Permex Petroleum (OILCF) 10-Q 1 Mar 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2022	Feb. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--09-30
Entity File Number	000-41558
Entity Registrant Name	Permex Petroleum Corporation
Entity Central Index Key	0001922639
Entity Tax Identification Number	98-1384682
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	2911 Turtle Creek Blvd.
Entity Address, Address Line Two	Suite 925
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75219
City Area Code	(469)
Local Phone Number	804-1306
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
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		1,932,604

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Current assets
Cash and cash equivalents	$ 1,693,664	$ 3,300,495
Trade and other receivables, net	185,466	137,214
Prepaid expenses and deposits	204,958	317,277
Total current assets	2,084,088	3,754,986
Non-current assets
Reclamation deposits	145,000	145,000
Property and equipment, net of accumulated depreciation and depletion	9,874,776	8,426,776
Right of use asset, net	212,486	240,796
Total assets	12,316,350	12,567,558
Current liabilities
Trade and other payables	2,699,225	1,561,344
Convertible debenture		38,291
Lease liability – current portion	91,665	104,224
Total current liabilities	2,790,890	1,703,859
Non-current liabilities
Asset retirement obligations	244,406	236,412
Lease liability, less current portion	126,799	140,682
Warrant liability	166	23,500
Total liabilities	3,162,261	2,104,453
Equity
Common stock, no par value per share; unlimited shares authorized, 1,932,604 shares* issued and outstanding as of December 31, 2022 and September 30, 2022	14,337,739	14,337,739
Additional paid-in capital	4,513,369	4,513,194
Accumulated other comprehensive loss	(127,413)	(127,413)
Deficit	(9,569,606)	(8,260,415)
Total equity	9,154,089	10,463,105
Total liabilities and equity	$ 12,316,350	$ 12,567,558

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares		3 Months Ended		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Statement of Financial Position [Abstract]
Common stock, par value		$ 0		$ 0
Common stock, shares authorized		Unlimited		Unlimited
Common stock, shares issued	[1]	1,932,604		1,932,604
Common stock, shares outstanding	[1]	1,932,604		1,932,604
Stockholders equity reverse stock split		60:1 reverse stock split	60:1 reverse stock split	60:1 reverse stock split
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Loss (Unaudited) - USD ($)		3 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Revenues
Oil and gas sales		$ 213,754	$ 89,990
Royalty income		8,188	16,459
Total revenues		221,942	106,449
Operating expenses
Production		292,679	81,879
General and administrative		1,215,106	809,606
Depletion and depreciation		40,196	32,011
Accretion on asset retirement obligations		7,994	8,253
Foreign exchange gain (loss)		3,310	4,970
Total operating expenses		(1,559,285)	(936,719)
Loss from operations		(1,337,343)	(830,270)
Other income (expense)
Other income		6,000
Finance expense		(1,182)	(23,468)
Change in fair value of warrant liability		23,334	102,550
Total other income (expense)		28,152	79,082
Net loss and comprehensive loss		$ (1,309,191)	$ (751,188)
Basic and diluted loss per common share		$ (0.68)	$ (0.66)
Weighted average number of common shares outstanding*	[1]	1,932,604	1,130,344
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Loss (Unaudited) (Parenthetical)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Equity [Abstract]
Stockholders equity reverse stock split	60:1 reverse stock split	60:1 reverse stock split	60:1 reverse stock split

