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5. Notes Payable
3 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Notes Payable

Notes payable consisted of the following at December 31, 2015 and September 30, 2015:

 

  December 31, 2015  September 30, 2015 
        Principal,        Principal, 
     Unamortized  net of     Unamortized  net of 
  Principal  Discount  Discounts  Principal  Discount  Discounts 
                   
On December 19, 2014 the Company entered into a convertible promissory note with a an investor in the amount of $5,039. Terms include simple interest at fifteen percent (15.0%), the note is due on December 19, 2015 and is convertible at the option of the holder at a price calculated at a twenty percent discount to the average VWAP of the last 30 days trading prior to the date of conversion. The note was fully paid on November 2, 2015.  –   –   –   5,039   (276)  4,763 
                         
On January 1, 2015 the Company entered into a convertible promissory note with a an investor in the amount of $22,000. Terms include simple interest at fifteen percent (15.0%), the note is due on January 5, 2016 and is convertible at the option of the holder at a price calculated at a twenty percent discount to the average VWAP of the last 30 days trading prior to the date of conversion. The note was fully paid on November 2, 2015.  –   –   –   22,000   (1,446)  20,554 
                         
On May 1, 2015 the Company entered into a convertible promissory note with a an investor in the amount of $10,000. Terms include simple interest at ten percent (10.0%), the note is due on November 1, 2015 and is convertible at the option of the holder at a price calculated at a twenty percent discount to the average VWAP of the last 30 days trading prior to the date of conversion. The note was fully paid on November 2, 2015.  –   –   –   10,000   (435)  9,565 
                         
  $–  $–  $–  $37,039  $(2,157) $34,882 

 

As of December 31, 2015 and September 30, 2015, accrued interest on the above loans was $-0- and $3,465, respectively. Interest expense was $2,586 (including accretion of beneficial conversion feature of $2,157) and $2,079 (including accretion of beneficial conversion feature of $1,299) for the three months ended December 31, 2015 and 2014, respectively.