UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, ~~2021~~2022

☐ TRANSITION REPORT ~~PURSUANT~~UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

000-56090

Commission File Number

PHARMAGREEN BIOTECH INC.

(Exact name of registrant as specified in its charter)

Nevada		98-0491567
(State or other jurisdiction ofincorporation or organization)		(I.R.S. EmployerIdentification No.)
2987 Blackbear Court, Coquitlam, BC		V3E 3A2
(Address of principal executive offices)		(Zip Code)

2987 Blackbear Court, Coquitlam, British Columbia		V3E 3A2
(Address of principal executive offices)		(Zip Code)

702-803-9404

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to section 12(g) of the Act: Common Stock

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ~~Yes~~ ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☒ Yes ☐ ☒ No ☐

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to ~~Rule~~Rule405 ~~405~~ of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☐ Yes ☒ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Non-accelerated ~~filer~~Filer ☒ Accelerated filer ☐ Smaller reporting company ☒ Emerging Growth ☒☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

AsSecurities atregistered ~~March~~pursuant ~~31,~~to ~~2021,~~Section ~~the~~12(b) ~~last business day~~ of the registrant's most recently completed fiscal second quarter , the aggregate market value of the registrant's outstanding common shares held by non-affiliates was approximately $9,156,176, which was calculated based on 295,360,519 common shares outstanding held by non-affiliates at the closing price of the registrant's common shares on the OTC Pinks on such date. As at March 31, 2021 the total issued and outstanding shares of the registrant was 348,168,019 common shares.Act:

~~APPLICABLE~~Title ~~ONLY~~of TOclass: ~~ISSUERS~~Common ~~INVOLVED~~stock ~~IN BANKRUPTCY~~

~~PROCEEDINGS~~Trading ~~DURING~~symbol: ~~THE PRECEDING FIVE YEARS~~PHBI

Name of each exchange on which registered: OTC

As at March 31, 2022, the last business day of the registrant's most recently completed fiscal second quarter, the aggregate market value of the registrant's outstanding common shares held by non-affiliates was approximately $6,505,862, which was calculated based on 342,413,769 common shares outstanding held by non-affiliates at the closing price of the registrant's common shares on the OTC Pinks on such date. As at March 31, 2022 the total issued and outstanding shares of the registrant was 397,221,269 common shares.

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of ~~December~~January 2416, ~~2021~~2023, we had ~~385~~454,~~171~~760,~~269~~969 shares of common stock issued and outstanding.

TABLE of CONTENTS

Item 1.	Business		3
Item 1. Business.		3
Item 1A.	Risk Factors		4
Item 1A. Risk Factors.		4
Item 1B.	Unresolved Staff Comments		4
Item 1B. Unresolved Staff Comments.		4
Item 2.	Properties		4
Item 2. Properties.		4
Item 3.	Legal Proceedings		4
Item 3. Legal Proceedings.		5
Item 4.	Mine Safety Disclosures		5
Item 4. Mine Safety Disclosures.		5
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		6
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.		5
Item 6.	Selected Financial Data		7
Item 6. Selected Financial Data		6
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		7
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		6
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk		8
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.		7
Item 8.	Financial Statements and Supplementary Data		9
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.		33
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure		34
Item 9A. Controls and Procedures.		33
Item 9A.	Controls and Procedures		34
Item 9B. Other Information.		34
Item 9B.	Other Information		35
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.		34
Item 10.	Directors, Executive Officers and Corporate Governance		36
Item 10. Directors, Executive Officers and Corporate Governance.		35
Item 11.	Executive Compensation		39
Item 11. Executive Compensation.		38
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		40
Item 12. Security Ownership of Certain Beneficial Ownership and Management and Related Stockholder Matters.		40
Item 13.	Certain Relationships and Related Transactions, and Director Independence		41
Item 13. Certain Relationships and Related Transactions, and Director Independence.		41
Item 14.	Principal Accounting Fees and Services		43
Item 14. Principal Accounting Fees and Services.		43
Item 15.	Exhibits, Financial Statement Schedules		44
Item 15. Exhibits, Financial Statement Schedules.		44
SIGNATURES			45
SIGNATURES*		45

Table of Contents

PART I

Item 1. Business.

Pharmagreen Biotech Inc. (the “Company”) was incorporated under the laws of the State of Nevada on November 26, 2007. The Company is headquartered in Coquitlam, British Columbia. The Company’s mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same plantlets of high CBD hemp and other flora and offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various cannabis and horticulture plants; extraction of botanical oils mainly CBD oil, and to deliver laboratory based services to the North American high CBD hemp, Cannabis and agriculture sectors.

Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. However, if the Company is unable to raise additional capital in the near future, due to the Company’s liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favourable terms and/or pursue other remedial measures. These consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

~~The~~In ~~Company~~2021, ~~has~~the ~~decided~~Company ~~that~~had ~~immediate~~changed its business development infrom ~~the~~Canada ~~hemp~~to ~~and cannabis industries provides a much greater opportunity in~~ the United States., ~~The~~as ~~project~~it atwas ~~Deroche~~determined ~~has~~that ~~been~~the ~~placed~~opportunities onin ~~hold while~~ the ~~Company~~hemp ~~moves~~and ~~forward~~cannabis toindustries ~~build~~were ~~out~~much agreater ~~similar~~in ~~infrastructure planned for Deroche within~~ the United States, specifically California.

On July ~~25th~~25, 2021, the Company entered into a Memorandum of Understanding to acquire all the assets and cannabis business operation (includes 12 acres property, structure and cannabis licenses, existing sales channels and distribution networks) from a private company situated in Northern California. Upon reaching a definitive agreement, the Company intends to further develop a state-of-the-art flowering greenhouse of approximately 12,000 square feet or the maximum allowed by California State and Regional County. The acquisition price is $2.4 million to be paid through a combination of cash and shares. The Company also has an option from the seller to acquire an additional 120 acres or more of land for business expansion and development. The Company currently lacks funds with which to consummate the contemplated transaction and has not negotiated a definitive agreement with respect to the contemplated transaction. Thus, there is no assurance that the Company will ever enter into, and consummate, a definitive agreement with respect to the contemplated transaction.

~~The~~In ~~recent~~2022, ~~outbreak of~~ the ~~novel~~Cannabis ~~coronavirus~~market ~~COVID-19,~~in ~~which~~California ~~was~~entered ~~declared~~ a ~~pandemic~~regression bystage ~~the~~with ~~World~~prices ~~Health~~for ~~Organization on March 11, 2020, has led to adverse impacts on~~ the ~~U.S.~~raw ~~and~~materials ~~global~~dropping ~~economies,~~below ~~disruptions~~production ofcosts ~~financial~~including ~~markets,~~greatly ~~and~~diminished ~~created~~demand ~~uncertainty~~for ~~regarding potential impacts to~~ the ~~Company’s~~sun ~~supply~~grown ~~chain,~~raw ~~operations, and customer demand~~material. ~~The~~Because ~~COVID-19 pandemic has impacted and could further impact the Company’s operations and the operations~~ of the ~~Company’s~~current ~~suppliers~~state ~~and vendors as a result~~ of ~~quarantines, facility closures, and travel and logistics restrictions. The extent to which~~ the ~~COVID-19~~Cannabis ~~pandemic~~market ~~impacts~~in ~~the Company’s business~~California, ~~results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to~~ the ~~duration,~~company ~~spread,~~has ~~severity,~~put ~~and impact of~~ the ~~COVID-19~~acquisition ~~pandemic, the effects of the COVID-19 pandemic~~ on the Company’s customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resumehold. The ~~management team is closely following the progression of COVID-19 and its potential impact on the~~ Company. ~~Even~~plans ~~after~~to ~~the~~move ~~COVID-19~~forward ~~pandemic~~with ~~has subsided,~~ the ~~Company~~biotech ~~may~~complex ~~experience~~infrastructure ~~adverse~~capable ~~impacts to its business as a result~~ of ~~any~~producing ~~economic~~tissue ~~recession~~cultured orhigh ~~depression~~CBD ~~that~~hemp ~~has~~starter ~~occurred or may occur in the future. Therefore~~plantlets, ~~the~~once ~~Company cannot reasonably estimate~~ the ~~impact~~economy atturns ~~this time our business, liquidity, capital resources and financial results~~around.

Focusing on immediate revenues, the Company ~~History~~has ~~Overview~~been and is currently formulating its nutraceutical products from blends of therapeutic plants and fungi. Utilizing the Company’s expertise in plant genetics, Pharmagreen’s transgenic program uses the newest technology available to research and create nutraceuticals, for daily supplements with the potential to help, support and improve human lives, and to address a wide variety of ailments.

Pharmagreen's ~~Biotech~~first ~~Inc.~~new ~~(“the~~product, ~~Company”~~MaxGenomic(TM) ~~was incorporated under the laws of Nevada~~Supplement, ~~U.S.~~is ona ~~November~~proprietary 26blend, ~~2007~~formulated ~~under~~in the ~~name~~U. ~~Azure International, Inc~~S. ~~On October 30~~A., ~~2008 and effective as~~ of ~~the~~nine ~~same~~medicinal ~~date,~~mushrooms ~~the~~and ~~Company~~six ~~filed~~medicinal ~~Articles~~plants ofto ~~Merger~~help ~~with~~support the ~~Secretary~~human ofmind ~~the State of Nevada, to effect a merger by~~ and ~~between~~body. ~~Air~~This ~~Transport~~supplement ~~Group~~is ~~Holdings,~~produced ~~Inc.,~~in a ~~Nevada~~U.S.A ~~corporation~~cGMP ~~incorporated on October 16~~facility, ~~2008,~~in ~~and~~enteric ~~Azure~~capsules ~~International,~~to ~~Inc.~~enhance Asthe abioavailability ~~result~~ of the ~~merger,~~MaxGenomic(TM) ~~the Company changed its name to Air Transport Group Holdings, Inc~~supplement.

3The ~~Table~~recent outbreak of ~~Contents~~the novel coronavirus COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies, disruptions of financial markets, and created uncertainty regarding potential impacts to the Company’s supply chain, operations, and customer demand. The COVID-19 pandemic has impacted and could further impact the Company’s operations and the operations of the Company’s suppliers and vendors as a result of quarantines, facility closures, and travel and logistics restrictions. The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity, and impact of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company’s customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. The management team is closely following the progression of COVID-19 and its potential impact on the Company. Even after the COVID-19 pandemic has subsided, the Company may experience adverse impacts to its business as a result of any economic recession or depression that has occurred or may occur in the future. Therefore, the Company cannot reasonably estimate the impact at this time our business, liquidity, capital resources and financial results.

On3 ~~April~~Table ~~12, 2018, the Company entered into a share exchange agreement with WFS Pharmagreen Inc., a private company incorporated under the laws~~ of British Columbia, Canada, whereby the Company acquired all of the issued and outstanding shares of WFS Pharmagreen Inc. in exchange for 37,704,500 shares of common stock of the Company. Upon completion of this transaction, the shareholders of WFS Pharmagreen hold 95.5% of voting control of the Company.Contents

~~Immediately prior to closing of the Agreement, the majority shareholder of the~~ Company ~~was~~History also the majority shareholder of WFS. As a result of the common ownership upon closing of the transaction, the acquisition was considered a common-control transaction and was outside the scope of the business combination guidance in ASC 805-50. The entities are deemed to be under common control as of February 27, 2018, which was the date that the majority shareholder acquired control of the Company and, therefore, held control over both companies. On May 2, 2018, the Share Exchange Agreement was effected. In connection with this transaction, the Company changed its name on May 8, 2018 to Pharmagreen Biotech Inc. and changed its year end from April 30th to September 30th.Overview

~~Our~~Pharmagreen ~~principal~~Biotech ~~executive~~Inc. ~~offices~~(“the ~~are~~Company”) ~~temporarily~~was ~~located~~incorporated atunder ~~2987~~the ~~Blackbear~~laws ~~Court~~of Nevada, ~~Coquitlam~~U.S. on November 26, ~~British~~2007 ~~Columbia~~under the name Azure International, ~~Canada~~Inc. ~~Our~~On ~~telephone~~October ~~number~~30, is2008 ~~(702-803-9404)~~and effective as of the same date, the Company filed Articles of Merger with the Secretary of the State of Nevada, to effect a merger by and between Air Transport Group Holdings, Inc., ~~Our~~a ~~internet~~Nevada ~~address~~corporation isincorporated ~~www~~on October 16, 2008, and Azure International, Inc.~~pharmagreen~~ As a result of the merger, the Company changed its name to Air Transport Group Holdings, Inc.~~ca.~~

On ~~August~~April 712, ~~2020~~2018, ~~our~~the ~~company~~Company ~~(including~~entered ~~our~~into ~~subsidiaries)~~a ~~filed~~share ~~voluntary~~exchange ~~petitions~~agreement with WFS Pharmagreen Inc., a private company incorporated under ~~Chapter~~the 11laws of ~~the~~British ~~United~~Columbia, ~~States~~Canada, ~~Bankruptcy~~whereby ~~Code~~the inCompany acquired all of the ~~United~~issued ~~States~~and ~~Bankruptcy~~outstanding ~~Court~~shares of WFS Pharmagreen Inc. in exchange for 37,704,500 shares of common stock of the ~~District~~Company. Upon completion of ~~Nevada~~this transaction, ~~Case~~the Noshareholders of WFS Pharmagreen hold 95.5% ~~20-13886~~of voting control of the Company.

OnImmediately ~~October~~prior 9,to ~~2020~~closing of the Agreement, athe ~~stay~~majority ~~order~~shareholder of the Company was ~~lifted~~also bythe majority shareholder of WFS. As a ~~United~~result ~~States~~of ~~District~~the ~~Judge~~common ownership upon closing of the ~~United~~transaction, ~~States~~the ~~District~~acquisition ~~Court~~was ~~for~~considered a common-control transaction and was outside the ~~Southern~~scope ~~District~~of the business combination guidance in ASC 805-50. The entities are deemed to be under common control as of ~~New~~February ~~York~~27, on2018, anwhich ~~action~~was ~~filed~~the bydate athat ~~lender~~the majority shareholder acquired control of the Company and, therefore, held control over both companies. ~~This~~On ~~effectively~~May ~~removed~~2, 2018, the Share Exchange Agreement was effected. In connection with this transaction, the Company ~~from~~changed its ~~Chapter~~name 11on ~~bankruptcy~~May ~~proceedings~~8, 2018 to Pharmagreen Biotech Inc. and ~~protection~~changed its year end from April 30 to September 30.

WeOur ~~expect~~principal toexecutive ~~continue~~offices toare ~~incur~~temporarily ~~losses~~located ~~for~~ at ~~least~~2987 ~~the~~Blackbear ~~next 12 months. We do not expect to generate revenue that is sufficient to cover our expenses~~Court, ~~and we do not have sufficient cash and cash equivalents to execute our plan of operations for at least the next twelve months. We will need to obtain additional financing~~Coquitlam, ~~through~~British ~~equity security sales~~Columbia, ~~debt~~Canada. ~~instruments~~Our ~~and~~telephone ~~private~~number ~~financing,~~is ~~to conduct our day~~(702-to803-~~day operations, and to fully execute our business plan~~9404). WeOur ~~plan~~internet toaddress ~~raise~~is ~~the capital necessary to fund our business through the sale of equity securities, debt instruments or private financing~~www. ~~These factors raise substantial doubt upon the Company’s ability to continue as a going concern~~pharmagreen. ~~This report does not reflect all the adjustments that may be necessary if the Company is unable to continue as a going concern~~ca.

~~Item~~On ~~1A.~~August ~~Risk~~7, ~~Factors~~2020, our company (including our subsidiaries) filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Nevada, Case No. 20-13886.

AsOn October 9, 2020, a ~~“smaller~~stay ~~reporting~~order ~~company,”~~was aslifted ~~defined~~by ina ~~Rule~~United ~~12b-2~~States District Judge of the ~~Exchange~~United ~~Act~~States District Court for the Southern District of New York, weon ~~are~~an ~~not~~action ~~required~~filed toby ~~provide~~a lender. This effectively removed the ~~information~~Company ~~called~~from ~~for~~its byChapter ~~this~~11 ~~Item~~bankruptcy proceedings and protection.

~~Item~~We 1Bexpect to continue to incur losses for at least the next 12 months. ~~Unresolved~~We ~~Staff~~do ~~Comments~~not expect to generate revenue that is sufficient to cover our expenses, and we do not have sufficient cash and cash equivalents to execute our plan of operations for at least the next twelve months. We will need to obtain additional financing, through equity security sales, debt instruments and private financing, to conduct our day-to-day operations, and to fully execute our business plan. We plan to raise the capital necessary to fund our business through the sale of equity securities, debt instruments or private financing. These factors raise substantial doubt upon the Company’s ability to continue as a going concern. This report does not reflect all the adjustments that may be necessary if the Company is unable to continue as a going concern.

~~None~~Item 1A. Risk Factors.

~~Item~~As a “smaller reporting company,” as defined in Rule 12b-2. ~~Properties~~of the Exchange Act, we are not required to provide the information called for by this Item.

WeItem do1B. ~~not~~Unresolved ~~own~~Staff ~~any real estate or other properties and have not entered into any long-term lease or rental agreements for property~~Comments.

~~Item 3. Legal Proceedings.~~None

OnItem ~~July 22, 2020, the Company received a preliminary statement of claim from a convertible note holder for failure of the Company to deliver shares of common stock upon receipt of notices of conversion~~2. Pursuant to the claim, the plaintiff has requested receipt of all shares of common stock requested in the notices of conversion, and also damages in an amount to be determined at trial but in any event in excess of principal amount of $78,000 for a total sum of $180,000, including without limitation the balance of any portion of the convertible note that ultimately is not converted into shares of common stock, along with default interest, liquidated damages, and damages as provided for in the convertible noteProperties.

OnWe ~~October~~do 9,not ~~2020,~~own aany ~~stay~~real ~~order~~estate ~~was~~or ~~lifted~~other byproperties aand ~~United~~have ~~States~~not ~~District~~entered ~~Judge~~into ofany ~~the~~long-term ~~United~~lease ~~States~~or ~~District~~rental ~~Court~~agreements for ~~the Southern District of New York, on an action filed by a lender~~property. This effectively removed the Company from its Chapter 11 bankruptcy proceedings and protection. The lifting of the stay order further allowed the convertible note holders to convert thereby increasing the number of shares issued and outstanding.

On4 ~~October~~Table ~~29, 2020 a second note holder filed a statement~~ of ~~claim. This lender, as of December 24, 2020, has completely converted the full amount of the note of $100,000, interest of $8,689.80 and penalty and fees aggregating $19,500.~~Contents

4Item ~~Table~~3. ofLegal ~~Contents~~Proceedings.

~~Also,~~On asJuly ~~mentioned~~22, ~~above~~2020, the Company ~~filed~~received ~~voluntary~~a ~~petitions~~preliminary ~~for~~statement ~~reorganization~~of ~~under~~claim ~~chapter~~from 11a ofconvertible ~~the~~note ~~United~~holder ~~States~~for ~~Bankruptcy~~failure ~~Code~~of in the ~~United~~Company ~~States~~to ~~Bankruptcy~~deliver ~~Court~~shares ~~for~~of ~~the~~common ~~District~~stock ofupon ~~Nevada~~receipt onof ~~August~~notices 7,of ~~2020~~conversion. ~~The~~Pursuant ~~Company’s~~to ~~filing~~the ~~with~~claim, the ~~Court~~plaintiff ~~was~~has ~~designated~~requested asreceipt ~~Case~~of ~~No.~~all ~~20-13886.~~shares ~~During~~of ~~the~~common ~~pendency~~stock ofrequested ~~this~~in ~~matter,~~ the ~~Company~~notices ~~has~~of ~~also~~conversion, ~~filed~~and ~~motions~~also ~~with~~damages ~~the~~in ~~Court~~an ~~seeking~~amount ~~authorization~~ to ~~continue~~be todetermined ~~operate~~at ~~its~~trial ~~businesses~~but asin ~~“debtors-~~any event in~~-possession”~~ ~~under~~excess ~~the~~of ~~jurisdiction~~principal amount of ~~the~~$78,000 ~~Court~~for ~~and~~a intotal ~~accordance~~sum ~~with~~of ~~the~~$180,000, ~~applicable~~including ~~provisions~~without oflimitation the ~~Bankruptcy~~balance ~~Code~~of ~~and~~any ~~orders~~portion of the ~~Court.~~convertible ~~Due~~note tothat ~~the~~ultimately ~~stay~~is ~~order~~not ~~mentioned,~~converted ~~the~~into ~~Company~~shares ~~did~~of ~~not~~common ~~file~~stock, aalong ~~plan~~with ofdefault ~~reorganization~~interest, ~~with~~liquidated ~~the~~damages, ~~Court~~and damages as provided for ~~approval~~in the convertible note.

On ~~March~~October 129, ~~2021~~2020, ~~the~~a ~~Company~~stay ~~entered~~order ~~into~~was lifted by a ~~settlement~~United ~~agreement~~States ~~with~~District Judge of the ~~convertible~~United ~~noteholder~~States ~~that~~District ~~had~~Court ~~filed~~for athe ~~preliminary~~Southern ~~statement~~District of ~~claim~~New York, on ~~July~~an ~~22,~~action ~~2020.~~filed ~~Pursuant~~by toa ~~the~~lender. ~~agreement~~This effectively removed the Company ~~was~~from ~~required~~its toChapter ~~honor~~11 ~~various~~bankruptcy ~~conversion~~proceedings ~~notices~~ and protection. The lifting of the ~~noteholder~~stay ~~agreed~~order further allowed the convertible note holders to ~~wave~~convert ~~all~~thereby ~~principal,~~increasing ~~interest~~the ~~and~~number ~~penalties~~of ~~incurred~~shares issued and outstanding.

On ~~March~~October 1029, ~~2021,~~2020 ~~the~~a ~~promissory~~second note holder ~~referred to in Note 4 (a) of the accompanying consolidated financial statements~~ filed a ~~Notice~~statement of ~~Motion~~claim. ~~For~~This ~~Summary Judgement in Lieu of Complaint (the “Notice”) with the State of New York Supreme Court~~lender, ~~County~~as of ~~New~~December ~~York for $40~~24,~~504~~ ~~plus interest at the rate of 10% per annum from January 6~~2020, ~~2021~~has ~~plus~~completely ~~costs.~~converted ~~On July 31, 2021,~~ the ~~Notice~~full ~~was~~amount ~~dismissed without prejudice by the State~~ of ~~New York Supreme Court. On October 20, 2021,~~ the ~~promissory~~ note ~~holder filed an Amended Notice~~ of ~~Motion for Summary Judgment in Lieu of Complaint with the State of New York Supreme Court, County of New York for~~ $44100,~~504.11~~000, ~~plus~~ interest ~~at the rate~~ of ~~10% per annum from January 6~~$8,690 ~~2021,~~and ~~plus~~penalty ~~costs~~ and ~~attorney~~ fees. ~~The~~aggregating ~~Company believes the claim is without merit~~$19, ~~as evidenced by the initial claim being dismissed by the same courts, and will vigorously defend its position~~500.

~~Except~~Also, as mentioned inabove, the ~~preceding~~Company ~~paragraphs,~~filed ~~there~~voluntary ~~are~~petitions nofor ~~pending~~reorganization ~~legal~~under ~~proceedings~~chapter to11 ~~which~~of the ~~Company~~United isStates aBankruptcy ~~party~~Code or in ~~which~~the ~~any~~United ~~director~~States Bankruptcy Court for the District of Nevada on August 7, ~~officer~~2020. orThe ~~affiliate~~Company’s filing with the Court was designated as Case No. 20-13886. During the pendency of this matter, the Company, ~~any~~has ~~owner~~also offiled ~~record~~motions orwith ~~beneficially~~the ofCourt ~~more~~seeking ~~than~~authorization 5%to ofcontinue ~~any~~to ~~class~~operate its businesses as “debtors-in-possession” under the jurisdiction of ~~voting~~the ~~securities~~Court and in accordance with the applicable provisions of the ~~Company,~~Bankruptcy orCode ~~stockholder~~and isorders aof ~~party~~the ~~adverse~~Court. Due to the stay order mentioned, the Company ordid ~~has~~not file a ~~material~~plan ~~interest~~of ~~adverse~~reorganization towith the ~~Company~~Court for approval.

~~Item~~On 4March 12, 2021, the Company entered into a settlement agreement with the convertible noteholder that had filed a preliminary statement of claim on July 22, 2020. ~~Mine~~Pursuant ~~Safety~~to ~~Disclosures~~the agreement the Company was required to honor various conversion notices and the noteholder agreed to wave all principal, interest and penalties incurred.

~~N/A~~On March 10, 2021, the promissory note holder referred to in Note 4 (a) of the accompanying consolidated financial statements filed a Notice of Motion For Summary Judgement in Lieu of Complaint (the “Notice”) with the State of New York Supreme Court, County of New York for $40,504 plus interest at the rate of 10% per annum from January 6, 2021 plus costs. On July 31, 2021, the Notice was dismissed without prejudice by the State of New York Supreme Court. On October 20, 2021, the promissory note holder filed an Amended Notice of Motion for Summary Judgment in Lieu of Complaint with the State of New York Supreme Court, County of New York for $44,504 plus interest at the rate of 10% per annum from January 6, 2021, plus costs and attorney fees. The plaintiff filed for an oral argument which was heard by the State of New York Supreme Court on September 15, 2022 and is pending a final decision. The Company believes the claim is without merit, as evidenced by the initial claim being dismissed by the same courts, and will vigorously defend its position.

Except as mentioned in the preceding paragraphs, there are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% ~~Table~~of any class of ~~Contents~~voting securities of the Company, or stockholder is a party adverse to the Company or has a material interest adverse to the Company.

~~PART~~Item II4. Mine Safety Disclosures.