Condensed Consolidated Statemen

Condensed Consolidated Statements of Equity (Unaudited) - USD ($)		Total	Share Capital [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
Balance at Sep. 30, 2021		$ 5,780,252	$ 8,976,747	$ 2,476,717	$ (127,413)	$ (5,545,799)
Balance, shares at Sep. 30, 2021	[1]		1,103,010
Share-based payments		607,325		607,325
Net loss		(751,188)				(751,188)
Balance at Dec. 31, 2021		5,991,833	$ 9,307,648	3,108,585	(127,413)	(6,296,987)
Balance, shares at Dec. 31, 2021	[1]		1,147,127
Private placements		369,751	$ 369,751
Private placements, shares	[1]		44,117
Share issuance costs		(14,307)	$ (38,850)	24,543
Balance at Sep. 30, 2021		5,780,252	$ 8,976,747	2,476,717	(127,413)	(5,545,799)
Balance, shares at Sep. 30, 2021	[1]		1,103,010
Balance at Sep. 30, 2022		10,463,105	$ 14,337,739	4,513,194	(127,413)	(8,260,415)
Balance, shares at Sep. 30, 2022	[1]		1,932,604
Share-based payments		175		175
Net loss		(1,309,191)				(1,309,191)
Balance at Dec. 31, 2022		$ 9,154,089	$ 14,337,739	$ 4,513,369	$ (127,413)	$ (9,569,606)
Balance, shares at Dec. 31, 2022	[1]		1,932,604
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Equity [Abstract]
Stockholders equity reverse stock split	60:1 reverse stock split	60:1 reverse stock split	60:1 reverse stock split

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,309,191)	$ (751,188)
Adjustments to reconcile net loss to net cash from operating activities:
Accretion on asset retirement obligations	7,994	8,253
Depletion and depreciation	40,196	32,011
Foreign exchange loss (gain)		474
Finance expense		11,073
Change in fair value of warrant liability	(23,334)	(102,550)
Share-based payments	175	607,325
Changes in operating assets and liabilities:
Trade and other receivables	(48,252)	(118,432)
Prepaid expenses and deposits	112,319	(2,994)
Trade and other payables	514,733	(13,583)
Right of use asset and lease liability	1,868	318
Net cash used in operating activities	(703,492)	(329,293)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures on property and equipment	(865,048)	(8,777)
Net cash provided by (used in) investing activities	(865,048)	(8,777)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of private placement units		571,760
Share issuance costs		(22,978)
Convertible debenture repayment	(38,291)
Loan from related party		3,095
Net cash provided by (used in) financing activities	(38,291)	551,877
Change in cash and cash equivalents during the period	(1,606,831)	213,807
Cash and cash equivalents, beginning of the period	3,300,495	25,806	$ 25,806
Cash and cash equivalents, end of the period	1,693,664	239,613	$ 3,300,495
Supplemental disclosures of non-cash investing and financing activities:
Share purchase warrants issued in connection with private placements		226,552
Trade and other payables related to property and equipment	1,270,400	109,888
Supplemental cash flow disclosures:
Interest paid	$ 1,182

BACKGROUND

BACKGROUND	3 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND	1. BACKGROUND Permex Petroleum Corporation (the “Company”) was incorporated on April 24, 2017 th On October 26, 2022, the Company’s board of directors approved a reverse stock split of the Company’s issued and outstanding common stock at a 1 for 60 ratio

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2023 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes for the fiscal year ended September 30, 2022. Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) 2. Significant Accounting Policies Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $ 9,569,606 Management plans to fund operations of the Company with its current working capital and through increasing production from its oil and gas leases. The Company also expects to raise additional funds through equity financings. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) amounts subject to allowances and returns; (ii) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (iii) the costs of site restoration when determining decommissioning liabilities; (iv) income taxes receivable or payable; (v) the useful lives of assets for the purposes of depreciation; (vi) petroleum and natural gas reserves; and (vii) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. New accounting standards There are not currently any new or pending accounting standards that are expected to have a significant impact on the Company’s consolidated financial statements. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)

REVENUE

REVENUE	3 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	3. REVENUE Revenue from contracts with customers is presented in “Oil and gas sales” on the Consolidated Statements of Loss. As of December 31, 2022 and September 30, 2022, receivable from contracts with customers, included in trade and other receivables, were $ 78,802 56,639 The following table present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS 1 2 3 Three months ended December 31, 2022 Texas New Mexico Total Crude oil $ 173,961 $ 39,512 $ 213,473 Natural gas 281 - 281 Revenue from contracts with customers $ 174,242 $ 39,512 $ 213,754 Three months ended December 31, 2021 Texas New Mexico Total Crude oil $ 70,161 $ - $ 70,161 Natural gas 19,829 - 19,829 Revenue from contracts with customers $ 89,990 $ - $ 89,990

