Graphene & Solar Technologies Limited (GSTX) 10-K 17 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2020	Feb. 17, 2021	Mar. 31, 2020
Document And Entity Information
Entity Registrant Name	Graphene & Solar Technologies Ltd
Entity Central Index Key	0001497649
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--09-30
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Interactive Data Current	No
Entity Incorporation State Country Code	CO
Document Period End Date	Sep. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		251,398,723
EntityFileNumber	333-174194
Entity Public Float			$ 7,852,305

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Current Assets:
Cash	$ 12	$ 74,241
Prepaid expenses	0	11,684
Other receivable	0	5,197
Total Current Assets	12	91,122
Other Assets:
Furniture and equipment, net of depreciation $71,803 and $51,946	12,259	27,869
Mineral rights	0	28,415
Total Assets	12,271	147,406
Current Liabilities
Accounts payable and other payable	653,476	402,599
Accrued interest payable	132,099	110,738
Due to related party	717,075	455,577
Notes payable - in default	60,000	60,000
Convertible notes payable, net of discount $52,703 and $0, $100,747 in default	116,264	100,747
Other loans	5,632	0
Total Current Liabilities	1,684,546	1,129,661
Total Liabilities	1,684,546	1,129,661
Stockholders' Deficit
Preferred stock: 10,000,000 shares authorized; $0.00001 par value; no shares issued and outstanding	0	0
Common stock: 500,000,000 shares authorized; $0.00001 par value; 246,248,723 and 242,449,767 shares issued and outstanding	2,463	2,424
Additional paid-in capital	9,508,943	9,047,139
Accumulated deficit	(11,235,696)	(10,132,535)
Accumulated other comprehensive income	52,015	100,717
Total Stockholders' Deficit	(1,672,275)	(982,255)
Total Liabilities and Stockholders' Deficit	$ 12,271	$ 147,406

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Stockholders' Deficit
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares par value	$ 0.00001	$ 0.00001
Common stock, shares issued	246,248,723	242,449,767
Common stock, shares outstanding	246,248,723	242,449,767
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Other Assets:
Furniture & Equipment, net of depreciation	$ 71,803	$ 51,946
Current Liabilities:
Discount	$ 52,703	$ 100,747

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 0	$ 0
Operating Expenses:
Professional fees	881,732	881,104
General and administration	164,155	267,109
Total operating expenses	1,045,887	1,148,213
Operating Loss	(1,045,887)	(1,148,213)
Other Income (Expense):
Interest expense	(36,839)	(76,135)
Rental income	8,146	6,334
Promissory note prepayment penalty	0	(17,860)
Foreign currency transaction gain	0	1,678
Impairment of assets	(28,581)	0
Change in fair value of derivative liability	0	2,540
Loss on settlement of convertible note	0	(9,818)
Total Other Expense	(57,274)	(98,341)
Net Loss	(1,103,161)	(1,246,554)
Other comprehensive income (loss)
Foreign currency translation adjustment	48,702	8,671
Comprehensive Loss	(1,151,863)	(1,237,883)
Net Loss available to common shareholders	$ (1,151,863)	$ (1,246,554)
Basic and diluted loss per common share	$ 0	$ (0.01)
Weighted average number of common shares outstanding
Basic and diluted	243,913,723	238,985,282

