GulfSlope Energy (GSPE) 10-Q 14 Aug 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2017	Aug. 14, 2017
Document And Entity Information
Entity Registrant Name	GULFSLOPE ENERGY, INC.
Entity Central Index Key	1,341,726
Document Type	10-Q
Trading Symbol	GSPE
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		685,152,225
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Current Assets
Cash and Cash Equivalents	$ 24,456	$ 64,114
Accounts Receivable, Net		63,147
Prepaid Expenses and Other Current Assets	97,270	38,311
Total Current Assets	121,726	165,572
Property and Equipment, Net of Depreciation	6,526	24,288
Oil and Natural Gas Properties, Full Cost Method of Accounting Unproved Properties	1,799,644	4,526,171
Total Non-Current Assets	1,806,170	4,550,459
Total Assets	1,927,896	4,716,031
Current Liabilities
Accounts Payable	472,058	426,271
Related Party Payable	292,544	265,834
Accrued Expenses and Other Payables	1,321,927	1,352,929
Accrued Interest Payable	1,192,471	812,383
Notes Payable	36,210	4,156
Convertible Promissory Notes Payable	695,244	153,358
Stock Payable	11,605	11,605
Loans from Related-Party	8,985,675	8,382,891
Total Current Liabilities	13,007,734	11,409,427
Total Liabilities	13,007,734	11,409,427
Stockholders' Deficit
Preferred Stock; par value ($0.001); Authorized 50,000,000 shares none issued or outstanding
Common Stock; par value ($0.001); Authorized 975,000,000 shares; 685,152,225 and 682,902,225 issued and and outstanding, respectively	685,152	682,402
Additional Paid-in-Capital	26,959,404	26,151,376
Accumulated Deficit	(38,724,394)	(33,527,174)
Total Stockholders' Deficit	(11,079,838)	(6,693,396)
Total Liabilities and Stockholders' Deficit	$ 1,927,896	$ 4,716,031

Condensed Balance Sheets (Unau3

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Sep. 30, 2016
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	975,000,000	975,000,000
Common Stock, shares issued	685,152,225	682,402,225
Common Stock, shares outstanding	685,152,225	682,402,225

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Impairment of Oil and Natural Gas Properties	$ 3,316,212	$ 2,890,678	$ 3,316,212	$ 2,890,678
General & Administrative Expenses	67,857	296,777	744,682	1,306,381
Net Loss from Operations	(3,384,069)	(3,187,455)	(4,060,894)	(4,197,059)
Other Income/(Expenses):
Interest Expense	(383,457)	(127,656)	(1,085,625)	(334,399)
Loss on Debt Extinguishment	(50,701)		(50,701)
Net Loss Before Income Taxes	(3,818,227)	(3,315,111)	(5,197,220)	(4,531,458)
Net Loss	$ (3,818,227)	$ (3,315,111)	$ (5,197,220)	$ (4,531,458)
Loss Per Share - Basic and Diluted (in dollars per share)	$ (0.01)	$ 0	$ (0.01)	$ (0.01)
Weighted Average Shares Outstanding - Basic and Diluted (in shares)	685,152,225	680,512,225	683,955,339	677,604,919

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES
Net Loss	$ (5,197,220)	$ (4,531,458)
Adjustments to reconcile Net Loss to Cash used in Operating Activities:
Impairment of Oil and Natural Gas Properties	3,316,212	2,890,678
Change in Allowance for Doubtful Accounts Receivable	(128,024)
Depreciation	17,763	37,384
Stock-based Compensation	393,037	257,898
Debt Discount Amortization	701,959	22,266
Loss on Debt Extinguishment	50,701
Changes in Operating Assets and Liabilities
(Increase) Decrease in Accounts Receivable	191,171
(Increase) Decrease in Prepaid Expenses and Other Current Assets	100,230	185,698
Increase (Decrease) in Accounts Payable and Stock Payable	(35,843)	101,482
Increase (Decrease) in Related Party Payable	26,710	49,577
Increase (Decrease) in Accrued Interest Payable	380,088	307,412
Increase (Decrease) in Accrued Liabilities and Other Payables		39,514
Net Cash used in Operating Activities	(183,216)	(639,549)
INVESTING ACTIVITIES
Proceeds from Sale of Working Interest		400,000
Leases Purchased / Lease Rentals	(257,689)	(505,945)
Exploration Costs	(114,119)	(1,062,461)
Net Cash used in Investing Activities	(371,808)	(1,168,406)
FINANCING ACTIVITIES
Proceeds from Related Party Loans	492,500	487,000
Payments on Note Payable	(127,134)	(189,896)
Proceeds from Convertible Promissory Notes and Warrants	150,000	215,000
Net Cash provided by Financing Activities	515,366	512,104
Net Decrease in Cash	(39,658)	(1,295,851)
Beginning Cash Balance	64,114	1,428,014
Ending Cash Balance	24,456	132,163
Supplemental Schedule of Cash Flow Activities
Cash Paid for Interest	4,144	4,722
Non-Cash Financing and Investing Activities
Capital Expenditures Included in Accounts Payable	50,628	260,313
Prepaid Asset Financed by Note Payable	159,188	240,848
Related Party Payable Settled through Issuance of Bridge Financing Notes		70,000
Capital Expenditures Included in Stock Payable		11,605
Stock-Based Compensation Capitalized to Unproved Properties	$ 167,250	$ 324,797

