Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2019 | Aug. 13, 2019 | |
Document and Entity Information: | ||
Entity Registrant Name | AMERICAN CRYOSTEM Corp | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Entity Central Index Key | 0001468679 | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 49,337,918 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Current Assets: | ||
Cash | $ 53,775 | $ 68,320 |
Accounts receivable - net of allowance for bad debt | 200,985 | 217,318 |
Other receivable - related parties | 0 | 790 |
Prepaid expenses | 0 | 48,931 |
Inventory | 27,038 | 33,698 |
Total current assets | 281,798 | 369,057 |
Other Assets: | ||
Other receivable | 0 | 159 |
Investment in Autogenesis- at cost | 1,000 | 1,000 |
Investment in Baoxin- at cost | 300,000 | 300,000 |
Security deposit | 13,540 | 13,540 |
Patent and patents development - net of accumulated amortization | 354,078 | 337,962 |
Fixed assets - net of accumulated depreciation | 250,255 | 244,707 |
Total assets | 1,200,671 | 1,266,425 |
Current Liabilities: | ||
Accounts payable & accrued expenses | 276,586 | 307,214 |
Legal & accounting payable | 100,960 | 65,561 |
Consultants payable | 168,471 | 131,667 |
Bridge notes payable | 226,500 | 226,500 |
Convertible notes payable | 386,000 | 323,500 |
Equipment lease payable | 34,443 | 31,001 |
Deferred revenues | 0 | 26,667 |
Total current liabilities | 1,192,960 | 1,112,110 |
Long Term Liabilities: | ||
Convertible notes payable - net of debt discount | 94,097 | 25,000 |
Equipment lease payable | 36,115 | 62,386 |
Accrued executive salaries | 840,186 | 660,186 |
Payable to related party (ACS Global Inc.) | 204,110 | 107,189 |
Total liabilities | 2,367,468 | 1,966,871 |
Commitments and contingencies | 0 | 0 |
Shareholders' Deficit: | ||
Preferred Stock - $.0001 par value, 50,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2019 and September 30, 2018 | 0 | 0 |
Common Stock - $.001 par value, 300,000,000 shares authorized, 49,337,918 shares issued and outstanding at June 30, 2019 and 48,196,210 issued and outstanding at September 30, 2018 | 49,339 | 48,197 |
Additional paid in capital | 13,911,510 | 13,388,034 |
Accumulated deficit | (15,127,646) | (14,136,677) |
Total shareholders' deficit | (1,166,797) | (700,446) |
Total liabilities & shareholders' deficit | $ 1,200,671 | $ 1,266,425 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 49,337,918 | 48,196,210 |
Common Stock, shares outstanding | 49,337,918 | 48,196,210 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Tissue storage & processing | $ 6,095 | $ 101,524 | $ 21,779 | $ 546,554 |
Product sales | 0 | 0 | 22,603 | 2,650 |
Consulting fees | 0 | 75,000 | 0 | 75,000 |
Licensing fees and royalties | 6,667 | 763 | 128,091 | 332,932 |
Total revenues | 12,762 | 177,287 | 172,473 | 957,136 |
Less: cost of revenues | (2,451) | (126,216) | (28,124) | (288,701) |
Gross margin | 10,311 | 51,071 | 144,349 | 668,435 |
Operating Expenses | ||||
Laboratory expense | 83,524 | 139,251 | 325,809 | 415,818 |
Sales & marketing | 8,873 | 17,761 | 21,135 | 61,400 |
Professional fees | 42,860 | 25,637 | 81,943 | 84,650 |
Stock compensation expense | 55,121 | 64,050 | 115,363 | 613,638 |
General & administrative | 129,064 | 221,614 | 493,943 | 528,197 |
Total operating expenses | 319,442 | 468,313 | 1,038,193 | 1,703,703 |
Net loss from operations | (309,131) | (417,242) | (893,844) | (1,035,268) |
Other Income (Expenses): | ||||
Interest Income | 0 | 0 | 1 | 0 |
Gain/(loss) on settlements | 0 | 184 | 0 | (96,437) |
Foreign taxes | 0 | 0 | (4,117) | 0 |
Penalties | (439) | 0 | (439) | (538) |
Interest expense | (16,905) | (23,699) | (49,609) | (75,910) |
Interest expense (beneficial conversion feature - debenture) | (17,961) | (12,500) | (42,961) | (12,500) |
Net loss before provision for income taxes | (344,436) | (453,257) | (990,969) | (1,220,653) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (344,436) | $ (453,257) | $ (990,969) | $ (1,220,653) |
Basic & fully diluted net income (loss) per common share | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.03) |
Weighted average of common shares outstanding - basic & fully diluted | 49,281,262 | 45,519,016 | 48,770,864 | 45,455,400 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities: | ||
Net loss | $ (990,969) | $ (1,220,653) |
Adjustments to reconcile net loss items not requiring the use of cash: | ||
Prepaid rent - stock issued | 0 | 110,096 |
Legal bill - stock issued | 0 | 89,959 |
Laboratory rent - stock issued | 0 | 24,466 |
Bad debt expense | 10,748 | (11,642) |
Loss on settlement of legal bill | 0 | 96,437 |
Stock compensation expense | 115,363 | 613,638 |
Interest expense - stock issued | 0 | 37,953 |
Interest expense (beneficial conversion feature - debenture) | 42,961 | 12,500 |
Depreciation & amortization expense | 22,946 | 52,557 |
Decrease (increase) in operating assets | ||
Accounts receivable | 5,585 | 1,307 |
Other receivable- related parties | 949 | (159) |
Prepaid expense | 48,931 | (76,763) |
Inventory | 6,660 | (3,365) |
Increase (decrease) in operating liabilities | ||
Accounts payable and accrued expenses | 119,466 | 79,272 |
Executive compensation | 180,000 | 177,832 |
Deferred revenue | (26,667) | 11,003 |
Net cash used by operations | (464,027) | (5,562) |
Investing Activities: | ||
Investment in Baoxin | 0 | (300,000) |
Purchase of lab equipment & furniture | (25,678) | (130,260) |
Patents development | (18,932) | (47,243) |
Net cash used by investing activities | (44,610) | (477,503) |
Financing Activities: | ||
Issuance of common shares | 270,000 | 0 |
Issuance of convertible debenture | 150,000 | 100,000 |
Proceeds from capital lease | 0 | 102,790 |
Pay down capital lease | (22,829) | (16,750) |
Options exercised | 0 | 122,500 |
Payable to related party | 96,921 | (1,462) |
Net cash provided by financing activities | 494,092 | 307,078 |
Net change in cash | (14,545) | (175,987) |
Cash and equivalents, beginning of the period | 68,320 | 410,342 |
