0001903596-24-000151.txt : 20240327 0001903596-24-000151.hdr.sgml : 20240327 20240327161021 ACCESSION NUMBER: 0001903596-24-000151 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240327 DATE AS OF CHANGE: 20240327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Graphene & Solar Technologies Ltd CENTRAL INDEX KEY: 0001497649 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 272888719 STATE OF INCORPORATION: CO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-174194 FILM NUMBER: 24790713 BUSINESS ADDRESS: STREET 1: 11201 NORTH TATUM BOULEVARD STREET 2: SUITE 300 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: 602-388-8335 MAIL ADDRESS: STREET 1: 11201 NORTH TATUM BOULEVARD STREET 2: SUITE 300 CITY: PHOENIX STATE: AZ ZIP: 85028 FORMER COMPANY: FORMER CONFORMED NAME: Solar Quartz Technologies Corp DATE OF NAME CHANGE: 20170929 FORMER COMPANY: FORMER CONFORMED NAME: Vanguard Energy Corp DATE OF NAME CHANGE: 20100728 10-Q 1 gstx_10q.htm
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vUNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended December 31, 2023

 

☐ Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from __________ to __________

 

Commission File Number: 333-174194

  

GRAPHENE & SOLAR TECHNOLOGIES LIMITED
(Exact name of registrant as specified in its charter)

 

colorado   27-2888719
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

 

11201 North Tatum Blvd., Suite 300

 Phoenix, AZ 85028

(Address of principal executive offices, including Zip Code)

 

(602) 388-8335

(Issuer’s telephone number, including area code)

 

(Former name or former address if changed since last report)

 

Check whether the issuer (1) filed all reports required to be filed by section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically , every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

  

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

As of March 25, 2024, the registrant had 424,592,610 outstanding shares of common stock.

 

 

 

 

 

GRAPHENE & SOLAR TECHNOLOGIES LIMITED

 

FORM 10-Q

 

TABLE OF CONTENTS

 

PART I FINANCIAL INFORMATION  
Item 1. Condensed Consolidated Balance Sheets (Unaudited) 1
Item 2. Condensed Consolidated Statements of Operations (Unaudited) 2
Item 3. Condensed Consolidated Statement of Stockholders’ Deficiency (Unaudited) Three Months Ended December 31, 2023 and 2022 3
Item 4. Condensed Consolidated Statements of Cash Flows (Unaudited) 4
Item 5. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 10
Item 6. Controls and Procedures. 14
     
PART II OTHER INFORMATION  
Item 1 Legal Proceedings 16
Item 1A Risk Factors 16
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds  16
Item 3 Defaults on Senior Securities  16
Item 4 Mine Safety Disclosures  16
Item 5 Other Information  16
Item 6. Exhibits.  16
  SIGNATURES  17

 

 

 

 

 

 

GRAPHENE & SOLAR TECHNOLOGIES LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

         
    December 31,   September 30,
    2023   2023
Assets                
Current Assets:                
Cash   $ 23,794     $ 1,094  
Prepaid expenses     11,765       11,108  
Total Current Assets     35,559       12,202  
Other Assets:                
Furniture and equipment, net of depreciation $81,701     904       937  
Intellectual property – at cost, net     1       1  
Other intangible assets – at cost     975        975  
Other receivable           4,015  
                 
Total Assets   $ 37,439     $ 18,130  
                 
Liabilities and Stockholders’ Deficit                
Current Liabilities                
Accounts payable and other payable   $ 2,717,982     $ 2,594,247  
Accrued interest payable     192,307       184,851  
Due to related party     2,254,762       1,985,601  
Notes payable, $60,000 in default     60,000       60,000  
Notes payable – related party     71,963       71,713  
Convertible notes payable, $100,747 in default     100,747       100,747  
Convertible notes payable – related party, net of discount $16,106 and $0     33,894        
Total Current Liabilities     5,431,655       4,997,159  
                 
Total Liabilities     5,431,655       4,997,159  
                 
Stockholders’ Deficit                
Preferred stock: 10,000,000 shares authorized; $0.00001 par value; no shares issued and outstanding                  
Common stock: 500,000,000 shares authorized; $0.00001 par value; 421,292,610 and 421,892,610 shares issued and outstanding     4,225       4,219  
Additional paid-in capital     63,895,430       63,883,853  
Stock Receivable     (795,000 )     (795,000 )
Stock Payable     51,496        
Accumulated deficit     (68,744,214 )     (68,375,078 )
Accumulated other comprehensive income     193,847       302,977  
Total Stockholders’ Deficit     (5,394,216     (4,979,029 )
                 
Total Liabilities and Stockholders’ Deficit   $ 37,439     $ 18,130  

  

The accompanying notes are an integral part of these consolidated financial statements.

 

1

 

 

 

GRAPHENE & SOLAR TECHNOLOGIES LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME

(Unaudited)

 

       
   Three Months Ending December 31,
   2023  2022
       
Revenue  $     $   
           
Operating Expenses:          
Professional Services   342,734    134,854 
General and administrative   24,413    42,791 
Total operating expenses   367,147    177,645 
           
Loss from operations   (367,147)   (177,645)
           
Other Income (Expense):          
Other income   8,040    6,300 
Interest expense   (10,029)   (5,113)
Total Other Income (Expense)   (1,989)   1,187 
           
Net Income (Loss)   (369,136)   (176,458)
           
Other Comprehensive Income   (109,130)   (74,455)
           
Net Comprehensive Loss  $(478,266)  $(250,913)
           
Income (Loss) per share:          
Basic and diluted  $(0.00)  $(0.00)
           
Weighted average shares outstanding   421,773,914    374,305,480 

  

The accompanying notes are an integral part of these consolidated financial statements.

 

 

2

 

 

  

GRAPHENE & SOLAR TECHNOLOGIES LIMITED

 AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY

(Unaudited)

 

Three Months Ended December 31, 2023 and 2022

 

                     Accumulated  Total
   Common Stock  Additional  Stock  Stock  Accumulated  Comprehensive  Stockholders’
   Shares  Amount  Paid-in  Receivable  Payable  Deficit  Income  Deficit
Balance, September 30, 2023   421,292,610    4,219    63,883,853    (795,000)         (68,375,078)   302,977    (4,979,029)
Stock Based Compensation   —                        44,400                44,400 
Debt Discount on Notes Payable   600,000    6    11,577          7,096                18,679 
Foreign currency translation adjustment   —                                    (109,130)   (109,130)
Net loss   —                              (369,136)         (369,136)
Balance, December 31, 2023   421,892,610    4,225    63,895,430    (795,000)   51,496    (68,744,214)   193,847    (5,394,216)

 

 

 

                     Accumulated  Total
   Common Stock  Additional  Stock  Stock  Accumulated  Comprehensive  Stockholders’
   Shares  Amount  Paid-in  Receivable  Payable  Deficit  Income  Deficit
Balance, September 30, 2022   374,305,480    3,748    63,527,513    (795,000)         (67,070,016)   290,563    (4,043,192)
Foreign currency translation adjustment   —                                    (74,455)   (74,455)
Net loss   —                              (176,458)         (176,458)
Balance, December 31, 2022   374,305,480    3,748    63,527,513    (795,000)         (67,246,474)   216,108    (4,294,105)

  

 

The accompanying notes are an integral part of these consolidated financial statements.

  

3

 

 

GRAPHENE & SOLAR TECHNOLOGIES LIMITED

 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the Three-Month Period Ended December 31, 2023 and 2022

(Unaudited)

 

       
   2023  2022
Cash flows from operating activities          
Net Income (loss)  $(369,136)   (176,458)
Adjustments to reconcile net income/(loss) to net cash from operating activities:   —      —   
Stock-based compensation   44,400       
Depreciation expense   84    83 
Amortization of intangibles            
Amortization of discount   2,573       
Loss on Settlement of Debt            
Accounts payable related party            
Impairment of assets            
Changes in operating assets and liabilities:          
Accounts payable   86,256    49,269 
Accrued interest payable   7,456    5,113 
Other Receivables   4,015       
Pre-Payments            
Due to related parties   197,000    112,026 
Net cash used in operating activities   (27,352)   (9,967)
           
Cash flows from investing activities          
Cash paid for purchase of fixed assets            
Net cash used in investing activities            
           
Cash flows from financing activities          
Proceeds from issuance of common stock            
Due to Affiliates   250    20,000 
Issuance of convertible note – related party   50,000       
Net cash from financing activities   50,250    20,000 
           
Effect of currency translations to cash flow   (198)   185 
Net change in cash and cash equivalents   22,700    10,218 
Beginning of period   1,094    2,857 
End of period  $23,794   $13,075 

 

Supplemental cash flow information   Quarter ended December 31,
    2023   2022
Interest paid   $     $  
Taxes            
Noncash investing and financing activities:                
Issuance of Common Stock as Debt Discount   $ 18,679     $  

  

The accompanying notes are an integral part of these consolidated financial statements.

 

4

 

 

 

GRAPHENE & SOLAR TECHNOLOGIES Limited

 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 1 – BASIS OF PRESENTATION

 

These consolidated financial statements of Graphene & Solar Technologies Limited (GSTX or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations. These financial statements should be read along with Graphene & Solar’s audited financial statements as of September 30, 2023.

