Note 4 - Notes Receivable

12 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE  4. NOTES RECEIVABLE

Notes and other receivables as of

September 30, 2020

and

2019,

consisted of the following: 

	September 30, 2020			September 30, 2019
Notes and other receivables from WGP, a licensed medical marijuana cultivator; $673,294 note secured by real and personal property of the borrower, interest rate of 18.0%; accrued consulting and legal fees of $206,675, construction advances of $332,357 and accrued interest of $549,349 at September 30, 2019. Net of reserves of $1,761,675 as of September 30, 2019. Balance was collected in full in February 2020.	$	-		$	-
Related party note receivable from BASK, a non-profit corporation, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023.		119,512			148,763
		119,512			148,763
Less: Current portion		(37,165	)		(32,270	)
	$	82,347		$	116,493

The notes and other receivables from WGP were fully reserved due to ongoing disputes between the Company and WGP. The Company filed a Demand for Arbitration against WGP on

April 7, 2017.

On

January 18, 2018,

the arbitration panel awarded the Company

$1,045,000

plus interest at the rate of

18%

per year from

April 18, 2015

to

March 18, 2018

for

$550,000.

In addition to the principal and interest awarded of

$1,595,000,

the Company was also awarded its attorneys' fees and arbitration fees. The Company reversed the previously recorded reserve on the receivable with WGP in the amount of

$1,761,675

since on

February 5, 2020

the Company received cash of

$2,069,138

from WGP as payment in full for the fully reserved notes and other receivables which include principal, interest, attorneys' fees and arbitration fees.