Cash and equivalents, end of the period | 53,775 | 234,355 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid during the period | 8,847 | 6,677 |
Income taxes paid during the period | $ 0 | $ 0 |
Statements of Changes in Shareh
Statements of Changes in Shareholder's Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance (in shares) at Sep. 30, 2017 | 43,409,580 | |||
Balance at Sep. 30, 2017 | $ 43,410 | $ 11,581,197 | $ (12,646,165) | $ (1,021,558) |
Convertible notes exercised (in shares) | 2,470,452 | |||
Convertible notes exercised | $ 2,741 | 479,759 | 482,500 | |
Options exercised (in shares) | 950,000 | |||
Options exercised | $ 950 | 121,550 | 122,500 | |
Shares issued for services (in shares) | 80,000 | |||
Shares issued for services | $ 80 | 63,970 | 64,050 | |
Shares issued to pay interest due (in shares) | 44,377 | |||
Shares issued to pay interest due | $ 45 | 37,908 | 37,953 | |
Issued shares to pay legal bill (in shares) | 219,290 | |||
Issued shares to pay legal bill | $ 219 | 186,177 | 186,396 | |
Purchase prepaid rent (in shares) | 115,890 | |||
Purchase prepaid rent | $ 116 | 109,980 | 110,096 | |
Purchase leasehold improvement (in shares) | 35,013 | |||
Purchase leasehold improvement | $ 35 | 33,227 | 33,262 | |
Issuance of options | 100,000 | 100,000 | ||
Net loss | (1,220,653) | (1,220,653) | ||
Balance (in shares) at Jun. 30, 2018 | 47,594,602 | |||
Balance at Jun. 30, 2018 | $ 47,596 | 13,263,356 | (13,866,818) | (55,866) |
Balance (in shares) at Mar. 31, 2018 | 46,269,342 | |||
Balance at Mar. 31, 2018 | $ 46,270 | 12,746,798 | (13,413,561) | (620,493) |
Convertible notes exercised (in shares) | 748,785 | |||
Convertible notes exercised | $ 749 | 106,751 | 107,200 | |
Options exercised (in shares) | 350,000 | |||
Options exercised | $ 350 | 97,150 | 97,500 | |
Shares issued for services (in shares) | 55,000 | |||
Shares issued for services | $ 55 | 50,245 | 50,300 | |
Shares issued to pay interest due (in shares) | 20,898 | |||
Shares issued to pay interest due | $ 21 | 19,205 | 19,226 | |
Issued convertible note - beneficial conversion feature | 100,000 | 100,000 | ||
Purchase prepaid rent (in shares) | 115,890 | |||
Purchase prepaid rent | $ 116 | 109,980 | 110,096 | |
Purchase leasehold improvement (in shares) | 35,013 | |||
Purchase leasehold improvement | $ 35 | 33,227 | 33,262 | |
Net loss | (453,257) | (453,257) | ||
Balance (in shares) at Jun. 30, 2018 | 47,594,602 | |||
Balance at Jun. 30, 2018 | $ 47,596 | 13,263,356 | (13,866,818) | (55,866) |
Balance (in shares) at Sep. 30, 2018 | 48,196,210 | |||
Balance at Sep. 30, 2018 | $ 48,197 | 13,388,034 | (14,136,677) | (700,446) |
Issuance of common shares (in shares) | 900,003 | |||
Issuance of common shares | $ 900 | 269,100 | 270,000 | |
Shares issued for services (in shares) | 50,000 | |||
Shares issued for services | $ 50 | 24,950 | 25,000 | |
Shares issued to pay bill (in shares) | 100,000 | |||
Shares issued to pay bill | $ 100 | 27,400 | 27,500 | |
Shares issued to pay interest due (in shares) | 91,705 | |||
Shares issued to pay interest due | $ 92 | 50,299 | 50,391 | |
Stock compensation expense | 61,364 | 61,364 | ||
Net loss | (990,969) | (990,969) | ||
Balance (in shares) at Jun. 30, 2019 | 49,337,918 | |||
Balance at Jun. 30, 2019 | $ 49,339 | 13,911,510 | (15,127,646) | (1,166,797) |
Balance (in shares) at Mar. 31, 2019 | 49,237,377 | |||
Balance at Mar. 31, 2019 | $ 49,238 | 13,772,791 | (14,783,210) | (961,181) |
Shares issued for services (in shares) | 50,000 | |||
Shares issued for services | $ 50 | 24,950 | 25,000 | |
Shares issued to pay interest due (in shares) | 50,541 | |||
Shares issued to pay interest due | $ 50 | 22,285 | 22,335 | |
Issued convertible note - beneficial conversion feature | 61,364 | 61,364 | ||
Stock compensation expense | 30,121 | 30,121 | ||
Net loss | (344,436) | (344,436) | ||
Balance (in shares) at Jun. 30, 2019 | 49,337,918 | |||
Balance at Jun. 30, 2019 | $ 49,339 | $ 13,911,510 | $ (15,127,646) | $ (1,166,797) |
1. Organization of the Company
1. Organization of the Company and Principles of Consolidation and Summary of Accounting Policies | 9 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization of the Company and Principles of Consolidation and Summary of Accounting Policies | American CryoStem Corporation (the “Company”) is a publicly held corporation formed on March 13, 2009 in the state of Nevada as R&A Productions Inc. (R&A). In April 2011, R&A purchased substantially all the assets and liabilities of American CryoStem Corporation (ACS) a company formed in 1987, for 21 million shares of common stock. ACS was deemed to be the accounting acquirer. At the date of the purchase, the former operations of R&A were discontinued and the name of the Company was changed to American CryoStem Corporation. The Company is in the business of collecting adipose tissue, processing it for storage or to separate and store the adult stem cells, and preparing such stem cells for long-term storage. The process allows individuals to preserve their stem cells for future personal use in cellular therapy. The adipose derived stem cells are prepared and stored without manipulation, bio-generation or the addition of biomarkers or other materials, making them suitable for use in cellular treatments and therapies offered by existing and planned treatment centers worldwide. Individualized collection and storage of adipose tissue and adult stem cells provides personalized medicine solutions by making the patient’s own preserved tissue and stem cells available for future cosmetic procedures and cellular therapies. The Company has devoted a significant amount of its time and resources to develop its technologies and intellectual property. These efforts have resulted in the development of cell lines, cell culture medium and other laboratory products which the Company believes are suitable for licensing and distribution by third parties. Additionally the