10-Q

UNITED STATES

SECURITY AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549 

FORM 10-Q 

(MARK ONE)

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2018

or

☐  TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 333-170315

AngioSoma Inc.

(Exact name of registrant as specified in its charter)

Nevada	27-3480481
(State or other jurisdiction of Incorporation or organization)	(I.R.S. Employer Identification Number)
2500 Wilcrest Drive, 3rd Floor Houston, TX	77042
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code: 832-781-8521

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
(Do not check is smaller reporting company)		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of February 13, 2019, 91,848,197 shares of common stock were issued and outstanding.

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION	4
Item 1. Financial Statements	4
Consolidated Balance Sheets as of December 31, 2018 (Unaudited) and September 30, 2018	4
Consolidated Statements of Operations for the Three Months Ended December 31, 2018 and 2017 (Unaudited)	5
Consolidated Statements of Comprehensive Income for the Three Months Ended December 31, 2018 and 2017 (Unaudited)	6
Consolidated Statement of Changes in Stockholders’ Equity for the Three Months Ended December 31, 2018 (Unaudited)	7
Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2018 and 2017 (Unaudited)	8
Notes to the Unaudited Consolidated Financial Statements	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3. Quantitative and Qualitative Disclosures about Market Risk	17
Item 4. Controls and Procedures	17
PART II — OTHER INFORMATION	18
Item 1. Legal Proceedings	18
Item 1A. Risk Factors	18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3. Defaults upon Senior Securities	18
Item 4. Mine Safety Disclosures	18
Item 5. Other Information	18
Item 6. Exhibits	19

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this report contain or may contain forward-looking statements. These statements, identified by words such as “plan”, “anticipate”, “believe”, “estimate”, “should”, “expect” and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward - looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to secure suitable financing to continue with our existing business or change our business and conclude a merger, acquisition or combination with a business prospect, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Readers should carefully review this report in its entirety, including but not limited to our financial statements and the notes thereto and the risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2018. We advise you to carefully review the reports and documents we file from time to time with the Securities and Exchange Commission (the “SEC”), particularly our quarterly reports on Form 10-Q and our current reports on Form 8-K. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

OTHER PERTINENT INFORMATION

When used in this report, the terms, “we,” the “Company,” “our,” and “us” refers to AngioSoma Inc., a Nevada corporation and its subsidiaries unless the context specifically indicates otherwise.

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ANGIOSOMA INC.

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2018 and SEPTEMBER 30, 2018

(UNAUDITED)

	December 31,			September 30,
	2018			2018
CURRENT ASSETS
Cash and cash equivalents	$	53,909		$	91,597
Prepaid expenses and other current assets		3,150			16,395
Inventory		40,377			3,815
Total current assets		97,436			111,807
Plant, property, and equipment, net of accumulated depreciation of $236 and $118		1,176			1,294
Available for sale securities, at market value		11,644			11,644
TOTAL ASSETS	$	110,256		$	124,745
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and accrued liabilities	$	143,523		$	136,867
Accounts payable to related party		286,372			281,372
Advances payable		59,650			59,650
Current portion of convertible notes payable, net of discount of $32,587 and $8,720, respectively		129,413			185,280
Note payable, default		100,000			100,000
Current portion of accrued interest payable		235,810			232,307
Total current liabilities		954,768			995,476
TOTAL LIABILITIES		954,768			995,476
COMMITMENTS AND CONTINGENCIES					-
STOCKHOLDERS’ DEFICIT
Common stock, $0.001 par value; 480,000,000 shares authorized; 85,088,853 and 69,323,021 shares issued and outstanding at December 31, 2018 and September 30, 2018, respectively		85,089			69,323
Preferred stock, $0.001 par value; 20,000,000 shares authorized:
Series A Preferred Stock, 5,000,000 shares issued and outstanding at December 31, 2018 and September 30, 2018		2,990,535			2,990,535
Series B Preferred Stock, $0.001 par value; 0 and 30,000 shares issued and outstanding at December 31, 2018 and September 30, 2018, respectively		-			-
Series D Preferred Stock, $0.001 par value; 509,988 shares issued and outstanding at December 31, 2018 and September 30, 2018, respectively		510			510
Series E Preferred Stock, $0.001 par value; 1,000,000 shares issued and outstanding at December 31, 2018 and September 30, 2018		1,000			1,000
Series F Preferred Stock; $0.001 par value; 471,975 and 471,975 shares issued and outstanding at December 31, 2018 and September 30, 2018, respectively		447			447
Additional paid-in capital		2,403,714			2,065,018
Accumulated other comprehensive income		971			971
Accumulated deficit		(6,326,778	)		(5,998,535	)
TOTAL STOCKHOLDERS’ DEFICIT		(844,512	)		(870,731	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	110,256		$	124,745

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

ANGIOSOMA INC.

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2018 AND 2017

(UNAUDITED)

	Three Months Ended December 31,
	2018			2017
REVENUE	$	275			-
Cost of goods sold		47			-
Gross Profit		228			-
OPERATING EXPENSES
General and administrative expenses		129,623			128,695
Total operating expenses		129,623			128,695
LOSS FROM OPERATIONS		(129,395	)		(128,695	)
OTHER INCOME (EXPENSE)
Loss on conversion of preferred stock		-			(7,250	)
Loss on conversion of debt		(115,311	)		(328,200	)
Interest expense		(83,537	)		(1,205	)
NET LOSS	$	(328,243	)	$	(465,350	)
NET LOSS PER COMMON SHARE - Basic and diluted	$	(0.00	)	$	(0.01	)
WEIGHTED AVERAGE SHARES OUTSTANDING		74,910,986			51,356,893

The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

ANGIOSOMA INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED DECEMBER 31, 2018 AND 2017

(UNAUDITED)

	Three Months Ended December 31,
	2018			2017
NET LOSS	$	(328,243	)	$	(465,350	)
Change in fair value of AFS securities	$	-		$	1,941
COMPREHENSIVE LOSS	$	(328,243	)	$	(463,409	)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

ANGIOSOMA INC.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED DECEMBER 31, 2018

(UNAUDITED)

