Annual report pursuant to Section 13 and 15(d)

LIQUIDITY/GOING CONCERN

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LIQUIDITY/GOING CONCERN
12 Months Ended
Sep. 30, 2020
Liquidity Going Concern [Abstract]  
LIQUIDITY/GOING CONCERN

NOTE 2 – LIQUIDITY/GOING CONCERN

 

The Company has incurred accumulated losses as of September 30, 2020, of $58.0 million. Further losses are anticipated in developing our business, and there exists substantial doubt about the Company’s ability to continue as a going concern. As of September 30, 2020, the Company had $3.2 million of cash on hand. The Company estimates that it will need to raise a minimum of $10 million to meet its obligations and planned expenditures through December 2021. The Company plans to finance operations and planned expenditures through equity and/or debt financings, and strategic transactions to include farm-outs, asset sales or mergers. The Company also plans to extend the agreements associated with all loans, the accrued interest payable on these loans, as well as the Company’s accrued liabilities. There are no assurances that financing will be available with acceptable terms, if at all. If the Company is not successful in obtaining financing, operations would need to be curtailed or ceased or the Company would need to sell assets or consider alternative plans up to and including restructuring. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.