Company has initiated a licensing program to license its technologies to laboratories currently processing other types of biologic materials including cord blood and general blood banks. The Company closed its first licensing agreement in 2014 for Hong Kong and has additionally licensed its technologies in China, Japan and Thailand. The Company intends to pursue additional licensing partners. The accompanying consolidated financial statements include the accounts of American CryoStem Corporation and its wholly owned subsidiaries. The Company’s subsidiaries are APAC CryoStem Limited, a Hong Kong company and APAC CryoStem (Shenzhen) Ltd. which were established to support its licensing agreement and operations, and collect the licensing fees in Hong Kong and China. Currently Mr. Arnone and Mr. Dudzinski serve as management and directors of both companies. All significant intercompany accounts and transactions have been eliminated in the consolidation. Management believes all amounts have been adjusted properly. Accounting policies refer to specific accounting principles and the methods of applying those principles to present fairly the company’s financial position and results of operations in accordance with generally accepted accounting principles. The policies discussed below include those that management has determined to be the most appropriate in preparing the company’s financial statements. The Consolidated Financial Statement Disclosures for the quarter ended June 30, 2019 are condensed and all necessary adjustments have been made. These Financial Statements should be read in conjunction with the Company’s Form 10K for the year ended September 30, 2018. Use of Estimates Cash Revenue Recognition Reclassification – Advertising Bad Debt Expense Inventory Inventory was composed of Raw Materials and Finished Goods, which was valued at $27,038 at June 30, 2019 and $33,698 at September 30, 2018. Long Lived Assets Fixed Assets Office Equipment 5 years Lab Equipment & Furniture 7 years Lab Software 5 years Leasehold Improvements 15 years Income taxes - The Company follows the accounting requirements associated with uncertainty in income taxes using the provisions of Financial Accounting Standards Board (FASB) ASC 740, Income Taxes. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the positions will be sustained upon examination by the tax authorities. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of June 30, 2019 and September 30, 2018, the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. All tax returns from fiscal years 2014 to 2018 are subject to IRS and State of New Jersey audit. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 which supersedes ASC 840, Accounting for Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The Company has adopted ASC 606, which requires the company to disclose sufficient information to enable users of the financial statements to understand the nature, amount, timing and uncertainly of revenue and cash flows arising from contracts with customers. There has been no material effect on income, net income and per share amounts. There are no restated amounts or adjustments. The Company has adopted a retrospective approach to adopting these standards. These standards have been implemented by management and there are no outstanding issues to be addressed. In February 2018 the FASB Issued ASU No. 2018-02 Income Statement – Reporting Comprehensive Income (Topic 220) In June 2016 the FASB issued ASU 2016-13, Financial Instruments: Credit Losses, which changes the impairment model for most financial instruments, including trade receivables from an incurred loss method to a new forward-looking approach based on expected losses. The estimate of expected credit losses will require entities to incorporate considerations of historical information and reasonable and supportive forecasts. This ASU is effective for us in the first quarter of 2020 and must be adopted using a modified retrospective transition approach. We are currently evaluating the potential impact that the adoption of ASU 2016-13 will have on our consolidated financial statements. In February 2016 the FASB issued ASU 2016-02, which requires lessees to recognize all leases on their balance sheet as a right-of-use asset and lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lease accounting is similar to the current model, but has been updated to align with certain changes to the lease model and new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the potential impact that the adoption of ASU 2016-02 will have on our consolidated financial statements. |
2. Going Concern
2. Going Concern | 9 Months Ended |
Jun. 30, 2019 | |
Going Concern | |
Going Concern | The accompanying consolidated financial statements have been presented in accordance with generally accepted accounting principles in the U.S., which assume the continuity of the Company as a going concern. However, the Company has incurred significant losses since its inception which raises substantial doubt about the Company’s ability to continue as a going concern. Management has made this assessment for the period one year from date of the issuance of these financial statements. Management’s plans with regard to this matter are to continue to fund its operations through fundraising activities in fiscal 2019 to fund future operations and business expansion. |
3. Loss per Share
3. Loss per Share | 9 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Loss per Share | The Company applies ASC 260, “Earnings per Share” The Company had 11,481,500 and 12,941,500 shares of Common Stock issuable upon exercise of all outstanding stock options and warrants for the quarters ended June 30, 2019 and 2018, respectively; and, 2,134,784 and 2,057,381 shares issuable on the conversion of outstanding Convertible Notes for quarters ended June 30, 2019 and 2018, respectively. Net Loss per share for the following quarters is computed below: 9 Months 9 Months 3 months 3 months 30-June-19 30-June-18 30-June-19 30-June-18 Net Loss $ (990,969 ) $ (1,220,653 ) $ (344,436 ) $ (453,257 ) Weighted average shares outstanding, 48,770,864 45,455,400 49,281,252 45,519,016 Basic & fully diluted net loss per common share $ (0.02 ) $ (0.03 ) $ (0.01 ) $ (0.01 ) |
