Permex Petroleum (OILCF) 10-Q 22 May 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Mar. 31, 2023	May 15, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--09-30
Entity File Number	001-41558
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 ($)	Mar. 31, 2023	Sep. 30, 2022
Current assets
Cash and cash equivalents	$ 176,366	$ 3,300,495
Trade and other receivables, net	156,095	137,214
Prepaid expenses and deposits	179,400	317,277
Total current assets	511,861	3,754,986
Non-current assets
Reclamation deposits	145,000	145,000
Property and equipment, net of accumulated depreciation and depletion	10,308,317	8,426,776
Right of use asset, net	188,956	240,796
Total assets	11,154,134	12,567,558
Current liabilities
Trade and other payables	2,661,112	1,561,344
Convertible debenture		38,291
Lease liability – current portion	84,514	104,224
Total current liabilities	2,745,626	1,703,859
Non-current liabilities
Asset retirement obligations	252,400	236,412
Lease liability, less current portion	112,133	140,682
Warrant liability	1,066	23,500
Total liabilities	3,111,225	2,104,453
Equity
Common stock, no par value per share; unlimited shares authorized, 1,932,604 shares* issued and outstanding as of March 31, 2023 and September 30, 2022	14,337,739	14,337,739
Additional paid-in capital	4,513,512	4,513,194
Accumulated other comprehensive loss	(127,413)	(127,413)
Deficit	(10,680,929)	(8,260,415)
Total equity	8,042,909	10,463,105
Total liabilities and equity	$ 11,154,134	$ 12,567,558

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares		3 Months Ended		6 Months Ended		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Statement of Financial Position [Abstract]
Common stock, par value		$ 0		$ 0		$ 0
Common stock, shares authorized				Unlimited		Unlimited
Common stock, shares issued	[1]	1,932,604		1,932,604		1,932,604
Common stock, shares outstanding	[1]	1,932,604		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	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		6 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Revenues
Oil and gas sales		$ 170,989	$ 228,497	$ 384,743	$ 318,487
Royalty income		9,649	13,389	17,837	29,848
Total revenues		180,638	241,886	402,580	348,335
Operating expenses
Lease operating expense		234,478	115,000	527,157	196,879
General and administrative		1,010,542	204,366	2,225,648	1,013,972
Depletion and depreciation		42,977	56,884	83,173	88,895
Accretion on asset retirement obligations		7,994	8,223	15,988	16,476
Foreign exchange gain (loss)		1,070	3,644	4,380	8,614
Total operating expenses		(1,297,061)	(388,117)	(2,856,346)	(1,324,836)
Loss from operations		(1,116,423)	(146,231)	(2,453,766)	(976,501)
Other income (expense)
Interest income			2		2
Other income		6,000	12,000	12,000	12,000
Finance expense			(1,180)	(1,182)	(24,648)
Change in fair value of warrant liability		(900)	(22,519)	22,434	80,031
Total other income (expense)		5,100	(11,697)	33,252	67,385
Net loss and comprehensive loss		$ (1,111,323)	$ (157,928)	$ (2,420,514)	$ (909,116)
Basic and diluted loss per common share		$ (0.57)	$ (0.13)	$ (1.25)	$ (0.79)
Weighted average number of common shares outstanding	[1]	1,932,604	1,172,727	1,932,604	1,151,301
[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		6 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	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	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		604,676		604,676
Net loss		(909,116)				(909,116)
Balance at Mar. 31, 2022		12,345,742	$ 14,356,535	4,571,535	(127,413)	(6,454,915)
Balance, shares at Mar. 31, 2022	[1],[2]		1,932,604
Private placements		7,910,331	$ 7,303,161	607,170
Balance, shares	[1]		829,594
Share issuance costs		(1,040,401)	$ (1,923,373)	882,972
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
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	[2]		1,147,127
Share-based payments		(2,649)		(2,649)
Net loss		(157,928)				(157,928)
Balance at Mar. 31, 2022		12,345,742	$ 14,356,535	4,571,535	(127,413)	(6,454,915)
Balance, shares at Mar. 31, 2022	[1],[2]		1,932,604
Private placements		7,540,580	$ 6,933,410	607,170
Balance, shares	[2]		785,477
Share issuance costs		(1,026,094)	$ (1,884,523)	858,429
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		318		318
Net loss		(2,420,514)				(2,420,514)
Balance at Mar. 31, 2023		8,042,909	$ 14,337,739	4,513,512	(127,413)	(10,680,929)
Balance, shares at Mar. 31, 2023	[1],[2]		1,932,604
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	[2]		1,932,604
Share-based payments		143		143
Net loss		(1,111,323)				(1,111,323)
Balance at Mar. 31, 2023		$ 8,042,909	$ 14,337,739	$ 4,513,512	$ (127,413)	$ (10,680,929)
Balance, shares at Mar. 31, 2023	[1],[2]		1,932,604
[1]The number of shares has been restated to reflect the 60:1 reverse stock split 60:1 share consolidation

