Cover
Cover - shares | 9 Months Ended | |
Jun. 30, 2023 | Sep. 12, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 333-174194 | |
Entity Registrant Name | GRAPHENE & SOLAR TECHNOLOGIES LTD | |
Entity Central Index Key | 0001497649 | |
Entity Tax Identification Number | 27-2888719 | |
Entity Incorporation, State or Country Code | CO | |
Entity Address, Address Line One | 23 Corporate Plaza Drive | |
Entity Address, Address Line Two | Suite 150 | |
Entity Address, City or Town | Newport Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92660 | |
City Area Code | (949) | |
Local Phone Number | 478-8387 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 384,792,610 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Current Assets: | ||
Cash | $ 6,495 | $ 2,857 |
Prepaid expenses | 11,404 | 11,183 |
Total Current Assets | 17,899 | 14,040 |
Other Assets: | ||
Furniture and equipment, net of depreciation $79,023 | 1,047 | 1,273 |
Intellectual property – at cost, net | 1 | |
Other intangible assets – at cost | 975 | 975 |
Other receivable | 4,015 | 2,094 |
Total Assets | 23,937 | 18,382 |
Current Liabilities: | ||
Accounts payable and other payable | 2,550,540 | 2,380,565 |
Accrued interest payable | 177,112 | 161,602 |
Due to related parties | 1,838,093 | 1,342,405 |
Notes payable – in default | 60,000 | 76,255 |
Convertible notes payable, net of discount $51,694 and $100,747 in default | 100,747 | 100,747 |
Notes payable – Related Party | 51,694 | |
Total Current Liabilities | 4,778,186 | 4,061,574 |
Total Liabilities | 4,778,186 | 4,061,574 |
Preferred stock: 10,000,000 shares authorized; $0.00001 par value; no shares issued and outstanding | ||
Common stock: 500,000,000 shares authorized; $0.00001 par value; 384,237,369 and 374,305,480 shares issued and outstanding | 3,854 | 3,748 |
Additional paid-in capital | 63,623,368 | 63,527,513 |
Stock Receivable | (795,000) | (795,000) |
Accumulated deficit | (67,841,840) | (67,070,016) |
Accumulated other comprehensive income | 255,369 | 290,563 |
Total Stockholders’ Deficit | 4,754,249 | (4,043,192) |
Total Liabilities and Stockholders’ Deficit | $ 23,937 | $ 18,382 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Debt Discount | $ 51,694 | $ 100,747 |
Perferred stock, authorized | 10,000,000 | 10,000,000 |
Perferred stock, par value | $ 0.00001 | $ 0.00001 |
Perferred stock, issued | 0 | 0 |
Perferred stock, issued | 0 | 0 |
Common stock, authorized | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, issued | 384,237,369 | 374,305,480 |
Common stock, outstanding | 384,237,369 | 374,305,480 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses | ||||
Professional Services | 322,155 | 166,256 | 610,262 | 12,892,711 |
General and administrative | 76,099 | 278,762 | 130,737 | 829,218 |
Total operating expenses | 398,254 | 445,018 | 740,999 | 13,721,929 |
Loss from operations | (398,254) | (445,018) | (740,999) | (13,721,929) |
Other income (expense) | ||||
Other income | 8,116 | 7,288 | 25,078 | 18,564 |
Interest expense | (5,375) | (4,891) | (15,510) | (30,319) |
Loss on extinguishment of debt | 48 | (40,393) | ||
Total other income (expense) | 2,789 | 2,397 | (30,825) | (11,755) |
Net Income (Loss) | (395,465) | (442,621) | (771,824) | (13,733,684) |
Other Comprehensive Income | 22,695 | 137,979 | (35,194) | 81,277 |
Net Comprehensive Loss | $ (372,770) | $ (304,644) | $ (807,018) | $ (13,652,409) |
Income (Loss) per share: | ||||
Basic and diluted | $ 0 | $ 0 | $ 0 | $ (0.04) |
Weighted average shares outstanding | 384,009,643 | 362,823,733 | 377,541,938 | 360,954,236 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIENCY - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance, March 31, 2022 | $ (4,412,229) | $ (4,294,105) | $ (4,043,192) | $ 2,345,277 | $ 2,833,038 | $ 3,263,621 | $ (4,043,192) | $ 3,263,621 |
Foreign currency translation adjustment | 22,695 | 16,566 | (74,455) | 137,979 | (47,456) | (9,246) | ||
Net loss | (395,465) | (199,901) | (176,458) | (442,621) | (12,850,758) | (771,824) | (13,733,684) | |