4. Fixed Assets
4. Fixed Assets | 9 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | The fixed assets of the Company are comprised as follows: June 30, 2019 September 30, 2018 Laboratory Equipment $ 416,879 $ 416,879 Laboratory Leasehold Improvements 110,286 84,608 Laboratory Furniture 1,841 1,841 Office Equipment 23,988 23,988 Office Leasehold Improvements 2,650 2,650 Office Furniture 1,812 1,812 Accumulated Depreciation (307,201 ) (287,071 ) Net Property and Equipment $ 250,255 $ 244,707 Depreciation expense for the nine months ended June 30, 2019 and 2018 was $20,130 and $48,169, respectively; and for the three months ended June 30, 2019 and 2018 was $6,680 and $21,210, respectively. |
5. Patents & Patents Filings
5. Patents & Patents Filings | 9 Months Ended |
Jun. 30, 2019 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Patents & Patents Filings | The patent and patents development are recorded at cost and are being amortized on a straight line basis over a period of seventeen years. The company capitalizes Legal and Administrative Fees incurred in the process of filing for its patents. The Company has only been amortizing the patents issued. Accumulated Amortization as of June 30, 2019 and September 30, 2018 was $19,881 and $17,065, respectively. Amortization Expense for the nine months ended June 30, 2019 and 2018 was $2,816 and $4,388, respectively; for the three months ended June 30, 2019 and 2018 was $939 and $939, respectively Patents still in the application process have not been amortized. The unamortized costs of patents in the application process are $309,959 for the quarter ended June 30, 2019 and $291,027 for Fiscal 2018. The following is a description of the Company’s patent assets: On August 2, 2011, the Company was awarded U.S. Patent No. US 7,989,205 B2, titled Cell Culture Media, Kits, and Methods of Use. The Patent is for cell culture media kits for the support of primary culture of normal non-hematopoietic cells of mesodermal origin suitable for both research and clinical applications. The Company filed and maintains a continuation (U.S. Serial No. 13/194,900) and additional claims were granted on November 8, 2016 under patent Number 9,487,755. The Company filed an additional continuation on November 7, 2016 as part of our overall patent strategy and to cover expanded modifications of the original patent grant, US Patent Application No. 15/344,805. On July 3, 2018, the Company was awarded U. S. Patent No. US 10,014,079 B2 titled “Business Method for Collection, Cryogenic Storage and Distribution of a Biologic Sample Material originally filed as US Serial No 13/702,304 filed June 6, 2011 with a priority date of June 6, 2010. The patent covers the Company’s comprehensive business method for collecting, processing, cryogenic storage and distribution of a biologic sample material. The Company has filed a continuation of the patent to cover addition claims and will file additional Continuation in Part claims for improvements that it has developed since the original patent filing, The Company has filed the following additional patents to extend its intellectual property to encompass additional aspects of the Company’s platform processing technologies. To date the following additional patent filings have been made: A business method for Collection, Cryogenic Storage and Distribution of a Biologic Sample Material US Serial No 13/702,304 filed June 6, 2011 with a priority date of June 6, 2010. Systems and Methods for the Digestion of Adipose Tissue Samples Obtained from a Client for Cryopreservation U.S. Serial No. 13/646,647 filed October 5, 2012 with a priority date of October 6, 2011. Compositions and Methods for Collecting, Washing, Cryopreserving, Recovering and Return of Lipoaspirates to Physician for Autologous Adipose Transfer Procedures PCT/US13/44621 filed June 6, 2013 with a priority date of June 7, 2013. Additionally, this patent has been filed European Union Application No. EPI3800847.9 and China Application No. 2013800391988. Stem Cell Based Therapeutic Devices and Methods U.S. Serial No. 14/196,616 filed March 4, 2014 with a priority dated of March 10, 2013. Autologous Serum for Transport of Isolated Stromal Vascular Fraction or Adipose Derived Stem Cells US Serial No. 14,250,338 filed in 2014 with a priority date of April 11, 2013. Human Serum for Cell Culture Medium for Clinical Growth of Human Adipose Stromal Cells, International PCT filing PCT/US/68350 filed December 31, 2015 with a priority date of December 31, 2014. During 2017 the Company extended the filing into China, the EU, India, Japan, the Kingdom of Saudi Arabia, Canada and Mexico. Systems and Methods to Isolate and Expand Stem Cells from Urine Provisional Application Number 62/335,426 Filed May 12, 2016. |
6. Debt