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	3 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	4. CONCENTRATION OF CREDIT RISK The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents and trade receivables. The Company’s cash balances sometimes exceed the United States’ Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by placing its cash and cash equivalents with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. To date, the Company has not recognized any losses caused by uninsured balances. The majority of the Company’s receivable balance is concentrated in trade receivables, with a balance of $ 140,497 91,928 78,451 56 44,969 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2022 September 30, 2022 Oil and natural gas properties, at cost $ 9,903,713 $ 8,029,234 Construction in progress - 460,306 Less: accumulated depletion (212,853 ) (184,658 ) Oil and natural gas properties, net 9,690,860 8,304,882 Other property and equipment, at cost 201,565 127,542 Less: accumulated depreciation (17,649 ) (5,648 ) Other property and equipment, net 183,916 121,894 Property and equipment, net $ 9,874,776 $ 8,426,776 Depletion and depreciation expense was $ 40,196 32,011

LEASES

LEASES	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	6. LEASES All of the Company’s right-of-use assets are operating leases related to its office premises. Details of the Company’s right-of-use assets and lease liabilities are as follows: SCHEDULE OF RIGHT OF USE OPERATING LEASES December 31, 2022 September 30, 2022 Right-of-use assets $ 212,486 $ 240,796 Lease liabilities Balance, beginning of the year $ 244,906 $ 78,949 Addition - 220,368 Liability accretion 7,088 9,042 Lease payments (33,530 ) (63,453 ) Balance, end of the year $ 218,464 $ 244,906 Current lease liabilities $ 91,665 $ 104,224 Long-term lease liabilities $ 126,799 $ 140,682 The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST Three months ended Three months ended Operating lease cost $ 35,398 $ 13,961 Variable lease expense 7,175 7,557 Sublease income (10,004 ) (4,868 ) Rent subsidy - (1,674 ) Net lease cost $ 32,569 $ 14,976 As of December 31, 2022, maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENT Year 2023 $ 77,294 2024 82,190 2025 84,664 2026 14,180 Total lease payments 258,328 Less: imputed interest (39,864 ) Total lease liabilities $ 218,464 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	7. ASSET RETIREMENT OBLIGATIONS Asset retirement obligations reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Company’s oil and gas properties. Changes to the asset retirement obligations are as follows: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS December 31, 2022 September 30, 2022 Asset retirement obligations, beginning of the year $ 236,412 $ 552,594 Revisions of estimates - (371,212 ) Accretion expense 7,994 55,030 Asset retirement obligations, ending of the year $ 244,406 $ 236,412 During the year ended September 30, 2022, the Company had revision of estimates totaling $ 371,212 Reclamation deposits As of December 31, 2022, the Company held reclamation deposits of $ 145,000 145,000 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)

DEBT

DEBT	3 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	8. DEBT Convertible debenture – Related party As of September 30, 2022, the Company had a debenture loan of $ 73,000 100,000 12 December 20, 2022 6.57 9.00 three years 8.76 12.00 During the year ended September 30, 2022, the Company repaid $ 34,709 47,546 38,291 52,454 During the three months ended December 31, 2022 and the year ended September 30, 2022, the Company recorded interest of $ 1,182 9,360 Loan payable In May 2020, the Company opened a Canada Emergency Business Account (“CEBA”) and received a loan of $ 28,640 40,000 60,000 23,600 30,000 7,800 10,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS i) The convertible debenture loan from the CEO of the Company mentioned in Note 8 was paid off during the three months ended December 31, 2022. ii) The Company has an employment agreement with the CEO of the Company for an annual base salary of $ 250,000 The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary iii) On May 1, 2022, the Company entered into an employment agreement with the CFO of the Company for an annual base salary of $ 50,000 The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to two months of base salary.