~~Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.~~N/A

~~Our~~PART Common Stock is currently quoted on the OTC Market under the symbol “PHBI.” Prior to July 31, 2018, our Common Stock was quoted under the symbol “AITGD.” Quotations of our Common Stock began on June 10, 2008. Our Common Stock was listed and commenced trading on the OTC Market on June 10, 2008.II

AsOur ofCommon ~~September~~Stock ~~30,~~is ~~2021,~~currently wequoted ~~had~~on ~~381~~the OTC Market under the symbol “PHBI.” Prior to July 31,~~171~~ 2018,~~269~~ ~~shares~~our Common Stock was quoted under the symbol “AITGD.” Quotations of our Common Stock ~~issued~~began ~~and~~on ~~outstanding~~June ~~held~~10, by2008. ~~approximately~~Our ~~209~~Common ~~stockholders~~Stock ofwas ~~record.~~listed Toand ~~date,~~commenced wetrading ~~have~~on ~~not~~the ~~paid~~OTC ~~dividends~~Market on ~~our~~June ~~Common~~10, ~~Stock~~2008.

~~Our~~5 ~~Common~~Table ~~Stock is very thinly traded and, thus, pricing~~ of ~~our Common Stock on OTC Markets does not necessarily represent its fair market value.~~Contents

Date	Hi Bid		Low Bid
September 30, 2021	$	0.0318	$	0.027
June 30, 2021	$	0.026	$	0.0245
March 31, 2021	$	0.0331	$	0.0291
December 31, 2020	$	0.012		0.00905
September 30, 2020	$	0.089	$	0.080
June 30, 2020	$	0.11	$	0.083
March 31, 2020	$	0.15	$	0.127
December 31, 2019	$	0.70	$	0.70

The Company’s Regulation offering was “qualified” on September 24, 2021. Under the terms of the offering, the Company is offering for sale up to a maximum of 300,000,000 units at $0.025 per unit to raise up to US $7.5 million. The minimum investment is set at US $1,000.00. The primary use of proceeds is to be used for the acquisition of a California based Cannabis Licensed Company and to construct state of the art greenhouse on property owned by this Company.

6As ~~Table~~of September 30, 2022, we had 442,260,969 shares of ~~Contents~~our Common Stock issued and outstanding held by approximately 217 stockholders of record. To date, we have not paid dividends on our Common Stock.

~~Item~~Our 6.Common ~~Selected~~Stock ~~Financial~~is ~~Data~~very thinly traded and, thus, pricing of our Common Stock on OTC Markets does not necessarily represent its fair market value.

AsItem a6. ~~“smaller~~Selected ~~reporting~~Financial ~~company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.~~Data

~~Item~~As 7.a ~~Management’s~~“smaller ~~Discussion~~reporting ~~and~~company,” ~~Analysis~~as defined in Rule 12b-2 of ~~Financial~~the ~~Condition~~Exchange ~~and~~Act, ~~Results~~we ofare ~~Operations.~~not required to provide the information called for by this Item.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

~~This~~Management’s ~~section~~Discussion ~~of the Form 10-K includes a number of forward-looking statements that reflect our current views with respect to future events~~ and ~~financial~~Analysis performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.

~~Capital~~This ~~Resources~~section of the Form 10-K includes a number of forward-looking statements that reflect our current views with respect to future events and ~~Liquidity~~financial performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.

~~Our~~Capital ~~auditors~~Resources have issued a “going concern” opinion, meaning that there is substantial doubt if we can continue as an on-going business unless we obtain additional capital. No substantial revenues from our planned business model are anticipated until we have completed financing the Company. As at September 30, 2021, the Company has a working capital deficit of $1,653,334 and ~~an accumulated deficit of $11,699,417. These factors raise substantial doubt about the Company’s ability to continue as a going concern.~~Liquidity

WeOur ~~need~~auditors tohave ~~seek~~issued ~~capital~~a ~~from~~“going ~~resources~~concern” ~~such~~opinion, asmeaning ~~the~~that ~~sale~~there ofis ~~private~~substantial ~~placements~~doubt inif ~~the~~we ~~Company’s~~can ~~common~~continue ~~stock~~as oran ~~debt~~on-going ~~financing,~~business ~~which~~unless ~~may~~we ~~not~~obtain ~~even~~additional ~~be available to the Company~~capital. ~~However,~~No ifsubstantial ~~such~~revenues ~~financing~~from ~~were~~our ~~available,~~planned ~~because~~business wemodel are ananticipated ~~early~~until ~~stage~~we ~~company with no or limited operations to date, it would likely~~ have tocompleted ~~pay additional costs associated with such~~ financing ~~and in~~ the ~~case~~Company. ofAs ~~high~~at ~~risk~~September ~~loans~~30, be2022, ~~subject~~the toCompany anhas ~~above~~a ~~market~~working ~~interest~~capital ~~rate.~~deficit Atof ~~such time these funds are required~~$1,703,176 ~~management~~and ~~would~~an ~~evaluate~~accumulated ~~the~~deficit ~~terms~~ of ~~such financing~~$12,574,895. IfThese ~~the~~factors ~~Company cannot~~ raise ~~additional~~substantial ~~proceeds~~doubt ~~via~~about ~~such~~the ~~financing,~~Company’s itability ~~may~~to becontinue ~~required~~as toa ~~cease~~going ~~business operations~~concern.

AsWe ofneed ~~September~~to ~~30,~~seek ~~2021,~~capital wefrom ~~had~~resources ~~$25,300~~such inas ~~cash,~~the ~~amounts~~sale ~~receivable~~ of ~~$290,~~private ~~and~~placements ~~prepaid~~in ~~expenses~~the ~~and~~Company’s ~~deposits~~common ofstock ~~$347~~or debt financing,~~491,~~ aswhich ~~compared~~may not even be available to ~~$12,196~~the inCompany. ~~cash~~However, ~~amounts~~if ~~receivable~~such offinancing ~~$295~~were ~~and~~available, ~~prepaid~~because ~~expenses~~we ~~and~~are ~~deposits~~an ofearly ~~$253,754~~stage ascompany ofwith ~~September~~no 30or limited operations to date, ~~2020.~~it Aswould oflikely ~~the~~have ~~date~~to ofpay ~~this~~additional ~~Form~~costs ~~10-K,~~associated ~~the~~with ~~current~~such ~~funds~~financing ~~available~~and toin the ~~Company~~case ~~will~~of ~~not~~high risk loans be ~~sufficient~~subject to ~~fund~~an ~~the~~above ~~expenses~~market ~~related~~interest torate. ~~maintaining~~At ~~our~~such ~~planned~~time ~~operations.~~these Wefunds are inrequired, ~~the~~management ~~process~~would ofevaluate ~~seeking~~the ~~additional~~terms ~~equity~~of such financing. inIf the ~~form~~Company ofcannot ~~private~~raise ~~placements,~~additional ~~loans~~proceeds ~~and~~via ~~registration~~such ~~statements~~financing, toit ~~fund~~may ~~our~~be ~~intended~~required to cease business operations.

~~Management~~As ~~believes~~of ~~that~~September if30, ~~subsequent~~2022, ~~private~~we ~~placements~~had ~~are~~$8,016 ~~successful~~in orcash, weamounts ~~are~~receivable ~~successful~~of $383, and prepaid expenses and deposits of $200,572, as compared to $25,300 in ~~raising~~cash, ~~funds~~amounts ~~from~~receivable ~~registered~~of ~~securities~~$290 and prepaid expenses and deposits of $347,491 weas ~~will~~of ~~generate~~September ~~sales~~30, ~~revenue~~2021. ~~within~~The ~~twelve~~primary ~~months~~reason ~~thereof~~for the decrease in cash was due to the increase in cash used in operating activities, while prepaids and deposits decreased due to fewer shares being issued in advance to consultants as payment for their future services. ~~However~~As of the date of this Form 10-K, ~~additional~~the ~~equity~~current ~~financing~~funds ~~may~~available to the Company will not be ~~available~~sufficient to usfund onthe ~~acceptable~~expenses ~~terms~~related orto atmaintaining ~~all,~~our ~~and~~planned ~~thus~~operations. weWe ~~could~~are ~~fail~~in the process of seeking additional equity financing in the form of private placements, loans and registration statements to ~~satisfy~~fund our ~~future~~intended ~~cash~~business ~~requirements~~operations.

WeManagement dobelieves ~~not~~that ~~anticipate~~if ~~researching~~subsequent ~~any~~private ~~further~~placements ~~products~~are ~~nor~~successful ~~the~~or ~~purchase~~we orare ~~sale~~successful ofin ~~any~~raising ~~significant~~funds ~~equipment~~from registered securities, we will generate sales revenue within twelve months thereof. WeHowever, ~~also~~additional doequity financing may not ~~expect~~be ~~any~~available ~~significant~~to ~~additions~~us on acceptable terms or at all, and thus we could fail to ~~the~~satisfy ~~number~~our offuture ~~employees~~cash requirements.

7We ~~Table~~do not anticipate researching any further products nor the purchase or sale of ~~Contents~~any significant equipment. We also do not expect any significant additions to the number of employees.

Results of Operations

We had no revenue for the years ended September 30, ~~2021~~2022 and ~~2020~~2021.

~~Total~~6 ~~operating~~Table ~~expenses for the fiscal year ended September 30, 2021 was $744,064 compared to operating expenses for the fiscal year ended September 30, 2020,~~ of $485,756. In addition to operating expenses, we incurred other expenses of $3,788,160 during the fiscal year ended September 30, 2021 compared to other expenses of $1,996,856 for the fiscal year ended September 30, 2020. During the fiscal year ended September 30, 2021, we incurred a net loss of $4,532,071 compared to a net loss of $2,437,870 for the year ended September 30, 2020. The increase in net loss for the fiscal year ended September 30, 2021 compared to September 30, 2020 was mainly due to the following:Contents

·Total Anoperating ~~increase~~expenses infor ~~consulting~~the ~~fees~~fiscal ~~from~~year ~~$224,691~~ended inSeptember ~~2020~~30, to2022 was $~~526~~1,~~522~~101,493 incompared ~~2021 due~~ to anoperating ~~increased~~expenses ~~use~~for ofthe ~~consultants~~fiscal asyear ~~part~~ended ofSeptember ~~our~~30, ~~continued~~2021, ~~growth and development~~ of ~~our strategic objectives as a publicly-listed company; · An increase in general and administrative fees from~~ $63744,~~711~~064. inIn ~~2020~~addition to ~~$79,422~~operating ~~in 2021~~expenses, ~~which~~we ~~was~~had ~~primarily~~other ~~due~~income to$225,998 anduring ~~increase~~the infiscal ~~administrative~~year ~~fees~~ended ~~based~~September on30, ~~higher~~2022 ~~overhead~~compared ~~costs;~~to ·incurring Another ~~increase~~expenses inof ~~interest and finance costs from~~ $~~343~~3,~~942 in 2020 to $680~~788,~~714~~160 infor ~~2021, which was mainly attributable an increase in default penalties incurred on convertible notes due to~~ the ~~debentures~~fiscal ~~maturing~~year ~~without~~ended ~~repayment~~September ~~and~~30, ~~due~~2021. During to the ~~declaration~~fiscal ofyear ~~reorganization~~ended inSeptember ~~August~~30, ~~2020~~2022, ~~that~~we ~~triggered~~incurred a ~~default~~net ~~event~~loss onof ~~the~~$875,478 ~~outstanding~~compared ~~debentures;~~to ~~and~~a ·net ~~An increase in~~ loss ~~on change in fair value~~ of ~~derivative liabilities from~~ $14,~~149~~532,~~450~~071 infor ~~2020~~the toyear ~~$3,257,122~~ended inSeptember ~~2021~~30, ~~which~~2021. The ~~related~~decrease toin ~~the~~net ~~embedded~~loss ~~conversion~~for ~~features on~~ the ~~Company’s~~fiscal ~~convertible~~year ~~debentures~~ended ~~entered~~September ~~into~~30, ~~during~~2022 ~~the~~compared ~~year and due~~ to ~~the~~September ~~conversion~~30, of2021 ~~additional~~was ~~default~~mainly ~~penalties~~due ~~during~~to the ~~year at a heavily-discounted conversion price.~~following:

~~The~~· ~~increase~~A ~~was~~decrease ~~partially~~in ~~offset~~accretion byof discount of convertible notes from $88,264 in 2021 to $18,465 in 2022 due to the ~~following:~~decrease in the convertible notes balance from $198,668 in 2021 to $120,038 in 2022; · A decrease in interest and finance costs from $680,714 in 2021 to $28,780 in 2022 due to the decrease in finance and commitment fees from $250,000 in 2021 to $nil in 2022, a decrease in loan interest from $108,851 in 2021 to $28,780 in 2022, and a decrease in default penalties on convertible notes from $321,863 in 2021 to $nil in 2022; and · A change in fair value of derivative liabilities from loss of $3,257,122 in 2021 to a gain of $215,620 in 2022 due to a court judgement ordering the surrender of a convertible note’s conversion rights, leading to the derecognition of its derivative liability.

·The An increase inwas ~~the~~partially ~~gain~~offset onby settlement on convertible notes from a loss of $33,087 in 2020 to a gain of $237,940 in 2021; · A decrease in accretion of discount of convertible notes from $328,333 in 2020 to $88,264 in 2021, which related to the decrease in convertible debt financing during the year; · A decrease in impairment of property and equipment from $434,601 in 2020 to $nil in 2021 as we wrote off our construction costs relating to the proposed biotech complex in Deroche in fiscal 2020 and did not incur any new capital expenditure costs; and, · A decrease in the gain from write-off of accounts payable from $292,557 in 2020 to $nil in 2021, as we recorded a one-time write-off of amounts owed for professional services in fiscal 2020.following:

During the year ended September 30, 2021, and 2020, we incurred a net loss of $0.02 and $0.03 per share, respectively.

	·	An increase in consulting fees from $526,522 in 2021 to $924,625 in 2022 due to a larger number of consulting agreements entered into in 2022; and
	·	A decrease in recovery of default penalties from $237,940 in 2021 to $57,613 in 2022 due to the derecognition of a default penalty relating to the court judgement of a convertible note.

~~Off-balance~~During ~~sheet~~the ~~arrangements~~year ended September 30, 2022, and 2021, we incurred a net loss of $0.00 and $0.02 per share, respectively.

~~The Company has no off~~Off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the Company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the Company is a party, under which the Company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

~~Item~~The 7ACompany has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. ~~Quantitative~~The ~~and~~term ~~Qualitative~~“off-balance ~~Disclosures~~sheet ~~About~~arrangement” ~~Market~~generally ~~Risk~~means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the company is a party, under which the company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

AsItem a7A. ~~“smaller~~Quantitative ~~reporting~~and ~~company,”~~Qualitative asDisclosures ~~defined~~About inMarket ~~Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item~~Risk.

8We ~~Table~~are a smaller reporting company as defined by Rule 12b-2 of ~~Contents~~the Exchange Act and are not required to provide the information required under this item.

~~Item~~7 8.Table ~~Financial~~of ~~Statements and Supplementary Data~~Contents

~~PHARMAGREEN~~Item ~~BIOTECH INC~~8. Financial Statements and Supplementary Data

~~Consolidated~~PHARMAGREEN ~~Financial~~BIOTECH ~~Statements~~INC.

~~Years~~Consolidated ~~Ended~~Financial ~~September 30, 2021, and 2020~~Statements

~~(Expressed~~Years inEnded ~~U.S.~~September ~~Dollars)~~30, 2022, and 2021

9(Expressed ~~Table~~in ofU.S. ~~Contents~~Dollars)

~~REPORT~~8 OFTable ~~INDEPENDENT~~of ~~REGISTERED PUBLIC ACCOUNTING FIRM~~Contents

ToREPORT ~~the~~OF ~~Board~~INDEPENDENT ofREGISTERED ~~Directors~~PUBLIC ~~and~~ACCOUNTING ~~Stockholders of Pharmagreen Biotech Inc.~~FIRM

~~Opinion~~To on the ~~Consolidated~~Board ~~Financial~~of ~~Statements~~Directors and Shareholders of Pharmagreen Biotech Inc.:

WeOpinion ~~have~~on ~~audited~~ the ~~accompanying~~Financial consolidated balance sheets of Pharmagreen Biotech Inc. (the “Company”) as of September 30, 2021 and 2020, and the related consolidated statements of operations and comprehensive loss, stockholders’ deficit, and cash flows for the years then ended and related notes (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as at September 30, 2021 and 2020, and the results of their operations and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.Statements

~~Explanatory~~We ~~Paragraph~~have ~~Regarding~~audited ~~Going~~the ~~Concern~~accompanying consolidated balance sheet of Pharmagreen Biotech Inc. (“the Company”) as of September 30, 2022, the related consolidated statements of operations and comprehensive loss, stockholders’ deficit, and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 30, 2022, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

~~The~~Explanatory ~~accompanying~~Paragraph ~~consolidated~~Regarding ~~financial~~Going statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred significant operating losses and negative cash flows from operations since inception. As at September 30, 2021, the Company has a working capital deficit of $1,653,334 and an accumulated deficit of $11,699,417. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also discussed in Note 1 to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.Concern

~~Basis~~The ~~for~~accompanying ~~Opinion~~financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

~~These~~Basis ~~consolidated~~for financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.Opinion

WeThese ~~conducted~~financial ~~our~~statements ~~audits~~are ~~in accordance with~~ the ~~standards~~responsibility of the ~~PCAOB~~Company’s management. ~~Those~~Our ~~standards~~responsibility ~~require~~is ~~that we plan and perform the audit~~ to ~~obtain~~express ~~reasonable~~an ~~assurance~~opinion ~~about~~on ~~whether~~ the ~~consolidated~~Company’s financial statements ~~are~~based ~~free~~on ofour ~~material misstatement, whether due to fraud or error~~audit. ~~The~~We ~~Company~~are isa ~~not~~public ~~required~~accounting tofirm ~~have,~~registered ~~nor~~with ~~were~~the wePublic ~~engaged~~Company toAccounting ~~perform,~~Oversight anBoard ~~audit~~(United ofStates) ~~its~~(“PCAOB”) ~~internal~~and ~~controls over financial reporting. As part of our audits, we~~ are required to ~~obtain~~be anindependent ~~understanding~~with ofrespect to the Company’s ~~internal~~in ~~controls~~accordance ~~over~~with ~~financial~~the ~~reporting,~~U.S. ~~but~~federal ~~not~~securities ~~for~~laws and the ~~purpose~~applicable ofrules ~~expressing~~and anregulations ~~opinion on the effectiveness~~ of the ~~Company’s~~Securities ~~internal~~and ~~controls~~Exchange ~~over~~Commission ~~financial~~and ~~reporting.~~the ~~Accordingly, we express no such opinion~~PCAOB.

~~Our~~We ~~audits~~conducted ~~included~~our ~~performing~~audit ~~procedures~~in toaccordance ~~assess~~with the ~~risks~~standards of ~~material~~the ~~misstatement~~PCAOB. ofThose standards require that we plan and perform the ~~consolidated~~audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to ~~fraud~~error or ~~error,~~fraud. ~~and~~The ~~performing~~Company ~~procedures~~is ~~that~~not ~~respond~~required to ~~those~~have, ~~risks.~~nor ~~Such~~were ~~procedures~~we ~~included~~engaged ~~examining,~~to ~~on a test basis~~perform, ~~evidence~~an ~~regarding~~audit ~~the~~of ~~amounts~~its ~~and~~internal ~~disclosures~~control inover ~~the consolidated~~ financial ~~statements~~reporting. ~~Our~~As part of our audits, ~~also~~we ~~included~~are ~~evaluating~~required ~~the~~to ~~accounting~~obtain ~~principles~~an ~~used~~understanding ~~and~~of ~~significant~~internal ~~estimates~~control ~~made~~over byfinancial ~~management~~reporting, asbut ~~well~~not asfor ~~evaluating~~ the ~~overall~~purpose ~~presentation~~ of expressing an opinion on the ~~consolidated~~effectiveness ~~financial~~of ~~statements.~~the WeCompany’s ~~believe~~internal ~~that~~control ~~our~~over ~~audits~~financial ~~provide~~reporting. aAccordingly, ~~reasonable~~we ~~basis~~express ~~for~~no ~~our~~such opinion.

10Our ~~Table~~audit included performing procedures to assess the risks of ~~Contents~~material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

~~Critical~~The critical audit ~~matters~~matter ~~are~~communicated ~~matters~~below is a matter arising from the current period audit of the ~~consolidated~~ financial statements that ~~were~~was communicated or required to be communicated to the audit committee and that: (i1) ~~relate~~related to accounts or disclosures that are material to the financial statements; and (ii2) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter, in any way, our opinion on the ~~consolidated~~ financial statements, taken as a whole, and we are not, by communicating the critical ~~audit~~ matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures ~~for~~to which ~~they~~it ~~relate~~relates.

~~Accounting~~Matter ~~for Embedded Conversion Features (Derivative Liabilities) within Convertible Notes Payable~~#1

~~Description of~~ Critical Audit Matter Description

As atdescribed ~~September~~further ~~30,~~in ~~2021~~Notes 5 and 6 of the financial statements, during the ~~Company~~year ~~had~~ended ~~$472~~September 30,~~003~~ of2022, ~~derivative~~and ~~liabilities~~in ~~resulting~~prior ~~from~~periods, ~~two~~the ~~convertible~~Company ~~note~~issued ~~agreements~~convertible ~~with~~notes ~~third~~and ~~parties~~warrants that ~~have~~required amanagement ~~floating~~to ~~rate~~assess ofwhether the conversion ~~into~~features of the ~~Company’s~~convertible ~~common~~notes ~~shares~~required ~~based~~bifurcation onand separate valuation as a ~~discount~~derivative ~~percentage~~liability, ofand whether the ~~lowest~~warrants ~~trading~~required ~~price~~accounting oftreatment ~~the~~as ~~Company’s~~derivative ~~common~~liabilities. ~~stock~~The onCompany determined that the ~~prior~~conversion ~~twenty~~features ~~trading~~of ~~days~~certain ~~prior~~of its convertible notes and issued in financing arrangements required to ~~conversion~~be accounted for as derivative liabilities. The ~~determination~~derivative ofliabilities ~~the~~were recorded at fair value ofwhen ~~the~~issued ~~derivative~~and ~~liabilities~~subsequently ~~requires~~re-measured ~~the~~to fair value ofupon ~~the~~settlement ~~conversion~~or ~~feature~~at tothe beend ~~bifurcated~~of ~~from~~each ~~the~~reporting ~~original~~period. ~~terms~~The ofCompany ~~the~~utilized ~~convertible~~a ~~note,~~Cox-Ross-Rubinstein ~~and~~binomial ~~requires~~lattice ~~management~~pricing ~~judgement~~model to determine the ~~appropriate~~ fair value of the ~~embedded~~derivative ~~conversion~~liabilities, ~~feature~~which ~~using~~uses ~~valuation~~certain ~~techniques~~assumptions ~~that~~related ~~utilizes~~to ~~management~~exercise ~~judgement~~price, interm, ~~determining~~expected ~~appropriate~~volatility, ~~inputs~~and torisk- ~~the~~free ~~valuation~~interest ~~model~~rate.

~~How~~We identified auditing the ~~Critical~~determination ~~Audit~~and ~~Matter~~valuation ~~Was~~of ~~Addressed~~the derivative liabilities as a critical audit matter due to the significant judgements used by the Company in determining whether the ~~Audit~~embedded conversion features and warrants required derivative accounting treatment and the significant judgements used in determining the fair value of the derivative liabilities. Auditing the determination and valuation of the derivative liabilities involved a high degree of auditor judgement, and specialized skills and knowledge were needed.

~~Our~~How ~~audit procedures relating to~~ the ~~evaluation~~Critical ~~for~~Audit ~~the~~Matter ~~Company’s~~Was ~~assessment~~Addressed ofin the ~~fair value of the derivative liabilities included:~~Audit

·Our ~~Independent~~audit ~~confirmation~~procedures ofincluded ~~convertible note balances, including accrued interest and terms of~~ the ~~agreement as at September 30~~following, ~~2021;~~among · Independent assessment of the appropriate valuation model for derivative liability, including performing independent calculations based on the same model utilized by the Company, and comparing the results of our assessment to the Company; · Reviewing board resolutions and communications from convertible note holders to determine if any other default factors or additional penalties should be considered for recognition in the Company’s consolidated financial statements; and · Testing of substantially all transaction related to this matter, including the issuance of common shares relating to the conversion of convertible notes.others:

/· We inspected and reviewed debt agreements, conversion notices, and settlement agreements to evaluate the Company's/ ~~SATURNA~~determination ~~GROUP~~of ~~CHARTERED~~whether ~~PROFESSIONAL~~derivative ~~ACCOUNTANTS~~accounting ~~LLP~~was required, including assessing and evaluating management's application of relevant accounting standards to such transactions. · We tested the reasonableness of the assumptions used by the Company in the binomial option model, including exercise price, expected term, expected volatility, and risk-free interest rate. · We tested the accuracy and completeness of data used by the Company in developing the assumptions used in the binomial option model. · We developed an independent expectation for comparison to the Company's estimate, which included developing our own binomial option model and assumptions. · We evaluated the accuracy and completeness of the Company's presentation of these instruments in the financial statements and related disclosures in Notes 5 and 6, including evaluating whether such disclosures were in accordance with relevant accounting standards.

~~Saturna~~Professionals ~~Group~~with ~~Chartered~~specialized ~~Professional~~skill ~~Accountants~~and ~~LLP~~ knowledge were utilized by the Firm to assist in the evaluation of the Company estimate of fair value and the development of our own independent expectation.