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS GulfSlope Energy, Inc. (the “Company,” “GulfSlope,” “our” and words of similar import), a Delaware corporation, is an independent crude oil and natural gas exploration and production company whose interests are concentrated in the United States Gulf of Mexico (“GOM”) federal waters offshore Louisiana. The Company currently has under lease eleven federal Outer Continental Shelf blocks (referred to as “prospect,” “portfolio” or “leases” in this Report). Since March 2013, we have been singularly focused on identifying high-potential oil and gas prospects located on the shelf in the U.S. GOM. We have licensed 3-D seismic data covering approximately 2.2 million acres and have evaluated this data using advanced interpretation technologies. As a result of these analyses, we have identified and acquired leases on multiple prospects that we believe may contain economically recoverable hydrocarbon deposits, and we plan to continue to conduct more refined analyses of our prospects as well as target additional lease and property acquisitions. We have given preference to areas with water depths of 450 feet or less where production infrastructure already exists. We have nine prospects that we deem technically complete and ready to drill, all of which are located in such shallow waters. We believe this will allow for any discoveries to be developed faster and less expensively, given our goal to reduce economic risk while increasing returns. Recent actions of the Bureau of Ocean Energy Management (“BOEM”) have reduced the royalty rate for leases in future lease sales in water depths of less than 200 meters (approximately 656 feet) from 18.75% to 12.5%, further enhancing the economics for drilling. As of June 30, 2017, we have no production or proved reserves.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES The condensed financial statements included herein are unaudited. However, these condensed financial statements include all adjustments (consisting of normal recurring adjustments), which, in the opinion of management are necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods. The results of operations for interim periods are not necessarily indicative of the results to be expected for an entire year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain information, accounting policies, and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted in this Form 10-Q pursuant to certain rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed financial statements should be read in conjunction with the audited financial statements for the year ended September 30, 2016, which were included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016 and filed with the Securities and Exchange Commission on December 27, 2016. Cash and Cash Equivalents GulfSlope considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest-bearing bank accounts and money market funds. The Company’s cash positions represent assets held in checking and money market accounts. These assets are generally available on a daily or weekly basis and are highly liquid in nature. Liquidity/Going Concern The Company has incurred accumulated losses as of June 30, 2017 of $38.7 million. Further losses are anticipated in developing our business. As a result, our auditors have expressed substantial doubt about our ability to continue as a going concern. As of June 30, 2017, we had $.02 million of unrestricted cash on hand. The Company estimates that it will need to raise a minimum of $4 million to meet its obligations and planned expenditures through August 2018. The Company plans to finance its operations through the issuance of equity and debt, joint ventures including farm-outs, or further sales of working interests in prospects. Our policy has been to periodically raise funds through sale of equity on a limited basis, to avoid undue dilution while at the early stages of execution of our business plan. Short term needs have been historically funded through loans from executive management and other related parties. There are no assurances that financing will be available with acceptable terms, if at all. If the Company is not successful in obtaining adequate financing, operations would need to be curtailed or ceased, including those associated with being a public reporting company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Full Cost Method The Company uses the full cost method of accounting for its oil and gas exploration and development activities as defined by the Securities and Exchange Commission (“SEC”). Under the full cost method of accounting, all costs associated with successful and unsuccessful exploration and development activities are capitalized on a country-by-country basis into a single cost center (“full cost pool”). Such costs include property acquisition costs, geological and geophysical (“G&G”) costs, carrying charges on non-producing properties, costs of drilling both productive and non-productive wells and overhead charges directly related to acquisition, exploration and development activities. Proceeds from property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more of the proved reserves related to a single full cost pool. Proved properties are amortized on a country-by-country basis using the units of production method (UOP). The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the cost of those reserves. The amortization base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (DD&A), estimated future development costs (future costs to access and develop proved reserves), and asset retirement costs, less related salvage value. The costs of unproved properties and related capitalized costs (such as G&G costs) are withheld from the amortization calculation until such time as they are either developed or abandoned. Unproved properties and properties under development are reviewed for impairment at least quarterly and are determined through an evaluation considering, among other factors, seismic data, requirements to relinquish acreage, drilling results, remaining time in the commitment period, remaining capital plan, and political, economic, and market conditions. In countries where proved reserves exist, exploratory drilling costs associated with dry holes are transferred to proved properties immediately upon determination that a well is dry and amortized accordingly. In countries where a reserve base has not yet been established, impairments are charged to earnings. Companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, utilizing the average of prices in effect on the first day of the month for the preceding twelve-month period. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attributable to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depreciation, depletion and amortization rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling. As of June 30, 2017, the Company’s oil and gas properties consisted of unproved properties and no proved reserves. Basic and Dilutive Earnings Per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) (the numerator) by the weighted average number of common shares outstanding for the period (denominator). Diluted EPS is computed by dividing net income (loss) by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include stock options, warrants, and restricted stock. The number of potential common shares outstanding relating to stock options, warrants, and restricted stock is computed using the treasury stock method. As the Company has incurred losses for the nine months ended June 30, 2017 and 2016, the potentially dilutive shares are anti-dilutive and are thus not added into the loss per share calculations. As of June 30, 2017 and 2016, there were 163,805,888 and 81,885,606 potentially dilutive shares, respectively. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU No. 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. As amended, the new standard is effective for annual reporting periods beginning after December 15, 2017. Early application is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has no revenues to date and does not anticipate the adoption of this standard to have a material impact on its financial statements. In August 2014, the FASB issued Accounting Standard Update No. 2014-15 (“ASU No. 2014-15”), Presentation of Financial Statements Going Concern (Subtopic 205-40) On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 provides guidance on the following specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is still evaluating the impact of this update, but does not expect it to have a material impact on its financial statements. The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company’s financial statements.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	9 Months Ended