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
LOSS PER SHARE	10. LOSS PER SHARE The calculation of basic and diluted loss per share for the three month periods ended December 31, 2022 and 2021 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE Three months ended December 31, 2022 Three months ended December 31, 2021 Net loss $ (1,309,191 ) $ (751,188 ) Weighted average common shares outstanding 1,932,604 1,130,344 Basic and diluted loss per share $ (0.68 ) $ (0.66 ) As of December 31, 2022, 84,583 92,917 1,097,096 1,097,096 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)

EQUITY

EQUITY	3 Months Ended
	Dec. 31, 2022
Equity [Abstract]
EQUITY	11. EQUITY Common stock The Company has authorized an unlimited no 1,932,604 There were no share issuance transactions during the three months ended December 31, 2022. During the year ended September 30, 2022, the Company: a) Completed a non-brokered private placement of 44,117 12.96 16.20 571,760 714,700 25.80 32.40 202,009 34,733 2,680 24,543 0.98 2 153.02 0 800 8,671 b) Completed a brokered private placement of 785,477 9.60 7,540,580 5 12.60 607,170 754,058 78,548 131,560 858,429 2.45 5 134.66 0 159,271 Share-based payments Stock options The Company has a stock option plan (the “Plan”) in place under which it is authorized to grant options to executive officers and directors, employees and consultants. Pursuant to the Plan, the Company may issue aggregate stock options totaling up to 10 10 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) 11. EQUITY Share-based payments Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2021 37,917 $ 19.51 Granted 55,000 10.51 Cancelled (8,334 ) 17.34 Balance, September 30, 2022 and December 31, 2022 84,583 $ 13.26 Exercisable at December 31, 2022 83,333 $ 13.61 The aggregate intrinsic value of options outstanding and exercisable as at December 31, 2022 was $ nil nil The options outstanding as of December 31, 2022 have exercise prices in the range of $ 2.22 22.20 7.46 During the three months ended December 31, 2022 and 2021, the Company recognized share-based payment expense of $ 175 607,325 SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2022 2021 Risk-free interest rate - 1.5 % Expected life of options - 10 Expected annualized volatility - 96.56 % Dividend rate - Nil Weighted average fair value of options granted - $ 10.17 As December 31, 2022, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 27,917 $ 22.20 December 4, 2017 December 4, 2027 5,000 $ 13.32 November 1, 2018 November 1, 2028 5,000 $ 2.22 March 16, 2020 March 16, 2030 51,666 $ 10.66 October 6, 2021 October 6, 2031 84,583 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) 11. EQUITY Warrants Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2021 208,333 $ 9.42 Granted 888,763 12.91 Balance, September 30, 2022 and December 31, 2022 1,097,096 $ 12.12 As December 31, 2022, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 24,739 $ 23.98 November 4, 2021 November 4, 2023 864,024 $ 12.60 March 29, 2022 March 29, 2027 208,333 $ 8.88 September 30, 2021 September 30, 2031 1,097,096 22,059 202,009 0.98 2 153.02 0 178,509 23,334 102,550 The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at December 31, 2022 and September 30, 2022: SCHEDULE OF VALUATION OF WARRANTS December 31, 2022 September 30, 2022 Risk-free interest rate 4.06 % 3.79 % Warrant measurement input 4.06 % 3.79 % Expected life of options 0.75 1 Expected annualized volatility 110.97 % 135.59 % Dividend rate Nil Nil Weighted average fair value of options granted $ 0.01 $ 1.46

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2023 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes for the fiscal year ended September 30, 2022.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) 2. Significant Accounting Policies
Going concern of operations	Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $ 9,569,606 Management plans to fund operations of the Company with its current working capital and through increasing production from its oil and gas leases. The Company also expects to raise additional funds through equity financings. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) amounts subject to allowances and returns; (ii) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (iii) the costs of site restoration when determining decommissioning liabilities; (iv) income taxes receivable or payable; (v) the useful lives of assets for the purposes of depreciation; (vi) petroleum and natural gas reserves; and (vii) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.
New accounting standards	New accounting standards There are not currently any new or pending accounting standards that are expected to have a significant impact on the Company’s consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS	The following table present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS 1 2 3 Three months ended December 31, 2022 Texas New Mexico Total Crude oil $ 173,961 $ 39,512 $ 213,473 Natural gas 281 - 281 Revenue from contracts with customers $ 174,242 $ 39,512 $ 213,754 Three months ended December 31, 2021 Texas New Mexico Total Crude oil $ 70,161 $ - $ 70,161 Natural gas 19,829 - 19,829 Revenue from contracts with customers $ 89,990 $ - $ 89,990

