Convertible Notes Payable

6 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Convertible Notes Payable

Note 3. Convertible Notes Payable

Convertible notes payable consisted of the following at March 31, 2023 and September 30, 2022:

	March 31, 2023		September 30, 2022
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
Total current convertible notes payable, net of discount	$	—	$	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.

As of March 31, 2023 and September 30, 2022, accrued interest on convertible notes payable was $222,287.

Conversions to Common Stock

During the six months ended March 31, 2023, the holders of the convertible notes payable elected to convert principal of $20,000 into 2,000,000 shares of common stock. The conversion was in accordance with the terms of the agreement and no gain or loss was recognized.

Advances

As of March 31, 2023 and September 30, 2022, the Company had non-interest bearing advances payable to third parties of $59,650. These advances are payable on demand.