Notes and Convertible Notes Payable |
9 Months Ended |
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Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Notes and Convertible Notes Payable | Note 4. Notes and Convertible Notes Payable
On March 20, 2019, an unrelated individual loaned VRVR $. The note carries a % interest rate and was initially payable March 20, 2020, and then amended on July 27, 2022 to mature on March 20, 2024. The maturity date has been extended to March 20, 2025. As of June 30, 2023 and September 30, 2022, the note balance was $, and accrued interest on the note totaled $ and $, respectively.
On September 23, 2021, an unrelated third party loaned VRVR $ that consisted of cash received by the Company in the amount of $ and an original issue discount of $ . This discount was amortized over the life of the note commencing October 1, 2021. The note carried a % annual interest rate and matured on . Under the terms of the agreement, the Company paid any accrued interest on a monthly basis. In addition, under the terms of the agreement, the Company issued commitment shares to the holder at $ per share and an expense of $ was applied as an additional discount to the note and amortized over the life of the note. The Company had the right to redeem of the commitment shares if the note was repaid on or before the maturity date. On September 30, 2021, principal and accrued interest totaled $ and $ , respectively. On March 23, 2022, the note payable balance of $ and unpaid interest of $ were repaid in full in the amount of $ . During the period of October 1, 2021 through March 23, 2022, interest payments totaling $ were made, resulting in $ total interest payments during the nine months ended June 30, 2022, and $ principal and interest balances at June 30, 2022. As a result of this repayment, of the commitment shares were redeemed at $ cost and are being held in treasury.
On March 15, 2022, an unrelated third party loaned VRVR $ that consisted of cash received by the Company in the amount of $ and an original issue discount of $ . This discount was amortized over the life of the note commencing March 15, 2022. The note carries a % annual interest rate and matured on March 15, 2023. As of June 30, 2023 and September 30, 2022, the note balance was $ and $ , respectively, and the accrued interest was $ and $ , respectively. The note is convertible at a price of $ per share. As of March 15, 2023, the note was in default. On March 28, 2023, June 9, 2023 and July 13, 2023, the Company paid a total of $ to extend the maturity date to . These fees are included in interest expense on the statements of operations.
On March 21, 2022, an unrelated third party loaned VRVR $ that consisted of cash received by the Company, on April 4, 2022, in the amount of $ and an original issue discount of $ . This discount was amortized over the life of the note commencing March 15, 2022. The note carries a % annual interest rate and matures on March 21, 2023. As of June 30, 2023 and September 30, 2022, the note balance was $ and $ , respectively, and the accrued interest was $ and $ , respectively. The note is convertible at a price of $ per share. As of March 15, 2023, the note was in default. On March 29, 2023 and July 13, 2023, the Company paid a total of $ to extend the maturity date to . These fees are included in interest expense on the statements of operations.
Debt discount amortization on the above notes totaled $ and $ during the three months ended June 30, 2023 and 2022, respectively. Debt discount amortization on the above notes totaled $ and $ during the nine months ended June 30, 2023 and 2022, respectively. Total unamortized debt discount totaled $ and $ at June 30, 2023 and September 31, 2022, respectively.
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