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2022 September 30, 2022 Oil and natural gas properties, at cost $ 9,903,713 $ 8,029,234 Construction in progress - 460,306 Less: accumulated depletion (212,853 ) (184,658 ) Oil and natural gas properties, net 9,690,860 8,304,882 Other property and equipment, at cost 201,565 127,542 Less: accumulated depreciation (17,649 ) (5,648 ) Other property and equipment, net 183,916 121,894 Property and equipment, net $ 9,874,776 $ 8,426,776

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
SCHEDULE OF RIGHT OF USE OPERATING LEASES	All of the Company’s right-of-use assets are operating leases related to its office premises. Details of the Company’s right-of-use assets and lease liabilities are as follows: SCHEDULE OF RIGHT OF USE OPERATING LEASES December 31, 2022 September 30, 2022 Right-of-use assets $ 212,486 $ 240,796 Lease liabilities Balance, beginning of the year $ 244,906 $ 78,949 Addition - 220,368 Liability accretion 7,088 9,042 Lease payments (33,530 ) (63,453 ) Balance, end of the year $ 218,464 $ 244,906 Current lease liabilities $ 91,665 $ 104,224 Long-term lease liabilities $ 126,799 $ 140,682
SCHEDULE OF LEASE COST	The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST Three months ended Three months ended Operating lease cost $ 35,398 $ 13,961 Variable lease expense 7,175 7,557 Sublease income (10,004 ) (4,868 ) Rent subsidy - (1,674 ) Net lease cost $ 32,569 $ 14,976
SCHEDULE OF FUTURE LEASE PAYMENT	As of December 31, 2022, maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENT Year 2023 $ 77,294 2024 82,190 2025 84,664 2026 14,180 Total lease payments 258,328 Less: imputed interest (39,864 ) Total lease liabilities $ 218,464

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
SCHEDULE OF ASSET RETIREMENT OBLIGATIONS	SCHEDULE OF ASSET RETIREMENT OBLIGATIONS December 31, 2022 September 30, 2022 Asset retirement obligations, beginning of the year $ 236,412 $ 552,594 Revisions of estimates - (371,212 ) Accretion expense 7,994 55,030 Asset retirement obligations, ending of the year $ 244,406 $ 236,412

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	3 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE	The calculation of basic and diluted loss per share for the three month periods ended December 31, 2022 and 2021 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE Three months ended December 31, 2022 Three months ended December 31, 2021 Net loss $ (1,309,191 ) $ (751,188 ) Weighted average common shares outstanding 1,932,604 1,130,344 Basic and diluted loss per share $ (0.68 ) $ (0.66 )

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Dec. 31, 2022
Equity [Abstract]
SCHEDULE OF STOCK OPTION TRANSACTIONS	Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2021 37,917 $ 19.51 Granted 55,000 10.51 Cancelled (8,334 ) 17.34 Balance, September 30, 2022 and December 31, 2022 84,583 $ 13.26 Exercisable at December 31, 2022 83,333 $ 13.61
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE	SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2022 2021 Risk-free interest rate - 1.5 % Expected life of options - 10 Expected annualized volatility - 96.56 % Dividend rate - Nil Weighted average fair value of options granted - $ 10.17
SCHEDULE OF STOCK OPTIONS OUTSTANDING	As December 31, 2022, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 27,917 $ 22.20 December 4, 2017 December 4, 2027 5,000 $ 13.32 November 1, 2018 November 1, 2028 5,000 $ 2.22 March 16, 2020 March 16, 2030 51,666 $ 10.66 October 6, 2021 October 6, 2031 84,583
SCHEDULE OF WARRANTS TRANSACTIONS	Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2021 208,333 $ 9.42 Granted 888,763 12.91 Balance, September 30, 2022 and December 31, 2022 1,097,096 $ 12.12
SCHEDULE OF WARRANTS OUTSTANDING	As December 31, 2022, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 24,739 $ 23.98 November 4, 2021 November 4, 2023 864,024 $ 12.60 March 29, 2022 March 29, 2027 208,333 $ 8.88 September 30, 2021 September 30, 2031 1,097,096
SCHEDULE OF VALUATION OF WARRANTS	The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at December 31, 2022 and September 30, 2022: SCHEDULE OF VALUATION OF WARRANTS December 31, 2022 September 30, 2022 Risk-free interest rate 4.06 % 3.79 % Warrant measurement input 4.06 % 3.79 % Expected life of options 0.75 1 Expected annualized volatility 110.97 % 135.59 % Dividend rate Nil Nil Weighted average fair value of options granted $ 0.01 $ 1.46

