GulfSlope Energy (GSPE) 10-K 29 Dec 20 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Sep. 30, 2020	Dec. 28, 2020	Mar. 31, 2020
Cover [Abstract]
Entity Registrant Name	GULFSLOPE ENERGY, INC.
Entity Central Index Key	0001341726
Document Type	10-K
Document Period End Date	Sep. 30, 2020
Entity File Number	000-51638
Entity Incorporation, State Code	DE
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 10,225,907
Shares held by non-affiliates			730,421,959
Entity share price			$ 0.014
Entity Common Stock, Shares Outstanding		1,268,240,346
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Current Assets
Cash	$ 3,190,418	$ 1,138,919
Accounts Receivable, Net	366,173	8,493,308
Prepaid Expenses and Other Current Assets	84,129	137,173
Total Current Assets	3,640,720	9,769,400
Property and Equipment, net	6,347	13,014
Oil and Natural Gas Properties, Full Cost Method of Accounting, Unproved Properties	12,372,853	17,338,978
Other Non-Current Assets		3,662,231
Operating Lease Right of Use Asset	54,768
Total Non-Current Assets	12,433,968	21,014,223
Total Assets	16,074,688	30,783,623
Current Liabilities
Accounts Payable	228,892	12,747,382
Related Party Payable	417,984	365,904
Accrued Interest Payable	2,616,008	2,282,217
Accrued Liabilities and Other Payables	268,863	1,949,360
Loans from Related Parties	8,725,500	8,725,500
Notes Payable	120,827	267,000
Convertible Notes Payable, net of discount	461,613	1,197,966
Derivative Financial Instruments	1,070,551	3,534,456
Current Portion of Operating Lease Liability	62,074
Other		42,746
Total Current Liabilities	13,972,312	31,112,531
Total Liabilities	13,972,312	31,112,531
Commitments and Contingencies (Note 11)
Stockholders' Equity (Deficit)
Preferred Stock; par value ($0.001); Authorized 50,000,000 shares, none issued or outstanding
Common Stock; par value ($0.001); Authorized 1,500,000,000 as of September 30, 2020 and 2019; issued and outstanding 1,250,740,346 and 1,092,266,844, as of September 30, 2020 and 2019, respectively	1,250,740	1,092,266
Additional Paid-in Capital	58,728,308	54,160,836
Additional Paid-in Capital - Shares to Be Issued	105,000
Accumulated Deficit	(57,981,672)	(55,582,010)
Total Stockholders' Equity (Deficit)	2,102,376	(328,908)
Total Liabilities and Stockholders' Equity (Deficit)	$ 16,074,688	$ 30,783,623

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Sep. 30, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	50,000,000	50,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	1,500,000,000	1,500,000,000
Common stock, issued	1,250,740,346	1,092,266,844
Common stock, outstanding	1,250,740,346	1,092,266,844

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenues
Operating Expenses:
Impairment of Oil and Natural Gas Properties	2,424,885	$ 6,000,517
General and Administrative Expenses	1,098,233	1,472,729
Net Loss from Operations	(3,523,118)	(7,473,246)
Other Income (Expense):
Interest Expense, net	(38,762)	(1,828,489)
Interest Income	22,649	76,469
Loss on Debt Extinguishment	(1,513,334)	(5,099,340)
Gain on Derivative Financial Instrument	2,636,473	600,853
Net Loss Before Income Taxes	(2,416,092)	(13,723,753)
Income Taxes	0	0
Net Loss	$ (2,416,092)	$ (13,723,753)
Loss Per Share - Basic and Diluted (in dollars per share)	$ 0	$ (0.01)
Weighted Average Shares Outstanding - Basic and Diluted (in shares)	1,183,190,324	983,454,724

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock [Member]	Common Stock [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]	Additional Paid - In Capital Shares to Be Issued [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]Cumulative Effect Period Of Adoption Adjustment [Member]	Accumulated Deficit [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]	Total	Cumulative Effect Period Of Adoption Adjustment [Member]	Cumulative Effect Period Of Adoption Adjusted Balance [Member]
Beginning balance at Sep. 30, 2018	$ 832,013			$ 36,640,009		$ (41,858,257)			$ (4,386,235)
Beginning balance (in shares) at Sep. 30, 2018	832,013,272
Stock based compensation				1,629,333					1,629,333
Warrants issued for term loans, net of capital costs				5,090,470					5,090,470
Common stock and warrants issued in capital raise	$ 19,325			946,925					966,250
Common stock and warrants issued in capital raise (in shares)	19,325,000
Warrants issued for debt extension				152,078					152,078
Warrants exercised in extinguishment of term loans, net of capital costs	$ 238,095			9,685,746					9,923,841
Warrants exercised in extinguishment of term loans, net of capital costs (in shares)	238,095,238
Common stock issued for exercise of Bridge Financing Note warrants	$ 2,833			82,167					85,000
Common stock issued for exercise of Bridge Financing Note warrants (in shares)	2,833,334
Common stock registration costs				(65,892)					(65,892)
Net loss						(13,723,753)			(13,723,753)
Ending balance at Sep. 30, 2019	$ 1,092,266	$ 1,092,266		54,160,836	$ 54,160,836	(55,582,010)	$ 16,431	$ (55,565,579)	$ (328,908)	$ 16,431	$ (312,477)
Ending balance (in shares) at Sep. 30, 2019	1,092,266,844	1,092,266,844							1,092,266,844
Stock based compensation				968,257					$ 968,257
Common stock issued for conversion of note payable and accrued interest	$ 120,051			2,096,807					2,216,858
Common stock issued for conversion of note payable and accrued interest (in shares)	120,050,281
Warrants issued for debt extension				19,300					19,300
Common stock issued to extinguish liability	$ 38,423			1,498,506					1,536,929
Common stock issued to extinguish liability (in shares)	38,423,221
Common stock registration costs				(15,398)					(15,398)
Common stock to be issued to extinguish accrued interest			$ 105,000						105,000
Net loss						(2,416,092)			(2,416,092)
Ending balance at Sep. 30, 2020	$ 1,250,740		$ 105,000	$ 58,728,308		$ (57,981,671)			$ 2,102,376
Ending balance (in shares) at Sep. 30, 2020	1,250,740,346								1,250,740,346

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net Loss	$ (2,416,092)	$ (13,723,753)
Adjustments to Reconcile Net Loss to Cash Used in Operating Activities:
Impairment of Oil and Natural Gas Properties	2,424,885	6,000,517
Depreciation	6,667	5,619
Debt Discount Amortization	2,054,820	625,919
Capitalization of Interest Expense	(2,823,899)	(1,109,823)
Loss Recorded to Interest Expense Related to Warrant Derivative Associated with the Issuance of Convertible Notes	32,539	1,758,073
Loss on Asset Retirement		3,835
Loss on Debt Extinguishment	1,513,334	5,099,340
Stock Based Compensation	470,457	744,945
Gain on Derivative Financial Instruments	(2,636,473)	(600,853)
Changes in Operating Assets and Liabilities:
(Increase) Decrease in Accounts Receivable	3,476,998	(5,843,958)
Decrease in Prepaid Expenses and Other Current Assets	298,458	41,179
Decrease in Deposits from Joint Interest Owners		(4,078,786)
Increase (Decrease) in Accounts Payable	(3,510,419)	4,065,384
Increase in Related Party Payable	52,080	59,518
Increase in Accrued Interest Payable	719,172	549,978
(Decrease) in Deferred Credit	(28,448)
(Decrease) in Other Assets/Liabilities, net		(1,978)
Net Cash Used in Operating Activities	(365,921)	(6,404,844)
INVESTING ACTIVITIES
Lease Rentals Paid		(61,629)
Proceeds from Sale of Property, Plant and Equipment	101,000
Insurance Proceeds Received Related to Oil and Natural Gas Properties	7,541,820	860,680
Investments in Oil and Natural Gas Properties	(2,573,050)	(11,419,188)
Deposits for and Purchases of Property, Plant & Equipment		(7,681)
Net Cash Provided by (Used in) Investing Activities	5,069,770	(10,627,818)
FINANCING ACTIVITIES
Payments on Convertible Notes Payable	(2,920,650)	(146,310)
Payments on Notes Payable	(267,000)
Proceeds from Issuance of Convertible Notes Payable and Warrants	535,300	13,252,000
Deferred Loan and Equity Issuance Costs		(555,923)
Net Cash Provided by (Used in) Financing Activities	(2,652,350)	12,549,767
Net Increase (Decrease) in Cash	2,051,499	(4,482,895)
Beginning Cash Balance	1,138,919	5,621,814
Ending Cash Balance	3,190,418	1,138,919
Supplemental Schedule of Cash Flow Activities:
Cash Paid for Interest, Net of Capitalized Amounts	5,272	4,343
Non-Cash Investing and Financing Activities:
Prepaid Asset Financed Through Notes Payable	220,629	146,310
Funds Received from Capital Raise Transferred to Equity Upon Issuance of Common Stock		965,800
Common Stock Issued upon Conversion of Convertible Notes Payable and Accrued Interest	2,216,858
Term Loans Extinguished Through Exercise of Warrants		10,000,000
Derivative Liability Recorded at Issuance of Convertible Notes Recorded as Deferred Loan Costs	433,425	2,137,450
Warrants Issued with Term Loans and Bridge Financing Note Extensions recorded as Deferred Loan Costs		5,349,374
Settlement of Accrued Expenses by Issuance of Common Stock	1,613,775
Debt Issuance Costs Retained by Lender Related to Convertible Debentures	65,000	333,000
Accounts Receivable Exchanged for Working Interest in Oil and Natural Gas Properties	3,629,789
Reduction of Oil and Natural Gas Properties due to Vendor Credits Received	2,311,247
Accounts Receivable Recovery through Vendor Credits Received	4,591,484
Warrants Issued to extend maturity of debt instrument	19,300	152,078
Accrued Professional Fees Recorded as Deferred Loan Costs		17,296
Accrued Professional Fees Capitalized as Equity Issuance Costs		142,051
Purchase of Capital Expenditures
Included in Accounts Payable	35,917	2,611,913
Through Stock Based Compensation to Employees	$ 497,800	$ 884,839

