Quarterly report pursuant to Section 13 or 15(d)

COMMON STOCK/PAID IN CAPITAL

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COMMON STOCK/PAID IN CAPITAL
9 Months Ended
Jun. 30, 2020
Stockholders' Equity Note [Abstract]  
COMMON STOCK/PAID IN CAPITAL

NOTE 8 – COMMON STOCK/PAID IN CAPITAL

 

As discussed in Note 6, the Company issued approximately 106 million common shares with a fair value of approximately $2.1 million upon partial conversions of the notes and related accrued interest during the nine months ended June 30, 2020. The common shares were valued based upon the closing common share prices on the respective conversion dates. 

 

In addition, during the nine months ended June 30, 2020, the Company issued 38,423,221 common shares with a fair value of $1,536,929 to extinguish an accrued expense that totaled $1,613,775. The common shares were valued based upon the closing common share price on the date of settlement resulting in a gain on the extinguishment of the obligation of approximately $77,000.