BACKGROUND (Details Narrative)

BACKGROUND (Details Narrative)		3 Months Ended		12 Months Ended
	Oct. 26, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Date of incorporation		Apr. 24, 2017
Stockholders equity reverse stock split		60:1 reverse stock split	60:1 reverse stock split	60:1 reverse stock split
Board of Directors Chairman [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stockholders equity reverse stock split	1 for 60 ratio

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
Retained earnings accumulated deficit	$ 9,569,606	$ 8,260,415

SCHEDULE OF REVENUE DISAGGREGAT

SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 213,754	$ 89,990
TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	174,242	89,990
NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39,512
Crude Oil [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	213,473	70,161
Crude Oil [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	173,961	70,161
Crude Oil [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39,512
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	281	19,829
Natural Gas [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	281	19,829
Natural Gas [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Revenue	$ 213,754	$ 89,990
Accounts Receivable [Member]
Revenue	$ 78,802		$ 56,639

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Concentration Risk [Line Items]
Revenue	$ 213,754	$ 89,990
Non trade receivables current	44,969
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration Risk [Line Items]
Trade receivables	140,497		$ 91,928
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member]
Concentration Risk [Line Items]
Revenue	$ 78,451
Concentration risk percentage	56%

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Oil and natural gas properties, at cost	$ 9,903,713	$ 8,029,234
Construction in progress		460,306
Less: accumulated depletion	(212,853)	(184,658)
Oil and natural gas properties, net	9,690,860	8,304,882
Other property and equipment, at cost	201,565	127,542
Less: accumulated depreciation	(17,649)	(5,648)
Other property and equipment, net	183,916	121,894
Property and equipment, net	$ 9,874,776	$ 8,426,776

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depletion and depreciation	$ 40,196	$ 32,011

SCHEDULE OF RIGHT OF USE OPERAT

SCHEDULE OF RIGHT OF USE OPERATING LEASES (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 212,486	$ 240,796
Ending balance	218,464
Current lease liabilities	91,665	104,224
Long-term lease liabilities	126,799	140,682
Office Premises [Member]
Lessee, Lease, Description [Line Items]
Right-of-use assets	212,486	240,796
Beginning balance	244,906	78,949
Addition		220,368
Liability accretion	7,088	9,042
Lease payments	(33,530)	(63,453)
Ending balance	218,464	244,906
Current lease liabilities	91,665	104,224
Long-term lease liabilities	$ 126,799	$ 140,682

SCHEDULE OF LEASE COST (Details

SCHEDULE OF LEASE COST (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 35,398	$ 13,961
Variable lease expense	7,175	7,557
Sublease income	(10,004)	(4,868)
Rent subsidy		(1,674)
Net lease cost	$ 32,569	$ 14,976

SCHEDULE OF FUTURE LEASE PAYMEN

SCHEDULE OF FUTURE LEASE PAYMENT (Details)	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 77,294
2024	82,190
2025	84,664
2026	14,180
Total lease payments	258,328
Less: imputed interest	(39,864)
Total lease liabilities	$ 218,464

SCHEDULE OF ASSET RETIREMENT OB

SCHEDULE OF ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, beginning of the year	$ 236,412	$ 552,594
Revisions of estimates		(371,212)
Accretion expense	7,994	55,030
Asset retirement obligations, ending of the year	$ 244,406	$ 236,412

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation, Revision of Estimate		$ 371,212
Reclamation deposits	$ 145,000	$ 145,000

DEBT (Details Narrative)