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Organization GulfSlope Energy, Inc. (the “Company” or “GulfSlope”) is an independent oil and natural gas exploration company whose interests are concentrated in the United States Gulf of Mexico federal waters offshore Louisiana. The Company has leased three federal Outer Continental Shelf blocks (referred to as “prospect,” “portfolio” or “leases”) and licensed three-dimensional (3-D) seismic data in its area of concentration. (b) Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the instructions to Form 10-K and Regulation S-X published by the US Securities and Exchange Commission (the “SEC”). The accompanying financial statements include the accounts of the Company. (c) Going Concern The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses through September 30, 2020 of $58.0 million, has a lack of cash on-hand, and a working capital deficit of approximately $10.3 million. These factors raise substantial doubt as to the Company’s ability to continue as a going concern. Management intends to raise additional operating funds through equity and/or debt financings, and strategic transactions to include farm-outs, asset sales or mergers. Management also plans to extend the agreements associated with loans from related parties, the accrued interest payable on these loans, as well as the Company’s accrued liabilities. However, there can be no assurance that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may be required to curtail or cease operations, or the Company would need to sell assets or consider alternative plans up to and including restructuring. (d) Cash The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. There were no cash equivalents at September 30, 2020 and 2019, respectively. (e) Accounts Receivable The Company records an accounts receivable for operations expense reimbursements due from joint interest partners. The Company estimates allowances for doubtful accounts based on the aged receivable balances and historical losses. If the Company determines any account to be uncollectible based on significant delinquency or other factors, we assess the receivable and the underlying asset for recovery. As of September 30, 2020 and 2019, no allowance was recorded. Accounts receivable were approximately $0.4 million at September 30, 2020. Accounts receivable from oil and gas joint operations were approximately $12.1 million at September 30, 2019, including $3.7 million classified as other non-current assets. This amount was an unpaid joint interest billing receivable and the working interest was re-conveyed to GulfSlope in November of 2019 in exchange for full settlement of the amount due. (f) Full Cost Method The Company uses the full cost method of accounting for its oil and gas exploration and development activities. 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. Overhead costs, which includes employee compensation and benefits including stock-based compensation, incurred that are directly related to acquisition, exploration and development activities are capitalized. Interest expense is capitalized related to unevaluated properties and wells in process during the period in which the Company is incurring costs and expending resources to get the properties ready for their intended purpose. For significant investments in unproved properties and major development projects that are not being currently depreciated, depleted, or amortized and on which exploration or development activities are in progress, interest costs are capitalized. 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”), whereby capitalized costs are amortized over total proved 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 by management and third party consultants 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 cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10% per annum, from proved reserves, (b) the cost of properties not being amortized, if any, and (c) the lower of cost or market value of unproved properties included in the cost being amortized. 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. The Company capitalizes exploratory well costs into oil and gas properties until a determination is made that the well has either found proved reserves or is impaired. If proved reserves are found, the capitalized exploratory well costs are reclassified to proved properties. The well costs are charged to expense if the exploratory well is determined to be impaired. The Company is currently evaluating one well for proved reserves and remain pending the outcome of exploration activities involving the drilling of the Tau No. 2 well (twin well). Accordingly, this costs is included as suspended well costs at September 30, 2020 and it is expected that a final analysis will be completed in the next twelve months at which time the costs will be transferred to the full cost pool upon final evaluation. As of September 30, 2020, the Company’s oil and gas properties consisted of unproved properties, wells in process and no proved reserves. (g) Asset Retirement Obligations The Company’s asset retirement obligations will represent the present value of the estimated future costs associated with plugging and abandoning oil and natural gas wells, removing production equipment and facilities and restoring the seabed in accordance with the terms of oil and gas leases and applicable state and federal laws. Determining asset retirement obligations requires estimates of the costs of plugging and abandoning oil and natural gas wells, removing production equipment and facilities and restoring the sea bed as well as estimates of the economic lives of the oil and gas wells and future inflation rates. The resulting estimate of future cash outflows will be discounted using a credit-adjusted risk-free interest rate that corresponds with the timing of the cash outflows. Cost estimates will consider historical experience, third party estimates, the requirements of oil and natural gas leases and applicable local, state and federal laws, but do not consider estimated salvage values. Asset retirement obligations will be recognized when the wells drilled reach total depth or when the production equipment and facilities are installed or acquired with an associated increase in proved oil and gas property costs. Asset retirement obligations will be accreted each period through depreciation, depletion and amortization to their expected settlement values with any difference between the actual cost of settling the asset retirement obligations and recorded amount being recognized as an adjustment to proved oil and gas property costs. Cash paid to settle asset retirement obligations will be included in net cash provided by operating activities from continuing operations in the statements of cash flows. On a quarterly basis, when indicators suggest there have been material changes in the estimates underlying the obligation, the Company reassesses its asset retirement obligations to determine whether any revisions to the obligations are necessary. At least annually, the Company will assess all of its asset retirement obligations to determine whether any revisions to the obligations are necessary. Future revisions could occur due to changes in estimated costs or well economic lives, or if federal or state regulators enact new requirements regarding plugging and abandoning oil and natural gas wells. The Company drilled two well bores in 2018 and 2019 and these wellbores were both plugged with no further future cost required and as such, the asset retirement obligation was completely extinguished. (h) Property and Equipment Property and equipment are carried at cost and include expenditures for new equipment and those expenditures that substantially increase the productive lives of existing equipment and leasehold improvements. Maintenance and repair costs are expensed as incurred. Property and equipment are depreciated on a straight-line basis over the assets’ estimated useful lives. Fully depreciated property and equipment still in use are not eliminated from the accounts. The Company assesses the carrying value of its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing estimated undiscounted cash flows, expected to be generated from such assets, to their net book value. If net book value exceeds estimated cash flows, the asset is written down to its fair value, determined by the estimated discounted cash flows from such asset. When an asset is retired or sold, its cost and related accumulated depreciation and amortization are removed from the accounts. The difference between the net book value of the asset and proceeds on disposition is recorded as a gain or loss in our statements of operations in the period in which they occur. (i) Income Taxes Deferred tax assets and liabilities are recognized for the temporary differences between the financial reporting basis and tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance is provided if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company’s policy is to recognize potential interest and penalties as a component of income tax expense when incurred. (j) Stock-Based Compensation The Company records expenses associated with the fair value of stock-based compensation. For fully vested and restricted stock grants, the Company calculates the stock based compensation expense based upon estimated fair value on the date of grant. For stock warrants and options, the Company uses the Black-Scholes option valuation model to calculate stock based compensation at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate. (k) Stock Issuance The Company records stock-based compensation awards issued to non-employees and other external entities for goods and services at either the fair market value of the goods received or services rendered or the instruments issued in exchange for such services, whichever is more readily determinable. (l) Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. 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, convertible notes and restricted stock. The number of potential common shares outstanding relating to stock options, warrants, and restricted stock is computed using the treasury stock or if-converted method. As the Company has incurred losses for the years ended September 30, 2020 and 2019, the potentially dilutive shares are anti-dilutive and thus not added into the EPS calculations. As of September 30, 2020 and 2019, there were 259,392,057 and 354,818,379 potentially dilutive shares, respectively. (m) Derivative Financial Instruments The accounting treatment of derivative financial instruments requires that the Company the Company (n) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (o) Impact of New Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, “Leases,” and in March 2019, the FASB issued ASU No. 2019-01, “Leases: Codification Improvements”, which updated the accounting guidance related to leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. They also clarify implementation issues. These updates are effective for public companies for annual periods beginning after December 15, 2018, including interim periods therein. Accordingly, the standard was adopted by the Company on October 1, 2019. The standard was applied utilizing a modified retrospective approach and is reflected in these financial statements. See Note 13. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718) The Company has evaluated all other recent accounting pronouncements and believes either they are not applicable or that none of them will have a significant effect on the Company’s financial statements.