Settlement of Notes | 65,211 | |||||||
Stock-based compensation expense | 30,750 | 12,382,500 | ||||||
Balance, June 30, 2022 | (4,754,249) | (4,412,229) | (4,294,105) | 2,040,635 | 2,345,277 | 2,833,038 | (4,754,249) | 2,040,635 |
Shares issued in connection with the sale of common stock | 46,921 | |||||||
Common Stock [Member] | ||||||||
Balance, March 31, 2022 | 3,751 | $ 3,748 | $ 3,748 | $ 3,633 | $ 3,633 | $ 3,437 | $ 3,748 | $ 3,437 |
Shares, Outstanding, Beginning Balance | 374,542,610 | 374,305,480 | 362,823,733 | 362,823,733 | 343,237,369 | 374,305,480 | 343,237,369 | |
Foreign currency translation adjustment | ||||||||
Net loss | ||||||||
Settlement of Notes | $ 3 | |||||||
Settlement of notes | 237,130 | |||||||
Stock-based compensation expense | $ 103 | $ 184 | ||||||
Stock-based compensation expense | 10,250,000 | 18,386,364 | ||||||
Balance, June 30, 2022 | $ 3,854 | $ 3,751 | $ 3,748 | $ 3,633 | $ 3,633 | $ 3,633 | $ 3,854 | $ 3,633 |
Shares, Outstanding, Ending Balance | 384,792,610 | 374,542,610 | 362,823,733 | 362,823,733 | 362,823,733 | 384,792,610 | 362,823,733 | |
Shares issued in connection with the sale of common stock | $ 12 | |||||||
Shares issued in connection with the sale of common stock | 1,200,000 | |||||||
Additional Paid-in Capital [Member] | ||||||||
Balance, March 31, 2022 | $ 63,592,721 | $ 63,527,513 | $ 63,527,513 | $ 62,427,147 | $ 62,427,147 | $ 49,922,922 | $ 63,527,513 | $ 49,922,922 |
Shares, Outstanding, Beginning Balance | 374,305,480 | |||||||
Foreign currency translation adjustment | ||||||||
Net loss | ||||||||
Settlement of Notes | 65,208 | |||||||
Stock-based compensation expense | 30,647 | 12,382,316 | ||||||
Balance, June 30, 2022 | 63,623,368 | 63,592,721 | $ 63,527,513 | 62,427,147 | 62,427,147 | 62,427,147 | 63,623,368 | 62,427,147 |
Shares, Outstanding, Ending Balance | 374,305,480 | |||||||
Shares issued in connection with the sale of common stock | 121,909 | |||||||
Stock Receivable [Member] | ||||||||
Balance, March 31, 2022 | (795,000) | (795,000) | $ (795,000) | (795,000) | (795,000) | (720,000) | (795,000) | (720,000) |
Foreign currency translation adjustment | ||||||||
Net loss | ||||||||
Settlement of Notes | ||||||||
Stock-based compensation expense | ||||||||
Balance, June 30, 2022 | (795,000) | (795,000) | (795,000) | (795,000) | (795,000) | (795,000) | (795,000) | (795,000) |
Shares issued in connection with the sale of common stock | (75,000) | |||||||
Retained Earnings [Member] | ||||||||
Balance, March 31, 2022 | (67,446,375) | (67,246,474) | (67,070,016) | (59,341,703) | (58,901,398) | (46,050,640) | (67,070,016) | (46,050,640) |
Foreign currency translation adjustment | ||||||||
Net loss | (395,465) | (199,901) | (176,458) | (442,621) | (12,850,758) | |||
Settlement of Notes | ||||||||
Stock-based compensation expense | ||||||||
Balance, June 30, 2022 | (67,841,840) | (67,446,375) | (67,246,474) | (59,784,324) | (59,341,703) | (58,901,398) | (67,841,840) | (59,784,324) |
Shares issued in connection with the sale of common stock | ||||||||
AOCI Attributable to Parent [Member] | ||||||||
Balance, March 31, 2022 | 232,674 | 216,108 | 290,563 | 51,200 | 98,656 | 107,902 | 290,563 | 107,902 |
Foreign currency translation adjustment | 22,695 | 16,566 | (74,455) | 137,979 | (47,456) | (9,246) | ||
Net loss | ||||||||
Settlement of Notes | ||||||||
Stock-based compensation expense | ||||||||
Balance, June 30, 2022 | $ 255,369 | $ 232,674 | $ 216,108 | $ 189,179 | $ 51,200 | 98,656 | $ 255,369 | $ 189,179 |
Shares issued in connection with the sale of common stock |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net Income (loss) | $ (771,824) | $ (13,733,684) |
Adjustments to reconcile net income/(loss) to net cash from operating activities: | ||
Stock-based compensation | 30,750 | 12,382,500 |
Depreciation expense | 254 | 611 |
Amortization of intangibles | 735,096 | |
Amortization of discount | 13,943 | |
Loss on Settlement of Debt | 40,393 | |
Change in operating assets and liabilities: | ||
