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Subsequent Events
3 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 16 – Subsequent Events

 

On December 10, 2024, our board of directors (i) approved the Douglass Purchase Agreement, and (ii) approved and submitted for a vote of the holder of a majority of the outstanding voting stock of the Company an amendment to the Company’s Articles of Incorporation, as amended, to increase (1) the authorized shares of the Company’s common stock from 250,000,000 shares to 880,000,000 shares, and (2) the authorized shares of the Company’s preferred stock from 10,000,000 shares to 70,000,000 shares (the “Charter Amendment”).

 

On December 10, 2024, A. Stone Douglass, as the holder of a majority of the outstanding voting stock of the Company, approved the Charter Amendment. The Charter Amendment was filed with the Secretary of State of the State of Nevada on January 13, 2025 and became effective on January 15, 2025, at which point the increase in authorized shares of the Company’s common stock and preferred stock set forth in the Charter Amendment took effect.

 

The Company is party to a secured credit facility, under which the Company is able to borrow up to $200,000, which will incur interest at a rate of 12% (see Note 7 – Notes Payable). As of the date of this Quarterly Report on Form 10-Q, the Company has borrowed $20,000 against the facility. On February 10, 2025, the facility holder agreed to extend the maturity date of the facility from February 28, 2025 to July 31, 2025 in exchange for a deferred payment of $400.

 

The Company is party to three convertible promissory notes that each have a maturity date of February 11, 2025 (see Note 8 – Convertible Notes Payable). On February 10, 2025, the Company and the holder of the three convertible promissory notes agreed to extend the maturity dates of each note to July 31, 2025 in exchange for aggregate deferred payments of $18,255.30.

 

The Company is party to a convertible promissory note that has a maturity date of February 11, 2024 (see Note 8 – Convertible Notes Payable). On February 14, 2025, the Company and the holder of the convertible promissory note agreed to extend the maturity date of the note to July 31, 2025 in exchange for a deferred payment of $1,000.