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, 2021
Stockholders’ Equity (Deficit)  
COMMON STOCK/PAID IN CAPITAL

NOTE 10 – COMMON STOCK/PAID IN CAPITAL  

 

Year Ended September 30, 2021

 

As discussed in Note 7, in October 2020, the Company issued approximately 17.5 million common shares with a fair value of approximately $0.1 million related to the extinguishment of the Delek Note. Such shares were reflected on the September 30, 2020 balance sheet as additional paid in capital – shares to be issued. 

 

Year Ended September 30, 2020

 

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 2.7 years.