DEBT (Details Narrative)	1 Months Ended		3 Months Ended		12 Months Ended
	May 31, 2020 USD ($)	May 31, 2020 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2022 CAD ($)	Dec. 31, 2022 CAD ($)	Sep. 30, 2022 CAD ($) $ / shares
Short-Term Debt [Line Items]
Repayments of loan			$ 38,291
Principal loan amount			38,291				$ 52,454
Interest expenses			$ 1,182		$ 9,360
Repayments of short term debt					23,600	$ 30,000
Forgiveness of loan payable					$ 7,800	$ 10,000
Loans Payable [Member]
Short-Term Debt [Line Items]
Loans payable to bank, current		$ 60,000
Loans Payable [Member] | CEBA [Member]
Short-Term Debt [Line Items]
Proceeds from loans	$ 28,640	$ 40,000
Convertible Debt [Member]
Short-Term Debt [Line Items]
Interest rate					12%			12%
Debt instrument, maturity date, description					December 20, 2022	December 20, 2022
Debt conversion price | (per share)					$ 6.57			$ 9
Debt instrument term					3 years	3 years
Exercise price | (per share)					$ 8.76			$ 12
Repayments of loan					$ 34,709	$ 47,546
Chief Executive Officer [Member] | Convertible Debt [Member]
Short-Term Debt [Line Items]
Debenture loan					$ 73,000			$ 100,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - Employee Agreement [Member] - USD ($)		3 Months Ended
	May 01, 2022	Dec. 31, 2022
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Annual base salary		$ 250,000
Description of officer annual bonus		The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary
Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Annual base salary	$ 50,000
Description of officer annual bonus	The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to two months of base salary.

SCHEDULE OF BASIC AND DILUTED L

SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($)		3 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss		$ (1,309,191)	$ (751,188)
Weighted average common shares outstanding	[1]	1,932,604	1,130,344
Basic and diluted loss per share		$ (0.68)	$ (0.66)
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

LOSS PER SHARE (Details Narrati

LOSS PER SHARE (Details Narrative) - shares	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Number of options	84,583		92,917
Number of warrants	1,097,096	208,333	1,097,096

SCHEDULE OF STOCK OPTION TRANSA

SCHEDULE OF STOCK OPTION TRANSACTIONS (Details)	3 Months Ended
	Dec. 31, 2022 $ / shares shares
Equity [Abstract]
Number of options, beginning balance | shares	37,917
Weighted average exercise price, beginning balance | $ / shares	$ 19.51
Granted | shares	55,000
Weighted average exercise price, granted | $ / shares	$ 10.51
Cancelled | shares	(8,334)
Weighted average exercise price, cancelled | $ / shares	$ 17.34
Number of options, ending balance | shares	84,583
Weighted average exercise price, ending balance | $ / shares	$ 13.26
Exercisable | shares	83,333
Weighted average exercise price, exercisable | $ / shares	$ 13.61

SCHEDULE OF WEIGHTED AVERAGE AS

SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE (Details) - $ / shares	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Risk-free interest rate		1.50%
Expected life of options		10 years
Expected annualized volatility		96.56%
Dividend rate
Weighted average option granted		$ 10.17

SCHEDULE OF STOCK OPTIONS OUTST

SCHEDULE OF STOCK OPTIONS OUTSTANDING (Details) - $ / shares	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Offsetting Assets [Line Items]
Number of options	84,583	37,917	84,583
Exercise Price	$ 13.26	$ 19.51	$ 13.26
Stock Option One [Member]
Offsetting Assets [Line Items]
Number of options	27,917
Exercise Price	$ 22.20
Issuance date	Dec. 04, 2017
Expiry date	Dec. 04, 2027
Stock Option Two [Member]
Offsetting Assets [Line Items]
Number of options	5,000
Exercise Price	$ 13.32
Issuance date	Nov. 01, 2018
Expiry date	Nov. 01, 2028
Stock Option Three [Member]
Offsetting Assets [Line Items]
Number of options	5,000
Exercise Price	$ 2.22
Issuance date	Mar. 16, 2020
Expiry date	Mar. 16, 2030
Stock Option Four [Member]
Offsetting Assets [Line Items]
Number of options	51,666
Exercise Price	$ 10.66
Issuance date	Oct. 06, 2021
Expiry date	Oct. 06, 2031

SCHEDULE OF WARRANTS TRANSACTIO

SCHEDULE OF WARRANTS TRANSACTIONS (Details)	3 Months Ended
	Dec. 31, 2022 $ / shares shares
Equity [Abstract]
Number of warrants, beginning balance | shares	208,333
Weighted Average Exercise Price, beginning balance | $ / shares	$ 9.42
Granted | shares	888,763
Weighted average exercise price, granted | $ / shares	$ 12.91
Number of warrants, ending balance | shares	1,097,096
Weighted Average Exercise Price, ending balance | $ / shares	$ 12.12