6. Debt | 9 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | The following table describes the Company’s debt outstanding as of June 30, 2019: Debt Carrying Value Maturity Rate Bridge Notes $ 226,500 Demand 8.00 % Convertible Notes 33 cents $ 150,000 Fiscal 2021 5.00 % Convertible Notes 40 cents $ 100,000 Fiscal 2020 8.00 % Convertible Notes 35 cents $ 83,500 Demand 8.00 % Convertible Notes 30 cents $ 45,000 Demand 8.00 % Convertible Notes 20 cents $ 155,000 Demand 8.00 % Convertible Notes 15 cents $ 40,000 Demand 8.00 % Capital Lease $ 70,558 Fiscal 2021 14.00 % The convertible notes are exercisable at any time and have exercise prices ranging from $0.15 to $0.40 with the amount of shares exercisable based on the face value of the convertible note. The holders of the bridge notes also have an option to purchase shares of the Company at $0.05 per share with the number of shares dependent upon the face value of the bridge note. As of the date of this report, 36,500 of these options remain outstanding. On April 6, 2018, the Company issued a debenture and received proceeds of $100,000. The debenture matures in March 2020 and has an exercise price of $.40 with interest at 8%. The entire Carrying Value of $100,000 is due in March 2020. As a result of the issue, the Company recognized interest expense of $100,000 as a beneficial conversion feature of the debenture which has been amortized over the life of the note. The Interest Expense due to the Beneficial Conversion Feature for the Nine Months and for the Quarter Ended June 30, 2019 was $37,500 and $12,500, respectively. The note is discounted due to the Beneficial Conversion Feature in the amount of $37,500 as of June 30, 2019 and $75,000 as of September 30, 2018. In April 2019, the Company issued debentures and received proceeds of $150,000. The debentures mature in March 2021 and has an exercise price of $.33 with interest at 5%. The entire Carrying Value of $150,000 is due in March 2021. As a result of the issue, the Company recognized interest expense of $61,364 as a beneficial conversion feature of the debenture which has been amortized over the life of the note. The Interest Expense due to the Beneficial Conversion Feature for the Nine Months and for the Quarter Ended June 30, 2019 was $5,461. The note is discounted due to the Beneficial Conversion Feature in the amount of $55,903 as of June 30, 2019. |
7. Common Stock Issuances
7. Common Stock Issuances | 9 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Common Stock Issuances | During fiscal 2018, the Company issued 3,072,976 shares for Convertible Notes exercised at a value of $540,500. The share prices for these conversions were determined from the convertible note agreements. During fiscal 2018, the Company issued 1,145,000 shares for Options exercised at a value of $165,500. The share prices for these option exercises were determined from the option grants. During fiscal 2018, the Company issued 80,000 shares to consultants for services rendered valued at $64,050. The share prices were determined by the market price on the date the shares were issued. During fiscal 2018, the Company issued 118,461 shares to pay interest due to holders of the bridge notes and convertible notes. The value of the interest paid was $62,232. The share prices were determined by the aggregate market price for the week in which the shares were issued. During fiscal 2018, the Company issued 219,290 shares to pay an outstanding legal bill. The shares issued were valued at $186,396. The share prices were determined by the market price on the date the shares were issued. During fiscal 2018, the Company issued 35,013 shares to build a “clean room” at the laboratory. The shares issued were valued at $33,262. The share prices were determined by the market price on the date the shares were issued. During fiscal 2018, the Company issued 115,890 for nine months of rent from May 2018 through January 2019. The shares issued were valued at $110,096. The share prices were determined by the market price on the date the shares were issued. During the nine months ended June 30, 2019, the Company issued 900,003 shares and received proceeds of $270,000. The share price was $0.30 per share. During the nine months ended June 30, 2019, the Company issued 91,705 shares to pay interest due to holders of the bridge notes and convertible notes. The value of the interest paid was $50,391. The share prices were determined by the aggregate market price for the week in which the shares were issued. During the nine months ended June 30, 2019, the Company issued 100,000 shares to pay an outstanding bill. The amount of the bill paid was $27,500. The share prices was $0.275 per share. During the nine months ended June 30, 2019, the Company issued 50,000 shares for services. The amount of the services was valued at $25,000. The share prices was $0.50 per share. |
8. Option Issuances
8. Option Issuances | 9 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Option Issuances | The Company applies ASC 718, “Accounting for Stock-Based Compensation” to account for its option issues. Accordingly, all options granted are recorded at fair value using a generally accepted option pricing model at the date of the grant. The Company uses the Black-Sholes option pricing model to measure the fair values of its option grants. For purposes of determining the option values at issuance, the fair value of each option granted is measured at the date of the grant by the option pricing model using the parameters of the volatility of the Company’s share prices and the risk free interest rate. The intrinsic value of the shares underlying the options is zero. The Company normally issues options to its key personnel and consultants at the end of each fiscal year or as may be included in retainer or employment agreements. The Company prepares an option agreement for each option grant that includes the date of the grant, the vesting schedule, the expiration date and other terms of the granted options. The Company’s option plan calls for the immediate expiration and cancellation of the granted options in the event of the termination of employment or the contract associated with the original option grant except for certain circumstances including retirement or disability. The Company’s method for exercising options is to require delivery of the executed option agreement with the payment of the option price to the Company by the option holder. Upon receipt and confirmation of payment of the exercise price by Company management, the Company prepares board minutes and issues instructions to the Company’s transfer agent to issue the requisite number of shares underlying the option exercise. Using the Black-Sholes valuation method the company issued options and recorded compensation of $90,363 and $549,023 for the nine months ended June 30, 2019 and 2018, and respectively; and $30,121 and -0- for the three months ended June 30, 2019 and 2018, respectively. There is $10,040 of unrecognized expense due to unvested options as of June 30, 2019. Amount Exercise Price Range Weighted Average Exercise Price Weighted Average Remaining Term (Yrs) Outstanding at September 30, 2017 14,776,500 $0.05 - $0.40 $ 0.25 2.75 Granted 500,000 $0.01 Exercised (1,145,000 ) $0.01 - $0.40 Expired (1,825,000 ) $0.15 - $0.40 Forfeited — Outstanding at September 30, 2018 12,306,500 $0.05 - $0.40 $ 0.26 2.31 Granted — Exercised — Expired (150,000 ) Forfeited — Outstanding at June 30, 2019 12,156,500 $0.05 - $0.40 $ 0.26 1.63 Exercisable at June 30, 2019 11,481,500 $0.05 - $0.40 $ 0.25 1.55 |