LIQUIDITY_GOING CONCERN

LIQUIDITY/GOING CONCERN	12 Months Ended
	Sep. 30, 2020
Liquidity Going Concern [Abstract]
LIQUIDITY/GOING CONCERN	NOTE 2 – LIQUIDITY/GOING CONCERN The Company has incurred accumulated losses as of September 30, 2020, of $58.0 million. Further losses are anticipated in developing our business, and there exists substantial doubt about the Company’s ability to continue as a going concern. As of September 30, 2020, the Company had $3.2 million of cash on hand. The Company estimates that it will need to raise a minimum of $10 million to meet its obligations and planned expenditures through December 2021. The Company plans to finance operations and planned expenditures through equity and/or debt financings, and strategic transactions to include farm-outs, asset sales or mergers. The Company also plans to extend the agreements associated with all loans, the accrued interest payable on these loans, as well as the Company’s accrued liabilities. There are no assurances that financing will be available with acceptable terms, if at all. If the Company is not successful in obtaining financing, operations would need to be curtailed or ceased or the Company would need to sell assets or consider alternative plans up to and including restructuring. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	12 Months Ended
	Sep. 30, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
OIL AND NATURAL GAS PROPERTIES	NOTE 3 – OIL AND NATURAL GAS PROPERTIES The Company currently has under lease three federal Outer Continental Shelf blocks and has licensed 2.2 million acres of three-dimensional (3-D) seismic data in its area of concentration. The Company, as the operator of two wells drilled in the Gulf of Mexico, has incurred tangible and intangible drilling costs for the wells in process and has billed its working interest partners for their respective share of the drilling costs to date. The intangible drilling and all other costs related to the first well have been impaired. The second well, Tau No. 1, was drilled to a measured depth of 15,254 feet, as compared to the originally permitted 29,857 foot measured depth. Producible hydrocarbon zones were not established to that depth, but hydrocarbon shows were encountered. Complex geomechanical conditions required two by-pass wellbores, one sidetrack wellbore, and eight casing strings to reach that depth. Equipment limitations prevented further drilling. In addition, the drilling rig had contractual obligations related to another operator. The Company elected to plug this well in a manner that would allow for re-entry at a later time. The Company is evaluating various options related to future operations in this wellbore and testing of the deeper Tau prospect. The Company plans to re-drill this prospect within the next twelve months, however, the impact of the COVID In January 2019, the Tau No. 1 well experienced an underground control of well event and as a result, the Company filed an insurance claim pursuant to its insurance policy with its insurance underwriters (the “Underwriters”). The total amount of the claim was approximately $10.8 million for 100% working interest after the insurance deductible amount. During 2019, the Company received approximately $2.5 million of this amount and credited wells in process for approximately $0.9 million for the Company’s portion, and recorded an accrued payable for approximately $1.6 million, pending evaluation of distributions to the working interest owners. During the twelve months ended September 30, 2020, the accrued payable was settled by the issuance to the working interest partner of approximately 38.4 million shares of the Company’s common stock. In May 2019, the Tau No. 1 well experienced a second underground control of well event and as a result, the Company filed an insurance claim. The claim was related to a subsurface well occurrence that happened during the drilling of the Company‘s Tau No. 1 well on May 5, 2019 at a measured depth of 15,254 feet. The Company subsequently controlled the occurrence and ceased drilling operations and plugs were placed in the well to meet regulatory requirements prior to rig release. Pursuant to the Policy terms and conditions, the Underwriters were obligated to reimburse GulfSlope for qualified actual costs and expenses incurred to (i) regain control of the well, and (ii) restore or re-drill the well to 15,254 feet. Total costs and expenses to regain control of the well were determined to be approximately $4.8 million (net of deductible) for 100% working interest and all of this amount had been received as of September 30, 2020. GulfSlope’s share of this amount was approximately $1.2 million. In November 2019, an agreement was reached with a working interest partner whereby the working interest partner re-conveyed to the Company their 5% interest in Tau No. 1 and Canoe wells in exchange for the release of claims and the Company foregoing collection of accounts receivable owed by the working interest partner. As a result of this agreement approximately $3.6 million of accounts receivable was reclassified to oil and gas properties – unproved during the year ended September 30, 2020. On July 27, 2020, the Company entered into a settlement with the Underwriters of a well control events insurance policy covering certain claims associated with the drilling of the Company’s Tau Prospect during May 2019. In accordance with the settlement, in lieu of the insurer paying for the redrill of the well and for a complete release of any further liability under the insurance policy, the Company will receive approximately $6.6 million in cash net to its 25% working interest. At September 30, 2020, approximately $6.4 million has been received and all of this amount has been received through the filing date of this report. The Company intends to apply the proceeds from the insurance settlement to pay amounts due on the Convertible Debentures and other payables, as well as fund other general corporate purposes including expenditures associated with the Company’s drilling program. As of September 30, 2020, the Company’s oil and natural gas properties consisted of unproved properties, wells in process and no proved reserves. During the years ended September 30, 2020 and 2019, the Company capitalized approximately $2.3 million, net of impairment of approximately $0.6 million, and $1.1 million, respectively, of interest expense to oil and natural gas properties. Approximately $0.3 million and $0.3 million of general and administrative expenses, respectively, was capitalized to oil and natural gas properties for the years ended September 30, 2020 and 2019. Conversely, during the year ended September 30, 2020, the Company received certain vendor credits totaling approximately $2.1 million (net to the Company’s interest) and insurance claim proceeds of approximately $7.5 million which the Company applied against oil and natural gas properties in the condensed balance sheet. During the twelve months ended September 30, 2020 and 2019, the Company incurred impairment charges of approximately $2.4 million and $6.0 million, respectively, resulting from the expiration or relinquishment of oil and natural gas leases.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment consist of the following at September 30, 2020 and 2019: 2020 2019 Office equipment and computers $ 133,089 $ 133,089 Furniture and fixtures 16,280 16,280 Leasehold improvements 7,680 7,680 Total 157,049 157,049 Less: accumulated depreciation (150,702 ) (144,035 ) Net property and equipment $ 6,347 $ 13,014 Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which were as follows: Life Office equipment and computers 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of 5 years or related lease term Depreciation expense was $6,667 and $5,619 for the years ended September 30, 2020 and 2019, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 5 – INCOME TAXES The provision for income taxes consists of the following for the years ended September 30, 2020 and 2019: 2020 2019 FEDERAL Current $ — $ — Deferred — — STATE Current — — Deferred — — TOTAL PROVISION $ — $ — The difference between the actual income tax provision versus tax computed at the statutory rate is as follows for the years ended September 30, 2020 and 2019, respectively: 2020 2019 Expected provision (based on statutory rate of 21%) $ (507,379 ) $ (2,881,988 ) Effect of: Increase (decrease) in valuation allowance 2,399,698 2,879,685 Non-Allowable (income) expenses (233,063 ) 500,638 Rate change — — Prior year true-ups to return and other, net (1,659,256 ) (498,335 ) Total actual provision $ — $ — The Company does not have any material uncertain tax positions. The Company’s policy is to recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense (benefit). For the years ended September 30, 2020 and 2019, the Company did not recognize any interest or penalties, nor did we have any interest or penalties accrued as of September 30, 2020 and 2019 relating to unrecognized benefits. Deferred income tax assets and liabilities at September 30, 2020 and 2019, respectively, consist of the following: 2020 2019 DEFERRED TAX ASSETS (LIABILITIES) Net operating losses $ 13,767,315 $ 10,295,547 Exploration costs (1,156,312 ) (1,110,135 ) Oil and natural gas leases 1,337,094 2,336,776 IDC (1,689,664 ) (1,215,096 ) Stock based compensation 666,202 567,406 Accrued interest and expenses not paid 579,349 386,685 Derivative financial instrument 224,816 69,120 Differences in book/tax depreciation 10,392 9,191 Net deferred tax asset $ 13,739,192 $ 11,339,494 Valuation allowance (13,739,192 ) (11,339,494 ) NET DEFERRED TAXES $ — $ — The Company’s valuation allowance increased $2,399,698 during the year ended September 30, 2020 and increased $2,879,685 during the year ended September 30, 2019. At September 30, 2020, the Company had approximately $65.6 million of net operating losses (“NOL”), approximately $32.1 million of which will expire from 2032 to 2038, and approximately $33.5 million of which can be carried forward indefinitely. All of the Company’s NOLs are allowable as a deduction against 100 percent of future taxable income since they were generated prior to the effective date of limitations imposed by the Tax Cut and Jobs Act (TCJA) of 2017 and Coronavirus Aid, Relief, and Economic Security Act (CARES) of 2020. The tax years ended September 30, 2017 through 2020 are open for examination for federal income tax purposes and by other major taxing jurisdictions to which we are subject.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS During April 2013 through September 2017, the Company entered into convertible promissory notes whereby it borrowed a total of $8,675,500 from John Seitz, the chief executive officer (“CEO”). The notes are due on demand, bear interest at the rate of 5% per annum, and $5,300,000 of the notes 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). As of September 30, 2020 and 2019, the total amount owed to John Seitz is $8,675,500. This amount is included in loans from related parties within the condensed balance sheets. There was approximately $2.5 million and $2.1 million, respectively, of unpaid interest associated with these loans included in accrued interest payable within the balance sheet as of September 30, 2020 and 2019. On November 15, 2016, a family member of the CEO entered into a $50,000 convertible promissory note with associated warrants under the same terms received by other investors (see Note 7). Domenica Seitz CPA, related to John Seitz, has provided accounting consulting services to the Company. During the years ended September 30, 2020 and 2019, the services provided were valued at approximately $60,000, respectively. The amount owed to this related party totals approximately $346,000 and $294,000 as of September 30, 2020 and 2019, respectively. The Company has accrued these amounts, and they have been reflected in related party payable in the September 30, 2020 financial statements.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	12 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