 

Going Concern – The Company has incurred cumulative net losses since inception of $68,744,214 December 31, 2023. Accordingly, it requires capital to fund working capital deficits and for future operating activities to take place. The Company’s ability to raise new funds through the future issuances of debt or common stock is unknown. The obtainment of additional financing, the successful development of a plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability of the Company to continue its operations is dependent on management’s plans, which include the raising of capital through debt and/or equity markets, with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur additional liabilities with certain related parties to sustain the Company’s existence. There can be no assurance that the Company will be able to raise any additional capital and therefore raise doubt about the Company’s ability to continue as a going concern.

 

Future issuances of the Company’s equity or debt securities will be required for the Company to finance operations and continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of these uncertainties.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

 

Principles of Consolidation and Basis of Presentation — The consolidated financial statements include the accounts of Graphene & Solar Technologies Limited and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements can be found in the Company’s Annual Report in form 10-K for the year ended September 30, 2023.

 

Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment, and the liquidation of liabilities.

 

Cash and Cash Equivalents - Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. As of December 31, 2023 and September 30, 2023, the Company had $23,794 and $1,094 in cash, respectively and no cash equivalents.

5

 

 

Derivative Financial Instruments - The Company accounts for freestanding contracts that are settled in a company’s own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company’s balance sheet, with any changes in fair value recorded as a gain or loss in a company’s results of operations.

 

The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows.

 

At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital.

 

There was no derivative activity in fiscal quarter ending December 31, 2023. Therefore, no derivative liabilities were recorded during the quarter ended December 31, 2023.

 

Stock-Based Compensation - ASC 718, “Compensation - Stock Compensation,” prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

 

During the quarter ended December 31, 2023, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.

 

During the quarter ended December 31, 2022, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.

 

Total stock-based compensation expense was $44,400 and $0 for the quarters ended December 31, 2023 and 2022, respectively.

 

Foreign Currency Translations – The functional currency of the Company’s foreign subsidiary is primarily the respective local currency. Assets and liabilities of the Company’s foreign subsidiary are translated into U.S. Dollars at the year-end exchange rate, and revenues and expenses are translated at average monthly exchange rates. Translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. All other foreign currency transaction gains and losses are included in other (income) expense, net.

  

Earnings Per Share - Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share were not calculated as such potential shares would be anti-dilutive.

 

Reclassifications - Certain amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net loss, working capital or equity previously reported.

 

 

6

 

NOTE 3 – NOTES PAYABLE

 

The Company’s indebtedness as of December 31, 2023 and September 30, 2023 were as follows:

       
Description  December 31, 2023  September 30, 2023
       
Convertible notes  $100,747   $100,747 
Convertible notes – related party, net of discount $16,106   33,894       
Notes Payable  $60,000   $60,000 
Notes Payable – related parties  $71,963    71,713 

  

Notes Payable and Other Loans

 

During 2015 and 2016, the Company executed promissory notes payable with six individuals with an aggregate principal balance of $60,000. The notes were due on demand and included interest at 10%. As of December 31, 2023 and September 30, 2023, the total promissory notes payable balance was $110,222 and $108,710, including accrued interest of $50,222 and $48,710, respectively. On January 15, 2019, the holder of a note with a principal balance of $10,000 made demand for payment. To date, the note has not been paid.

 

During the year ended September 30, 2020 a Company Advisor, loaned the Company $5,811. The loan is a demand note at zero interest.

 

Convertible Notes Payable

 

As of December 31, 2023 and September 30, 2023, noteholders representing $70,747 in outstanding principal had not requested the exchange of shares of common stock. As of December 31, 2023 and September 30, 2023, the exchange obligation payable was $182,184 and $179,510, including accrued interest of $111,437 and $108,762, respectively. As of December 31, 2023 and September 30, 2023, the exchange obligation was for 55,040 shares and 54,233 shares of common stock, respectively.

 

On February 1, 2016, the Company issued convertible secured note payable of $30,000 to an individual. The note was due on January 31, 2017 and included interest at 10%. The note was convertible at discretion of the holder into common shares of the Company at the rate of $0.50 per shares. The Company has not extended the maturity date and the note is in default. As of December 31, 2023 and September 30, 2023, the total convertible note payable balance was $53,753 and $52,997, including accrued interest of $23,753 and $22,997 respectively. As of December 31, 2023 and September 30, 2023, the exchange obligation was for 107,506 shares and 105,994 shares of common stock, respectively.

 

Convertible Notes Payable – Related Party

 

During the quarter ended December 31, 2023, the Company entered into an agreement to issue convertible notes payable with an accredited investor. Notably, there exists a professional relationship between the Company and the investor, facilitated by a mutual director serving on the boards of both entities. These notes carry an aggregate principal balance of $50,000 and accrue interest at a rate of 10% per annum. Their maturity dates are set for October 2024 and December 2024. Additionally, the notes offer the option for conversion into common shares of the Company at the discretion of the holder, with a conversion rate of $0.10 per share. As of December 31, 2023, the total balance of promissory notes payable stood at $50,705, inclusive of accrued interest totaling $705. Moreover, the exchange obligation associated with these notes amounted to 507,050 shares of common stock. In return for providing the loan, the Company authorized the issuance of 1,000,000 shares of common stock to the lender. By the end of December 31, 2023, 600,000 shares had been issued, leaving 400,000 shares unissued. The Company recorded an initial debt discount of $18,679 upon the issuance of the notes, with subsequent amortization of debt discount totaling $2,573.

 

 

7

 

Related Party Loans

 

On December 5, 2022, the Company entered into a Promissory Loan Note with Mr. Andrew Liang, in the amount of US$20,000, with a maturity date of December 5, 2023. The loan will accrue interest at the rate of 10% per annum.

 

On February 28, 2023, the Company entered into a Promissory Loan Note with MI Labs Pty Ltd, in the amount of US$50,000 (of which $31,943 was received by the company as of December 31, 2023) with a maturity date of February 28, 2024. The loan will accrue interest at the rate 10% per annum.

 

On July 20, 2023, the Company entered into a Promissory Loan Note with Pagemark Limited, in the amount of US$20,000, with a maturity date of July 20, 2024. The loan will accrue interest at the rate of 10% per annum.

 

NOTE 4 – RELATED PARTY

 

MI Labs Pty Ltd, a management company controlled by Mr. Jason May, the Company’s Chief Executive Officer and a Company Director, provides management services to the Company for which the Company is charged $25,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $75,000 with respect to this arrangement.

 

CSA Liang Pty Ltd, a management company controlled by Mr. Andrew Liang, a Company Director, provided corporate advisor services to the Company for which the Company was charged $5,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $15,000 with respect to this arrangement.

 

Sativus Investments, a management company controlled by Mr. Paul Saffron, the Company’s Chief Operations Officer, provides management services to the Company for which the Company is charged $20,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $60,000 with respect to this arrangement.

 

Allegro Investments Limited entered into a convertible note agreement with the Company. The Company and Allegro Investments Limited share a professional relationship wherein a director serves on the boards of both entities – see NOTE 3.

 

During the quarters ended December 31, 2023 and 2022, stock-based compensation expense relating to directors, officers, affiliates and related parties was $44,400 (6,000,000 shares – see NOTE 7) and $0 (no shares), respectively.

 

NOTE 5 – STOCKHOLDERS’ EQUITY

 

600,000 common shares were issued during the quarter ended December 31, 2023. The Company has a total of 5,778,367 shares that remain approved, reserved and outstanding and not yet issued by the Transfer Agent at December 31, 2023.

 

Mr. Jason May was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Mr. Paul Saffron was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Ms. Kristine Woo was granted 2,000,000 shares per annum, per the terms of her consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Allegro Investments Limited entered into a convertible loan agreement with the Company in December 2023. Per the terms of the agreement, 400,000 common shares are to be issued. As of this filing date, the shares have been approved but remain unissued.

 

8

 

NOTE 6 – INTANGIBLE ASSETS/PATENTS

 

We amortize capitalized patent costs for internally generated patents on a straight-line basis for 7 years, which represents the estimated useful lives of the patents. The seven-year estimated useful life for internally generated patents is based on our assessment of such factors as: the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The estimated useful lives of acquired patents and patent rights, however, have been and will continue to be based on a separate analysis related to each acquisition and may differ from the estimated useful lives of internally generated patents. The average estimated useful life of acquired patents is 6.7 years. We assess the potential impairment to all capitalized net patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable.

       
   December 31, 2023  September 30, 2023
Patents   1    1 
Accumulated amortization            
Total patent costs, net   1    1 

  

NOTE 7 – SUBSEQUENT EVENTS

 

On January 1, 2024, American Solar Manufacturing Company LLC signed a retainer consulting agreement with the Company and was granted 2,000,000 shares. The Company issued 2,000,000 shares, per the terms of the agreement.

 

On March 20, 2024, Pagemark Limited signed an Addendum to Loan Agreement with the Company and was granted 500,000 shares. The Company issued 500,000 shares, per the terms of the agreement.

 

On March 4, 2024, the Company accepted a Share Application for the total price of $1,000 ($0.01/share). The Company issued 100,000 shares, per the terms of the application.

 

On March 22, 2024, the Company accepted a Share Application for the total price of $1,000 ($0.01/share). The Company issued 100,000 shares, per the terms of the application.

