| Notes Payable |
Note
6 –Notes Payable
Notes
payable consists of the following at December 31, 2025 and September 30, 2025, respectively:
Schedule of Notes Payable
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December 31,
2025 | | |
September 30,
2025 | |
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| On October 15, 2024, the Company entered into a secured credit facility with a third party (the “2024 Secured Credit Facility”). Under the facility, the Company is able to borrow up to $200,000 which will incur interest at a rate of 12%, and is payable upon the earlier of February 28, 2025, or the date which the Company receives the escrow amount from the sale of the assets of Digipath Labs. As of September 30, 2025, the Company has borrowed $89,600 against the facility. On February 10, 2025, the facility holder agreed to extend the maturity date of the facility to July 31, 2025 in exchange for a deferred payment of $400. On August 18, 2025, the facility holder agreed to extend the maturity date of the facility to July 31, 2027 in exchange for a deferred payment of $2,607. During the three months ended December 31, 2025, the Company borrowed an additional $28,500 against the facility. | |
$ | 118,100 | | |
$ | 89,600 | |
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| On January 25, 2025, the Company entered into a 12%
secured credit facility (the “2025 Secured Credit Facility”) for up to $200,000
payable on the earlier of December 31, 2025 or the date the Company receives sufficient funds from the Invictus Note described in
Note 5 above. During the year ended September 30, 2025, the lender paid for certain services and equipment on behalf of the Company
for an aggregate of $116,556.
In addition, the lender advanced $23,000
of cash directly to the Company. Subsequent to December 31, 2025, the note holder agreed to further extend the maturity date of the note to December
31, 2026. | |
| 139,556 | | |
| 139,556 | |
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| On September 15, 2025, the Company entered into a promissory note with a principal balance of $113,850 which has a maturity date of July 15, 2026. The note carries an original issue discount of $14,850 and the lender retained $14,360 for legal and other fees for net proceeds to the Company of $84,640. In addition, the note carries an upfront interest charge of 12%, or $11,385, which was added to the principal balance upon closing. The aggregate discount of $40,595 is being amortized over the life of the loan. The note is to be repaid with an initial payment on March 15, 2026 of $62,617 and equal monthly payments thereafter of $15,654 through July 15, 2026. In the event of default, the note can be converted into shares of the Company’s common stock at a rate of 65% of the lowest trading price of the preceding 10 trading days. | |
| 125,235 | | |
| 125,235 | |
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| On December 5, 2025, the Company entered into a promissory note with a
principal balance of $94,300
which has a maturity date of September 30, 2026. The note carries an original issue discount of $12,300
and the lender retained $13,000
for legal and other fees for net proceeds to the Company of $69,000.
In addition, the note carries an upfront interest charge of 12%,
or $11,316,
which was added to the principal balance upon closing. The aggregate discount of $36,616
is being amortized over the life of the loan. The note is to be repaid with an initial payment on May 30, 2026 of $52,808
and equal monthly payments thereafter of $13,202
through September 30, 2026. In the event of default, the note can be converted into shares of the Company’s common stock at a
rate of 65%
of the lowest trading price of the preceding 10 trading days. | |
| 105,616 | | |
| - | |
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| Total notes payable | |
| 488,507 | | |
| 354,391 | |
| Less: discounts on notes payable | |
| (59,778 | ) | |
| (38,713 | ) |
| Notes payable, net of discounts | |
| 428,729 | | |
| 315,678 | |
| Less: current maturities | |
| (310,629 | ) | |
| (226,078 | ) |
| Notes payable, long term | |
$ | 118,100 | | |
$ | 89,600 | |
The
Company recorded interest expense pursuant to the stated interest rate and closing costs on the notes payable in the amount of $5,524
and $506 during the three months ended December 31, 2025 and 2024, respectively.
As
of December 31, 2025 and as of the date of this filing, none of the above notes are in default. The secured notes are secured by the assets of the Company.
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