	Jun. 30, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
OIL AND NATURAL GAS PROPERTIES	NOTE 3 – OIL AND NATURAL GAS PROPERTIES In March 2014 and 2015, the Company was awarded a total of 23 Outer Continental Shelf blocks in the Central Gulf of Mexico. During the quarter ended June 30, 2016, the Company relinquished six of the lease blocks acquired. The capitalized lease costs of $2,610,678 associated with these blocks were recorded as impairment of oil and natural gas properties. The Company also deducted $280,000 as an impairment of certain capitalized exploration costs that were directly allocable to the relinquished blocks, for a total impairment deduction of $2,890,678 for the quarter ended June 30, 2016. During the quarter ended June 30, 2017, the Company relinquished six lease blocks. The capitalized lease costs of $2,054,212 associated with these blocks were recorded as impairment of oil and natural gas properties. The Company also deducted $1,262,000 as an impairment of certain capitalized exploration costs that were directly allocable to the 2017 relinquished blocks, for a total impairment deduction of $3,316,212. In May 2016, the Company entered into a letter agreement subject to execution of definitive documents (the “letter agreement”) with Texas South that sets out the terms and conditions of a proposed farm-out arrangement (the “Farm-out”) to develop two shallow-depth oil and gas prospects located on offshore Gulf of Mexico blocks currently leased by the Company. Through June 30, 2017 the Company received $400,000 under the terms of the letter agreement. In accordance with full cost requirements, the Company recorded the proceeds from the transaction as an adjustment to the capitalized costs of its oil & gas properties with no gain or loss recognition. The Company also received lease rental reimbursements of $63,147 for 2016 and $63,147 for 2017 under the terms of this letter agreement. The Company paid $376,368 and $632,665 in gross annual lease rental payments to the BOEM for the nine months ended June 30, 2017 and the year ended September 30, 2016, respectively. The Company’s share of these amounts are included in unproved properties. For the year ended September 30, 2016, the Company incurred $1,354,674 in consulting fees and salaries and benefits associated with full-time geoscientists, and $463,497 associated with technological infrastructure, third party hosting services and seismic data. The Company capitalized these G&G costs because the Company owned specific unevaluated properties that these costs relate to. At June 30, 2016, a portion of these costs, $280,000, specifically related to leases relinquished in June 2016 were immediately impaired. These remaining capitalized amounts when added to the amount paid in 2016 for lease rental payments of $632,665 and netted with the 2016 receipts from sale of a working interest of $400,000 as well as the relinquished leases impairment amount of $2,610,678 subtracting lease rentals receivable of $191,171 results in unproved oil and gas properties of $4,526,171, reflected on our balance sheet at September 30, 2016. For the nine months ended June 30, 2017, the Company incurred $130,675 in consulting fees, salaries and benefits, $167,250 in stock option costs associated with geoscientists, and $34,073 associated with technological infrastructure and third party hosting services. The Company capitalized these G&G costs because the Company owned specific unevaluated properties that these costs relate to. These capitalized amounts when added to the amount paid in 2017 for lease rental payments of $376,368 and netted with the 2017 receipts from working interest portion of annual rentals $118,680 as well as the relinquished leases impairment amount of $3,316,212 results in unproved oil and gas properties of $1,799,645 reflected on our balance sheet at June 30, 2017.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS During April through September 2013, the Company entered into convertible promissory notes whereby it borrowed a total of $6,500,000 from John Seitz, its current chief executive officer. The notes are due on demand, bear interest at the rate of 5% per annum, and are convertible into shares of common stock at a conversion price equal to $0.12 per share of common stock (the then offering price of shares of common stock to unaffiliated investors). In May 2013, John Seitz converted $1,200,000 of the aforementioned debt into 10,000,000 shares of common stock, which shares were issued in July 2013. Between June of 2014 and December 2015, the Company entered into promissory notes whereby it borrowed a total of $2,410,000 from Mr. Seitz. The notes are not convertible, due on demand and bear interest at a rate of 5% per annum. During January through September 2016, the Company entered into promissory notes whereby it borrowed a total of $363,000 from Mr. Seitz. The notes are due on demand, bear interest at the rate of 5% per annum, and the outstanding principal and interest is convertible at the option of the holder into securities issued by the Company in a future offering, at the same price and terms received by unaffiliated investors. Additionally, during the nine months ended June 30, 2017, the Company entered into promissory notes with John Seitz whereby it borrowed a total of $442,500. The notes are due on demand, bear interest at the rate of 5% per annum, and the outstanding principal and interest is convertible at the option of the holder into securities issued by the Company in a future offering, at the same price and terms received by unaffiliated investors. As of June 30, 2017 the total amount owed to John Seitz, our CEO, is $8,515,500. There was a total of $1,092,388 of unpaid interest associated with these loans included in accrued interest payable within our balance sheet as of June 30, 2017. From August 2015 through February 2016 the Company entered into promissory notes whereby it borrowed a total of $267,000 from Dr. Ronald Bain, its current president and chief operating officer, and his affiliate ConRon Consulting, Inc. These notes are not convertible, due on demand and bear interest at the rate of 5% per annum. As of June 30, 2017, the total amount owed to Dr. Bain and his affiliate was $267,000. There was a total of $24,759.17 of accrued interest associated with these loans and the Company has recorded interest expense for the same amount. During the fiscal year ended September 30, 2016, Dr. Ronald Bain also entered into a $92,000 convertible promissory note with associated warrants (“Bridge Financing”) under the same terms received by other investors (see Note 5). Domenica Seitz, CPA, a related party, has provided accounting consulting services to the Company. During the three and nine month period ended June 30, 2017, services provided were $5,915 and $26,710, respectively. The Company has accrued these amounts, and they are reflected in the June 30, 2017 condensed financial statements. On November 15, 2016, a family member of the CEO, a related party, entered into a $50,000 convertible promissory note with associated warrants (“Bridge Financing”) under the same terms received by other investors (see Note 5). John Seitz has not received a salary since May 31, 2013, the date he commenced serving as our chief executive officer and accordingly, no amount has been accrued on our financial statements. Kevin Bain, son of Dr. Bain, is a geoscientist, employee of the Company. All employees of the Company (including executive management), who are all shareholders of the Company, have been paid a reduced salary plus benefits beginning on January 1, 2016. On January 1, 2017, 1.25 million restricted shares, which had vested in September 2016, were issued to an employee. On January 1, 2017, 33.5 million stock options were granted to six employees and two directors of the Company. The CEO was not included in the award. The stock options vested 50% on January 1, 2017 and the remaining 50% will vest on January 1, 2018, provided that the option holder continues to serve as an employee or director on the vesting date. The stock options are exercisable for seven years from the original grant date of January 1, 2017, until January 1, 2024.