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements Of Equity Unaudited
Stockholders equity share consolidation	60:1 share consolidation	60:1 share consolidation
Stockholders equity 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		6 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,111,323)	$ (157,928)	$ (2,420,514)	$ (909,116)
Adjustments to reconcile net loss to net cash from operating activities:
Accretion on asset retirement obligations	7,994	8,223	15,988	16,476
Depletion and depreciation			83,173	88,895
Foreign exchange loss (gain)				2,710
Finance expense				12,359
Change in fair value of warrant liability	900	22,519	(22,434)	(80,031)
Share-based payments			318	604,676
Changes in operating assets and liabilities:
Trade and other receivables			(18,881)	(133,419)
Prepaid expenses and deposits			137,877	(35,085)
Trade and other payables			303,263	179,859
Amounts due to related parties				(18,960)
Right of use asset and lease liability			3,581	(261)
Net cash used in operating activities			(1,917,629)	(271,897)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures on property and equipment			(1,168,209)	(90,219)
Net cash used in investing activities			(1,168,209)	(90,219)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of private placement units				8,112,340
Share issuance costs				(1,049,072)
Convertible debenture repayment			(38,291)
Loan from related party				800
Net cash provided by (used in) financing activities			(38,291)	7,064,068
Change in cash and cash equivalents during the period			(3,124,129)	6,701,952
Cash and cash equivalents, beginning of the period			3,300,495	25,806	$ 25,806
Cash and cash equivalents, end of the period	$ 176,366	$ 6,727,758	176,366	6,727,758	$ 3,300,495
Supplemental disclosures of non-cash investing and financing activities:
Share purchase warrants issued in connection with private placements				1,692,151
Trade and other payables related to property and equipment			1,443,757	82,054
Supplemental cash flow disclosures:
Interest paid			$ 1,182	$ 18,960

BACKGROUND

BACKGROUND	6 Months Ended
	Mar. 31, 2023
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	6 Months Ended
	Mar. 31, 2023
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. All intercompany balances and transactions have been eliminated. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED MARCH 31, 2023 (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 $ 10,680,929 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) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) 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 AND SIX MONTHS ENDED MARCH 31, 2023 (UNAUDITED)

REVENUE

REVENUE	6 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and September 30, 2022, receivable from contracts with customers, included in trade and other receivables, were $ 69,359 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 Three months ended March 31, 2023 Texas New Mexico Total Crude oil $ 129,618 $ 34,543 $ 164,161 Natural gas 6,828 - 6,828 Revenue $ 136,446 $ 34,543 $ 170,989 Three months ended March 31, 2022 Texas New Mexico Total Crude oil $ 169,747 $ 48,247 $ 217,994 Natural gas 10,503 - 10,503 Revenue $ 180,250 $ 48,247 $ 228,497 1 2 3 Six months ended March 31, 2023 Texas New Mexico Total Crude oil $ 303,579 $ 74,055 $ 377,634 Natural gas 7,109 - 7,109 Revenue $ 310,688 $ 74,055 $ 384,743 Six months ended March 31, 2022 Texas New Mexico Total Crude oil $ 239,908 $ 48,247 $ 288,155 Natural gas 30,332 - 30,332 Revenue $ 270,240 $ 48,247 $ 318,487

