Related Party Transactions

3 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 3 – Related Party Transactions

During the three months ended December 31, 2022 and 2021, $15,000 and $15,000, respectively, of the Company’s revenue was derived from consulting services provided to Landmark-Pegasus and Skybunker, entities wholly owned by the Company’s majority stockholder or clients of these entities.

During the three months ended December 31, 2021, the Company recovered a $10,000 bad debt that was written off during the year ended September 30, 2021 related to services provided to a related party in 2021.

The Company has notes payable with Landmark-Pegasus, an entity wholly owned by the Company’s majority stockholder, that accrue interest at an annual rate of 4%, and are payable on demand. The balance on the notes is $94,120 as of December 31, 2022 and September 30, 2022. As of December 31, 2022 and September 30, 2022 total interest accrued on the notes payable was $9,472 and $8,510, respectively. Balances are presented as notes payable – related party and accrued interest payable – related party, respectively, on the accompanying balance sheets. During the three months ended December 31, 2022 and 2021, interest expense on the notes was $962 and $935, respectively, as presented on the accompanying statement of operations as interest expense – related party.