Accounts payable | 167,158 | 225,056 |
Accrued interest payable | 15,510 | 17,064 |
Accrued liabilities | ||
Other Receivables | (1,921) | (2,094) |
Pre-Payments | ||
Due to related parties | 472,730 | 312,045 |
Net cash used in operating activities | (46,950) | (49,463) |
Cash flows from investing activities | ||
Cash paid for purchase of fixed assets | ||
Net cash used in investing activities | ||
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 46,921 | |
Due to Affiliates | 51,694 | |
Issuance of short term note payable, net of OID | ||
Net cash from financing activities | 51,694 | 46,921 |
Effect of currency translations to cash flow | (1,106) | 2,086 |
Net change in cash and cash equivalents | 3,638 | (456) |
Beginning of period | 2,857 | 3,728 |
End of period | 6,495 | 3,272 |
Supplemental cash flow information | ||
Interest paid | ||
Taxes | ||
Noncash investing and financing activities: | ||
Settlement of Debt for Common Stock | $ 24,818 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION These consolidated financial statements of Graphene & Solar Technologies Limited (GSTX or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations. These financial statements should be read along with Graphene & Solar Technologies audited financial statements as of September 30, 2022. Going Concern 67,841,838 Future issuances of the Company’s equity or debt securities will be required for the Company to finance operations and continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of these uncertainties. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Principles of Consolidation and Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements can be found in the Company’s Annual Report in form 10-K for the year ended September 30, 2022. Use of Estimates Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment and the liquidation of liabilities. Cash and Cash Equivalents Derivative Financial Instruments 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 quarter ending June 30, 2023. Therefore, no derivative liabilities were recorded during the quarter ended June 30, 2023. Stock-Based Compensation “Compensation - Stock Compensation,” Foreign Currency Translations Earnings Per Share Reclassifications |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 3 – NOTES PAYABLE The Company’s indebtedness as of June 30, 2023 and September 30, 2022 were as follows: Schedule of notes payable Description June 30, 2023 September 30, 2022 Convertible notes $ 100,747 $ 100,747 Notes Payable $ 60,000 $ 76,255 Notes Payable – Related Parties $ 51,694 $ — 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 June 30, 2023 and September 30, 2022, the total promissory notes payable balance was $107,197 and $102,710 including accrued interest of $47,197 and $42,710, 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. Convertible Notes Payable As of June 30, 2023 and September 30, 2022, noteholders representing $70,747 in outstanding principal had not requested the exchange of shares of common stock. As of June 30, 2023 and September 30, 2022, the exchange obligation payable was $176,835 and $168,897 including accrued interest of $106,087 and $98,150, respectively. As of June 30, 2023 and September 30, 2022, the exchange obligation was for 53,424 shares and 51,026 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 June 30, 2023 and September 30, 2022, the total convertible note payable balance was $52,241 and $49,997, including accrued interest of $22,241 and $19,997 respectively. As of June 30, 2023 and September 30, 2022, the exchange obligation was for 104,482 shares and 99,994 shares of common stock, respectively. Related Party Loans On December 5, 2022, the Company entered into a Promissory Loan Note with Mr. Andrew Liang, in the amount of US$20,000, with a maturity date of December 5, 2023. The loan will accrue interest at the rate of 10% per annum. On February 28, 2023, the Company entered into a Promissory Loan Note with MI Labs Pty Ltd, in the amount of US$50,000 (of which $31,693 was received by the company as of June 30, 2023) with a maturity date of February 28, 2024. The loan will accrue interest at the rate 10% per annum. |