CONVERTIBLE NOTES PAYABLE	NOTE 7 – CONVERTIBLE NOTES PAYABLE 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 Notes Discount Notes Net 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 Bridge Financing Notes Between June and November 2016, the Company issued eleven convertible promissory notes (“Bridge Financing Notes”) with associated warrants in a private placement to accredited investors for total gross proceeds of $837,000, including $222,000 from related parties. These notes had a maturity of one year (which has been extended at maturity to April 30, 2020 and was extended again during the year ended September 30, 2020 to April 30, 2021), 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 $3.0 million occurs before maturity and such mandatory conversion price will equal the effective price per share paid in the qualified equity financing. The remaining note balances as of September 30, 2020 and 2019 were $277,000, with remaining unamortized debt discounts of approximately $11,000 and $100,000, respectively. Debt discount amortization for the years ended September 30, 2020 and 2019 was approximately $8,100 and $52,000, respectively. Accrued interest as of September 30, 2020 and 2019 related to these notes was approximately $94,000 and 72,000 respectively. As noted above, the maturity date related to these notes and associated warrants was extended to April 30, 2021. In consideration for the extension of the notes, the Company extended the term of the related warrants until April 30, 2021 and recognized $19,300 of additional debt discount which represented the incremental value of the modified warrants over the pre-modification warrants. Delek Note On March 1, 2019, the Company entered into a term loan agreement with Delek GOM Investments LLC (“Delek”), where Delek agreed to provide the Company with multiple draw term loans in an aggregate stated principal amount of up to $11.0 million, of which $10.0 million was initially advanced and subsequently converted to equity through the exercise of a warrant. The maturity date of the facility was September 4, 2019, and until such time any loans would bear interest at a rate per annum equal to 5.0% or 7.0% upon the occurrence of default. Amounts outstanding under the Term Loan Agreement are secured by a security interest in substantially all of the properties and assets of the Company. On April 19, 2019, the Company borrowed the remaining $1.0 million under this agreement. The term loan facility matured September 4, 2019, and in October 2019, the Company signed a Post-Drilling Agreement with Delek modifying this arrangement. The Post-Drilling Agreement states that as payoff for the Company’s outstanding obligations of $1,000,000 plus accrued interest (and additional fees of approximately $200,000), the Company shall issue a convertible note payable to Delek in the amount of $1,220,548. The new note is convertible at the option of Delek at a conversion price of $0.05 per share, and in the event of default the conversion rate adjusts to 60% of the lowest volume weighted average price in the previous 20 trading days. Interest on the note accrues at 12% per annum (15% upon default) and the maturity of the note is October 22, 2020. The Company has a right to prepay all principal and accrued interest prior to maturity. The Company accounted for the October 2019 transaction as an extinguishment of the prior note given the addition of the substantive conversion feature discussed above. In addition, The Company concluded that the embedded conversion feature within the note requires derivative accounting treatment under ASC 815, Derivatives and Hedging On September 30, 2020, the Company and Delek settled this convertible note and related accrued interest of $129,211 for a cash payment of $1,220,548 and the issuance 17,500,000 shares of common stock. The shares were not issued until October 2020 and are reflected on the balance sheet as additional paid in capital – shares to be issued, The fair value of the embedded conversion option was zero as of September 30, 2020. The Company recognized a $35,045 gain on extinguishment of debt as a result of the settlement. 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 % June 2019 Convertible Debenture On June 21, 2019, the Company entered into a securities purchase agreement to borrow up to $3,000,000 through the issuance of convertible debentures (“Convertible Debentures”) and associated warrants. On June 21, 2019, approximately $2,100,000 (“Tranche 1”) of Convertible Debentures were purchased with other tranches closing on August 7, 2019 for $400,000 (“Tranche 2”) and November 6, 2019 (“Tranche 3”) for $500,000. All tranches accrue interest at 8%, and mature one year after each respective closing date, and are convertible at the option of the holder any time after issuance into common stock at a conversion rate of the lesser of: (1) $0.05 per share; or (2) 80% of the lowest volume weighted adjusted price (as reported by Bloomberg, LP) for the ten consecutive trading days immediately preceding conversion, and in the event of default the conversion rate adjusts to 60% of the lowest volume weighted average price in the previous 20 trading days. In addition, the holder received warrants to purchase an aggregate of 50 million shares of common stock at an exercise price of $0.04 per share. Such warrants expire on the fifth anniversary of issuance. In total the offering costs incurred related to this Convertible Debenture were approximately $398,000. The Company evaluated the conversion feature and concluded that it should be bifurcated and accounted for as a derivative liability due to the variable conversion feature which does not contain an explicit limit on the number of shares that are required to be issued upon conversion. In addition, the Company concluded the warrants required treatment as derivative liabilities as the Company could not assert it has sufficient authorized but unissued shares to settle the warrants upon exercise when taking into account other stock-based commitments including the Convertible Debentures. Accordingly, the embedded conversion feature and warrants were recorded at fair value at issuance and are subsequently remeasured to fair value each reporting period. The Company recognized a gain of approximately $2,400,000 for the year ended September 30, 2020, related to the change in fair value of the embedded conversion feature and warrants, respectively. In June 2020, the Company extended the maturity dates of Tranche 1 and Tranche 2 to August 21, 2020 in exchange for a cash payment of $50,000. The extension was treated as a modification for accounting purposes which resulted in the $50,000 being recognized as an additional debt discount allocated on a pro-rata basis between Tranche 1 and Tranche 2 and will be amortized using the effective interest method over the remaining life of the respective tranches. On July 27, 2020, the Company and the holder agreed to the following cash payments in full satisfaction of the obligations thereunder: (1) $50,000 on the date of the Agreement; (2) $700,000 on or before August 21, 2020; (3) $750,000 on or before September 30, 2020; and (4) any remaining principal amount outstanding on or before November 30, 2020. As of the date of the agreement, the principal balance outstanding on the Convertible Debenture was $1,900,000, which amount may be reduced in the event that holder elects to convert to equity all or any portion of principal prior to repayment. In connection with the agreement, the holder agreed not to convert more than $300,000 of principal of the Debenture between the date of the agreement and November 30, 2020. Upon the timely payment by the Company of the amounts set forth above, all other amounts due on the Debentures, including any interest or fees accrued or that will accrue or become due or payable on the Debentures, will be extinguished. The Company accounted for this arrangement as a modification of the existing debt. The Company further agreed to reduce the exercise price on the warrants held by the holder representing the right to purchase an aggregate of 50,000,000 shares of common stock of the Company from $0.04 per share to $0.02 per share in exchange for the elimination of anti-dilution provisions contained in the warrants. The value of this modification is approximately $16,000. During the year ended September 30, 2020, the lender converted approximately $1,200,000 of principal of Tranche 1 and approximately $139,000 of accrued interest into common stock. The common stock issued was recorded at its fair value on the dates of conversion which totaled approximately $2.2 million and a loss on extinguishment of debt and related derivative liability was recognized for approximately $1.0 million. The remaining balance of the convertible debenture at September 30, 2020 was $300,000. 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 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 % In addition to the fixed exercise price noted above, the model incorporates the variable conversion price which is simulated as 80% of the lowest trading price within the ten consecutive days preceding presumed conversion.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Sep. 30, 2020
Notes Payable [Abstract]
NOTES PAYABLE	NOTE 8 –NOTES PAYABLE September 30, September 30, Notes Payable $ — $ 267,000 PPP Loan Payable 100,300 — Insurance Note Payable 20,527 — Total $ 120,827 $ 267,000 PPP Loan On April 16, 2020, the Company entered into a promissory note evidencing an unsecured $100,300 loan under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration. The PPP Loan is being made through Zions Bancorporation, N.A. dba Amegy Bank. The PPP Loan is scheduled to mature on April 16, 2025 and has a 1.00% interest rate. No payments are due on the PPP Loan until October 16, 2021, although interest will continue to accrue during the deferment period. Beginning October 16, 2021, the Company will pay 43 equal monthly installments of principal and interest in the amount necessary to fully amortize the PPP Loan through the maturity date. Under the terms of the CARES Act, all or a portion of the PPP Loan may be forgiven. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payroll costs, mortgage interest, rent or utility costs. No assurance is provided that the Company will obtain forgiveness of the PPP Loan in whole or in part. At September 30, 2020 accrued interest of approximately $420 was included in accrued interest payable. Note Payable 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 former 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. In August 2020 the principal was paid in full and interest of approximately $67,000 was forgiven by the noteholder. Insurance Note Payable In November 2019, the Company purchased an insurance policy for approximately $241,000 and financed $220,629 of the premium by executing a note payable at an interest rate of 5.6%. The balance of the note payable as of September 30, 2020, is approximately $21,000 and is included in the Notes Payable balance in the condensed balance sheet.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	NOTE 9 – Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. GulfSlope considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that GulfSlope values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the term of the derivative instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange traded derivative financial instruments as well as long-term incentive plan liabilities calculated using the Black-Scholes model to estimate the fair value as of the measurement date. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). As required by ASC 820-10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. Fair Value on a Recurring Basis The following table sets forth by level within the fair value hierarchy the Company’s derivative financial instruments that were accounted for at fair value on a recurring basis as of September 30, 2020 and 2019: Quoted Prices in Significant Other Significant Total Carrying Description (Level 1) (Level 2) (Level 3) Value as of Derivative Financial Instrument at 9-30-19 $ — $ (3,534,456 ) $ — $ (3,534,456 ) Derivative Financial Instrument at 9-30-20 $ — (1,070,551 ) $ — $ (1,070,551 ) The change in derivative financial instruments for the twelve months ended September 30, 2020 and 2019 is as follows: September 30, 2018 balance $ (271,710 ) Issuance of derivative financial instruments (3,863,599 ) Change in fair value 600,853 September 30, 2019 balance (3,534,456 ) Issuance of derivative financial instruments (880,462 ) Derivative instruments converted/extinguished 707,894 Change in fair value 2,636,473 September 30, 2020 balance $ (1,070,551 ) Non-recurring fair value assessments include impaired oil and natural gas property assessments and stock-based compensation. During the year ended September 30, 2020, the Company recorded an impairment charge approximately of $2.4 million and stock-based compensation expense of approximately $1.0 million of which approximately $0.5 million was capitalized to oil and gas properties. During the year ended September 30, 2019, the Company recorded an impairment charge of approximately $6.0 million and stock-based compensation expense of approximately $1.6 million of which approximately $0.7 million was capitalized to oil and gas properties.