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Mar. 31, 2023
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 $ 106,845 91,928 57,730 54 49,250 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED MARCH 31, 2023 (UNAUDITED)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, September 30, Oil and natural gas properties, at cost $ 10,376,481 $ 8,029,234 Construction in progress - 460,306 Less: accumulated depletion (243,515 ) (184,658 ) Oil and natural gas properties, net 10,132,966 8,304,882 Other property and equipment, at cost 205,315 127,542 Less: accumulated depreciation (29,964 ) (5,648 ) Other property and equipment, net 175,351 121,894 Property and equipment, net $ 10,308,317 $ 8,426,776 Depletion and depreciation expense was $ 83,173 88,895 42,977 56,884

LEASES

LEASES	6 Months Ended
	Mar. 31, 2023
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 March 31, September 30, 2022 Right-of-use assets $ 188,956 $ 240,796 Lease liabilities Balance, beginning of the year $ 244,906 $ 78,949 Addition - 220,368 Liability accretion 13,402 9,042 Lease payments (61,661 ) (63,453 ) Balance, end of the year $ 196,647 $ 244,906 Current lease liabilities $ 84,514 $ 104,224 Long-term lease liabilities $ 112,133 $ 140,682 The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST Three Months Ended Three Months Ended Six Months Ended Six Months Ended Operating lease cost $ 29,845 $ 13,813 $ 65,243 $ 27,774 Variable lease expense 18,822 9,869 25,997 17,426 Sublease income (10,391 ) (10,730 ) (20,395 ) (15,598 ) Rent subsidy - - - (1,674 ) Net lease cost $ 38,276 $ 12,952 $ 70,845 $ 27,928 As of March 31, 2023, maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2023 $ 49,127 2024 82,190 2025 84,664 2026 14,180 Total lease payments 230,161 Less: imputed interest (33,514 ) Total lease liabilities $ 196,647 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED MARCH 31, 2023 (UNAUDITED)

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Mar. 31, 2023
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 March 31, September 30, Asset retirement obligations, beginning of the year $ 236,412 $ 552,594 Revisions of estimates - (371,212 ) Accretion expense 15,988 55,030 Asset retirement obligations, ending of the year $ 252,400 $ 236,412 During the year ended September 30, 2022, the Company had revision of estimates totaling $ 371,212 Reclamation deposits As of March 31, 2023, the Company held reclamation deposits of $ 145,000 145,000 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED MARCH 31, 2023 (UNAUDITED)

DEBT

DEBT	6 Months Ended
	Mar. 31, 2023
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 The Company recorded interest of $ 1,182 nil 1,286 3,688 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	6 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS The convertible debenture loan from the CEO of the Company mentioned in Note 8 was repaid during the six months ended March 31, 2023.

LOSS PER SHARE

LOSS PER SHARE	6 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
LOSS PER SHARE	10. LOSS PER SHARE The calculation of basic and diluted loss per share for the three and six month periods ended March 31, 2023 and 2022 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 Three Months Ended Six Months Ended March 31, 2023 Six Months Ended March 31, 2022 Net loss $ (1,111,323 ) $ (157,928 ) $ (2,420,514 ) $ (909,116 ) Weighted average common shares outstanding 1,932,604 1,172,727 1,932,604 1,151,301 Basic and diluted loss per share $ (0.57 ) $ (0.13 ) $ (1.25 ) $ (0.79 ) For the three and six months ended March 31, 2023, 81,250 stock options and 1,097,096 92,917 1,097,096 warrants were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED MARCH 31, 2023 (UNAUDITED)