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Comprehensive Income / Loss	Total
Balance, shares at Sep. 30, 2018	236,046,151
Balance, amount at Sep. 30, 2018	$ 2,360	$ 7,972,361	$ (8,885,981)	$ 92,046	$ (819,214)
Shares issued for cash, shares	5,294,525
Shares issued for cash, amount	$ 53	879,947			880,000
Stock-based compensation, shares	600,000
Stock-based compensation, amount	$ 6	100,194			100,200
Shares issued for conversion of note payable, shares	509,091
Shares issued for conversion of note payable, amount	$ 5	36,988			36,993
Terminal balance of derivative liability		57,649			57,649
Foreign currency translation adjustment				8,671	8,671
Net Income (Loss)			(1,246,554)		(1,246,554)
Balance, shares at Sep. 30, 2019	242,449,767
Balance, amount at Sep. 30, 2019	$ 2,424	9,047,139	(10,132,535)	100,717	(982,255)
Shares issued for cash, shares	798,956
Shares issued for cash, amount	$ 9	93,614			93,623
Stock-based compensation, shares	3,000,000
Stock-based compensation, amount	$ 30	299,970			300,000
Terminal balance of derivative liability
Foreign currency translation adjustment				(48,702)	(48,702)
Debt discount on convertible notes		68,220			68,220
Net Income (Loss)			(1,103,161)		(1,103,161)
Balance, shares at Sep. 30, 2020	246,248,723
Balance, amount at Sep. 30, 2020	$ 2,463	$ 9,508,943	$ (11,235,696)	$ 52,015	$ (1,672,275)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows From Operating Activities
Net loss	$ (1,103,161)	$ (1,246,554)
Adjustments to reconcile net loss to net cash used in operating activities:
Other comprehensive gain - translation adjustment	0	0
Stock-based compensation	300,000	100,200
Depreciation expenses	16,324	16,879
Amortization of debt discounts	15,517	57,612
Loss on conversion of note payable	0	9,818
Change in fair value of derivative liability	0	(2,540)
Foreign currency translation gain	0	(1,678)
Impairment of assets	28,581	0
Changes in operating assets and liabilities:
Prepaid expenses	11,684	(11,711)
Other receivable	5,197	(5,419)
Accounts payable	250,877	128,052
Accrued liability		704
Accrued interest payable	21,361	13,613
Due to related party	261,498	335,147
Net Cash Used in Operating Activities	(192,122)	(600,797)
Cash Flows From Financing Activities:
Proceeds from common stock issuances	93,623	880,000
Proceeds from other loans	5,632	0
Proceeds from related party	0	312,201
Repayment to related party	0	(489,863)
Proceeds from convertible notes payable	68,220	0
Proceeds from short - term loans	0	0
Repayment on convertible notes payable	0	(31,000)
Net Cash Provided by Financing Activities	167,475	671,338
Effect of exchange rate in cash	(49,582)	(3,004)
Net Change in Cash	(74,229)	67,537
Cash at Beginning of Period	74,241	6,704
Cash at End of Period	12	74,241
Supplemental Cash Flow Information:
Cash paid for interest	0	4,675
Cash paid for taxes	0	0
Supplemental disclosure of non-cash financing activity:
Debt forgiveness from related party	0	0
Issuance of shares for debt repayment	0	0
Discount on note payable credited to derivative liability	0	55,109
Terminal balance of derivative liability credited to additional paid-in capital	0	57,649
Note payable converted into common stock	0	36,993
Debt discount on convertible notes	$ 68,220	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Sep. 30, 2020
Organization and Basis of Presentation
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization On June 21, 2010, Graphene & Solar Technologies Limited (“Graphene” or “the Company”), was incorporated in Colorado as Vanguard Energy Corporation (“Vanguard”). On July 5, 2017, Vanguard changed its name to Solar Quartz Technologies Corporation. On September 18, 2018, the name was again changed to Graphene & Solar Technologies Limited (“Graphene”). Business Operations The Company has the right to mine two high-purity silica quartz mineral deposits: White Springs consisting of approximately 1.5 million tons and Quartz Hill consisting of approximately 14 million tons, all through its wholly-owned subsidiary, Solar Quartz Technologies Limited. The ultra-high purity quartz deposits are located in the State of Queensland, Australia. The material is ideal for processing into high purity quartz sand (HPQS) with sufficient reserve to fuel a minimum of 15 to 20 years of processing into solar crucible and high-end electronics grade HPQS. In addition, the Quartz Hill deposit is ideal for processing into solar grade polysilicon metal, as well as for solar cell wafer production. HPQ and HPQS are essential primary feedstock materials required for the manufacturing of mono-crystalline solar grade silicon, through the Czochralski process, for the crucibles in which silicon ingots that solar cells are made from are produced. HPQS is also an essential ingredient required for the production of semiconductors. HPQ is the only suitable material for this process as it shares the same element (silicon) and is almost non-reactive, assuring high quality silicon ingots. Apart from this, HPQ also finds primary applications in advanced lighting, telecom, optic and microelectronics industry. HPQ powders are required for epoxy-molding compound used in manufacture of most electronic semiconductors, and is in a fast growth sector, which includes upgraded auto electronics for electric vehicles. The Company is also primarily focused on the early development of new graphene-enabled photovoltaic solar models, including graphene enabled thin-film solar panels. In this production initiative. The development of graphene enhanced combination photovoltaic silicon materials is currently one of the most intensive areas of research and development, attracting major interests from most world university research divisions and new technology players. The Company’s activities are subject to significant risks and uncertainties, including the need for additional capital, as described below. The Company has not yet commenced any revenue-generating operations, does not have positive cash flows from operations, and is dependent on periodic infusions of equity capital to fund its operating requirements. The Company’s common stock is traded on the Over-the-Counter Market under the symbol “GSTX.” Going Concern The Company’s consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has not generated any revenues from operations to date and does not expect to do so in the foreseeable future. The Company has a stockholders’ deficit as of September 30, 2020. Furthermore, the Company has experienced recurring operating losses and negative operating cash flows since inception and has financed its working capital requirements during this period primarily through debt financing and the recurring sale of its equity securities. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the consolidated financial statements are being issued. In addition, the Company’s independent registered public accounting firm, in their report on the Company’s consolidated financial statements for the year ended September 30, 2020, has also expressed substantial doubt about the Company’s ability to continue as a going concern. The Company’s plan regarding these matters is to raise additional debt and/or equity financing to allow the Company the ability to cover its current cash flow requirements and meet its obligations as they become due. There can be no assurances that financing will be available or if available, that such financing will be available under favorable terms. In the event that the Company is unable to generate adequate revenues to cover expenses and cannot obtain additional financing in the near future, the Company may seek protection under bankruptcy laws. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary. The spread of a novel strain of coronavirus (COVID-19) around the world in the first half of 2020 has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions relate to COVlD-19, as well as its impact on the U.S. and international economies. The outbreak and any preventative or protective actions that governments or we may take in respect of this COVTD-19 may result in a period of business disruption. Any financial impact cannot be reasonably estimated at this time but may materially affect our future business and financial condition. The extent to which COVID-19 impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the COVID-19 and the actions required to contain the COVID-19 or treat its impact, among others. The Company’s ability to continue as a going concern is dependent upon its ability to raise additional equity capital to fund its activities and to ultimately achieve sustainable operating revenues and profits. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Because the Company is currently engaged in an early stage of development, it may take a considerable amount of time to develop any product or intellectual property capable of generating sustainable revenues. Accordingly, the Company’s business is unlikely to generate any sustainable operating revenues in the next several years. In addition, to the extent that the Company is able to generate revenues through product sales, there can be no assurance that the Company will be able to achieve positive earnings and operating cash flows. At September 30, 2020, the Company had cash of $12 available to fund its operations. The Company needs to raise additional capital during the year ending September 30, 2021 to fund its ongoing business activities. The amount and timing of future cash requirements during the year ended September 30, 2021, will depend on the extent of financing the Company is able to arrange. As market conditions present uncertainty as to the Company’s ability to secure additional funds, there can be no assurances that the Company will be able to secure additional financing on acceptable terms, or at all, as and when necessary to continue to conduct operations. If cash resources are insufficient to satisfy the Company’s ongoing cash requirements, the Company would be required to scale back or discontinue its technology and product development programs, or obtain funds, if available (although there can be no certainty), through the sale of mineral resource assets, through strategic alliances that may require the Company to relinquish rights to certain of its assets, or to discontinue its operations entirely.