	Common stock				Series A  Preferred Stock				Series B  Preferred Stock						Series D  Preferred Stock				Series E  Preferred Stock				Series F  Preferred Stock						Additional paid-in			Accumulated Other  Comprehensive			Accumulated			Total Equity
	Shares		Par		Shares		Amount		Shares			Amount			Shares		Amount		Shares		Amount		Shares			Amount			capital			Income			Deficit			(Deficit)
Balance, September 30, 2017		45,584,067	$	45,584		5,000,000	$	2,990,535		30,000		$	30			509,988	$	510		1,000,000	$	1,000		471,975		$	472		$	1,520,658		$	(970	)	$	(5,181,794	)	$	(623,975	)
Conversion of Series B Preferred stock  to common stock		500,000		500		-		-		(30,000	)		(30	)		-		-		-		-		-			-			6,780			-			-			7,250
Common stock issued for conversion of convertible note payable		20,738,954		20,739		-		-		-			-			-		-		-		-		-			-			88,442			-			-			109,181
Common stock issued for conversion of Series F Preferred stock		2,500,000		2,500		-		-		-			-			-		-		-		-		(25,000	)		(25	)		(2,475	)		-			-			-
Beneficial conversion discount on convertible notes payable		-		-		-		-		-			-			-		-		-		-		-			-			91,133			-			-			91,133
Loss on conversion of debt		-		-		-		-		-			-			-		-		-		-		-			-			360,480			-			-			360,480
Other comprehensive gain		-		-		-		-		-			-			-		-		-		-		-			-			-			1,941			-			1,941
Net loss for the year ended September 30, 2018		-		-		-		-		-			-			-		-		-		-		-			-			-			-			(816,741	)		(816,741	)
Balance, September 30, 2018		69,323,021	$	69,323		5,000,000	$	2,990,535		-		$	-			509,988	$	510		1,000,000	$	1,000		446,975		$	447		$	2,065,018		$	971		$	(5,998,535	)	$	(870,731	)
Common stock issued for conversion of convertible note payable and accrued interest		12,265,832		12,266		-		-		-			-			-		-		-		-		-			-			61,214			-			-			73,480
Common stock issued to officer as compensation		3,500,000		3,500		-		-		-			-			-		-		-		-		-			-			64,750			-			-			68,250
Discount on convertible notes payable		-		-		-		-		-			-			-		-		-		-		-			-			97,421			-			-			97,421
Loss on conversion of debt		-		-		-		-		-			-			-		-		-		-		-			-			115,311			-			-			115,311
Net loss for the three months ended December 31, 2018		-		-		-		-		-			-			-		-		-		-		-			-			-			-			(328,243	)		(328,243	)
Balance, December 31, 2018		85,088,853	$	85,089		5,000,000	$	2,990,535		-		$	-			509,988	$	510		1,000,000	$	1,000		446,975		$	447		$	2,403,714		$	971		$	(6,326,778	)	$	(844,512	)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

ANGIOSOMA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2018 AND 2017

(UNAUDITED)

	Three Months Ended
	December 31,
	2018			2017
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$	(328,243	)		(465,350	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		118			-
Amortization of discount on convertible note payable		76,554			-
Loss on conversion of preferred stock		-			7,250
Loss on conversion of debt		115,311			328,200
Non-cash compensation		68,250			-
Changes in operating assets and liabilities
Inventory		(20,167	)		-
Prepaid expenses		(3,150	)		-
Accounts payable and accrued liabilities		6,656			3,916
Accounts payable to related party		5,000			110,314
Accrued interest payable		6,983			1,823
NET CASH USED IN OPERATING ACTIVITIES		(72,688	)		(13,847	)
NET CASH USED IN INVESTING ACTIVITIES		-			-
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from convertible notes payable		35,000			65,000
NET CASH PROVIDED BY FINANCING ACTIVITIES		35,000			65,000
NET (DECREASE) INCREASE IN CASH		(37,688	)		51,153
Cash at beginning of period		91,597			14,100
Cash at end of period	$	53,909		$	65,253
Cash paid during the period for:
Interest	$	-		$	-
Taxes	$	-		$	-
Noncash investing and financing transactions:
Conversion of convertible notes payable into common stock	$	73,480		$	6,000
Change in fair value of available-for-sale securities	$	-		$	1,940
Preferred stock issued for debt conversion	$	-		$	500
Discount issued on convertible debt	$	97,421		$	-

The accompanying notes are an integral part of these unaudited consolidated financial statements.

8

ANGIOSOMA INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2018

Note 1. General Organization and Business

AngioSoma, Inc., a Nevada corporation (“AngioSoma” or the “Company”), is a clinical stage biotechnology company focused on improving the effectiveness of current standard-of-care treatments, especially related to endovascular interventions in the treatment of peripheral artery disease (PAD).

AngioSoma is developing its lead product, a drug candidate called Liprostin^TM for the treatment of peripheral artery disease, or PAD, which has completed FDA Phase I and three Phase II clinical trials. We are in discussions with several contract research organizations for completion of our FDA protocol for Phase III and submission of our new drug application for marketing in the US and its territories.

The Company was incorporated on April 29, 2016. The Company’s year-end is September 30.

Note 2. Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the three months ended December 31, 2018, the Company had a net loss of $328,243 and negative cash flow from operating activities of $72,688. As of December 31, 2018, the Company had negative working capital of $857,332. Management does not anticipate having positive cash flow from operations in the near future.

These factors raise a substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business.

Management has plans to address the Company’s financial situation as follows:

In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raise doubts about the Company’s ability to continue as a going concern.

In the long term, management believes that the Company’s projects and initiatives will be successful and will provide cash flow to the Company, which will be used to finance the Company’s future growth. However, there can be no assurances that the Company’s planned activities will be successful, or that the Company will ultimately attain profitability. The Company’s long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations.

Note 3. Summary of Significant Accounting Policies

Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. The results of operations for the three months ended December 31, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2019.

9

Consolidated Financial Statements

The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, AngioSoma Research, LLC, First Titan Energy, LLC and First Titan Technical, LLC from the date of their formations or acquisition. Significant intercompany transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period between the origination of these instruments and their expected realization.

FASB Accounting Standards Codification (ASC) 820 Fair Value Measurements and Disclosures (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 -	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 -	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 -	Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2018. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms that is not significantly different from its stated value.

The following table presents assets that were measured and recognized at fair value as of December 31, 2018 and the period then ended on a recurring and nonrecurring basis:

Description	Level 1		Level 2		Level 3		Total
Available for sale securities	$	11,644	$	—	$	—	$	11,644
Totals	$	11,644	$	—	$	—	$	11,644

10

The following table presents assets that were measured and recognized at fair value as of September 30, 2018 and the period then ended on a recurring and nonrecurring basis:

Description	Level 1		Level 2		Level 3		Total
Available for sale securities	$	11,644	$	—	$	—	$	11,644
Totals	$	11,644	$	—	$	—	$	11,644

Inventory

The Company sells nutraceutical products online via its website www.angiosoma.com.  Inventory consists of finished goods and is stated at the lower of cost by the first-in, first-out method or net realizable value.

Revenue Recognition

Effective October 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.

There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the three months ended December 31, 2018.

Commitments and Contingencies

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. There are no known commitments or contingencies as of December 31, 2018.

Recently Issued Accounting Pronouncements

We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

Subsequent events

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

Note 4. Advances

As of December 31, 2018 and September 30, 2018, the Company had non-interest bearing advances payable to third parties of $59,650. These advances are payable on demand.

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Note 5. Convertible Notes Payable

Convertible notes payable consisted of the following at December 31, 2018 and September 30, 2018:

	December 31, 2018			September 30, 2018
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
Convertible note dated May 14, 2018 in the original principal amount of $58,000, maturing February 28, 2019, bearing interest at 12% per year, convertible beginning November 14, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion. During the three months ended December 31, 2018, principal in the amount of $58,000 and accrued interest in the amount of $3,480 were converted into a total of 6,959,142 shares of common stock.		-			58,000
Convertible note dated June 25, 2018 in the original principal amount of $43,000, maturing April 15, 2019, bearing interest at 12% per year, convertible beginning December 25, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion. During the three months ended December 31, 2018, principal in the amount of $12,000 was converted into a 2,006,689 shares of common stock.		31,000			43,000
Convertible note dated August 2, 2018 in the original principal amount of $33,000, maturing May 15, 2019, bearing interest at 12% per year, convertible beginning February 2, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		33,000			33,000
Convertible note dated September 7, 2018 in the original principal amount of $40,000, maturing June 30, 2019, bearing interest at 12% per year, convertible beginning March 7, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		40,000			40,000
Convertible note dated October 31, 2018 in the original principal amount of $38,000, maturing August 15, 2019, bearing interest at 12% per year, convertible beginning August 15, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		38,000			-
Total current convertible notes payable		162,000			194,000
Less: discount on convertible notes payable		(32,587	)		(8,720	)
Total convertible notes payable, net of discount	$	129,413		$	185,280

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 4.9% of the outstanding stock of the Company.