EQUITY

EQUITY	6 Months Ended
	Mar. 31, 2023
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 six months ended March 31, 2023. 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 AND SIX MONTHS ENDED MARCH 31, 2023 (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 84,583 $ 13.26 Cancelled (3,333 ) 10.66 Balance, March 31, 2023 81,250 $ 13.56 Exercisable at March 31, 2023 81,250 $ 13.56 The aggregate intrinsic value of options outstanding and exercisable as at March 31, 2023 was $ nil nil The options outstanding as of March 31, 2023 have exercise prices in the range of $ 2.22 22.20 7.16 During the six months ended March 31, 2023 and 2022, the Company recognized share-based payment expense of $ 318 604,358 143 2,649 SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2023 2022 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 March 31, 2023, 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 48,333 $ 10.66 October 6, 2021 October 6, 2031 81,250 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED MARCH 31, 2023 (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 March 31, 2023 1,097,096 $ 12.12 As March 31, 2023, 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 22,434 80,031 900 22,519 The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at March 31, 2023 and September 30, 2022: SCHEDULE OF VALUATION OF WARRANTS March 31, September 30, Risk-free interest rate 3.78 % 3.79 % Expected life of options 0.50 1 Expected annualized volatility 120.78 % 135.59 % Dividend rate Nil Nil Weighted average fair value of options granted $ 0.06 $ 1.46

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Mar. 31, 2023
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. All intercompany balances and transactions have been eliminated. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED MARCH 31, 2023 (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 $ 10,680,929 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) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) 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)	6 Months Ended
	Mar. 31, 2023
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 Three months ended March 31, 2023 Texas New Mexico Total Crude oil $ 129,618 $ 34,543 $ 164,161 Natural gas 6,828 - 6,828 Revenue $ 136,446 $ 34,543 $ 170,989 Three months ended March 31, 2022 Texas New Mexico Total Crude oil $ 169,747 $ 48,247 $ 217,994 Natural gas 10,503 - 10,503 Revenue $ 180,250 $ 48,247 $ 228,497 1 2 3 Six months ended March 31, 2023 Texas New Mexico Total Crude oil $ 303,579 $ 74,055 $ 377,634 Natural gas 7,109 - 7,109 Revenue $ 310,688 $ 74,055 $ 384,743 Six months ended March 31, 2022 Texas New Mexico Total Crude oil $ 239,908 $ 48,247 $ 288,155 Natural gas 30,332 - 30,332 Revenue $ 270,240 $ 48,247 $ 318,487

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, September 30, Oil and natural gas properties, at cost $ 10,376,481 $ 8,029,234 Construction in progress - 460,306 Less: accumulated depletion (243,515 ) (184,658 ) Oil and natural gas properties, net 10,132,966 8,304,882 Other property and equipment, at cost 205,315 127,542 Less: accumulated depreciation (29,964 ) (5,648 ) Other property and equipment, net 175,351 121,894 Property and equipment, net $ 10,308,317 $ 8,426,776

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Mar. 31, 2023
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 March 31, September 30, 2022 Right-of-use assets $ 188,956 $ 240,796 Lease liabilities Balance, beginning of the year $ 244,906 $ 78,949 Addition - 220,368 Liability accretion 13,402 9,042 Lease payments (61,661 ) (63,453 ) Balance, end of the year $ 196,647 $ 244,906 Current lease liabilities $ 84,514 $ 104,224 Long-term lease liabilities $ 112,133 $ 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 Six Months Ended Six Months Ended Operating lease cost $ 29,845 $ 13,813 $ 65,243 $ 27,774 Variable lease expense 18,822 9,869 25,997 17,426 Sublease income (10,391 ) (10,730 ) (20,395 ) (15,598 ) Rent subsidy - - - (1,674 ) Net lease cost $ 38,276 $ 12,952 $ 70,845 $ 27,928
SCHEDULE OF FUTURE LEASE PAYMENTS	As of March 31, 2023, maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2023 $ 49,127 2024 82,190 2025 84,664 2026 14,180 Total lease payments 230,161 Less: imputed interest (33,514 ) Total lease liabilities $ 196,647

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
SCHEDULE OF ASSET RETIREMENT OBLIGATIONS	SCHEDULE OF ASSET RETIREMENT OBLIGATIONS March 31, September 30, Asset retirement obligations, beginning of the year $ 236,412 $ 552,594 Revisions of estimates - (371,212 ) Accretion expense 15,988 55,030 Asset retirement obligations, ending of the year $ 252,400 $ 236,412

