Annual report pursuant to Section 13 and 15(d)

CONVERTIBLE NOTES PAYABLE (Tables)

v3.20.4
CONVERTIBLE NOTES PAYABLE (Tables)
12 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
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

%