CONVERTIBLE NOTES PAYABLE AND NOTE PAYABLE (Details Narrative) - USD ($) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Mar. 16, 2018 |
|
Loss on debt extinguishment | $ 0 | $ (506,865) | ||
Interest expenses | 1,513,323 | 389,626 | ||
Interest amount | 250,000 | |||
Amortization of debt | 830,948 | |||
Interest payments | 241,000 | 140,000 | ||
Market capitalization | $ 15,000,000 | |||
Common share issued | 546,697 | |||
Price per share | $ 0.44 | |||
Stock issuance value | $ 240,000 | |||
Convertible promissory notes | $ 407,522 | 0 | ||
Description of securities purchase agreement | the Company incurred approximately $994,000 of issuance costs of which $557,000 were allocated to the note and $437,000 to the warrant shares. The amount allocated to the notes was recorded as debt discount (with an offset to APIC) and will be amortized over the two-year term of the notes | |||
Description of Note Shares and Warrant Shares upon repayment or conversion of Notes and exercise of Warrants | Issuance of note shares and warrant shares upon repayment or conversion of notes and exercise of warrants is subject to an ownership limitation equal to 4.99% of our outstanding shares of common stock; provided, that if Lind and its affiliates beneficially own in excess of 4.99% of our outstanding shares of common stock, then such limitation shall automatically increase to 9.99% so long as Lind and its affiliates own in excess of 4.99% of such common stock (and shall, for the avoidance of doubt, automatically decrease to 4.99% upon Lind and its affiliates ceasing to own in excess of 4.99% of such common stock) | |||
Proceeds from debt offering | $ 3,764,129 | 0 | ||
Convertible Note - Clayton A. Struve | ||||
Loss on debt extinguishment | 230,005 | |||
Accrued interest | 101,852 | 94,062 | ||
Convertible promissory or OID notes | 1,301,005 | |||
Convertible Note - Ronald P. Erickson and Affiliates | ||||
Warrant to purchase common stock shares | 1,039,666 | |||
Exercise price of warrants | $ 0.50 | |||
Convertible promissory notes | $ 1,460,926 | |||
Convertible Note - J3E2A2Z Notes | ||||
Accrued interest | 84,573 | 218,334 | ||
Interest expenses | 71,239 | $ 71,044 | ||
Interest amount | $ 276,860 | |||
Convertible redeemable promissory note amount | 664,233 | |||
Convertible redeemable promissory note principal amount | 664,233 | |||
Convertible Note - J3E2A2Z Account Payable | ||||
Convertible redeemable promissory note amount | 519,833 | |||
Convertible redeemable promissory note principal amount | $ 519,833 | |||
Minimum | ||||
Interest rate | 6.00% | |||
Maximum | ||||
Interest rate | 8.00% | |||
February 27, 2024 [Member] | ||||
Proceeds from debt offering | $ 0 | $ 3,805,699 | ||
Issuable upon conversion of Common stock | 4,800,000 | |||
Warrant Shares | 6,000,000 | |||
Allocation of issuance costs | $ 1,411,052 | |||
Warrant to purchase | 6,000,000 | |||
February 27, 2024 [Member] | Lind Global Fund II LP | ||||
Description of securities purchase agreement | pursuant to which the Company may issue Lind one or more senior convertible notes the aggregate principal amount of up to $14,400,000 for an aggregate purchase price equal to up to $12,000,000 and warrants to purchase a number of shares equal to the applicable funding amount multiplied by 75% and divided by the volume weighted average price of the common stock on the trading date immediately preceding the issuance date of the warrant and (b) issued to Lind an initial convertible note with an outstanding principal amount of $4,800,000 in exchange for a purchase price of $4,000,000, that is convertible into shares of our common stock at an adjusted conversion price of $0.26 per share, subject to adjustment, and an initial five year warrant to purchase up to 6,000,000 shares of our common stock at an adjusted exercise price of $0.26 per share, subject to adjustment | |||
Aggregate principal amount | $ 240,000 | |||
Monthly payment | $ 750,000 | |||
Cash premium | 5.00% | |||
June 27, 2024 [Member] | ||||
Principal payments | $ 720,000 | |||
Interest payments | $ 36,000 |