Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2021 | May 15, 2021 | |
Document And Entity Information | ||
Entity Registrant Name | Regenicin, Inc. | |
Entity Central Index Key | 0001412659 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 333-146834 | |
Entity Incorporation State Code | NV | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity's Interactive Data Current? | No | |
Is Entity Emerging Growth Company? | false | |
Is Entity a Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 153,483,050 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 |
CURRENT ASSETS | ||
Cash | $ 1,326 | $ 1,366 |
Common stock of Amarantus | 2,850 | 2,775 |
Total current and total assets | 4,176 | 4,141 |
CURRENT LIABILITIES | ||
Accounts payable | 102,173 | 88,659 |
Accrued expenses - other (related party of $37,477 and $29,000) | 251,141 | 174,438 |
Accrued salaries - officers | 3,740,502 | 3,450,002 |
Promissory note payable | 175,000 | 175,000 |
Convertible promissory note - officer | 335,683 | 335,683 |
Loan payable | 10,000 | 10,000 |
Loans payable - officer | 70,135 | 57,635 |
Total current and total liabilities | 4,684,634 | 4,291,417 |
STOCKHOLDERS' DEFICIENCY | ||
Series A 8% Convertible Preferred stock, $0.001 par value, 5,500,000 shares authorized; 885,000 issued and outstanding | 885 | 885 |
Common stock, $0.001 par value; 200,000,000 shares authorized; 157,911,410 issued and 153,483,050 outstanding | 157,914 | 157,914 |
Additional paid-in capital | 10,208,339 | 10,208,339 |
Accumulated deficit | (15,043,168) | (14,649,986) |
Less: treasury stock; 4,428,360 shares at par | (4,428) | (4,428) |
Total stockholders' deficiency | (4,680,458) | (4,287,276) |
Total liabilities and stockholders' deficiency | $ 4,176 | $ 4,141 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Series A Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Series A Preferred Stock, Shares Authorized | 5,500,000 | 5,500,000 |
Series A Preferred Stock, Issued and outstanding | 885,000 | 885,000 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Issued | 157,911,410 | 157,911,410 |
Common Stock, Outstanding | 153,483,050 | 153,483,050 |
Treasury Stock, Issued | 4,428,360 | 4,428,360 |
Accrued expenses, related party | $ 37,477 | $ 29,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses | ||||
General and administrative | 225,736 | 162,858 | 376,554 | 355,208 |
Total operating expenses | 225,736 | 162,858 | 376,554 | 355,208 |
Loss from operations | (225,736) | (162,858) | (376,554) | (355,208) |
Other income (expenses) | ||||
Interest expense (related party of $7,977, $21,075, $4,103 and $21,075) | (8,418) | (25,440) | (16,703) | (29,851) |
Change in unrealized loss on securities | 850 | (350) | 75 | (1,575) |
Total other income (expenses) | (7,568) | (25,790) | (16,628) | (31,426) |
Net loss | (233,304) | (188,648) | (393,182) | (386,634) |
Preferred stock dividends | (17,458) | (17,651) | (35,303) | (35,496) |
Net loss attributable to common stockholders | $ (250,762) | $ (206,299) | $ (428,485) | $ (422,130) |
Loss per share Basic | $ 0 | $ 0 | $ 0 | $ 0 |
Loss per share Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding Basic | 153,483,050 | 153,483,050 | 153,483,050 | 153,483,050 |
Weighted average number of shares outstanding Diluted | 153,483,050 | 153,483,050 | 153,483,050 | 153,483,050 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
Interest expense, related party | $ 8,418 | $ 25,440 | $ 16,703 | $ 29,851 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (393,182) | $ (386,634) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Unrealized loss on investment | 75 | (1,575) |
Accrued interest on loans and notes payable | 16,703 | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other current assets | ||
Accounts payable | 13,514 | (32,180) |
Accrued expenses - other | 60,000 | 29,853 |
Accrued salaries - officers | 290,500 | 290,500 |
Net cash used in operating activities | (12,540) | (96,886) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds of loans from officers | 12,500 | 97,550 |
Repayment of loans from officers | ||
Net cash provided by financing activities | 12,500 | 97,550 |
NET INCREASE (DECREASE) IN CASH | (40) | 664 |
CASH - BEGINNING OF PERIOD | 1,366 | 815 |
CASH - END OF PERIOD | 1,326 | 1,479 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-cash activities: | ||
Issuance of convertible promissory note in exchange for loan payable - officer | $ 335,683 |
THE COMPANY
THE COMPANY | 6 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY | Regenicin, Inc. (“Regenicin”), formerly known as Windstar, Inc., was incorporated in the state of Nevada on September 6, 2007. On July 19, 2010, the Company amended its Articles of Incorporation to change the name of the Company to Regenicin, Inc. In September 2013, Regenicin formed a new wholly owned subsidiary for the sole purpose of conducting research in the State of Georgia (together, the “Company”). The subsidiary has no activity since its formation due to the lack of funding. The Company’s business plan is to develop and commercialize a potentially lifesaving technology by the introduction of tissue-engineered skin substitutes to restore the qualities of healthy human skin for use in the treatment of burns, chronic wounds and a variety of plastic surgery procedures. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | Interim Financial Statements: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of those of a recurring nature) considered necessary for a fair presentation have been included. Operating results for the six months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending September 30, 2021. These unaudited consolidated financial statements should be read in conjunction with the un audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2020, as filed with the Securities and Exchange Commission. The consolidated balance sheet as of September 30, 2020 contained herein has been derived from the unaudited consolidated financial statements as of September 30, 2020 but does not include all disclosures required by U.S. GAAP. Going Concern: The Company's consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and as of March 31, 2021, has an accumulated deficit of approximately $15 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Currently management plans to finance operations through the private or public placement of debt and/or equity securities. However, no assurance can be given at this time as to whether the Company will be able to obtain such financing. The consolidated financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Financial Instruments and Fair Value Measurement: Common stock of Amarantus BioScience Holdings, Inc. (“Amarantus”) is carried at fair value in the accompanying consolidated balance sheets. Fair value is determined under the guidelines of GAAP which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Realized gains and losses, determined using the first-in, first-out (FIFO) method, and unrealized gains and losses are included in other income (expense) on the statement of operations. The common stock of Amarantus is valued at the closing price reported on the active market on which the security is traded. This valuation methodology is considered to be using Level 1 inputs. The total value of Amarantus common stock at March 31, 2021 and September 30, 2020 was $2,850 and $2,775, respectively. The change in unrealized gain (loss) for the six and three months ended March 31, 2021 and 2020 was ($75), ($850), ($1,575) and ($350) net of income taxes, respectively, and was reported as other income (expense). Recently Issued Accounting Pronouncements: Any recent pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the consolidated financial statements of the Company. |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
LOSS PER SHARE | Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. The following weighted average securities have been excluded from the calculation of net loss per share for the six and three months ended March 31, 2021 and 2020 as the exercise price was greater than the average market price of the common shares: 2021 2020 Options 11,771,344 11,771,344 Convertible Preferred Stock 8,850,000 8,850,000 Convertible Promissory Note 16,784,150 19,180,538 Shares excluded from the calculation of diluted loss per share 37,405,494 39,801,882 |
LOANS PAYABLE
LOANS PAYABLE | 6 Months Ended |
Mar. 31, 2021 | |
Loans Payable [Abstract] | |
LOANS PAYABLE | Convertible Promissory Note – Officer Through September 30, 2019, John Weber, the Company's Chief Financial Officer, advanced the Company a total of $238,133. From October 2019 through March 31, 2020, he advanced an additional $97,550 for a total of $335,683. On March 31, 2020, these advances were converted into a convertible promissory note. Interest on the note is computed at 5% per annum and accrues from the time of the advances until the maturity date. The maturity date was September 30, 2020, at which time all the accrued interest and principal became due. The note has been extended to June 30, 2021. For the six and three months ended March 31, 2021 interest totaling $7,997 and $3,874 respectively, as incurred. As of March 31, 2021, a total of $37,477 of interest was incurred and accrued. The note is convertible at the option of Mr. Weber into shares of the Company's common stock at the prevailing market rate on the date of conversion. Loan Payable In February 2011, an investor advanced $10,000. The loan does not bear interest and is due on demand. At both March 31, 2021 and September 30, 2020, the loan payable totaled $10,000. Loans Payable - Officer: Through March 31, 2021, John Weber, the Company’s Chief Financial Officer, advanced to the Company $38,700. The loan does not bear interest and is due on demand. Through September 30, 2019, J. Roy Nelson, the Company’s Chief Science Officer, made net advances to the Company totaling $26,935. The loans do not bear interest and are due on demand. In September 2018, Randall McCoy, the Company’s Chief Executive Officer, advanced to the Company $4,500. The loan does not bear interest and is due on demand. |
BRIDGE FINANCING
BRIDGE FINANCING | 6 Months Ended |
Mar. 31, 2021 | |
Notes Payable [Abstract] | |
PROMISSORY NOTES PAYABLE | On December 21, 2011, the Company issued a $150,000 promissory note to an individual. The note bore interest so that the Company would repay $175,000 on the maturity date of June 21, 2012. Additional interest of 10% was charged on any late payments. The note was not paid at the maturity date and the Company is incurring additional interest as described above. At both March 31, 2021 and September 30, 2020, the note balance was $175,000. Interest expense was $8,726 and $8,776 for the six months ended March 31, 2021 and 2020, respectively. Interest expense was $4,411 and $4,365 for the three ended March 31, 2021 and 2020. Accrued interest on the note was $153,664 and $149,938 as of March 31, 2021 and September 30, 2020, respectively, and is included in Accrued expenses - other in the accompanying consolidated balance sheets. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | The Company recorded no income tax expense for the six or three months ended March 31, 2021 and 2020 because the estimated annual effective tax rate was zero. As of March 31, 2021, the Company continues to provide a valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized. |
STOCKHOLDERS DEFICIENCY
STOCKHOLDERS DEFICIENCY | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS DEFICIENCY | At both March 31, 2021 and September 30, 2020, 885,000 shares of Series A Preferred Stock (“Series A Preferred”) were outstanding. Series A Preferred pays a dividend of 8% per annum on the stated value and has a liquidation preference equal to the stated value of the shares ($885,000 liquidation preference as of March 31, 2021 and September 30, 2012) plus dividends in arrears as per below). Each share of Series A Preferred Stock has an initial stated value of $1 and is convertible into shares of the Company’s common stock at the rate of 10 for 1. The Series A Preferred Stock was marketed through a private placement memorandum that included a reference to a ratchet provision which would have allowed the holders of the stock to claim a better conversion rate based on other stock transactions conducted by the Company during the three-year period following the original issuance of the shares. The Certificate of Designation does not contain a ratchet provision. Certain of the stock related transactions consummated by the Company during this time period may have triggered this ratchet provision, and thus created a claim by holders of the Series A Preferred Stock who purchased based on this representation for a greater conversion rate than initially provided. There have been no new developments related to the remaining Series A holders regarding this claim and the conversion rate of their Series A Preferred Stock. Changes to the preferred stock conversion ratio may result in modification or extinguishment accounting. That may result in a deemed preferred stock dividend which would reduce net income available to common stockholders in the calculation of earnings per share. Certain of the smaller Series A holders have already converted or provided notice of conversion of their shares. In respect of this claim, the Company and its outside counsel determined that it is not possible to offer an opinion regarding the outcome. An adverse outcome could materially increase the accumulated deficit. The dividends are cumulative commencing on the issue date when and if declared by the Board of Directors. As of March 31, 2021, and September 30, 2020, dividends in arrears were $711,733 ($.80 per share) and $676,430 ($.76 per share), respectively. Series B Four million shares of Series B Convertible Preferred Stock (“Series B Preferred”) have been authorized with a liquidation preference of $2.00 per share. Each share of Series B Preferred is convertible into ten shares of common stock. Holders of Series B Preferred have a right to a dividend (pro-rata to each holder) based on a percentage of the gross revenue earned by the Company in the United States, if any, and the number of outstanding shares of Series B Preferred, as follows: Year 1 - Total Dividend to all Series B holders = .03 x Gross Revenue in the U.S. Year 2 - Total Dividend to all Series B holders = .02 x Gross Revenue in the U.S. Year 3 - Total Dividend to all Series B holders = .01 x Gross Revenue in the U.S. At March 31, 2021, no shares of Series B Preferred are outstanding. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
STOCK-BASED COMPENSATION | The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505, “Equity.” Costs are measured at the estimated fair value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | The Company’s principal executive offices are located in Little Falls, New Jersey. The headquarters is located in the offices of McCoy Enterprises LLC, an entity controlled by Mr. McCoy. The office is attached to his residence but has its own entrances, restroom and kitchen facilities. The Company also maintains an office at Carbon & Polymer Research Inc. ("CPR") in Pennington, New Jersey, which is the Company's materials and testing laboratory. An officer of the Company is an owner of CPR. No rent is charged for either premises. On May 16, 2016, the Company entered into an agreement with CPR in which CPR will supply the collagen scaffolds used in the Company's production of the skin tissue. The contract contains a most favored customer clause guaranteeing the Company prices equal or lower than those charged to other customers. The Company has not yet made purchases from CPR. See Note 4 for loans payable to related parties. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Management has evaluated subsequent events through the date of this filing. The Company continues to evaluate the impact of the COVID-19 virus on the our industry. It is reasonable to assume that the virus had a negative effect on the Company’s financial condition and results of the operations. However, the COVID-19 virus had a significant impact on our efforts to secure additional funding. Governmental agencies and many investors redirected most grants, investments and efforts in the healthcare sector exclusively to COVID-19 vaccines, PEP, COVID testing, and related equipment. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of those of a recurring nature) considered necessary for a fair presentation have been included. Operating results for the six months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending September 30, 2021. These unaudited consolidated financial statements should be read in conjunction with the un audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2020, as filed with the Securities and Exchange Commission. The consolidated balance sheet as of September 30, 2020 contained herein has been derived from the unaudited consolidated financial statements as of September 30, 2020 but does not include all disclosures required by U.S. GAAP. |
Going Concern | The Company's consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and as of March 31, 2021, has an accumulated deficit of approximately $15 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Currently management plans to finance operations through the private or public placement of debt and/or equity securities. However, no assurance can be given at this time as to whether the Company will be able to obtain such financing. The consolidated financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Income per share | Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. The following weighted average securities have been excluded from the calculation of net loss per share for the six and three months ended March 31, 2021 and 2020 as the exercise price was greater than the average market price of the common shares: 2021 2020 Options 11,771,344 11,771,344 Convertible Preferred Stock 8,850,000 8,850,000 Convertible Promissory Note 16,784,150 19,180,538 Shares excluded from the calculation of diluted loss per share 37,405,494 39,801,882 |
Financial Instruments and Fair Value Measurement | Common stock of Amarantus BioScience Holdings, Inc. (“Amarantus”) is carried at fair value in the accompanying consolidated balance sheets. Fair value is determined under the guidelines of GAAP which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Realized gains and losses, determined using the first-in, first-out (FIFO) method, and unrealized gains and losses are included in other income (expense) on the statement of operations. The common stock of Amarantus is valued at the closing price reported on the active market on which the security is traded. This valuation methodology is considered to be using Level 1 inputs. The total value of Amarantus common stock at March 31, 2021 and September 30, 2020 was $2,850 and $2,775, respectively. The change in unrealized gain (loss) for the six and three months ended March 31, 2021 and 2020 was ($75), ($850), ($1,575) and ($350) net of income taxes, respectively, and was reported as other income (expense). |
Stock-Based Compensation | The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505, “Equity.” Costs are measured at the estimated fair value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505. |
Recently Issued Accounting Pronouncements | Any recent pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the consolidated financial statements of the Company. |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Income Loss per Common Share Exclusions #1 | 2021 2020 Options 11,771,344 11,771,344 Convertible Preferred Stock 8,850,000 8,850,000 Convertible Promissory Note 16,784,150 19,180,538 Shares excluded from the calculation of diluted loss per share 37,405,494 39,801,882 |
THE COMPANY (Details Narrative)
THE COMPANY (Details Narrative) | 6 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of Incorporation | Sep. 6, 2007 |
State of Incorporation | NV |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Basis Of Presentation | |||||
Common stock of Amarantus Corporation | $ 2,850 | $ 2,850 | $ 2,775 | ||
Unrealized loss on investment | 850 | $ (350) | 75 | $ (1,575) | |
Accumulated deficit | $ (15,043,168) | $ (15,043,168) | $ (14,649,986) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule Of Income Loss per Common Share Exclusions (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Convertible promissory note | $ 335,683 | $ 335,683 | |
Exclusions - Calcs | |||
Options | 11,771,344 | ||
Convertible preferred stock | 8,850,000 | ||
Convertible promissory note | $ 16,784,150 | ||
Shares excluded from calculation of diluted loss per share | 37,405,494 | 39,801,882 | |
Exclusions - Diluted Calcs #2 | |||
Options | 11,771,344 | ||
Convertible preferred stock | 8,850,000 | ||
Convertible promissory note | $ 19,180,538 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - USD ($) | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Loan payable | $ 10,000 | $ 10,000 | ||
Loans payable - related parties | 70,135 | 57,635 | ||
Repayments of loans from officers | 12,500 | $ 97,550 | ||
Shareholder | ||||
Loan payable | 10,000 | 10,000 | ||
CFO | ||||
Loans payable - related parties | $ 97,550 | |||
Interest rate | 5.00% | |||
Maturity Date | Jun. 30, 2021 | |||
Debt Instrument, Accrued Interest | $ 37,477 | |||
Loan payable, balance | 335,683 | $ 238,133 | ||
CEO | ||||
Loans payable - related parties | $ 4,500 | |||
CSO | ||||
Loans payable - related parties | $ 26,935 |
BRIDGE FINANCING (Details Narra
BRIDGE FINANCING (Details Narrative) - Promissory Note 2 - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Date of Note | Dec. 21, 2011 | ||||
Debt Instrument | $ 150,000 | $ 150,000 | |||
Maturity Date | Jun. 21, 2012 | ||||
Additional interest rate if late | 10.00% | 10.00% | |||
Debt Instrument, Balance | $ 175,000 | $ 175,000 | $ 175,000 | ||
Accrued expenses other | 153,664 | 153,664 | $ 149,938 | ||
Interest expense | $ (4,365) | $ (4,411) | $ (8,726) | $ (8,776) |
STOCKHOLDERS DEFICIENCY (Detail
STOCKHOLDERS DEFICIENCY (Details Narrative) - USD ($) | 6 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2017 | |
Series A Preferred Stock, Issued and outstanding | 885,000 | 885,000 | |
Common stock, Issued | 157,911,410 | 157,911,410 | |
Series A | |||
Dividend per annum | 8.00% | ||
Dividend Stated Value, Description | Each share of Preferred Stock has an initial stated value of $1 and is convertible into shares of the Company’s common stock at the rate of 10 for 1. | ||
Dividends payable | $ 711,733 | $ 676,430 | |
Series A Preferred Stock, Issued and outstanding | 885,000 | 885,000 | |
Series B | |||
Series B Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 | |
Series B Preferred Stock, Outstanding | 0 | 0 | |
Series B Preferred Stock, Liquidation Preference | $ 2 | $ 2 |