Annual report pursuant to Section 13 and 15(d)

CONVERTIBLE NOTES PAYABLE (Tables)

v3.10.0.1
CONVERTIBLE NOTES PAYABLE (Tables)
12 Months Ended
Sep. 30, 2018
CONVERTIBLE NOTES PAYABLE [Abstract]  
Convertible Notes Payable
Convertible notes payable are as follows at September 30, 2018 and 2017, respectively:

   
Sept. 30,
2018
   
Sept. 30,
2017
 
             
Convertible note payable, including interest at 10%, due December 31, 2016, convertible at $1.47 per share.  This note is in default as of September 30, 2018 and continues to accrue interest at 10%.
 
$
100,000
   
$
100,000
 
                 
Convertible notes payable dated May 5, 2017, including interest at 10%, due May 5, 2018, convertible into shares of the Company’s common stock at $0.0681 per share. This note is currently in default.
   
10,000
     
10,000
 
                 
Four convertible denture notes payable dated in August and September 2017, including interest at 0% (12% after an event of default) due in August and September of 2020, convertible at any time into shares of the Company’s common stock at $0.0615 per share.  The Company recorded a debt discount of $25,756 for the beneficial conversion feature upon issuance, with an unamortized balance of $16,576 and $25,161 as of September 30, 2018 and 2017, respectively.  A total of $200,000 of these notes were assumed in the Merger, with $40,000 received in cash subsequent the Merger.
   
223,424
     
214,840
 
                 
Three convertible denture notes payable dated in August and September 2018, including interest at 0% (12% after an event of default) due in August and September of 2021, convertible at any time into shares of the Company’s common stock at $0.075 per share.
   
175,000
     
-
 
                 
     
508,424
     
324,840
 
                 
Accrued interest
   
36,816
     
27,646
 
     
545,240
     
352,486
 
Less current portion
   
(146,816
)
   
(137,646
)
Long-term convertible notes payable, net
 
$
398,424
   
$
214,840