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the financial statements of Graphene and its wholly-owned subsidiary, Solar Quartz Technologies Ltd. (“SQTNZ”) nka Graphene and Solar Technologies Limited. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. Basis of These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). 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 at the date of the financial statements and the reported amounts of expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in accruals for potential liabilities, valuing equity instruments issued for services, and the realization of deferred tax assets. Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. As of September 30, 2020 and 2019, the Company had $12 and $74,241 in cash, respectively, and no cash equivalents. Financial Instruments and Fair Value Measurements As defined in ASC 820 “Fair Value Measurements,” The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end. The Company’s financial instruments consist of cash, accounts receivable, accounts payable, accrued interest, and due to related parties. The carrying amounts of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing rates unless otherwise disclosed in these financial statements. Derivative Financial Instruments The Company accounts for freestanding contracts that are settled in a company’s own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company’s balance sheet, with any changes in fair value recorded as a gain or loss in a company’s results of operations. The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows. At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital. There was no derivative activity in fiscal 2020. Therefore no derivative liabilities were recorded during the year ended September 30, 2020: Activities for fiscal year 2019 is below: Fair Value Measurements Using Significant Observable Inputs (Level 3) Balance - September 30, 2018 — Addition of new derivatives recognized as debt discounts 55,109 Settled due to conversion of debt (57,649 ) Loss on change in fair value of the derivative 2,540 Balance – September 30, 2019 $ — Addition of new derivatives recognized as debt discounts — Settled due to conversion of debt — Loss on change in fair value of the derivative — Balance – September 30, 2020 $ — Debt Issuance Costs Costs incurred in connection with the issuance of debt are amortized over the term of the related debt and netted against the liability. Commitments and Contingencies The Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. Income Taxes The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes pursuant to ASC 740, “Income Taxes.” The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made. The Company is subject to U.S. federal income taxes and income taxes of various state tax jurisdictions. As the Company’s net operating losses have yet to be utilized, all previous tax years remain open to examination by Federal authorities and other jurisdictions in which the Company currently operates or has operated in the past. The Company had no unrecognized tax benefits as of September 30, 2020 and does not anticipate any material amount of unrecognized tax benefits within the next 12 months. The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If the tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are recognized. As of September 30, 2020, the Company had not recorded any liability for uncertain tax positions. In subsequent periods, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense. On December 22, 2017, the Tax Reform Act was signed into law. The Tax Reform Act is effective for tax years beginning on or after January 1, 2018, except for certain provisions, and resulted in significant changes to existing United States tax law, including various provisions that are expected to impact the Company. Among other provisions, the Tax Reform Act reduced the federal corporate tax rate from 35% to 21% effective January 1, 2018. The Company completed the accounting for the effects of the Tax Reform Act during the year ended September 30, 2019. Given that current deferred tax assets are offset by a full valuation allowance, these changes will have no impact on the balance sheet. The Company is currently delinquent with respect to certain of its U.S. federal and state income tax filings. Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Gains and losses from disposition of property and equipment are included in the statement of operations when realized. Depreciation and amortization are provided using the straight-line method over a life of five years. Mineral Rights Investment in mineral rights consists of the exclusive mining and development rights for the two high purity quartz silica deposits known as Quartz Hill (represented by mining leases ML 30235, ML 30236 and ML 30237) and White Springs (represented by leases ML 30238 and ML 30239) located in North Queensland, Australia. Based on independent expert reports, together they are estimated to contain deposits in excess of 15 million tons of 99.97% pure HPQ which is feedstock that, when refined, may be used for the production of photovoltaic solar panels, and semiconductors as well as polysilicon for the production of photovoltaic solar cells. HPQS is a core ingredient in the production in crucibles for the manufacture of photovoltaic solar cells, as well as high-end microchips. The investment in mineral rights is carried on the books of the Company at the cost of the lease rights. Mineral rights assets are tested for impairment if facts and circumstances indicate that impairment exists. Due to uncertainty of the realization of being able to utilize the assets the Company determined a full impairment was warranted. An impairment of $28,581 was applied for the year ending Sept 30, 2020. Long-Lived Assets The Company periodically evaluates the carrying value of long-lived assets to be held and used when events or circumstances warrant such a review. The carrying value of a long-lived asset to be held and used is considered impaired when the anticipated separately identifiable undiscounted cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily by reference to the anticipated cash flows discounted at a rate commensurate with the risk involved. No impairment charges have been recorded in the periods presented. Stock-Based Compensation ASC 718, “Compensation - Stock Compensation,” During the year ended September 30, 2020, the Company issued 3,000,000 shares of the Company’s common stock to members of the Board of Directors, employees and consultants. The fair value of the shares, as determined by reference to the closing price of the Company’s common stock on each respective grant date, aggregated $300,000, ($0.10 per share). During the year ended September 30, 2019, the Company issued 600,000 shares of the Company’s common stock to members of the Board of Directors, employees and consultants. The fair value of the shares, as determined by reference to the closing price of the Company’s common stock on each respective grant date, aggregated $100,200, ($0.17 per share). Total stock-based compensation expense was $300,000 and $100,200 for the years ended September 30, 2020 and 2019, respectively. Basic and Diluted Net Loss per Common Share The Company computes basic and diluted earnings (loss) per share amounts in accordance with ASC Topic 260, “ Earnings per Share The common share equivalents of these securities have not been included in the calculations of loss per share because such inclusions would have an anti-dilutive effect as the Company has incurred losses during the years ended September 30, 2020 and 2019. For the years ended September 30, 2020 and 2019, respectively, the following common stock equivalents were potentially dilutive. Years ended September 30, 2020 2019 (Shares) (Shares) Convertible notes payable 132,609 123,378 Foreign Currency The accompanying consolidated financial statements are presented in United States dollars (“USD”). The Australian dollar (“AUD”) is the functional currency of Solar Quartz (the operating subsidiary) as it is the currency of Australia, which is the primary economic environment the operating subsidiary operates in and the environment in which the Company primarily utilizes cash. Assets and liabilities are translated into USD utilizing currency exchange rates as published by WM/Reuters WM/Refinitiv FX Benchmark Rates | Refinitiv September 30, September 30, 2020 2019 Spot AUD: USD exchange rate $ 0.7108 $ 0.6749 Average AUD: USD exchange rate $ 0.6789 $ 0.7038 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Recent Accounting Pronouncements Management does not believe that any recently issued but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

