XML 54 R14.htm IDEA: XBRL DOCUMENT
v3.20.1

LOANS | 6 Months Ended
--- | ---
Mar. 31, 2020
Accounting Policies [Abstract] |
LOANS | Long term
Long-term loans payable consist of the following: |  | March 31, 2020 |  | September 30, 2019
Promissory notes |  | $ | 150,000 |  |  | $ | 150,000
Total |  | $ | 150,000 |  |  | $ | 150,000
Current
Current loans payable consist of the following: |  | March 31, 2020 |  | September 30, 2019
Promissory notes |  | $ | — |  |  | $ | 50,000
Insurance financing loans |  |  | — |  |  |  | 17,467
Current loans payable: |  |  | — |  |  |  | 67,467
Unamortized debt discount |  |  | — |  |  |  | —
Total, net of unamortized discount |  | $ | — |  |  | $ | 67,467
Promissory Notes On September 5, 2017, the Company executed a 9% secured promissory note with a face value of $150,000 with an investor. Under the terms of the promissory note, the Company received $150,000 and agreed to make monthly interest payments and repay the note principal 24 months from the date of issuance. On September 5, 2019, the investor extended the maturity date to September 5, 2021 and the modification was not deemed substantial. The note is secured by 15,000 shares which are held in escrow and would be issued to the note holder only in the case of an uncured default. As of March 31, 2020, the Company owed $150,000 in principal and $0 in accrued interest under the terms of the agreement and recorded interest expense of $6,767 and $6,729 during the six months ended March 31, 2020 and 2019, respectively. On November 11, 2017, the Company executed a 10% secured promissory note with a face value of $100,000 with an investor. Under the terms of the promissory note the Company received $100,000 and agreed to make monthly interest payments and repay the note principal 24 months from the date of issuance. The note was secured by 10,000 shares which would be issued to the note holder only in the case of an uncured default. The Company repaid all principal and outstanding interest on August 13, 2019 and the 10,000 shares of common stock held as collateral were returned to treasury and cancelled on August 26, 2019. The Company recorded interest expense of $0 and $4,985 for the six months ended March 31, 2020 and 2019, respectively. On December 5, 2017, the Company executed a 9% secured promissory note with a face value of $50,000 with an investor. Under the terms of the promissory note the Company received $50,000 and agreed to make monthly interest payments and repay the note principal 24 months from the date of issuance. The note was secured by 5,000 shares which would be issued to the note holder only in the case of an uncured default. The Company repaid all principal and outstanding interest on December 5, 2019 and the 5,000 shares of common stock held as collateral were returned to treasury and cancelled on January 13, 2020. The Company recorded interest expense of $802 and $2,247 for the six months ended March 31, 2020 and 2019, respectively. Insurance financing loans On February 11, 2019, the Company executed an unsecured 5.6% installment loan with a total face value of $78,603 with a financial institutional to finance its insurance policies. Under the terms of the installment notes the Company received $76,800 and agreed to make equal payments and repay the note 10 months from the date of issuance. As of September 30, 2019, $17,467 in principal remained outstanding. The Company repaid all principal and outstanding interest on November 4th, 2019.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of accounting policy for loan commitments accounted for as derivatives, including the methods and assumptions used to estimate fair value and any associated hedging strategies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116879480&loc=d3e417888-122833 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.DD) -URI http://asc.fasb.org/extlink&oid=116879480&loc=d3e417888-122833 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 + Details
Name: | us-gaap_LoanCommitmentsPolicy
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration