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RELATED PARTY
6 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY

NOTE 4- RELATED PARTY

 

PGRNZ Limited, a management company controlled by the Company’s Chief Executive Officer, and a Company Director, provides management services to the Company for which the Company is charged $75,000 (AUD) quarterly, approximately $56,115 (US). During the three months ended March 31, 2022 and 2021, the Company incurred charges to operations of $13,468 (US) and $16,888 (US), respectively, with respect to this arrangement.

 

As of March 31, 2022 and September 30, 2021, accrued expenses due to PGRNZ and other related parties was $1,191,781 and $947,826 respectively.

 

During six-months period ended March 31, 2022, the Company approved and issued 10,000,000 shares ($7,000,000) to Rod Young who became a related party during first quarter reporting period. The shares were approved, issued, and fully expensed during that period.

 

During six-months period ended March 31, 2022 and 2021, stock-based compensation expense relating to directors, officers, affiliates and related parties was $2,485,000 (3,500,000 shares) and $1,030,150 (2,000,000 shares), respectively.