Property and Equipment

Property and Equipment	12 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	3. Property and Equipment Property and equipment as of September 30, 2020 and 2019 are summarized as follows: September 30, September 30, 2020 2019 Laboratory and factory equipment $ 44,342 $ 42,102 Computers 3,481 3,305 Furniture and fixtures 36,239 34,408 84,062 79,815 Less accumulated depreciation (71, 803 ) (51,946 ) Net property and equipment $ 12,259 $ 27,869 Depreciation expense for the years ended September 30, 2020 and 2019 was $16,324 and $16,879, respectively.

Convertible Notes Payable

Convertible Notes Payable	12 Months Ended
	Sep. 30, 2020
Convertible Debt [Abstract]
Convertible Notes Payable	4. Convertible Notes Payable The Company’s material future contractual obligations by fiscal years as of September 30, 2020 and 2019 were as follows: September 30, September 30, Notes payable $ 60,000 $ 60,000 Convertible notes payable $ 168,967 $ 100,747 Notes Payable and Other Loans During 2015 and 2016, the Company executed promissory notes payable with six individuals with an aggregate principal balance of $60,000. The notes were due on demand and included interest at 10%. As of September 30, 2020 and 2019, the total promissory notes payable balance was $90,923 and $84,693, including accrued interest of $30,710 and $24,693, respectively. On January 15, 2019, the holder of a note with a principal balance of $10,000 made demand for payment. To date, the note has not been paid. During the year ended September 30, 2020 a Company Advisor, A. Liang, loaned the Company $5,623. The loan is a demand note at zero interest. Convertible Notes Payable On June 29, 2012, the Company issued convertible secured notes payable totaling $8,254,500 to a group of private investors. The notes matured on June 30, 2015. The notes, with interest at 15%, were convertible at the discretion of the holders, into common shares of the Company at the rate of $3.31 per share. Unable to make a required interest payment on March 31, 2014, the notes became due on demand. Effective June 17, 2014, with the noteholder approval, the assets securing the convertible notes were sold with the net proceeds of approximately $5,200,000 being distributed to the noteholders. Noteholders were to receive payment for the remaining balance due on the notes in the form of an exchange for the common stock of the Company at the rate of $3.31 per share. As of September 30, 2020 and 2019, noteholders representing $70,747 in outstanding principal had not requested the exchange of shares of common stock. As of September 30, 2020 and 2019, the exchange obligation payable was $147,673 and $137,032, including accrued interest of $76,926 and $66,285, respectively. As of September 30, 2020 and 2019, the exchange obligation was for 44,614 shares and 41,399 shares of common stock, respectively. On February 1, 2016, the Company issued convertible secured note payable of $30,000 to an individual. The note was due on January 31, 2017 and included interest at 10%. The note was convertible at discretion of the holder into common shares of the Company at the rate of $0.50 per shares. The Company has not extended the maturity date and the note is in default. As of September 30, 2020 and 2019, the total convertible note payable balance was $43,997 and $40,989, including accrued interest of $13,997 and $10,989, respectively. As of September 30, 2020 and 2019, the exchange obligation was for 87,995 shares and 81,078 shares of common stock, respectively. On August 13, 2018, the Company entered into Securities Purchase Agreement with Power Up Lending Group (“Power Up”). In connection therewith, the Company issued Power Up a convertible note payable in the amount of $63,000. The note was due, including interest at 12%, and matured on May 30, 2019. After 170 days, the note carried a 150% of principal outstanding redemption premium. Also, after 170 days the note was convertible into fully paid and non-assessable shares of common stock, after 170 days (January 30, 2019), at a conversion price which is at 55% discount to the lowest trading price during the previous twenty trading days prior to the date of a conversion notice. As the conversion price of the note, which became effective on January 30, 2019, is variable, the conversion option was treated as a derivative liability and on January 30, 2019 the Company recognized and recorded a derivative liability. On March 15, 2019, Power Up converted $12,000 in principal at $0.0825 per share for 145,455 shares of the Company’s common stock. In connection therewith, the Company recognized a loss on conversion of $9,818. On April 8, 2019, Power Up converted an additional $20,000 of principal at $.055 cents per share for 363,636 shares of the Company’s common stock. On April 24, 2019 the Company elected to pay off the remaining $31,000 balance on the loan, with accrued interest in the amount of $4,675, plus a redemption premium of $17,860. In connection with the payoff, the Company charged operations for the remaining unamortized discount on the note of $2,503 and credited additional paid-in capital for the terminal balance of the derivative liability in the amount of $57,649. As of September 30, 2020 and 2019, the convertible note payable to Power Up totaled $0 and $0, net of an unamortized discount of $0 and $0; accrued interest on the convertible note payable totaled $0 and $3,681, respectively. On December 5, 2019, the Company issued a convertible note payable in the amount of $68,220. The convertible note bear interest at 10% and matures on December 5, 2021 the principal and accrued interest of this convertible note can be converted at the discretion of the holder into common shares at 45% discount to the ADR 20 days prior to notification of conversion. The majority shareholder agreed to increase authorized shares if needed in order to settle this debt. This note was discounted for the full amount and the amount of amortization during the period was $15,517.

Stockholders Equity

Stockholders Equity	12 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	5. Stockholders’ Equity Preferred Stock The Company has authorized a total of 10,000,000 shares of preferred stock, par value $0.00001 per share. No preferred shares have been designated by the Company as of September 30, 2020 and 2019. Common Stock The Company is authorized to issue up to 500,000,000 shares of common stock (par value $0.00001). As of September 30,2020 and 2019, the Company had 246,248,723 shares and 242,449,767 shares of common stock issued and outstanding, respectively. During the year ended September 30, 2020, the Company issued 3,798,956 shares of common stock as follows: ☐ 3,000,000 shares of the Company’s common stock to members of the Board of Directors, employees and consultants valued at $300,000 $0.10 per share based on the closing stock price on the date of grant. ☐ 798,956 shares of the Company’s common stock at an average price of $0.117 per share for an aggregate purchase price of $93,623. During the year ended September 30, 2019, the Company issued 6,403,616 shares of common stock as follows: ☐ 600,000 shares of the Company’s common to members of the Board of Directors, employees and consultants valued at $100,200 ($0.17 per share). ☐ 5,294,525 shares of the Company’s common at an average price of $0.17 per share for an aggregate purchase price of $880,000. ☐ 509,091 shares of the Company’s common for the conversion of debt totaling $36,993.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions Due to related party PGRNZ Limited, a management company controlled by the Company’s Chief Executive Officer, and a Company Director, provides management services to the Company for which the Company is charged $75,000(AUD) quarterly, approximately $53,310 (US). During the years ended September 30, 2020 and 2019, the Company incurred charges to operations of $173,341 (US) and $211,149 (US), respectively, with respect to this arrangement. During the year ended September 30, 2020, PGRNZ Limited charged to operations $300,000 (AUD), approximately $213,240 as consulting fees and $94,693 (AUD), approximately $67,308 as of administrative expenses. During the year ended September 30, 2019, PGRNZ Limited charged to operations $60,000 (AUD), approximately $42,230 as consulting fees and $119,115 (AUD), approximately $83,836 of administrative expenses. During the year ended September 30, 2020, the Company borrowed $291,379 from PGRNZ Limited and repaid $29,881. The Company’s Chief Executive Officer, and a Company Director, provides office facilities to the Company for which the Company is charged $6,000(AUD) monthly, approximately $4,265 (US). During the years ended September 30, 2020 and 2019, the Company incurred charges to operations of $51,180 (US) and $13,232 (US), respectively, with respect to this arrangement. On September 30, 2019, the Company signed consulting agreement with a consultant company which was affiliated with the Company’s CEO and incurred and paid $10,000 (AUD), approximately $7,038 (US). The Company’s commitment was $150,000 (AUD) fee annual and issuance of 10 million common shares within 60 days of the date of agreement. The Company terminated the agreement on November 11, 2019. During the year ended September 30, 2019, the Company appointed Frank Herrera as interim Chief Financial Officer. The Company paid $48,415 to F&E Herrera LLC, a Company controlled by Mr. Herrera, with respect to services. Mr. Herrera resigned on September 2019. During the year ended September 30, 2019, the Company paid a consulting fee of $2,000 to one of the Company’s Director. During the year ended September 30, 2020 the Company Chairman, F.J.Garafalo loaned the company $3,500. The loan is a demand note on zero interest. As of September 30,2020 and 2019, due to related parties was $717,075 and $455,577, respectively. Stock-Based Compensation During the years ended September 30, 2020 and 2019, stock-based compensation expense relating to directors, officers, affiliates and related parties was $300,000 and $100,200, respectively (Note 5).