COMMON STOCK_PAID IN CAPITAL

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.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 11 – STOCK-BASED COMPENSATION During the year ended September 30, 2020, upon the passing of a member of the management team, the Company modified the vesting terms of a stock option grant previously made to this individual which vested the instrument immediately. The option was for three million shares and was originally granted in June 2018. The Company recorded approximately $8,000 in additional compensation expense related to this modification. Stock-based compensation cost is measured at the grant date, based on the estimated fair value of the award using the Black Scholes option pricing model, and is recognized over the vesting period. The Company recognized approximately $968,000 and $ 1,629,000 in stock-based compensation expense for the years ended September 30, 2020 and 2019, respectively. A portion of these costs, approximately $498,000 and $885,000 were capitalized to unproved properties for year ended September 30, 2020 and 2019, respectively, with the remainder recorded as general and administrative expenses for each respective period. The Company did not issue any new stock option grants during the year ended September 30, 2020. The following table summarizes the Company’s stock option activity during the year ended September 30, 2020: Number of Weighted Average Weighted Average Remaining Contractual Term (In years) Outstanding at September 30, 2019 104,500,000 $ 0.0605 Granted — — Exercised — — Cancelled — — Outstanding at September 30, 2020 104,500,000 $ 0.0605 4.5 Vested and expected to vest 104,500,000 $ 0.0605 4.5 Exercisable at September 30, 2020 104,500,000 $ 0.0565 4.5 As of September 30, 2020, there was no unrecognized stock-based compensation expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12 – COMMITMENTS AND CONTINGENCIES From time to time, the Company may become involved in litigation relating to claims arising out of its operations in the normal course of business. No legal proceedings, government actions, administrative actions, investigations or claims are currently pending against us or involve the Company. In July 2018, the Company entered into a 39 month lease for approximately 5,000 square feet of office space in 4 Houston Center in downtown Houston. Annual base rent is approximately $94,000 for the first 18 months, increasing to approximately $97,000 and $99,000 respectively during the remaining term of the lease. See Note 13 – Leases. The Company reached an agreement with a vendor in August 2018 for the settlement of approximately $1 million in debt. The vendor was paid $150,000 in cash, future cash payments of $7,500 and 10 million shares of GulfSlope common stock. The agreement contains a provision that upon the sale of the common stock if the original debt is not fully satisfied, full payment will be made, under a mutually agreed payment plan. If the stock is sold for a gain any surplus in excess of $1.3 million shall be a credit against future purchases from the vendor. The agreement was determined to meet the definition of a derivative in accordance with ASC 815. At September 30, 2020 and 2019, there is a fair value liability of approximately $786,000 and $554,000, respectively, which is included within Derivative Financial Instruments on the condensed balance sheet.

LEASES

LEASES	12 Months Ended
	Sep. 30, 2020
Leases [Abstract]
LEASES	NOTE 13 – LEASES Effective October 1, 2019, we adopted ASU No. 2016-02, Leases (Topic 842), and all related amendments (“ASC 842”) using the modified retrospective approach. In July 2018, the FASB approved an optional transition method that removed the requirement to restate prior period financial statements upon adoption of the standard with a cumulative-effect adjustment to retained earnings in the period of adoption and we elected to apply this transition method. As a result, the comparative period information has not been restated and continues to be reported under the accounting standards in effect for the period presented. The adoption of ASC 842 had no impact to our previously reported results of operations or cash flows. The following table depicts the cumulative effect of the changes made to our financial statements for the adoption of ASC 842 effective on October 1, 2019: Balance at Impact of Adoption Adjusted Balance at Assets: Operating lease right of use assets $ — $ 104,363 $ 104,363 Current Liabilities: Other (Deferred Credit Office Lease) $ 42,746 $ (42,746 ) — Current portion of operating lease liabilities $ — $ 74,114 $ 74,114 Noncurrent Liabilities: Operating lease liabilities $ — $ 56,565 $ 56,565 Equity: Accumulated Deficit $ (55,582,010 ) $ 16,431 $ (55,565,581 ) The adoption of ASC 842 resulted in the recognition of operating lease liabilities totaling $130,679, based upon the present value of the remaining minimum rental payments using discount rates as of the adoption date. In addition, we recorded corresponding right-of-use assets totaling $104,363 based upon the operating lease liabilities adjusted for deferred rent and lease incentives. In addition, we recorded a $16,431 cumulative effect of initially adopting ASC 842 as an adjustment to the opening balance of accumulated deficit. At September 30, 2020 the right-of-use assets total $54,767 and the operating lease liabilities total $62,074.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS In October 2020, the 17.5 million shares of common stock listed on the balance sheet as additional paid in capital – shares to be issued, were issued. See Note 7. In November 2020, the Company purchased a directors and officers’ insurance policy for approximately $259,000. This amount was paid in full in December 2020. In November 2020, $300,000 was paid to a lender of our convertible debentures as payment in full of the outstanding balance. Our Paycheck Protection Program PPP loan forgiveness application was filed in October 2020 and the loan plus accrued interest was forgiven in December 2020. The remaining amounts receivable under our Tau #1 insurance claim of approximately $224,000 were received in October and November 2020, respectively.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Organization	(a) Organization GulfSlope Energy, Inc. (the “Company” or “GulfSlope”) is an independent oil and natural gas exploration company whose interests are concentrated in the United States Gulf of Mexico federal waters offshore Louisiana. The Company has leased three federal Outer Continental Shelf blocks (referred to as “prospect,” “portfolio” or “leases”) and licensed three-dimensional (3-D) seismic data in its area of concentration.
Basis of Presentation	(b) Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the instructions to Form 10-K and Regulation S-X published by the US Securities and Exchange Commission (the “SEC”). The accompanying financial statements include the accounts of the Company.
Going Concern	(c) Going Concern The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses through September 30, 2020 of $58.0 million, has a lack of cash on-hand, and a working capital deficit of approximately $10.3 million. These factors raise substantial doubt as to the Company’s ability to continue as a going concern. Management intends to raise additional operating funds through equity and/or debt financings, and strategic transactions to include farm-outs, asset sales or mergers. Management also plans to extend the agreements associated with loans from related parties, the accrued interest payable on these loans, as well as the Company’s accrued liabilities. However, there can be no assurance that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may be required to curtail or cease operations, or the Company would need to sell assets or consider alternative plans up to and including restructuring.
Cash	(d) Cash The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. There were no cash equivalents at September 30, 2020 and 2019, respectively.
Accounts Receivable	(e) Accounts Receivable The Company records an accounts receivable for operations expense reimbursements due from joint interest partners. The Company estimates allowances for doubtful accounts based on the aged receivable balances and historical losses. If the Company determines any account to be uncollectible based on significant delinquency or other factors, we assess the receivable and the underlying asset for recovery. As of September 30, 2020 and 2019, no allowance was recorded. Accounts receivable were approximately $0.4 million at September 30, 2020. Accounts receivable from oil and gas joint operations were approximately $12.1 million at September 30, 2019, including $3.7 million classified as other non-current assets. This amount was an unpaid joint interest billing receivable and the working interest was re-conveyed to GulfSlope in November of 2019 in exchange for full settlement of the amount due.
Full Cost Method	(f) Full Cost Method The Company uses the full cost method of accounting for its oil and gas exploration and development activities. 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. Overhead costs, which includes employee compensation and benefits including stock-based compensation, incurred that are directly related to acquisition, exploration and development activities are capitalized. Interest expense is capitalized related to unevaluated properties and wells in process during the period in which the Company is incurring costs and expending resources to get the properties ready for their intended purpose. For significant investments in unproved properties and major development projects that are not being currently depreciated, depleted, or amortized and on which exploration or development activities are in progress, interest costs are capitalized. 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”), whereby capitalized costs are amortized over total proved 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 by management and third party consultants 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 cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10% per annum, from proved reserves, (b) the cost of properties not being amortized, if any, and (c) the lower of cost or market value of unproved properties included in the cost being amortized. 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. The Company capitalizes exploratory well costs into oil and gas properties until a determination is made that the well has either found proved reserves or is impaired. If proved reserves are found, the capitalized exploratory well costs are reclassified to proved properties. The well costs are charged to expense if the exploratory well is determined to be impaired. The Company is currently evaluating one well for proved reserves and remain pending the outcome of exploration activities involving the drilling of the Tau No. 2 well (twin well). Accordingly, this costs is included as suspended well costs at September 30, 2020 and it is expected that a final analysis will be completed in the next twelve months at which time the costs will be transferred to the full cost pool upon final evaluation. As of September 30, 2020, the Company’s oil and gas properties consisted of unproved properties, wells in process and no proved reserves.
Asset Retirement Obligations	(g) Asset Retirement Obligations The Company’s asset retirement obligations will represent the present value of the estimated future costs associated with plugging and abandoning oil and natural gas wells, removing production equipment and facilities and restoring the seabed in accordance with the terms of oil and gas leases and applicable state and federal laws. Determining asset retirement obligations requires estimates of the costs of plugging and abandoning oil and natural gas wells, removing production equipment and facilities and restoring the sea bed as well as estimates of the economic lives of the oil and gas wells and future inflation rates. The resulting estimate of future cash outflows will be discounted using a credit-adjusted risk-free interest rate that corresponds with the timing of the cash outflows. Cost estimates will consider historical experience, third party estimates, the requirements of oil and natural gas leases and applicable local, state and federal laws, but do not consider estimated salvage values. Asset retirement obligations will be recognized when the wells drilled reach total depth or when the production equipment and facilities are installed or acquired with an associated increase in proved oil and gas property costs. Asset retirement obligations will be accreted each period through depreciation, depletion and amortization to their expected settlement values with any difference between the actual cost of settling the asset retirement obligations and recorded amount being recognized as an adjustment to proved oil and gas property costs. Cash paid to settle asset retirement obligations will be included in net cash provided by operating activities from continuing operations in the statements of cash flows. On a quarterly basis, when indicators suggest there have been material changes in the estimates underlying the obligation, the Company reassesses its asset retirement obligations to determine whether any revisions to the obligations are necessary. At least annually, the Company will assess all of its asset retirement obligations to determine whether any revisions to the obligations are necessary. Future revisions could occur due to changes in estimated costs or well economic lives, or if federal or state regulators enact new requirements regarding plugging and abandoning oil and natural gas wells. The Company drilled two well bores in 2018 and 2019 and these wellbores were both plugged with no further future cost required and as such, the asset retirement obligation was completely extinguished.
Property and Equipment	(h) Property and Equipment Property and equipment are carried at cost and include expenditures for new equipment and those expenditures that substantially increase the productive lives of existing equipment and leasehold improvements. Maintenance and repair costs are expensed as incurred. Property and equipment are depreciated on a straight-line basis over the assets’ estimated useful lives. Fully depreciated property and equipment still in use are not eliminated from the accounts. The Company assesses the carrying value of its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing estimated undiscounted cash flows, expected to be generated from such assets, to their net book value. If net book value exceeds estimated cash flows, the asset is written down to its fair value, determined by the estimated discounted cash flows from such asset. When an asset is retired or sold, its cost and related accumulated depreciation and amortization are removed from the accounts. The difference between the net book value of the asset and proceeds on disposition is recorded as a gain or loss in our statements of operations in the period in which they occur.
Income Taxes	(i) Income Taxes Deferred tax assets and liabilities are recognized for the temporary differences between the financial reporting basis and tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance is provided if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company’s policy is to recognize potential interest and penalties as a component of income tax expense when incurred.
Stock-Based Compensation	(j) Stock-Based Compensation The Company records expenses associated with the fair value of stock-based compensation. For fully vested and restricted stock grants, the Company calculates the stock based compensation expense based upon estimated fair value on the date of grant. For stock warrants and options, the Company uses the Black-Scholes option valuation model to calculate stock based compensation at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate.
Stock Issuance	(k) Stock Issuance The Company records stock-based compensation awards issued to non-employees and other external entities for goods and services at either the fair market value of the goods received or services rendered or the instruments issued in exchange for such services, whichever is more readily determinable.
Earnings per Share	(l) Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. 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, convertible notes and restricted stock. The number of potential common shares outstanding relating to stock options, warrants, and restricted stock is computed using the treasury stock or if-converted method. As the Company has incurred losses for the years ended September 30, 2020 and 2019, the potentially dilutive shares are anti-dilutive and thus not added into the EPS calculations. As of September 30, 2020 and 2019, there were 259,392,057 and 354,818,379 potentially dilutive shares, respectively.
Derivative Financial Instruments	(m) Derivative Financial Instruments The accounting treatment of derivative financial instruments requires that the Company the Company
Use of Estimates	(n) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Impact of New Accounting Standards	(o) Impact of New Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, “Leases,” and in March 2019, the FASB issued ASU No. 2019-01, “Leases: Codification Improvements”, which updated the accounting guidance related to leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. They also clarify implementation issues. These updates are effective for public companies for annual periods beginning after December 15, 2018, including interim periods therein. Accordingly, the standard was adopted by the Company on October 1, 2019. The standard was applied utilizing a modified retrospective approach and is reflected in these financial statements. See Note 13. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718) The Company has evaluated all other recent accounting pronouncements and believes either they are not applicable or that none of them will have a significant effect on the Company’s financial statements.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment consist of the following at September 30, 2020 and 2019: 2020 2019 Office equipment and computers $ 133,089 $ 133,089 Furniture and fixtures 16,280 16,280 Leasehold improvements 7,680 7,680 Total 157,049 157,049 Less: accumulated depreciation (150,702 ) (144,035 ) Net property and equipment $ 6,347 $ 13,014
Schedule of estimated useful lives of assets	Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which were as follows: Life Office equipment and computers 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of 5 years or related lease term