As of December 31, 2018 and September 30, 2018, accrued interest on notes payable was $235,810 and $232,307, respectively.

During the three months ended December 31, 2018 and 2017, interest expense on the notes payable was $6,983 and $1,205, respectively.

Conversions of Notes Payable to Common Stock

During the three months ended December 31, 2018, the holders of the Convertible Note Payable dated May 14, 2018 elected to convert, in four separate transactions, principal of $58,000 and accrued interest of $3,480 into a total of 6,959,142 shares of common stock. A loss in the aggregate amount of $12,073 was recognized on the conversions.

Also during the three months ended December 31, 2018, the Company issued 3,300,001 shares of common stock with a fair value of $99,000 for the conversion of a note payable with a basis of $0. A loss in the amount of $99,000 was recorded on this transaction.  

12

Also during the three months ended December 31, 2018, the holders of the Convertible Note Payable dated June 25, 2018, elected to convert principal of $12,000 into 2,006,689 shares of common stock. The Company recorded a loss of $4,238 on this transaction.

Note 6. Note Payable

The Company entered into a promissory note with its attorney to refinance accounts payable of $68,793 as of September 30, 2016 into a promissory note. The note can be issued up to the total principal amount of $100,000 and includes the prepayment of legal fees of $31,498 to be incurred during the period from October 1, 2016 through March 1, 2017. The note payable was recorded at $68,793 (the amount of refinanced accounts payable) as of September 30, 2017. There was no prepayment recognized as of September 30, 2017. During the year ended September 30, 2018, the company increased the amount of the note to $100,000 in connection with legal fees incurred. The note bears interest at the prime rate and requires monthly payments of principal and interest of $10,000 beginning July 1, 2017, the maturity date. As of December 31, 2018, the note is classified in current liabilities on the balance sheet; no principal payments have been made on this note. During the three months ended December 31, 2018, the Company accrued interest in the amount of $1,331 on this note.

Note 7. Related Party Transactions

David Summers, a significant shareholder of the Company, provides 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 December 31, 2018, services, rent and other expense reimbursements in the amount of $112,804 was unpaid.

The Company is also involved in a legal dispute with Mr. Summers to gather the funds due, as well as settle claims on certain patents and formulas.  There is no significant exchange of monies or ownership anticipated.

Alex Blankenship is paid $5,000 per month under her employment agreement as Chief Executive Officer of the Company. As of December 31, 2018, the Company owed Ms. Blankenship $135,438 for unpaid compensation.

As of December 31, 2018, the Company owed Sydney Jim, our former CEO, $38,130 for accrued but unpaid compensation.

Note 8. Stockholders’ Equity (Deficit)

Common Stock issued for conversion of Series B Preferred Stock

During the three months ended December 31, 2017, the Company issued 2,400,000 shares of common stock upon conversion of the Series B Preferred Stock. A loss of $7,250 was recognized and is recorded in Additional paid-in capital on the consolidated balance sheet.

Common stock issued for conversion of convertible note payable

During three months ended December 31, 2018, the Company issued 1,098,901 shares of common stock upon the conversion of principal of $15,000. A loss in the amount of $3,616 was recognized on this transaction.

During three months ended December 31, 2018, the Company issued 1,442,308 shares of common stock upon the conversion of principal of $15,000. A loss in the amount of $3,365 was recognized on this transaction.

During three months ended December 31, 2018, the Company issued 1,224,490 shares of common stock upon the conversion of principal of $12,000. A loss in the amount of $1,531 was recognized on this transaction.

During three months ended December 31, 2018, the Company issued 3,193,443 shares of common stock upon the conversion of principal of $16,000 and accrued interest in the amount of $3,561. A loss in the amount of $3,561 was recognized on this transaction.

During three months ended December 31, 2018, the Company issued 2,006,689 shares of common stock upon the conversion of principal of $12,000. A loss in the amount of $4,238 was recognized on these transaction.

During the three months ended December 31, 2018, the Company issued 3,300,001 shares of common stock with a fair value of $99,000 for the conversion of a note payable with a basis of $0. A loss in the amount of $99,000 was recorded on this transaction.

13

During three months ended December 31, 2017, the Company issued 6,000,000 shares of common stock upon the conversion of principal of $0. A loss of $328,200 was recognized on the transaction because it occurred after all debt had been fully converted as of September 30, 2017. This is recorded under additional paid-in capital.

Note 9. Commitments and Contingent Liabilities

Litigation

The Company is involved in a legal dispute with Mr. David Summers, a significant shareholder, regarding the settlement of claims on certain patents and formulas.  There is no significant exchange of monies or ownership anticipated, and the Company has not accrued a liability with regard to this dispute.

Note 10.  Subsequent Events

On January 3, 2019, the Company issued 2,842,809 shares of common stock for the conversion of notes payable in the principal amount of $17,000.

On January 8, 2019, the Company issued 2,402,899 shares of common stock for the conversion of notes payable in the principal amount of $14,000 and accrued interest in the amount of $2,580.

On February 13, 2019, the Company issued 1,513,636 shares of common stock for the conversion of notes payable in the principal amount of $18,000 and accrued interest in the amount of $1,980.

14

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

AngioSoma is a clinical stage biotechnology company focused on improving the effectiveness of current standard-of-care treatments, especially related to endovascular interventions in the treatment of peripheral artery disease (PAD).

AngioSoma is developing its lead product, a drug candidate called Liprostin^TM for the treatment of peripheral artery disease, or PAD, which has completed FDA Phase I and three Phase II clinical trials. We are in discussions with several contract research organizations for completion of our FDA protocol for Phase III and submission of our new drug application for marketing in the US and its territories.

Critical Accounting Policies

We prepare our consolidated financial statements in conformity with GAAP, which requires management to make certain estimates and apply judgments. We base our estimates and judgments on historical experience, current trends, and other factors that management believes to be important at the time the condensed consolidated financial statements are prepared. We regularly review our accounting policies, and how they are applied and disclosed in our condensed consolidated financial statements.

While we believe that the historical experience, current trends and other factors considered support the preparation of our condensed consolidated financial statements in conformity with GAAP, actual results could differ from our estimates and such differences could be material.

Results of Operations

Three Months Ended December 31, 2018 Compared to the Three Months Ended December 31, 2017

Revenue.  We had revenue of $275 for the three months ended December 31, 2018, compared to $0 for the three months ended December 31, 2017. Revenue consisted of the sale of nutriceuticals.

Cost of goods sold.  We had cost of goods sold of $47 for the three months ended December 31, 2018, compared to $0 for the three months ended December 31, 2017. The increase was due to the increase in sales.

General and administrative expense.  We recognized general and administrative expense of $129,623 for the three months ended December 31, 2018 compared to $128,685 for the comparable period of 2017. The increase in general and administrative expense was related to an increase in non-cash compensation during the period.

Loss on conversion of debt and preferred stock.  We recognized a loss on the conversion of debt in the amount of $115,311 during the three months ended December 31, 2018 compared to $335,450 during the three months ended December 31, 2017. The decrease was due to the loss on conversion of preferred stock and convertible notes payable.