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes Graphene & Solar Technologies Limited was formed in 2010. Prior to the acquisition of SQTNZ in July 2017, the Company only had operations in the United States. In July 2017, the Company became the parent of SQTNZ., a wholly owned New Zealand subsidiary, which files tax returns in New Zealand. The Company provides for income taxes under ASC 740, “Income Taxes.” For the years ended September 30, 2020 and 2019, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the following: For the Years Ended September 30, 2020 2019 Tax jurisdiction from: - Local $ (564,752 ) $ (665,500 ) - Foreign (538,409 ) (581,054 ) Loss before income taxes $ (1,103,161 ) $ (1,246,554 ) United States of America Graphene & Solar Technologies Limited is subject to the tax laws of United States of America. The income tax provision for the years ended September 30, 2020 and 2019, consists of the following: For the Years Ended September 30, 2020 2019 Net income (loss) $ (564,752 ) $ (665,500 ) Effective tax rate 21 % 21 % Income tax expense (benefit) (118,598 ) (139,755 ) Less: valuation allowance 118,598 139,755 Income tax expense (benefit) $ — $ — Net deferred tax assets consist of the following components as of September 30, 2020 and 2019: September 30, September 30, 2020 2019 Net operating tax carryforwards $ 1,774,037 $ 1,655,439 Valuation allowance (1,774,037 ) (1,655,439 ) Net deferred tax asset $ — $ — On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law including lowering the corporate tax rate from 34% to 21%. In addition to applying the new lower corporate tax rate in 2018 and thereafter to any taxable income we may have, the legislation affects the way we can use and carry forward net operating losses previously accumulated and results in a revaluation of deferred tax assets and liabilities recorded on our balance sheet. The Company has completed the accounting for the effects of the Act during the year ended September 30, 2019. Given that current deferred tax assets are offset by a full valuation allowance, these changes will have no impact on the balance sheet. At September 30, 2020 and 2019, the Company had $9,657,079 and $7,883,042 respectively of the U.S. net operating losses (the “U.S. NOLs”), which begin to expire beginning in 2039. NOLs generated in tax years prior to July 31, 2018, can be carryforward for twenty years, whereas NOLs generated after July 31, 2018 can be carryforward indefinitely New Zealand The Company’s subsidiary operating in New Zealand (“NZ”) are subject to the New Zealand Corporate Income Tax at a standard income tax rate range of 28% on the assessable income arising in New Zealand during its tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended September 30, 2020 and 2019 is as follows: For the Years Ended September 30, 2020 2019 Net income (loss) $ (538,409 ) $ (581,054 ) Effective tax rate 28 % 28 % Income tax expense (benefit) (150,755 ) (162,695 ) Less: valuation allowance 150,755 162,695 Income tax expense (benefit) $ — $ — Net deferred tax assets consist of the following components as of September 30, 2020 and September 30, 2019: September 30, September 30, 2020 2019 Net operating tax carryforwards $ 749,808 $ 599,053 Valuation allowance (749,808 ) (599,053 ) Net deferred tax asset $ — $ — As of September 30, 2020, the operations in New Zealand incurred $2,012,384 of cumulative net operating losses which can be carried forward to offset future taxable income. The Company has provided for a full valuation allowance against the deferred tax assets of $749,808 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2020 and 2019: September 30, September 30, 2020 2019 Deferred tax assets: Net operating tax carryforwards: United States $ 1,774,047 $ 1,655,439 New Zealand 749,808 599,053 Total 2,523,855 2,254,492 Valuation allowance (2,523,855 ) (2,254,492 ) Net deferred tax asset $ — $ — Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $2,293,546 as of September 30, 2020. In the period, the valuation allowance increased by $269,363, primarily relating to net operating loss carryforwards from the foreign tax regimes.