 

Mr. Jason May was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Mr. Paul Saffron was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Ms. Kristine Woo was granted 2,000,000 shares per annum, per the terms of her consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Mr. Thomas Chang was granted a maximum of 1,000,000 shares per annum subject to performance in fiscal years 2021/2022, 2022/2023 and 2023/2024 to a total of 3,000,000 shares. 1,000,000 shares were issued during the 2021/2022 fiscal year. As of this filing date, the remaining 2,000,000 shares have been approved but remain unissued.

 

9

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF OPERATION

 

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-Q.

 

Our Management’s Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. Although the forward-looking statements in this Quarterly Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.

 

FORWARD LOOKING STATEMENTS

 

The information contained in this Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including among other things, statements regarding our capital needs, business strategy and expectations. Any statement which does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. In evaluating forward looking statements, you should consider various factors outlined in our Form 10-K report for the year ended September 30, 2023, filed with the U.S. Securities Exchange Commission (“SEC”) and, from time to time, in other reports we file with the SEC. These factors may cause our actual results to differ materially from any forward-looking statement. We disclaim any obligation to publicly update these statements or disclose any difference between our actual results and those reflected in these statements.

 

Overview.

 

We are primarily focused on the energy and water sectors, providing the materials and technologies for a greener future. GSTX has a portfolio of projects in the cleantech arena with:

 

  Patented and novel technologies.

 

  Proven products with exclusive geographical distribution rights.

 

  Ground-breaking new innovations.

 

  Mineral resources that critical to the high-tech supply chain.

 

These investments focus on global opportunities, multi-billion-dollar industries, with a significant positive environmental impact. GSTX is focused on projects with exceptionally strong business opportunities, taking advantage of the environmental and supply chain challenges the world faces at present. GSTX is currently focused on supplying advanced materials to existing manufacturers and water harvesting products to market.

 

Advanced Materials

A portfolio of proprietary technologies for upstream manufacturing material supply into high tech markets including solar, semiconductor, defence.

 

  The Dragonfly range of transparent conductive thin films.

 

  High purity quartz sand production.

 

10

 

 

Water Technologies

A portfolio of products and technologies for providing clean drinkable water for consumers and industry.

 

  Ambient water harvesting equipment.

 

  The company is also exploring opportunities in water remediation, oils spill clean-up.

 

The Company is also exploring acquisition opportunities for solar cell manufacturing, Critical Resources Assets (Minerals with identified supply chain risk), zero emission fossil fuel replacement, green hydrogen, and ammonia production.

 

Operational Overview.

 

US Thin Films

 

US Thin-Film Corporation, a 100% owned subsidiary of GSTX holds a Patent Portfolio (IP) relating to the novel leading-edge production of conductive transparent thin films. The thin films are based on a conductive nanoparticle technology, an innovative conductive coating that self-assembles into a random mesh-like network pattern when coated, providing excellent electrical conductivity, high transparency, and flexibility. The Technology was founded and developed in Israel and has built up significant R&D profile for over 15 years with more than USD $90 Million invested. The technology has won several international touchscreen technology awards.

 

Applications of the proprietary thin film in existing electronics applications outperforms current materials. Key applications include: Electromagnetic Interference (EMI) Shielding, Flexible Transparent Antennas (4G/5G communications), Transparent Heaters (windows, goggles, etc), Touch Displays (monitors, phones, tablets), Photovoltaic, OLED Lighting, Flexible Displays, Sensors, and numerous other electronic applications

 

The US Thin-Film technology is superior to traditional/existing technology with multiple times the electrical conductivity of conventional ITO based transparent conductive films with a simple manufacturing method protected by the company’s patent portfolio.

 

The company is presently in discussions with several contract manufacturing groups to produce initial samples of its thin film technology, branded Dragonfly film, for product qualification and pre-sales activity purposes.

 

Water Harvesting

 

Water scarcity is at the center of the world’s most significant challenges. The United Nations estimates approximately 30% of the world’s population will face severe water shortages by 2025. Many people do not realise that the atmosphere, the air we breathe, contains a significant amount of water. Humidity is water in the air. Air can hold 1-2 ounces of water per cubic yard. At any one instant, the Earth’s atmosphere contains 37.5 trillion gallons of water vapor – enough to cover the entire surface of the planet with 1.5 inches of rain if condensed.

 

In parallel, massive population growth and urbanisation has led to an unprecedented demand for fresh water. Investment in infrastructure has been woefully inadequate, resulting in severe and critical water stress globally.

 

There are an estimated 13 trillion litres (3.4 trillion gal) of water floating in the atmosphere at any one time. There is 6 times as much fresh water in the air as in all rivers and lakes in the world.

 

The Company is continuing commercialization of a unique water harvesting technology utilizing modular, self-contained units that can be solar or grid powered, and deployed in urban and rural environments. The water harvesters will extract moisture from the ambient air and collect as 100% pure fresh water. Each domestic water harvester will be capable of generating 30-50 liters (8-13 gal) of pure fresh water per day for personal use, with commercial models collecting up to 50,000 liters (13,000 gal) per day. The 100% pure H20 extracted from the atmosphere is also suitable for industrial use in green hydrogen production and pharmaceutical, semiconductor processing plants.

 

11

 

A 100% operational subsidiary has been established for the water harvesting products. It will trade as Adaquo, which is a Latin verb meaning to supply water. The company has engaged the services of two industry veterans (20+ years experience) to assist with commercialization of the technology.

 

Whilst still undertaking in house development of the company’s proprietary solid-state technology, the company is also exploring opportunities to license and distribute existing products that have been market proven on an exclusive geographical basis.

 

Quartz Material.

 

The company has significant technical expertise and experience in the high purity quartz sector. Initially, the company focused upon acquiring resources and developing high purity silica (99.9% purity) into commercial grade high purity quartz sand (HPQS 99.997% purity). HPQS is essential for the production of semiconductors and photovoltaic solar panels.

 

Although the enterprise was successful in identifying substantial resources and valuable customers in Japan, China, South Korea, Taiwan and South-East Asia, the company was unable to secure funding to scale to meet demand for HPQS product, largely due to complications with the onset of Covid-19 in March 2020. The COVID Pandemic saw significant disruption to the global solar and semiconductor manufacturing sector. This had significant flow on effects to HPQS market. It is anticipated that by mid-2023 the sector will be substantially recovered to pre-covid levels of production and associated demand for raw materials. At present manufacturing levels of solar cells are showing strong growth and a swift recovery.

 

The company is presently re-engaging with past acquisition opportunities and customers in the HPQ sector. At present there is a significant production shortfall for the material and prices/volumes are showing strong growth. The company is continuing to pursue the development of an Australian based production facility.

 

Graphene Material.

 

Graphene, a new material, was discovered in 2004 by two UK based Russian university professors who were awarded the Nobel Prize in 2010 for their discovery. Graphene is a 2D material, (one atom thickness) made from graphite/carbon atoms, and whilst still largely unknown to the world is rapidly becoming a new industrial revolution in its own right with more than 8,800 patent applications for graphene and graphene enabled product applications having been filed recently. We have taken an early-stage leading-edge position in this evolving new technological field of graphene enabling and enhancement, specifically to focus upon development of graphene enabled photovoltaic solar panels.

 

Graphene is the world’s thinnest and strongest material ever, with remarkable electrical, thermal, and optical properties being the most conductive material ever scientifically measured. A sheet of graphene material is only one single atom in thickness and is referred to as a 2D nano-material having almost no measurable depth, only length and width. Graphene is also highly transparent and can be easily flexed and stretched 25% of its size without breaking. However, it is also 200 times stronger than steel and harder than a diamond. Graphene material is completely impermeable, even a helium atom (the smallest) cannot pass through graphene. The advent of graphene and the introduction of the extraordinary benefits from combining graphene with existing materials and products.

 

Our main focus remains dedicated to our original premise of producing low cost, high grade, high purity graphene for industrial sales to existing materials groups. 

 

 

12

 

 Results of Operations

 

For the fiscal quarters ended December 31, 2023 and December 31, 2022 we generated no revenues, and thus no cost of sales or gross profits.

 

For the fiscal quarters ended December 31, 2023 and December 31, 2022, we incurred $367,146 and $177,645, respectively, in operating expenses.

 

For the fiscal quarter ended December 31, 2023 we recorded other expenses of $10,029 while in the fiscal quarter ended December 31, 2022 we incurred expenses of $5,113 both items are represented by accrued interest on debt. Other income of $8,040 was earned in the fiscal quarter, December 31, 2023 and $6,300 in fiscal quarter, December 31, 2022.

 

For the fiscal quarter ended December 31, 2023, we reported net loss of $369,136 while in the fiscal quarter ended December 31, 2022, we reported a net loss before taxes of $176,458.

 

For the periods ended December 31, 2023 and September 30, 2023, our cash positions were $23,794 and $1,094 respectively.

 

As of December 31, 2023, we had total current liabilities of $5,431,655 while as of September 30, 2023, we had total current liabilities of $4,997,159, an increase of about 8%. Accrued interest payable increased from $184,851 to $192,307. Related party debt increased from $1,985,601 to $2,254,762 during the period.

 

Liquidity and Capital Resources

 

As of December 31, 2023, we had $35,559 in current assets and $5,431,655 in current liabilities. Accordingly, we had a working capital deficit of $5,396,096.