Interest expense.  We recognized interest expense of $83,537 for the three months ended December 31, 2018 compared to $1,205 for the comparable period of 2017. The increase was due primarily to the amortization of the discount on convertible notes payable during the current period in the amount of $76,554 compared to $2,931 during the comparable period of the prior year.

Net loss.  For the reasons above, we recognized a net loss of $328,243 for the three months ended December 31, 2018 compared to $465,350 for the three months ended December 31, 2017.

Liquidity and Capital Resources

At December 31, 2018, we had cash on hand of $53,909. The Company has negative working capital of $857,332. Net cash used in operating activities for the three months ended December 31, 2018 was $72,688. Cash on hand is adequate to fund our operations for less than twelve months. We do not expect to achieve positive cash flow from operating activities in the near future. We will require additional cash in order to implement our business plan. There is no guarantee that we will be able to attain fund when we need them or that funds will be available on terms that are acceptable to the Company. We have no material commitments for capital expenditures as of December 31, 2018.

15

Additional Financing

Additional financing is required to continue operations. Although actively searching for available capital, the Company does not have any current arrangements for additional outside sources of financing and cannot provide any assurance that such financing will be available.

Off Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

16

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to a smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES

Management’s Report on Internal Control over Financial Reporting

We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2018. Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of December 31, 2018, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed by us under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

1. As of December 31, 2018, we did not maintain effective controls over the control environment. Specifically, we have not developed and effectively communicated to our employees our accounting policies and procedures. This has resulted in inconsistent practices. Since these entity level programs have a pervasive effect across the organization, management has determined that these circumstances constitute a material weakness.

2. As of December 31, we did not maintain effective controls over financial statement disclosure. Specifically, controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. Accordingly, management has determined that this control deficiency constitutes a material weakness.

Our management, including our principal executive officer and principal financial officer, who is the same person, does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Change in Internal Controls Over Financial Reporting

There was no change in our internal controls over financial reporting that occurred during the period covered by this report, which has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

17

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We know of no material, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder are an adverse party or has a material interest adverse to us.

The Company is involved in a legal dispute with Mr. David Summers, a significant shareholder, regarding the settlement of claims on certain patents and formulas.  There is no significant exchange of monies or ownership anticipated, and the Company has not accrued a liability with regard to this dispute.

ITEM 1A. RISK FACTORS

Not applicable to a smaller reporting company.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Set forth below is information regarding the securities sold during the quarter ended December 31, 2018 that were not registered under the Securities Act:

Date of Sale	Title of Security	Number Sold		Consideration Received and Description of Underwriting or Other Discounts to Market Price or Convertible Security, Afforded to Purchasers	Exemption from Registration Claimed	If Option, Warrant or Convertible Security, terms of exercise or conversion
October 15, 2018	Common Stock		3,300,001	Conversion of Note Payable	Section 3(a)(9) of the Securities Act	Convertible at $0.0091 per share
November 23, 2018	Common Stock		1,098,901	Conversion of Note Payable	Section 3(a)(9) of the Securities Act	Convertible at $0.0151 per share
November 30, 2018	Common Stock		1,442,308	Conversion of Note Payable	Section 3(a)(9) of the Securities Act	Convertible at $0.0117 per share
December 10, 2018	Common Stock		1,224,490	Conversion of Note Payable	Section 3(a)(9) of the Securities Act	Convertible at $0.0107 per share
December 14, 2018	Common Stock		3,193,443	Conversion of Note Payable	Section 3(a)(9) of the Securities Act	Convertible at $0.0064 per share
December 28, 2018	Common Stock		2,006,689	Conversion of Note Payable	Section 3(a)(9) of the Securities Act	Convertible at $0.0064 per share

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

The Company has not defaulted upon senior securities.

ITEM 4. MINE SAFETY DISCLOSURES

This item is not applicable to smaller reporting companies.

ITEM 5. OTHER INFORMATION

None.

18

ITEM 6. EXHIBITS

3.1	Articles of Incorporation (1)
3.2	Bylaws (2)
14.1	Code of Ethics (3)
31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer and principal financial and account officer (4)
32.1	Section 1350 Certification of principal executive officer and principal financial accounting officer (4)
101	XBRL data files of Financial Statement and Notes contained in this Quarterly Report on Form 10-Q (4)(5)

(1) Incorporated by reference to our Definitive Proxy Statement on Schedule 14A filed on April 8, 2015.

(2) Incorporated by reference to our Form 10-K/A Amendment No. 1 for the year ended September 30, 2015 filed on January 22, 2016.

(3) Incorporated by reference to our Form S-1 filed with the Securities and Exchange Commission on November 3, 2010.

(4) Filed or furnished herewith.

(5) In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”

19

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	AngioSoma Inc.
Date: February 19, 2019	By: /s/ Alex Blankenship
	Alex Blankenship
	Chief Executive Officer, President, Secretary, Treasurer, Principal Executive Officer, Principal Finance and Accounting Officer and Sole Director

20

EX-31.1

Exhibit 31.1

RULE 13A-14(A)/15D-14(A) CERTIFICATION

I, Alex Blankenship, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended December 31, 2018 of AngioSoma Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 19, 2019	By: /s/ Alex Blankenship
	Alex Blankenship
	Chief Executive Officer, President, Secretary, Treasurer, Principal Executive Officer, Principal Finance and Accounting Officer and Sole Director

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

In connection with the quarterly report of AngioSoma Inc. (the “Company”) on Form 10-Q for the period ended December 31, 2018 as filed with the Securities and Exchange Commission (the “Report”), I, Alex Blankenship, President of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: February 19, 2019	By: /s/ Alex Blankenship
	Alex Blankenship
	Chief Executive Officer, President, Secretary, Treasurer, Principal Executive Officer, Principal Finance and Accounting Officer and Sole Director

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2018	Feb. 13, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	AngioSoma, Inc.
Trading Symbol	SOAN
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		91,848,197
Amendment Flag	false
Entity Central Index Key	0001502152
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false

XML

CONSOLIDATED BALANCE SHEET - USD ($)	Dec. 31, 2018	Sep. 30, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 53,909	$ 91,597
Prepaid expenses	3,150	16,395
Inventory	40,377	3,815
Total current assets	97,436	111,807
Plant, property, and equipment, net of accumulated depreciation of $236 and $118	1,176	1,294
Available for sale securities, at market value	11,644	11,644
TOTAL ASSETS	110,256	124,745
Current Liabilities
Accounts payable and accrued liabilities	143,523	136,867
Accounts payable to related party	286,372	281,372
Advances payable	59,650	59,650
Current portion of convertible notes payable, net of discount of $32,587 and $8,720, respectively	129,413	185,280
Note payable, default	100,000	100,000
Current portion of accrued interest payable	235,810	232,307
Total current liabilities	954,768	995,476
TOTAL LIABILITIES	954,768	995,476
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ DEFICIT
Common stock, $0.001 par value; 480,000,000 shares authorized; 85,088,853 and 69,323,021 shares issued and outstanding at December 31, 2018 and September 30, 2017, respectively	85,089	69,323
Additional paid-in capital	2,403,714	2,065,018
Accumulated other comprehensive income	971	971
Accumulated deficit	(6,326,778)	(5,998,535)
TOTAL STOCKHOLDERS' DEFICIT	(844,512)	(870,731)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	110,256	124,745
Series A Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred Stock	2,990,535	2,990,535
Series B Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred Stock	0	0
Series D Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred Stock	510	510
Series E Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred Stock	1,000	1,000
Series F Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred Stock	$ 447	$ 447