Subsequent Events

Subsequent Events	12 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events Subsequent to September 30, 2020, the Company a) issued 5,150,000 shares of common stock, consisting 3,700,000 shares issued in lieu of services rendered and 1,450,000 issued through new stock purchases. All shares were approved by the Board of Directors b) concluded two convertible loan note agreements in October 2020 and November 2020 for US$68,000 and US$53,000 respectively. Note terms are 12 months at 10% interest with conversion options after 180 days at discount rate of 39%. The Company has evaluated events occurring subsequent to September 30, 2020 through to the date these financial statements were issued, and has identified no additional events requiring disclosure.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the financial statements of Graphene and its wholly-owned subsidiary, Solar Quartz Technologies Ltd. (“SQTNZ”) nka Graphene and Solar Technologies Limited. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.
Basis of Presentation	Basis of These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
Use of Estimates	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 at the date of the financial statements and the reported amounts of expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in accruals for potential liabilities, valuing equity instruments issued for services, and the realization of deferred tax assets.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. As of September 30, 2020 and 2019, the Company had $12 and $74,241 in cash, respectively, and no cash equivalents.
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements As defined in ASC 820 “Fair Value Measurements,” The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end. The Company’s financial instruments consist of cash, accounts receivable, accounts payable, accrued interest, and due to related parties. The carrying amounts of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing rates unless otherwise disclosed in these financial statements.
Derivative Financial Instruments	Derivative Financial Instruments The Company accounts for freestanding contracts that are settled in a company’s own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company’s balance sheet, with any changes in fair value recorded as a gain or loss in a company’s results of operations. The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows. At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital. There was no derivative activity in fiscal 2020. Therefore no derivative liabilities were recorded during the year ended September 30, 2020: Activities for fiscal year 2019 is below: Fair Value Measurements Using Significant Observable Inputs (Level 3) Balance - September 30, 2018 — Addition of new derivatives recognized as debt discounts 55,109 Settled due to conversion of debt (57,649 ) Loss on change in fair value of the derivative 2,540 Balance – September 30, 2019 $ — Addition of new derivatives recognized as debt discounts — Settled due to conversion of debt — Loss on change in fair value of the derivative — Balance – September 30, 2020 $ —
Debt Issuance Costs	Debt Issuance Costs Costs incurred in connection with the issuance of debt are amortized over the term of the related debt and netted against the liability.
Commitments and Contingencies	Commitments and Contingencies The Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.
Income Taxes	Income Taxes The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes pursuant to ASC 740, “Income Taxes.” The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made. The Company is subject to U.S. federal income taxes and income taxes of various state tax jurisdictions. As the Company’s net operating losses have yet to be utilized, all previous tax years remain open to examination by Federal authorities and other jurisdictions in which the Company currently operates or has operated in the past. The Company had no unrecognized tax benefits as of September 30, 2020 and does not anticipate any material amount of unrecognized tax benefits within the next 12 months. The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If the tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are recognized. As of September 30, 2020, the Company had not recorded any liability for uncertain tax positions. In subsequent periods, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense. On December 22, 2017, the Tax Reform Act was signed into law. The Tax Reform Act is effective for tax years beginning on or after January 1, 2018, except for certain provisions, and resulted in significant changes to existing United States tax law, including various provisions that are expected to impact the Company. Among other provisions, the Tax Reform Act reduced the federal corporate tax rate from 35% to 21% effective January 1, 2018. The Company completed the accounting for the effects of the Tax Reform Act during the year ended September 30, 2019. Given that current deferred tax assets are offset by a full valuation allowance, these changes will have no impact on the balance sheet. The Company is currently delinquent with respect to certain of its U.S. federal and state income tax filings.
Property and Equipment	Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Gains and losses from disposition of property and equipment are included in the statement of operations when realized. Depreciation and amortization are provided using the straight-line method over a life of five years.
Mineral Rights	Mineral Rights Investment in mineral rights consists of the exclusive mining and development rights for the two high purity quartz silica deposits known as Quartz Hill (represented by mining leases ML 30235, ML 30236 and ML 30237) and White Springs (represented by leases ML 30238 and ML 30239) located in North Queensland, Australia. Based on independent expert reports, together they are estimated to contain deposits in excess of 15 million tons of 99.97% pure HPQ which is feedstock that, when refined, may be used for the production of photovoltaic solar panels, and semiconductors as well as polysilicon for the production of photovoltaic solar cells. HPQS is a core ingredient in the production in crucibles for the manufacture of photovoltaic solar cells, as well as high-end microchips. The investment in mineral rights is carried on the books of the Company at the cost of the lease rights. Mineral rights assets are tested for impairment if facts and circumstances indicate that impairment exists. Due to uncertainty of the realization of being able to utilize the assets the Company determined a full impairment was warranted. An impairment of $28,581 was applied for the year ending Sept 30, 2020.
Long-Lived Assets	Long-Lived Assets The Company periodically evaluates the carrying value of long-lived assets to be held and used when events or circumstances warrant such a review. The carrying value of a long-lived asset to be held and used is considered impaired when the anticipated separately identifiable undiscounted cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily by reference to the anticipated cash flows discounted at a rate commensurate with the risk involved. No impairment charges have been recorded in the periods presented.
Stock-Based Compensation	Stock-Based Compensation ASC 718, “Compensation - Stock Compensation,” During the year ended September 30, 2020, the Company issued 3,000,000 shares of the Company’s common stock to members of the Board of Directors, employees and consultants. The fair value of the shares, as determined by reference to the closing price of the Company’s common stock on each respective grant date, aggregated $300,000, ($0.10 per share). During the year ended September 30, 2019, the Company issued 600,000 shares of the Company’s common stock to members of the Board of Directors, employees and consultants. The fair value of the shares, as determined by reference to the closing price of the Company’s common stock on each respective grant date, aggregated $100,200, ($0.17 per share). Total stock-based compensation expense was $300,000 and $100,200 for the years ended September 30, 2020 and 2019, respectively.
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common Share The Company computes basic and diluted earnings (loss) per share amounts in accordance with ASC Topic 260, “ Earnings per Share The common share equivalents of these securities have not been included in the calculations of loss per share because such inclusions would have an anti-dilutive effect as the Company has incurred losses during the years ended September 30, 2020 and 2019. For the years ended September 30, 2020 and 2019, respectively, the following common stock equivalents were potentially dilutive. Years ended September 30, 2020 2019 (Shares) (Shares) Convertible notes payable 132,609 123,378
Foreign Currency	Foreign Currency The accompanying consolidated financial statements are presented in United States dollars (“USD”). The Australian dollar (“AUD”) is the functional currency of Solar Quartz (the operating subsidiary) as it is the currency of Australia, which is the primary economic environment the operating subsidiary operates in and the environment in which the Company primarily utilizes cash. Assets and liabilities are translated into USD utilizing currency exchange rates as published by WM/Reuters WM/Refinitiv FX Benchmark Rates | Refinitiv September 30, September 30, 2020 2019 Spot AUD: USD exchange rate $ 0.7108 $ 0.6749 Average AUD: USD exchange rate $ 0.6789 $ 0.7038
Related parties	Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Management does not believe that any recently issued but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of derivative financial instruments	Therefore no derivative liabilities were recorded during the year ended September 30, 2020: Activities for fiscal year 2019 is below: Fair Value Measurements Using Significant Observable Inputs (Level 3) Balance - September 30, 2018 — Addition of new derivatives recognized as debt discounts 55,109 Settled due to conversion of debt (57,649 ) Loss on change in fair value of the derivative 2,540 Balance – September 30, 2019 $ — Addition of new derivatives recognized as debt discounts — Settled due to conversion of debt — Loss on change in fair value of the derivative — Balance – September 30, 2020 $ —
Schedule of basic and diluted net loss per common share	For the years ended September 30, 2020 and 2019, respectively, the following common stock equivalents were potentially dilutive. Years ended September 30, 2020 2019 (Shares) (Shares) Convertible notes payable 132,609 123,378
Schedule of foreign currency	Gains and losses from foreign currency transactions are included in earnings in the period of settlement. September 30, September 30, 2020 2019 Spot AUD: USD exchange rate $ 0.7108 $ 0.6749 Average AUD: USD exchange rate $ 0.6789 $ 0.7038

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	3. Property and Equipment Property and equipment as of September 30, 2020 and 2019 are summarized as follows: September 30, September 30, 2020 2019 Laboratory and factory equipment $ 44,342 $ 42,102 Computers 3,481 3,305 Furniture and fixtures 36,239 34,408 84,062 79,815 Less accumulated depreciation (71, 803 ) (51,946 ) Net property and equipment $ 12,259 $ 27,869 Depreciation expense for the years ended September 30, 2020 and 2019 was $16,324 and $16,879, respectively.

