Convertible Notes Payable

3 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Convertible Notes Payable

Note 3. Convertible Notes Payable

Convertible notes payable consisted of the following at December 31, 2021 and September 30, 2021:

	December 31, 2021		September 30, 2021
Convertible note dated April 13, 2017 in the original principal amount of $20,000, no stated maturity date, bearing interest at 3% per year, convertible into common stock at a rate of $0.01 per share.	$	20,000	$	20,000
Total current convertible notes payable, net of discount	$	20,000	$	20,000

All principal along with accrued interest is payable on the maturity date. The notes are convertible into common stock at the option of the holder. The holder of the notes cannot convert the notes into shares of common stock if that conversion would result in the holder owning more than 4.99% of the outstanding stock of the Company.

During the three months ended December 31, 2020, the Company recognized $3,000 of deferred finance costs from its new convertible note payable and $30,000 of new discount related to the beneficial conversion features of convertible notes payable. During the three months ended December 31, 2020, the Company recognized interest expense on convertible notes of $2,854 and amortization of discount of $61,188.

As of December 31, 2021 and September 30, 2021, accrued interest on convertible notes payable was $222,287, respectively.

Advances

As of December 31, 2021 and September 30, 2021, the Company had non-interest bearing advances payable to third parties of $59,650. These advances are payable on demand.