XML

CONSOLIDATED BALANCE SHEET (Parentheticals) - USD ($)	Dec. 31, 2018	Sep. 30, 2018
Plant, property, and equipment, accumulated depreciation (in Dollars)	$ 236	$ 118
Current portion of convertible notes payable, discount (in Dollars)	$ 32,587	$ 8,720
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	480,000,000	480,000,000
Common stock, shares issued	85,088,853	69,323,021
Common stock, shares outstanding	85,088,853	69,323,021
Series A Preferred Stock [Member]
Preferred Stock, shares issued	5,000,000	5,000,000
Preferred Stock, shares outstanding	5,000,000	5,000,000
Series B Preferred Stock [Member]
Preferred Stock, shares issued	0	30,000
Preferred Stock, shares outstanding	0	30,000
Preferred Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Series D Preferred Stock [Member]
Preferred Stock, shares issued	509,988	509,988
Preferred Stock, shares outstanding	509,988	509,988
Preferred Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Series E Preferred Stock [Member]
Preferred Stock, shares issued	1,000,000	1,000,000
Preferred Stock, shares outstanding	1,000,000	1,000,000
Preferred Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Series F Preferred Stock [Member]
Preferred Stock, shares issued	471,975	471,975
Preferred Stock, shares outstanding	471,975	471,975
Preferred Stock, par value (in Dollars per share)	$ 0.001	$ 0.001

XML

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
REVENUE	$ 275	$ 0
Cost of goods sold	47	0
Gross Profit	228	0
OPERATING EXPENSES
General and administrative expenses	129,623	128,695
Total operating expenses	129,623	128,695
LOSS FROM OPERATIONS	(129,395)	(128,695)
OTHER INCOME (EXPENSE)
Loss on conversion of preferred stock	0	(7,250)
Loss on conversion of debt	(115,311)	(328,200)
Interest expense	(83,537)	(1,205)
NET LOSS	$ (328,243)	$ (465,350)
NET LOSS PER COMMON SHARE - Basic and diluted (in Dollars per share)	$ 0.00	$ (0.01)
WEIGHTED AVERAGE SHARES OUTSTANDING (in Shares)	74,910,986	51,356,893

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
NET LOSS	$ (328,243)	$ (465,350)
Change in fair value of AFS securities	0	1,941
COMPREHENSIVE LOSS	$ (328,243)	$ (463,409)

XML

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)	Common Stock [Member] Series B Preferred Stock [Member]	Common Stock [Member] Conversion on Convertible Note Payable [Member]	Common Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series D Preferred Stock [Member]	Preferred Stock [Member] Series E Preferred Stock [Member]	Preferred Stock [Member] Series F Preferred Stock [Member]	Additional Paid-in Capital [Member] Series B Preferred Stock [Member]	Additional Paid-in Capital [Member] Conversion on Convertible Note Payable [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Series B Preferred Stock [Member]	Conversion on Convertible Note Payable [Member]	Total
BALANCE at Sep. 30, 2017			$ 45,584		$ 2,990,535	$ 30	$ 510	$ 1,000	$ 472			$ 1,520,658	$ (970)	$ (5,181,794)			$ (623,975)
BALANCE (in Shares) at Sep. 30, 2017			45,584,067		5,000,000	30,000	509,988	1,000,000	471,975
Common stock issued for conversion of Preferred Stock	$ 500		$ 2,500	$ (30)					$ (25)	$ 6,780		(2,475)			$ 7,250
Common stock issued for conversion of Preferred Stock (in Shares)	500,000		2,500,000	(30,000)					(25,000)
Discount on convertible note payable												91,133					91,133
Loss on conversion of debt												360,480					360,480
Other comprehensive loss													1,941				1,941
Net loss														(816,741)			(816,741)
Common stock issued for conversion of convertible notes			$ 20,739									88,442					109,181
Common stock issued for conversion of convertible notes (in Shares)			20,738,954
BALANCE at Sep. 30, 2018			$ 69,323		$ 2,990,535		$ 510	$ 1,000	$ 447			2,065,018	971	(5,998,535)			(870,731)
BALANCE (in Shares) at Sep. 30, 2018			69,323,021		5,000,000		509,988	1,000,000	446,975
Discount on convertible note payable												97,421					97,421
Loss on conversion of debt												115,311					115,311
Other comprehensive loss																	0
Net loss														(328,243)			(328,243)
Common stock issued for conversion of convertible notes		$ 12,266									$ 61,214					$ 73,480	99,000
Common stock issued for conversion of convertible notes (in Shares)		12,265,832
Common stock issued to officer as compensation			$ 3,500									64,750					68,250
Common stock issued to officer as compensation (in Shares)			3,500,000
BALANCE at Dec. 31, 2018			$ 85,089		$ 2,990,535		$ 510	$ 1,000	$ 447			$ 2,403,714	$ 971	$ (6,326,778)			$ (844,512)
BALANCE (in Shares) at Dec. 31, 2018			85,088,853		5,000,000		509,988	1,000,000	446,975

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$ (328,243)	$ (465,350)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	118	0
Amortization of discount on convertible note payable	76,554	0
Loss on conversion of preferred stock	0	7,250
Loss on conversion of debt	115,311	328,200
Non-cash compensation	68,250	0
Changes in operating assets and liabilities
Inventory	(20,167)	0
Prepaid expenses	(3,150)	0
Accounts payable and accrued liabilities	6,656	3,916
Accounts payable to related party	5,000	110,314
Accrued interest payable	6,983	1,823
NET CASH USED IN OPERATING ACTIVITIES	(72,688)	(13,847)
NET CASH USED IN INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from convertible notes payable	35,000	65,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	35,000	65,000
NET (DECREASE) INCREASE IN CASH	(37,688)	51,153
Cash at beginning of period	91,597	14,100
Cash at end of period	53,909	65,253
Cash paid during the period for:
Interest	0	0
Taxes	0	0
Noncash investing and financing transactions:
Conversion of convertible notes payable into common stock	73,480	6,000
Change in fair value of available-for-sale securities	0	1,940
Preferred stock issued for debt conversion	0	500
Discount issued on convertible debt	$ 97,421	$ 0

XML

General Organization and Business

3 Months Ended

Dec. 31, 2018

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

Note 1. General Organization and Business

AngioSoma, Inc., a Nevada corporation (“AngioSoma” or the “Company”), is a clinical stage biotechnology company focused on improving the effectiveness of current standard-of-care treatments, especially related to endovascular interventions in the treatment of peripheral artery disease (PAD).

AngioSoma is developing its lead product, a drug candidate called Liprostin^TM for the treatment of peripheral artery disease, or PAD, which has completed FDA Phase I and three Phase II clinical trials. We are in discussions with several contract research organizations for completion of our FDA protocol for Phase III and submission of our new drug application for marketing in the US and its territories.

The Company was incorporated on April 29, 2016. The Company’s year-end is September 30.

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Going Concern

3 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Substantial Doubt about Going Concern [Text Block]

Note 2. Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the three months ended December 31, 2018, the Company had a net loss of $328,243 and negative cash flow from operating activities of $72,688. As of December 31, 2018, the Company had negative working capital of $857,332. Management does not anticipate having positive cash flow from operations in the near future.

These factors raise a substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business.

Management has plans to address the Company’s financial situation as follows:

In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raise doubts about the Company’s ability to continue as a going concern.