BRIDGE FINANCING - CONVERTIBLE

BRIDGE FINANCING - CONVERTIBLE PROMISSORY NOTES WITH ASSOCIATED WARRANTS	9 Months Ended
	Jun. 30, 2017
Bridge Financing - Convertible Promissory Notes With Associated Warrants
BRIDGE FINANCING - CONVERTIBLE PROMISSORY NOTES WITH ASSOCIATED WARRANTS	NOTE 5 – BRIDGE FINANCING – CONVERTIBLE PROMISSORY NOTES WITH ASSOCIATED WARRANTS Between June and November 2016, the Company issued eleven convertible promissory notes with associated warrants in a private placement to accredited investors for total gross proceeds of $837,000. Three of the notes were to related parties for proceeds totaling $222,000, including the extinguishment of $70,000 worth of related party payables. The convertible notes have a maturity of one year, bear an annual interest rate of 8% and can be converted at the option of the holder at a conversion price of $0.025 per share. In addition, the convertible notes will automatically convert if a qualified equity financing of at least $3 million occurs before maturity and such mandatory conversion price will equal the effective price per share paid in the qualified equity financing. In addition to the convertible notes, the investors received 27.9 million warrants (7.4 million to the above mentioned related parties) with an exercise price of $0.03 and a term of the earlier of three years or upon a change of control. The Company evaluated the various financial instruments under ASC 480 and ASC 815 and determined no instruments or features required fair value accounting. Therefore, in accordance with ASC 470-20-25-2, the Company allocated the proceeds between the convertible notes and warrants based on their relative fair values. This resulted in an allocation of $452,422 to the warrants and $384,578 to the convertible notes. After such allocation, the Company evaluated the conversion option to discern whether a beneficial conversion feature existed based upon comparing the effective exercise price of the convertible notes to the fair value of the shares they are convertible into. The Company concluded a beneficial conversion feature existed and measured such beneficial conversion feature at $384,368. Accordingly, the debt discount associated with these notes was $836,790. Such discount will be amortized using the effective interest rate method over the term (one year) of the convertible notes. For the three and nine months ended June 30, 2017 amortization of this discount totaled $186,359 and $597,331 and is included in interest expense in the statement of operations. Accrued interest expense for the three and nine months ended June 30, 2017 is $16,740, and $49,731. Upon maturity of eight of the eleven promissory notes in June 2017, the Company issued 3,225,000 extension warrants (equal to 25% of the original warrant amount) to the holders of the notes to extend the terms to January 15, 2018. The Company evaluated this modification including considering the fair value of the warrants issued and concluded that extinguishment accounting was required as the present value of future cash flows from the new note, including the fair value of the warrants issued to extend, exceeded the present value of future cash flows of the old note by more than 10%. The fair value of the warrants was deemed to be $50,701 and such amount was recognized immediately as a loss on extinguishment of debt. The fair value of the warrants was determined using the Black-Scholes option pricing model using the following assumptions: (1) Stock price: $0.025; (2) Exercise price: $0.03; (3) Term: 2 years; (4) Risk free rate: 1.35%; and (5) Volatility: 135%. On December 28, 2016, the Company issued a convertible promissory note with 500,000 shares of restricted stock and 550,000 warrants in a private placement to an accredited investor for $50,000 in proceeds. The warrants have a five-year term and an exercise price of $0.10. The promissory note has a face value of $55,555 and incurs a one-time upfront interest charge of six percent. The holder of the note has the option to convert the note into shares of common stock at a conversion price of $0.02 per share. Approximately $450,000 of additional funding is available under similar terms if the Company and the lender mutually agree to further tranches. The Company evaluated the various financial instruments under ASC 480 and ASC 815 and determined no material instruments or features required fair value accounting. Therefore, in accordance with ASC 470-20-25-2, the Company allocated the proceeds between the convertible note, restricted common stock, and warrants based on their relative fair values. This resulted in an allocation of $8,460 to the restricted stock, $7,969 to the warrants and $33,571 to the convertible note. After such allocation, the Company evaluated the conversion option to discern whether a beneficial conversion feature existed based upon comparing the effective exercise price of the convertible note to the fair value of the shares it is convertible into. The Company concluded a beneficial conversion feature existed and measured such beneficial conversion feature at $33,571. Accordingly, at December 28, 2016, the debt discount associated with these notes was $55,555. Such discount will be amortized using the effective interest rate method over the term (seven months) of the convertible note. For the three and nine months ended June 30, 2017 amortization of this discount totaled $23,810 and $48,181, respectively and is included in interest expense in the statement of operations. Accrued interest expense for the three and nine months ended June 30, 2017 is zero and $3,333, respectively. On March 14, 2017, the Company issued a convertible promissory note with 1,000,000 shares of restricted stock and 1,100,000 warrants in a private placement to an accredited investor for $100,000 in proceeds. The warrants have a five-year term and an exercise price of $0.10. The promissory note has a face value of $111,111 and incurs a one-time upfront interest charge of six percent. The holder of the note has the option to convert the note into shares of common stock at a conversion price of $0.02 per share. Approximately $350,000 of additional funding is available under similar terms if the Company and the lender mutually agree to further tranches. The Company evaluated the various financial instruments under ASC 480 and ASC 815 and determined no material instruments or features required fair value accounting. Therefore, in accordance with ASC 470-20-25-2, the Company allocated the proceeds between the convertible note, restricted common stock, and warrants based on their relative fair values. This resulted in an allocation of $17,250 to the restricted stock, $14,051 to the warrants and $68,699 to the convertible note. After such allocation, the Company evaluated the conversion option to discern whether a beneficial conversion feature existed based upon comparing the effective exercise price of the convertible note to the fair value of the shares it is convertible into. The Company concluded a beneficial conversion feature existed and measured such beneficial conversion feature at $68,699. Accordingly, at March 14, 2017, the debt discount associated with these notes was $111,111. Such discount will be amortized using the effective interest rate method over the term (seven months) of the convertible note. For the three and nine months ended June 30, 2017 amortization of this discount totaled $47,619 and $56,446 respectively and is included in interest expense in the statement of operations. Accrued interest expense for the three and nine months ended June 30, 2017 is zero and $6,667, respectively.