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of actual income tax provision for continuing operations	The provision for income taxes consists of the following for the years ended September 30, 2020 and 2019: 2020 2019 FEDERAL Current $ — $ — Deferred — — STATE Current — — Deferred — — TOTAL PROVISION $ — $ —
Schedule of provision for income taxes	The difference between the actual income tax provision versus tax computed at the statutory rate is as follows for the years ended September 30, 2020 and 2019, respectively: 2020 2019 Expected provision (based on statutory rate of 21%) $ (507,379 ) $ (2,881,988 ) Effect of: Increase (decrease) in valuation allowance 2,399,698 2,879,685 Non-Allowable (income) expenses (233,063 ) 500,638 Rate change — — Prior year true-ups to return and other, net (1,659,256 ) (498,335 ) Total actual provision $ — $ —
Schedule of deferred income tax assets and liabilities	Deferred income tax assets and liabilities at September 30, 2020 and 2019, respectively, consist of the following: 2020 2019 DEFERRED TAX ASSETS (LIABILITIES) Net operating losses $ 13,767,315 $ 10,295,547 Exploration costs (1,156,312 ) (1,110,135 ) Oil and natural gas leases 1,337,094 2,336,776 IDC (1,689,664 ) (1,215,096 ) Stock based compensation 666,202 567,406 Accrued interest and expenses not paid 579,349 386,685 Derivative financial instrument 224,816 69,120 Differences in book/tax depreciation 10,392 9,191 Net deferred tax asset $ 13,739,192 $ 11,339,494 Valuation allowance (13,739,192 ) (11,339,494 ) NET DEFERRED TAXES $ — $ —

CONVERTIBLE NOTES PAYABLE (Tabl

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 Notes Discount Notes Net 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 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 %

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Sep. 30, 2020
Notes Payable [Abstract]
Schedule of notes payable	September 30, September 30, Notes Payable $ — $ 267,000 PPP Loan Payable 100,300 — Insurance Note Payable 20,527 — Total $ 120,827 $ 267,000

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of fair value on recurring basis	The following table sets forth by level within the fair value hierarchy the Company’s derivative financial instruments that were accounted for at fair value on a recurring basis as of September 30, 2020 and 2019: Quoted Prices in Significant Other Significant Total Carrying Description (Level 1) (Level 2) (Level 3) Value as of Derivative Financial Instrument at 9-30-19 $ — $ (3,534,456 ) $ — $ (3,534,456 ) Derivative Financial Instrument at 9-30-20 $ — (1,070,551 ) $ — $ (1,070,551 )
Schedule of change in derivative financial instruments	The change in derivative financial instruments for the twelve months ended September 30, 2020 and 2019 is as follows: September 30, 2018 balance $ (271,710 ) Issuance of derivative financial instruments (3,863,599 ) Change in fair value 600,853 September 30, 2019 balance (3,534,456 ) Issuance of derivative financial instruments (880,462 ) Derivative instruments converted/extinguished 707,894 Change in fair value 2,636,473 September 30, 2020 balance $ (1,070,551 )

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule for summary of stock options activity	The following table summarizes the Company’s stock option activity during the year ended September 30, 2020: Number of Weighted Average Weighted Average Remaining Contractual Term (In years) Outstanding at September 30, 2019 104,500,000 $ 0.0605 Granted — — Exercised — — Cancelled — — Outstanding at September 30, 2020 104,500,000 $ 0.0605 4.5 Vested and expected to vest 104,500,000 $ 0.0605 4.5 Exercisable at September 30, 2020 104,500,000 $ 0.0565 4.5

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of operating lease	The following table depicts the cumulative effect of the changes made to our financial statements for the adoption of ASC 842 effective on October 1, 2019: Balance at Impact of Adoption Adjusted Balance at Assets: Operating lease right of use assets $ — $ 104,363 $ 104,363 Current Liabilities: Other (Deferred Credit Office Lease) $ 42,746 $ (42,746 ) — Current portion of operating lease liabilities $ — $ 74,114 $ 74,114 Noncurrent Liabilities: Operating lease liabilities $ — $ 56,565 $ 56,565 Equity: Accumulated Deficit $ (55,582,010 ) $ 16,431 $ (55,565,581 )

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Sep. 30, 2020USD ($)Numbershares	Sep. 30, 2019USD ($)shares
Number of leased federal outer continental shelf blocks | Number	3
Number of licensed three-dimensional (3-D) seismic data | Number	3
Accumulated losses	$ (57,981,672)	$ (55,582,010)
Amount of working capital (deficit)	(10,300,000)
Accounts receivable, net	$ 400,000
Accounts receivable, other non-current assets		$ 3,662,231
Antidilutive securities excluded from EPS calculation | shares	259,392,057	354,818,379
Oil and Gas Joint Operations [Member]
Accounts receivable, net		$ 12,100,000
Accounts receivable, other non-current assets		$ 3,700,000