9. Fair Values of Financial Ins
9. Fair Values of Financial Instruments | 9 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | Fair Value Measurements under generally accepted accounting principles clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement. The Company valued its investments in Baoxin and Autogenisis along with the Bridge Notes and Convertible Notes at cost for the quarter ended June 30, 2019 and Fiscal 2018. Stock Options were valued using level 3 hierarchy. |
10. Commitment & Contingencies
10. Commitment & Contingencies | 9 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments & Contingencies | The Company was on a month to month basis for approximately 2,350 square feet The Company also leases office space in Eatontown, New Jersey. The lease term is from May 1, 2018 to April 30, 2021 for $2,650 per month. Minimum payments for this lease are as follows: Fiscal 2019 $ 7,950 Fiscal 2020 31,800 Fiscal 2021 18,550 Total minimum lease payments $ 58,300 Rent Expense for the nine months ended June 30, 2019 and 2018 was $126,901 and $93,447; and for the three months ended June 30, 2019 and 2018 was $31,146 and $45,489, respectively. The Company entered into a capital lease for lab equipment in 2018. The minimum lease payments due on the capital lease are as follows. Fiscal 2019 $ 10,559 Fiscal 2020 42,235 Fiscal 2021 28,157 Total minimum lease payments $ 80,951 Less amounts representing interest (10,393 ) Present value of net minimum lease payments $ 70,558 |
11. Concentrations of Credit
11. Concentrations of Credit | 9 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit | The Company received approximately 60% of its revenues for the nine months ended June 30, 2019 from one client, Baoxin. The Company also had accounts receivable from Baoxin of $200,000 as of the quarter ended June 30, 2019. |
12. Investments
12. Investments | 9 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Investments | During fiscal year 2014, the Company invested $1,000 in a joint venture. The joint venture is called Autogenesis Corporation and was incorporated in the state of Florida. The Company and its two chief executives own 50% of Autogenesis. Autogenesis was formed for the purpose of developing a wound healing protocol. The Company has no further obligations to Autogenesis and the joint venture will be responsible for its own funding. Autogenesis has no material business operations since its inception. During the first quarter of 2018, the Company invested $300,000 in Baoxin Ltd., a Chinese company that is involved in tissue storage and processing in Baoxin, China. Baoxin is not a publically traded corporation and the investment is carried at cost at December 31, 2018. The Company annually reviews its investments for impairment and has determined that no impairment of its investment is necessary for the quarter ended June 30, 2019. Baoxin will develop, own and operate multiple laboratory/treatment/training facilities in China using the American CryoStem’s intellectual property. American CryoStem has received an upfront fee of $300,000 USD and a 5 year minimum annual guarantee of $500,000 USD per year from Baoxin. Additionally, as part of the transaction American CryoStem has invested $300,000 into Baoxin to obtain 5% minority equity in Baoxin (China) and an option to acquire up to a 20% equity ownership interest in its Regenerative Medicine Center in Hong Kong (HK). The short term goals are to set up two additional GMO grade adipose tissue processing and storage facilities in Beijing and Shanghai to cover the need of the whole China region, and a proper education facility in China to promote the use of ATGRAFT as a more natural dermal filler over artificial fillers. |
13. Related Party Transactions
13. Related Party Transactions | 9 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The Company was indebted to a company that is majority owned by the Company’s two officers/directors in the amount of $204,110 for the quarter ended June 30, 2019 and $107,189 for Fiscal 2018. The advances are unsecured, and carry no interest rate and are collectible at the discretion of the company’s two officers/directors. The officers/directors do not anticipate collecting this in the next twelve months. The Company has accrued salaries for Mr. Arnone and Mr. Dudzinski and we do not foresee paying the accrued amounts until the Company has adequate funds to do so. |
14. Non-Cash Transactions
14. Non-Cash Transactions | 9 Months Ended |
Jun. 30, 2019 | |
Non-cash Transactions | |
Non-Cash Transactions | During the nine months ended June 30, 2019, the Company issued shares of common stock to pay interest expense on the convertible notes and bridge notes in the amount of $50,391. During the nine months ended June 30, 2019, the Company issued shares of common stock to pay an outstanding bill in the amount of $27,500. During the nine months ended June 30, 2019, the Company issued shares of common stock for services rendered in the amount of $25,000. |
15. Subsequent Events