 

Operating activities used $28,299 for the quarter ended December 31, 2023, as compared to $9,967 for the quarter ended December 31, 2022.

 

Net cash provided by financing activities was $50,250 for the quarter ended December 31, 2023, as compared to $20,000 for the quarter ended December 31, 2022.

 

13

 

 

Off-Balance Sheet Arrangements

 

There are no off-balance sheet arrangements.

 

Critical Accounting Policies and Estimates

 

For a discussion of our accounting policies and related items, please see the Notes to the Financial Statements, included in Item 1.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

An evaluation was carried out under the supervision and with the participation of our management, including our Principal Executive and Interim Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report on Form 10-Q. Disclosure controls and procedures are procedures designed with the objective of ensuring that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this Form 10-Q, is recorded, processed, summarized and reported, within the time period specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and is communicated to our management, including our Principal Executive [and Financial Officer], or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, our management concluded that, as of December 31, 2020, our disclosure controls and procedures were not effective.

 

Management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2023, based on the framework established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 (“COSO”). Management’s assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of those controls.

 

As of period covered by this Quarterly Report on Form 10-Q, we have concluded that our internal control over financial reporting was ineffective. The Company’s assessment identified certain material weaknesses which are set forth below:

 

Functional Controls and Segregation of Duties

 

Because of the Company’s limited resources, there are limited controls over information processing.

 

There is an inadequate segregation of duties consistent with control objectives. Our Company’s management is composed of a small number of individuals resulting in a situation where limitations on segregation of duties exist. In order to remedy this situation, we would need to hire additional staff to provide greater segregation of duties. Currently, it is not feasible to hire additional staff to obtain optimal segregation of duties. Management will reassess this matter in the following year to determine whether improvement in segregation of duty is feasible.

 

Accordingly, as the result of identifying the above material weakness we have concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the Company’s internal controls.

   

14

 

 

Management’s Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of internal control over financial reporting. As defined by the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of our Principal Executive and Financial Officer and implemented by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements in accordance with U.S. generally accepted accounting principles.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Changes in Internal Control Over Financial Reporting

 

There was no change in our internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Management has addressed the underlying causes for our weaknesses in internal control since early FY 2020. Our efforts to raise both debt and equity capital soon will allow us to undertake additional engagement of external independent consultants to assist with the processing of data and drafting financial reports on a timely basis in future reporting periods.

  

15

 

   

PART II

 

ITEM 1. LEGAL PROCEEDINGS

 

The are no legal proceedings at the date of this filing. Legal guidance only has been sought in relation the mining leases as referenced above under Current Business & Operations section.

 

ITEM 1A. RISK FACTORS

 

Our business is subject to numerous risks and uncertainties including but not limited to those discussed in “Risk Factors” in our annual report on Form 10-K.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Please see Note 5 to our Financial Statements.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

Exhibits

  

31.1 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
31.2 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
32.1 Certification pursuant to Section 906 of the Sarbanes-Oxley Act.
   
32.2 Certification pursuant to Section 906 of the Sarbanes-Oxley Act.

 

 

16

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

  

  GRAPHENE & SOLAR TECHNOLOGIES LIMITED
     
Date: March 27, 2024 By: /s/ Jason May
    Chief Executive Officer and Director

 

 

 

17

 

EX-31.1 2 ex31_1.htm

EXHIBIT 31.1

 

CERTIFICATIONS

 

I, Jason May, certify that;

 

1. I have reviewed this quarterly report on Form 10-Q of Graphene & Solar Technologies Limited;
   
2. Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 27, 2024 By: /s/ Jason May
    Jason May
    Chief Executive Officer and Director

 

  

  

 

EX-31.2 3 ex31_2.htm

 

 EXHIBIT 31.2

 

CERTIFICATIONS

 

I, David A.B. Halstead, certify that;

 

1. I have reviewed this quarterly report on Form 10-Q of Graphene & Solar Technologies Limited;
   
2. Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 27, 2024 By: /s/ David Halstead
    David Halstead
    Chief Financial Officer and Director

 

 

EX-32.1 4 ex32_1.htm

 EXHIBIT 32.1

 

In connection with the Quarterly Report of Graphene & Solar Technologies Limited (the “Company”) on Form 10-Q for the period ending December 31, 2023 as filed with the Securities and Exchange Commission (the “Report”), Jason May, the Chief Executive Officer and Director of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

 

  (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects the financial condition and results of operations of the Company.

 

Date: March 27, 2024 By: /s/ Jason May
    Jason May,
    Chief Executive Officer and Director

 

 

EX-32.2 5 ex32_2.htm

 EXHIBIT 32.2

 

In connection with the Quarterly Report of Graphene & Solar Technologies Limited (the “Company”) on Form 10-Q for the period ending December 31, 2023 as filed with the Securities and Exchange Commission (the “Report”), David A.B. Halstead, the Director and Chief Financial Officer of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

 

  (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects the financial condition and results of operations of the Company.

 

Date: March 27, 2024 By: /s/ David Halstead
    David Halstead,
    Chief Financial Officer and Director

 

 

 

