Annual report pursuant to Section 13 and 15(d)

COMMON STOCK/PAID IN CAPITAL

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

NOTE 10 - COMMON STOCK/PAID IN CAPITAL

 

As discussed in Note 7, the Company issued approximately 120 million common shares with a fair value of approximately $2.2 million upon partial conversions of the notes and related accrued interest during the year ended September 30, 2020. The common shares were valued based upon the closing common share prices on the respective conversion dates.

 

In addition, during the year ended September 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.

 

As discussed in Note 7, in 2019 the Company issued warrants to purchase an aggregate of 50 million shares of common stock at an exercise price of $0.02 per share. Such warrants expire in approximately 3.7 years.