15. Subsequent Events | 9 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | The Company has made a review of material subsequent events from June 30, 2019 through the date of issuance of this report and the following was identified: On August 5, 2019, the Company was served with a civil complaint by Focus Search Group, LLC in Massachusetts. The complaint makes claims for certain consulting fees due totaling approximately $61,000. The Company has referred the matter to counsel. Management believes that it can resolve the matter quickly and that it will not have a material effect upon the Company’s operations. |
1. Organization of the Compan_2
1. Organization of the Company and Principles of Consolidation and Summary of Accounting Policiess (Policies) | 9 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates |
Cash | Cash |
Revenue Recognition | Revenue Recognition |
Reclassification | Reclassification – |
Advertising | Advertising |
Bad Debt Expense | Bad Debt Expense |
Inventory | Inventory Inventory was composed of Raw Materials and Finished Goods, which was valued at $27,038 at June 30, 2019 and $33,698 at September 30, 2018. |
Long Lived Assets | Long Lived Assets |
Fixed Assets | Fixed Assets Office Equipment 5 years Lab Equipment & Furniture 7 years Lab Software 5 years Leasehold Improvements 15 years |
Income Taxes | Income taxes - The Company follows the accounting requirements associated with uncertainty in income taxes using the provisions of Financial Accounting Standards Board (FASB) ASC 740, Income Taxes. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the positions will be sustained upon examination by the tax authorities. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of June 30, 2019 and September 30, 2018, the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. All tax returns from fiscal years 2014 to 2018 are subject to IRS and State of New Jersey audit. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 which supersedes ASC 840, Accounting for Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The Company has adopted ASC 606, which requires the company to disclose sufficient information to enable users of the financial statements to understand the nature, amount, timing and uncertainly of revenue and cash flows arising from contracts with customers. There has been no material effect on income, net income and per share amounts. There are no restated amounts or adjustments. The Company has adopted a retrospective approach to adopting these standards. These standards have been implemented by management and there are no outstanding issues to be addressed. In February 2018 the FASB Issued ASU No. 2018-02 Income Statement – Reporting Comprehensive Income (Topic 220) In June 2016 the FASB issued ASU 2016-13, Financial Instruments: Credit Losses, which changes the impairment model for most financial instruments, including trade receivables from an incurred loss method to a new forward-looking approach based on expected losses. The estimate of expected credit losses will require entities to incorporate considerations of historical information and reasonable and supportive forecasts. This ASU is effective for us in the first quarter of 2020 and must be adopted using a modified retrospective transition approach. We are currently evaluating the potential impact that the adoption of ASU 2016-13 will have on our consolidated financial statements. In February 2016 the FASB issued ASU 2016-02, which requires lessees to recognize all leases on their balance sheet as a right-of-use asset and lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lease accounting is similar to the current model, but has been updated to align with certain changes to the lease model and new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the potential impact that the adoption of ASU 2016-02 will have on our consolidated financial statements. |
1. Organization of the Compan_3
1. Organization of the Company and Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of estimated useful life of assets | Office Equipment 5 years Lab Equipment & Furniture 7 years Lab Software 5 years Leasehold Improvements 15 years |
3. Loss per share (Tables)
3. Loss per share (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of computation of net loss per share | 9 Months 9 Months 3 months 3 months 30-June-19 30-June-18 30-June-19 30-June-18 Net Loss $ (990,969 ) $ (1,220,653 ) $ (344,436 ) $ (453,257 ) Weighted average shares outstanding, 48,770,864 45,455,400 49,281,252 45,519,016 Basic & fully diluted net loss per common share $ (0.02 ) $ (0.03 ) $ (0.01 ) $ (0.01 ) |
4. Fixed Assets (Tables)
4. Fixed Assets (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of summary of property and equipment | June 30, 2019 September 30, 2018 Laboratory Equipment $ 416,879 $ 416,879 Laboratory Leasehold Improvements 110,286 84,608 Laboratory Furniture 1,841 1,841 Office Equipment 23,988 23,988 Office Leasehold Improvements 2,650 2,650 Office Furniture 1,812 1,812 Accumulated Depreciation (307,201 ) (287,071 ) Net Property and Equipment $ 250,255 $ 244,707 |
6. Debt (Tables)
6. Debt (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of debt outstanding | Debt Carrying Value Maturity Rate Bridge Notes $ 226,500 Demand 8.00 % Convertible Notes 33 cents $ 150,000 Fiscal 2021 5.00 % Convertible Notes 40 cents $ 100,000 Fiscal 2020 8.00 % Convertible Notes 35 cents $ 83,500 Demand 8.00 % Convertible Notes 30 cents $ 45,000 Demand 8.00 % Convertible Notes 20 cents $ 155,000 Demand 8.00 % Convertible Notes 15 cents $ 40,000 Demand 8.00 % Capital Lease $ 70,558 Fiscal 2021 14.00 % |
8. Option Issuances (Tables)
8. Option Issuances (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of summary of common stock options outstanding | Amount Exercise Price Range Weighted Average Exercise Price Weighted Average Remaining Term (Yrs) Outstanding at September 30, 2017 14,776,500 $0.05 - $0.40 $ 0.25 2.75 Granted 500,000 $0.01 Exercised (1,145,000 ) $0.01 - $0.40 Expired (1,825,000 ) $0.15 - $0.40 Forfeited — Outstanding at September 30, 2018 12,306,500 $0.05 - $0.40 $ 0.26 2.31 Granted — Exercised — Expired (150,000 ) Forfeited — Outstanding at June 30, 2019 12,156,500 $0.05 - $0.40 $ 0.26 1.63 Exercisable at June 30, 2019 11,481,500 $0.05 - $0.40 $ 0.25 1.55 |
