RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS
Accrued Compensation The Company has employment agreements with its CEO and two scientific advisors (see Note 6).
Effective January 1, 2025, an amendment to the CEO’s employment agreement was executed and amended the following provisions: (i) annual salary was increased from $300,000 to $350,000, (ii) a guaranteed calendar year bonus equal to 30% of his annual salary was established versus milestone-based bonuses, and (iii) the CEO now receives 500,000 shares of common stock every six months (issued as 250,000 per calendar quarter) that he remains with the Company.
Effective January 1, 2025, the scientific advisors aggregate monthly compensation was increased to $17,500 from $10,000.
Any accrued compensation amounts earn interest at 8%. The CEO and scientific advisors can convert any accrued compensation into shares of common stock at a conversion rate equal to the fair market value on the date of conversion (see Note 6).
As of March 31, 2026 and September 30, 2025, the Company owed its former chief business officer and interim chief financial officer, Judith Miller, $ primarily from accrued compensation.
As of March 31, 2026 and September 30, 2025, accrued compensation and related expenses owed to these individuals totaled $703,328 and $781,392, respectively.
Advances from Related Parties
The Company’s CEO and scientific advisors make working capital advances as needed which bear interest at 8% per annum and are short-term in nature, unsecured and repayable on demand. During the six months ended March 31, 2026 and 2025, the Company received $0 and $72,843 of advances from these related parties. As of March 31, 2026 and September 30, 2025, advances owed to the scientific advisors for these advances totaled $84,137. As of March 31, 2026 and September 30, 2025, there are no advances outstanding received from the CEO.
Accrued Interest
The accrued compensation and advances received from the CEO and two scientific advisors, collectively referred to as the “employees” bear interest at 8%. As of March 31, 2026 and September 30, 2025, accrued interest due these employees was $83,400 and $57,026, which is included in accrued interest on the unaudited condensed consolidated balance sheets. During the three and six months ended March 31, 2026, interest expense amounted to $13,440 and, $28,586, respectively, which is included in interest expense on the condensed unaudited consolidated statements of operations. During the three and six months ended March 31, 2025, interest expense related to these advances was not significant.
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