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related party Notes payable, $60,000 in default Notes payable – related party Convertible notes payable, $100,747 in default Convertible notes payable – related party, net of discount $16,106 and $0 Total Current Liabilities Total Liabilities Preferred stock: 10,000,000 shares authorized; $0.00001 par value; no shares issued and outstanding Common stock: 500,000,000 shares authorized; $0.00001 par value; 421,292,610 and 421,892,610 shares issued and outstanding Additional paid-in capital Stock Receivable Accumulated deficit Accumulated other comprehensive income Total Stockholders’ Deficit Total Liabilities and Stockholders’ Deficit Furniture and equipment, net of depreciation Preferred stock, authorized Perferred stock, par value Preferred stock, issued Preferred stock, outstanding Common stock, authorized Common stock, par value Common stock, issued Common stock, outstanding Income Statement [Abstract] Revenue Operating Expenses: Professional Services General and administrative Total operating expenses Loss from operations Other Income (Expense): Other income Interest expense Total Other Income (Expense) Net Income (Loss) Other Comprehensive Income Net Comprehensive Loss Income (Loss) per share: Basic and diluted Weighted average shares outstanding Statement [Table] Statement [Line Items] Balance, September 30, 2022 Shares, Outstanding, Beginning Balance Stock Based Compensation Debt Discount on Notes Payable Foreign currency translation adjustment Net loss Balance, December 31, 2022 Shares, Outstanding, Ending Balance Debt Disclosure [Abstract] Long-Term Debt, Gross Statement of Cash Flows [Abstract] Cash flows from operating activities Net Income (loss) Adjustments to reconcile net income/(loss) to net cash from operating activities: Stock-based compensation Depreciation expense Amortization of intangibles Amortization of discount Loss on Settlement of Debt Accounts payable related party Impairment of assets Changes in operating assets and liabilities: Accounts payable Accrued interest payable Other Receivables Pre-Payments Due to related parties Net cash used in operating activities Cash flows from investing activities Cash paid for purchase of fixed assets Net cash used in investing activities Cash flows from financing activities Proceeds from issuance of common stock Due to Affiliates Issuance of convertible note – related party Net cash from financing activities Effect of currency translations to cash flow Net change in cash and cash equivalents Beginning of period End of period Supplemental cash flow information Taxes Noncash investing and financing activities: Issuance of Common Stock as Debt Discount Accounting Policies [Abstract] BASIS OF PRESENTATION SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION NOTES PAYABLE Related Party Transactions [Abstract] RELATED PARTY Equity [Abstract] STOCKHOLDERS’ EQUITY Goodwill and Intangible Assets Disclosure [Abstract] INTANGIBLE ASSETS/PATENTS Subsequent Events SUBSEQUENT EVENTS Principles of Consolidation and Basis of Presentation Use of Estimates Cash and Cash Equivalents Derivative Financial Instruments Stock-Based Compensation Foreign Currency Translations Earnings Per Share Reclassifications Schedule of notes payable Schedule of finite lived intangible assets Net losses Convertible notes Convertible notes – related party, net of discount $16,106 Notes Payable Notes Payable – related parties Patents Accumulated amortization Total patent costs, net Assets, Current Assets [Default Label] Liabilities, Current Liabilities Common Stock, Share Subscribed but Unissued, Subscriptions Receivable Accumulated Other Comprehensive Income (Loss), Net of Tax StockholdersEquity2 Liabilities and Equity Operating Expenses Interest Expense, Operating and Nonoperating Other Nonoperating Income (Expense) Net Income (Loss) Attributable to Parent Equity, Attributable to Parent Shares, Outstanding Increase (Decrease) in Interest Payable, Net Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash and Cash Equivalents, at Carrying Value EX-101.PRE 10 gstx-20231231_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.24.1
Cover - shares
3 Months Ended
Dec. 31, 2023
Mar. 25, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2023  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --09-30  
Entity File Number 333-174194  
Entity Registrant Name GRAPHENE & SOLAR TECHNOLOGIES LIMITED  
Entity Central Index Key 0001497649  
Entity Tax Identification Number 27-2888719  
Entity Incorporation, State or Country Code CO  
Entity Address, Address Line One Suite 300  
Entity Address, City or Town Phoenix  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85028  
City Area Code 602  
Local Phone Number 388-8335  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   424,592,610
[custom:EntityAddressAddressLine] 11201 North Tatum Blvd.  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.24.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Current Assets:    
Cash $ 23,794 $ 1,094
Prepaid expenses 11,765 11,108
Total Current Assets 35,559 12,202
Other Assets:    
Furniture and equipment, net of depreciation $81,701 904 937
Intellectual property – at cost, net 1 1
Other intangible assets – at cost 975 975
Other receivable 4,015
Total Assets 37,439 18,130
Current Liabilities    
Accounts payable and other payable 2,717,982 2,594,247
Accrued interest payable 192,307 184,851
Due to related party 2,254,762 1,985,601
Notes payable, $60,000 in default 60,000 60,000
Notes payable – related party 71,963 71,713
Convertible notes payable, $100,747 in default 100,747 100,747
Convertible notes payable – related party, net of discount $16,106 and $0 33,894
Total Current Liabilities 5,431,655 4,997,159
Total Liabilities 5,431,655 4,997,159
Preferred stock: 10,000,000 shares authorized; $0.00001 par value; no shares issued and outstanding
Common stock: 500,000,000 shares authorized; $0.00001 par value; 421,292,610 and 421,892,610 shares issued and outstanding 4,225 4,219
Additional paid-in capital 63,895,430 63,883,853
Stock Receivable (795,000) (795,000)
Accumulated deficit (68,744,214) (68,375,078)
Accumulated other comprehensive income 193,847 302,977
Total Stockholders’ Deficit (5,394,216) (4,979,029)
Total Liabilities and Stockholders’ Deficit $ 37,439 $ 18,130
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.24.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Statement of Financial Position [Abstract]    
Furniture and equipment, net of depreciation $ 81,701  
Preferred stock, authorized 10,000,000 10,000,000
Perferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Common stock, authorized 500,000,000 500,000,000
Common stock, par value $ 0.00001 $ 0.00001
Common stock, issued 421,892,610 421,292,610
Common stock, outstanding 421,892,610 421,292,610
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($)
3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]    
Revenue
Operating Expenses:    
Professional Services 342,734 134,854
General and administrative 24,413 42,791
Total operating expenses 367,147 177,645
Loss from operations (367,147) (177,645)
Other Income (Expense):    
Other income 8,040 6,300
Interest expense (10,029) (5,113)
Total Other Income (Expense) (1,989) 1,187
Net Income (Loss) (369,136) (176,458)
Other Comprehensive Income    
Net Comprehensive Loss $ (478,266) $ (250,913)
Income (Loss) per share:    
Basic and diluted $ (0.00) $ (0.00)
Weighted average shares outstanding 421,773,914 374,305,480
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.24.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIENCY - USD ($)
3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Balance, September 30, 2022 $ (4,979,029) $ (4,043,192)
Stock Based Compensation 44,400  
Debt Discount on Notes Payable 18,679  
Foreign currency translation adjustment (109,130) (74,455)
Net loss (369,136) (176,458)
Balance, December 31, 2022 (5,394,216) (4,294,105)
Common Stock [Member]    
Balance, September 30, 2022 $ 4,219 $ 3,748
Shares, Outstanding, Beginning Balance 421,292,610 374,305,480
Stock Based Compensation  
Debt Discount on Notes Payable 6  
Foreign currency translation adjustment
Net loss
Balance, December 31, 2022 $ 4,225 $ 3,748
Shares, Outstanding, Ending Balance 421,892,610 374,305,480
Additional Paid-in Capital [Member]    
Balance, September 30, 2022 $ 63,883,853 $ 63,527,513
Stock Based Compensation  
Debt Discount on Notes Payable 11,577  
Foreign currency translation adjustment
Net loss
Balance, December 31, 2022 63,895,430 63,527,513
Stock Receivable [Member]    
Balance, September 30, 2022 (795,000) (795,000)
Stock Based Compensation  
Debt Discount on Notes Payable  
Foreign currency translation adjustment
Net loss
Balance, December 31, 2022 (795,000) (795,000)
Stock Payable [Member]    
Balance, September 30, 2022
Stock Based Compensation 44,400  
Debt Discount on Notes Payable 7,096  
Foreign currency translation adjustment
Net loss
Balance, December 31, 2022 51,496
Retained Earnings [Member]    
Balance, September 30, 2022 (68,375,078) (67,070,016)
Stock Based Compensation  
Debt Discount on Notes Payable  
Foreign currency translation adjustment
Net loss (369,136) (176,458)
Balance, December 31, 2022 (68,744,214) (67,246,474)
AOCI Attributable to Parent [Member]    
Balance, September 30, 2022 302,977 290,563
Stock Based Compensation  
Debt Discount on Notes Payable  
Foreign currency translation adjustment (109,130) (74,455)
Net loss
Balance, December 31, 2022 $ 193,847 $ 216,108
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIENCY (Parenthetical)
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
Long-Term Debt, Gross $ 600,000
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net Income (loss) $ (369,136) $ (176,458)
Adjustments to reconcile net income/(loss) to net cash from operating activities:    
Stock-based compensation 44,400
Depreciation expense 84 83
Amortization of intangibles
Amortization of discount 2,573
Loss on Settlement of Debt
Accounts payable related party
Impairment of assets
Changes in operating assets and liabilities:    
Accounts payable 86,256 49,269
Accrued interest payable 7,456 5,113
Other Receivables 4,015
Pre-Payments
Due to related parties 197,000 112,026
Net cash used in operating activities (27,352) (9,967)
Cash flows from investing activities    
Cash paid for purchase of fixed assets
Net cash used in investing activities
Cash flows from financing activities    
Proceeds from issuance of common stock
Due to Affiliates 250 20,000
Issuance of convertible note – related party 50,000
Net cash from financing activities 50,250 20,000
Effect of currency translations to cash flow (198) 185
Net change in cash and cash equivalents 22,700 10,218
Beginning of period 1,094 2,857
End of period 23,794 13,075
Supplemental cash flow information    
Taxes
Noncash investing and financing activities:    
Issuance of Common Stock as Debt Discount $ 18,679
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.1
BASIS OF PRESENTATION
3 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
BASIS OF PRESENTATION

NOTE 1 – BASIS OF PRESENTATION

 

These consolidated financial statements of Graphene & Solar Technologies Limited (GSTX or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations. These financial statements should be read along with Graphene & Solar’s audited financial statements as of September 30, 2023.

 

Going Concern – The Company has incurred cumulative net losses since inception of $68,744,214 December 31, 2023. Accordingly, it requires capital to fund working capital deficits and for future operating activities to take place. The Company’s ability to raise new funds through the future issuances of debt or common stock is unknown. The obtainment of additional financing, the successful development of a plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability of the Company to continue its operations is dependent on management’s plans, which include the raising of capital through debt and/or equity markets, with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur additional liabilities with certain related parties to sustain the Company’s existence. There can be no assurance that the Company will be able to raise any additional capital and therefore raise doubt about the Company’s ability to continue as a going concern.

 

Future issuances of the Company’s equity or debt securities will be required for the Company to finance operations and continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of these uncertainties.

 

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
3 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

 

Principles of Consolidation and Basis of Presentation — The consolidated financial statements include the accounts of Graphene & Solar Technologies Limited and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements can be found in the Company’s Annual Report in form 10-K for the year ended September 30, 2023.

 

Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment, and the liquidation of liabilities.

 

Cash and Cash Equivalents - Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. As of December 31, 2023 and September 30, 2023, the Company had $23,794 and $1,094 in cash, respectively and no cash equivalents.

 

Derivative Financial Instruments - The Company accounts for freestanding contracts that are settled in a company’s own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company’s balance sheet, with any changes in fair value recorded as a gain or loss in a company’s results of operations.

 

The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows.

 

At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital.

 

There was no derivative activity in fiscal quarter ending December 31, 2023. Therefore, no derivative liabilities were recorded during the quarter ended December 31, 2023.

 

Stock-Based Compensation - ASC 718, “Compensation - Stock Compensation,” prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

 

During the quarter ended December 31, 2023, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.

 

During the quarter ended December 31, 2022, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.

 

Total stock-based compensation expense was $44,400 and $0 for the quarters ended December 31, 2023 and 2022, respectively.

 

Foreign Currency Translations – The functional currency of the Company’s foreign subsidiary is primarily the respective local currency. Assets and liabilities of the Company’s foreign subsidiary are translated into U.S. Dollars at the year-end exchange rate, and revenues and expenses are translated at average monthly exchange rates. Translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. All other foreign currency transaction gains and losses are included in other (income) expense, net.

  

Earnings Per Share - Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share were not calculated as such potential shares would be anti-dilutive.

 

Reclassifications - Certain amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net loss, working capital or equity previously reported.

 

 

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.1
NOTES PAYABLE
3 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 3 – NOTES PAYABLE

 

The Company’s indebtedness as of December 31, 2023 and September 30, 2023 were as follows:

       
Description  December 31, 2023  September 30, 2023
       
Convertible notes  $100,747   $100,747 
Convertible notes – related party, net of discount $16,106   33,894       
Notes Payable  $60,000   $60,000 
Notes Payable – related parties  $71,963    71,713 

  

Notes Payable and Other Loans

 

During 2015 and 2016, the Company executed promissory notes payable with six individuals with an aggregate principal balance of $60,000. The notes were due on demand and included interest at 10%. As of December 31, 2023 and September 30, 2023, the total promissory notes payable balance was $110,222 and $108,710, including accrued interest of $50,222 and $48,710, respectively. On January 15, 2019, the holder of a note with a principal balance of $10,000 made demand for payment. To date, the note has not been paid.