We/s/ ~~have~~Sadler, ~~served~~Gibb as& ~~the~~Associates, ~~Company’s auditor since 2017~~LLC

~~Vancouver,~~We ~~Canada~~have served as the Company’s auditor since 2022

~~December 29~~Draper, ~~2021~~UT

11January ~~Table~~16, ~~of Contents~~2023

~~PHARMAGREEN~~9 ~~BIOTECH~~Table ~~INC.~~of Contents

~~Consolidated~~REPORT ~~Balance~~OF ~~Sheets~~INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

~~(Expressed~~To inthe ~~U.S.~~Board ~~dollars)~~of Directors and Stockholders of Pharmagreen Biotech Inc.

	September 30, 2021$			September 30, 2020$
Assets
Current assets
Cash		25,300			12,196
Amounts receivable		290			295
Prepaid expenses and deposits		347,491			253,754
Total assets		373,081			266,245
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable and accrued liabilities (Notes 4 and 8)		659,437			539,663
Advances from Alliance Growers Corp. (Note 12(a))		59,122			56,303
Loans payable (Note 5)		40,000			40,000
Convertible notes – current portion, net of unamortized discount of $nil and $182,012, respectively (Note 6)		190,834			641,077
Derivative liabilities (Note 7)		472,003			1,380,957
Due to related parties (Note 8)		605,019			508,874
Total current liabilities		2,026,415			3,166,874
Loans payable (Note 5)		31,532			30,028
Convertible notes, net of unamortized discount of $19,233 and $23,619, respectively (Note 6)		7,834			3,448
Total liabilities		2,065,781			3,200,350
Stockholders’ deficit
Preferred stock Authorized: 1,000,000 shares, $0.001 par value; 10,000 and nil shares issued and outstanding, respectively		10			-
Common stock Authorized: 2,000,000,000 shares, $0.001 par value; 381,171,269 and 95,806,289 shares issued and outstanding, respectively		381,171			95,806
Common stock issuable		-			180,000
Additional paid-in capital		9,680,572			3,967,261
Accumulated other comprehensive income (loss)		(8,378	)		36,679
Deficit		(11,699,417	)		(7,167,346	)
Total Pharmagreen Biotech Inc. stockholders’ deficit		(1,646,042	)		(2,887,600	)
Non-controlling interest		(46,658	)		(46,505	)
Total stockholders’ deficit		(1,692,700	)		(2,934,105	)
Total liabilities and stockholders’ deficit		373,081			266,245

Opinion on the Consolidated Financial Statements

~~Nature~~We have audited the accompanying consolidated balance sheets of ~~business~~Pharmagreen Biotech Inc. (the “Company”) as of September 30, 2021, and ~~continuance~~the related consolidated statements of operations and comprehensive loss, stockholders’ deficit, and cash flows for the year then ended and related notes (~~Note~~collectively, 1the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as at September 30, 2021, and the results of their operations and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

~~Commitments~~Explanatory ~~(Note~~Paragraph ~~12)~~Regarding Going Concern

~~Subsequent~~The ~~event~~accompanying (consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note ~~14)~~1 to the consolidated financial statements, the Company has incurred significant operating losses and negative cash flows from operations since inception. As at September 30, 2021, the Company has a working capital deficit of $1,653,334 and an accumulated deficit of $11,699,417. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also discussed in Note 1 to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

~~(The~~Basis ~~accompanying~~for ~~notes are an integral part of these consolidated financial statements)~~Opinion

12These ~~Table~~consolidated financial statements are the responsibility of ~~Contents~~the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

~~PHARMAGREEN~~We ~~BIOTECH~~conducted ~~INC~~our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to fraud or error. The Company is not required to have, nor were we engaged to perform, an audit of its internal controls over financial reporting. As part of our audit, we are required to obtain an understanding of the Company’s internal controls over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal controls over financial reporting. Accordingly, we express no such opinion.

~~Consolidated~~Our ~~Statements~~audit included performing procedures to assess the risks of ~~Operations~~material misstatement of the consolidated financial statements, whether due to fraud or error, and ~~Comprehensive~~performing ~~Income~~procedures ~~(Loss)~~that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

~~(Expressed~~Critical inAudit ~~U.S. dollars)~~Matters

	Year endedSeptember 30, 2021$			Year endedSeptember 30, 2020$
Expenses
Consulting fees (Note 8)		526,522			224,691
Foreign exchange loss (gain)		(8,665	)		8
General and administrative		79,422			63,711
License application fees		-			893
Professional fees		127,352			179,015
Salaries and wages		19,433			17,438
Total expenses		744,064			485,756
Net loss before other income (expenses)		(744,064	)		(485,756	)
Other income (expense)
Accretion of discount on convertible notes (Note 6)		(88,264	)		(328,333	)
Interest and finance costs (Notes 5 and 6)		(680,714	)		(343,942	)
Impairment of property and equipment (Note 3)		-			(434,601	)
Loss on change in fair value of derivative liabilities (Note 7)		(3,257,122	)		(1,149,450	)
Gain (loss) on settlement on convertible notes		237,940			(33,087	)
Write-off of accounts payable (Note 4)		-			292,557
Total other income (expense)		(3,788,160	)		(1,996,856	)
Net loss		(4,532,224	)		(2,482,612	)
Less: net loss attributable to non-controlling interest		153			44,742
Net loss attributable to Pharmagreen Biotech Inc.		(4,532,071	)		(2,437,870	)
Comprehensive loss
Foreign currency translation loss		(45,057	)		(11,634	)
Comprehensive loss attributable to Pharmagreen Biotech Inc.		(4,577,128	)		(2,449,504	)
Basic and diluted loss per share attributable to Pharmagreen Biotech Inc. stockholders		(0.02	)		(0.03	)
Weighted average number of shares outstanding used in the calculation of net loss per share attributable to Pharmagreen Biotech Inc.		293,706,579			82,072,080

Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (i) relate to accounts or disclosures that are material to the financial statements; and (ii) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter, in any way, our opinion on the consolidated financial statements taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures for which they relate.

~~(The~~Accounting ~~accompanying~~for ~~notes~~Embedded ~~are~~Conversion anFeatures ~~integral~~(Derivative ~~part~~Liabilities) ofwithin ~~these~~Convertible ~~consolidated~~Notes ~~financial statements)~~Payable

13Description ~~Table~~ of ~~Contents~~Critical Audit Matter

~~PHARMAGREEN~~As ~~BIOTECH~~at ~~INC~~September 30, 2021, the Company had $472,003 of derivative liabilities resulting from two convertible note agreements with third parties that have a floating rate of conversion into the Company’s common shares based on a discount percentage of the lowest trading price of the Company’s common stock on the prior twenty trading days prior to conversion. The determination of the fair value of the derivative liabilities requires the fair value of the conversion feature to be bifurcated from the original terms of the convertible note, and requires management judgement to determine the appropriate fair value of the embedded conversion feature using valuation techniques that utilizes management judgement in determining appropriate inputs to the valuation model.

~~Consolidated~~How ~~Statements~~the ofCritical ~~Stockholders’~~Audit ~~Deficit~~Matter Was Addressed in the Audit

~~(Expressed~~Our inaudit ~~U.S.~~procedures ~~dollars)~~relating to the evaluation for the Company’s assessment of the fair value of the derivative liabilities included:

	Preferred stock				Common stock				Common stock			Additional paid-in		Accumulatedothercomprehensive income						Non-controlling			Total stockholders’
	Number of shares		Amount$		Number of shares		Amount$		issuable$			capital$		(loss)$			Deficit$			interest$			deficit$
Balance, September 30, 2019		–		–		75,646,835		75,647		–			3,772,781		47,824			(4,729,476	)		(1,274	)		(834,498	)
Issuance of units for cash		–		–		114,286		114		–			39,886		-			-			-			40,000
Issuance of common stock pursuant to the conversion of convertible notes		–		-		20,023,168		20,023		180,000			143,836		-			-			-			343,859
Issuance of common stock for services		–		-		22,000		22		-			10,758		-			-			-			10,780
Foreign currency translation loss		–		-		–		-		-			-		(11,145	)		-			(489	)		(11,634	)
Net loss for the year		–		-		–		-		-			-		-			(2,437,870	)		(44,742	)		(2,482,612	)
Balance, September 30, 2020		–		-		95,806,289		95,806		180,000			3,967,261		36,679			(7,167,346	)		(46,505	)		(2,934,105	)
Issuance of units for cash		–		-		37,872,500		37,873		-			229,853		-			-			-			267,726
Issuance of preferred shares for cash		10,000		10		–		-		-			-		-			-			-			10
Issuance of common stock pursuant to the conversion of convertible notes		–		-		229,160,480		229,160		(180,000	)		4,874,116		-			-			-			4,923,276
Issuance of common stock for services		–		-		18,332,000		18,332		-			609,342		-			-			-			627,674
Foreign currency translation loss		–		-		–		-		-			-		(45,057	)		-			-			(45,057	)
Net loss for the year		–		-		–		-		-			-		-			(4,532,071	)		(153	)		(4,532,224	)
Balance, September 30, 2021		10,000		10		381,171,269		381,171		-			9,680,572		(8,378	)		(11,699,417	)		(46,658	)		(1,692,700	)

	·	Independent confirmation of convertible note balances, including accrued interest and terms of the agreement as at September 30, 2021;

	·	Independent assessment of the appropriate valuation model for derivative liability, including performing independent calculations based on the same model utilized by the Company, and comparing the results of our assessment to the Company;

	·	Reviewing board resolutions and communications from convertible note holders to determine if any other default factors or additional penalties should be considered for recognition in the Company’s consolidated financial statements; and

	·	Testing of substantially all transaction related to this matter, including the issuance of common shares relating to the conversion of convertible notes.

~~(The~~Saturna ~~accompanying~~Group ~~notes~~Chartered ~~are~~Professional anAccountants ~~integral~~LLP ~~part of these consolidated financial statements)~~

14We ~~Table~~have ofserved ~~Contents~~as the Company’s auditor since 2017

~~PHARMAGREEN~~Vancouver, ~~BIOTECH INC.~~ Canada

~~Consolidated~~December ~~Statements~~29, ~~of Cash Flows~~2021

~~(Expressed~~10 inTable ~~U.S.~~of ~~dollars)~~Contents

	Year endedSeptember 30, 2021$			Year endedSeptember 30, 2020$
OPERATING ACTIVITIES
Net loss		(4,532,224	)		(2,482,612	)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on convertible notes		88,264			328,333
Default penalties and interest on convertible notes		680,714			343,942
Impairment of property and equipment		-			434,601
Loss on change in fair value of derivative liabilities		3,257,122			1,149,450
Loss on settlement of convertible note		(237,940	)		33,087
Shares issued for services		627,674			10,780
Write-off of accounts payable		-			(292,557	)
Changes in operating assets and liabilities:
Amounts receivable		5			10,344
Prepaid expenses and deposits		(343,737	)		(137,898	)
Accounts payable and accrued liabilities		147,658			(85,798	)
Due to related parties		106,383			80,694
Net cash used in operating activities		(206,081	)		(607,634	)
FINANCING ACTIVITIES
Proceeds from issuance of units		267,726			40,000
Proceeds from issuance of preferred shares		10			-
Proceeds from issuance of convertible notes		-			570,078
Proceeds from loans from related parties		33,646			96,059
Repayment of convertible notes		-			(25,000	)
Repayment of loans from related parties		(43,884	)		(143,545	)
Proceeds from loans payable		-			30,028
Financing costs		-			(5,000	)
Net cash provided by financing activities		257,498			562,620
Effect of foreign exchange rate changes on cash		(38,313	)		(5,472	)
Change in cash		13,104			(50,486	)
Cash, beginning of year		12,196			62,682
Cash, end of year		25,300			12,196
Non-cash investing and financing activities:
Original issue discount on convertible notes		-			532,594
Issuance of common stock for consulting fees included in prepaid expenses		347,491			-
Issuance of common stock pursuant to conversion of convertible notes		5,103,276			163,859
Issuance of promissory note as a financing fee		-			40,000
Common stock issuable pursuant to conversion of convertible notes		(180,000	)		180,000
Supplemental disclosures:
Interest paid		-			4,601
Income taxes paid		-			-

PHARMAGREEN BIOTECH INC.

~~(The~~Consolidated ~~accompanying~~Balance ~~notes are an integral part of these consolidated financial statements)~~Sheets

15(Expressed ~~Table~~in ofU.S. ~~Contents~~dollars)

PHARMAGREEN BIOTECH INC.

	September 30, 2022			September 30, 2021
	$			$

Assets

Current assets

Cash		8,016			25,300
Amounts receivable		383			290
Prepaid expenses and deposits (Notes 11 and 12)		200,572			347,491

Total assets		208,971			373,081

Liabilities and Stockholders’ Deficit

Current liabilities

Accounts payable and accrued liabilities (Notes 3 and 7)		724,876			659,437
Advances from Alliance Growers Corp. (Note 12(a))		54,847			59,122
Loans payable (Note 4)		99,077			40,000
Convertible notes – current portion, net of unamortized discount of $15,781 and $nil, respectively (Note 4 and 5)		120,038			190,834
Derivative liabilities (Notes 4, 5 and 6)		271,394			472,003
Due to related parties (Note 7)		641,915			605,019

Total current liabilities		1,912,147			2,026,415

Loans payable (Note 4)		29,252			31,532
Loans payable to related parties (Note 7)		90,221			-
Convertible notes, net of unamortized discount of $nil and $19,233, respectively (Note 4 and 5)		-			7,834

Total liabilities		2,031,620			2,065,781

Stockholders’ deficit

Preferred stock Authorized: 1,000,000 shares, $0.001 par value; 10,000 shares issued and outstanding (Note 9)		10			10
Common stock Authorized: 2,000,000,000 shares, $0.001 par value; 442,260,969 and 381,171,269 shares issued and outstanding, respectively (Note 8)		442,261			381,171
Common stock issuable (Note 12)		1,130			-
Additional paid-in capital (Note 8)		10,261,777			9,680,572
Accumulated other comprehensive income (loss)		93,753			(8,378	)
Deficit		(12,574,895	)		(11,699,417	)

Total Pharmagreen Biotech Inc. stockholders’ deficit		(1,775,964	)		(1,646,042	)

Non-controlling interest		(46,685	)		(46,658	)

Total stockholders’ deficit		(1,822,649	)		(1,692,700	)

Total liabilities and stockholders’ deficit		208,971			373,081

Nature of business and continuance of operations (Note 1)
Commitments and contingency (Note 12)
Subsequent events (Note 14)

~~Notes~~(The toaccompanying ~~the~~notes ~~Consolidated~~are ~~Financial~~an ~~Statements~~integral part of these consolidated financial statements)

~~Year~~11 ~~Ended~~Table ~~September~~of ~~30, 2021, and 2020~~Contents

~~(Expressed~~PHARMAGREEN inBIOTECH UINC.S. ~~dollars)~~

1.Consolidated ~~Nature~~Statements of ~~Business and Continuance of~~ Operations ~~Pharmagreen Biotech Inc. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on November 26, 2007, under the name Azure International, Inc. On October 30, 2008,~~ and ~~effective~~Comprehensive as of the same date, the Company filed Articles of Merger (“Articles”) with the Secretary of State of the State of Nevada, to effect a merger by and between Air Transport Group Holdings, Inc., a Nevada corporation and Azure International, Inc. As a result of the merger, the Company changed its name to Air Transport Group Holdings, Inc. The Company was previously in the business of providing technical advisory and appraisals to the aircraft and aviation business as well as providing sourcing for aircraft leases and parts. Pursuant to a Share Exchange Agreement with WFS Pharmagreen Inc. (“WFS”) on May 2, 2018, the Company changed its name to Pharmagreen Biotech Inc. and changed its principal business to the production of starter plantlets for the North American high CBD hemp and medical cannabis industries through the application of the proprietary plant tissue culture in vitro process called “Chibafreen”. This proprietary process will produce plantlets that will be genetically identical and free of pests and disease free with consistent and certifiable constituent properties. Going Concern These consolidated financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As at September 30, 2021, the Company has not earned any revenues from operations, has a working capital deficit of $1,653,334, and has an accumulated deficit of $11,699,417. During the year ended September 30, 2021, the Company incurred a net loss of $4,532,071 and used cash flows for operations of $206,081. In addition, the Company filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Nevada on August 7, 2020. As a result of the voluntary petition, various convertible note holders triggered default provisions on the Company’s outstanding convertible notes. On October 9, 2020, a stay order was lifted by a United States District Judge of the United States District Court for the Southern District of New York, on an action filed by a lender. This effectively removed the Company from its Chapter 11 bankruptcy proceedings and protection. Furthermore, the Company has defaulted on other convertible notes. These factors raise substantial doubt upon the Company’s ability to continue as a going concern. These consolidated financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The outbreak of the novel coronavirus COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies, disruptions of financial markets, and created uncertainty regarding potential impacts to the Company’s supply chain, operations, and customer demand. The COVID-19 pandemic has impacted and could further impact the Company’s operations and the operations of the Company’s suppliers and vendors as a result of quarantines, facility closures, and travel and logistics restrictions. Specifically, the Company attributes the pandemic to a delay in a planned financing which was to be used for the construction of the biotech complex, resulting in an impairment of the capitalized construction-in-progress at September 30, 2020. The extent to which the COVID-19 pandemic further impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity, and impact of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company’s customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. The management team is closely following the progression of COVID-19 and its impact on the Company. Even after the COVID-19 pandemic has subsided, the Company may continue to experience adverse impacts to its business as a result of any economic recession or depression that has occurred or may occur in the future. Therefore, the Company cannot reasonably estimate the impact at this time our business, liquidity, capital resources, and financial results.Loss

2.(Expressed ~~Significant~~in ~~Accounting~~U.S. ~~Policies~~dollars)

(a) Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, WFS Pharmagreen Inc. (“WFS”), and its 89.7% owned subsidiary 1155097 BC Ltd. (“115BC”), companies incorporated in British Columbia, Canada. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is September 30.

	Year ended September 30, 2022 $			Year ended September 30, 2021 $

Expenses

Consulting fees (Note 7 and 12)		924,625			526,522
Foreign exchange loss (gain)		31,745			(8,665	)
General and administrative		65,560			79,422
Professional fees		63,088			127,352
Salaries and wages		16,475			19,433

Total expenses		1,101,493			744,064

Net loss before other income (expenses)		(1,101,493	)		(744,064	)

Other income (expense)

Accretion of discount on convertible notes (Note 5)		(18,465	)		(88,264	)
Interest and finance costs (Note 4 and 5)		(28,780	)		(680,714	)
Gain (loss) on change in fair value of derivative liabilities (Note 4 and 6)		215,620			(3,257,122	)
Recovery of default penalties (Note 4 and 5)		57,613			237,940

Total other income (expense)		225,988			(3,788,160	)

Net loss		(875,505	)		(4,532,224	)

Less: net loss attributable to non-controlling interest		27			153

Net loss attributable to Pharmagreen Biotech Inc.		(875,478	)		(4,532,071	)

Comprehensive income (loss)

Foreign currency translation loss		(102,131	)		(45,057	)

Comprehensive loss attributable to Pharmagreen Biotech Inc.		(977,609	)		(4,577,128	)

Basic and diluted loss per share attributable to Pharmagreen Biotech Inc. stockholders		(0.00	)		(0.02	)

Weighted average number of shares outstanding used in the calculation of net loss per share attributable to Pharmagreen Biotech Inc.		403,732,631			293,706,579

16(The ~~Table~~accompanying notes are an integral part of ~~Contents~~these consolidated financial statements)

~~PHARMAGREEN~~12 ~~BIOTECH~~Table ~~INC.~~of Contents

~~Notes~~PHARMAGREEN toBIOTECH ~~the~~INC. ~~Consolidated Financial Statements~~

~~Year~~Consolidated ~~Ended~~Statements ~~September~~of ~~30,~~Stockholders’ ~~2021, and 2020~~Deficit

(Expressed in U.S. dollars)

2. Significant Accounting Policies (continued)

	Preferred stock				Common stock				Common stock		Additional paid-in		Accumulated other comprehensive				Non -controlling		Total stockholders’
	Number of shares		Amount $		Number of shares		Amount $		issuable $		capital $		income (loss) $		Deficit $		interest $		deficit $

Balance, September 30, 2020		-		-		95,806,289		95,806		180,000		3,967,261		36,679		(7,167,346)		(46,505)		(2,934,105)

Issuance of units for cash		-		-		37,872,500		37,873		-		229,853		-		-		-		267,726

Issuance of preferred shares for cash		10,000		10		-		-		-		-		-		-		-		10

Issuance of common stock pursuant to the conversion of convertible notes		-		-		229,160,480		229,160		(180,000)		4,874,116		-		-		-		4,923,276

Issuance of common stock for services		-		-		18,332,000		18,332		-		609,342		-		-		-		627,674

Foreign currency translation loss		-		-		-		-		-		-		(45,057)		-		-		(45,057)

Net loss for the year		-		-		-		-		-		-		-		(4,532,071)		(153)		(4,532,224)

Balance, September 30, 2021		10,000		10		381,171,269		381,171		-		9,680,572		(8,378)		(11,699,417)		(46,658)		(1,692,700)

Issuance of common stock for services		-		-		36,100,000		36,100		-		423,800		-		-		-		459,900

Issuance of units for cash		-		-		25,650,000		25,650		-		161,350		-		-		-		187,000

Common stock issuable for services		-		-		-		-		1,130		-		-		-		-		1,130

Common stock returned and cancelled		-		-		(660,300)		(660)		-		(3,945)		-		-		-		(4,605)

Foreign currency translation loss		-		-		-		-		-		-		102,131		-		-		102,131

Net income for the year		-		-		-		-		-		-		-		(875,478)		(27)		(875,505)

Balance, September 30, 2022		10,000		10		442,260,969		442,261		1,130		10,261,777		93,753		(12,574,895)		(46,685)		(1,822,649)

(b)The ~~Use~~accompanying ofnotes ~~Estimates~~are ~~and~~an ~~Judgments~~integral ~~The~~part ~~preparation~~ of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of property and equipment, the equity component of convertible notes, fair value of derivative liabilities, fair value of stock-based payments, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The Company applies judgment in the application of the going concern assumption which requires management to take into account all available information about the future, which is at least, but not limited to, 12 months from the end of the reporting period and in the factors regarding the impairment of the property and equipment. The Company tests property and equipment for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value, which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.)

~~(c)~~13 ~~Cash~~Table ~~and Cash Equivalents The Company considers all highly liquid investments with a maturity~~ of ~~three months or less at the time of issuance to be cash equivalents.~~Contents

~~(d)~~PHARMAGREEN ~~Property~~BIOTECH ~~and Equipment Property and equipment is measured at cost less accumulated depreciation, residual values, and impairment losses~~INC. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the asset to a working condition for the intended use and borrowing costs on qualifying assets. During their construction, items of property, plant, and equipment are classified as construction in progress. When the asset is available for use, it is transferred from construction in progress to the appropriate category of property, plant, and equipment and depreciation on the item commences. The Company capitalizes borrowing costs on capital invested in projects under construction. Upon the asset becoming available for use, capitalized borrowing costs, as a portion of the total cost of the asset, are depreciated over the estimated useful life of the related asset.

17Consolidated ~~Table~~Statements of ~~Contents~~Cash Flows

~~PHARMAGREEN~~(Expressed ~~BIOTECH~~in ~~INC~~U.S. dollars)

Notes to the Consolidated Financial Statements

	Year ended September 30, 2022			Year ended September 30, 2021
	$			$

OPERATING ACTIVITIES

Net loss		(875,505	)		(4,532,224	)

Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on convertible notes		18,465			88,264
Financing fees and default penalties (recovery)		(57,613	)		680,714
Gain on settlement of convertible note		-			(237,940	)
Loss on change in fair value of derivative liabilities		(215,620	)		3,257,122
Common stock issued or issuable for services		461,030			627,674

Changes in non-cash operating assets and liabilities:
Accounts receivable		(93	)		5
Prepaid expenses and deposits		146,920			(343,737	)
Accounts payable and accrued liabilities		65,439			147,658
Due to related parties		30,409			106,383

Net cash used in operating activities		(426,568	)		(206,081	)

FINANCING ACTIVITIES

Proceeds from issuance of convertible note		30,000			-
Proceeds from issuance of units		187,000			267,726
Proceeds from issuance of preferred shares		-			10
Proceeds from loans from related party		111,554			33,646
Repayment of loans from related parties		(14,846	)		(43,884	)

Net cash provided by financing activities		313,708			257,498

Effect of foreign exchange rate changes on cash		95,576			(38,313	)

Change in cash		(17,284	)		13,104

Cash, beginning of year		25,300			12,196

Cash, end of year		8,016			25,300

Non-cash investing and financing activities:

Issuance of common stock for consulting fees included in prepaid expenses		111,722			347,491
Issuance of common stock pursuant to conversion of convertible notes		-			5,103,276
Common stock issuable pursuant to conversion of convertible notes		-			(180,000	)

Supplemental disclosures:

Interest paid		-			-
Income taxes paid		-			-

~~Year~~(The ~~Ended~~accompanying ~~September~~notes ~~30,~~are ~~2021,~~an ~~and~~integral ~~2020~~part of these consolidated financial statements)

~~(Expressed~~14 inTable ~~U.S.~~of ~~dollars)~~Contents

2.PHARMAGREEN ~~Significant~~BIOTECH ~~Accounting~~INC. ~~Policies (continued)~~

~~(e)~~Notes Long-lived Assets In accordance with ASC 360, “Property, Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: ~~significant decreases in~~ the ~~market~~Consolidated ~~price~~Financial of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value, which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.Statements

~~(f)~~Years ~~Fair~~Ended ~~Value~~September ~~Measurements~~30, 2022, and 2021

~~The~~(Expressed ~~Company~~in ~~measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy prescribed by~~ U.S. generally accepted accounting principles. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows: Level 1 – quoted prices for identical instruments in active markets.Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets; and.Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial instruments consist principally of cash, amounts receivable, accounts payable and accrued liabilities, advances from Alliance Growers Corp., amounts due to related parties, loans payable, convertible notes and derivative liabilities. The fair value of cash is determined based on Level 1 inputs and the fair value of derivative liabilities is determined based on Level 3 inputs. The recorded values of all other financial instruments, with the exception of non-current convertible notes, approximate their current fair values because of their nature and respective relatively short maturity dates or durations. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The following table presents assets and liabilities that are measured and recognized at fair value as of September 30, 2021, on a recurring basis: September 30, 2021dollars)

		Level 1$				Level 2$				Level 3$				Total Gains (Losses)$
Derivative liabilities			-				-				472,003				(3,257,122	)

Nature of Business and Continuance of Operations

Pharmagreen Biotech Inc. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on November 26, 2007, under the name Azure International, Inc. On October 30, 2008, and effective as of the same date, the Company filed Articles of Merger (“Articles”) with the Secretary of State of the State of Nevada, to effect a merger by and between Air Transport Group Holdings, Inc., a Nevada corporation and Azure International, Inc. As a result of the merger, the Company changed its name to Air Transport Group Holdings, Inc. The Company was previously in the business of providing technical advisory and appraisals to the aircraft and aviation business as well as providing sourcing for aircraft leases and parts. Pursuant to a Share Exchange Agreement with WFS Pharmagreen Inc. (“WFS”) on May 2, 2018, the Company changed its name to Pharmagreen Biotech Inc. and changed its principal business to the production of starter plantlets for the North American high CBD hemp and medical cannabis industries through the application of the proprietary plant tissue culture in vitro process called “Chibafreen”. This proprietary process will produce plantlets that will be genetically identical and free of pests and disease free with consistent and certifiable constituent properties.