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	12 Months Ended
	Sep. 30, 2020
Convertible Debt [Abstract]
Schedule of convertible notes payable	The Company’s material future contractual obligations by fiscal years as of September 30, 2020 and 2019 were as follows: September 30, September 30, Notes payable $ 60,000 $ 60,000 Convertible notes payable $ 168,967 $ 100,747

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2020
Local and foreign components of loss before income taxes	For the years ended September 30, 2020 and 2019, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the following: For the Years Ended September 30, 2020 2019 Tax jurisdiction from: - Local $ (564,752 ) $ (665,500 ) - Foreign (538,409 ) (581,054 ) Loss before income taxes $ (1,103,161 ) $ (1,246,554 )
Schedule of Income tax provision	The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2020 and 2019: September 30, September 30, 2020 2019 Deferred tax assets: Net operating tax carryforwards: United States $ 1,774,047 $ 1,655,439 New Zealand 749,808 599,053 Total 2,523,855 2,254,492 Valuation allowance (2,523,855 ) (2,254,492 ) Net deferred tax asset $ — $ —
United States of America [Member]
Schedule of Effective Income Tax Rate Reconciliation	The income tax provision for the years ended September 30, 2020 and 2019, consists of the following: For the Years Ended September 30, 2020 2019 Net income (loss) $ (564,752 ) $ (665,500 ) Effective tax rate 21 % 21 % Income tax expense (benefit) (118,598 ) (139,755 ) Less: valuation allowance 118,598 139,755 Income tax expense (benefit) $ — $ —
Schedule of Deferred Tax Assets	Net deferred tax assets consist of the following components as of September 30, 2020 and 2019: September 30, September 30, 2020 2019 Net operating tax carryforwards $ 1,774,037 $ 1,655,439 Valuation allowance (1,774,037 ) (1,655,439 ) Net deferred tax asset $ — $ —
New Zealand [Member]
Schedule of Effective Income Tax Rate Reconciliation	The reconciliation of income tax rate to the effective income tax rate for the years ended September 30, 2020 and 2019 is as follows: For the Years Ended September 30, 2020 2019 Net income (loss) $ (538,409 ) $ (581,054 ) Effective tax rate 28 % 28 % Income tax expense (benefit) (150,755 ) (162,695 ) Less: valuation allowance 150,755 162,695 Income tax expense (benefit) $ — $ —
Schedule of Deferred Tax Assets	Net deferred tax assets consist of the following components as of September 30, 2020 and September 30, 2019 September 30, September 30, 2020 2019 Net operating tax carryforwards $ 749,808 $ 599,053 Valuation allowance (749,808 ) (599,053 ) Net deferred tax asset $ — $ —

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Sate of incorporation	Colorado
Cash	$ 12	$ 74,241
Date of incorporation	Jun. 21, 2010
Ownership description	White Springs consisting of approximately 1.5 million tons and Quartz Hill consisting of approximately 14 million tons, all through its wholly-owned subsidiary, Solar Quartz Technologies Limited.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Derivative Liability beginning balance	$ 0	$ 0
Addition of new derivatives recognized as debt discounts	0	55,109
Settled due to conversion of debt	0	(57,649)
Loss on change in fair value of the derivative	0	2,540
Derivative Liability ending balance	$ 0	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Convertible notes payable [Member]
Antidilutive share	132,609	123,378

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details 2)	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Spot AUD: USD exchange rate	0.7108	0.6749
Average AUD: USD exchange rate	0.6789	0.7038

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Cash and cash equivlent	$ 12	$ 74,241	$ 6,704
Uncertain tax positions	$ 0
Income tax rate	21.00%	35.00%
Impairment of mineral rights	$ 28,581
Stock based compensation, Value	(300,000)	$ (100,200)
Stock-based compensation expense	$ 300,000	$ 100,200
Board of Directors, Employees and Consultants [Member]
Common stock, price per share	$ 0.10	$ 0.17
Stock based compensation, Value	$ 300,000	$ 100,200
Stock based compensation, shares	3,000,000	600,000
Mineral Rights [Member]
Excess deposits description	Based on independent expert reports, together they are estimated to contain deposits in excess of 15 million tons of 99.97% pure HPQ which is feedstock that, when refined, may be used for the production of photovoltaic solar panels, and semiconductors as well as polysilicon for the production of photovoltaic solar cells.

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Property and equipment	$ 84,062	$ 79,815
Less accumulated depreciation	(71,803)	(51,946)
Net property and equipment	12,259	27,869
Laboratory and factory equipment [Member]
Property and equipment	44,342	42,102
Computers [Member]
Property and equipment	3,481	3,305
Furniture and fixtures [Member]
Property and equipment	$ 36,239	$ 34,408

Property and Equipment (Detai_2

Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 16,324	$ 16,879

Convertible Notes Payable (Deta

Convertible Notes Payable (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Convertible Debt [Abstract]
Notes payable	$ 60,000	$ 60,000
Convertible notes payable	$ 168,967	$ 100,747

Convertible Notes Payable (De_2

Convertible Notes Payable (Details Narrative) - USD ($)	Dec. 05, 2019	Apr. 08, 2019	Mar. 15, 2019	Jan. 15, 2019	Aug. 13, 2018	Feb. 01, 2016	Apr. 24, 2019	Jun. 17, 2014	Jun. 29, 2012	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2016	Sep. 30, 2015
Common stock, shares issued										246,248,723	242,449,767
Accrued interest										$ 132,099	$ 110,738
Convertible notes payable										168,967	100,747
Amortization of debt										15,517	57,612
Due to related party										$ 717,075	455,577
A. Liang [Member]
Interest rate										0.00%
Due to related party										$ 5,623
Promissory Notes Payable [Member]
Principal balance				$ 10,000
Promissory Notes Payable [Member] | Six individuals [Member]
Notes payable										$ 90,923	84,693
Principal balance												$ 60,000	$ 60,000
Interest rate										10.00%
Accrued interest										$ 30,710	$ 24,693
Convertible Secured Notes Payable [Member] | Investors [Member]
Common stock, shares issued										44,614	41,399
Interest rate									15.00%
Accrued interest										$ 76,926	$ 66,285
Maturity date									Jun. 30, 2015
Convertible notes payable									$ 8,254,500
Common stock per share								$ 3.31	$ 3.31
Principal amount of outstanding on debt										70,747	70,747
Exchange obligation payable										$ 147,673	$ 137,032
Proceeds from sale of notes receivable								$ 5,200,000
Convertible Secured Notes Payable [Member] | Individual [Member]
Common stock, shares issued										87,995	81,078
Interest rate						10.00%
Accrued interest										$ 13,997	$ 10,989
Maturity date						Jan. 31, 2017
Convertible notes payable						$ 30,000				43,997	40,989
Common stock per share						$ 0.50
Notes Payable [Member]
Interest rate	10.00%
Maturity date	Dec. 5, 2021
Amortization of debt	$ 15,517
Convertible Notes Payable [Member]
Convertible notes payable	$ 68,220
Securities Purchase Agreement [Member] | Convertible Note Payable [Member] | Power Up [Member]
Principal amount					$ 63,000
Interest rate					12.00%
Accrued interest							$ 4,675			0	3,681
Maturity date					May 30, 2019
Convertible notes payable										0	0
Unamortized discount							2,503			$ 0	$ 0
Debt Conversion, Converted Instrument, Shares Issued		20,000	145,455
Debt Conversion, Converted Instrument, Amount		$ 9,818	$ 12,000
Loss on conversion			$ 9,818
Repayment of loan							31,000
Redemption premium							17,860
Derivative liability							$ 57,649