COMMON STOCK_PAID IN CAPITAL

COMMON STOCK/PAID IN CAPITAL	9 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
COMMON STOCK/PAID IN CAPITAL	NOTE 6 – COMMON STOCK/PAID IN CAPITAL In March 2016, the Company issued 520,273 shares of common stock to one vendor as consideration for services rendered in the ordinary course of business. As discussed in Note 5, between June and November 2016, the Company issued 27.9 million warrants in conjunction with $837,000 convertible notes payable. The warrants have an exercise price of $0.03 and a term of the earlier of 3 years or upon a change of control. Based upon the allocation of proceeds between the convertible notes payable and the warrants, approximately $452,422 was allocated to the warrants. As discussed in Note 5, in June 2017, 3.2 million additional warrants were awarded to the holders of Bridge Notes that matured in June 2017. The fair value of the warrants were determined using the Black Scholes valuation model with the following key assumptions: June 2016 July 2016 August 2016 November 2016 June 2017 Number of Warrants Issued 12.9 million 10.0 million 3.3 million 1.7 million 3.2 million Stock Price: $ 0.054 $ 0.040 $ 0.032 $ 0.029 $ 0.025 Exercise Price: $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 Term: 3 years 3 years 3 years 3 years 2 years Risk Free Rate: .87 % .80 % .88 % 1.28 % 1.35 % Volatility: 135 % 138 % 137 % 131 % 135 % In December 2016, 500,000 shares of restricted stock were issued in conjunction with a financing transaction (see Note 5). As discussed in Note 5, in December 2016, the Company issued 550,000 warrants in conjunction with a convertible note payable. The warrants have an exercise price of $0.10 and a term of the earlier of 5 years or upon a change of control. Based upon the allocation of proceeds between the convertible note payable and the warrants, approximately $7,969 was allocated to the warrants. In March 2017, 1,000,000 shares of restricted stock were issued in conjunction with a financing transaction (see Note 5). As discussed in Note 5, in March 2017, the Company issued 1,100,000 warrants in conjunction with a convertible note payable. The warrants have an exercise price of $0.10 and a term of the earlier of 5 years or upon a change of control. Based upon the allocation of proceeds between the convertible note payable and the warrants, approximately $14,051 was allocated to the warrants. The fair value of the warrants were determined using the Black Scholes valuation model with the following key assumptions: December 2016 March 2017 Number of Warrants Issued 550,000 1,100,000 Stock Price: $ 0.028 $ 0.0279 Exercise Price: $ 0.10 $ 0.10 Term: 5 years 5 years Risk Free Rate: 2.02 % 2.13 % Volatility: 155 % 127 %

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	NOTE 7– STOCK-BASED COMPENSATION On January 1, 2017, 1.25 million restricted shares, which had vested in September 2016, were issued to an employee. On January 1, 2017, 33.5 million stock options were granted to 6 employees and 2 directors of the Company. The CEO was not included in the award. The stock options vested 50% on January 1, 2017 and the remaining 50% will vest on January 1, 2018, provided that the option holder continues to serve as an employee or director on the vesting date. The stock options are exercisable for seven years from the original grant date of January 1, 2017, until January 1, 2024. The fair value of the stock-options were determined using the Black Scholes valuation model with the following key assumptions: January 1, 2017 Number of Stock Options Awarded 33,500,000 Stock Price: $ 0.0278 Exercise Price: $ 0.0278 Term: 4 years Risk Free Rate: 1.71 % Volatility: 127 % The Company used the historical volatility of its stock for the period March 21, 2013 (the date the exploration activities began) through January 1, 2017 for the Black Scholes computation. The Company has no historical data regarding the expected life of the options and therefore used the simplified method of calculating the expected life. The risk free rate was calculated using the U.S. Treasury constant maturity rates similar to the expected life of the options, as published by the Federal Reserve. The Company has no plans to declare any future dividends. Stock-based compensation cost is measured at the grant date, using the estimated fair value of the award, and is recognized over the required vesting period. The Company recognized $93,381 and $560,287 in stock-based compensation during the three and nine months ended June 30, 2017, and $174,650 and $582,694 in stock-based compensation during the three and nine months ended June 30, 2016, respectively. A portion of these costs, $27,875 and $99,050, were capitalized to unproved properties and the remainder were recorded as general and administrative expenses for the three months ended June 30, 2017 and 2016, respectively. For the nine months ended June 30, 2017 and 2016, $167,250 and $324,797, respectively, were capitalized to unproved properties. The following table summarizes the Company’s stock option activity during the nine months ended June 30, 2017: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding at September 30, 2016 2,000,000 $ 0.12 — Granted 33,500,000 $ .0278 — Exercised — — — Cancelled — — — Outstanding at June 30, 2017 35,500,000 $ .0330 3.4 years Vested and expected to vest 18,750,000 $ .0330 3.4 years Exercisable at June 30, 2017 18,750,000 .0330 — As of June 30, 2017, remaining expense to be recognized related to outstanding options was $186,763. As of June 30, 2017 there was zero intrinsic value for stock options outstanding as of June 30, 2017.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8– COMMITMENTS AND CONTINGENCIES In March 2013, the Company licensed certain seismic data pursuant to two agreements. With respect to the first agreement, as of June 30, 2017, the Company has paid $6,135,500 in cash, with no additional amount due. With respect to the second agreement, as of June 30, 2017, the Company has paid $3,009,195 in cash and is obligated to pay $1,003,065. In October 2016, the Company purchased a directors and officers’ insurance policy for $170,850 and financed $155,010 of the premium by executing a note payable. The balance of the note payable at June 30, 2017 is $31,494.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 – SUBSEQUENT EVENTS The company entered into a promissory note with John Seitz in July and August 2017 whereby it borrowed a total of $50,000. The note is due on demand, bears interest at the rate of 5% per annum, and the principal amount is convertible at the option of the holder into securities issued by the Company in a future offering, at the same price and terms received by unaffiliated investors. The maturity date of $400,000 of convertible promissory notes that matured in July and August of 2017 were extended to January 15, 2018 in exchange for 3.3 million of additional warrants. The $50,000 promissory note dated December 28, 2016 that matured in July 2017 was extended until August 30, 2017 and $20,000 was converted into 2 million shares of the company’s stock.

SIGNIFICANT ACCOUNTING POLICI15

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents GulfSlope considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest-bearing bank accounts and money market funds. The Company’s cash positions represent assets held in checking and money market accounts. These assets are generally available on a daily or weekly basis and are highly liquid in nature.
Liquidity/Going Concern	Liquidity/Going Concern The Company has incurred accumulated losses as of June 30, 2017 of $38.7 million. Further losses are anticipated in developing our business. As a result, our auditors have expressed substantial doubt about our ability to continue as a going concern. As of June 30, 2017, we had $.02 million of unrestricted cash on hand. The Company estimates that it will need to raise a minimum of $4 million to meet its obligations and planned expenditures through August 2018. The Company plans to finance its operations through the issuance of equity and debt, joint ventures including farm-outs, or further sales of working interests in prospects. Our policy has been to periodically raise funds through sale of equity on a limited basis, to avoid undue dilution while at the early stages of execution of our business plan. Short term needs have been historically funded through loans from executive management and other related parties. There are no assurances that financing will be available with acceptable terms, if at all. If the Company is not successful in obtaining adequate financing, operations would need to be curtailed or ceased, including those associated with being a public reporting company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Full Cost Method	Full Cost Method The Company uses the full cost method of accounting for its oil and gas exploration and development activities as defined by the Securities and Exchange Commission (“SEC”). Under the full cost method of accounting, all costs associated with successful and unsuccessful exploration and development activities are capitalized on a country-by-country basis into a single cost center (“full cost pool”). Such costs include property acquisition costs, geological and geophysical (“G&G”) costs, carrying charges on non-producing properties, costs of drilling both productive and non-productive wells and overhead charges directly related to acquisition, exploration and development activities. Proceeds from property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more of the proved reserves related to a single full cost pool. Proved properties are amortized on a country-by-country basis using the units of production method (UOP). The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the cost of those reserves. The amortization base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (DD&A), estimated future development costs (future costs to access and develop proved reserves), and asset retirement costs, less related salvage value. The costs of unproved properties and related capitalized costs (such as G&G costs) are withheld from the amortization calculation until such time as they are either developed or abandoned. Unproved properties and properties under development are reviewed for impairment at least quarterly and are determined through an evaluation considering, among other factors, seismic data, requirements to relinquish acreage, drilling results, remaining time in the commitment period, remaining capital plan, and political, economic, and market conditions. In countries where proved reserves exist, exploratory drilling costs associated with dry holes are transferred to proved properties immediately upon determination that a well is dry and amortized accordingly. In countries where a reserve base has not yet been established, impairments are charged to earnings. Companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, utilizing the average of prices in effect on the first day of the month for the preceding twelve-month period. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attributable to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depreciation, depletion and amortization rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling. As of June 30, 2017, the Company’s oil and gas properties consisted of unproved properties and no proved reserves.
Basic and Dilutive Earnings Per Share	Basic and Dilutive Earnings Per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) (the numerator) by the weighted average number of common shares outstanding for the period (denominator). Diluted EPS is computed by dividing net income (loss) by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include stock options, warrants, and restricted stock. The number of potential common shares outstanding relating to stock options, warrants, and restricted stock is computed using the treasury stock method. As the Company has incurred losses for the nine months ended June 30, 2017 and 2016, the potentially dilutive shares are anti-dilutive and are thus not added into the loss per share calculations. As of June 30, 2017 and 2016, there were 163,805,888 and 81,885,606 potentially dilutive shares, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU No. 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. As amended, the new standard is effective for annual reporting periods beginning after December 15, 2017. Early application is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has no revenues to date and does not anticipate the adoption of this standard to have a material impact on its financial statements. In August 2014, the FASB issued Accounting Standard Update No. 2014-15 (“ASU No. 2014-15”), Presentation of Financial Statements Going Concern (Subtopic 205-40) On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 provides guidance on the following specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is still evaluating the impact of this update, but does not expect it to have a material impact on its financial statements. The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company’s financial statements.

COMMON STOCK_PAID IN CAPITAL (T

COMMON STOCK/PAID IN CAPITAL (Tables)	9 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Schedule of Fair Value Assumptions for Warrants	The fair value of the warrants were determined using the Black Scholes valuation model with the following key assumptions: June 2016 July 2016 August 2016 November 2016 June 2017 Number of Warrants Issued 12.9 million 10.0 million 3.3 million 1.7 million 3.2 million Stock Price: $ 0.054 $ 0.040 $ 0.032 $ 0.029 $ 0.025 Exercise Price: $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 Term: 3 years 3 years 3 years 3 years 2 years Risk Free Rate: .87 % .80 % .88 % 1.28 % 1.35 % Volatility: 135 % 138 % 137 % 131 % 135 % The fair value of the warrants were determined using the Black Scholes valuation model with the following key assumptions: December 2016 March 2017 Number of Warrants Issued 550,000 1,100,000 Stock Price: $ 0.028 $ 0.0279 Exercise Price: $ 0.10 $ 0.10 Term: 5 years 5 years Risk Free Rate: 2.02 % 2.13 % Volatility: 155 % 127 %

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Fair Value Assumptions for Stock Options	The fair value of the stock-options were determined using the Black Scholes valuation model with the following key assumptions: January 1, 2017 Number of Stock Options Awarded 33,500,000 Stock Price: $ 0.0278 Exercise Price: $ 0.0278 Term: 4 years Risk Free Rate: 1.71 % Volatility: 127 %
Summary of Stock Options Activity	The following table summarizes the Company’s stock option activity during the nine months ended June 30, 2017: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding at September 30, 2016 2,000,000 $ 0.12 — Granted 33,500,000 $ .0278 — Exercised — — — Cancelled — — — Outstanding at June 30, 2017 35,500,000 $ .0330 3.4 years Vested and expected to vest 18,750,000 $ .0330 3.4 years Exercisable at June 30, 2017 18,750,000 .0330 —

ORGANIZATION AND NATURE OF BU18

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	9 Months Ended
	Jun. 30, 2017aNumberftm
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of leased federal outer continental shelf blocks | Number	9
Concentration of 3-D seismic data | a	2,200,000
Maximum water depth, in meters | m	200
Maximum water depth, in feet | ft	656
Royalty rate for leases	12.50%
Royalty rate for leases, as amended	18.75%

SIGNIFICANT ACCOUNTING POLICI19

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
Accumulated losses	$ 38,724,394		$ 33,527,174
Unrestricted cash	24,456	$ 132,163	$ 64,114	$ 1,428,014
Minimum capital which company estimated to raise to meet its obligations and planned expenditures	$ 4,000,000
Shares excluded from the computation of diluted loss per share	163,805,888	81,885,606