Going Concern

These consolidated financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As at September 30, 2022, the Company has not earned any revenues from operations, has a working capital deficit of $1,703,176 (2021 – $1,653,334), and has an accumulated deficit of $12,574,895 (2021 – $11,699,417). During the year ended September 30, 2022, the Company incurred a net loss of $875,478 (2021 - $4,532,071) and used cash flows for operations of $426,568 (2021 – $206,081). Furthermore, the Company has defaulted on other convertible notes. These factors raise substantial doubt upon the Company’s ability to continue as a going concern. These consolidated financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.

The outbreak of the novel coronavirus COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies, disruptions of financial markets, and created uncertainty regarding potential impacts to the Company’s supply chain, operations, and customer demand. The COVID-19 pandemic has impacted and could further impact the Company’s operations and the operations of the Company’s suppliers and vendors as a result of quarantines, facility closures, and travel and logistics restrictions. Specifically, the Company attributes the pandemic to a delay in a planned financing which was to be used for the construction of the biotech complex, resulting in an impairment of the capitalized construction-in-progress at September 30, 2020. The extent to which the COVID-19 pandemic further impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity, and impact of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company’s customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. The management team is closely following the progression of COVID-19 and its impact on the Company. Even after the COVID-19 pandemic has subsided, the Company may continue to experience adverse impacts to its business as a result of any economic recession or depression that has occurred or may occur in the future. Therefore, the Company cannot reasonably estimate the impact at this time our business, liquidity, capital resources, and financial results.

182. ~~Table~~Significant ofAccounting ~~Contents~~Policies

~~PHARMAGREEN~~(a) ~~BIOTECH~~Basis ~~INC~~of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, WFS Pharmagreen Inc. (“WFS”), and its 89.7% owned subsidiary 1155097 BC Ltd. (“115BC”), companies incorporated in British Columbia, Canada. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is September 30.

~~Notes~~15 toTable ~~the~~of ~~Consolidated Financial Statements~~Contents

~~Year~~PHARMAGREEN BIOTECH INC. Notes to the Consolidated Financial StatementsYears Ended September 30, ~~2021~~2022, and ~~2020~~2021(Expressed in U.S. dollars)

~~(Expressed~~2. inSignificant ~~U.S.~~Accounting ~~dollars~~Policies (continued)

2(b) Use of Estimates and Judgments The preparation of these consolidated financial statements in conformity with U.S. ~~Significant~~generally ~~Accounting~~accepted ~~Policies~~accounting ~~(continued)~~principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the equity component of convertible notes, fair value of derivative liabilities, fair value of stock-based payments, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The Company applies judgment in the application of the going concern assumption which requires management to take into account all available information about the future, which is at least, but not limited to 12 months from the end of the reporting period.

(gc) ~~Foreign~~Cash ~~Currency~~and ~~Translation~~Cash Equivalents The Company’s ~~functional~~considers ~~and~~all ~~reporting~~highly ~~currency~~liquid isinvestments ~~the~~with ~~U.S.~~a ~~dollar.~~maturity Transactions may occur in foreign currencies and management has adopted ASC 830, “Foreign Currency Translation Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of ~~exchange~~three inmonths ~~effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation~~ or ~~settlement~~less ofat ~~foreign currency denominated transactions or balances are included in~~ the ~~consolidated~~time ~~statement~~ of ~~operations.~~issuance ~~The Company uses the current rate method~~ to ~~translate~~be ~~the~~cash ~~accounts of its wholly-owned subsidiary into U~~equivalents.S. dollars. Monetary assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period. The resulting exchange gains or losses are recognized in accumulated other comprehensive income.

(hd) ~~Stock-based~~Property ~~Compensation~~and ~~The~~Equipment ~~Company~~Property ~~records~~and ~~stock-based~~equipment ~~compensation~~is inmeasured ~~accordance~~at ~~with~~cost ~~ASC~~less ~~718~~accumulated depreciation, ~~“Compensation~~residual ~~– Stock Compensation”~~values, ~~using~~and ~~the~~impairment ~~fair value method~~losses. ~~All~~Cost ~~transactions~~includes inexpenditures ~~which~~that ~~goods or services~~ are ~~the~~directly ~~consideration~~attributable ~~received~~to ~~for~~ the ~~issuance~~acquisition of ~~equity instruments are accounted for based on~~ the ~~fair~~asset. ~~value~~The cost of ~~the~~self-constructed ~~consideration~~assets ~~received~~includes or the ~~fair~~cost ~~value~~ of ~~the~~materials ~~equity~~and ~~instrument~~direct ~~issued~~labor, ~~whichever~~any isother ~~more~~costs ~~reliably~~directly ~~measurable.~~attributable ~~The~~to ~~Company~~bringing ~~uses~~ the ~~Black-Scholes~~asset ~~option~~to ~~pricing~~a ~~model~~working tocondition ~~calculate~~for the ~~fair~~intended ~~value~~use ofand ~~stock-based~~borrowing ~~awards.~~costs ~~This~~on ~~model~~qualifying isassets. ~~affected~~During bytheir ~~the~~construction, ~~Company’s~~items ~~stock~~of ~~price~~property, asplant, ~~well~~and asequipment ~~assumptions~~are ~~regarding~~classified aas ~~number~~construction ofin ~~subjective variables~~progress. ~~These~~When ~~subjective~~the ~~variables~~asset ~~include,~~is ~~but~~available ~~are~~for ~~not~~use, ~~limited~~it tois ~~the~~transferred ~~Company’s~~from ~~expected~~construction ~~stock~~in ~~price~~progress ~~volatility~~to ~~over~~ the ~~term~~appropriate category of ~~the~~property, ~~awards~~plant, and ~~actual~~equipment and ~~projected~~depreciation ~~employee~~on ~~stock~~the ~~option~~item ~~exercise behaviors~~commences. The ~~value~~Company ofcapitalizes ~~the~~borrowing ~~portion~~costs ofon ~~the~~capital ~~award~~invested ~~that~~in isprojects ~~ultimately~~under ~~expected~~construction. toUpon ~~vest~~the isasset ~~recognized~~becoming available for use, capitalized borrowing costs, as ana ~~expense~~portion inof the ~~consolidated~~total ~~statement~~cost of ~~operations~~the ~~and~~asset, ~~comprehensive~~are ~~loss~~depreciated over the ~~requisite~~estimated ~~service~~useful ~~period~~life of the related asset.

(ie) ~~Loss~~Long-lived ~~Per~~Assets ~~Share~~In ~~The~~accordance with ASC 360, “Property, Plant and Equipment”, the Company ~~computes~~tests ~~loss~~long-lived ~~per~~assets ~~share~~or asset groups for recoverability when events or changes in ~~accordance~~circumstances ~~with~~indicate ~~ASC~~that ~~260,~~their ~~“Earnings~~carrying ~~per~~amount ~~Share”~~may not be recoverable. Circumstances which ~~requires~~could ~~presentation~~trigger ofa ~~both~~review ~~basic~~include, ~~and~~but ~~diluted~~are ~~earnings~~not ~~per~~limited ~~share~~to: ~~(“EPS”)~~significant ondecreases in the ~~face~~market price of the ~~income~~asset; ~~statement.~~significant ~~Basic~~adverse ~~EPS~~changes isin ~~computed~~the bybusiness ~~dividing~~climate ~~the~~or ~~loss~~legal ~~available~~factors; toaccumulation ~~common~~of ~~shareholders~~costs ~~(numerator)~~significantly byin excess of the ~~weighted~~amount ~~average~~originally ~~number~~expected offor ~~shares~~the ~~outstanding~~acquisition ~~(denominator)~~or ~~during~~construction of the asset; current period. ~~Diluted~~cash ~~EPS~~flow ~~gives~~or ~~effect~~operating tolosses ~~all~~combined ~~dilutive~~with ~~potential~~a ~~common~~history ~~shares~~of ~~outstanding~~losses ~~during~~or ~~the~~a ~~period~~forecast ~~using~~of continuing losses associated with the ~~treasury~~use ~~stock~~of ~~method~~the asset; and ~~convertible~~current ~~preferred~~expectation ~~stock~~that ~~using~~ the ~~if-converted~~asset ~~method.~~will Inmore ~~computing~~likely ~~diluted~~than ~~EPS,~~not ~~the~~be ~~average~~sold ~~stock~~or ~~price~~disposed ~~for~~significantly before the ~~period~~end of its estimated useful life. Recoverability is ~~used~~assessed inbased ~~determining~~on the ~~number~~carrying amount of ~~shares~~the ~~assumed~~asset toand beits ~~purchased~~fair ~~from~~value, which is generally determined based on the ~~exercise~~sum of ~~stock~~the ~~options~~undiscounted orcash ~~warrants.~~flows ~~Diluted~~expected ~~EPS~~to ~~excludes~~result ~~all~~from ~~dilutive~~the ~~potential~~use ~~shares~~and ifthe ~~their~~eventual ~~effect~~disposal isof ~~anti-dilutive~~the asset, as well as specific appraisal in certain instances. AsAn atimpairment ~~September~~loss ~~30,~~is ~~2021,~~recognized ~~there~~when ~~were~~the ~~326,045,132~~carrying ~~(2020~~amount –is ~~388,372,556)~~not ~~potentially~~recoverable ~~dilutive~~and ~~shares~~exceeds ~~outstanding~~fair value.

~~(j)~~16 ~~Comprehensive~~Table ~~Loss ASC 220, “Comprehensive Income” establishes standards for the reporting and display~~ of ~~comprehensive income and its components in the consolidated financial statements. As at September 30, 2021 and 2020, comprehensive loss consists of foreign currency translation gains and losses.~~Contents

~~(k)~~PHARMAGREEN ~~Income~~BIOTECH ~~Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”~~INC. ~~The~~Notes asset and liability method provides that deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to ~~reverse. The Company records a valuation allowance to reduce deferred income tax assets to~~ the ~~amount~~Consolidated ~~that~~Financial isStatementsYears ~~believed~~Ended ~~more likely than not to be realized. As of~~ September 30, ~~2021~~2022, and ~~2020,~~2021(Expressed ~~the~~in ~~Company did not have any amounts recorded pertaining to uncertain tax positions~~U.S. dollars)

192. ~~Table~~Significant ofAccounting ~~Contents~~Policies (continued)

PHARMAGREEN BIOTECH INC.

	(f)	Fair Value Measurements
		The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy prescribed by U.S. generally accepted accounting principles. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows:

		Level 1 – quoted prices for identical instruments in active markets. Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets; and. Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

		Financial instruments consist principally of cash, amounts receivable, accounts payable and accrued liabilities, advances from Alliance Growers Corp., amounts due to related parties, loans payable, convertible notes and derivative liabilities. The fair value of cash is determined based on Level 1 inputs and the fair value of derivative liabilities is determined based on Level 3 inputs. The recorded values of all other financial instruments, with the exception of non-current convertible notes, approximate their current fair values because of their nature and respective relatively short maturity dates or durations. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The following table presents assets and liabilities that are measured and recognized at fair value as of September 30, 2022, on a recurring basis: September 30, 2022

Notes to the Consolidated Financial Statements

Level 1

Level 2

Level 3

Total Gains (Losses)

Derivative liabilities

271,394

215,620

~~Year~~(g) ~~Ended~~Foreign ~~September~~Currency ~~30,~~Translation ~~2021~~The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management has adopted ASC 830, “Foreign Currency Translation Matters”. Monetary assets and ~~2020~~liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the consolidated statement of operations. The Company uses the current rate method to translate the accounts of its wholly-owned subsidiary into U.S. dollars. Monetary assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period. The resulting exchange gains or losses are recognized in accumulated other comprehensive income.

(~~Expressed~~h) Sequencing Policy Under ASC 815-40-35, the Company has adopted a sequencing policy whereby, in Uthe event that reclassification of contracts from equity to assets or liabilities is necessary pursuant to ASC 815 due to the Company’s inability to demonstrate it has sufficient authorized shares as a result of certain securities with a potentially indeterminable number of shares, shares will be allocated on the basis of the earliest issuance date of potentially dilutive instruments, with the earliest grants receiving the first allocation of shares.S. ~~dollars)~~ Pursuant to ASC 815, issuance of securities to the Company’s employees or directors are not subject to the sequencing policy.

2.17 ~~Significant~~Table ~~Accounting~~of ~~Policies (continued)~~Contents

~~(k)~~PHARMAGREEN ~~Income~~BIOTECH ~~Taxes~~INC. Notes to the Consolidated Financial StatementsYears Ended September 30, 2022, and 2021(~~continued~~Expressed in U.S. dollars)

~~The Company files federal and provincial income tax returns in Canada and federal, state and local income tax returns in the U~~2.~~S.,~~ asSignificant ~~applicable.~~Accounting ~~The~~Policies Company may be subject to a reassessment of federal and provincial income taxes by Canadian tax authorities for a period of three years from the date of the original notice of assessment in respect of any particular taxation year. For Canadian and U.S. income tax returns, the open taxation years range from 2014 to 2021. In certain circumstances, the U.S. federal statute of limitations can reach beyond the standard three year period. U.S. state statutes of limitations for income tax assessment vary from state to state. Tax authorities of Canada and U.S. have not examined any of the Company’s, or its subsidiaries’, income tax returns for the open taxation years noted above.(continued)

(li) ~~Recently~~Stock-based ~~Adopted~~Compensation ~~Accounting~~The ~~Pronouncements~~Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The Company ~~has~~uses ~~implemented~~the ~~all~~Black-Scholes ~~new~~option ~~accounting~~pricing ~~pronouncements~~model ~~that~~to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are innot ~~effect~~limited ~~and~~to ~~that~~the ~~may~~Company’s ~~impact~~expected ~~its~~stock ~~consolidated~~price ~~financial~~volatility ~~statements~~over the term of the awards, and ~~does~~actual ~~not~~and ~~believe~~projected ~~that~~employee ~~there~~stock ~~are~~option ~~any~~exercise ~~other~~behaviors. ~~new~~The ~~accounting~~value ~~pronouncements~~of ~~that~~the ~~have~~portion ~~been~~of ~~issued~~the award that ~~might~~is ~~have~~ultimately aexpected ~~material~~to ~~impact~~vest onis ~~its~~recognized ~~financial~~as ~~position~~an orexpense ~~results~~in the consolidated statement of operations and comprehensive loss over the requisite service period.

3(j) Loss Per Share The Company computes loss per share in accordance with ASC 260, "Earnings per Share" which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. ~~Property~~Basic EPS is computed by dividing the loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and ~~Equipment~~convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at September 30, 2022, there were 218,657,662 (2021 – 326,045,132) potentially dilutive shares outstanding.

	Construction in progress$
Cost
Balance, September 30, 2019		441,095
Impairment		(434,601	)
Change due to foreign exchange		(6,494	)
Balance, September 30, 2020 and 2021		-
Accumulated depreciation
Balance, September 30, 2019, 2020 and 2021		-
Carrying value
Balance, September 30, 2020		-
Balance, September 30, 2021		-

	(k)	Comprehensive Loss

		ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. As at September 30, 2022 and 2021, comprehensive loss consists of foreign currency translation gains and losses.

As(l) atIncome ~~September~~Taxes ~~30,~~The ~~2021,~~Company accounts for income taxes using the asset and ~~2020~~liability method in accordance with ASC 740, ~~costs~~“Income ~~related~~Taxes”. toThe asset and liability method provides that deferred income tax assets and liabilities are recognized for the ~~construction~~expected future tax consequences of ~~cannabis~~temporary ~~production~~differences ~~complex~~between ~~were~~the ~~capitalized~~financial asreporting ~~construction~~and intax ~~progress~~bases of assets and ~~not~~liabilities, ~~depreciated~~and for operating loss and tax credit carryforwards. ~~During~~Deferred income tax assets and liabilities are measured using the ~~year~~currently ~~ended~~enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred income tax assets to the amount that is believed more likely than not to be realized. As of September 30, ~~2020~~2022 and 2021, the Company ~~recognized~~did annot ~~impairment~~have ofany ~~$434~~amounts recorded pertaining to uncertain tax positions. The Company files federal and provincial income tax returns in Canada and federal,~~601~~ state and local income tax returns in the U.S., as applicable. The Company may be subject to a reassessment of federal and provincial income taxes by Canadian tax authorities for a period of three years from the ~~capitalized~~date ~~construction~~of the original notice of assessment in ~~progress~~respect ~~costs~~of ~~due~~any particular taxation year. For Canadian and U.S. income tax returns, the open taxation years range from 2014 to ~~economic~~2022. ~~uncertainty~~In certain circumstances, the U.S. federal statute of limitations can reach beyond the standard three year period. U.S. state statutes of limitations for income tax assessment vary from state to state. Tax authorities of Canada and U.S. have not examined any of the Company’s, or its subsidiaries’, income tax returns for the open taxation years noted above.

4.(m) ~~Accounts~~Recently ~~Payable~~Adopted Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and ~~Accrued~~that ~~Liabilities~~may ~~Accounts~~impact ~~payable~~its consolidated financial statements and ~~accrued~~does ~~liabilities~~not ~~consists~~believe ofthat ~~the~~there ~~following:~~are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

	September 30,2021$		September 30,2020$
Accounts payable		579,851		455,310
Accrued interest payable		79,586		84,353
		659,437		539,663

Table of Contents

~~During~~PHARMAGREEN ~~the~~BIOTECH ~~year~~INC. ~~ended~~Notes ~~September~~to ~~30, 2021,~~ the ~~Company~~Consolidated ~~recognized~~Financial aStatementsYears ~~write-off~~Ended ofSeptember ~~accounts~~30, ~~payable~~2022, ofand ~~$nil~~ 2021(~~2020~~Expressed -in ~~$292,557) related to professional fees that are no longer owing~~U.S. dollars)

203. ~~Table~~Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consists of ~~Contents~~the following:

PHARMAGREEN BIOTECH INC.

	September 30, 2022 $		September 30, 2021 $

Accounts payable		644,970		579,851
Accrued interest payable		79,906		79,586

		724,876		659,437

~~Notes~~4. toLoans ~~the Consolidated Financial Statements~~Payable

~~Year~~(a) ~~Ended~~On November 22, 2019, the Company entered into a promissory note with an unrelated party for $40,000 in connection with an equity purchase agreement. The promissory note is unsecured, was due on November 30, 2020, and bears interest on the unpaid principal balance at a rate of 10% per annum. At September 30, 2022, the Company has recorded accrued interest payable of $11,408 (2021 - $7,410) and the promissory note is in default. Refer to Note 12(b). (b) On April 22, 2020, the Company received a loan for Cdn$40,000 from the Government of Canada under the Canada Emergency Business Account program (“CEBA”). As at September 30, 2022, the balance owing is $29,252 (Cdn$40,000) (2021 - $31,532 (Cdn$40,000)). These funds are interest free until December 31, 2023, at which time the remaining balance will convert to a 2-year term loan at an interest rate of 5% per annum. If the Company repays the loan prior to December 31, 2023, there will be loan forgiveness of 25% of the principal balance repaid, up to a maximum of Cdn$10,000. (c) On August 2, 2022, a lender of the Company was ordered to surrender all common stock of the Company for cancellation, and surrender conversion rights for all remaining convertible notes pursuant to a judgement filed by the Securities and Exchange Commission with the United States District Court, Southern District of New York against the lender. As a result, the Company received and cancelled 660,300 shares of common stock and the conversion rights embedded in the convertible note in Note 5(e) was relinquished. As a result, the convertible note in Note 5(e) of $59,077 was reclassified from a convertible note payable to loans payable and its derivative liability of $163,760 was derecognized. In addition, the derecognition of the default penalty of $53,007 that was previously recognized and the fair value of the 660,300 shares of common stock of $4,606 were recognized as a recovery of default penalties during the year ended September 30, 2022. As at September 30, 2022, the principal balance owing is $59,077 (2021 - $112,084, carrying value of convertible note) and the Company has recorded interest payable of $23,664 (2021 - $19,446)

(Expressed in U.S. dollars)

5.	Convertible Notes

	(a)	On April 4, 2018, the amount of $32,485 owed to related parties was converted to Series A convertible notes, which are unsecured, non-interest bearing, and due on April 4, 2023. These notes are convertible in whole or in part, at any time until maturity, to common shares of the Company at $0.0001 per share. The outstanding balance remaining at maturity shall bear interest at 12% per annum until fully paid. The Company evaluated the convertible notes for a beneficial conversion feature in accordance with ASC 470-20 Debt with Conversion and Other Options. The Company determined that the conversion price was below the closing stock price on the commitment date, and the convertible notes contained a beneficial conversion feature. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $32,485 as additional paid-in capital and reduced the carrying value of the convertible note to $nil. The carrying value will be accreted over the term of the convertible notes up to their face value of $32,485.
		During the year ended September 30, 2018, the Company issued 31,475,000 shares of common stock upon the conversion of $3,175 of Series A convertible notes, which included 18,000,000 common shares to the President of the Company and 5,320,000 common shares to family members of the President of the Company. Upon conversion, the Company immediately recognized the related remaining debt discount of $3,112 as accretion expense. During the year ended September 30, 2019, the Company issued 3,900,000 shares of common stock upon the conversion of $390 of Series A convertible notes. Upon conversion, the Company immediately recognized the related remaining debt discount of $375 as accretion expense.

5.19 ~~Loans~~Table ~~Payable~~of Contents

	(a)	On November 22, 2019, the Company entered into a promissory note with an unrelated party for $40,000 in connection with an equity purchase agreement (Refer to Note 12(b)). The promissory note is unsecured, was due on November 30, 2020, and bears interest on the unpaid principal balance at a rate of 10% per annum. At September 30, 2021, the Company has recorded accrued interest payable of $7,410 (2020 - $3,421) and the promissory note is in default. On March 10, 2021, this noteholder filed a Notice of Motion for Summary Judgement in Lieu of Complaint (the “Notice”) with the State of New York Supreme Court, County of New York for $40,504 plus interest at the rate of 10% per annum from January 6, 2021, plus costs. On July 31, 2021, the Notice was dismissed without prejudice by the State of New York Supreme Court. On September 23, 2021, the noteholder filed a new Notice of Motion for Summary Judgement in Lieu of Complaint with the State of New York Supreme Court, County of New York for $44,504 plus interest at the rate of 10% per annum from January 6, 2021, plus costs.
	(b)	On April 22, 2020, the Company received a loan for Cdn$40,000 from the Government of Canada under the Canada Emergency Business Account program (“CEBA”). As at September 30, 2021, the balance owing is $31,532 (Cdn$40,000) (2020 - $30,028 (Cdn$40,000)). These funds are interest free until December 31, 2022, at which time the remaining balance will convert to a 3-year term loan at an interest rate of 5% per annum. If the Company repays the loan prior to December 31, 2022, there will be loan forgiveness of 25% of the principal balance repaid, up to a maximum of Cdn$10,000.

PHARMAGREEN BIOTECH INC.