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Common stock, shares authorized	500,000,000	500,000,000
Common stock, sithares par value	$ 0.00001	$ 0.00001
Common stock, issued shares	246,248,723	242,449,767
Common stock, shares outstanding	246,248,723	242,449,767
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Stock based compensation, value	$ (300,000)	$ (100,200)
Proceeds from common stock issuances	$ 93,623	$ 880,000
Board of Directors, Employees and Consultants [Member]
Stock issued during period new issuance, shares	798,956	5,294,525
Total shares issued	3,798,956	6,403,616
Average share price	$ 0.117	$ 0.17
Stock based compensation, value	$ 300,000	$ 100,200
Stock based compensation, shares	3,000,000	600,000
Proceeds from common stock issuances	$ 93,623	$ 880,000
Common stock, price per share	$ 0.10	$ 0.17
Debt Conversion, Converted Instrument, Shares Issued		509,091
Debt Conversion, Converted Instrument, Amount		$ 36,993

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Due to related party	$ 717,075	$ 455,577
Operating expenses	1,045,887	1,148,213
Proceeds from related party debt	0	312,201
Repayment of related party debt	0	489,863
Professional fees	881,732	881,104
Chief Executive Officer [Member]
Operating expenses	51,180	13,232
Office expenses		4,265
Directors [Member]
Consulting fees		2,000
Stock-based compensation expense	300,000	100,200
PGRNZ Limited [Member] | Chief Executive Officer [Member]
Services charges	53,310	53,310
Consulting fees	213,240	42,230
Operating expenses	173,341	211,149
Administrative expenses	67,308	83,836
Proceeds from related party debt	291,379
Repayment of related party debt	$ 29,881
Consultant afflicted with CEO [Member] | Consulting Agreement [Member]
Common Stock, shares Reserved for Future Issuance	10,000,000
Frequency of agreement	60 days
Agreement fees	$ 7,038
Date of termination	Nov. 11, 2019
F&E Herrera [Member]
Professional fees		$ 48,415
F.J.Garafalo [Member]
Due to related party	$ 3,500

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Local and foreign components loss before income tax:
Loss before income taxes	$ (1,103,161)	$ (1,246,554)
Local [Member]
Local and foreign components loss before income tax:
Loss before income taxes	(564,752)	(665,500)
Foreign [Member]
Local and foreign components loss before income tax:
Loss before income taxes	$ (538,409)	$ (581,054)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ (1,103,161)	$ (1,246,554)
Effective tax rate	21.00%	35.00%
Less: valuation allowance	$ 269,363
United States of America [Member]
Net income (loss)	$ (564,752)	$ (665,500)
Effective tax rate	21.00%	21.00%
Income tax expense (benefit)	$ (118,598)	$ (139,755)
Less: valuation allowance	118,598	139,755
Income tax expense (benefit)	$ 0	$ 0

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Deferred tax assets:
Net operating tax carryforwards	$ 2,523,855	$ 2,254,492
Valuation allowance	(2,523,855)	(2,254,492)
Net deferred tax asset	0	0
United States of America [Member]
Deferred tax assets:
Net operating tax carryforwards	1,774,047	1,655,439
Valuation allowance	(1,774,047)	(1,655,439)
Net deferred tax asset	$ 0	$ 0

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net loss	$ (1,103,161)	$ (1,246,554)
Effective tax rate	21.00%	35.00%
New Zealand [Member]
Net loss	$ (538,409)	$ (581,054)
Effective tax rate	28.00%	28.00%
Income tax expense (benefit)	$ (150,755)	$ (162,695)
Less: valuation allowance	150,755	162,695
Income tax expense (benefit)	$ 0	$ 0

Income Taxes (Details 4)

Income Taxes (Details 4) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Deferred tax assets:
Net operating tax carryforwards	$ 2,523,855	$ 2,254,492
Valuation allowance	(2,523,855)	(2,254,492)
Net deferred tax asset	0	0
New Zealand [Member]
Deferred tax assets:
Net operating tax carryforwards	749,808	599,053
Valuation allowance	(749,808)	(599,053)
Net deferred tax asset	$ 0	$ 0

Income Taxes (Details 5)

Income Taxes (Details 5) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Deferred tax assets:
Net operating tax carryforwards	$ 2,523,855	$ 2,254,492
Valuation allowance	(2,523,855)	(2,254,492)
Net deferred tax asset	0	0
United States of America [Member]
Deferred tax assets:
Net operating tax carryforwards	1,774,047	1,655,439
Valuation allowance	(1,774,047)	(1,655,439)
Net deferred tax asset	0	0
New Zealand [Member]
Deferred tax assets:
Net operating tax carryforwards	749,808	599,053
Valuation allowance	(749,808)	(599,053)
Net deferred tax asset	$ 0	$ 0

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income tax rate	21.00%	35.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 269,363
Deferred tax assets valuation allowance	$ 2,293,546
United States of America [Member]
Income tax rate	21.00%	21.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 118,598	$ 139,755
Net operating losses	$ 9,657,079	$ 7,883,042
New Zealand [Member]
Income tax rate	28.00%	28.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 749,808
Net operating losses	$ 2,012,384

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)	1 Months Ended		3 Months Ended
	Nov. 30, 2020	Oct. 31, 2020	Jan. 15, 2021
Total shares issued			5,150,000
Stock Issued During Period, Shares, Issued for Services			3,700,000
Stock Issued During Period, Shares, New Issues			1,450,000
Convertible notes 1 [Member]
Convertible debt		$ 68,000
Term		12 months
Interest rate		10.00%
Convertible notes 2 [Member]
Convertible debt	$ 53,000
Term	12 months
Interest rate	10.00%