’s Series B Preferred Stock (“Series B Preferred Stock”). The Board of Directors authorized the increase of authorized shares of the Series B Preferred Stock to 3437,999,899 shares by filing the Certificate of Amendment of Designation with the Nevada Secretary of State. The terms of the Certificate of Amendment of Designation of the Series B Preferred Stock, which was filed and approved by the State of Nevada on January 9, 2020, have not otherwise changed as previously filed and disclosed.

~~NOTE~~Issued 8Preference –Share ~~INCOME TAXES~~ C

~~The~~On ~~provision/~~January 9, 2020, the Board of Directors, with the approval of a majority vote of the shareholders approved the filing of a Certificate of Amendment of Designation of the Company’s Series C Preferred Stock (~~benefit~~“Series C Preferred Stock”). ~~for~~The ~~income~~Board ~~taxes~~of ~~for~~Directors authorized the 9increase ~~months~~of ~~ended~~authorized ~~June~~shares 30of the Series C Preferred Stock to 101 shares by filing the Certificate of Amendment of Designation with the Nevada Secretary of State. The terms of the Certificate of Amendment of Designation of the Series C Preferred Stock, which ~~2020~~was filed and approved by the ~~year~~State ~~ended~~of ~~September~~Nevada 30on January 9, ~~2019~~2020, ~~was~~have asnot ~~follows (assuming~~otherwise achanged ~~15%~~as ~~effective~~previously ~~tax~~filed ~~rate)~~and disclosed.

		9 months ended June 30,		September 30,
		2020		2019
Current Tax Provision
Federal-
Taxable Income		-		-
Total current tax provisions		-		-
	$	-	$	-
Deferred Tax Provision
Federal-
Loss carry forwards	$	-	$	-
Change in valuation allowance	$	-	$	-
Total deferred tax provisions	$	-	$	-

NOTE 7 – INCOME TAXES

AsThe ofprovision/(benefit) ~~September~~for ~~30,~~income ~~2019,~~taxes for the ~~Company~~3 ~~had~~months ~~approximately~~ended ~~$13,728,369~~December ~~in tax loss carry forwards that can be utilized future periods to reduce taxable income~~31, 2020 and the ~~carry forward incurred for the~~ year ended September 30, ~~2019~~2020 ~~will~~was ~~expire~~as byfollows ~~the~~(assuming a ~~year~~15% ~~2035~~effective tax rate).

-20-

		3 months ended December 31,		September 30,
		2020		2020
Current Tax Provision
Federal-
Taxable Income		-		-
Total current tax provisions		-		-
	$	-	$	-

Deferred Tax Provision
Federal-
Loss carry forwards	$	-	$	-
Change in valuation allowance	$	-	$	-
Total deferred tax provisions	$	-	$	-

As of ~~June~~September 30, 2020, the Company had approximately $13,~~372~~577,~~771~~116 in tax loss carry forwards that can be utilized future periods to reduce taxable income, and the carry forward incurred for the year ended September 30, 2020 will expire by the year ~~2036~~2035. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits.

As of December 31, 2020, the Company had approximately $13,690,204 in tax loss carry forwards that can be utilized future periods to reduce taxable income, and the carry forward incurred for the year ended September 30, 2021 will expire by the year 2036.

The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits.

The federal income tax returns of the Corporation are subject to examination by the IRS, generally for three years after they are filed.

~~NOTE 9 – RELATED PARTY TRANSACTIONS~~-16-

NOTE 8 – RELATED PARTY TRANSACTIONS

Details of transactions between the Corporation and related parties are disclosed below.

The following transactions were carried out with related parties:

	June 30, 2020		September 30, 2019
	December 30, 2020		September 30, 2020
Loan from related party	$	2,~~714~~844,~~197~~100	$	12,~~956~~770,~~986~~739
Convertible Loans (B)	$	9,000	$	91,166
Total	$	2,844,100	$	2,770,739
Total	$	2,723,197	$	2,048,152

(a) From time to time, the president and stockholder of the Company provides advances to the Company for its working capital purposes. These advances bear no interest and are due on demand.

(b) See Note 6 for details of Convertible notes.

