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STOCKHOLDERS’ EQUITY
 6 Months Ended
Mar. 31, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 15 – STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

The Company is authorized to issue 10,000,000 shares of Preferred Stock, $0.001 par value. As of March 31, 2022, and September 30, 2021, there were 2,029,753 and 1,935,151 shares issued and outstanding, respectively.

 

Series 1 Preferred Stock

 

During the six months ended March 31, 2022, 94,602 shares of Series 1 Preferred Stock were issued to pay dividends to holders of Series 1 Preferred Stock.

 

As of March 31, 2022, and September 30, 2021, there were 1,979,753 and 1,885,151 shares of Series 1 Preferred Stock issued and outstanding, respectively.

 

Series C Preferred Stock

 

On October 3, 2019, pursuant to Article IV of our Articles of Incorporation, our Board of Directors voted to designate a class of preferred stock entitled Series C Preferred Stock, consisting of up to one hundred thousand (100,000) shares, par value $0.001. Under the Certificate of Designation, holders of Series C Preferred Stock are entitled to the number of votes equal to the result of (i) the total number of shares of Common Stock outstanding at the time of such vote multiplied by 10.01, and divided by (ii) the total number of shares of Series C Preferred Stock outstanding at the time of such vote, at each meeting of our shareholders with respect to any and all matters presented to our shareholders for their action or consideration, including the election of directors.

 

As of March 31, 2022, and September 30, 2021, there were 50,000 shares of Series C Preferred Stock issued and outstanding.

 

 

Common Stock

 

The Company is authorized to issue 50,000,000 shares of common stock, $0.001 par value. As of March 31, 2022, there were 24,673,210 shares issued and outstanding and at September 30, 2021, there were 20,782,194 shares issued and outstanding.

 

During the six months ended March 31, 2022, 2,891,016 shares of the Company’s common stock have been issued to satisfy $2,112,500 of notes payable, $353,978 in accrued interest, and $821,593 of excess value of shares issued recorded as interest expense. An additional 1,000,000 shares were issued in connection with a note payable issued on February 22, 2022.