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SUBSEQUENT EVENTS | 6 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | COVID-19 Joint Venture On April 6, 2020, the Company entered into a joint venture agreement with international partners to procure, distribute and supply masks, gowns, gloves, and other Personal Protective Equipment (PPE) to be supplied to hospitals and frontline medical personnel. The agreement is effective until December 31, 2020, unless otherwise extended by unanimous consent of the members of the joint venture, including the Company. The Manager of the joint venture, which is not the Company or its affiliates, will have the duty to manage the day-to-day business of the joint venture, monitor the financial, business and operational affairs of the joint venture and take all responsibilities related to the procurement and delivery of products and related matters. The Company contributed the necessary capital in the amount of $660,000 on April 6, 2020 to assist with the importation of these products into the United States, with the potential for additional monies to be lent by the Company to the joint venture, upon mutual consent if necessary. Conversion of convertible promissory notes On April 8, 2020, in accordance with the terms of the December 31, 2018 Securities Purchase Agreement, the Investor was issued an additional 172,400 shares of common stock due to the decrease in stock price resulting in an effective conversion price of $1.50. (see note 9 for additional details) On April 9, 2020, in accordance with the terms of the December 31, 2018 Securities Purchase Agreement, the Investor was issued an additional 794,308 shares of common stock due to the decrease in stock price resulting in an effective conversion price of $1.50. (see note 9 for additional details) On April 15, 2020, in connection with December 31, 2018 Securities Purchase Agreement, the Investor converted $1,250,000 in principal and $437,500 in interest as a conversion premium, for 1,125,000 shares of the Company’s common stock at an effective conversion price of $1.50 due to a trigger event for the Company not filing its annual report on Form 10-K for the fiscal year ended September 30, 2018 on or before December 31, 2018. (see note 9 for additional details) On May 5, 2020, in connection with the Securities Purchase Agreement dated April 17, 2019, the investor converted $750,000 in principal and $112,500 in interest as a conversion premium for 575,000 shares of the Company’s common stock at an effective conversion price of $1.50. (see note 9 for additional details) On May 6, 2020, in connection with the Securities Purchase Agreement dated April 17, 2019, the investor converted $600,000 in principal and $90,000 in interest as a conversion premium for 460,000 shares of the Company’s common stock at an effective conversion price of $1.50. (see note 9 for additional details) On May 7, 2020, in connection with the Securities Purchase Agreement dated April 17, 2019, the investor converted $595,000 in principal and $87,250 in interest as a conversion premium for 456,167 shares of the Company’s common stock at an effective conversion price of $1.50. (see note 9 for additional details) On May 8, 2020, in connection with the Securities Purchase Agreement dated April 17, 2019, the investor converted $350,000 in principal and $52,500 in interest as a conversion premium for 268,333 shares of the Company’s common stock at an effective conversion price of $1.50. (see note 9 for additional details) On May 11, 2020, in connection with the Securities Purchase Agreement dated April 17, 2019, the investor converted $350,000 in principal and $52,500 in interest as a conversion premium for 268,333 shares of the Company’s common stock at an effective conversion price of $1.50. (see note 9 for additional details) Amendment of convertible promissory notes On May 1, 2020, the Company entered into a third amendment (the “Third Amendment”) with the Investor. The Third Amendment amended the Securities Purchase Agreements and Debentures dated December 31, 2018 and April 17, 2019 that were previously amended on March 4, 2020 and March 13, 2020. As provided in the Third Amendment, the Company will not be required to reserve or issue to Investor more shares of Common Stock than were reserved for Investor prior to the Amendment Date until September 29, 2020. In addition, the Company previously amended the Agreement to lower the Closing Price of the Common Stock which may trigger an Event of Default from $5.00 per share under the Agreements down to $1.75 per share for 5 consecutive Trading Days after June 11, 2020. The Third Amendment further amended this clause in the Agreements to provide that an Event of Default under this provision would not be triggered, if at all, until after September 29, 2020.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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