RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS
Accrued Liabilities and Other Payables — Related Parties
As of December 31, 2024 and September 30, 2024, the Company owed Chad Pawlak, its CEO, $15,206 and $11,416, respectively, for travel and other miscellaneous reimbursements, which have been included in accrued liabilities and other payables – related parties on the accompanying condensed consolidated balance sheets.
As of December 31, 2024 and September 30, 2024, the Company owed Clayton Yates, its scientific advisor and director, $10,136 and $0, respectively, for travel and other miscellaneous reimbursements, which have been included in accrued liabilities and other payables – related parties on the accompanying condensed consolidated balance sheets.
As of December 31, 2024 and September 30, 2024, the Company owed Jesse Jaynes, its Chief Scientific Officer and director, $7,675 and $0, respectively, for travel and other miscellaneous reimbursements and working capital borrowings, which have been included in accrued liabilities and other payables – related parties on the accompanying condensed consolidated balance sheets.
All amounts due to Chad Pawlak, Clayton Yates, and Jesse Jaynes bear a fixed interest rate of 8.0% per annum and are short-term in nature, unsecured and repayable on demand.
As of both December 31, 2024 and September 30, 2024, the Company owed Judith Miller, its former chief business officer and interim chief financial officer, $403 for miscellaneous reimbursements, which have been included in accrued liabilities and other payables – related parties on the accompanying condensed consolidated balance sheets.
On September 28, 2023, the Company entered into a settlement agreement with Bradley White, former CEO of the Company, who was terminated on June 20, 2023. As part of the settlement agreement, Mr. White was to receive a total settlement of $300,000, payable in tranches of $50,000, beginning on September 28, 2023, or within seven days, and each subsequent payment on the monthly anniversary of the settlement agreement execution. In exchange for the settlement, Mr. White returned to the Company for cancellation of the following: shares of Series A preferred stock and shares of Series B preferred stock. As of both December 31, 2024 and September 30, 2024, the Company still owed Bradley White $50,000, which have been included in accrued liabilities and other payables – related parties on the accompanying condensed consolidated balance sheets. The outstanding balance of $50,000 was fully paid in subsequent period.
As of both December 31, 2024 and September 30, 2024, the Company owed Robert Bubeck, its former CEO, $3,846 for expenses paid by Robert on behalf of the Company, which have been included in accrued liabilities and other payables – related parties on the accompanying condensed consolidated balance sheets.
All amounts due to Judith Miller, Bradley White, and Robert Bubeck are short-term in nature, non-interest bearing, unsecured and repayable on demand.
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