10. Commitments & Contingencies
10. Commitments & Contingencies (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum lease payments | Fiscal 2019 $ 7,950 Fiscal 2020 31,800 Fiscal 2021 18,550 Total minimum lease payments $ 58,300 |
Minimum lease payments capital lease | Fiscal 2019 $ 10,559 Fiscal 2020 42,235 Fiscal 2021 28,157 Total minimum lease payments $ 80,951 Less amounts representing interest (10,393 ) Present value of net minimum lease payments $ 70,558 |
1. Organization of the Compan_4
1. Organization of the Company and Significant Accounting Policies (Details) | 9 Months Ended |
Jun. 30, 2019 | |
Office Equipment | |
Estimated useful life of assets | 5 years |
Lab Equipment & Furniture | |
Estimated useful life of assets | 7 years |
Lab Software | |
Estimated useful life of assets | 5 years |
Leasehold Improvements | |
Estimated useful life of assets | 15 years |
1. Organization of the Compan_5
1. Organization of the Company and Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Advertising costs | $ 199 | $ 1,651 | $ 798 | $ 4,885 | |
Bad debt reserve | 10,678 | 10,678 | $ 0 | ||
Inventory | $ 27,038 | $ 27,038 | $ 33,698 |
3. Loss Per Share (Details)
3. Loss Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (344,436) | $ (453,257) | $ (990,969) | $ (1,220,653) |
Weighted average shares outstanding, basic and diluted | 49,281,262 | 45,519,016 | 48,770,864 | 45,455,400 |
Basic & fully diluted net loss per common share | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.03) |
3. Loss Per Share (Details Narr
3. Loss Per Share (Details Narrative) - shares | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Options | ||
Shares excluded from computation of earnings per share | 11,481,500 | 11,481,500 |
Warrants | ||
Shares excluded from computation of earnings per share | 12,941,500 | 12,941,500 |
Convertible Notes | ||
Shares excluded from computation of earnings per share | 2,134,784 | 2,057,381 |
4. Fixed Assets (Details)
4. Fixed Assets (Details) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Accumulated depreciation | $ (307,201) | $ (287,071) |
Fixed assets, net | 250,255 | 244,707 |
Laboratory Equipment | ||
Fixed assets, gross | 416,879 | 416,879 |
Laboratory Leasehold Improvements | ||
Fixed assets, gross | 110,286 | 84,608 |
Laboratory Furniture | ||
Fixed assets, gross | 1,841 | 1,841 |
Office Equipment | ||
Fixed assets, gross | 23,988 | 23,988 |
Office Leasehold Improvements | ||
Fixed assets, gross | 2,650 | 2,650 |
Office Furniture | ||
Fixed assets, gross | $ 1,812 | $ 1,812 |
4. Fixed Assets (Details Narrat
4. Fixed Assets (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 6,680 | $ 21,210 | $ 20,130 | $ 48,169 |
5. Patent & Patents Filings (De
5. Patent & Patents Filings (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Amortization expense | $ 939 | $ 939 | $ 2,816 | $ 4,388 | |
Unamortized costs of patents | $ 291,027 |
6. Debt (Details)
6. Debt (Details) | 9 Months Ended |
Jun. 30, 2019USD ($) | |
Bridge Notes | |
Carrying value | $ 226,500 |
Maturity | Demand |
Rate | 8.00% |
Convertible Notes | |
Carrying value | $ 150,000 |
Maturity | Fiscal 2021 |
Rate | 5.00% |
Convertible Notes | |
Carrying value | $ 100,000 |
Maturity | Fiscal 2020 |
Rate | 8.00% |
Convertible Notes | |
Carrying value | $ 83,500 |
Maturity | Demand |
Rate | 8.00% |
Convertible Notes | |
Carrying value | $ 45,000 |
Maturity | Demand |
Rate | 8.00% |
Convertible Notes | |
Carrying value | $ 155,000 |
Maturity | Demand |
Rate | 8.00% |
Convertible Notes | |
Carrying value | $ 40,000 |
Maturity | Demand |
Rate | 8.00% |
Capital Lease | |
Carrying value | $ 70,558 |
Maturity | Fiscal 2021 |
Rate | 14.00% |
8. Option Issuances (Details)
8. Option Issuances (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Number of options outstanding, beginning | 12,306,500 | 14,776,500 |
Number of options granted | 0 | 500,000 |
Number of options expired | 0 | (114,500) |
Number of options exercised | (150,000) | (1,825,000) |
Number of options forfeited | 0 | 0 |
Number of options outstanding, ending | 12,156,500 | 12,306,500 |
Number of options exercisable | 11,481,500 | |
Range of exercise price options outstanding, beginning | $0.05 - $0.40 | $0.05 - $0.40 |
Range of exercise price options granted | $0.01 | |
Range of exercise price options expired | $0.01 - $0.40 | |
Range of exercise price options exercised | $0.01 - $0.40 | |
Range of exercise price options outstanding, ending | $0.05 - $0.40 | $0.05 - $0.40 |
Range of exercise price options exercisable | $0.05 - $0.40 | |
Weighted average exercise price outstanding, beginning | $ .26 | $ .25 |
Weighted average exercise price outstanding, ending | .26 | $ .26 |
Weighted average exercise price exercisable | $ .25 | |
Weighted average remaining term, beginning | 2 years 3 months 22 days | 2 years 9 months |
Weighted average remaining term, ending | 1 year 7 months 17 days | 2 years 3 months 22 days |
Weighted average remaining term exercisable | 1 year 6 months 18 days |
10. Commitments & Contingenci_2
10. Commitments & Contingencies (Details) - Eatontown | Jun. 30, 2019USD ($) |
2019 | $ 7,950 |
2020 | 31,800 |
2021 | 18,550 |
Total minimum lease payments | $ 58,300 |
10. Commitments & Contingenci_3
10. Commitments & Contingencies (Details 1) | Jun. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 10,559 |
2020 | 42,235 |
2021 | 28,157 |
Total minimum lease payments | 80,951 |
Less amounts representing interest | (10,393) |
Present value of net minimum lease payments | $ 70,558 |
10. Commitments & Contingenci_4
10. Commitments & Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ 31,146 | $ 45,489 | $ 126,901 | $ 93,447 |
13. Related Party Transactions
13. Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Related Party Transactions [Abstract] | ||
Due to related parties | $ 204,110 | $ 107,189 |