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Details Narrative)	1 Months Ended		3 Months Ended		9 Months Ended		11 Months Ended	12 Months Ended	13 Months Ended
	Jun. 30, 2015Number	Jun. 30, 2014Number	Jun. 30, 2017USD ($)Number	Jun. 30, 2016USD ($)Number	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Mar. 31, 2015Number
Blocks acquired | Number	2	21							23
Blocks divested | Number			6	6
Impairment of oil and natural gas properties			$ 3,316,212	$ 2,890,678	$ 3,316,212	$ 2,890,678
Impairment of capitalized lease costs			2,054,212	2,610,678
Impairment of capitalized exploration costs			1,262,000	280,000
Unproved oil and gas properties			1,799,644		1,799,644		$ 1,799,644	$ 4,526,171
Proceeds from sale of working interest						$ 400,000	$ 400,000
Lease rental reimbursements			$ 63,147	$ 63,147
Lease rentals receivable								191,171
Working interest portion of annual rentals					188,680
Consulting Fees And Salaries And Benefits [Member]
Exploration costs capitalized during the period					130,675			1,354,674
Technological Infrastructure And Third Party Hosting Services [Member]
Exploration costs capitalized during the period					34,073			463,497
Stock Option Costs [Member]
Exploration costs capitalized during the period					167,250
Bureau Of Ocean Energy Management [Member]
Gross annual lease rental payments					$ 376,368			$ 632,665

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	Nov. 15, 2016USD ($)	May 31, 2013USD ($)shares	Jun. 30, 2017USD ($)	Sep. 30, 2013USD ($)$ / shares	Feb. 29, 2016USD ($)	Jun. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Jan. 01, 2017Number	Nov. 30, 2016USD ($)
Options granted | shares						33,500,000
Restricted Stock [Member]
Restricted shares issued | shares						1,250,000
Stock Options [Member]
Number of employees granted options | Number									6
Number of directors granted options | Number									2
Options granted | shares						33,500,000
Vesting terms						50.00%
Options expiration period						7 years
Options expiration date						Jan. 1, 2024
John Seitz, CEO [Member] | Convertible Promissory Notes [Member]
Debt Face amount			$ 442,500	$ 6,500,000		$ 442,500	$ 363,000	$ 2,410,000
Interest rate			5.00%	5.00%		5.00%	5.00%	5.00%
Debt conversion, price per share | $ / shares				$ 0.12
Debt maturity date				due on demand		due on demand	due on demand	due on demand
Amount owed to related party			$ 8,515,500			$ 8,515,500
Stock issued in conversion of notes payable, shares | shares		10,000,000
Value of stock issued in conversion of notes payable		$ 1,200,000
Accrued interest payable			1,092,388			1,092,388
Dr. Ronald Bain, President [Member]
Debt Face amount					$ 267,000
Interest rate					5.00%
Debt maturity date					due on demand
Amount owed to related party			267,000			267,000
Accrued interest payable			24,759.17			24,759.17
Dr. Ronald Bain, President [Member] | Convertible Promissory Notes [Member]
Debt Face amount										$ 92,000
Accounting Consulting Service [Member]
Accounting consulting services, included in related party payables			$ 5,915			$ 26,710
Related party [Member] | Promissory Notes [Member]
Proceeds from issuance of convertible notes and warrants	$ 50,000

BRIDGE FINANCING - CONVERTIBL22

BRIDGE FINANCING - CONVERTIBLE PROMISSORY NOTES WITH ASSOCIATED WARRANTS (Details Narrative) - USD ($)	Mar. 14, 2017	Dec. 28, 2016	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Nov. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Loss on Debt Extinguishment				$ (50,701)			$ (50,701)
Amortization of debt discount							701,959	$ 22,266
Interest expense				$ 383,457	$ 127,656		$ 1,085,625	$ 334,399
June 2017 Warrants [Member]
Number of warrants issued							3,200,000
Warrant exercise price			$ 0.03	$ 0.03			$ 0.03
Risk-free rate							1.35%
Stock Price			$ 0.025	$ 0.025			$ 0.025
Volatility							135.00%
June - Nov 2016 Promissory Notes [Member]
Proceeds from issuance of convertible notes and warrants						$ 837,000
Maturity term						1 year
Interest rate						8.00%
Conversion price						$ 0.025
Qualified equity financing amount						$ 3,000,000
Amount allocated to debt						384,578
Amount allocated to warrants						452,422
Beneficial conversion feature						384,368
Debt discount						$ 836,790
Amortization of debt discount				$ 186,359			$ 597,331
Interest expense				$ 16,740			$ 49,731
June - Nov 2016 Promissory Notes [Member] | Warrants [Member]
Number of warrants issued						27,900,000
Warrant exercise price						$ 0.03
Warrant term						3 years
June - Nov 2016 Promissory Notes [Member] | June 2017 Warrants [Member]
Number of warrants issued			3,225,000
Warrant exercise price			$ 0.03	$ 0.03			$ 0.03
Warrant term			2 years
Amount allocated to warrants			$ 50,701	$ 50,701			$ 50,701
Loss on Debt Extinguishment			$ (50,701)
Risk-free rate			1.35%
Stock Price			$ 0.025	$ 0.025			$ 0.025
Volatility			135.00%
Percentage of original warrants issued			25.00%
June - Nov 2016 Promissory Notes [Member] | Related Parties [Member]
Proceeds from issuance of convertible notes and warrants						$ 222,000
Extinguishment of related party payables						$ 70,000
June - Nov 2016 Promissory Notes [Member] | Related Parties [Member] | Warrants [Member]
Number of warrants issued						7,400,000
Dec 2016 Promissory Notes [Member] | Private Placement [Member]
Proceeds from issuance of convertible notes and warrants		$ 50,000
Interest rate		6.00%
Conversion price		$ 0.02
Amount allocated to debt		$ 33,571
Amount allocated to warrants		7,969
Beneficial conversion feature		33,571
Debt discount		55,555
Amortization of debt discount				$ 23,810			$ 48,181
Interest expense				0			3,333
Face value		55,555
Additional funding available		450,000
Amount allocated to restricted stock		$ 8,460
Dec 2016 Promissory Notes [Member] | Private Placement [Member] | Restricted Stock [Member]
Stock issued		500,000
Dec 2016 Promissory Notes [Member] | Warrants [Member] | Private Placement [Member]
Number of warrants issued		550,000
Warrant exercise price		$ 0.10
Warrant term		5 years
Mar 2017 Promissory Notes [Member] | Private Placement [Member]
Proceeds from issuance of convertible notes and warrants	$ 100,000
Interest rate	6.00%
Conversion price	$ 0.02
Amount allocated to debt	$ 68,699
Amount allocated to warrants	14,051
Beneficial conversion feature	68,699
Debt discount	111,111
Amortization of debt discount				47,619			56,446
Interest expense				$ 0			$ 6,667
Face value	111,111
Additional funding available	350,000
Amount allocated to restricted stock	$ 17,250
Mar 2017 Promissory Notes [Member] | Private Placement [Member] | Restricted Stock [Member]
Stock issued	1,000,000
Mar 2017 Promissory Notes [Member] | Warrants [Member] | Private Placement [Member]
Number of warrants issued	1,100,000
Warrant exercise price	$ 0.10
Warrant term	5 years