LIQUIDITY_GOING CONCERN (Detail

LIQUIDITY/GOING CONCERN (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Liquidity Going Concern [Abstract]
Accumulated losses	$ (57,981,672)	$ (55,582,010)
Cash on hand	3,200,000
Minimum capital which company estimated to raise to meet its obligations and planned expenditures	$ 10,000,000

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Details Narrative)	Jul. 27, 2020USD ($)	Nov. 30, 2019	May 31, 2019ft	Jan. 31, 2019USD ($)	Sep. 30, 2020USD ($)aNumberft$ / sharesshares	Sep. 30, 2019USD ($)$ / shares	Jan. 08, 2019$ / shares
Number of licensed three-dimensional (3-D) seismic data | Number					3
Acres of three-dimensional (3-D) seismic data | a					2,200,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.001	$ 0.001
Received insurance claim						$ 2,500,000
Impairment of Oil and Natural Gas Properties					$ 2,424,885	6,000,517
Wells in process						900,000
Accrued payable						1,600,000
Number of shares issued for settlement of accrued payable | shares					38,400,000
Accounts receivable reclassified to oil and gas properties - unproved					$ 3,600,000
Impairment charges					2,400,000	6,000,000
Oil and Natural Gas Properties [Member]
Amount of interest expense capitalized during period					2,300,000	2,300,000
Impairment of interest expense capitalized during period					600,000	1,100,000
Amount of general and administrative expenses capitalized during period					300,000	300,000
Amount of credit received from certain vendor					2,100,000
Amount of insurance claim proceeds					7,500,000
Impairment charges					$ 2,400,000	$ 6,000,000
Gulf of Mexico Well Tau [Member]
Percent of working interest			100.00%	100.00%	100.00%
Estimated insurance claim				$ 10,800,000
Number of well drilled | Number					2
Total depth of first drilled well | ft			15,254
Depth of second drilled well | ft					15,254
Depth of originally permitted second drilled well | ft					29,857
Received insurance claim					$ 10,800,000
Percent of working interest returned to company		5.00%
Participation agreement [Member] | Delek GOM Investments, LLC [Member]
Common stock, par value (in dollars per share) | $ / shares							$ 0.001
Settlement Agreement [Member] | Underwriters [Member]
Working capital					$ 6,400,000
Settlement Agreement [Member] | Underwriters [Member]
Percent of working interest	25.00%
Working capital	$ 6,600,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Total	$ 157,049	$ 157,049
Less: accumulated depreciation	(150,702)	(144,035)
Net property and equipment	6,347	13,014
Office Equipment and Computers [Member]
Total	133,089	133,089
Furniture and Fixtures [Member]
Total	16,280	16,280
Leasehold Improvements [Member]
Total	$ 7,680	$ 7,680

PROPERTY AND EQUIPMENT (Detai_2

PROPERTY AND EQUIPMENT (Details 1)	12 Months Ended
	Sep. 30, 2020
Office Equipment and Computers [Member]
Estimated Useful Lives	3 years
Furniture and Fixtures [Member]
Estimated Useful Lives	5 years
Leasehold Improvements [Member]
Description of useful lives	Shorter of 5 years or related lease term

PROPERTY AND EQUIPMENT (Detai_3

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 6,667	$ 5,619

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
FEDERAL
Current	$ 0	$ 0
Deferred	0	0
STATE
Current	0	0
Deferred	0	0
TOTAL PROVISION	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Expected provision (based on statutory rate of 21%)	$ (507,379)	$ (2,881,988)
Effect of:
Increase (decrease) in valuation allowance	2,399,698	2,879,685
Non-Allowable (income) expenses	(233,063)	500,638
Prior year true-ups to return and other, net	(1,659,256)	(498,335)
Total actual provision	$ 0	$ 0
Statutory tax rate	21.00%

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
DEFERRED TAX ASSETS (LIABILITIES)
Net operating losses	$ 13,767,315	$ 10,295,547
Exploration costs	(1,156,312)	(1,110,135)
Oil and natural gas leases	1,337,094	2,336,776
IDC	(1,689,664)	(1,215,096)
Stock based compensation	666,202	567,406
Accrued interest and expenses not paid	579,349	386,685
Derivative financial instrument	224,816	69,120
Differences in book/tax depreciation	10,392	9,191
Net deferred tax asset	13,739,192	11,339,494
Valuation allowance	(13,739,192)	(11,339,494)
NET DEFERRED TAXES	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Valuation allowance increase (decrease)	$ 2,399,698	$ 2,879,685
Net operating loss carryforwards	65,600,000
Net operating loss carryforwards subject to expiration	32,100,000
Net operating loss carryforwards not subject to expiration	$ 33,500,000
Net operating losses available as deduction against future taxable income, percentage	100.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Nov. 15, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2017
Debt face amount		$ 527,000	$ 3,727,000
Accrued interest payable		$ 2,616,008	2,282,217
John Seitz, CEO [Member] | Convertible Promissory Notes [Member]
Debt face amount				$ 8,675,500
Interest rate				5.00%
Debt conversion, price per share				$ 0.12
Debt maturity date		due on demand
Amount owed to related party		$ 8,675,500	8,675,500
Value of stock issued in conversion of notes payable				$ 5,300,000
Accrued interest payable		2,500,000	2,100,000
Related party [Member] | Promissory Notes [Member]
Proceeds from issuance of convertible notes and warrants	$ 50,000
Accounting Consulting Service [Member]
Amount owed to related party		346,000	294,000
Accounting consulting services, included in related party payables		$ 60,000	$ 60,000

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Notes	$ 527,000	$ 3,727,000
Discount	(65,387)	(2,529,034)
Notes, Net of Discount	461,613	1,197,966
Bridge Financing Notes [Member]
Notes	227,000	227,000
Discount	(11,209)	(99,669)
Notes, Net of Discount	215,791	127,331
Delek Note [Member]
Notes		1,000,000
Notes, Net of Discount		1,000,000
June 2019 Convertible Debenture [Member]
Notes	300,000	2,500,000
Discount	(54,178)	(2,429,365)
Notes, Net of Discount	$ 245,822	$ 70,635

CONVERTIBLE NOTES PAYABLE (De_2

CONVERTIBLE NOTES PAYABLE (Details1) - Delek Note [Member]	Sep. 30, 2020$ / shares	Oct. 17, 2019$ / shares
Stock Price [Member]
Debt, measurement input	0.006	0.041
Fixed Exercise Price [Member]
Debt, measurement input	0.050	0.050
Price Volatility [Member]
Debt, measurement input	1.27	1.38
Expected Term [Member]
Debt term	6 months	1 year
Risk Free Interest Rate [Member]
Debt, measurement input	0.08	1.59

CONVERTIBLE NOTES PAYABLE (De_3

CONVERTIBLE NOTES PAYABLE (Details 2) - June 2019 Convertible Debenture [Member]	Sep. 30, 2020$ / shares
Stock Price [Member]
Debt, measurement input	0.006
Stock Price [Member] | Minimum [Member]
Debt, measurement input	0.006
Stock Price [Member] | Maximum [Member]
Debt, measurement input	0.034
Fixed Exercise Price [Member]
Debt, measurement input	0.050
Price Volatility [Member]
Debt, measurement input	1.22
Price Volatility [Member] | Minimum [Member]
Debt, measurement input	0.77
Price Volatility [Member] | Maximum [Member]
Debt, measurement input	2.84
Expected Term [Member]
Debt term	2 months 1 day
Expected Term [Member] | Minimum [Member]
Debt term	4 days
Expected Term [Member] | Maximum [Member]
Debt term	7 months 13 days
Risk Free Interest Rate [Member]
Debt, measurement input	0.10
Risk Free Interest Rate [Member] | Minimum [Member]
Debt, measurement input	0.08
Risk Free Interest Rate [Member] | Maximum [Member]
Debt, measurement input	1.62