~~Executive~~(c) ~~Employment~~On January 9th, 2020, the Company issued Mr Sheppard 14,999,899 Class B Preference Shares and 101 Class C Preference Shares in full satisfaction of his unpaid 2015 and 2016 Salary of $250,000.

OnNOTE ~~February~~9 ~~10,~~– ~~2020,~~BUSINESS Kibush Capital Corp., a Nevada corporation (the “Company”) entered into an Employment Agreement (the “Agreement”) with Warren Sheppard (“Mr. Sheppard”) an individual. Pursuant to the terms and conditions of the Agreement, Mr. Sheppard shall continue to serve as the Company’s President, Chief Executive Officer, Chief Financial Officer, Principal Financial Officer and a member of the Board of Directors and shall assume such other positions as reasonably requested by the Board of Directors, commencing on January 1, 2020 for a term of Four (4) years, and shall have the option to be renewed for an additional one (1) year unless earlier terminated. In exchange for his services, Mr. Sheppard shall receive a yearly salary of $24,000.COMBINATIONS

~~NOTE~~Set 10out –below ~~BUSINESS~~are ~~COMBINATIONS~~the controlled and non-controlled members of the group as of December 31, 2019, which, in the opinion of the directors, are material to the group. The subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the Company; the country of incorporation is also their principal place of business.

Set out below are the controlled and non-controlled members of the group as of June 30, 2020, which, in the opinion of the directors, are material to the group. The subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the Company; the country of incorporation is also their principal place of business.

Name of Entity		Country of Incorporation		Acquisition Date		Voting Equity Interests
Aqua Mining (PNG) Ltd		Papua New Guinea		28-Feb-2014			90	%

NOTE 1110 – LEGAL PROCEEDINGS

We are not presently a party to any litigation.

NOTE 1211 - CONTINGENT LIABILITIES

None.

-2117-

NOTE 1312 – SUBSEQUENT EVENTS

S-1 Registered Shares Issued.

Under the terms and conditions of the S-1 effective as from August 7^th 2019,

Shares issued and Amounts raised as below.

Date	Shares Subscribed			Proceeds $
January 6 2021		22,123,392	0.0015		33185
February 10 2021		23,237,347	0.0015		34856
March 17 2021		48,381,823	0.0015		72573
April 12 2021		50,000,000	0.0015		75000
May 18 2021		50,000,000	0.0015		75000
July 5 2021		50,000,000	0.0015		75000

		243,742,562			365614

Executive Employment

On February 10, 2020, Kibush Capital Corp., a Nevada corporation (the “Company”) entered into an Employment Agreement (the “Agreement”) with Warren Sheppard (“Mr. Sheppard”) an individual. Pursuant to the terms and conditions of the Agreement, Mr. Sheppard shall continue to serve as the Company’s President, Chief Executive Officer, Chief Financial Officer, Principal Financial Officer and a member of the Board of Directors and shall assume such other positions as reasonably requested by the Board of Directors, commencing on January 1, 2020 for a term of Four (4) years, and shall have the option to be renewed for an additional one (1) year unless earlier terminated. In exchange for his services, Mr. Sheppard shall receive a yearly salary of $24,000.

COVID-19 pandemic

The COVID-19 pandemic announced by the World Health Organisation post 31 January 2020 is having negative impact on the world economy. We have witnessed unprecedented measures implemented by the government on strict border security requirements. It is likely to have a significant impact on the Company’s export sales and associated supply chains. However, at this point of time, the impact of COVID-19 is unknown and cannot be quantified. We expect our business to remain in operation but will manage the unavoidable disruptions to our best abilities.

