RELATED PARTY |
6 Months Ended |
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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 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 ( shares) and $1,030,150 ( shares), respectively.
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