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Related Party Transactions
12 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

Note 4. Related Party Transactions

 

For the year ended September 30, 2020 

 

David Summers, a significant shareholder of the Company, formerly provided consulting services to the Company related to the development of our products. In addition, the Company had previously rented office space from Mr. Summers for $400 per month under a month to month lease. As part of the legal settlement discussed in Note 8, the Company was relieved of these outstanding claims, and the unpaid liability balance of $112,804 was retired as contributed capital, and Mr. Summers returned 5,800,000 shares of Series A Preferred stock with a book value of $4,590,535, which were cancelled.

 

Alex Blankenship is paid $5,000 per month under her employment agreement as Chief Executive Officer of the Company. As of September 30, 2020, the Company owed Ms. Blankenship $135,438 for unpaid compensation.

 

As of September 30, 2020, the Company owed Sydney Jim, our former CEO, $38,130 for accrued but unpaid compensation.

 

For the year ended September 30, 2019

 

David Summers, a significant shareholder of the Company, formerly provided consulting services to the Company related to the development of our products. In addition, the Company had previously rented office space from Mr. Summers for $400 per month under a month to month lease. As of September 30, 2019, the aggregate liability accrued to Mr. Summers was $112,804. The Company was also involved in a legal dispute with Mr. Summers to gather the funds due by Summers to the Company, as well as the written agreement for Summers to provide certain patents and formulas. Subsequent to September 30, 2019, the Company entered into a settlement agreement with Mr. Summers; see note 10.

 

Alex Blankenship is paid $5,000 per month under her employment agreement as Chief Executive Officer of the Company. As of September 30, 2019, the Company owed Ms. Blankenship $140,438 for unpaid compensation. 

 

During the year ended September 30, 2019, the Company issued 3,500,000 shares of common stock with a fair value of $68,250 to Ms. Blankenship as a bonus.  These shares were valued at $0.195 per share, which was the closing price of the Company’s common stock on the date of the grant.

 

As of September 30, 2019, the Company owed Sydney Jim, our former CEO, $38,130 for accrued but unpaid compensation.