Convertible Notes Payable | Note 7 – Convertible Notes Payable Related party convertible notes payable consist of the following at March 31, 2024 and September 30, 2023, respectively: Schedule of Related Party Convertible Notes Payable March 31, 2024 September 30, 2023 On February 10, 2020, the Company completed the sale to an accredited investor of a 9% Secured Convertible Promissory Note in the principal amount of $ 350,000 August 10, 2022 9 0.15 0.03 50,000 400,000 50,000 1,666,667 0.03 February 11, 2024 4,550,000 43,788 As a result of the shares issued upon the extension agreement, the lender now holds more the 5% of the total outstanding common shares, and is therefore considered a related party $ - $ 350,000 Total related party convertible notes payable - 350,000 Less: unamortized debt discounts - (10,748 ) Total convertible debt - 339,252 Less: current maturities - (339,252 ) Related party convertible notes payable $ - $ - Convertible notes payable consist of the following at March 31, 2024 and September 30, 2023, respectively: Schedule of Convertible Notes Payable March 31, 2024 September 30, 2023 On February 11, 2020, the Company completed the sale to an accredited investor of a 9% Secured Convertible Promissory Note in the principal amount of $ 50,000 August 11, 2022 9 0.15 0.03 10,000 60,000 10,000 333,334 0.03 February 11, 2024 650,000 6,989 $ 50,000 $ 50,000 On February 11, 2020, the Company completed the sale to an accredited investor of a 9% Secured Subordinated Convertible Promissory Note in the principal amount of $ 150,000 August 11, 2022 9 0.15 0.03 50,000 200,000 50,000 1,666,667 0.03 February 11, 2024 1,950,000 20,968 - 150,000 On September 23, 2019, the Company received proceeds of $ 200,000 8 August 10, 2022 0.11 August 10, 2022 0.03 90,000 3,000,000 0.03 355,469 98,188 February 11, 2024 4,621,105 32,166 February 11, 2025 0.01 481,955 355,469 355,469 On November 8, 2018, the Company received proceeds of $ 350,000 8 August 10, 2022 0.14 August 10, 2022 0.03 February 11, 2024 4,550,000 31,671 40,000 February 11, 2025 0.01 474,539 310,000 350,000 On October 1, 2022, the Company entered into a senior secured convertible note that carries an 8 February 11, 2024 362,765 0.01 4,715,945 30,102 362,765 362,765 On November 5, 2018, the Company received proceeds of $ 150,000 8 August 10, 2022 0.14 August 10, 2022 0.03 - 150,000 Total convertible notes payable 1,078,235 1,418,234 Less: unamortized debt discounts - (32,302 ) Total convertible debt 1,078,235 1,385,932 Less: current maturities (1,078,235 ) (1,385,932 ) Convertible notes payable $ - $ - In addition, the Company recognized and measured the embedded beneficial conversion feature present in the convertible notes by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional paid-in-capital. The intrinsic value of the feature was calculated on the commitment date using the effective conversion price of the convertible notes. This intrinsic value is limited to the portion of the proceeds allocated to the convertible debt. The aforementioned accounting treatment resulted in a total debt discount equal to $ 93,938 43,050 77,616 0 All of the convertible notes (except the related party convertible note) limit the maximum number of shares that can be owned by each note holder as a result of the conversions to common stock to 4.99 The Company recorded interest expense pursuant to the stated interest rates on the convertible notes in the amount of $ 77,808 72,473 The Company recognized interest expense for the six months ended March 31, 2024 and 2023, respectively, as follows: Schedule of Interest Expense March 31, 2024 March 31, 2023 Interest on notes payable 36,614 29,770 Amortization of beneficial conversion features 43,050 77,616 Interest on convertible notes 78,607 72,473 Total interest expense $ 158,271 $ 179,859 |