 

During the year ended September 30, 2020 a Company Advisor, loaned the Company $5,811. The loan is a demand note at zero interest.

 

Convertible Notes Payable

 

As of December 31, 2023 and September 30, 2023, noteholders representing $70,747 in outstanding principal had not requested the exchange of shares of common stock. As of December 31, 2023 and September 30, 2023, the exchange obligation payable was $182,184 and $179,510, including accrued interest of $111,437 and $108,762, respectively. As of December 31, 2023 and September 30, 2023, the exchange obligation was for 55,040 shares and 54,233 shares of common stock, respectively.

 

On February 1, 2016, the Company issued convertible secured note payable of $30,000 to an individual. The note was due on January 31, 2017 and included interest at 10%. The note was convertible at discretion of the holder into common shares of the Company at the rate of $0.50 per shares. The Company has not extended the maturity date and the note is in default. As of December 31, 2023 and September 30, 2023, the total convertible note payable balance was $53,753 and $52,997, including accrued interest of $23,753 and $22,997 respectively. As of December 31, 2023 and September 30, 2023, the exchange obligation was for 107,506 shares and 105,994 shares of common stock, respectively.

 

Convertible Notes Payable – Related Party

 

During the quarter ended December 31, 2023, the Company entered into an agreement to issue convertible notes payable with an accredited investor. Notably, there exists a professional relationship between the Company and the investor, facilitated by a mutual director serving on the boards of both entities. These notes carry an aggregate principal balance of $50,000 and accrue interest at a rate of 10% per annum. Their maturity dates are set for October 2024 and December 2024. Additionally, the notes offer the option for conversion into common shares of the Company at the discretion of the holder, with a conversion rate of $0.10 per share. As of December 31, 2023, the total balance of promissory notes payable stood at $50,705, inclusive of accrued interest totaling $705. Moreover, the exchange obligation associated with these notes amounted to 507,050 shares of common stock. In return for providing the loan, the Company authorized the issuance of 1,000,000 shares of common stock to the lender. By the end of December 31, 2023, 600,000 shares had been issued, leaving 400,000 shares unissued. The Company recorded an initial debt discount of $18,679 upon the issuance of the notes, with subsequent amortization of debt discount totaling $2,573.

 

 

Related Party Loans

 

On December 5, 2022, the Company entered into a Promissory Loan Note with Mr. Andrew Liang, in the amount of US$20,000, with a maturity date of December 5, 2023. The loan will accrue interest at the rate of 10% per annum.

 

On February 28, 2023, the Company entered into a Promissory Loan Note with MI Labs Pty Ltd, in the amount of US$50,000 (of which $31,943 was received by the company as of December 31, 2023) with a maturity date of February 28, 2024. The loan will accrue interest at the rate 10% per annum.

 

On July 20, 2023, the Company entered into a Promissory Loan Note with Pagemark Limited, in the amount of US$20,000, with a maturity date of July 20, 2024. The loan will accrue interest at the rate of 10% per annum.

 

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.1
RELATED PARTY
3 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY

NOTE 4 – RELATED PARTY

 

MI Labs Pty Ltd, a management company controlled by Mr. Jason May, the Company’s Chief Executive Officer and a Company Director, provides management services to the Company for which the Company is charged $25,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $75,000 with respect to this arrangement.

 

CSA Liang Pty Ltd, a management company controlled by Mr. Andrew Liang, a Company Director, provided corporate advisor services to the Company for which the Company was charged $5,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $15,000 with respect to this arrangement.

 

Sativus Investments, a management company controlled by Mr. Paul Saffron, the Company’s Chief Operations Officer, provides management services to the Company for which the Company is charged $20,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $60,000 with respect to this arrangement.

 

Allegro Investments Limited entered into a convertible note agreement with the Company. The Company and Allegro Investments Limited share a professional relationship wherein a director serves on the boards of both entities – see NOTE 3.

 

During the quarters ended December 31, 2023 and 2022, stock-based compensation expense relating to directors, officers, affiliates and related parties was $44,400 (6,000,000 shares – see NOTE 7) and $0 (no shares), respectively.

 

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.24.1
STOCKHOLDERS’ EQUITY
3 Months Ended
Dec. 31, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 5 – STOCKHOLDERS’ EQUITY

 

600,000 common shares were issued during the quarter ended December 31, 2023. The Company has a total of 5,778,367 shares that remain approved, reserved and outstanding and not yet issued by the Transfer Agent at December 31, 2023.

 

Mr. Jason May was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Mr. Paul Saffron was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Ms. Kristine Woo was granted 2,000,000 shares per annum, per the terms of her consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Allegro Investments Limited entered into a convertible loan agreement with the Company in December 2023. Per the terms of the agreement, 400,000 common shares are to be issued. As of this filing date, the shares have been approved but remain unissued.

 

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.24.1
INTANGIBLE ASSETS/PATENTS
3 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS/PATENTS

NOTE 6 – INTANGIBLE ASSETS/PATENTS

 

We amortize capitalized patent costs for internally generated patents on a straight-line basis for 7 years, which represents the estimated useful lives of the patents. The seven-year estimated useful life for internally generated patents is based on our assessment of such factors as: the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The estimated useful lives of acquired patents and patent rights, however, have been and will continue to be based on a separate analysis related to each acquisition and may differ from the estimated useful lives of internally generated patents. The average estimated useful life of acquired patents is 6.7 years. We assess the potential impairment to all capitalized net patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable.

       
   December 31, 2023  September 30, 2023
Patents   1    1 
Accumulated amortization            
Total patent costs, net   1    1 

  

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.1
SUBSEQUENT EVENTS
3 Months Ended
Dec. 31, 2023
Subsequent Events  
SUBSEQUENT EVENTS

NOTE 7 – SUBSEQUENT EVENTS

 

On January 1, 2024, American Solar Manufacturing Company LLC signed a retainer consulting agreement with the Company and was granted 2,000,000 shares. The Company issued 2,000,000 shares, per the terms of the agreement.

 

On March 20, 2024, Pagemark Limited signed an Addendum to Loan Agreement with the Company and was granted 500,000 shares. The Company issued 500,000 shares, per the terms of the agreement.

 

On March 4, 2024, the Company accepted a Share Application for the total price of $1,000 ($0.01/share). The Company issued 100,000 shares, per the terms of the application.

 

On March 22, 2024, the Company accepted a Share Application for the total price of $1,000 ($0.01/share). The Company issued 100,000 shares, per the terms of the application.

 

Mr. Jason May was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Mr. Paul Saffron was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Ms. Kristine Woo was granted 2,000,000 shares per annum, per the terms of her consulting agreement. As of this filing date, the shares have been approved but remain unissued.

 

Mr. Thomas Chang was granted a maximum of 1,000,000 shares per annum subject to performance in fiscal years 2021/2022, 2022/2023 and 2023/2024 to a total of 3,000,000 shares. 1,000,000 shares were issued during the 2021/2022 fiscal year. As of this filing date, the remaining 2,000,000 shares have been approved but remain unissued.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)
3 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation — The consolidated financial statements include the accounts of Graphene & Solar Technologies Limited and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements can be found in the Company’s Annual Report in form 10-K for the year ended September 30, 2023.

 

Use of Estimates

Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment, and the liquidation of liabilities.

 

Cash and Cash Equivalents

Cash and Cash Equivalents - Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. As of December 31, 2023 and September 30, 2023, the Company had $23,794 and $1,094 in cash, respectively and no cash equivalents.

 

Derivative Financial Instruments

Derivative Financial Instruments - The Company accounts for freestanding contracts that are settled in a company’s own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company’s balance sheet, with any changes in fair value recorded as a gain or loss in a company’s results of operations.

 

The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows.

 

At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital.

 

There was no derivative activity in fiscal quarter ending December 31, 2023. Therefore, no derivative liabilities were recorded during the quarter ended December 31, 2023.

 

Stock-Based Compensation

Stock-Based Compensation - ASC 718, “Compensation - Stock Compensation,” prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

 

During the quarter ended December 31, 2023, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.

 

During the quarter ended December 31, 2022, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.

 

Total stock-based compensation expense was $44,400 and $0 for the quarters ended December 31, 2023 and 2022, respectively.

 

Foreign Currency Translations

Foreign Currency Translations – The functional currency of the Company’s foreign subsidiary is primarily the respective local currency. Assets and liabilities of the Company’s foreign subsidiary are translated into U.S. Dollars at the year-end exchange rate, and revenues and expenses are translated at average monthly exchange rates. Translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. All other foreign currency transaction gains and losses are included in other (income) expense, net.

  

Earnings Per Share

Earnings Per Share - Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share were not calculated as such potential shares would be anti-dilutive.

 

Reclassifications

Reclassifications - Certain amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net loss, working capital or equity previously reported.