CONVERTIBLE NOTES PAYABLE (De_4

CONVERTIBLE NOTES PAYABLE (Details Narrative)	Sep. 30, 2020USD ($)	Jul. 27, 2020USD ($)$ / sharesshares	Nov. 06, 2019USD ($)	Aug. 07, 2019USD ($)	Jun. 21, 2019USD ($)$ / sharesshares	Apr. 19, 2019USD ($)	Mar. 01, 2019USD ($)	Nov. 30, 2020USD ($)	Oct. 31, 2020shares	Oct. 31, 2019USD ($)$ / shares	Nov. 30, 2016USD ($)Number$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Modification of warrants												$ (2,636,473)	$ (600,853)
Gain (Loss) on Debt Extinguishment												(1,513,334)	(5,099,340)
Principal amount	$ 527,000											527,000	3,727,000
Stock issued for extinguishment of debt												1,536,929
Amortization of debt discount												2,054,820	625,919
Accrued interest payable	2,616,008											2,616,008	2,282,217
Offering costs													555,923
Subsequent Event [Member]
Repayment of convertible debt								$ 300,000
Number of common shares issued (in shares) | shares									17,500,000
Term Loan Agreement [Member] | Delek GOM Investments, LLC [Member]
Interest rate							5.00%
Principal amount							$ 11,000,000
Proceeds from notes payable						$ 1,000,000	$ 10,000,000
Default interest rate							7.00%
Maturity date							Sep. 4, 2019
Securities Purchase Agreement [Member]
Percentage of variable conversion price					80.00%
Percentage of variable conversion price in default					60.00%
Offering costs					$ 398,000
Delek GOM Investments, LLC [Member] | Subsequent Event [Member]
Number of common shares issued (in shares) | shares									17,500,000
Delek GOM Investments, LLC [Member] | Post Drilling Agreement [Member]
Debt amount converted										$ 1,000,000
Beneficial conversion feature	0									479,498
Gain (Loss) on Debt Extinguishment	35,045									$ (676,785)
Maturity date										Oct. 22, 2020
Legal fees										$ 200,000
Conversion rate										60.00%
Accrued interest payable	129,211											129,211
Repayment of convertible debt	1,220,548
Delek GOM Investments, LLC [Member] | Post Drilling Agreement [Member]
Interest rate										12.00%
Principal amount										$ 1,220,548
Default interest rate										15.00%
Term Loan Payoff										$ 1,220,548
Conversion price (in dollars per share) | $ / shares										$ 0.05
Bridge Financing Notes [Member]
Proceeds from issuance of convertible notes											$ 837,000
Number of convertible promissory notes issued | Number											11
Maturity term											1 year
Description of maturity											These notes had a maturity of one year (which has been extended at maturity to April 30, 2020 and was extended again during the year ended September 30, 2020 to April 30, 2021).
Interest rate											8.00%
Qualified equity financing amount											$ 3,000,000
Remaining debt unamortized discount	11,000											11,000	100,000
Additional debt discount												19,300
Outstanding debt amount	277,000											277,000	277,000
Amortization of debt discount												8,100	52,000
Conversion price (in dollars per share) | $ / shares											$ 0.025
Accrued interest payable	94,000											94,000	$ 72,000
Bridge Financing Notes [Member] | Related Parties [Member]
Proceeds from issuance of convertible notes											$ 222,000
Convertible Debentures [Member] | Securities Purchase Agreement [Member]
Interest rate					8.00%
Additional debt discount												50,000
Outstanding debt amount	$ 300,000	$ 1,900,000										300,000
Maximum amount agreed to convert		$ 300,000
Gain (Loss) on Debt Extinguishment												(1,000,000)
Principal amount					$ 3,000,000
Stock issued for extinguishment of debt												2,200,000
Conversion price (in dollars per share) | $ / shares					$ 0.05
Gain on change in fair value of embedded feature												$ 2,400,000
Description of payment		(1) $50,000 on the date of the Agreement; (2) $700,000 on or before August 21, 2020; (3) $750,000 on or before September 30, 2020; and (4) any remaining principal amount outstanding on or before November 30, 2020.										In June 2020, the Company extended the maturity dates of Tranche 1 and Tranche 2 to August 21, 2020 in exchange for a cash payment of $50,000.
Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Warrants [Member]
Number of warrants issued | shares					50,000,000
Warrant exercise price (in dollars per share) | $ / shares		$ 0.02			$ 0.04
Modification of warrants		$ 16,000
Number of warrants to purchase common shares | shares		50,000,000
Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Tranche One [Member]
Proceeds from issuance of convertible notes					$ 2,100,000
Debt amount converted												$ 1,200,000
Accrued interest amount converted												$ 139,000
Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Tranche Two [Member]
Proceeds from issuance of convertible notes				$ 400,000
Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Tranche Three [Member]
Proceeds from issuance of convertible notes			$ 500,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Total	$ 120,827	$ 267,000
Notes Payable [Member]
Total		$ 267,000
PPP Loan Payable [Member]
Total	100,300
Insurance Note Payable [Member]
Total	$ 20,527

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	1 Months Ended
	Aug. 30, 2020	Apr. 16, 2020	Nov. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Feb. 16, 2016
Principal amount				$ 527,000	$ 3,727,000
Accrued interest payable				2,616,008	2,282,217
Notes Payable				120,827	$ 267,000
PPP Loan Payable [Member]
Principal amount		$ 100,300
Maturity date		Apr. 16, 2025
Interest rate		1.00%
Description of payment		Beginning October 16, 2021, the Company will pay 43 equal monthly installments of principal and interest in the amount necessary to fully amortize the PPP Loan through the maturity date.
Accrued interest payable				420
Promissory Notes [Member] | Dr. Ronald Bain [Member]
Principal amount						$ 267,000
Interest rate						5.00%
Interest forgiven amount	$ 67,000
Insurance Note Payable [Member]
Principal amount			$ 220,629
Interest rate			5.60%
Insurance policy			$ 241,000
Notes Payable				$ 21,000

Fair Value Measurement (Details

Fair Value Measurement (Details) - Recurring [Member] - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Derivative Financial Instrument	$ (1,070,551)	$ (3,534,456)
Significant Other Observable Inputs (Level 2) [Member]
Derivative Financial Instrument	$ (1,070,551)	$ (3,534,456)

Fair Value Measurement (Detai_2

Fair Value Measurement (Details 1) - Recurring [Member] - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Balance at beginning	$ (3,534,456)	$ (271,710)
Issuance of derivative financial instruments	(880,462)	(3,863,599)
Derivative instruments converted/extinguished	707,894
Change in fair value	2,636,473	600,853
Balance at ending	$ (1,070,551)	$ (3,534,456)

Fair Value Measurement (Detai_3

Fair Value Measurement (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Impairment charge	$ 2,400,000	$ 6,000,000
Stock based compensation	1,000,000	1,600,000
Fair value of oil and gas properties	$ 500,000	$ 700,000

COMMON STOCK_PAID IN CAPITAL (D

COMMON STOCK/PAID IN CAPITAL (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Common stock issued for conversion of note payable and accrued interest	$ 2,216,858
Gain (loss) on extinguishment of debt	(1,513,334)	$ (5,099,340)
Stock Issued to extinguish liability	1,536,929
Common Stock [Member]
Common stock issued for conversion of note payable and accrued interest	$ 120,051
Common stock issued for conversion of note payable and accrued interest (in shares)	120,050,281
Gain (loss) on extinguishment of debt	$ 77,000
Stock Issued to extinguish liability	$ 38,423
Stock Issued to extinguish liability (in shares)	38,423,221
Debt amount extinguised	$ 1,613,775
Common Stock [Member] | Warrant [Member]
Number of warrants issued		50,000,000
Warrant exercise price (in dollars per share)		$ 0.02
Warrants expire term		3 years 8 months 12 days

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	12 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Options
Outstanding at beginning of period | shares	104,500,000
Outstanding at end of period | shares	104,500,000
Vested and expected to vest | shares	104,500,000
Exercisable at end of period | shares	104,500,000
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 0.0605
Outstanding at end of period | $ / shares	0.0605
Vested and expected to vest | $ / shares	0.0605
Exercisable at end of period | $ / shares	$ 0.0565
Weighted Average Remaining Contractual Term
Outstanding at end of period	4 years 6 months
Vested and expected to vest	4 years 6 months
Exercisable at end of period	4 years 6 months

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 968,000	$ 1,629,000
Number of options modified	3,000,000
Additional compensation expense	$ 8,000
Stock-based compensation expense capitalized to unproved properties	$ 498,000	$ 885,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	1 Months Ended
	Aug. 31, 2018USD ($)	Jul. 31, 2018USD ($)ft²	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Lease term		39 months
Office space | ft²		5,000
Annual base rent for the first 18 months		$ 94,000
Annual base rent - year two			$ 97,000
Annual base rent - year three			99,000
Principal amount			527,000	$ 3,727,000
Fair value liability			$ 786,000	$ 554,000
Vendor [Member]
Principal amount	$ 1,000,000
Repayment of debt	150,000
Future cash payment	7,500
Common stock issued to vendor for settlement of debt	10,000,000
Vendor [Member] | Minimum [Member]
Gain on sale of stock by vendor in excess	$ 1,300,000

LEASES (Details)

LEASES (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Assets:
Operating lease right of use assets	$ 54,768
Current Liabilities:
Other (Deferred Credit Office Lease)		$ 42,746
Current portion of operating lease liabilities	62,074
Equity:
Accumulated Deficit	$ (57,981,672)	(55,582,010)
Cumulative Effect Period Of Adoption Adjustment [Member]
Assets:
Operating lease right of use assets		104,363
Current Liabilities:
Other (Deferred Credit Office Lease)		(42,746)
Current portion of operating lease liabilities		74,114
Noncurrent Liabilities:
Operating lease liabilities		56,565
Equity:
Accumulated Deficit		16,431
Cumulative Effect Period Of Adoption Adjusted Balance [Member]
Assets:
Operating lease right of use assets		104,363
Current Liabilities:
Current portion of operating lease liabilities		74,114
Noncurrent Liabilities:
Operating lease liabilities		56,565
Equity:
Accumulated Deficit		$ (55,565,581)

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Operating lease liabilities	$ 62,074
Operating lease right of use assets	54,768
Accumulated Deficit	$ (57,981,672)	$ (55,582,010)
Cumulative Effect Period Of Adoption Adjustment [Member]
Operating lease right of use assets		104,363
Accumulated Deficit		16,431
Cumulative Effect Period Of Adoption Adjusted Balance [Member]
Operating lease liabilities		130,679
Operating lease right of use assets		104,363
Accumulated Deficit		$ (55,565,581)

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended		2 Months Ended	12 Months Ended
	Nov. 30, 2020	Oct. 31, 2020	Nov. 30, 2020	Sep. 30, 2019
Received insurance claim				$ 2,500,000
Subsequent Event [Member]
Number of common shares issued (in shares)		17,500,000
Repayment of convertible debt	$ 300,000
Received insurance claim			$ 224,000