| SCHEDULE OF CONVERTIBLE NOTES PAYABLE |
On
December 31, 2022 and September 30, 2022, convertible notes payable (third parties and related parties) consisted of the following:
SCHEDULE
OF CONVERTIBLE NOTES PAYABLE
| | |
| 1 | | |
| 2 | |
| | |
December
31, 2022 | | |
September
30, 2022 | |
| Principal
amount | |
$ | 7,941,605 | | |
$ | 2,475,000 | |
| Less:
debt discount | |
| (7,265,021 | ) | |
| (2,028,719 | ) |
| Convertible
notes payable, net | |
| 676,584 | | |
| 446,281 | |
| Less:
current portion of convertible notes payable - related parties | |
| (676,584 | ) | |
| - | |
| Convertible
notes payable, net – long-term | |
$ | - | | |
$ | 446,281 | |
| | |
| | | |
| | |
| Principal
amount – related parties | |
$ | 8,975,192 | | |
$ | 4,150,000 | |
| Less:
debt discount – related parties | |
| (8,203,748 | ) | |
| (1,844,186 | ) |
| Convertible
notes payable - related parties, net | |
| 771,444 | | |
| 2,305,814 | |
| Less:
current portion of convertible notes payable - related parties | |
| (771,444 | ) | |
| (1,000,000 | ) |
| Convertible
notes payable - related parties, net – long-term | |
$ | - | | |
$ | 1,305,814 | |
| | |
| | | |
| | |
| Total
convertible notes payable, net | |
$ | 1,448,028 | | |
$ | 2,752,095 | |
|
| SCHEDULE OF FAIR VALUE OF EMBEDDED OPTIONS AND STOCK WARRANTS |
On
November 29, 2022 (the Exchange Agreement date) and December 31, 2022, the fair value of the embedded options and stock warrants were
estimated at issuance using the Binomial Valuation Model with the following assumptions:
SCHEDULE
OF FAIR VALUE OF EMBEDDED OPTIONS AND STOCK WARRANTS
| | |
| 2023 | |
| Dividend
rate | |
| — | % |
| Term
(in years) | |
| 1
to 6.5 years | |
| Volatility | |
| 270.0%
to 364.2 | % |
| Risk—free
interest rate | |
| 3.92%
to 4.78 | % |
|