Related Party Transactions

12 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Note 3 – Related Party Transactions

$49,000 and $60,000, or 100% of the Company’s revenue during the years ended September 30, 2023 and 2022, respectively, are derived from Landmark-Pegasus, Inc. (“Landmark-Pegasus”) and Skybunker Inc. (“Skybunker”), related parties, or direct clients of Landmark-Pegasus. Landmark-Pegasus and Skybunker are both wholly owned by John Moroney, who beneficially owned approximately 59.8% of the Company’s common stock prior to the Ingenious Acquisition. Mr. Moroney still acts as Landmark-Pegasus’ President and is Landmark-Pegasus’ sole director. As of September 30, 2023 and 2022, $0 and $5,000 of those services were unpaid by the related party.

The Company had a note payable with Landmark-Pegasus, a related party company, that accrued interest at an annual rate of 4% and was payable on demand. On September 12, 2023, the Company issued 856,000 shares of common stock in conversion of the full balance of the note and accrued interest as of that date. The Company evaluated the distinguishment of the note and the fair value of the shares issued for recognition of any gain or loss on the conversion. The total principle and accrued interest of the note on the date of conversion was $105,485 and the fair value of the shares based on the closing stock price on the date of conversion was $73,616. Due to the related party nature of the note, the gain on conversion of $31,869 was recorded in additional paid in capital. The balance on the note is $0 and $94,120 at September 30, 2023 and September 30, 2022, respectively. At September 30, 2022 and 2021 total interest accrued on the notes payable was $0 and $8,510, respectively.

Jeffrey A. Lubchansky, the Company’s former Chairman of the Board, President, Chief Executive Officer and principal financial officer, received $19,000 during the years ended September 30, 2023 and 2022 as compensation for his services as an executive officer. His compensation was $1,500 per month plus out-of-pocket expenses. This amount is included in Professional fees on the Statements of Operations.