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	6 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE	The calculation of basic and diluted loss per share for the three and six month periods ended March 31, 2023 and 2022 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 Three Months Ended Six Months Ended March 31, 2023 Six Months Ended March 31, 2022 Net loss $ (1,111,323 ) $ (157,928 ) $ (2,420,514 ) $ (909,116 ) Weighted average common shares outstanding 1,932,604 1,172,727 1,932,604 1,151,301 Basic and diluted loss per share $ (0.57 ) $ (0.13 ) $ (1.25 ) $ (0.79 )

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Mar. 31, 2023
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 84,583 $ 13.26 Cancelled (3,333 ) 10.66 Balance, March 31, 2023 81,250 $ 13.56 Exercisable at March 31, 2023 81,250 $ 13.56
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE	SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2023 2022 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 March 31, 2023, 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 48,333 $ 10.66 October 6, 2021 October 6, 2031 81,250
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 March 31, 2023 1,097,096 $ 12.12
SCHEDULE OF WARRANTS OUTSTANDING	As March 31, 2023, 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 March 31, 2023 and September 30, 2022: SCHEDULE OF VALUATION OF WARRANTS March 31, September 30, Risk-free interest rate 3.78 % 3.79 % Expected life of options 0.50 1 Expected annualized volatility 120.78 % 135.59 % Dividend rate Nil Nil Weighted average fair value of options granted $ 0.06 $ 1.46

BACKGROUND (Details Narrative)

BACKGROUND (Details Narrative)		3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 26, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	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	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 ($)	Mar. 31, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Retained earnings accumulated deficit	$ 10,680,929	$ 8,260,415

SCHEDULE OF REVENUE DISAGGREGAT

SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 170,989	$ 228,497	$ 384,743	$ 318,487
TEXAS
Disaggregation of Revenue [Line Items]
Revenue	136,446	180,250	310,688	270,240
NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue	34,543	48,247	74,055	48,247
Crude Oil [Member]
Disaggregation of Revenue [Line Items]
Revenue	164,161	217,994	377,634	288,155
Crude Oil [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue	129,618	169,747	303,579	239,908
Crude Oil [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue	34,543	48,247	74,055	48,247
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,828	10,503	7,109	30,332
Natural Gas [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue	6,828	10,503	7,109	30,332
Natural Gas [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Revenue	$ 170,989	$ 228,497	$ 384,743	$ 318,487
Accounts Receivable [Member]
Revenue			$ 69,359		$ 56,639

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Concentration Risk [Line Items]
Revenue	$ 170,989	$ 228,497	$ 384,743	$ 318,487
Non trade receivables current	49,250		49,250
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration Risk [Line Items]
Trade receivables	$ 106,845		106,845		$ 91,928
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member]
Concentration Risk [Line Items]
Revenue			$ 57,730
Concentration risk percentage			54%

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Oil and natural gas properties, at cost	$ 10,376,481	$ 8,029,234
Construction in progress		460,306
Less: accumulated depletion	(243,515)	(184,658)
Oil and natural gas properties, net	10,132,966	8,304,882
Other property and equipment, at cost	205,315	127,542
Less: accumulated depreciation	(29,964)	(5,648)
Other property and equipment, net	175,351	121,894
Property and equipment, net	$ 10,308,317	$ 8,426,776

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depletion and depreciation	$ 42,977	$ 56,884	$ 83,173	$ 88,895

SCHEDULE OF RIGHT OF USE OPERAT

SCHEDULE OF RIGHT OF USE OPERATING LEASES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 188,956	$ 240,796
Ending balance	196,647
Current lease liabilities	84,514	104,224
Long-term lease liabilities	112,133	140,682
Office Premises [Member]
Lessee, Lease, Description [Line Items]
Right-of-use assets	188,956	240,796
Beginning balance	244,906	78,949
Addition		220,368
Liability accretion	13,402	9,042
Lease payments	(61,661)	(63,453)
Ending balance	196,647	244,906
Current lease liabilities	84,514	104,224
Long-term lease liabilities	$ 112,133	$ 140,682

SCHEDULE OF LEASE COST (Details

SCHEDULE OF LEASE COST (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 29,845	$ 13,813	$ 65,243	$ 27,774
Variable lease expense	18,822	9,869	25,997	17,426
Sublease income	(10,391)	(10,730)	(20,395)	(15,598)
Rent subsidy				(1,674)
Net lease cost	$ 38,276	$ 12,952	$ 70,845	$ 27,928