RELATED PARTY
RELATED PARTY | 9 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | NOTE 4- RELATED PARTY MI Labs Pty Ltd, a management company controlled by Mr. Jason May, the Company’s Chief Executive Officer and a Company Director, provides management services to the Company for which the Company is charged $25,000 monthly. During the nine months ended June 30, 2023, the Company incurred charges to operations of $125,000 with respect to this arrangement. CSA Liang Pty Ltd, a management company controlled by Mr. Andrew Liang, a Company Director and former Chief Executive Officer, provided management services to the Company for which the Company was charged $20,833 monthly. During the nine months ended June 30, 2023, the Company incurred charges to operations of $187,497 with respect to this arrangement. Sativus Investments, a management company controlled by Mr. Paul Saffron, the Company’s Chief Operations Officer, provides management services to the Company for which the Company is charged $20,000 monthly, plus a $60,000 sign-on bonus. During the nine months ended June 30, 2023, the Company incurred charges to operations of $100,000 with respect to this arrangement. During nine-months period ended June 30, 2023 and 2022, stock-based compensation expense relating to directors, officers, affiliates and related parties was $0 (0 shares) and $2,485,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY During the quarter ended June 30, 2023, the Company issued 10,250,000 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 market price of the Company’s common stock on each grant date, aggregated $30,750. Total stock-based compensation expense was $30,750 for the nine-months ended June 30, 2023. 237,130 new common shares were issued during the nine- month period ending June 30, 2023 for settlement of debt and liabilities totaling $65,211. The company recognized a loss of $40,393 on this exchange. The Company has a total of 5,778,366 shares that remain approved, reserved and outstanding and not yet issued by the Transfer Agent at June 30, 2023. |
COMMITMENTS & CONTINGENCIES
COMMITMENTS & CONTINGENCIES | 9 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS & CONTINGENCIES | NOTE 6 – COMMITMENTS & CONTINGENCIES Contingencies From time to time, we may be involved in routine legal proceedings, as well as demands, claims and threatened litigation that arise in the normal course of our business. The ultimate amount of liability, if any, for any claims of any type (either alone or in the aggregate) may materially and adversely affect our financial condition, results of operations and liquidity. In addition, the ultimate outcome of any litigation is uncertain. Any outcome, whether favorable or unfavorable, may materially and adversely affect us due to legal costs and expenses, diversion of management attention and other factors. We expense legal costs in the period incurred. We cannot assure you that additional contingencies of a legal nature or contingencies having legal aspects will not be asserted against us in the future, and these matters could relate to prior, current or future transactions or events. As of June 30, 2023, there were no pending or threatened litigation against the Company. |
INTANGIBLE ASSETS_PATENTS
INTANGIBLE ASSETS/PATENTS | 9 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS/PATENTS | NOTE 7 – INTANGIBLE ASSETS/PATENTS We amortize capitalized patent costs for internally generated patents on a straight-line basis for 7 years, which represents the estimated useful lives of the patents. The seven-year estimated useful life for internally generated patents is based on our assessment of such factors as: the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The estimated useful lives of acquired patents and patent rights, however, have been and will continue to be based on a separate analysis related to each acquisition and may