In the long term, management believes that the Company’s projects and initiatives will be successful and will provide cash flow to the Company, which will be used to finance the Company’s future growth. However, there can be no assurances that the Company’s planned activities will be successful, or that the Company will ultimately attain profitability. The Company’s long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations.

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Summary of Significant Accounting Policies

3 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 3. Summary of Significant Accounting Policies

Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. The results of operations for the three months ended December 31, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2019.

Consolidated Financial Statements

The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, AngioSoma Research, LLC, First Titan Energy, LLC and First Titan Technical, LLC from the date of their formations or acquisition. Significant intercompany transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period between the origination of these instruments and their expected realization.

FASB Accounting Standards Codification (ASC) 820 Fair Value Measurements and Disclosures (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 -	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 -	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 -	Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2018. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms that is not significantly different from its stated value.

The following table presents assets that were measured and recognized at fair value as of December 31, 2018 and the period then ended on a recurring and nonrecurring basis:

Description	Level 1		Level 2		Level 3		Total
Available for sale securities	$	11,644	$	—	$	—	$	11,644
Totals	$	11,644	$	—	$	—	$	11,644

The following table presents assets that were measured and recognized at fair value as of September 30, 2018 and the period then ended on a recurring and nonrecurring basis:

Description	Level 1		Level 2		Level 3		Total
Available for sale securities	$	11,644	$	—	$	—	$	11,644
Totals	$	11,644	$	—	$	—	$	11,644

Inventory

The Company sells nutraceutical products online via its website www.angiosoma.com.  Inventory consists of finished goods and is stated at the lower of cost by the first-in, first-out method or net realizable value.

Revenue Recognition

Effective October 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.

There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the three months ended December 31, 2018.

Commitments and Contingencies

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. There are no known commitments or contingencies as of December 31, 2018.

Recently Issued Accounting Pronouncements

We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

Subsequent events

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

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Advances

3 Months Ended

Dec. 31, 2018

Disclosure Text Block [Abstract]

Short-term Debt [Text Block]

Note 4. Advances

As of December 31, 2018 and September 30, 2018, the Company had non-interest bearing advances payable to third parties of $59,650. These advances are payable on demand.

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Convertible Notes Payable

3 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 5. Convertible Notes Payable

Convertible notes payable consisted of the following at December 31, 2018 and September 30, 2018:

	December 31, 2018			September 30, 2018
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
Convertible note dated May 14, 2018 in the original principal amount of $58,000, maturing February 28, 2019, bearing interest at 12% per year, convertible beginning November 14, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion. During the three months ended December 31, 2018, principal in the amount of $58,000 and accrued interest in the amount of $3,480 were converted into a total of 6,959,142 shares of common stock.		-			58,000
Convertible note dated June 25, 2018 in the original principal amount of $43,000, maturing April 15, 2019, bearing interest at 12% per year, convertible beginning December 25, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion. During the three months ended December 31, 2018, principal in the amount of $12,000 was converted into a 2,006,689 shares of common stock.		31,000			43,000
Convertible note dated August 2, 2018 in the original principal amount of $33,000, maturing May 15, 2019, bearing interest at 12% per year, convertible beginning February 2, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		33,000			33,000
Convertible note dated September 7, 2018 in the original principal amount of $40,000, maturing June 30, 2019, bearing interest at 12% per year, convertible beginning March 7, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		40,000			40,000
Convertible note dated October 31, 2018 in the original principal amount of $38,000, maturing August 15, 2019, bearing interest at 12% per year, convertible beginning August 15, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		38,000			-
Total current convertible notes payable		162,000			194,000
Less: discount on convertible notes payable		(32,587	)		(8,720	)
Total convertible notes payable, net of discount	$	129,413		$	185,280

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 4.9% of the outstanding stock of the Company.

As of December 31, 2018 and September 30, 2018, accrued interest on notes payable was $235,810 and $232,307, respectively.

During the three months ended December 31, 2018 and 2017, interest expense on the notes payable was $6,983 and $1,205, respectively.

Conversions of Notes Payable to Common Stock

During the three months ended December 31, 2018, the holders of the Convertible Note Payable dated May 14, 2018 elected to convert, in four separate transactions, principal of $58,000 and accrued interest of $3,480 into a total of 6,959,142 shares of common stock. A loss in the aggregate amount of $12,073 was recognized on the conversions.

Also during the three months ended December 31, 2018, the Company issued 3,300,001 shares of common stock with a fair value of $99,000 for the conversion of a note payable with a basis of $0. A loss in the amount of $99,000 was recorded on this transaction.  

Also during the three months ended December 31, 2018, the holders of the Convertible Note Payable dated June 25, 2018, elected to convert principal of $12,000 into 2,006,689 shares of common stock. The Company recorded a loss of $4,238 on this transaction.

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Note Payable

3 Months Ended

Dec. 31, 2018

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 6. Note Payable

The Company entered into a promissory note with its attorney to refinance accounts payable of $68,793 as of September 30, 2016 into a promissory note. The note can be issued up to the total principal amount of $100,000 and includes the prepayment of legal fees of $31,498 to be incurred during the period from October 1, 2016 through March 1, 2017. The note payable was recorded at $68,793 (the amount of refinanced accounts payable) as of September 30, 2017. There was no prepayment recognized as of September 30, 2017. During the year ended September 30, 2018, the company increased the amount of the note to $100,000 in connection with legal fees incurred. The note bears interest at the prime rate and requires monthly payments of principal and interest of $10,000 beginning July 1, 2017, the maturity date. As of December 31, 2018, the note is classified in current liabilities on the balance sheet; no principal payments have been made on this note. During the three months ended December 31, 2018, the Company accrued interest in the amount of $1,331 on this note.

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Related Party Transactions

3 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 7. Related Party Transactions

David Summers, a significant shareholder of the Company, provides 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 December 31, 2018, services, rent and other expense reimbursements in the amount of $112,804 was unpaid.

The Company is also involved in a legal dispute with Mr. Summers to gather the funds due, as well as settle claims on certain patents and formulas.  There is no significant exchange of monies or ownership anticipated.

Alex Blankenship is paid $5,000 per month under her employment agreement as Chief Executive Officer of the Company. As of December 31, 2018, the Company owed Ms. Blankenship $135,438 for unpaid compensation.

As of December 31, 2018, the Company owed Sydney Jim, our former CEO, $38,130 for accrued but unpaid compensation.

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Stockholders' Equity

3 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 8. Stockholders’ Equity (Deficit)

Common Stock issued for conversion of Series B Preferred Stock

During the three months ended December 31, 2017, the Company issued 2,400,000 shares of common stock upon conversion of the Series B Preferred Stock. A loss of $7,250 was recognized and is recorded in Additional paid-in capital on the consolidated balance sheet.

Common stock issued for conversion of convertible note payable

During three months ended December 31, 2018, the Company issued 1,098,901 shares of common stock upon the conversion of principal of $15,000. A loss in the amount of $3,616 was recognized on this transaction.

During three months ended December 31, 2018, the Company issued 1,442,308 shares of common stock upon the conversion of principal of $15,000. A loss in the amount of $3,365 was recognized on this transaction.

During three months ended December 31, 2018, the Company issued 1,224,490 shares of common stock upon the conversion of principal of $12,000. A loss in the amount of $1,531 was recognized on this transaction.

During three months ended December 31, 2018, the Company issued 3,193,443 shares of common stock upon the conversion of principal of $16,000 and accrued interest in the amount of $3,561. A loss in the amount of $3,561 was recognized on this transaction.

