SUBSEQUENT EVENTS |
12 Months Ended |
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Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS |
NOTE
10 SUBSEQUENT EVENTS
On December 2, 2019, the Company issued a promissory note to an unrelated party in the amount of $50,000. The note bear 6% interest and mature on February 29, 2020.
On October 8, 2019, VoiceInterop entered into a Business Loan Agreement with WebBank whereby VoiceInterop borrowed $43,600, of this amount $13,080 was recorded as debt issuance cost. The debt issuance cost is amortized over the life of the loan. The agreement calls for 308 installments of $184 paid over 432 days. The Company used $18,429 of loan proceeds to pay off the remaining loan balance of WebBank loan dated December 14, 2018.
In March 2018, the Company approved the spin-off VoiceInterop into a separate company under a Form S-1 registration to be filed with the United States Securities and Exchange Commission. On May 13, 2019, VoiceInterop filed an S-1 registration with the United States Securities and Exchange Commission. All VoiceInterop transactions of been recorded as discontinued operations. (See Note 9).
Cleartronic is distributing all shares of VoiceInterops common stock held by it to its shareholders owning common stock, Class C preferred stock and Class D preferred stock. Each shareholder of Cleartronic common stock on November 20, 2019 (the Record Date) will receive .075 shares of VoiceInterops common stock for each one share of Cleartronic common stock (1,000 shares of Cleartronic common stock will receive 75 shares of VoiceInterop common stock). Shareholders owning Series C preferred stock and Series D preferred stock on the Record Date will receive .375 shares of VoiceInterops common stock for one share of Series C preferred stock or Series D preferred stock (1,000 shares of Cleartronic Series C or Series D preferred stock will receive 375 shares of VoiceInterop common stock). In the event that anyone is entitled to receive a fractional share, the number of shares will be rounded up.
The Companys history is being reviewed by the Financial Industry Regulatory Authority (FINRA) and as of the date of this filing the review has not been completed. No dividends can be distributed until that review is completed and approved by FINRA. |