Notes to the Consolidated Financial Statements

Years Ended September 30, 2022, and 2021

(Expressed in U.S. dollars)

65. Convertible Notes (continued)

~~(a)~~During Onthe ~~April~~year 4ended September 30, ~~2018~~2020, the ~~amount~~Company ofissued ~~$32~~18,~~485~~525,000 ~~owed~~shares toof ~~related~~common ~~parties~~stock ~~was~~upon ~~converted~~the toconversion of $1,853 of Series A convertible notes,. ~~which~~Upon ~~are unsecured~~conversion, ~~non-interest~~the ~~bearing,~~Company ~~and~~immediately ~~due~~recognized onthe ~~April~~related 4,remaining ~~2023.~~debt ~~These~~discount ~~notes~~of ~~are~~$1,670 ~~convertible~~as inaccretion ~~whole~~expense. orAs inof ~~part~~September 30, ~~at any time until maturity~~2022, tothe ~~common~~carrying ~~shares~~value of the ~~Company~~convertible atnotes was $~~0.0001~~17,799 ~~per~~(2021 ~~share.~~- ~~The~~$7,834) ~~outstanding~~and ~~balance~~had ~~remaining~~an atunamortized ~~maturity~~discount ~~shall~~of ~~bear~~$9,269 ~~interest~~(2021 at- ~~12%~~$19,233). ~~per~~During ~~annum~~the ~~until~~year ~~fully~~ended ~~paid.~~September ~~The~~30, ~~Company~~2022, ~~evaluated~~ the ~~convertible~~Company ~~notes~~recorded ~~for~~accretion aexpense ~~beneficial~~of ~~conversion~~$9,965 ~~feature~~(2021 ~~in accordance with ASC 470~~-20 ~~Debt~~$4,386). ~~with~~(b) ~~Conversion~~On ~~and~~October ~~Other~~1, ~~Options.~~2019, ~~The~~the Company ~~determined~~entered ~~that~~into ~~the~~a ~~conversion~~convertible ~~price~~note ~~was~~with ~~below~~an ~~the~~unrelated ~~closing~~party ~~stock~~for ~~price~~$78,000, onof ~~the~~which ~~commitment date~~$3,255 ~~and~~was ~~the~~paid ~~convertible~~directly ~~notes~~to ~~contained~~third aparties ~~beneficial~~for ~~conversion~~financing ~~feature.~~costs, ~~The~~resulting ~~Company~~in ~~recognized~~net ~~the~~proceeds ~~intrinsic~~to ~~value of~~ the ~~embedded~~Company ~~beneficial conversion feature~~ of $3274,~~485~~745. asThe ~~additional~~note ~~paid-in~~is ~~capital~~due ~~and~~on ~~reduced~~October ~~the~~1, ~~carrying~~2020, ~~value~~and ofbears ~~the~~interest ~~convertible~~on ~~note~~the tounpaid ~~$nil.~~principal ~~The~~balance ~~carrying~~at ~~value~~a ~~will~~rate beof ~~accreted~~10% ~~over~~per ~~the~~annum, ~~term~~which ofincreases ~~the~~to ~~convertible~~24% ~~notes~~per upannum toupon ~~their~~default ~~face value~~ of ~~$32,485~~the note. ~~During~~The ~~the~~note ~~year~~may ~~ended~~be ~~September~~converted ~~30,~~at ~~2018,~~any time after the ~~Company~~date ~~issued~~of ~~31,745,000~~issuance into shares of Company’s common stock ~~upon~~at ~~the~~a conversion ofprice ~~$3,175~~equal ofto ~~Series~~lower Aof: ~~convertible~~(i) ~~notes,~~the ~~which~~lowest ~~included~~trading ~~18,000,000~~price ~~common~~during ~~shares to~~ the ~~President~~10-trading ofday ~~the~~period ~~Company~~prior ~~and~~to ~~5,320,000~~the ~~common~~issuance ~~shares~~date; toor ~~family~~(ii) ~~members~~61% of the ~~President~~average of2 ~~the~~lowest ~~Company.~~trading ~~Upon~~prices ~~conversion,~~during the ~~Company~~10-trading ~~immediately~~day ~~recognized~~period ~~the~~prior ~~related~~to ~~remaining~~the ~~debt~~conversion ~~discount~~date. ofIn ~~$3,112~~connection aswith ~~accretion~~the ~~expense.~~issuance ~~During~~of the ~~year~~above ~~ended~~convertible ~~September 30~~note, ~~2019,~~ the Company ~~issued~~evaluated ~~3,900,000 shares of common stock upon~~ the conversion ofoption ~~$390~~for ofderivative ~~Series~~treatment Aunder ~~convertible~~ASC ~~notes. Upon conversion~~815-15, ~~the~~Derivatives ~~Company~~and ~~immediately~~Hedging, ~~recognized~~and determined the ~~related~~note ~~remaining~~and ~~debt~~conversion ~~discount~~feature ofqualified ~~$375~~ as ~~accretion expense~~derivatives. ~~During~~The Company classified the ~~year~~conversion ~~ended~~feature ~~September~~as ~~30,~~a ~~2020,~~derivative ~~the~~liability ~~Company~~at ~~issued~~fair ~~18,525,000~~value. ~~shares~~The ofinitial ~~common~~fair ~~stock~~value ~~upon~~of the conversion offeature ~~$1,853~~was ofdetermined ~~Series~~to Abe ~~convertible notes~~$70,744. ~~Upon~~The ~~conversion, the~~ Company ~~immediately~~ recognized the ~~related~~maximum ~~remaining~~intrinsic ~~debt~~value ~~discount~~ of ~~$1,670~~the asembedded ~~accretion~~beneficial ~~expense.~~conversion Asfeature atof ~~September 30~~$74,245 ~~2021,~~and reduced the carrying value of the convertible ~~notes~~note ~~was~~to $~~7,834~~500. ~~(2020~~The –carrying ~~$3,448)~~value ~~and~~will ~~had~~be anaccreted ~~unamortized~~over ~~discount~~the term of ~~$19,233 (2020 - $23,619). During~~ the ~~year~~convertible ~~ended~~note ~~September~~up ~~30,~~to ~~2021,~~its ~~the~~face ~~Company~~value ~~recorded accretion expense~~ of $478,~~386 (2020 - $3,702)~~000.

21 Table of Contents

		On July 22, 2020, the Company received a preliminary statement of claim from the note holder for failure of the Company to deliver shares of common stock upon receipt of notices of conversion. Pursuant to the claim, the note holder requested receipt of all shares of common stock requested in the notices of conversion, and also damages in an amount to be determined at trial but in any event in excess of principal in the sum of $180,000, including without limitation the balance of any portion of the convertible note that ultimately is not converted into shares of common stock, along with default interest, liquidated damages, and damages as provided for in the convertible note. Upon default, the Company recognized the remaining debt discount of $46,904 as accretion expense.

		The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $77,500 and a default penalty of $85,864. During the year ended September 30, 2021, the Company recorded an additional $253,855 of default penalties. During the year ended September 30, 2021, the Company issued 133,226,100 shares of common stock upon the conversion of $417,719 of the convertible note and $11,000 of conversion fees, decreasing the carrying value to $nil.

		On March 12, 2021, the Company entered into a settlement agreement with the noteholder. Pursuant to the agreement, the Company was required to honour various conversion notices and the noteholder agreed to waive all principal, interest and penalties incurred.

	(c)	On October 17, 2019, the Company entered into a convertible note with an unrelated party for $63,000, of which $3,000 was paid directly to third parties for financing costs, resulting in net cash proceeds to the Company of $60,000. The note is due on October 17, 2020, and bears interest on the unpaid principal balance at a rate of 10% per annum, which increases to 22% per annum upon default of the note. The note may be converted at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the average 2 lowest trading prices during the 10-trading day period prior to the conversion date.

		On June 17, 2020, the Company entered into a settlement agreement with the lender, whereby the Company and the lender agreed on repayment terms for the remaining principal balance of $63,000, and accrued interest owing on the note of $5,775 which was due on September 30, 2020. Upon entering into the settlement agreement, the Company immediately recognized the remaining debt discount of $1,657. On September 30, 2020, the Company failed to meet the repayment terms within the settlement agreement which resulted in a default penalty of $63,000 and the resumption of the convertibility feature at a conversion price equal to 61% of the average 2 lowest trading prices during the 10-trading day period prior to the conversion date.

~~PHARMAGREEN~~20 ~~BIOTECH~~Table ~~INC.~~of Contents

PHARMAGREEN BIOTECH INC. Notes to the Consolidated Financial ~~Statements~~StatementsYears Ended September 30, 2022, and 2021(Expressed in U.S. dollars)

~~Year~~5. ~~Ended~~Convertible ~~September~~Notes ~~30, 2021, and 2020~~(continued)

(Expressed in U.S. dollars)

		On September 30, 2020, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $112,822.

		The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $3,000 and a default penalty of $63,000.

		During the year ended September 30, 2021, the Company issued 7,730,486 shares of common stock upon the conversion of $126,000 of the convertible note, decreasing the carrying value to $nil.

	(d)	On January 2, 2020, the Company entered into a convertible note with an unrelated party for $53,000, of which $3,000 was paid directly to third parties for financing costs, resulting in cash proceeds to the Company of $50,000. The note is due on January 2, 2021, and bears interest on the unpaid principal balance at a rate of 10% per annum, which increases to 22% per annum upon default of the note. The note may be converted at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the average 2 lowest trading prices during the 10-trading day period prior to the conversion date.

		On June 17, 2020, the Company entered into a settlement agreement with the lender, whereby the Company and the lender agreed on repayment terms for the remaining principal of $53,000 and accrued interest owing on the note. Upon entering into the settlement agreement, the Company immediately recognized the remaining debt discount of $2,286. Effective September 30, 2020, the Company failed to meet the repayment terms of the settlement agreement and defaulted on the convertible note. On September 30, 2020, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $139,702.

		The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $3,000 and a default penalty of $53,000.

		During the year ended September 30, 2021, the Company issued 16,994,905 shares of common stock upon the conversion of $106,000 of the convertible note, decreasing the carrying value to $nil.

	(e)	On January 14, 2020, the Company entered into a convertible note with an unrelated party for $78,000, of which $3,000 was paid for financing costs, resulting in net proceeds to the Company of $75,000. The note was due on January 14, 2021, and bears interest on the unpaid principal balance at a rate of 12% per annum, which increases to 15% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to lower of: 65% of the lowest trading price during the 20-trading day period prior to the issuance date; or (ii) 65% of the lowest trading price during the 20-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $76,330. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $74,500, resulting in a loss on change in fair value of derivative liabilities of $1,830, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $78,000.

		The financing costs were netted against the convertible note and are being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $16,447.

6.21 ~~Convertible~~Table ~~Notes~~of ~~(continued)~~Contents

~~(b)~~PHARMAGREEN OnBIOTECH October 1, 2019, the Company entered into a convertible note with an unrelated party for $78,000, of which $3,255 was paid directly to third parties for financing costs, resulting in net proceeds to the Company of $74,745INC. ~~The~~Notes ~~note is due on October 1, 2020, and bears interest on the unpaid principal balance at a rate of 10% per annum, which increases~~ to ~~24% per annum upon default of~~ the ~~note.~~Consolidated ~~The~~Financial ~~note~~StatementsYears ~~may~~Ended be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to lower of: (i) the lowest trading price during the 10-trading day period prior to the issuance date; or (ii) 61% of the average 2 lowest trading prices during the 10-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $70,744. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $74,245 and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $78,000. On July 22, 2020, the Company received a preliminary statement of claim from the note holder for failure of the Company to deliver shares of common stock upon receipt of notices of conversion. Pursuant to the claim, the note holder requested receipt of all shares of common stock requested in the notices of conversion, and also damages in an amount to be determined at trial but in any event in excess of principal in the sum of $180,000, including without limitation the balance of any portion of the convertible note that ultimately is not converted into shares of common stock, along with default interest, liquidated damages, and damages as provided for in the convertible note. Upon default, the Company recognized the remaining debt discount of $46,904 as accretion expense. The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, ~~2020~~2022, ~~the Company recognized accretion expense of $77,500~~ and ~~a default penalty of $85,864. During the year ended September 30,~~ 2021,(Expressed ~~the~~in ~~Company recorded an additional $253,865 of default penalties~~U. ~~During the year ended September 30, 2021, the Company issued 133,226,100 shares of common stock upon the conversion of $417,719 of the convertible note and $11,000 of conversion fees~~S. On March 12, 2021, the Company entered into a settlement agreement with the noteholder. Pursuant to the agreement, the Company was required to honour various conversion notices and the noteholder agreed to waive all principal, interest and penalties incurred. As at September 30, 2021, the carrying value of the convertible note was $nil (2020 - $163,864dollars) ~~and the fair value of the derivative liability was $nil (2020 - $485,863).~~

(c) On October 17, 2019, the Company entered into a convertible note with an unrelated party for $63,000, of which $3,000 was paid directly to third parties for financing costs, resulting in net cash proceeds to the Company of $60,000. The note is due on October 17, 2020, and bears interest on the unpaid principal balance at a rate of 10% per annum, which increases to 22% per annum upon default of the note. The note may be converted at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the average 2 lowest trading prices during the 10-trading day period prior to the conversion date. On June 17, 2020, the Company entered into a settlement agreement with the lender, whereby the Company and the lender agreed on repayment terms for the remaining principal balance of $63,000, and accrued interest owing on the note of $5~~,775 which was due on September 30, 2020~~. ~~Upon~~Convertible ~~entering~~Notes into the settlement agreement, the Company immediately recognized the remaining debt discount of $1,657. On September 30, 2020, the Company failed to meet the repayment terms within the settlement agreement which resulted in a default penalty of $63,000 and the resumption of the convertibility feature at a conversion price equal to 61% of the average 2 lowest trading prices during the 10-trading day period prior to the conversion date. On September 30, 2020, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $112,822.(continued)

22 Table of Contents

		During the year ended September 30, 2021, the Company issued 2,600,000 shares of common stock upon the conversion of $18,923 of the convertible note and $4,500 of conversion fees. On January 14, 2021, the Company failed to repay the note upon maturity and recorded additional default principal of $53,007.

		In relation to the judgement in Note 4(c), the Company derecognized the additional default principal of $53,007 during the year ended September 30, 2022.

		In accordance to the judgement, the note’s conversion feature was relinquished. The Company derecognized the related derivative liability and reclassified the note as a loans payable. As at September 30, 2022, the carrying value of the convertible note was $nil (2021 - $112,084), and the fair value of the derivative liability was $nil (2021 - $264,481).

	(f)	On January 15, 2020, the Company entered into a convertible note with an unrelated party for $61,000, of which $7,400 was paid directly to third parties for financing costs and an original issue discount of $3,000, resulting in proceeds to the Company of $50,600. The note is due on January 15, 2021, and bears interest on the unpaid principal balance at a rate of 10% per annum, payable in common stock, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal 65% of the lowest trading price during the 20-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $67,846. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $50,100, resulting in a loss on change in fair value of derivative liabilities of $17,746, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $61,000.

		On July 23, 2020, the Company entered into a settlement agreement with the note holder, wherein the Company and the lender agreed to settle a convertible note and accrued interest for a total of $63,440 on a non-convertible basis, of which $15,000 was payable on or before July 24, 2020 (paid), followed by 6 monthly instalment payments of $8,073. Upon entering into the settlement agreement, the Company immediately recognized the remaining debt discount of $56,566. Effective August 24, 2020, the Company failed to meet the repayment terms and defaulted on the settlement agreement.

		The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $60,500.

		During the year ended September 30, 2021, the Company issued 3,601,718 shares of common stock upon the conversion of $46,000 of the convertible note, $5,586 of accrued interest and $500 of conversion fees, decreasing the carrying value to $nil.

	(g)	On January 15, 2020, the Company entered into a convertible note with an unrelated party for $55,000, of which $2,500 was paid directly to third parties for financing costs, resulting in proceeds to the Company of $52,500. The note is due on January 15, 2021, and bears interest on the unpaid principal balance at a rate of 10% per annum, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to lower of: (i) the lowest trading price during the 20-trading day period ending on the latest complete trading day prior to the issuance date; or (ii) 65% of the lowest trading price during the 20 consecutive trading day period on which at least 100 shares of common stock were traded prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $61,173. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $52,000, resulting in a loss on change in fair value of derivative liabilities of $9,173, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $55,000.

~~PHARMAGREEN~~22 ~~BIOTECH~~Table ~~INC.~~of Contents

PHARMAGREEN BIOTECH INC. Notes to the Consolidated Financial ~~Statements~~StatementsYears Ended September 30, 2022, and 2021(Expressed in U.S. dollars)

~~Year~~5. ~~Ended~~Convertible ~~September~~Notes ~~30, 2021, and 2020~~(continued)

(Expressed in U.S. dollars)

		During the year ended September 30, 2020, the Company defaulted on the convertible note which resulted in a default penalty of $27,500 and the amendment of the conversion rate from 65% to 50% of the lowest trading price during the 20 consecutive trading days prior to conversion. The Company recognized the remaining debt discount of $50,767 as accretion expense.

		The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $54,500 and a default penalty of $27,500.

		During the year ended September 30, 2021, the Company issued 17,557,925 shares of common stock upon the conversion of $82,500 of the convertible note, $7,693 of accrued interest and $3,000 of conversion fees, decreasing the carrying value to $nil.

	(h)	On January 21, 2020, the Company entered into a convertible note with an unrelated party for $66,150, of which $7,800 was paid directly to third parties for financing costs and an original issue discount of $3,150, resulting in proceeds to the Company of $55,200. The note is due on January 21, 2021, and bears interest on the unpaid principal balance at a rate of 8% per annum, payable in common stock, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal 60% of the lowest trading price during the 20-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $71,278.

		The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $54,700, resulting in a loss on change in fair value of derivative liabilities of $16,578, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $66,150.

		The financing costs were netted against the convertible note and are being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $13,202.

		During the year ended September 30, 2021, the Company issued 4,431,963 shares of common stock upon the conversion of $66,150 of the convertible note and $3,907 of accrued interest, decreasing the carrying value to $nil.

	(i)	On January 22, 2020, the Company entered into a convertible note with an unrelated party for $78,750, of which $9,750 was paid directly to third parties for financing costs, resulting in proceeds to the Company of $69,000. The note is due on January 22, 2021, and bears interest on the unpaid principal balance at a rate of 10% per annum, payable in common stock, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to 65% of the lowest trading price during the 20-trading day period ending on the latest complete trading day prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $75,179. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $68,500, resulting in a loss on change in fair value of derivative liabilities of $6,679, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $78,750.

6.23 ~~Convertible~~Table ~~Notes~~of ~~(continued)~~Contents

		The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $3,000 and a default penalty of $63,000. During the year ended September 30, 2021, the Company issued 7,730,486 shares of common stock upon the conversion of $126,000 of the convertible note. As at September 30, 2021, the carrying value of the convertible note was $nil (2020 - $126,000) and the fair value of the derivative liability was $nil (2020 - $112,822).
	(d)	On January 2, 2020, the Company entered into a convertible note with an unrelated party for $53,000, of which $3,000 was paid directly to third parties for financing costs, resulting in cash proceeds to the Company of $50,000. The note is due on January 2, 2021, and bears interest on the unpaid principal balance at a rate of 10% per annum, which increases to 22% per annum upon default of the note. The note may be converted at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the average 2 lowest trading prices during the 10-trading day period prior to the conversion date.
		On June 17, 2020, the Company entered into a settlement agreement with the lender, whereby the Company and the lender agreed on repayment terms for the remaining principal of $53,000 and accrued interest owing on the note. Upon entering into the settlement agreement, the Company immediately recognized the remaining debt discount of $2,286. Effective September 30, 2020, the Company failed to meet the repayment terms of the settlement agreement and defaulted on the convertible note. On September 30, 2020, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $139,702. The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $3,000 and a default penalty of $53,000. During the year ended September 30, 2021, the Company issued 16,994,905 shares of common stock upon the conversion of $106,000 of the convertible note. As at September 30, 2021, the carrying value of the convertible note was $nil (2020 - $106,000) and the fair value of the derivative liability was $nil (2020 - $139,702).

PHARMAGREEN BIOTECH INC.

Notes to the Consolidated Financial Statements

Years Ended September 30, 2022, and 2021

(Expressed in U.S. dollars)

(e) On January 14, 2020, the Company entered into a convertible note with an unrelated party for $78,000, of which $3,000 was paid for financing costs, resulting in net proceeds to the Company of $75,0005. ~~The~~Convertible ~~note~~Notes is due on January 14, 2021, and bears interest on the unpaid principal balance at a rate of 12% per annum, which increases to 15% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to lower of: (icontinued) 65% of the lowest trading price during the 20-trading day period prior to the issuance date; or (ii) 65% of the lowest trading price during the 20-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $76,330. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $74,500, resulting in a loss on change in fair value of derivative liabilities of $1,830, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $78,000. The financing costs were netted against the convertible note and are being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $16,447. During the year ended September 30, 2021, the Company issued 2,600,000 shares of common stock upon the conversion of $18,923 of the convertible note and $4,500 of conversion fees. On January 14, 2021, the Company failed to repay the note upon maturity and recorded additional default principal of $53,007. As at September 30, 2021, the carrying value of the convertible note was $112,084 (2020 - $16,947), net of an unamortized discount of $nil (2020 - $61,053), and the fair value of the derivative liability was $264,481 (2020 - $110,604).

23 Table of Contents

		The financing costs were netted against the convertible note and are being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company defaulted on the convertible note and recognized accretion expense of $78,250. On January 22, 2021, the Company failed to repay the note upon maturity.

		As at September 30, 2022, the carrying value of the convertible note was $78,750 (2021 - $78,750) and the fair value of the derivative liability was $260,908 (2021 - $207,522).

	(j)	On February 4, 2020, the Company entered into a convertible note with an unrelated party for $100,000, of which $16,970 was paid directly to third parties for financing costs, resulting in proceeds to the Company of $83,030. The note is due on February 4, 2021, and bears interest on the unpaid principal balance at a rate of 12% per annum, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to lower of: (i) the lowest trading price during the 10-trading day period ending on the latest complete trading day prior to the issuance date; or (ii) 60% of the average of the two lowest trading prices during the 10-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $125,640. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $82,530, resulting in a loss on change in fair value of derivative liabilities of $43,110, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $100,000.

		During the year ended September 30, 2020, the noteholder converted $24,175 of the convertible note for 2,000,000 common shares with a fair value of $180,000 and was issued on October 20, 2020. Upon the notice of conversion, the Company immediately recognized the related remaining debt discount of $23,136 as accretion expense.

		The financing costs were netted against the convertible note and are being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $7,854.

		During the year ended September 30, 2021, the Company issued 41,017,383 shares of common stock upon the conversion of $75,825 of the convertible note, $2,154 of accrued interest and $18,750 of fees, decreasing the carrying value to $nil.

	(k)	On March 11, 2022, the Company entered into a convertible note with an unrelated party for $30,000, with an advance on January 18, 2022 for the full amount. The note is due on January 18, 2023, and bears interest on the unpaid principal balance at a rate of 10% per annum. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to the closing price on the day of receiving the notice to convert. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $15,011, which reduced the carrying value of the convertible note to $14,989. The carrying value will be accreted over the term of the convertible note up to its face value of $30,000.

		As at September 30, 2022, the carrying value of the convertible note was $23,489, had an unamortized discount of $6,511, and the fair value of the derivative liability was $10,486. During the year ended September 30, 2022, the Company recorded accretion expense of $8,500.

~~PHARMAGREEN~~24 ~~BIOTECH~~Table ~~INC.~~of Contents

PHARMAGREEN BIOTECH INC. Notes to the Consolidated Financial ~~Statements~~StatementsYears Ended September 30, 2022, and 2021(Expressed in U.S. dollars)

~~Year~~6. ~~Ended~~Derivative ~~September~~Liabilities ~~30,~~The ~~2021,~~embedded conversion option of the Company’s convertible notes described in Note 5 contain a conversion feature that qualifies for embedded derivative classification. The fair value of this liability will be re-measured at the end of every reporting period and ~~2020~~the change in fair value will be reported in the statement of operations as a gain or loss on change in fair value of derivative liabilities. The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities:

(Expressed in U.S. dollars)

Balance, September 30, 2020	1,380,957

Conversion of convertible notes	(4,166,076	)
Change in fair value of embedded conversion option	3,257,122

Balance, September 30, 2021	472,003
Additions	15,011
Derecognition upon relinquishment of embedded conversion option	(163,760	)
Change in fair value of embedded conversion option	(51,860	)

Balance, September 30, 2022	271,394

6The Company uses Level 3 inputs for its valuation methodology for the embedded conversion option liabilities as their fair values were determined by using a binomial model based on various assumptions. ~~Convertible~~Significant ~~Notes~~changes ~~(continued)~~in any of these inputs in isolation would result in a significant change in the fair value measurement. As required, these are classified based on the lowest level of input that is significant to the fair value measurement. The following table shows the assumptions used in the calculations:

(f) On January 15, 2020, the Company entered into a convertible note with an unrelated party for $61,000, of which $7,400 was paid directly to third parties for financing costs and an original issue discount of $3,000, resulting in proceeds to the Company of $50,600. The note is due on January 15, 2021, and bears interest on the unpaid principal balance at a rate of 10% per annum, payable in common stock, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal 65% of the lowest trading price during the 20-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $67,846. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $50,100, resulting in a loss on change in fair value of derivative liabilities of $17,746, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $61,000. On July 23, 2020, the Company entered into a settlement agreement with the note holder, wherein the Company and the lender agreed to settle a convertible note and accrued interest for a total of $63,440 on a non-convertible basis, of which $15,000 was payable on or before July 24, 2020 (paid), followed by 6 monthly instalment payments of $8,073. Upon entering into the settlement agreement, the Company immediately recognized the remaining debt discount of $56,566. Effective August 24, 2020, the Company failed to meet the repayment terms and defaulted on the settlement agreement. The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $60,500. During the year ended September 30, 2021, the Company issued 3,601,718 shares of common stock upon the conversion of $46,000 of the convertible note, $5,586 of accrued interest and $500 of conversion fees. As at September 30, 2021, the carrying value of the convertible note was $nil (2020 - $46,000) and the fair value of the derivative liability was $nil (2020 - $69,320).