~~Acquisition~~NOTE of13 ~~CBD~~– ~~Imports Pty Ltd~~INVENTORY

OnInventories ~~June~~are ~~17,~~valued ~~2020,~~at ~~Kibush~~cost. ~~Capital~~Cost ~~Corporation~~is (determined using the ~~“Company”)~~first-in, first-out method. The cost of finished goods and ~~Hancore~~work-in-progress ~~Pty~~comprises raw ~~Ltd~~materials, ~~CBD~~direct oflabour, ~~Australia~~other direct costs, and related production overheads (~~the~~based ~~“Seller”~~on normal operating capacity), but excludes ~~entered~~borrowing ~~into~~costs. aThere ~~Share~~are ~~Purchase~~three ~~Agreement~~types ~~(the~~of ~~“Agreement”)~~inventories toin ~~acquire~~three ~~51%~~stages of ~~the~~completion. ~~Common~~Raw ~~Shares~~materials comprise of ~~CBD~~logs ~~Imports~~that ~~Pty~~are ~~Ltd~~on the ground ofand ~~Australia.~~at ~~CBD~~the ~~Imports~~log ~~Pty~~pond; ~~Ltd~~Work-in-progress ~~holds~~comprise ~~licences~~of ~~issued~~rough bysawn timber at the ~~State~~Rigo ~~and~~site ~~Federal~~whilst ~~Australian~~Finished ~~Government~~goods ~~Authorities~~are toplaned, ~~import~~straightened ~~Cannabidiol~~timber toat ~~Australia.~~Laloki ~~The~~for ~~purchase~~sale. ~~price~~Each ~~was~~would ~~5100~~have ~~Preference~~a Adifferent ~~Par~~wholesale ~~Value~~value ~~.001~~depending ~~shares~~on inthe ~~Kibush~~level ~~Capital~~of ~~Corporation~~processing. The ~~Company~~stock ~~issued~~levels held as raw materials 5and finished goods are minimal,~~000,000~~ ~~Preference~~and Athe ~~Class~~saleable ~~Shares~~condition ~~Par~~of ~~Value~~the ~~.001~~finished astimber ~~consideration.~~is questionable and unable to be accurately valued therefore we have written stock down to nil net realizable value

~~NOTE 14 – INVENTORY~~-18-

Inventories are valued at cost. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. There are three types of inventory in three stages of completion. Raw materials comprise of logs that are on the ground and at the log pond; Work-in-progress comprise of rough sawn timber at the Rigo site whilst Finished goods are planed, straightened timber at Laloki for sale. Each would have a different wholesale value depending on the level of processing.

Management is unable to verify the stocktake and valuation at year end. Accordingly, for the year ended September 30, 2019, and for the 9 months ended June 30, 2020 we written down the amounts to zero to accommodate that situation.

-22-

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.

Cautionary Notice Regarding Forward Looking Statements

The information contained in Item 2 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this report. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations expressed in this report.

This filing contains a number of forward-looking statements which reflect management’s current views and expectations with respect to our business, strategies, products, future results and events, and financial performance. All statements made in this filing other than statements of historical fact, including statements addressing operating performance, events, or developments which management expects or anticipates will or may occur in the future, including statements related to distributor channels, volume growth, revenues, profitability, new products, adequacy of funds from operations, statements expressing general optimism about future operating results, and non-historical information, are forward looking statements. In particular, the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements, and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain risks and uncertainties, including those discussed below. Our actual results, performance or achievements could differ materially from historical results as well as those expressed in, anticipated, or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances.

Readers should not place undue reliance on these forward-looking statements, which are based on management’s current expectations and projections about future events, are not guarantees of future performance, are subject to risks, uncertainties and assumptions (including those described below), and apply only as of the date of this filing. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks to be discussed in our Annual Report on Form 10-K and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

-23-

Overview

Kibush Capital Corp. (the “Company”, “We”, or “Us”) is an exploration stage company as defined by the Security and Exchange Commission’s (“SEC”) Industry Guide 7 as the Company has no established reserves as required under the Industry Guide 7. The Company is undertaking mineral exploration activities in Australia and Papua New Guinea. Our business is currently comprised our subsidiary Aqua Mining. Our Aqua Mining subsidiary is active in timber processing and mineral exploration in Papua New Guinea.

