BORROWINGS

6 Months Ended

Mar. 31, 2023

Broker-Dealer [Abstract]

BORROWINGS

NOTE 3 – BORROWINGS

Commercial Loan

On April 9, 2020, the Company received a loan from the Small Business Administration pursuant to the Paycheck Protection Program (PPP) in the principal amount of $48,750. The note bears interest at a variable rate of approximately 1% and matured in April 2022; and it is currently in default. Forgiveness for the loan was applied for and is pending. The principal amount of the loan was based on the consulting agreement salary between Nexion Biosciences, Inc., organized in the state of Florida (NBFL) (a related party) and the CEO.

Notes Payable

From time to time, the Company’s subsidiary, Genvor Inc., enters into unsecured notes payable with individual investors. Only Noteholder E (below) has security in the form of a personal guarantee by the CEO and prior consultant (Note 6). The terms of these notes are listed below. Several of the notes are convertible into shares of the Company’s common stock as detailed in the following schedule.

									Balance
									Convertible
			Interest			Loan			into
Noteholder	Origination	Maturity	Rate			Balance			Shares (c)
Noteholder A (a)	2019	12/31/2021		0	%	$	217,000			N/A
Noteholder B (a)	3/19/2019	4/29/2019		0	%		510,000			N/A
Noteholder C (a)	3/1/2019	2/29/2020		18	%		32,500			N/A
Noteholder D (d)	4/29/2019	unspecified		0	%		300,000			30,000
Noteholder E (a)	8/1/2019	8/31/2019		0	%		37,500			N/A
Noteholder F (a)(b)	2/27/2020	4/30/2020		0	%		2,500			5,000
Noteholder G	8/3/2021	8/3/2023		10	%		12,500			25,000
Noteholder H	6/27/2022	6/27/2024		5	%		300,000			1,000,000
Noteholder I (c)	10/26/2022	12/31/2023		3	%		50,000			400,000
							1,462,000			1,460,000
(d) Debt discount							(150,556	)
						$	1,311,444

(a) Past due at December 31, 2022

(b) Note is payable in a combination of $2,500 to $6,000 in cash and 5,000 to 15,000 share of common stock

(c) Convertible into common stock of the subsidiary, Genvor Inc.

The notes do not have default provisions except Noteholder B receives a default penalty of $10,000 each month the note goes unpaid.

Interest expense totaled $71,665 and $121,002, respectively, for the six months ended March 31, 2023, and 2022, including default penalties. Late fees totaled $60,000 and $60,000, respectively, for the six months ended March 31, 2023, and 2022.