	Expected volatility			Risk-free interest rate			Expected dividend yield			Expected life (in years)

As at September 30, 2020		296	%		0.09	%		0	%		0.20
As at September 30, 2021		263	%		0.05	%		0	%		1.00
As at September 30, 2022		161	%		3.33	%		0	%		0.26

(g) On January 15, 2020, the Company entered into a convertible note with an unrelated party for $55,000, of which $2,500 was paid directly to third parties for financing costs, resulting in proceeds to the Company of $52,5007. ~~The~~Related ~~note~~Party is due on January 15, 2021, and bears interest on the unpaid principal balance at a rate of 10% per annum, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to lower of: (i) the lowest trading price during the 20-trading day period ending on the latest complete trading day prior to the issuance date; or (ii) 65% of the lowest trading price during the 20 consecutive trading day period on which at least 100 shares of common stock were traded prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $61,173. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $52,000, resulting in a loss on change in fair value of derivative liabilities of $9,173, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $55,000. During the year ended September 30, 2020, the Company defaulted on the convertible note which resulted in a default penalty of $27,500 and the amendment of the conversion rate from 65% to 50% of the lowest trading price during the 20 consecutive trading days prior to conversion. The Company recognized the remaining debt discount of $50,767 as accretion expense. The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $54,500 and a default penalty of $27,500.Transactions

24(a) ~~Table~~As at September 30, 2022, the Company owed $588,165 (Cdn$804,285) (2021 - $547,079 (Cdn$693,998)) to the President of ~~Contents~~the Company, which is non-interest bearing, unsecured, and due on demand. During the year ended September 30, 2022, the Company incurred consulting fees of $93,964 (2021 - $94,980) to the President of the Company. (b) As at September 30, 2022, the Company owed $53,750 (Cdn$73,500) (2021 - $57,940 (Cdn$73,500)) to the father of the President of the Company, which is non-interest bearing, unsecured, and due on demand. (c) As at September 30, 2022, the Company owed $25,010 (Cdn$34,200) (2021 – $26,960 (Cdn$34,200)) to a company owned by the father of the President of the Company, which is included in accounts payable and accrued liabilities. The amount due is non-interest bearing, unsecured, and due on demand. (d) As at September 30, 2022, the Company owed $509,610 (Cdn$696,866) (2021 – $445,591 (Cdn$565,256)) to a company controlled by the Chief Financial Officer of WFS, which is included in accounts payable and accrued liabilities. The amount due is non-interest bearing, unsecured, and due on demand. During the year ended September 30, 2022, the Company incurred consulting fees of $93,964 (2021 - $94,980) to the company controlled by the Chief Financial Officer of WFS. (e) On June 1, 2022, the Company entered into a loan agreement with the father of the President of the Company with a principal of $50,000, which bears interest at 10% per annum, is unsecured and due on June 1, 2026. (f) On June 1, 2022, the Company entered into a loan agreement with the father of the President of the Company with a principal of $40,221 (Cdn$55,000), which bears interest at 10% per annum, is unsecured and due on June 1, 2026.

~~PHARMAGREEN~~25 ~~BIOTECH~~Table ~~INC.~~of Contents

PHARMAGREEN BIOTECH INC. Notes to the Consolidated Financial ~~Statements~~StatementsYears Ended September 30, 2022, and 2021(Expressed in U.S. dollars)

~~Year~~8. ~~Ended~~Common ~~September 30, 2021, and 2020~~Stock

(Expressed in U.S. dollars)

	Year ended September 30, 2022
	(a)	On October 21, 2021, the Company issued 4,000,000 shares of common stock at $0.025 per share for proceeds of $100,000. In connection with the financing, the Company incurred commission fees of $8,000.

	(b)	On January 19, 2022, the Company issued 650,000 units at $0.01 per unit for proceeds of $6,500. Each unit is comprised of one share of common stock and one share purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance.

	(c)	On January 19, 2022, the Company issued 800,000 shares of common stock at $0.025 per share for proceeds of $20,000.

	(d)	On January 19, 2022, the Company issued 6,800,000 shares of common stock with a fair value of $136,000 for consultation communication and media services.

	(e)	On January 19, 2022, the Company issued 1,800,000 shares of common stock with a fair value of $36,000 for strategic and business development advisory services.

	(f)	On January 21, 2022, the Company issued 1,000,000 shares with a fair value of $19,700 for management consulting and strategic business advisory services.

	(g)	On February 10, 2022, the Company issued 1,000,000 shares of common stock with a fair value of $17,000 for market awareness services.

	(h)	On May 3, 2022, the Company issued 7,000,000 shares of common stock with a fair value of $84,700 for market awareness services (Note 12(d)).

	(i)	On June 8, 2022, the Company issued 20,200,000 units at $0.0025 per unit for proceeds of $68,500. Each unit is comprised of one share of common stock and one purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance.

	(j)	On August 22, 2022, the Company issued 9,000,000 shares of common stock with a fair value of $81,000 for public relations and communications services (Note 12(e)).

	(k)	On September 13, 2022, the Company issued 9,500,000 shares of common stock with a fair value of $85,500 for corporate development, investor, media, and public relations, and marketing services (Note 12(f)).

	(l)	On September 20, 2022, the Company received and cancelled 660,300 with a fair value of $4,606 due to a court judgement ordering the lender to surrender all common stock of the Company for cancellation and surrender conversion rights for all remaining convertible notes (Note 4(c)).

6. Convertible Notes (continued)

	Year ended September 30, 2021

	(m)	In December 2020, the Company issued 5,400,000 units at $0.005 per unit for proceeds of $27,000 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months.

	(n)	Between January 11 to February 16, 2021, the Company issued 16,800,000 units at $0.005 per unit for proceeds of $84,000 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months.

	(o)	On March 1, 2021, the Company issued 611,250 units at $0.01 per unit for proceeds of $6,112 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months.

	(p)	During the year ended September 30, 2021, the Company issued 133,226,100 shares of common stock upon the conversion of $417,719 of the convertible note and $11,000 of conversion fees (Note 5(b)).

	(q)	During the year ended September 30, 2021, the Company issued 7,730,486 shares of common stock upon the conversion of $126,000 of the convertible note and $3,150 of accrued interest (Note 5(c)).

	(r)	During the year ended September 30, 2021, the Company issued 16,994,905 shares of common stock upon the conversion of $106,000 of the convertible note and $2,650 of accrued interest (Note 5(d)).

	(s)	During the year ended September 30, 2021, the Company issued 2,600,000 shares of common stock upon the conversion of $18,923 of the convertible note and $4,500 of conversion fees (Note 5(e)).

		During the year ended September 30, 2021, the Company issued 17,557,925 shares of common stock upon the conversion of $82,500 of the convertible note, $7,693 of accrued interest and $3,000 of conversion fees. As at September 30, 2021, the carrying value of the convertible note was $nil (2020 - $82,500) and the fair value of the derivative liability was $nil (2020 - $146,272).
	(h)	On January 21, 2020, the Company entered into a convertible note with an unrelated party for $66,150, of which $7,800 was paid directly to third parties for financing costs and an original issue discount of $3,150, resulting in proceeds to the Company of $55,200. The note is due on January 21, 2021, and bears interest on the unpaid principal balance at a rate of 8% per annum, payable in common stock, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal 60% of the lowest trading price during the 20-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $71,278.
		The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $54,700, resulting in a loss on change in fair value of derivative liabilities of $16,578, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $66,150. The financing costs were netted against the convertible note and are being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $13,202. During the year ended September 30, 2021, the Company issued 4,431,963 shares of common stock upon the conversion of $66,150of the convertible note and $3,907 of accrued interest. As at September 30, 2021, the carrying value of the convertible note was $nil (2020 - $13,702), net of an unamortized discount of $nil (2020 - $52,448), and the fair value of the derivative liability was $nil (2020 - $98,579).

Table of Contents

~~(i)~~PHARMAGREEN OnBIOTECH January 22, 2020, the Company entered into a convertible note with an unrelated party for $78,750, of which $9,750 was paid directly to third parties for financing costs, resulting in proceeds to the Company of $69,000INC. ~~The~~Notes ~~note is due on January 22, 2021, and bears interest on the unpaid principal balance at a rate of 10% per annum, payable in common stock, which increases~~ to ~~24% per annum upon default of~~ the ~~note.~~Consolidated ~~The~~Financial ~~note~~StatementsYears ~~may~~Ended be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to 65% of the lowest trading price during the 20-trading day period ending on the latest complete trading day prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $75,179. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $68,500, resulting in a loss on change in fair value of derivative liabilities of $6,679, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $78,750. The financing costs were netted against the convertible note and are being amortized over the term using the effective interest rate method. During the year ended September 30, ~~2020~~2022, ~~the Company defaulted on the convertible note~~ and ~~recognized accretion expense of $78,250. On January 22,~~ 2021,(Expressed ~~the~~in ~~Company failed to repay the note upon maturity~~U.S. ~~As at September 30, 2021, the carrying value of the convertible note was $78,750 (2020 - $78,750~~dollars) ~~and the fair value of the derivative liability was $207,522 (2020 - $107,660).~~

258. ~~Table~~Common ofStock ~~Contents~~(continued)

~~PHARMAGREEN~~(t) ~~BIOTECH~~During ~~INC~~the year ended September 30, 2021, the Company issued 3,601,718 shares of common stock upon the conversion of $46,000 of the convertible note, $5,586 of accrued interest and $500 of conversion fees (Note 5(f)). (u) During the year ended September 30, 2021, the Company issued 17,557,925 shares of common stock upon the conversion of $82,500 of the convertible note, $7,693 of accrued interest and $3,000 of conversion fees (Note 5(g)). (v) During the year ended September 30, 2021, the Company issued 4,431,963 shares of common stock upon the conversion of $66,150 of the convertible note, $3,907 of accrued interest (Note 5(h)). (w) During the year ended September 30, 2021, the Company issued 41,017,383 shares of common stock upon the conversion of $75,825 of the convertible note, $2,154 of accrued interest and $18,750 of fees (Note 5(j)). (x) On October 20, 2020, the Company issued 2,000,000 shares of common stock with a fair value of $180,000 pursuant to the conversion of $30,750 of a convertible note (see Note 5(j)), which was included in common stock issuable at September 30, 2020. (y) On November 1, 2020, the Company issued 22,500 shares of common stock with a fair value of $405 for management consulting and strategic business advisory services. (z) On November 26, 2020, the Company issued 45,000 shares of common stock with a fair value of $720 for management consulting and strategic business advisory services. (aa) On December 11, 2020, the Company issued 22,500 shares of common stock with a fair value of $225 for management consulting and strategic business advisory services. (bb) On February 2, 2021, the Company issued 150,000 shares of common stock with a fair value of $2,700 for management consulting and strategic business advisory services. (cc) On March 29, 2021, the Company issued 150,000 shares of common stock with a fair value of $4,650 for management consulting and strategic business advisory services. (dd) On May 14, 2021, the Company issued 6,961,250 units at $0.01 per unit for proceeds of $69,613. Each unit is comprised of one share of common stock and one share purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance. (ee) On July 13, 2021, the Company issued 702,000 shares of common stock with a fair value of $17,550 for management consulting and strategic business advisory services. (ff) On August 25, 2021, the Company issued 150,000 shares of common stock with a fair value of $3,300 for management consulting and strategic business advisory services. (gg) On August 25, 2021, the Company issued 6,100,000 units at $0.01 per unit for proceeds of $61,000. Each unit is comprised of one share of common stock and one share purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance. (hh) On September 22, 2021, the Company issued 2,000,000 units at $0.01 per unit for proceeds of $20,000. Each unit is comprised of one share of common stock and one share purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance. (ii) On September 22, 2021, the Company issued 6,750,000 shares of common stock with a fair value of $236,250 pursuant to an infomercial production and broadcasting agreement. During the year ended September 30, 2022, the Company recognized consulting fees of $56,495 (2021 - $179,755) pursuant to the agreement. As at September 30, 2022, the Company has recognized $nil (2021 – $56,495) in prepaid expenses and deposits. (jj) On September 22, 2021, the Company issued 6,000,000 shares of common stock with a fair value of $210,000 pursuant to an infomercial production and broadcasting agreement. During the year ended September 30, 2022, the Company recognized consulting fees of $188,137 (2021 - $21,863) pursuant to the agreement. As at September 30, 2022, the Company has recognized $nil (2021 – $188,137) in prepaid expenses and deposits. (kk) On September 22, 2021, the Company issued 4,340,000 shares of common stock with a fair value of $151,874 for marketing consulting services. During the year ended September 30, 2022, the Company recognized consulting fees of $95,763 (2021 - $56,111) pursuant to the agreement. As at September 30, 2022, the Company has recognized $nil (2021 – $95,763) in prepaid expenses and deposits.

~~Notes~~27 toTable ~~the~~of ~~Consolidated Financial Statements~~Contents

~~Year~~PHARMAGREEN BIOTECH INC. Notes to the Consolidated Financial StatementsYears Ended September 30, ~~2021~~2022, and ~~2020~~2021(Expressed in U.S. dollars)

~~(Expressed~~9. Preferred Stock On October 13, 2020. The Company filed a certificate of amendment to its articles of incorporation, whereby it increased the authorized capital to 2,000,000,000 shares of common stock with a par value of $0.001 per share and 1,000,000 preferred shares with a par value of $0.001. On October 14, 2020, the Company designated 10,000 preferred shares as Series A Super Voting Preferred Stock. The Series A Super Voting Preferred Stock has the following rights and restrictions: Dividends - Initially, there will be no dividends due or payable on the Series A Super Voting Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation. Any and all such future terms concerning dividends shall be reflected in Uan amendment to this Certificate, which the Board shall promptly file or cause to be filed.S Liquidation and Redemption Rights - Upon the occurrence of a Liquidation Event, the holders of Series A Super Voting Preferred Stock are entitled to receive net assets on a pro-rata basis. ~~dollars~~Each holder of Series A Super Voting Preferred Stock is entitled to receive ratably any dividends declared by the Board, if any, out of funds legally available for the payment of dividends. Rank - All shares of the Series A Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.001 per share ( “Common Stock” ), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) pari passu with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series A Super Voting Preferred-Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series A Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary. Voting Rights - If at least one share of Series A Super Voting Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series A Super Voting Preferred Stock at any given time, regardless of their number, shall have voting rights equal to 20 times the sum of: i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all Series of Preferred stocks which are issued and outstanding at the time of voting. Each individual share of Series A Super Voting Preferred Stock shall have the voting rights equal to:

6. Convertible Notes (continued)

	·	[twenty times the sum of: {all shares of Common stock issued and outstanding at the time of voting + all shares of Series A, Series A and any newly designated Preferred stock issued and outstanding at the time of voting}] Divided by:

	·	[the number of shares of Series A Super Voting Preferred Stock issued and outstanding at the time of voting]

With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series A Super Voting Preferred Stock shall vote together with the holders of Common Stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Certificate of Incorporation or By-laws. Protective Provisions - So long as any shares of Series A Super Voting Preferred Stock are outstanding, the Corporation shall not, without first obtaining the unanimous written consent of the holders of Series A Super Voting Preferred Stock, alter or change the rights, preferences or privileges of the Series A Super Voting Preferred so as to affect adversely the holders of Series A Super Voting Preferred Stock. On October 14, 2020, the Company issued 10,000 shares of Series A Super Voting Preferred Stock to a Director of the Company for proceeds of $10. In connection with the issuance of the Series A Super Voting Preferred Stock, the Company evaluated whether the preferred stock should be classified as a liability based on the guidance under ASC 480, Distinguishing Liabilities from Equity. The Series A Super Voting Preferred Stock are not considered mandatorily redeemable, are not settleable in a variable number of shares, and do not contain any features embedded that required a separate assessment. As a result, the Company determined the Series A Super Voting Preferred Stock were not a liability and classified the preferred stock within equity in the amount of the aggregate par value of the issued shares of preferred stock, with any excess attributed to additional paid-in capital.

~~(j)~~28 OnTable ~~February 4, 2020, the Company entered into a convertible note with an unrelated party for $100,000,~~ of which $16,970 was paid directly to third parties for financing costs, resulting in proceeds to the Company of $83,030. The note is due on February 4, 2021, and bears interest on the unpaid principal balance at a rate of 12% per annum, which increases to 24% per annum upon default of the note. The note may be converted at any time after the date of issuance into shares of Company’s common stock at a conversion price equal to lower of: (i) the lowest trading price during the 10-trading day period ending on the latest complete trading day prior to the issuance date; or (ii) 60% of the average of the two lowest trading prices during the 10-trading day period prior to the conversion date. In connection with the issuance of the above convertible note, the Company evaluated the conversion option for derivative treatment under ASC 815-15, Derivatives and Hedging, and determined the note and conversion feature qualified as derivatives. The Company classified the conversion feature as a derivative liability at fair value. The initial fair value of the conversion feature was determined to be $125,640. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $82,530, resulting in a loss on change in fair value of derivative liabilities of $43,110, and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $100,000. During the year ended September 30, 2020, the noteholder converted $24,175 of the convertible note for 2,000,000 common shares with a fair value of $180,000 and was issued on October 20, 2020. Upon the notice of conversion, the Company immediately recognized the related remaining debt discount of $23,136 as accretion expense. The financing costs were netted against the convertible note and are being amortized over the term using the effective interest rate method. During the year ended September 30, 2020, the Company recognized accretion expense of $7,854. During the year ended September 30, 2021, the Company issued 41,017,383 shares of common stock upon the conversion of $75,825 of the convertible note, $2,154 of accrued interest and $18,750 of fees. As at September 30, 2021, the carrying value of the convertible note was $nil (2020 - $7,314), net of an unamortized discount of $nil (2020 - $68,511), and the fair value of the derivative liability was $nil (2020 - $110,135).Contents

~~(k)~~PHARMAGREEN OnBIOTECH September 17, 2019, the Company entered into a convertible note with an unrelated party for $78,000, of which $3,000 was paid directly to third parties for financing costs, resulting in cash proceeds to the Company of $75,000INC. ~~The~~Notes ~~note was due on September 20, 2020, and bore interest on the unpaid principal balance at a rate of 10% per annum, which increases~~ to ~~22% per annum upon default of~~ the ~~note.~~Consolidated ~~The~~Financial ~~note~~StatementsYears ~~may~~Ended be converted at any time after 180 days of the date of issuance into shares of Company’s common stock at a conversion price equal to 61% of the average 2 lowest trading prices during the 10-trading day period prior to the conversion date. Due to this provision, the Company considered whether the embedded conversion option qualifies for derivative accounting under ASC 815-15 Derivatives and Hedging. As the note was not convertible until 180 days following issuance, no derivative liability was initially recognized. The convertible note became convertible on March 15, 2020. The Company evaluated the convertible note for a beneficial conversion feature in accordance with ASC 470-20 Debt with Conversion and Other Options. The Company determined that the conversion price was below the closing stock price on the measurement date, and the convertible note contained a beneficial conversion feature. The initial fair value of the conversion feature was determined to be $82,631. The Company recognized the maximum intrinsic value of the embedded beneficial conversion feature of $76,019 and reduced the carrying value of the convertible note to $500. The carrying value will be accreted over the term of the convertible note up to its face value of $78,000. During the year ended September 30, ~~2020~~2022, ~~the Company issued 1,498,168 shares of common stock upon the conversion of $68,000 of the convertible note. On June 17, 2020, the Company paid the remaining principal of $10,000~~ and ~~interest~~2021(Expressed ofin ~~$4,601 pursuant to a settlement agreement with the lender~~U. ~~Upon entering into the settlement agreement, the Company immediately recognized the remaining debt discount of $4,427~~S. The financing costs were netted against the convertible note and were being amortized over the term using the effective interest rate method. During the year ended September 30, 2021, the Company recognized accretion expense of $nil (2020 - $10,382dollars).

2610. ~~Table~~Share ofPurchase ~~Contents~~Warrants

~~7. Derivative Liabilities~~ The ~~embedded~~following conversion option of the Company’s convertible notes described in Note 6 contain a conversion feature that qualifies for embedded derivative classification. The fair value of this liability is re-measured at the end of every reporting period and the change in fair value is reported in the statement of operations as a gain or loss on change in fair value of derivative liabilities. The table ~~below~~summarizes ~~sets forth a summary of changes in~~ the ~~fair~~continuity ~~value~~ of the Company’s ~~Level~~share 3purchase ~~financial liabilities~~warrants:

	Balance$
	Number ofwarrants			Weighted average exercise price$
Balance, September 30, 2019		-
Balance, September 30, 2020		114,286			0.55
Addition of new derivative liabilities		1,020,071
Issued		37,872,500			0.05
Conversion of convertible notes		(301,087	)
Balance, September 30, 2021		37,986,786			0.05
Change in fair value of embedded conversion option		661,973
Issued		20,850,000			0.05
Balance, September 30, 2020		1,380,957
Expired		(114,286	)		0.55
Conversion of convertible notes		(4,166,076	)
Balance, September 30, 2022		58,722,500			0.05
Change in fair value of embedded conversion option		3,257,122
Balance, September 30, 2021		472,003

~~The~~As ~~Company~~at ~~uses~~September ~~Level~~30, 3 inputs for its valuation methodology for the embedded conversion option liabilities as their fair values were determined by using a binomial model based on various assumptions. Significant changes in any of these inputs in isolation would result in a significant change in the fair value measurement. As required2022, ~~these are classified based on~~ the ~~lowest level of input that is significant to the fair value measurement. The~~ following ~~table~~share ~~shows~~purchase ~~the~~warrants ~~assumptions~~were ~~used in the calculations~~outstanding:

		Expectedvolatility				Risk-freeinterest rate			Expecteddividend yield			Expectedlife (in years)
Number of warrants				Exercise price				Expiry date
As at date of issuance			161	%			1.19	%		0	%		0.87
	400,000			$	0.05			December 2, 2022
As at September 30, 2020			296	%			0.09	%		0	%		0.20
	3,000,000			$	0.05			December 11, 2022
As at September 30, 2021			263	%			0.05	%		0	%		1.00
	2,000,000			$	0.05			December 30, 2022
	2,300,000			$	0.05			January 11, 2023
	13,500,000			$	0.05			January 30, 2023
	1,000,000			$	0.05			February 16, 2023
	611,250			$	0.05			March 1, 2023
	6,961,250			$	0.05			May 14, 2023
	6,100,000			$	0.05			August 25, 2023
	2,000,000			$	0.05			September 24, 2023
	650,000			$	0.05			January 19, 2024
	20,200,000			$	0.05			June 8, 2024
	58,722,500

811. ~~Related~~Memorandum ~~Party~~of ~~Transactions~~Understanding On July 25, 2021 the Company entered into a Memorandum of Understanding (“MOU”) to acquire all the assets and cannabis business operation, including 12 acres of property, structure and cannabis licenses, existing sales channels and distribution networks, from a private company situated in Northern California. Upon reaching a definitive agreement, the Company intends to further develop a state- of-the-art flowering greenhouse of approximately 12,000 square feet or the maximum allowed by California State and Regional County. The acquisition price is $2,400,000 to be paid through a combination of cash and shares. The Company also has an option from the seller to acquire an additional 120 acres or more of land for business expansion and development. As at September 30, 2022, the Company has advanced $88,850 (2021 - $nil) under the MOU, which will be applied against the final purchase price upon completion of a definitive agreement. This amount has been included in prepaid expenses and deposits. The Company currently lacks funds with which to consummate the contemplated transaction and has not negotiated a definitive agreement with respect to the contemplated transaction. Thus, there is no assurance that the Company will ever enter into, and consummate, a definitive agreement with respect to the contemplated transaction.

~~(a)~~29 AsTable ~~at September 30, 2021, the Company owed $547,079 (Cdn$693,998) (2020 - $453,697 (Cdn$604,366)) to the President~~ of the Company, which is non-interest bearing, unsecured, and due on demand. During the year ended September 30, 2021, the Company incurred consulting fees of $94,980 (2020 - $93,000) to the President of the Company. (b) As at September 30, 2021, the Company owed $57,940 (Cdn$73,500) (2020 - $55,177 (Cdn$73,500)) to the father of the President of the Company, which is non-interest bearing, unsecured, and due on demand. (c) As at September 30, 2021, the Company owed $26,960 (Cdn$34,200) (2020 – $25,674 (Cdn$34,200)) to a company owned by the father of the President of the Company, which is included in accounts payable and accrued liabilities. The amount due is non-interest bearing, unsecured, and due on demand. (d) As at September 30, 2021, the Company owed $445,591 (Cdn$565,256) (2020 – $347,229 (Cdn$462,540)) to a company controlled by the Chief Financial Officer of WFS, which is included in accounts payable and accrued liabilities. The amount due is non-interest bearing, unsecured, and due on demand. During the year ended September 30, 2021, the Company incurred consulting fees of $94,980 (2020 - $93,000) to the company controlled by the Chief Financial Officer of WFS. (e) On October 14, 2020, the Company issued 10,000 shares of Series A Super Voting Preferred Stock to a director of the Company for proceeds of $10.Contents

27PHARMAGREEN ~~Table~~BIOTECH ofINC. ~~Contents~~Notes to the Consolidated Financial StatementsYears Ended September 30, 2022, and 2021(Expressed in U.S. dollars)

~~PHARMAGREEN~~12. ~~BIOTECH~~Commitments ~~INC.~~and Contingency

~~Notes~~(a) Effective December 11, 2017, the Company entered into a binding Letter of Intent (“LOI”) with Alliance Growers Corp. (“Alliance”), whereby the Company will build a new cannabis biotech complex located in Deroche, British Columbia, through their subsidiary, 115BC. On January 25, 2019, the Company’s subsidiaries WFS and 115BC entered into an option agreement with Alliance, which superseded the LOI entered into on December 11, 2017. The option agreement grants an option to Alliance to purchase 10% equity interest in 115BC for Cdn$1,350,000 and previously granted a second option to purchase an additional 20% equity interest in 115BC for funding of 30% of the ~~Consolidated~~total ~~Financial~~construction ~~Statements~~and equipment costs for the biotech complex less Cdn$1,350,000. On January 25, 2019, 115BC issued 8 shares of common stock to Alliance upon exercise of the first option for consideration of $1,018,182 (Cdn$1,350,008), which was recognized as additional paid-in capital. The second option expired unexercised. As at September 30, 2022, the Company received advances of $54,847 (Cdn$75,000) (2021 - $59,122 (Cdn$75,000)) from Alliance, which is unsecured, non-interest bearing, and due on demand. (b) On November 22, 2019, the Company entered into an equity purchase agreement with an unrelated party, whereby the third party is to purchase up to $10,000,000 of the Company’s common stock. The equity purchase agreement is effective for a term of 2 years from the effective date of the registration statement. The purchase price would be 85% of the market price. In return, the Company issued a promissory note of $40,000 (Refer to Note 4(a)). In addition, the Company is required to pay an additional commitment fee of $10,000, of which $5,000 was paid upon signing the term sheet and the remaining $5,000 is due upon completion of the first tranche of the financing. On March 10, 2021, the noteholder filed a Notice of Motion for Summary Judgement in Lieu of Complaint (the “Notice”) with the State of New York Supreme Court, County of New York for $40,504 plus interest at the rate of 10% per annum from January 6, 2021, plus costs. On July 31, 2021, the Notice was dismissed without prejudice by the State of New York Supreme Court. On September 23, 2021, the noteholder filed a new Notice of Motion for Summary Judgement in Lieu of Complaint with the State of New York Supreme Court, County of New York for $44,504 plus interest at the rate of 10% per annum from January 6, 2021, plus costs. The plaintiff filed for an oral argument which was heard by the State of New York Supreme Court on September 15, 2022 and is pending a final decision. The Company believes that the claim has no merit and intends to defend its position vigorously. (c) Effective May 14, 2021, the Company entered into a Software as a Service Agreement with Novation Solutions Inc. (“DealMaker”) to effect the Company’s planned Regulation A offering, including the set-up of an automated tracking, signing, and reconciliation portal. The Company will pay DealMaker $3,000 upon signing the agreement, $7,000 30 days prior to launching the portal, and a post launch monthly fee of $1,000. The monthly fee will automatically renew each month for the shorter of the duration of the offering period, or one year. (d) On May 2, 2022, the Company entered into a consulting agreement with a six-month term. Pursuant to the agreement, the Company agreed to issue 7,000,000 shares of common stock in exchange for market awareness services. On May 3, 2022, the Company issued 7,000,000 shares of common stock with a fair value of $84,700 pursuant to the agreement (Note 8(h)). As at September 30, 2022, the Company recognized $15,191 (2021 - $nil) in prepaid expenses and deposits. During the year ended September 30, 2022, the Company recognized consulting fees of $69,509 (2021 - $nil) pursuant to the agreement. (e) On May 20, 2022, the Company entered into a consulting agreement with a six-month term. Pursuant to the agreement, the Company agreed to issue 9,000,000 shares of common stock in exchange for public relations and communications services. If both parties agree to continue the agreement for another 6 months, the Company will issue common stock of the Company with a fair value of $80,000. On August 22, 2022, the Company issued 9,000,000 shares of common stock with a fair value of $81,000 pursuant to the agreement (Note 8(j)). As at September 30, 2022, the Company recognized $21,481 (2021 - $nil) in prepaid expenses and deposits. During the year ended September 30, 2022, the Company recognized consulting fees of $59,519 (2021 - $nil) pursuant to the agreement.