SCHEDULE OF FUTURE LEASE PAYMEN

SCHEDULE OF FUTURE LEASE PAYMENTS (Details)	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023	$ 49,127
2024	82,190
2025	84,664
2026	14,180
Total lease payments	230,161
Less: imputed interest	(33,514)
Total lease liabilities	$ 196,647

SCHEDULE OF ASSET RETIREMENT OB

SCHEDULE OF ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2023	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	15,988	55,030
Asset retirement obligations, ending of the year	$ 252,400	$ 236,412

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2023	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		6 Months Ended		12 Months Ended
	May 31, 2020 USD ($)	May 31, 2020 CAD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2022 CAD ($)	Nov. 30, 2022 USD ($)	Nov. 30, 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	$ 1,286		$ 3,688
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

SCHEDULE OF BASIC AND DILUTED L

SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($)		3 Months Ended		6 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss		$ (1,111,323)	$ (157,928)	$ (2,420,514)	$ (909,116)
Weighted average common shares outstanding	[1]	1,932,604	1,172,727	1,932,604	1,151,301
Basic and diluted loss per share		$ (0.57)	$ (0.13)	$ (1.25)	$ (0.79)
[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	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022
Earnings Per Share [Abstract]
Number of options	81,250		92,917
Number of warrants	1,097,096	208,333	1,097,096

SCHEDULE OF STOCK OPTION TRANSA

SCHEDULE OF STOCK OPTION TRANSACTIONS (Details) - $ / shares	6 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022
Equity [Abstract]
Number of options, beginning balance	84,583	37,917
Weighted average exercise price, beginning balance	$ 13.26	$ 19.51
Granted	3,333	55,000
Weighted average exercise price, granted		$ 10.51
Cancelled		(8,334)
Weighted average exercise price, cancelled	$ 10.66	$ 17.34
Granted	(3,333)	(55,000)
Number of options, Ending balance	81,250	84,583
Weighted average exercise price, ending balance	$ 13.56	$ 13.26
Exercisable	81,250
Weighted average exercise price, exercisable	$ 13.56

SCHEDULE OF WEIGHTED AVERAGE AS

SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE (Details) - $ / shares	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	6 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2021
Offsetting Assets [Line Items]
Number of options	81,250	84,583	37,917
Exercise Price	$ 13.56	$ 13.26	$ 19.51
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	48,333
Exercise Price	$ 10.66
Issuance date	Oct. 06, 2021
Expiry date	Oct. 06, 2031

SCHEDULE OF WARRANTS TRANSACTIO

SCHEDULE OF WARRANTS TRANSACTIONS (Details)	6 Months Ended
	Mar. 31, 2023 $ / 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)	6 Months Ended
	Mar. 31, 2023 $ / 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)	Mar. 31, 2023 $ / shares	Sep. 30, 2022 $ / shares
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend rate	3.78	3.79
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life of options	6 months	1 year
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend rate	120.78	135.59
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend rate
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average fair value of options granted	$ 0.06	$ 1.46

EQUITY (Details Narrative)

EQUITY (Details Narrative)					3 Months Ended		6 Months Ended		12 Months Ended
		Mar. 29, 2022 USD ($) $ / shares shares	Nov. 04, 2021 USD ($) $ / shares shares	Nov. 04, 2021 CAD ($) shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 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		$ 0
Common stock, shares issued | shares	[1]				1,932,604		1,932,604		1,932,604
Common stock, shares outstanding | shares	[1]				1,932,604		1,932,604		1,932,604
Warrants issued						$ (1,026,094)		$ (1,040,401)
Risk free interest rate								1.50%
Expected life								10 years
Volatility rate								96.56%
Dividend rate
Issuance costs								$ 1,049,072
Percentage issued and outstanding for common stock					10%		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 1 month 28 days
Recognized share-based payment expense					143	2,649	$ 318	604,358
Warrant liability					900	22,519	(22,434)	(80,031)
Gain on fair value adjustment of warrants							$ 22,434	$ 80,031	178,509
Loss on fair value adjustment of warrants					$ 900	$ 22,519
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