STOCKHOLDERS’ EQUITY

3 Months Ended

Dec. 31, 2021

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 6 - STOCKHOLDERS’ EQUITY

The Company is authorized to issue 681,000,000 shares of common stock and 10,000,000 shares of Series A convertible preferred stock, each with a par value of $0.001 per share.

Common Stock

During the three months ended December 31, 2020, and the three months ended December 31, 2021, the Company did not issue any shares of its common stock or preferred stock, except as set forth below.

Beginning with the last quarter during the Company’s fiscal year ending September 30, 2021, its Board of Directors elected to begin receiving one-half of their quarterly Board compensation in shares of common stock instead of cash. At its April, 2021 meeting, the Company’s Board of Directors also approved a one time award of 100,000 shares of common stock to each director, subject to approval of the Company’s Equity Incentive Compensation Plan by its stockholders, which was received at the annual meeting of stockholders in September 2021. To date, the directors have received a total of 522,224 shares of the Company’s common stock through the one-time grant and two quarterly compensation payments. The one-time award and the fiscal year 2021 fourth quarter award of a total of 411,112 shares was made on January 13, 2022. The fiscal year 2022 first quarter awards were made on January 31, 2022.

Restricted Common Stock Units

On October 22, 2021, the Company entered into restricted stock unit award agreements with five separate individuals. The Company granted a total of 2,000,001 shares of restricted stock to these individuals, which shares vest in equal tranches on the next three anniversary dates of the award. The value of the shares of restricted stock on the grant date was $260,000, based upon the then current market price of the Company’s common stock of $0.13 per share on October 22, 2021. During the three months ended December 31, 2021, the Company recorded $22,561 in stock compensation expense related to these award agreements.