SCHEDULE OF WARRANTS OUTSTANDIN

SCHEDULE OF WARRANTS OUTSTANDING (Details)	3 Months Ended
	Dec. 31, 2022 $ / shares shares
Class of Warrant or Right [Line Items]
Number of warrants	1,097,096
Warrant One [Member]
Class of Warrant or Right [Line Items]
Number of warrants	24,739
Exercise price | $ / shares	$ 23.98
Issuance date	Nov. 04, 2021
Expiry date	Nov. 04, 2023
Warrant Two [Member]
Class of Warrant or Right [Line Items]
Number of warrants	864,024
Exercise price | $ / shares	$ 12.60
Issuance date	Mar. 29, 2022
Expiry date	Mar. 29, 2027
Warrant Three [Member]
Class of Warrant or Right [Line Items]
Number of warrants	208,333
Exercise price | $ / shares	$ 8.88
Issuance date	Sep. 30, 2021
Expiry date	Sep. 30, 2031

SCHEDULE OF VALUATION OF WARRAN

SCHEDULE OF VALUATION OF WARRANTS (Details)	Dec. 31, 2022 $ / shares	Sep. 30, 2022 $ / shares
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	4.06	3.79
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life of options	9 months	1 year
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	110.97	135.59
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	0
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	0.01	1.46

EQUITY (Details Narrative)

EQUITY (Details Narrative)					3 Months Ended		12 Months Ended
		Mar. 29, 2022 USD ($) $ / shares shares	Nov. 04, 2021 USD ($) $ / shares shares	Nov. 04, 2021 CAD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares	Nov. 04, 2021 $ / shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized					Unlimited		Unlimited
Common stock, par value | $ / shares					$ 0		$ 0
Common stock, shares issued | shares	[1]				1,932,604		1,932,604
Common stock, shares outstanding | shares	[1]				1,932,604		1,932,604
Warrants issued						$ (14,307)
Risk free interest rate						1.50%
Expected life						10 years
Volatility rate						96.56%
Dividend rate
Issuance costs						$ 22,978
Percentage issued and outstanding for common stock					10%
Vested term					10 years
Aggregate intrinsic value of options outstanding and exercisable
Exercise price range, minimum | $ / shares					$ 2.22
Exercise price range, maximum | $ / shares					$ 22.20
Weighted average remaining contractual life					7 years 5 months 15 days
Share-based payment expense					$ 175	607,325
Warrant liability					(23,334)	(102,550)
Gain on fair value adjustment of warrants					$ 23,334	$ 102,550	178,509
Think Equity LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Other expenses							131,560
Cash commission							$ 754,058
Broker warrants | shares							78,548
Broker warrants							$ 858,429
Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Risk free interest rate					0.98%
Expected life					2 years
Volatility rate					153.02%
Dividend rate					0%
Non Brokered Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares			44,117	44,117
Sale of stock price per share | (per share)			$ 12.96						$ 16.20
Common stock, gross proceeds			$ 571,760	$ 714,700
Exercise price | (per share)							$ 25.80	$ 32.40
Proceeds from allocated warrants							$ 202,009
Warrants and rights outstanding							$ 34,733
Risk free interest rate							0.98%
Expected life							2 years
Volatility rate							153.02%
Dividend rate							0%
Other expenses							$ 800
Issuance costs							$ 8,671
Non Brokered Private Placement [Member] | Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares							2,680
Warrants issued							$ 24,543
Brokered Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares		785,477
Sale of stock price per share | $ / shares		$ 9.60
Common stock, gross proceeds		$ 7,540,580
Exercise price | $ / shares							$ 12.60
Proceeds from allocated warrants							$ 607,170
Risk free interest rate							2.45%
Expected life							5 years
Volatility rate							134.66%
Dividend rate							0%
Other expenses							$ 159,271
Warrants term							5 years
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued with private placement | shares							22,059
Warrant liability					$ 202,009
[1]The number of shares has been restated to reflect the 60:1 reverse stock split