During three months ended December 31, 2018, the Company issued 2,006,689 shares of common stock upon the conversion of principal of $12,000. A loss in the amount of $4,238 was recognized on these transaction.

During the three months ended December 31, 2018, the Company issued 3,300,001 shares of common stock with a fair value of $99,000 for the conversion of a note payable with a basis of $0. A loss in the amount of $99,000 was recorded on this transaction.

During three months ended December 31, 2017, the Company issued 6,000,000 shares of common stock upon the conversion of principal of $0. A loss of $328,200 was recognized on the transaction because it occurred after all debt had been fully converted as of September 30, 2017. This is recorded under additional paid-in capital.

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Commitments and Contingent Liabilities

3 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 9. Commitments and Contingent Liabilities

Litigation

The Company is involved in a legal dispute with Mr. David Summers, a significant shareholder, regarding the settlement of claims on certain patents and formulas.  There is no significant exchange of monies or ownership anticipated, and the Company has not accrued a liability with regard to this dispute.

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Subsequent Events

3 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 10.  Subsequent Events

On January 3, 2019, the Company issued 2,842,809 shares of common stock for the conversion of notes payable in the principal amount of $17,000.

On January 8, 2019, the Company issued 2,402,899 shares of common stock for the conversion of notes payable in the principal amount of $14,000 and accrued interest in the amount of $2,580.

On February 13, 2019, the Company issued 1,513,636 shares of common stock for the conversion of notes payable in the principal amount of $18,000 and accrued interest in the amount of $1,980.

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Accounting Policies, by Policy (Policies)

3 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. The results of operations for the three months ended December 31, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2019.

Consolidation, Policy [Policy Text Block]

Consolidated Financial Statements

The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, AngioSoma Research, LLC, First Titan Energy, LLC and First Titan Technical, LLC from the date of their formations or acquisition. Significant intercompany transactions have been eliminated in consolidation.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period between the origination of these instruments and their expected realization.

FASB Accounting Standards Codification (ASC) 820 Fair Value Measurements and Disclosures (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 -	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 -	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 -	Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2018. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms that is not significantly different from its stated value.

The following table presents assets that were measured and recognized at fair value as of December 31, 2018 and the period then ended on a recurring and nonrecurring basis:

Description	Level 1		Level 2		Level 3		Total
Available for sale securities	$	11,644	$	—	$	—	$	11,644
Totals	$	11,644	$	—	$	—	$	11,644

The following table presents assets that were measured and recognized at fair value as of September 30, 2018 and the period then ended on a recurring and nonrecurring basis:

Description	Level 1		Level 2		Level 3		Total
Available for sale securities	$	11,644	$	—	$	—	$	11,644
Totals	$	11,644	$	—	$	—	$	11,644

Inventory, Policy [Policy Text Block]

Inventory

The Company sells nutraceutical products online via its website www.angiosoma.com.  Inventory consists of finished goods and is stated at the lower of cost by the first-in, first-out method or net realizable value.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Effective October 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.

There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the three months ended December 31, 2018.

Commitments and Contingencies, Policy [Policy Text Block]

Commitments and Contingencies

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. There are no known commitments or contingencies as of December 31, 2018.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

Subsequent Events, Policy [Policy Text Block]

Subsequent events

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

Description	Level 1		Level 2		Level 3		Total
Available for sale securities	$	11,644	$	—	$	—	$	11,644
Totals	$	11,644	$	—	$	—	$	11,644

Description	Level 1		Level 2		Level 3		Total
Available for sale securities	$	11,644	$	—	$	—	$	11,644
Totals	$	11,644	$	—	$	—	$	11,644

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Convertible Notes Payable (Tables)

3 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Convertible Debt [Table Text Block]

Convertible notes payable consisted of the following at December 31, 2018 and September 30, 2018:

	December 31, 2018			September 30, 2018
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
Convertible note dated May 14, 2018 in the original principal amount of $58,000, maturing February 28, 2019, bearing interest at 12% per year, convertible beginning November 14, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion. During the three months ended December 31, 2018, principal in the amount of $58,000 and accrued interest in the amount of $3,480 were converted into a total of 6,959,142 shares of common stock.		-			58,000
Convertible note dated June 25, 2018 in the original principal amount of $43,000, maturing April 15, 2019, bearing interest at 12% per year, convertible beginning December 25, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion. During the three months ended December 31, 2018, principal in the amount of $12,000 was converted into a 2,006,689 shares of common stock.		31,000			43,000
Convertible note dated August 2, 2018 in the original principal amount of $33,000, maturing May 15, 2019, bearing interest at 12% per year, convertible beginning February 2, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		33,000			33,000
Convertible note dated September 7, 2018 in the original principal amount of $40,000, maturing June 30, 2019, bearing interest at 12% per year, convertible beginning March 7, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		40,000			40,000
Convertible note dated October 31, 2018 in the original principal amount of $38,000, maturing August 15, 2019, bearing interest at 12% per year, convertible beginning August 15, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion.		38,000			-
Total current convertible notes payable		162,000			194,000
Less: discount on convertible notes payable		(32,587	)		(8,720	)
Total convertible notes payable, net of discount	$	129,413		$	185,280

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Going Concern (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss) Attributable to Parent	$ (328,243)	$ (465,350)	$ (816,741)
Net Cash Provided by (Used in) Operating Activities	(72,688)	$ (13,847)
Working Capital (Deficit)	$ (857,332)

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Summary of Significant Accounting Policies (Details) - Fair Value, Assets Measured on Recurring and Nonrecurring Basis - USD ($)	Dec. 31, 2018	Sep. 30, 2018
Summary of Significant Accounting Policies (Details) - Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 11,644	$ 11,644
Totals	11,644	11,644
Fair Value, Inputs, Level 1 [Member]
Summary of Significant Accounting Policies (Details) - Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	11,644	0
Totals	11,644	0
Fair Value, Inputs, Level 2 [Member]
Summary of Significant Accounting Policies (Details) - Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	0	0
Totals	0	0
Fair Value, Inputs, Level 3 [Member]
Summary of Significant Accounting Policies (Details) - Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	0	11,644
Totals	$ 0	$ 11,644

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Advances (Details) - USD ($)	Dec. 31, 2018	Sep. 30, 2018
Disclosure Text Block [Abstract]
Short-term Debt	$ 59,650	$ 59,650

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Convertible Notes Payable (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016
Convertible Notes Payable (Details) [Line Items]
Debt Instrument, Convertible, Terms of Conversion Feature	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 4.9% of the outstanding stock of the Company.
Interest Payable	$ 235,810			$ 232,307
Interest Expense	83,537	$ 1,205
Debt Conversion, Original Debt, Amount	$ 73,480	6,000
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	3,300,001
Gain (Loss) on Extinguishment of Debt	$ (115,311)	(328,200)
Stock Issued During Period, Value, Other	99,000		$ 109,181
Debt Instrument, Face Amount	0			$ 68,793	$ 68,793
Gains (Losses) on Restructuring of Debt	$ (99,000)
Convertible Note Payable Dated May 14, 2018 [Member]
Convertible Notes Payable (Details) [Line Items]
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	6,959,142
Gain (Loss) on Extinguishment of Debt	$ (12,073)
Convertible Note,Dated June 25, 2018 [Member]
Convertible Notes Payable (Details) [Line Items]
Debt Instrument, Convertible, Terms of Conversion Feature	convertible beginning December 25, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion
Debt Conversion, Original Debt, Amount	$ 12,000
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	2,006,689
Gain (Loss) on Extinguishment of Debt	$ (4,238)
Debt Instrument, Face Amount	43,000
Interest Expense on Note Payable[Member]
Convertible Notes Payable (Details) [Line Items]
Interest Expense	6,983	$ 1,205
Conversion on Convertible Note Payable [Member]
Convertible Notes Payable (Details) [Line Items]
Stock Issued During Period, Value, Other	73,480
Conversion on Convertible Note Payable [Member] | Convertible Note Payable Dated May 14, 2018 [Member]
Convertible Notes Payable (Details) [Line Items]
Debt Conversion, Original Debt, Amount	58,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 3,480

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Convertible Notes Payable (Details) - Convertible Debt - USD ($)	Dec. 31, 2018	Sep. 30, 2018
Convertible Notes Payable (Details) - Convertible Debt [Line Items]
Total current convertible notes payable	$ 162,000	$ 194,000
Less: discount on convertible notes payable	(32,587)	(8,720)
Long-term convertible notes payable, net of discount	129,413	185,280
Convertible Note, Date April 13, 2017 [Member]
Convertible Notes Payable (Details) - Convertible Debt [Line Items]
Convertible note	20,000	20,000
Convertible Note,Dated May 14, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt [Line Items]
Convertible note	0	58,000
Convertible Note,Dated June 25, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt [Line Items]
Convertible note	31,000	43,000
Convertible Note, Dated August 2, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt [Line Items]
Convertible note	33,000	33,000
Convertible Note, Dated September 7, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt [Line Items]
Convertible note	40,000	$ 40,000
Convertible Note, Dated October 31, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt [Line Items]
Convertible note	$ 38,000

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Convertible Notes Payable (Details) - Convertible Debt (Parentheticals) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018
Convertible Note, Date April 13, 2017 [Member]
Convertible Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items]
Amount	$ 20,000
Dated	Apr. 13, 2017	Apr. 13, 2017
Interest	3.00%	3.00%
Convertible rate	$ 0.01	$ 0.01
Convertible Note,Dated May 14, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items]
Amount	$ 58,000
Dated	May 14, 2018
Interest	12.00%
Convertible rate	$ 0.65
Maturing	February 28, 2019
Convertible	convertible beginning November 14, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion
Amount converted	$ 3,480
Converted shares of common stock	6,959,142
Convertible Note,Dated June 25, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items]
Amount	$ 43,000
Dated	Jun. 25, 2018
Interest	12.00%
Convertible rate	$ 0.65
Maturing	April 15, 2019
Convertible	convertible beginning December 25, 2018 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion
Amount converted	$ 12,000
Converted shares of common stock	2,006,689
Convertible Note, Dated August 2, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items]
Amount	$ 33,000
Dated	Aug. 02, 2018
Interest	12.00%
Convertible rate	$ 0.65
Maturing	May 15, 2019
Convertible	convertible beginning February 2, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion
Convertible Note, Dated September 7, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items]
Amount	$ 40,000
Dated	Sep. 07, 2018
Interest	12.00%
Convertible rate	$ 0.65
Maturing	June 30, 2019
Convertible	convertible beginning March 7, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion
Convertible Note, Dated October 31, 2018 [Member]
Convertible Notes Payable (Details) - Convertible Debt (Parentheticals) [Line Items]
Amount	$ 38,000
Dated	Oct. 31, 2018
Interest	12.00%
Convertible rate	$ 0.65
Maturing	August 15, 2019
Convertible	convertible beginning August 15, 2019 into common stock at a rate of 65% of the average of the two lowest trading prices during the 15 trading days prior to conversion

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Note Payable (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jul. 01, 2017	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016
Note Payable (Details) [Line Items]
Debt Instrument, Face Amount		$ 0		$ 68,793	$ 68,793
Debt Instrument, Increase (Decrease), Net			$ 100,000
Debt Instrument, Periodic Payment	$ 10,000
Interest Expense, Debt		$ 1,331
Principal [Member]
Note Payable (Details) [Line Items]
Debt Instrument, Face Amount					100,000
Prepaid Legal Fees [Member]
Note Payable (Details) [Line Items]
Debt Instrument, Face Amount					$ 31,498

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Related Party Transactions (Details)	3 Months Ended
	Dec. 31, 2018 USD ($)
Majority Shareholder [Member]
Related Party Transactions (Details) [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	$ 400
Due to Related Parties, Current	112,804
Chief Executive Officer [Member]
Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	5,000
Accrued Salaries, Current	135,438
Former CEO [Member]
Related Party Transactions (Details) [Line Items]
Accrued Salaries, Current	$ 38,130

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Stockholders' Equity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016
Stockholders' Equity (Details) [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (115,311)	$ (328,200)
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	3,300,001
Debt Conversion, Original Debt, Amount	$ 73,480	6,000
Interest Expense, Debt	1,331
Stock Issued During Period, Value, Other	99,000		$ 109,181
Debt Instrument, Face Amount	0			$ 68,793	$ 68,793
Gains (Losses) on Restructuring of Debt	(99,000)
Conversion on Convertible Note Payable [Member]
Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Value, Other	73,480
Conversion on Convertible Note Payable [Member] | Debt, Principal of $15,000#1[Member]
Stockholders' Equity (Details) [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (3,616)
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	1,098,901
Debt Conversion, Original Debt, Amount	$ 15,000
Conversion on Convertible Note Payable [Member] | Debt, Principal of $15,000#2[Member]
Stockholders' Equity (Details) [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (3,365)
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	1,442,308
Debt Conversion, Original Debt, Amount	$ 15,000
Conversion on Convertible Note Payable [Member] | Debt, Principal of $12,000 [Member]
Stockholders' Equity (Details) [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (1,531)
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	1,224,490
Debt Conversion, Original Debt, Amount	$ 12,000
Conversion on Convertible Note Payable [Member] | Debt, Principal of $16,000 [Member]
Stockholders' Equity (Details) [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 3,561
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	3,193,443
Debt Conversion, Original Debt, Amount	$ 16,000
Interest Expense, Debt	3,561
Conversion on Convertible Note Payable [Member] | Debt, Principal of $12,000#2 [Member]
Stockholders' Equity (Details) [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (4,238)
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	2,006,689
Debt Conversion, Original Debt, Amount	$ 12,000
Conversion on Convertible Note Payable [Member] | Debt, Principal of $0 [Member]
Stockholders' Equity (Details) [Line Items]
Gain (Loss) on Extinguishment of Debt		$ 328,200
Debt Conversion, Converted Instrument, Shares Issued (in Shares)		6,000,000
Debt Conversion, Original Debt, Amount		$ 0
Series B Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Conversion of Stock, Shares Issued (in Shares)		2,400,000
Gain (Loss) on Extinguishment of Debt		$ (7,250)

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Subsequent Events (Details) - Subsequent Event [Member] - USD ($)	Feb. 13, 2019	Jan. 08, 2019	Jan. 03, 2019
Subsequent Events (Details) [Line Items]
Debt Conversion, Converted Instrument, Shares Issued (in Shares)	1,513,636	2,402,899	2,842,809
Debt Conversion, Original Debt, Amount			$ 17,000
Principal [Member]
Subsequent Events (Details) [Line Items]
Debt Conversion, Original Debt, Amount	$ 18,000	$ 14,000
Accrued Interest [Member]
Subsequent Events (Details) [Line Items]
Debt Conversion, Original Debt, Amount	$ 1,980	$ 2,580