 

 

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.24.1
NOTES PAYABLE (Tables)
3 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of notes payable
       
Description  December 31, 2023  September 30, 2023
       
Convertible notes  $100,747   $100,747 
Convertible notes – related party, net of discount $16,106   33,894       
Notes Payable  $60,000   $60,000 
Notes Payable – related parties  $71,963    71,713 
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.1
INTANGIBLE ASSETS/PATENTS (Tables)
3 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of finite lived intangible assets
       
   December 31, 2023  September 30, 2023
Patents   1    1 
Accumulated amortization            
Total patent costs, net   1    1 
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.1
BASIS OF PRESENTATION (Details Narrative)
162 Months Ended
Dec. 31, 2023
USD ($)
Accounting Policies [Abstract]  
Net losses $ 68,744,214
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.24.1
Schedule of notes payable (Details) - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Debt Disclosure [Abstract]    
Convertible notes $ 100,747 $ 100,747
Convertible notes – related party, net of discount $16,106 33,894
Notes Payable 60,000 60,000
Notes Payable – related parties $ 71,963 $ 71,713
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.24.1
Schedule of finite lived intangible assets (Details) - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Patents $ 1 $ 1
Accumulated amortization
Total patent costs, net $ 1 $ 1
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In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations. These financial statements should be read along with Graphene &amp; Solar’s audited financial statements as of September 30, 2023.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going Concern </i>– The Company has incurred cumulative net losses since inception of $<span id="xdx_901_ecustom--NetIncomeLosses_c20100621__20231231_zBGetpTNXMMf" title="Net losses">68,744,214</span> December 31, 2023. Accordingly, it requires capital to fund working capital deficits and for future operating activities to take place. The Company’s ability to raise new funds through the future issuances of debt or common stock is unknown. The obtainment of additional financing, the successful development of a plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability of the Company to continue its operations is dependent on management’s plans, which include the raising of capital through debt and/or equity markets, with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur additional liabilities with certain related parties to sustain the Company’s existence. There can be no assurance that the Company will be able to raise any additional capital and therefore raise doubt about the Company’s ability to continue as a going concern.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future issuances of the Company’s equity or debt securities will be required for the Company to finance operations and continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of these uncertainties.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 68744214 <p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_zPD8fd7HJj0j" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 – <span id="xdx_822_zm2vx6DzPCri">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION</span></b></span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--ConsolidationPolicyTextBlock_zBXdlWxxJJkf" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zKO5B4GGIlZk">Principles of Consolidation and Basis of Presentation</span></i> — The consolidated financial statements include the accounts of Graphene &amp; Solar Technologies Limited and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements can be found in the Company’s Annual Report in form 10-K for the year ended September 30, 2023.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--UseOfEstimates_zbCgKWQbDyN2" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zr4mduWnH7ck">Use of Estimates</span> -</i> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment, and the liquidation of liabilities.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zvUzNfq1i8r6" style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86A_zCC0sxNlMR8c">Cash and Cash Equivalents</span> - </i>Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. As of December 31, 2023 and September 30, 2023, the Company had $23,794 and $1,094 in cash, respectively and no cash equivalents.</span></p> <p style="margin: 0; text-align: justify"></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--DerivativesPolicyTextBlock_z95tumPO1ope" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zpiO4BASjAV1">Derivative Financial Instruments</span> </i>- The Company accounts for freestanding contracts that are settled in a company’s own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company’s balance sheet, with any changes in fair value recorded as a gain or loss in a company’s results of operations.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was no derivative activity in fiscal quarter ending December 31, 2023. Therefore, no derivative liabilities were recorded during the quarter ended December 31, 2023.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--ShareBasedCompensationForfeituresPolicyTextBlock_zwrm2jOrDd5g" style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86D_zMvJWaNvhbUb">Stock-Based Compensation</span> - </i>ASC 718, <i>“Compensation - Stock Compensation,”</i> prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).</span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the quarter ended December 31, 2023, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.</span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the quarter ended December 31, 2022, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.</span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total stock-based compensation expense was $44,400 and $0 for the quarters ended December 31, 2023 and 2022, respectively.</span></p> <p style="margin: 0 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z34uQV2zMULf" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zLw230rUnVO3">Foreign Currency Translations</span></i> – The functional currency of the Company’s foreign subsidiary is primarily the respective local currency. Assets and liabilities of the Company’s foreign subsidiary are translated into U.S. Dollars at the year-end exchange rate, and revenues and expenses are translated at average monthly exchange rates. Translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. All other foreign currency transaction gains and losses are included in other (income) expense, net.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p id="xdx_84C_eus-gaap--EarningsPerSharePolicyTextBlock_zyVQrf92br9i" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zVxtaw8Zawwe">Earnings Per Share</span> </i>- Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share were not calculated as such potential shares would be anti-dilutive.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zUgAuxjVB9ri" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zfjJEmoh7EC8">Reclassifications</span> </i>- Certain amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net loss, working capital or equity previously reported.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--ConsolidationPolicyTextBlock_zBXdlWxxJJkf" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zKO5B4GGIlZk">Principles of Consolidation and Basis of Presentation</span></i> — The consolidated financial statements include the accounts of Graphene &amp; Solar Technologies Limited and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements can be found in the Company’s Annual Report in form 10-K for the year ended September 30, 2023.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--UseOfEstimates_zbCgKWQbDyN2" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zr4mduWnH7ck">Use of Estimates</span> -</i> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates include but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment, and the liquidation of liabilities.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zvUzNfq1i8r6" style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86A_zCC0sxNlMR8c">Cash and Cash Equivalents</span> - </i>Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. As of December 31, 2023 and September 30, 2023, the Company had $23,794 and $1,094 in cash, respectively and no cash equivalents.</span></p> <p style="margin: 0; text-align: justify"></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--DerivativesPolicyTextBlock_z95tumPO1ope" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zpiO4BASjAV1">Derivative Financial Instruments</span> </i>- The Company accounts for freestanding contracts that are settled in a company’s own stock, including common stock warrants, to be designated as an equity instrument or generally as a liability. A contract so designated is carried at fair value on a company’s balance sheet, with any changes in fair value recorded as a gain or loss in a company’s results of operations.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period to period. The recognition of these derivative amounts does not have any impact on cash flows.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the date of the conversion of any convertible debt, the pro rata fair value of the related embedded derivative liability is transferred to additional paid-in capital.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was no derivative activity in fiscal quarter ending December 31, 2023. Therefore, no derivative liabilities were recorded during the quarter ended December 31, 2023.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--ShareBasedCompensationForfeituresPolicyTextBlock_zwrm2jOrDd5g" style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86D_zMvJWaNvhbUb">Stock-Based Compensation</span> - </i>ASC 718, <i>“Compensation - Stock Compensation,”</i> prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).</span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the quarter ended December 31, 2023, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.</span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the quarter ended December 31, 2022, the Company did not issue any shares of the Company’s common stock to members of the Board of Directors, employees, and consultants.</span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total stock-based compensation expense was $44,400 and $0 for the quarters ended December 31, 2023 and 2022, respectively.</span></p> <p style="margin: 0 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z34uQV2zMULf" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zLw230rUnVO3">Foreign Currency Translations</span></i> – The functional currency of the Company’s foreign subsidiary is primarily the respective local currency. Assets and liabilities of the Company’s foreign subsidiary are translated into U.S. Dollars at the year-end exchange rate, and revenues and expenses are translated at average monthly exchange rates. Translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. All other foreign currency transaction gains and losses are included in other (income) expense, net.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p id="xdx_84C_eus-gaap--EarningsPerSharePolicyTextBlock_zyVQrf92br9i" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zVxtaw8Zawwe">Earnings Per Share</span> </i>- Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share were not calculated as such potential shares would be anti-dilutive.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zUgAuxjVB9ri" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zfjJEmoh7EC8">Reclassifications</span> </i>- Certain amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net loss, working capital or equity previously reported.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_809_eus-gaap--DebtDisclosureTextBlock_zmjmPIArSTQg" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 3 – <span id="xdx_82F_z9qZMuFNgiyh">NOTES PAYABLE</span></b></span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s indebtedness as of December 31, 2023 and September 30, 2023 were as follows:</span></p> <p id="xdx_89A_eus-gaap--ScheduleOfDebtTableTextBlock_zOByTqJf847b" style="margin: 0; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of notes payable </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" id="xdx_494_20231231_zrUls4fBuet7" style="text-align: center"> </td><td> </td> <td colspan="3" id="xdx_49E_20230930_zDxPAufRsUE5" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Description</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2023</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr id="xdx_402_eus-gaap--ConvertibleNotesPayable_iI_zkpFMO2P38q4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Convertible notes</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">100,747</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">100,747</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ConvertibleNotesRelatedPartyNetOfDiscount16106_iI_zDw9XaoRikrg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Convertible notes – related party, net of discount $16,106</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,894</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0421">—</span>  </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NotesPayable_iI_z3Zwl2mfp566" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Notes Payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherLoansPayable_iI_zcRUsGyLdx15" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Notes Payable – related parties</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">71,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,713</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AA_zXo8KvmVXrP8" style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notes Payable and Other Loans</i></b></span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2015 and 2016, the Company executed promissory notes payable with six individuals with an aggregate principal balance of $60,000. The notes were due on demand and included interest at 10%. As of December 31, 2023 and September 30, 2023, the total promissory notes payable balance was $110,222 and $108,710, including accrued interest of $50,222 and $48,710, respectively. On January 15, 2019, the holder of a note with a principal balance of $10,000 made demand for payment. To date, the note has not been paid.