differ from the estimated useful lives of internally generated patents. The average estimated useful life of acquired patents is 6.7 years. We assess the potential impairment to all capitalized net patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable. Schedule of finite lived intangible assets June 30, 2023 June 30, 2022 Patents 1 6,879,745 Accumulated amortization — (837,417 ) Total patent costs, net 1 6,042,328 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS On April 2, 2023, Mr. Jason May was appointed Chief Executive Officer by the Board of Directors. Mr. May was granted 2,000,000 shares per the terms of the agreement. As of this filing date, the 2,000,000 shares have been approved but remain unissued. On June 1, 2023, Mr. Paul Saffron was appointed Chief Operations Officer by the Board of Directors. Mr. Saffron was granted 5,000,000 shares per the terms of the agreement. As of this filing date, the 5,000,000 shares have been approved but remain unissued. On July 1, 2023, Mr. Andrew Liang stepped down from the Chief Executive Officer role but remains a Corporate Advisor and a Director on the Board. Mr. Liang was granted 10,000,000 shares per the terms of the agreement. As of this filing date, the 10,000,000 shares have been approved but remained unissued. On July 28, 2023, Mr. Juan Hilsaca signed a consulting agreement with the Company and was granted 250,000 shares per the terms of the agreement. As of this filing date, the 250,000 shares have been approved but remained unissued. Mr. Thomas Chang was granted a maximum of 1,000,000 shares per annum subject to performance in fiscal years 2021/2022, 2022/2023 and 2023/2024 to a total of 3,000,000 shares. 1,000,000 shares were issued during the 2021/2022 fiscal year. As of this filing date, the remaining 2,000,000 shares have been approved but remain unissued. The Company has evaluated events occurring subsequent to June 30, 2023 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 AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements can be found in the Company’s Annual Report in form 10-K for the year ended September 30, 2022. |
Use of Estimates | Use of Estimates Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment and the liquidation of liabilities. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Derivative Financial Instruments | Derivative Financial Instruments 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 quarter ending June 30, 2023. Therefore, no derivative liabilities were recorded during the quarter ended June 30, 2023. |
Stock-Based Compensation | Stock-Based Compensation “Compensation - Stock Compensation,” |
Foreign Currency Translations | Foreign Currency Translations |
Earnings Per Share | Earnings Per Share |
Reclassifications | Reclassifications |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of notes payable | Schedule of notes payable Description June 30, 2023 September 30, 2022 Convertible notes $ 100,747 $ 100,747 Notes Payable $ 60,000 $ 76,255 Notes Payable – Related Parties $ 51,694 $ — |
INTANGIBLE ASSETS_PATENTS (Tabl
INTANGIBLE ASSETS/PATENTS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of finite lived intangible assets | Schedule of finite lived intangible assets June 30, 2023 June 30, 2022 Patents 1 6,879,745 Accumulated amortization — (837,417 ) Total patent costs, net 1 6,042,328 |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Narrative) | 156 Months Ended |
Jun. 30, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Net losses | $ 67,841,838 |
Schedule of notes payable (Deta
Schedule of notes payable (Details) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Debt Disclosure [Abstract] | ||
Convertible notes | $ 100,747 | $ 100,747 |
Notes Payable | 60,000 | 76,255 |
Notes Payable – Related Parties | $ 51,694 |
Schedule of finite lived intang
Schedule of finite lived intangible assets (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 1 | $ 6,879,745 |
Accumulated amortization | (837,417) | |
Total patent costs, net | $ 1 | $ 6,042,328 |