Results of Operations

~~Nine~~Three Months Ended ~~June~~December 3031, 2020 Compared to ~~Nine~~Three Months Ended ~~June~~December 3031, 2019

During the ~~nine~~three months ended ~~June~~December 3031, 2020, we recognized $~~112~~27,~~242~~712 in revenue. We recognized $~~140~~39,~~556~~276 revenue during the ~~nine~~three months ended December ~~June 30~~31, 2019. ~~The decrease in revenue is attributable to the success of our timber operations and mineral exploration activities.~~

We had a net ~~profit~~loss for the ~~nine~~three months ended ~~June~~December 3031, 2020, of $~~355~~106,~~530~~592 and a net loss of $~~380~~230,~~307~~162 for the ~~nine~~three months ended ~~June~~ ~~30,~~December ~~2019. The profit for the period ended June 30~~31, ~~2020 was more than the loss which occurred during the same period in~~ 2019 ~~due to the reversal of the derivatives as a consequence of the debt consolidation~~.

Liquidity and Capital Resources

As of ~~June~~December 3031, 2020, the Company had ~~only~~ $21,~~297~~794 cash or cash equivalents on hand. However, as of that date, we had total current ~~assets~~ assets of $372,~~538~~315 and total current liabilities of $3,~~157~~367,~~688~~998 resulting in a working capital deficit of $3,~~154~~295,~~150~~683. As of ~~June 30~~December 31, 2019, the Company had total current assets of $20190,~~325~~891 and total current liabilities of $3,~~571~~972,~~517~~216 resulting in a working capital deficit of $3,~~551~~781,~~192~~325. The ~~decrease in working capital deficit arose mainly due to increase in loans owing to related parties, who provided advances to the~~ Company ~~for working capital purposes. The Company~~ intends to fund its exploration through the revenues from the logging activities and the sale of its equity securities. However, there can be no assurance that the Company will be successful doing so. We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources.

Factors Affecting Future Mineral Exploration Results

We have generated no revenues from mining exploration, since inception. As a result, we have only a limited history upon which to evaluate our future potential performance. Our potential must be considered by evaluation of all risks and difficulties encountered by exploration companies which have not yet established business operations and anticipated results and situations of entering active exploration activities.

-19-

Off-Balance Sheet Arrangements

We had no Off-Balance Sheet arrangements during the quarter ended ~~June~~December 3031, 2020.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 4.

CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including the Principal Executive Officer and Principal Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that the lack of a functioning audit committee, the lack of segregation of duties within accounting functions, and the lack of multiple directors on our board of directors may result in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements and/or reporting.

Changes in Internal Control ~~over~~Over Financial Reporting

There was no change in our internal control over financial reporting during the quarter ended ~~June~~December 3031, 2020, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

-24-

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS.

We are not presently a party to any litigation.

ITEM 1A.

RISK FACTORS.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 2.

UNREGISTERED SALE OF EQUITY SECURITIES.

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.

MINE SAFETY DISCLOSURES.

None.

ITEM 5.

OTHER INFORMATION.

None.

-20-

ITEM 6.

EXHIBITS.

The following documents are included herein:

Exhibit		Incorporated by reference			Filed
Number	Document Description	Form	Date	Number	herewith
3.1	Articles of Incorporation	10/A	08/05/15	3.1

3.2	Certificate of Amendment dated 2/4/2005	10/A	08/05/15	3.2

3.3	Articles of Merger	10/A	08/05/15	3.3

3.4	Certificate of Amendment dated 8/22/2013	10/A	08/05/15	3.4

3.5	Amended and Restated Articles dated 7/7/2010	10/A	08/05/15	3.5

3.6	Certificate of Amendment dated 8/22/2013	10/A	08/05/15	3.6

3.7	By-laws	10/A	08/05/15	3.7

4.1	Certificate of Designation dated 4/19/2011	10/A	08/05/15	4.1

21	List of Subsidiaries	10/A	08/05/15	21

31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				X

32.1	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer				X

101.INS	XBRL Instance Document				X

101.DEF	XBRL Taxonomy Extension – Definitions				X

101.LAB	XBRL Taxonomy Extension – Labels				X

101.PRE	XBRL Taxonomy Extension – Presentation				X

-2521-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities on this ~~27th~~22nd ~~day~~ of ~~August,~~September ~~2020~~2021.

KIBUSH CAPITAL CORP. BY: /sS/ WARREN SHEPPARD Warren Sheppard President, Chief Executive Officer, Chief Financial and Director

-2622-

Filing Compare · Kibush Capital Corp