</span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended September 30, 2020 a Company Advisor, loaned the Company $5,811. The loan is a demand note at zero interest.</span></p> <p style="margin: 0 1.05pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Notes Payable</i></b></span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023 and September 30, 2023, noteholders representing $70,747 in outstanding principal had not requested the exchange of shares of common stock. As of December 31, 2023 and September 30, 2023, the exchange obligation payable was $182,184 and $179,510, including accrued interest of $111,437 and $108,762, respectively. As of December 31, 2023 and September 30, 2023, the exchange obligation was for 55,040 shares and 54,233 shares of common stock, respectively.</span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 1, 2016, the Company issued convertible secured note payable of $30,000 to an individual. The note was due on January 31, 2017 and included interest at 10%. The note was convertible at discretion of the holder into common shares of the Company at the rate of $0.50 per shares. The Company has not extended the maturity date and the note is in default. As of December 31, 2023 and September 30, 2023, the total convertible note payable balance was $53,753 and $52,997, including accrued interest of $23,753 and $22,997 respectively. As of December 31, 2023 and September 30, 2023, the exchange obligation was for 107,506 shares and 105,994 shares of common stock, respectively.</span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Notes Payable – Related Party</i></b></span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the quarter ended December 31, 2023, the Company entered into an agreement to issue convertible notes payable with an accredited investor. Notably, there exists a professional relationship between the Company and the investor, facilitated by a mutual director serving on the boards of both entities. These notes carry an aggregate principal balance of $50,000 and accrue interest at a rate of 10% per annum. Their maturity dates are set for October 2024 and December 2024. Additionally, the notes offer the option for conversion into common shares of the Company at the discretion of the holder, with a conversion rate of $0.10 per share. As of December 31, 2023, the total balance of promissory notes payable stood at $50,705, inclusive of accrued interest totaling $705. Moreover, the exchange obligation associated with these notes amounted to 507,050 shares of common stock. In return for providing the loan, the Company authorized the issuance of 1,000,000 shares of common stock to the lender. By the end of December 31, 2023, 600,000 shares had been issued, leaving 400,000 shares unissued. The Company recorded an initial debt discount of $18,679 upon the issuance of the notes, with subsequent amortization of debt discount totaling $2,573.</span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Party Loans</i></b></span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 5, 2022, the Company entered into a Promissory Loan Note with Mr. Andrew Liang, in the amount of US$20,000, with a maturity date of December 5, 2023. The loan will accrue interest at the rate of 10% per annum.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 28, 2023, the Company entered into a Promissory Loan Note with MI Labs Pty Ltd, in the amount of US$50,000 (of which $31,943 was received by the company as of December 31, 2023) with a maturity date of February 28, 2024. The loan will accrue interest at the rate 10% per annum.</span></p> <p style="margin: 0 1.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 20, 2023, the Company entered into a Promissory Loan Note with Pagemark Limited, in the amount of US$20,000, with a maturity date of July 20, 2024. The loan will accrue interest at the rate of 10% per annum.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfDebtTableTextBlock_zOByTqJf847b" style="margin: 0; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of notes payable </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" id="xdx_494_20231231_zrUls4fBuet7" style="text-align: center"> </td><td> </td> <td colspan="3" id="xdx_49E_20230930_zDxPAufRsUE5" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Description</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2023</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr id="xdx_402_eus-gaap--ConvertibleNotesPayable_iI_zkpFMO2P38q4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt">Convertible notes</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">100,747</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">100,747</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ConvertibleNotesRelatedPartyNetOfDiscount16106_iI_zDw9XaoRikrg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Convertible notes – related party, net of discount $16,106</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,894</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0421">—</span>  </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NotesPayable_iI_z3Zwl2mfp566" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Notes Payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherLoansPayable_iI_zcRUsGyLdx15" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Notes Payable – related parties</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">71,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,713</td><td style="text-align: left"> </td></tr> </table> 100747 100747 33894 60000 60000 71963 71713 <p id="xdx_803_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zh5sag6CZmHd" style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 4 – <span id="xdx_82E_z5R5hikVivu7">RELATED PARTY</span></b></span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MI Labs Pty Ltd, a management company controlled by Mr. Jason May, the Company’s Chief Executive Officer and a Company Director, provides management services to the Company for which the Company is charged $25,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $75,000 with respect to this arrangement.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSA Liang Pty Ltd, a management company controlled by Mr. Andrew Liang, a Company Director, provided corporate advisor services to the Company for which the Company was charged $5,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $15,000 with respect to this arrangement.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sativus Investments, a management company controlled by Mr. Paul Saffron, the Company’s Chief Operations Officer, provides management services to the Company for which the Company is charged $20,000 monthly. During the three months ended December 31, 2023, the Company incurred charges to operations of $60,000 with respect to this arrangement.</span></p> <p style="margin: 0 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allegro Investments Limited entered into a convertible note agreement with the Company. The Company and Allegro Investments Limited share a professional relationship wherein a director serves on the boards of both entities – see NOTE 3.</span></p> <p style="margin: 0 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the quarters ended December 31, 2023 and 2022, stock-based compensation expense relating to directors, officers, affiliates and related parties was $44,400</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,000,000 shares – see NOTE 7) and $0 (no shares), respectively.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80D_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zJhbQsu62ub9" style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 5 – <span id="xdx_820_zTLsu4Qi8X01">STOCKHOLDERS’ EQUITY</span></b></span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">600,000 common shares were issued during the quarter ended December 31, 2023. The Company has a total of 5,778,367 shares that remain approved, reserved and outstanding and not yet issued by the Transfer Agent at December 31, 2023.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Jason May was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.</span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Paul Saffron was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.</span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Kristine Woo was granted 2,000,000 shares per annum, per the terms of her consulting agreement. As of this filing date, the shares have been approved but remain unissued.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allegro Investments Limited entered into a convertible loan agreement with the Company in December 2023. Per the terms of the agreement, 400,000 common shares are to be issued. As of this filing date, the shares have been approved but remain unissued.</span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_807_eus-gaap--IntangibleAssetsDisclosureTextBlock_ztFOBtyjjM91" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 6 – <span id="xdx_824_zGrDfhRyo5N4">INTANGIBLE ASSETS/PATENTS</span></b></span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We amortize capitalized patent costs for internally generated patents on a straight-line basis for 7 years, which represents the estimated useful lives of the patents. The seven-year estimated useful life for internally generated patents is based on our assessment of such factors as: the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The estimated useful lives of acquired patents and patent rights, however, have been and will continue to be based on a separate analysis related to each acquisition and may differ from the estimated useful lives of internally generated patents. The average estimated useful life of acquired patents is 6.7 years. We assess the potential impairment to all capitalized net patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable.</span></p> <p id="xdx_89F_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zaTwkI6UDHAe" style="margin: 0; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of finite lived intangible assets </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" id="xdx_498_20231231_zrvFhda3ppBb" style="text-align: center"> </td><td> </td> <td colspan="3" id="xdx_49C_20230930_zHq2NHP01tpk" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedPatentsGross_iI_zZpDRq0YNZMi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-indent: -10pt; padding-left: 10pt">Patents</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_z0S4kAisCnNh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0440">—</span>  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0441">—</span>  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_zbMlhrT9XTKe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total patent costs, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A0_zrEvBWz4Ijc6" style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zaTwkI6UDHAe" style="margin: 0; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of finite lived intangible assets </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" id="xdx_498_20231231_zrvFhda3ppBb" style="text-align: center"> </td><td> </td> <td colspan="3" id="xdx_49C_20230930_zHq2NHP01tpk" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedPatentsGross_iI_zZpDRq0YNZMi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-indent: -10pt; padding-left: 10pt">Patents</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_z0S4kAisCnNh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0440">—</span>  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0441">—</span>  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_zbMlhrT9XTKe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total patent costs, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> </table> 1 1 1 1 <p id="xdx_80A_eus-gaap--SubsequentEventsTextBlock_zWcjU3Cqdma9" style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 7 – <span id="xdx_82B_z4icnKOtLaUg">SUBSEQUENT EVENTS</span></b></span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2024, American Solar Manufacturing Company LLC signed a retainer consulting agreement with the Company and was granted 2,000,000 shares. The Company issued 2,000,000 shares, per the terms of the agreement.</span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 20, 2024, Pagemark Limited signed an Addendum to Loan Agreement with the Company and was granted 500,000 shares. The Company issued 500,000 shares, per the terms of the agreement.</span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 4, 2024, the Company accepted a Share Application for the total price of $1,000 ($0.01/share). The Company issued 100,000 shares, per the terms of the application.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 22, 2024, the Company accepted a Share Application for the total price of $1,000 ($0.01/share). The Company issued 100,000 shares, per the terms of the application.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Jason May was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.</span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Paul Saffron was granted 2,000,000 shares per annum, per the terms of his consulting agreement. As of this filing date, the shares have been approved but remain unissued.</span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0 0.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Kristine Woo was granted 2,000,000 shares per annum, per the terms of her consulting agreement. As of this filing date, the shares have been approved but remain unissued.</span></p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Thomas Chang was granted a maximum of 1,000,000 shares per annum subject to performance in fiscal years 2021/2022, 2022/2023 and 2023/2024 to a total of 3,000,000 shares. 1,000,000 shares were issued during the 2021/2022 fiscal year. As of this filing date, the remaining 2,000,000 shares have been approved but remain unissued.</span></p>