COMMON STOCK_PAID IN CAPITAL (D

COMMON STOCK/PAID IN CAPITAL (Details Narrative)	1 Months Ended
	Jun. 30, 2016Numbershares
Stockholders' Equity Note [Abstract]
Shares of stock issued for services | shares	520,273
Number of individuals to whom restricted stock awarded | Number	1

COMMON STOCK_PAID IN CAPITAL 24

COMMON STOCK/PAID IN CAPITAL (Details)	9 Months Ended
	Jun. 30, 2017$ / sharesshares
June 2016 Warrants [Member]
Number of warrants issued | shares	12,900,000
Stock Price	$ 0.054
Exercise Price	$ 0.03
Term	3 years
Risk Free Rate	0.87%
Volatility	135.00%
July 2016 Warrants [Member]
Number of warrants issued | shares	10,000,000
Stock Price	$ 0.040
Exercise Price	$ 0.03
Term	3 years
Risk Free Rate	0.80%
Volatility	138.00%
August 2016 Warrants [Member]
Number of warrants issued | shares	3,300,000
Stock Price	$ 0.032
Exercise Price	$ 0.03
Term	3 years
Risk Free Rate	0.88%
Volatility	137.00%
November 2016 Warrants [Member]
Number of warrants issued | shares	1,700,000
Stock Price	$ 0.029
Exercise Price	$ 0.03
Term	3 years
Risk Free Rate	1.28%
Volatility	131.00%
June 2017 Warrants [Member]
Number of warrants issued | shares	3,200,000
Stock Price	$ 0.025
Exercise Price	$ 0.03
Term	2 years
Risk Free Rate	1.35%
Volatility	135.00%
December 2016 Warrants [Member]
Number of warrants issued | shares	550,000
Stock Price	$ 0.028
Exercise Price	$ 0.10
Term	5 years
Risk Free Rate	2.02%
Volatility	155.00%
March 2017 Warrants [Member]
Number of warrants issued | shares	1,100,000
Stock Price	$ 0.0279
Exercise Price	$ 0.10
Term	5 years
Risk Free Rate	2.13%
Volatility	127.00%

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative)	3 Months Ended		9 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)	Jan. 01, 2017Number
Options granted | shares			33,500,000
Stock-based compensation expense	$ 93,381	$ 174,650	$ 560,287	$ 582,694
Stock-based compensation capitalized to unproved properties	27,875	$ 99,050	167,250	$ 324,797
Unrecognized compensation expense related to stock options	186,763		186,763
Intrinsic value of stock options outstanding	$ 0		$ 0
Restricted Stock [Member]
Restricted shares issued | shares			1,250,000
Stock Options [Member]
Options granted | shares			33,500,000
Vesting (percent)			50.00%
Options expiration period			7 years
Options expiration date			Jan. 1, 2024
Number of employees granted options | Number					6
Number of directors granted options | Number					2

STOCK-BASED COMPENSATION (Det26

STOCK-BASED COMPENSATION (Details)	9 Months Ended
	Jun. 30, 2017$ / sharesshares
Number of options awarded | shares	33,500,000
Exercise Price	$ 0.0278
Stock Options [Member]
Number of options awarded | shares	33,500,000
Stock Price	$ 0.0278
Exercise Price	$ 0.0278
Term	4 years
Risk Free Rate	1.71%
Volatility	127.00%

STOCK-BASED COMPENSATION (Det27

STOCK-BASED COMPENSATION (Details 1)	9 Months Ended
	Jun. 30, 2017$ / sharesshares
Number of Options
Outstanding at beginning of period | shares	2,000,000
Granted | shares	33,500,000
Outstanding at end of period | shares	35,500,000
Vested and expected to vest | shares	18,750,000
Exercisable at end of period | shares	18,750,000
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 0.12
Granted | $ / shares	0.0278
Outstanding at end of period | $ / shares	0.0330
Vested and expected to vest | $ / shares	0.0330
Exercisable at end of period | $ / shares	$ 0.0330
Weighted Average Remaining Contractual Term
Outstanding at end of period	3 years 4 months 24 days
Vested and expected to vest	3 years 4 months 24 days

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Payments for exploration costs		$ 114,119	$ 1,062,461
Directors and Officers [Member]
Insurance policy purchased	$ 170,850
Insurance policy Premium	$ 155,010
Related party notes payable		31,494
First Agreement [Member]
Payments for exploration costs		6,135,500
Second Agreement [Member]
Payments for exploration costs		3,009,195
Payment due during fiscal 2017		$ 1,003,065

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended
	Aug. 14, 2017	Dec. 28, 2016	Nov. 30, 2016
June - Nov 2016 Promissory Notes [Member]
Interest rate			8.00%
Dec 2016 Promissory Notes [Member] | Private Placement [Member]
Debt Face amount		$ 55,555
Interest rate		6.00%
Subsequent Event [Member] | June - Nov 2016 Promissory Notes [Member]
Debt Face amount	$ 400,000
Extended maturity date	Jan. 15, 2018
Subsequent Event [Member] | June - Nov 2016 Promissory Notes [Member] | Extension Warrants [Member]
Number of warrants issued	3,300,000
Subsequent Event [Member] | Dec 2016 Promissory Notes [Member] | Private Placement [Member]
Debt Face amount	$ 50,000
Extended maturity date	Aug. 31, 2018
Number of warrants issued	20,000
Value of stock issued in conversion of notes payable	$ 2,000,000
Subsequent Event [Member] | John Seitz, CEO [Member] | Promissory Notes [Member]
Debt Face amount	$ 50,000
Interest rate	5.00%
Debt maturity date	Due on demand