| Schedule of convertible promissory notes |
The
Company’s convertible promissory notes consisted of the following as of September 30, 2020 and 2019.
| |
|
September
30, 2020 |
|
|
September
30, 2019 |
|
| |
|
Notes |
|
|
|
Discount |
|
|
|
Notes,
Net
of Discount |
|
|
|
Notes |
|
|
|
Discount |
|
|
|
Notes
Net
of Discount |
|
|
| Bridge
Financing Notes |
|
$ |
227,000 |
|
|
|
$ |
(11,209 |
) |
|
|
$ |
215,791 |
|
|
|
$ |
227,000 |
|
|
|
$ |
(99,669 |
) |
|
|
$ |
127,331 |
|
|
| Delek
Note |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1,000,000 |
|
|
|
|
— |
|
|
|
|
1,000,000 |
|
|
| June
2019 Convertible Debenture |
|
|
300,000 |
|
|
|
|
(54,178 |
) |
|
|
|
245,822 |
|
|
|
|
2,500,000 |
|
|
|
|
(2,429,365 |
) |
|
|
|
70,635 |
|
|
| Total |
|
$ |
527,000 |
|
|
|
$ |
(65,387 |
) |
|
|
$ |
461,613 |
|
|
|
$ |
3,727,000 |
|
|
|
$ |
(2,529,034 |
) |
|
|
$ |
1,197,966 |
|
|
| Schedule of fair value of the embedded conversion feature |
The
fair value of the embedded conversion feature was determined utilizing a Geometric Brownian Motion Stock Path Based Monte Carlo
Simulation that utilized the following key assumptions:
| |
|
October
17, 2019 |
|
|
|
September
30, 2020 |
|
| Stock
Price |
|
$ |
0.041 |
|
|
$ |
0.006 |
|
| Fixed
Exercise Price |
|
$ |
0.050 |
|
|
$ |
0.050 |
|
| Volatility |
|
|
138 |
% |
|
|
127 |
% |
| Term
(Years) |
|
|
1.00 |
|
|
|
0.05 |
|
| Risk
Free Rate |
|
|
1.59 |
% |
|
|
0.08 |
% |
The fair value of the embedded conversion feature was determined utilizing a Geometric Brownian Motion Stock Path Based Monte Carlo Simulation that utilized the following key assumptions:
|
|
|
Conversions for the twelve months ended
September 30, 2020
|
|
|
At
September 30,
2020
|
|
|
Stock Price
|
|
|
$0.006 – $0.034
|
|
|
|
$0.006
|
|
|
Fixed Exercise Price
|
|
|
0.050
|
|
|
|
$0.05
|
|
|
Volatility
|
|
|
77 - 284
|
%
|
|
|
122
|
%
|
|
Term (Years)
|
|
|
0.01 - 0.62
|
|
|
|
0.17
|
|
|
Risk Free Rate
|
|
|
0.08 – 1.62
|
%
|
|
|
.10
|
%
|
|