What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-12-19 compared with 2022-12-19 · 50 added, 32 removed, 202 unchanged (29% of the section changed)

66 unchanged sentences

condition and operating performance, our overall business strategy and our financial results for the periods covered.

The consolidated financial

statements contained in this report have been prepared assuming that the Company will continue as a going concern.

The Company had cumulative

net losses through September 30, 2022 of $5,354,556, as well as negative cash flows of $68,553 from operating activities.

The Companys

cash and cash equivalents balance as of September 30, 2022 was $127,599.

These factors raise substantial doubt about the Companys ability

to continue as a going concern.

consolidated financial statements contained in this report have been prepared assuming that the Company will continue as a going concern.

The Company had cumulative net losses through September 30, 2021 of $5,189,587, as well as negative cash flows of $14,256 from operating

The Companys cash and cash equivalents balance as of September 30, 2021 was $261,152.

These factors raise substantial

doubt about the Companys ability to continue as a going concern.

we will actively seek to identify sources of liquidity, there are no assurances that such additional sources of liquidity can be obtained

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increase in general and administrative expenses for the year ended September 30, 2021, compared to the year ended September 30, 2020

of $94,581 is due primarily to an increase in legal, audit and accounting fees.

of $63,186 is due primarily to an increase in audit and accounting fees.

Years ended September 30,

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Total other expenses

expense increased by $21,684 for the year ended September 30, 2022 from the comparative period of 2021 primarily due to accrued interest

on additional notes payable issued in June, July, August and September 2021, as well as default interest charged on notes payable in

The gain on forgiveness of debt of $30,414 and $3,029 for the years ended September 30, 2022 and 2021, respectively,

was a result of decreases in accounts payable as a result of vendor adjustments.

expense increased by $921 for the year ended September 30, 2021 from the comparative period of 2020 due to accrued interest on the note

payable issued in June 2021.

The gain on forgiveness of debt of $3,029 was a result of a decrease of accounts payable as a result of

vendor adjustments.

and Capital Resources

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Working capital

decrease in current assets of $130,803 is due primarily to a decrease in cash from the payment of notes payable during the year ended

increase in current assets of $260,744 is mainly due to an increase in cash from the issuance of notes payable during the year ended

September 30, 2021.

The increase in current liabilities of $336,833 is due primarily to an increase in accounts payable and accrued expenses,

including an increase in accrued interest on notes payable.

as well as notes payable issued during the year ended September 30, 2021.

following table sets forth a summary of changes in cash flows for the years ended September 30, 2021 and 2020:

1 unchanged sentence

Net cash used in operating activities

Net cash (used in) provided by financing activities

Net cash provided by financing activities

Net change in cash

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to meet its financial needs for continuing operations over the next twelve months.

cash used in operations for the year ended September 30, 2022 was $68,553 is due primarily to the net loss that was incurred during the

cash used in financing activities for the year ended September 30, 2022 was $65,000 due to the payment of notes payable during the year.

cash used in operations for the year ended September 30, 2021 was $14,256 due primarily to the net loss that was incurred during the

cash provided by financing activities for the year ended September 30, 2021 was $275,000 due to the issuance of notes payable during

may need to evaluate raising additional capital through the sale of equity securities, through an offering of debt securities or through

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December 16, 2022, we had cash and cash equivalents of approximately $97,000.

Our liquidity needs have been satisfied primarily

from the issuance of notes payable.

The notes payable are unsecured, matured on September 30, 2021, have not been extended, and are currently

There can be no assurance, however, that additional financing will be available or, if it is available, that

we will be able to structure such financing on terms acceptable to us and that it will be sufficient to fund our cash requirements until

we can reach a level of profitable operations and positive cash flows.

Even if we are able to raise the funds required, it is possible

that we could incur unexpected costs and expenses or experience unexpected cash requirements that would force us to seek additional financing.

If additional financing is not available or is not available on acceptable terms, we will have to curtail our operations.

During the year ended September 30, 2021, the Company received

an aggregate of $275,000 related to the issuance of 14 notes payable to various noteholders, including an aggregate of $35,000 as a result

of two notes payable issued to the Companys Chief Executive Officer, a related party.

The notes are unsecured, bear interest at

1.5% per annum, mature on September 30, 2021, have not been extended, and are currently in default.

There can be no assurance, however,

that additional financing will be available or, if it is available, that we will be able to structure such financing on terms acceptable

to us and that it will be sufficient to fund our cash requirements until we can reach a level of profitable operations and positive cash

Even if we are able to raise the funds required, it is possible that we could incur unexpected costs and expenses or experience

unexpected cash requirements that would force us to seek additional financing.

If additional financing is not available or is not available

on acceptable terms, we will have to curtail our operations.

Sheet Arrangements

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regularly evaluate the accounting policies and estimates that we use to prepare our financial statements.

A complete summary of

these policies is included in the notes to our financial statements.

In general, managements estimates are based on

historical experience, on information from third party professionals, and on various other assumptions that are believed to be

reasonable under the facts and circumstances.

A complete summary of these

policies is included in the notes to our financial statements.

In general, managements estimates are based on historical experience,

on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and

circumstances.

Actual results could differ from those estimates made by management.

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adoption of this guidance had no impact on its consolidated financial statements.

May 10, 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2017-09

Compensation—Stock Compensation (Topic 718):

Scope of Modification Accounting , which provides guidance to clarify

when to account for a change to the terms or conditions of a share-based payment award as a modification.

Under the new guidance, modification

accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes

as a result of the change in terms or conditions.

The guidance is effective prospectively for all companies for annual periods In August

2018, the FASB issued ASU No.

2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement

(ASU 2018-13), which eliminates certain disclosure requirements for fair value measurements for all entities, requires

public entities to disclose certain new information and modifies some disclosure requirements.

The guidance is effective for all entities

for fiscal years beginning after December 15, 2019, including interim periods therein.

Early adoption is permitted for any eliminated

or modified disclosures upon issuance of ASU 2018-13.

The Company adopted ASU 2018-13 on October 1, 2020 and has determined that the

adoption of this guidance had no impact on its consolidated financial statements.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity