Fair Value of Financial Instruments

6 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 3 – Fair Value of Financial Instruments

Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.

The Company has certain financial instruments that must be measured under the new fair value standard. The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of March 31, 2024 and September 30, 2023, respectively:

	Fair Value Measurements at March 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash	$	1,063,401	$	-	$	-
Liabilities
Convertible notes payable, net of discounts of $0		-		-		1,078,235

	Fair Value Measurements at September 30, 2023
	Level 1		Level 2		Level 3
Assets
Cash	$	271,006	$	-	$	-
Liabilities
Notes payable		-		565,000		-
Convertible notes payable, net of discounts of $43,051		-		-		1,725,184

There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the six months ended March 31, 2024.