XML 34 R21.htm IDEA: XBRL DOCUMENT

Mezzanie Equity	6 Months Ended
Mar. 31, 2019
Temporary Equity Disclosure [Abstract]
Mezzanie Equity	NOTE 15 – MEZZANIE EQUITY On March 22, 2019, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an unaffiliated institutional investor (the “Investor”), pursuant to which the Company agreed to issue to the Investor 20,000 shares of common stock, a warrant to purchase 200,000 shares of common stock and 2,100 shares of Series B Preferred Stock, stated value $500 per share. The Series B Preferred Stock has a maturity date of one year from the issuance date and the Company has agreed to pay dividends on the outstanding shares of Series B Preferred at the rate equal to 7.5% per annum (increasing by 10% upon the occurrence of each trigger (or default) event). Dividends are payable on the date the shares of Series B Preferred are converted or on maturity. The dividends must be paid in cash or, in certain circumstances, may be paid in shares of Common Stock. As of March 31, 2019, 1,050 shares of Series B Preferred Stock, 20,000 shares of Common Stock, and a Series B warrant to purchase 200,000 shares of common stock were issued for gross proceeds of $500,000. The Company has assigned the relative fair value of $10,359 to the Common Stock issued, $20,231 to the Series B warrant issued, $98,921 to the benefit conversion feature, and $25,000 to the upfront 5% discount for total of $154,511 of discounts to the Series B Preferred Stock as of March 31, 2019 After deducting offering expenses of $25,000 the Company received $475,000 in net proceeds. The proceeds were used to fund operations.

Mezzanie Equity

6 Months Ended

Mar. 31, 2019

Temporary Equity Disclosure [Abstract]

NOTE 15 – MEZZANIE EQUITY

On March 22, 2019, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an unaffiliated institutional investor (the “Investor”), pursuant to which the Company agreed to issue to the Investor 20,000 shares of common stock, a warrant to purchase 200,000 shares of common stock and 2,100 shares of Series B Preferred Stock, stated value $500 per share. The Series B Preferred Stock has a maturity date of one year from the issuance date and the Company has agreed to pay dividends on the outstanding shares of Series B Preferred at the rate equal to 7.5% per annum (increasing by 10% upon the occurrence of each trigger (or default) event). Dividends are payable on the date the shares of Series B Preferred are converted or on maturity. The dividends must be paid in cash or, in certain circumstances, may be paid in shares of Common Stock. As of March 31, 2019, 1,050 shares of Series B Preferred Stock, 20,000 shares of Common Stock, and a Series B warrant to purchase 200,000 shares of common stock were issued for gross proceeds of $500,000. The Company has assigned the relative fair value of $10,359 to the Common Stock issued, $20,231 to the Series B warrant issued, $98,921 to the benefit conversion feature, and $25,000 to the upfront 5% discount for total of $154,511 of discounts to the Series B Preferred Stock as of March 31, 2019 After deducting offering expenses of $25,000 the Company received $475,000 in net proceeds. The proceeds were used to fund operations.