~~Year Ended September~~ 30, ~~2021,~~Table ~~and~~of ~~2020~~Contents

PHARMAGREEN BIOTECH INC. Notes to the Consolidated Financial StatementsYears Ended September 30, 2022, and 2021(Expressed in U.S. dollars)

912. ~~Common~~Commitments ~~Stock~~and ~~Year~~Contingency ~~ended September 30, 2021~~(continued)

(a) In December 2020, the Company issued 5,400,000 units at $0.005 per unit for proceeds of $27,000 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months. (b) Between January 11 to February 16, 2021, the Company issued 16,800,000 units at $0.005 per unit for proceeds of $84,000 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months. (c) On March 1, 2021, the Company issued 611,250 units at $0.01 per unit for proceeds of $6,112 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months. (d) During the year ended September 30, 2021, the Company issued 133,226,100 shares of common stock upon the conversion of $417,719 of the convertible note and $11,000 of conversion fees (Note 6(b)). (e) During the year ended September 30, 2021, the Company issued 7,730,486 shares of common stock upon the conversion of $126,000 of the convertible note and $3,150 of accrued interest (Note 6(c)). (f) During the year ended September 30, 2021, the Company issued 16,994,905 shares of common stock upon the conversion of $106,000 of the convertible note and $2,650 of accrued interest (Note 6(d)). (g) During the year ended September 30, 2021, the Company issued 2,600,000 shares of common stock upon the conversion of $18,923 of the convertible note and $4,500 of conversion fees (Note 6(e)). (h) During the year ended September 30, 2021, the Company issued 3,601,718 shares of common stock upon the conversion of $46,000 of the convertible note, $5,586 of accrued interest and $500 of conversion fees (Note 6(f)). (i) During the year ended September 30, 2021, the Company issued 17,557,925 shares of common stock upon the conversion of $82,500 of the convertible note, $7,693 of accrued interest and $3,000 of conversion fees (Note 6(g)). (j) During the year ended September 30, 2021, the Company issued 4,431,963 shares of common stock upon the conversion of $66,150 of the convertible note, $3,907 of accrued interest (Note 6(h)). (k) During the year ended September 30, 2021, the Company issued 41,017,383 shares of common stock upon the conversion of $75,825 of the convertible note, $2,154 of accrued interest and $18,750 of fees (Note 6(j)). (l) On October 20, 2020, the Company issued 2,000,000 shares of common stock with a fair value of $180,000 pursuant to the conversion of $30,750 of a convertible note (see Note 6(j)), which was included in common stock issuable at September 30, 2020. (m) On November 1, 2020, the Company issued 22,500 shares of common stock with a fair value of $405 for management consulting and strategic business advisory services. (n) On November 26, 2020, the Company issued 45,000 shares of common stock with a fair value of $720 for management consulting and strategic business advisory services. (o) On December 11, 2020, the Company issued 22,500 shares of common stock with a fair value of $225 for management consulting and strategic business advisory services. (p) On February 2, 2021, the Company issued 150,000 shares of common stock with a fair value of $2,700 for management consulting and strategic business advisory services. (q) On March 29, 2021, the Company issued 150,000 shares of common stock with a fair value of $4,650 for management consulting and strategic business advisory services. (r) On May 14, 2021, the Company issued 6,961,250 units at $0.01 per unit for proceeds of $69,613. Each unit is comprised of one share of common stock and one share purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance.

	(f)	On September 8, 2022, the Company entered into a consulting agreement with a six-month term. Pursuant to the agreement, the Company agreed to issue 9,500,000 shares of common stock in exchange for corporate development, investor, media, public relations, and marketing services. On September 13, 2022, the Company issued 9,500,000 shares of common stock with a fair value of $85,500 pursuant to the agreement (Note 8(k)). As at September 30, 2022, the Company recognized $75,050 (2021 - $nil) in prepaid expenses and deposits. During the year ended September 30, 2022, the Company recognized consulting fees of $10,450 (2021 - $nil) pursuant to the agreement.

	(g)	On September 15, 2022, the Company entered into a consulting agreement with a twelve-month term. Pursuant to the agreement, the Company agreed to issue 2,500,000 shares of common stock in exchange for management consulting and strategic business advisory services. If the 2,500,000 shares are not issued within 30 days of the start of the agreement there is a 10,000 share a day penalty. As at September 30, 2022, the shares of common stock have not been issued and the Company recognized $1,130 (2021 - $nil) in common stock issuable. During the year ended September 30, 2022, the Company recognized consulting fees of $1,130 (2021 - $nil) pursuant to the agreement. On October 3, 2022, the Company issued 2,500,000 shares of common stock (Note 14).

2813. ~~Table~~Income Taxes The Company is subject to Canadian federal and provincial taxes at an approximate rate of ~~Contents~~27% (2021 – 27%) and United States federal and state income taxes at an approximate rate of 21% (2021 – 21%). The reconciliation of the provision for income taxes at the federal statutory rate compared to the Company’s income tax expense as reported is as follows:

PHARMAGREEN BIOTECH INC.

	2022 $			2021 $

Income tax recovery at statutory rate		(198,668	)		(965,087	)

Permanent differences and other		43,656			779,513
Change in valuation allowance		155,012			185,574

Income tax provision		-			-

~~Notes~~The tosignificant ~~the~~components ~~Consolidated~~of ~~Financial~~deferred ~~Statements~~income tax assets and liabilities are as follows:

Year Ended September 30, 2021, and 2020

	2022 $			2021 $

Net operating losses carried forward		2,032,256			1,877,243
Property and equipment		52,954			52,954
Valuation allowance		(2,085,210	)		(1,930,197	)

Net deferred income tax asset		-			-

~~(Expressed~~The 2017 Act reduced the corporate tax rate from 34% to 21% for tax years beginning after December 31, 2017. For net operating losses arising after December 31, 2017, the 2017 Act limits a taxpayer’s ability to utilize net operating losses carryforwards to 80% of taxable income. In addition, net operating losses arising after 2017 can be carried forward indefinitely, but carryback is generally prohibited. Net operating losses generated in Utax years beginning before January 1, 2018 will not be subject to the taxable income limitation.S The 2017 Act would generally eliminate the carryback of all net operating losses arising in a tax year ending after 2017 and instead would permit all such net operating losses to be carried forward indefinitely. ~~dollars)~~

9.31 ~~Common~~Table ~~Stock~~of ~~(continued)~~Contents

	(s)	On July 13, 2021, the Company issued 702,000 shares of common stock with a fair value of $17,550 for management consulting and strategic business advisory services.
	(t)	On August 25, 2021, the Company issued 150,000 shares of common stock with a fair value of $3,300 for management consulting and strategic business advisory services.
	(u)	On August 25, 2021, the Company issued 6,100,000 units at $0.01 per unit for proceeds of $61,000. Each unit is comprised of one share of common stock and one share purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance.
	(v)	On September 22, 2021, the Company issued 2,000,000 units at $0.01 per unit for proceeds of $20,000. Each unit is comprised of one share of common stock and one share purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance.
	(w)	On September 22, 2021, the Company issued 6,750,000 shares of common stock with a fair value of $236,250 pursuant to an infomercial production and broadcasting agreement (Note 12(d)).
	(x)	On September 22, 2021, the Company issued 6,000,000 shares of common stock with a fair value of $210,000 pursuant to an infomercial production and broadcasting agreement (Note 12(f)).
	(y)	On September 22, 2021, the Company issued 4,340,000 shares of common stock with a fair value of $151,900 for marketing consulting services (Note 12(g)).
	Year ended September 30, 2020

PHARMAGREEN BIOTECH INC.

Notes to the Consolidated Financial Statements

Years Ended September 30, 2022, and 2021

(Expressed in U.S. dollars)

~~(a) On March 24, 2020, the Company issued 78,064 shares of common stock with a fair value of $21,077 pursuant to the conversion of $10,000 of a convertible note (Note 6(k))~~13. ~~(b)~~Income OnTaxes ~~April 1, 2020, the Company issued 6,000,000 shares of common stock pursuant to the conversion of $600 of a convertible note~~ (~~Note 6(a~~continued)). (c) On April 2, 2020, the Company issued 136,612 shares of common stock pursuant to the conversion of $10,000 of a convertible note (Note 6(k)). (d) On April 16, 2020, the Company issued 351,288 shares of common stock pursuant to the conversion of $15,000 of a convertible note (Note 6(k)). (e) On April 30, 2020, the Company issued 423,729 shares of common stock pursuant to the conversion of $15,000 of a convertible note (Note 6(k)). (f) On May 4, 2020, the Company issued 508,475 shares of common stock pursuant to the conversion of $18,000 of a convertible note (Note 6(k)). (g) On June 30, 2020, the Company issued 8,000,000 shares of common stock pursuant to the conversion of $800 of a convertible note (Note 6(a)). (h) On July 9, 2020, the Company issued 22,000 shares of common stock with a fair value of $10,780 pursuant to a consulting agreement for management consulting and strategic business advisory services for a term of 30 days. (i) On July 31, 2020, the Company issued a total of 4,525,000 shares of common stock pursuant to the conversions of an aggregate of $453 of a convertible note. (j) On July 31, 2020, the Company issued 114,286 units at $0.35 per unit for proceeds of $40,000. Each unit consisted of one share of common stock and one common share purchase warrant exercisable at $0.55 per share for a period of 24 months. (k) As at September 30, 2020, the Company received a conversion notice for 2,000,000 shares of common stock with a fair value of $180,000 pursuant to the conversion of $30,750 of a convertible note.

29The ~~Table~~Company has net operating losses carried forward of ~~Contents~~$7,997,525 which may be carried forward to apply against future years’ taxable income, subject to the final determination by taxation authorities, expiring in the following years:

PHARMAGREEN BIOTECH INC.

	Canada $		USA $

2029		-		54,040
2030		-		101,259
2034		401,530		-
2035		740,776		1,003
2036		1,008,613		1,000
2037		1,229,859		-
2038		1,575,665		91,177
2039		272,632		493,609
2040		182,216		356,102
2041		222,571		597,523
2042		245,731		422,219

		5,879,593		2,117,932

~~Notes~~14. toSubsequent ~~the Consolidated Financial Statements~~Events

~~Year~~(a) ~~Ended~~On ~~September~~October 303, ~~2021~~2022, the Company issued 2,500,000 shares of common stock pursuant to the consulting agreement in Note 12(g). (b) On November 2, 2022, the Company entered into a convertible promissory note for $50,000, which is unsecured, and ~~2020~~matures on May 1, 2023. A one-time interest charge of 10%, equal to $5,000, shall automatically accrue on the issuance date. Any amount of principal or interest on the note which is not paid when due shall bear interest at 22% per annum or the highest rate permitted by law. The note may be converted at any time after 120 days following the date of issuance into shares of Company’s common stock at a conversion price equal to 57.5% of the lowest trading price for the common stock for the 15 trading days prior to the conversion date. (c) On November 3, 2022, the Company entered into a consulting agreement for a term of 1 month, whereby the Company agreed to pay the consultant $5,000 upon the Company’s receipt of $50,000 in net proceeds from a promissory note, increasing to $10,000 upon the Company’s receipt of $100,000 in net proceeds from a promissory note. (d) On November 28, 2022, the Company entered into a Product Endorsement Agreement with Tyrell Crosby. The term of the agreement is 18 months and shall be renewed by mutual consent of both parties, for an additional year on the anniversary of the agreement, unless otherwise terminated. In consideration for the endorsement services, the Company agreed to issue 10,000,000 common shares.

~~(Expressed~~32 inTable ~~U.S.~~of ~~dollars)~~Contents

10. Preferred Stock On October 13, 2020. The Company filed a certificate of amendment to its articles of incorporation, whereby it increased the authorized capital to 2,000,000,000shares of common stock with a par value of $0.001 per share and 1,000,000 preferred shares with a par value of $0.001. On October 14, 2020, the Company designated 10,000 preferred shares as Series A Super Voting Preferred Stock. The Series A Super Voting Preferred Stock has the following rights and restrictions: Dividends - Initially, there will be no dividends due or payable on the Series A Super Voting Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation. Any and all such future terms concerning dividends shall be reflected in an amendment to this Certificate, which the Board shall promptly file or cause to be filed. Liquidation and Redemption Rights - Upon the occurrence of a Liquidation Event, the holders of Series A Super Voting Preferred Stock are entitled to receive net assets on a pro-rata basis. Each holder of Series A Super Voting Preferred Stock is entitled to receive ratably any dividends declared by the Board, if any, out of funds legally available for the payment of dividends. Rank - All shares of the Series A Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.001 per share ( “Common Stock” ), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) pari passu with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series A Super Voting Preferred-Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series A Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary. Voting Rights - If at least one share of Series A Super Voting Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series A Super Voting Preferred Stock at any given time, regardless of their number, shall have voting rights equal to 20 times the sum of: i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all Series of Preferred stocks which are issued and outstanding at the time of voting. Each individual share of Series A Super Voting Preferred Stock shall have the voting rights equal to:

· [twenty times the sum of: {all shares of Common stock issued and outstanding at the time of voting + all shares of Series A, Series A and any newly designated Preferred stock issued and outstanding at the time of voting}] Divided by: · [the number of shares of Series A Super Voting Preferred Stock issued and outstanding at the time of voting]

With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series A Super Voting Preferred Stock shall vote together with the holders of Common Stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Certificate of Incorporation or By-laws. Protective Provisions - So long as any shares of Series A Super Voting Preferred Stock are outstanding, the Corporation shall not, without first obtaining the unanimous written consent of the holders of Series A Super Voting Preferred Stock, alter or change the rights, preferences or privileges of the Series A Super Voting Preferred so as to affect adversely the holders of Series A Super Voting Preferred Stock. On October 14, 2020, the Company issued 10,000 shares of Series A Super Voting Preferred Stock to a Director of the Company for proceeds of $10. In connection with the issuance of the Series A Super Voting Preferred Stock, the Company evaluated whether the preferred stock should be classified as a liability based on the guidance under ASC 480, Distinguishing Liabilities from Equity. The Series A Super Voting Preferred Stock are not considered mandatorily redeemable, are not settleable in a variable number of shares, and do not contain any features embedded that required a separate assessment. As a result, the Company determined the Series A Super Voting Preferred Stock were not a liability and classified the preferred stock within equity in the amount of the aggregate par value of the issued shares of preferred stock, with any excess attributed to additional paid-in capital.

30 Table of Contents

PHARMAGREEN BIOTECH INC.

Notes to the Consolidated Financial Statements

Year Ended September 30, 2021, and 2020

(Expressed in U.S. dollars)

11. Share Purchase Warrants The following table summarizes the continuity of the Company’s share purchase warrants:

	Number ofwarrants		Weighted average exercise price$
Balance, September 30, 2019		-		-
Issued		114,286		0.55
Balance, September 30, 2020		114,286		0.55
Issued		37,872,500		0.05
Balance, September 30, 2021		37,986,786		0.05

As at September 30, 2021, the following share purchase warrants were outstanding:

Number of warrants		Exercise price		Expiry date
	114,286	$	0.55	July 16, 2022
	400,000	$	0.05	December 2, 2022
	3,000,000	$	0.05	December 11, 2022
	2,000,000	$	0.05	December 30, 2022
	2,300,000	$	0.05	January 11, 2023
	13,500,000	$	0.05	January 30, 2023
	1,000,000	$	0.05	February 16, 2023
	611,250	$	0.05	March 1, 2023
	6,961,250	$	0.05	May 14, 2023
	6,100,000	$	0.05	August 25, 2023
	2,000,000	$	0.05	September 24, 2023
	37,986,786

12. Commitments

	(a)	Effective December 11, 2017, the Company entered into a binding Letter of Intent (“LOI”) with Alliance Growers Corp. (“Alliance”), whereby the Company will build a new cannabis biotech complex located in Deroche, British Columbia, through their subsidiary, 115BC. On January 25, 2019, the Company’s subsidiaries WFS and 115BC entered into an option agreement with Alliance, which superseded the LOI entered into on December 11, 2017. The option agreement grants an option to Alliance to purchase 10% equity interest in 115BC for Cdn$1,350,000 and previously granted a second option to purchase an additional 20% equity interest in 115BC for funding of 30% of the total construction and equipment costs for the biotech complex less Cdn$1,350,000. On January 25, 2019, 115BC issued 8 shares of common stock to Alliance upon exercise of the first option for consideration of $1,018,182 (Cdn$1,350,008), which was recognized as additional paid-in capital. The second option expired unexercised. As at September 30, 2021, the Company received advances of $59,122 (Cdn$75,000) (2020 - $56,303 (Cdn$75,000)) from Alliance, which is unsecured, non-interest bearing, and due on demand.
	(b)	On November 22, 2019, the Company entered into an equity purchase agreement with an unrelated party, whereby the third party is to purchase up to $10,000,000 of the Company’s common stock. The equity purchase agreement is effective for a term of 2 years from the effective date of the registration statement.The purchase price would be 85% of the market price. In return, the Company issued a promissory note of $40,000 (Refer to Note 5(a)). In addition, the third party is required to pay an additional commitment fee of $10,000, of which $5,000 was paid upon signing the term sheet and the remaining $5,000 is due upon completion of the first tranche of the financing.

31 Table of Contents

PHARMAGREEN BIOTECH INC.

Notes to the Consolidated Financial Statements

Year Ended September 30, 2021, and 2020

(Expressed in U.S. dollars)

12. Commitments (continued)

(c) On December 13, 2020, the Company entered into a consulting agreement with a six month term. Pursuant to the agreement, the Company will issue 75,000 shares of common stock per month in exchange for management consulting and strategic business advisory services. On June 13, 2021, the Company extended the consulting agreement for an additional six month term for the issuance of 117,000 shares of common stock per month. During the year ended September 30, 2021, the Company issued a total of 1,152,000 shares of common stock with a fair value of $28,095 pursuant to the agreement. (d) Effective May 13, 2021, the Company entered into a production agreement with New to the Street Group LLC. Pursuant to the terms of the agreement, New to the Street Group LLC will provide investor relations and consulting services for a period of six months. Pursuant to the agreement, the Company agreed to pay New to the Street Group LLC $3,500 upon signing, $3,500 per month and 6,750,000 restricted shares of the Company’s common stock. On September 24, 2021, the Company issued 6,750,000 shares of common stock with a fair value of $121,500. (e) Effective May 14, 2021, the Company entered into a Software as a Service Agreement with Novation Solutions Inc. (“DealMaker”) to effect the Company’s planned Regulation A offering, including the set-up of an automated tracking, signing, and reconciliation portal. The Company will pay DealMaker $3,000 upon signing the agreement, $7,000 30 days prior to launching the portal, and a post launch monthly fee of $1,000. (f) Effective August 23, 2021, the Company entered into an infomercial production and broadcast agreement with New to the Street Group LLC. Pursuant to the terms of the agreement, New to the Street Group LLC will provide investor relations and consulting services for a period of 12 months. Pursuant to the agreement, the Company agreed to pay New to the Street Group LLC 6,000,000 shares of common stock for the first 3 months of the term, and $40,000 per month for the remaining 9 months, which can be paid in cash or shares of common stock at the Company’s discretion. On September 24, 2021, the Company issued 6,000,000 shares of common stock with a fair value of $141,720. (g) Effective August 27, 2021, the Company entered into a consulting agreement for investor relations and consulting services for a period of 6 months. Pursuant to the agreement, the Company agreed to issue shares of common stock of the Company with a fair value of $100,000. On September 24, 2021, the Company issued 4,340,000 shares of common stock with a fair value of $103,726.

32 Table of Contents

PHARMAGREEN BIOTECH INC.

Notes to the Consolidated Financial Statements

Year Ended September 30, 2021, and 2020

(Expressed in U.S. dollars)

13. Income Taxes The Company is subject to Canadian federal and provincial taxes at an approximate rate of 27% (2020 – 27%) and United States federal and state income taxes at an approximate rate of 21% (2020 – 21%). The reconciliation of the provision for income taxes at the federal statutory rate compared to the Company’s income tax expense as reported is as follows:

	2021$			2020$
Income tax recovery at statutory rate		(965,087	)		(531,798	)
Permanent differences and other		779,513			288,722
Change in valuation allowance		185,574			243,076
Income tax provision		-			-

The significant components of deferred income tax assets and liabilities are as follows:

	2021$			2020$
Net operating losses carried forward		1,877,243			1,691,669
Property and equipment		52,954			52,954
Valuation allowance		(1,930,197	)		(1,744,623	)
Net deferred income tax asset		-			-

The 2017 Act reduces the corporate tax rate from 34% to 21% for tax years beginning after December 31, 2017. For net operating losses arising after December 31, 2017, the 2017 Act limits a taxpayer’s ability to utilize net operating losses carryforwards to 80% of taxable income. In addition, net operating losses arising after 2017 can be carried forward indefinitely, but carryback is generally prohibited. Net operating losses generated in tax years beginning before January 1, 2018 will not be subject to the taxable income limitation. The 2017 Act would generally eliminate the carryback of all net operating losses arising in a tax year ending after 2017 and instead would permit all such net operating losses to be carried forward indefinitely. The Company has net operating losses carried forward of $7,329,575 which may be carried forward to apply against future years’ taxable income, subject to the final determination by taxation authorities, expiring in the following years:

	Canada$		USA$
2029		-		54,040
2030		-		101,259
2034		401,530		-
2035		740,776		1,003
2036		1,008,613		1,000
2037		1,229,859		-
2038		1,575,665		91,177
2039		272,632		493,609
2040		182,216		356,102
2041		222,571		597,523
		5,633,862		1,695,713

14. Subsequent Event On October 21, 2021, the Company issued 4,000,000 common shares at $0.025 per share for proceeds of $100,000.

33 Table of Contents

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time period specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is accumulated and communicated to management including our principal executive officer and principal financial officer as appropriate, to allow timely decisions regarding required disclosure.

In connection with this ~~annual~~quarterly report, as required by Rule ~~13a -~~15d ~~and 15d~~-~~15e~~15 under the Securities Exchange Act of 1934, we have carried out an evaluation of the effectiveness of the design and operation of our company’s disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our company’s management, including our company’s principal executive officer and principal financial officer. Based upon that evaluation, our company’s principal executive officer and principal financial officer concluded that as of September 30, ~~2021~~2022 our disclosure controls and procedures were not effective due to the existence of material weaknesses in our internal controls over financial reporting.

Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s Principal Executive and Principal Financial officer and effected by the Company’s board of directors, management and other personnel to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:

	1.	Pertains to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and disposition of assets;

	2.	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of our financial statements in accordance with accounting principles generally accepted in the United States of America and receipts and expenditures are being made in accordance with authorizations of management and directors; and

	3.	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of company assets that could have a material effect on our financial statements.

Management assessed the effectiveness of the Company’s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in SEC guidance on conducting such assessments as of the end of the period covered by this report. Management conducted the assessment based on certain criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. As of September 30, ~~2021~~2022, management determined material weaknesses occurred over our internal control over financial reporting as discussed below.

The matters involving internal controls and procedures that the Company’s management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee and lack of a majority of outside directors on the Company’'s board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (4) ineffective controls over period end financial disclosure and reporting processes. Due to these material weaknesses management concluded that our internal control over financial reporting was not effective as of September 30, ~~2021~~2022.

3433 Table of Contents

Material Weakness Discussion and Remediation

Management believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on the Company’'s previous reported financial results. However, management believes that the lack of a functioning audit committee and lack of a majority of outside directors on the Company’'s board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures can result in the Company’'s determination to its financial statements for the future periods.

We are committed to improving our financial organization. As part of this commitment, we will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to the Company: i) Appointing one or more outside directors to our board of directors who shall be appointed to the audit committee of the Company resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures; and ii) Preparing and implementing sufficient written policies and checklists which will set forth procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements.

Management believes that the appointment of one or more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on the Company’'s Board. In addition, management believes that preparing and implementing sufficient written policies and checklists will remedy the following material weaknesses (i) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (ii) ineffective controls over period end financial close and reporting processes. Further, management believes that the hiring of additional personnel who have the technical expertise and knowledge will result proper segregation of duties and provide more checks and balances within the department. Additional personnel will also provide the cross training needed to support the Company if personnel turn over issues within the department occur. This coupled with the appointment of additional outside directors will greatly decrease any control and procedure issues the company may encounter in the future.

We will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

This annual report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 under the Exchange Act that occurred during the small business issuer’s last fiscal year that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Item 9B. Other Information.

Item 9B. Other Information.

None

35Item ~~Table~~9C. ofDisclosure ~~Contents~~Regarding Foreign Jurisdictions that Prevent Inspections.

~~PART III~~None

~~Item~~34 ~~10.~~Table ~~Directors,~~of ~~Executive Officers and Corporate Governance.~~Contents

~~Identification~~PART ~~of directors and executive officers~~III

~~Our~~Item ~~directors serve until their successor are elected and qualified~~10. ~~Our officers are elected by the Board of~~ Directors, toExecutive aOfficers ~~term of one (1) year~~ and ~~serve~~Corporate ~~until their successor(s) is duly elected and qualified, or until they are removed from office~~Governance. ~~The Board of Directors has no nominating or compensation committees. The company’s current Audit Committee consists of our officers and directors.~~

~~Our~~Identification ~~directors serve until a successor is elected and qualified. Our officers are elected by the Board~~ of ~~Directors~~directors ~~to a term of one (1) year~~ and ~~serves~~executive until their successor(s) is duly elected and qualified, or until they are removed from office. The Board of Directors has no nominating or compensation committees. The company’s current Audit Committee consists of our officers ~~and directors.~~

~~The~~Our ~~name,~~directors ~~age~~serve until their successor are elected and ~~position~~qualified. Our officers are elected by the Board of ~~our~~Directors ~~present~~to ~~officers~~a term of one (1) year and ~~directors~~serve until their successor(s) is ~~set~~duly ~~forth~~elected ~~below:~~and qualified, or until they are removed from office. The Board of Directors has no nominating or compensation committees. The company’s current Audit Committee consists of our officers and directors.

~~Management~~Our directors serve until a successor is elected and qualified. Our officers are elected by the Board of Directors to a term of one (1) year and serves until their successor(s) is duly elected and qualified, or until they are removed from office. The Board of Directors has no nominating or compensation committees. The company’s current Audit Committee consists of our officers and directors.

~~Directors~~The ofname, ~~the~~age ~~Company are elected by the shareholders to a term of one year~~ and ~~serve~~position ~~until their successors are elected and qualified. Officers~~ of ~~the~~our ~~Company~~present ~~are~~officers ~~appointed by the Board of Directors to a term of one year~~ and ~~serve~~directors ~~until their successors are duly appointed and qualified, or until the officer~~ is ~~removed~~set ~~from~~forth ~~office. The Board of Directors has no nominating, auditing or compensation committees.~~below:

Management ~~of Pharmagreen Biotech Inc.~~

Name		Age		Position		Director Since
Peter Wojcik		50		President/Sole Director		February 2, 2018

Directors of the Company are elected by the shareholders to a term of one year and serve until their successors are elected and qualified. Officers of the Company are appointed by the Board of Directors to a term of one year and serve until their successors are duly appointed and qualified, or until the officer is removed from office. The Board of Directors has no nominating, auditing or compensation committees.

~~Peter~~Management ~~Wojcik~~of ~~B.A.~~Pharmagreen ~~Adv.,~~Biotech ~~President / Sole Director~~Inc.

A graduate of advanced degree in Economics from the University of Regina. Additionally, Mr. Wojcik has a natural compassion for the health and well-being of others, which has naturally led to his decade-plus experience in the research and application of cannabis and its extracts as a therapeutic agent, specifically in their application in the treatment of illness and disease for individuals.

Name	Age	Position	Director Since
Peter Wojcik	51	President/Sole Director	February 2, 2018

~~Mr.~~Peter Wojcik B.A. ~~has~~Adv., ~~been the~~ President ~~and~~/ ~~Director~~Sole ~~of Pharmagreen Biotech, Inc. since May 2018.~~ Director

~~Mr.~~A ~~Wojcik~~graduate ~~duties~~of ~~include~~advanced ~~making~~degree ~~major~~in ~~corporate~~Economics ~~decisions,~~from ~~managing~~ the ~~overall~~University ~~operations~~of ~~and~~Regina. Additionally, ~~resources~~Mr. ofWojcik has a ~~company,~~natural ~~acting~~compassion asfor the ~~main~~health ~~point~~and well-being of ~~communication~~others, ~~between~~which has naturally led to his decade-plus experience in the ~~board~~research and application of ~~directors~~cannabis and ~~corporate~~its ~~operations~~extracts as a therapeutic agent, ~~and~~specifically ~~being~~in ~~the~~their ~~public~~application ~~face~~in the treatment of ~~the~~illness ~~company~~and disease for individuals.

Mr. Wojcik has ~~held~~been the ~~offices/positions~~President ~~since~~and ~~February~~Director 2,of ~~2018~~Pharmagreen ~~to his respective office/positions~~Biotech, ~~is expected to hold said office/position until the next annual meeting of the shareholders~~Inc. ~~The~~since ~~persons~~May ~~named above are the company’s only officers, directors, promoters and control persons~~2018.

36Mr. ~~Table~~Wojcik duties include making major corporate decisions, managing the overall operations and resources of ~~Contents~~a company, acting as the main point of communication between the board of directors and corporate operations, and being the public face of the company.

~~Management~~Mr. ofWojcik ~~WFS~~has ~~Pharmagreen~~held ~~Inc.~~the ~~(wholly~~offices/positions ~~owned~~since ~~subsidiary~~February 2, 2018 to his respective office/positions, is expected to hold said office/position until the next annual meeting of ~~Pharmagreen~~the ~~Biotech~~shareholders. ~~Inc~~The persons named above are the company’s only officers, directors, promoters and control persons.)

~~Directors~~Management of ~~the~~WFS ~~Company~~Pharmagreen ~~are elected by the shareholders to a term of one year and serve until their successors are elected and qualified~~Inc. ~~Officers~~(wholly ofowned ~~the~~subsidiary ~~Company are appointed by the Board~~ of ~~Directors~~Pharmagreen toBiotech ~~a term of one year and serve until their successors are duly appointed and qualified, or until the officer is removed from office~~Inc. ~~The Board of Directors has no nominating, auditing or compensation committees.~~)

Name	Age	Position	Director Since
Peter Wojcik	50	Chief Executive Officer / Director	December 19, 2013
Terry Kwan	74	Chief Financial Officer / Director	July 22, 2015
Fawzia Afreen	55	Chief Operations Officer

Mr. Wojcik has held the offices/positions since the inception of the Company and Mr. Kwan was appointed on July 22, 2015 to his respective office/positions, both are expected to hold said offices/positions until the next annual meeting of the shareholders. The persons named above are the company’s only officers, directors, promoters and control persons.

Name	Age	Position	Director Since
Peter Wojcik	51	Chief Executive Officer / Director	December 19, 2013
Terry Kwan	75	Chief Financial Officer / Director	July 22, 2015 – May 1, 2022
Fawzia Afreen	56	Chief Operations Officer

~~WFS~~Mr. ~~Pharmagreen~~Wojcik ~~Inc~~has held the offices/positions since the inception of the Company and Mr. ~~(wholly~~Kwan ~~owned~~was ~~subsidiary~~appointed on July 22, 2015 to his respective office/positions, both are expected to hold said offices/positions until the next annual meeting of ~~Pharmagreen~~the ~~Biotech~~shareholders. ~~Inc~~The persons named above are the company’s only officers, directors, promoters and control persons.)

~~Peter~~35 ~~Wojcik~~Table ~~B.A.~~of ~~Adv., Chief Executive Officer / Director~~Contents

~~Mr. Wojcik has been the Chief Executive Officer of~~ WFS Pharmagreen Inc. (wholly ~~since~~owned ~~December~~subsidiary ~~2013. Mr. Wojcik duties for WFS include day to day management~~ of ~~the~~Pharmagreen ~~company,~~Biotech ~~oversight for the construction project development, coordinating with Engineering firms and project manager, in charge of Health Canada cannabis license application process~~Inc.)

~~Terry~~Peter ~~Kwan~~Wojcik B.A. ~~Comm~~Adv., ~~CPA, CA,~~ Chief ~~Financial~~Executive Officer / Director

~~Terry~~Mr. isWojcik ahas ~~graduate~~been ~~from~~ the ~~University~~Chief ofExecutive ~~British~~Officer ~~Columbia~~of ~~with~~WFS aPharmagreen ~~Bachelor~~Inc. ofsince ~~Commerce~~December ~~and~~2013. Mr. isWojcik aduties ~~chartered~~for ~~professional~~WFS ~~accountant~~include ~~with~~day ~~the~~to ~~Institute~~day management of ~~Chartered~~the ~~Professional~~company, ~~Accountants~~oversight offor ~~B.C.~~the Heconstruction ~~brings~~project ~~more~~development, ~~than~~coordinating ~~four~~with ~~decades~~Engineering offirms ~~significant~~and ~~finance~~project ~~related~~manager, ~~experience~~ in ~~both~~charge ~~the~~of ~~private~~Health ~~and~~Canada ~~public~~cannabis ~~sectors.~~license application process.

~~2005~~Terry ~~-2015 Mr.~~ Kwan ~~worked for Global Securities Corp~~ B. ~~and Global Securities Futures Corp~~Comm., ~~where~~CPA, ~~he was CFO~~CA, aChief ~~compliance~~Financial ~~officer~~Officer ~~and broker.~~

~~August-2013~~Terry tois ~~current~~a ~~Mr.~~graduate ~~Kwan~~from isthe ~~CFO~~University of British Columbia with a Bachelor of Commerce and ~~Director~~is a chartered professional accountant with the Institute of ~~WFS~~Chartered ~~Pharmagreen~~Professional ~~Inc~~Accountants of B.C. He brings more than four decades of significant finance related experience in both the private and public sectors.

~~His~~2005 ~~responsibilities~~- ~~include~~2015 Mr. ~~financial~~Kwan ~~management~~worked ~~and~~for ~~reporting~~Global ~~and~~Securities ~~corporate structuring~~Corp. ~~He sits on the business development committee~~ and ~~the~~Global ~~tissue~~Securities ~~culture~~Futures ~~complex planning~~Corp., ~~design~~where ~~and~~he ~~construction~~was ~~committees.~~CFO, ~~He is the “Head of Security” for purposes of the application for the Cannabis license application with Health Canada. Additional responsibility will be to design and implement~~ a ~~reporting~~compliance ~~system~~officer ~~that meets both Health Canada Guidelines~~ and ~~good corporate governance~~broker.

~~Fawzia~~August ~~Afreen~~2013 to Phcurrent Mr.~~D.,~~ ~~Chief~~Kwan ~~Operations~~is ~~Officer~~CFO of WFS Pharmagreen Inc.

~~Fawzia~~His ~~has~~responsibilities ainclude ~~Ph.D.~~financial inmanagement ~~Botany~~and ~~from~~reporting ~~University~~and ofcorporate ~~Hull (UK)~~structuring. He ~~She~~sits ~~has~~on ~~achieved~~the ~~designation~~business asdevelopment acommittee ~~JSPS~~and ~~Fellow~~the ~~from~~tissue ~~Chiba~~culture ~~University,~~complex ~~Japan~~planning, ~~teaching~~design ~~M.Sc.~~and ~~courses~~construction incommittees. He ~~(I)~~is ~~Protected~~the ~~Horticulture;~~“Head ~~(ii)~~of ~~Plant~~Security” ~~Tissue~~for ~~Culture,~~purposes ~~and~~of ~~(iii)~~the ~~Plant~~application ~~Production~~for inthe ~~Controlled~~Cannabis ~~Environment.~~license Inapplication ~~addition~~with toHealth ~~holding~~Canada. ~~three~~Additional ~~international~~responsibility ~~patents,~~will ~~publishing~~be ~~over~~to 40design ~~articles in peer-reviewed international journals~~ and ~~publishing~~implement ~~two~~a ~~books,~~reporting ~~Fawzia~~system ~~brings~~that 16meets ~~years~~both ofHealth ~~experience~~Canada inGuidelines ~~plant horticulture, plant tissue culture, plant production~~ and angood ~~increase~~corporate ~~of secondary metabolites in a controlled environment to the Company~~governance.

~~Consulting role from June of 2014 to June of 2015 and on January 1, 2018 Dr.~~ Fawzia Afreen Ph.D., ~~became the~~ Chief ~~Operating~~Operations Officer ~~of WFS Pharmagreen Inc.~~

~~Dr.~~Fawzia ~~Afreen~~has ~~duties~~a ~~for~~Ph.D. ~~WFS~~in ~~include,~~Botany ~~the~~from ~~head~~University of ~~the~~Hull ~~committee~~(UK). ~~for~~She ~~facility~~has ~~design~~achieved designation as a JSPS Fellow from Chiba University, ~~assisting~~Japan, teaching M.Sc. courses in ~~building~~(I) ~~engineering~~Protected ~~plans,~~Horticulture; ~~planning~~(ii) Plant Tissue Culture, and ~~selecting~~(iii) ofPlant ~~equipment~~Production ~~requirements,~~in ~~screening~~Controlled ~~and~~Environment. ~~hiring~~In ~~process~~addition ofto ~~future~~holding ~~facility~~three ~~employees~~international patents, publishing over 40 articles in ~~charge~~peer-reviewed ofinternational ~~development~~journals and publishing two books, Fawzia brings 16 years of ~~standard~~experience ~~operating~~in ~~procedures~~plant horticulture, plant tissue culture, plant production and ~~quality~~an ~~control~~increase ~~person~~of ~~for~~secondary ~~the~~metabolites ~~cannabis~~in ~~license~~a controlled environment to the Company.

~~1155907~~Consulting ~~B.C.~~role ~~Ltd~~from June of 2014 to June of 2015 and on January 1, 2018 Dr. ~~(wholly~~Fawzia ~~owned~~Afreen ~~subsidiary~~became the Chief Operating Officer of WFS Pharmagreen Inc.)

~~Directors~~Dr. ofAfreen ~~the~~duties ~~Company~~for ~~are~~WFS ~~elected~~include, by the ~~shareholders~~head toof athe ~~term~~committee offor ~~one~~facility ~~year~~design, ~~and~~assisting ~~serve~~in ~~until~~building ~~their~~engineering ~~successors~~plans, ~~are~~planning ~~elected~~ and ~~qualified.~~selecting ~~Officers~~ of ~~the~~equipment ~~Company~~requirements, ~~are~~screening ~~appointed~~and byhiring ~~the~~process ~~Board~~ of ~~Directors~~future tofacility aemployees, ~~term~~in charge of ~~one~~development ~~year~~of ~~and~~standard ~~serve~~operating ~~until~~procedures, ~~their successors are duly appointed~~ and ~~qualified,~~quality orcontrol ~~until~~person for the ~~officer~~cannabis ~~is removed from office~~license. ~~The Board of Directors has no nominating, auditing or compensation committees.~~

Name		Age		Position		Director Since
Peter Wojcik		50		Chief Executive Officer / Director		March 2, 2018

1155907 B.C. Ltd. (wholly owned subsidiary of WFS Pharmagreen Inc.)

37Directors ~~Table~~of the Company are elected by the shareholders to a term of ~~Contents~~one year and serve until their successors are elected and qualified. Officers of the Company are appointed by the Board of Directors to a term of one year and serve until their successors are duly appointed and qualified, or until the officer is removed from office. The Board of Directors has no nominating, auditing or compensation committees.

Mr. Wojcik has held the offices/positions since March 2, 2018 to his respective office/positions, is expected to hold said office/position until the next annual meeting of the shareholders. The persons named above are the company’s only officers, directors, promoters and control persons.

Name	Age	Position	Director Since
Peter Wojcik	51	Chief Executive Officer / Director	March 2, 2018

~~This~~Mr. ~~company~~Wojcik ~~will~~has beheld ~~used~~the asoffices/positions ansince ~~operating~~March ~~entity~~2, ~~once~~2018 ~~the~~to ~~Biotech~~his ~~Complex~~respective office/positions, is ~~built~~expected to hold said office/position until the next annual meeting of the shareholders. The persons named above are the company’s only officers, directors, promoters and ~~occupied~~control persons.

~~Our~~This ~~directors and officers do not hold positions on the board of directors of any other U.S. reporting companies and have no affiliation with any~~ company ~~that~~will ~~has~~be ~~filed~~used ~~for~~as ~~bankruptcy~~an ~~within~~operating ~~the~~entity, ~~last~~once ~~five years. The Company is not aware of any proceedings to which any of~~ the ~~Company’s~~Biotech ~~officers~~Complex ~~or directors, or any associate of any such officer or director,~~ is abuilt ~~party~~and ~~adverse to the Company or any of the Company’s subsidiaries or has a material interest adverse to it or any of its subsidiaries~~occupied.

~~The~~36 ~~Company~~Table ~~believes~~of ~~that Mr. Wojcik’s business experience and his entrepreneurial success make him well suited to serve as our officer and director.~~Contents

Our directors and officers do not hold positions on the board of directors of any other U.S. reporting companies and ~~has~~have no affiliation with any company that has filed for bankruptcy within the last five years. The Company is not aware of any proceedings to which any of the Company’s officers or directors, or any associate of any such officer or director, is a party adverse to the Company or any of the Company’s subsidiaries or has a material interest adverse to it or any of its subsidiaries.

~~Significant~~The ~~Employees~~Company believes that Mr. Wojcik’s business experience and his entrepreneurial success make him well suited to serve as our officer and director.

~~The~~Our ~~Company~~directors ~~does~~and ~~not,~~officers atdo ~~present,~~not ~~have~~hold ~~any~~positions ~~employees~~on ~~other~~the ~~than~~board ~~the~~of ~~current~~directors ~~officer~~of ~~and~~any ~~director~~other U.S. Wereporting ~~have~~companies ~~not~~and ~~entered~~has ~~into~~no affiliation with any ~~employment~~company ~~agreements,~~that ashas wefiled ~~currently~~for dobankruptcy within the last five years. The Company is not ~~have~~aware of any ~~employees~~proceedings ~~other~~to ~~than~~which any of the ~~current~~Company’s officers or directors, or any associate of any such officer ~~and~~or director, is a party adverse to the Company.

~~Family~~Significant ~~Relations~~Employees

~~There~~The ~~are~~Company nodoes ~~family~~not, ~~relationships~~at ~~among~~present, have any employees other than the ~~Directors~~current officer and ~~Officers~~director. ofWe ~~Pharmagreen~~have ~~Biotech~~not ~~Inc~~entered into any employment agreements, as we currently do not have any employees other than the current officer and director.

~~Involvement~~Family ~~in Legal Proceedings~~Relations

NoThere ~~executive~~are ~~Officer~~no orfamily ~~Director~~relationships ofamong the ~~Company~~Directors ~~has~~and ~~been~~Officers ~~convicted in any criminal proceeding or is the subject~~ of aPharmagreen ~~criminal~~Biotech ~~proceeding that is currently pending~~Inc.

NoInvolvement ~~Executive Officer or Director of the Company is involved~~ in ~~any~~Legal bankruptcy petition by or against any business in which they are a general partner or executive officer at this time or within two years of any involvement as a general partner, executive officer, or Director of any business.Proceedings

~~Corporate~~No ~~Governance~~executive Officer or Director of the Company has been convicted in any criminal proceeding or is the subject of a criminal proceeding that is currently pending.

~~The~~No ~~Company~~Executive ~~does~~Officer ~~not~~or ~~have~~Director ~~a compensation committee and it does not have an audit committee financial expert. It does not have a compensation committee because its Board~~ of ~~Directors~~the ~~consists~~Company ~~of only one director who~~ is ~~not~~involved ~~independent~~in asany hebankruptcy ispetition ~~also~~by anor ~~officer.~~against ~~There~~any isbusiness noin ~~independent~~which ~~audit~~they ~~committee~~are ~~financial~~a ~~expert~~general ~~because~~partner itor isexecutive ~~believed~~officer ~~the cost related to retaining a financial expert~~ at this time isor ~~prohibitive~~within intwo ~~the~~years ~~circumstances~~ of ~~the~~any ~~Company.~~involvement ~~Further,~~as ~~because~~a ~~there~~general ~~are only minimal operations~~partner, atexecutive ~~the present time~~officer, itor isDirector ~~believed the services~~ of aany ~~financial expert are not warranted~~business.

~~Conflicts~~Corporate ~~of Interest~~Governance

The Company does not ~~currently~~have ~~foresee~~a ~~any~~compensation ~~conflict~~committee and it does not have an audit committee financial expert. It does not have a compensation committee because its Board of ~~interest~~Directors consists of only one director who is not independent as he is also an officer. There is no independent audit committee financial expert because it is believed the cost related to retaining a financial expert at this time is prohibitive in the circumstances of the Company. Further, because there are only minimal operations, at the present time, it is believed the services of a financial expert are not warranted.

~~Section~~Conflicts ~~16(a)~~of ~~Beneficial Ownership Reporting Compliance~~Interest

16(a) of the Securities Exchange Act of 1934 requires the company directors and executive officers, and persons who own more than ten percent of the Company’s common stock, to file with the Securities and Exchange Commission initial reports of ownership and reports of changes of ownership of its common stock. Officers, directors and greater than ten percent shareholders are required by SEC regulation to furnish the company with copies of all Section 16(a) forms they file. The Company ~~intends~~does tonot ~~ensure~~currently toforesee ~~the~~any ~~best~~conflict of ~~its ability that all Section 16(a) filing requirements applicable to its officers, directors and greater than ten percent beneficial owners are complied with in a timely fashion~~interest.

38Section ~~Table~~16(a) ofBeneficial ~~Contents~~Ownership Reporting Compliance

16(a) of the Securities Exchange Act of 1934 requires the company directors and executive officers, and persons who own more than ten percent of the Company’s common stock, to file with the Securities and Exchange Commission initial reports of ownership and reports of changes of ownership of its common stock. Officers, directors and greater than ten percent shareholders are required by SEC regulation to furnish the company with copies of all Section 16(a) forms they file. The Company intends to ensure to the best of its ability that all Section 16(a) filing requirements applicable to its officers, directors and greater than ten percent beneficial owners are complied with in a timely fashion.

Table of Contents

Item 11. Executive Compensation.

The table below summarizes all compensation awarded to, earned by, or paid to our named executive officers and director for all services rendered in all capacities to us for the fiscal year September 30, ~~2021~~2022, and fiscal year September 30, ~~2020~~2021. The Board of Directors may adopt an incentive stock option plan for the executive officers that would result in additional compensation.

Summary Executive Compensation Table

NameandPrincipalPosition	FiscalYearEnded09/30	Salary and Bonus($)		StockAwards($)		OptionAwards($)	~~OptionAwards~~Non-EquityIncentivePlanCompensation($)		NonqualifiedDeferredCompensationEarnings($)	~~Non-EquityIncentivePlanCompensation~~All Other Compensation($)		Total($)		~~NonqualifiedDeferredCompensationEarnings($)~~		~~All Other Compensation($)~~		~~Total($)~~
Peter Wojcik (1)(2)	~~2021~~2022		9493,~~980~~964	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~		93,964		~~-0-~~		~~-0-~~		~~94,980~~
President, CEO, Secretary, Treasurer and Director	~~2020~~2021		9394,~~000~~980	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~		94,980		~~-0-~~		~~-0-~~		~~93,000~~
Terry Kwan (1)(3) Principal Accounting Officer	2021		94,980		-0-			-0-			-0-				-0-		-0-		94,980
Terry Kwan (1)(3)	2022		93,964	-0-		-0-	-0-		-0-	-0-			93,964
	2020		93,000		-0-			-0-			-0-				-0-		-0-		93,000
Principal Accounting Officer	2021		94,980	-0-		-0-	-0-		-0-	-0-			94,980
Fawzia Afreen (4)	~~2021~~2022	-0-	~~-0-~~	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-			~~-0-~~		~~-0-~~		~~-0-~~
COO	~~2020~~2021	-0-	~~-0-~~	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-			~~-0-~~		~~-0-~~		~~-0-~~

(1)	Peter Wojcik and Terry Kwan, two Company’s officers and sole director currently devote approximately 45-55 hours per week to manage the affairs of the Company, including, but not limited to the upkeep of Pharmagreen Biotech Inc., and its subsidiaries.
(2)	Mr. Wojcik is the President, CEO, Secretary, Treasurer and a sole Director of Pharmagreen Biotech Inc., he is the CEO, Director of the subsidiary WFS Pharmagreen Inc. and CEO, Director of the subsidiary 1155907 B.C. Ltd.
(3)	Mr. Kwan is the CFO and a Director of the WFS Pharmagreen Inc., wholly owned subsidiary of Pharmagreen Biotech Inc., since July 22, 2015. Mr Kwan is the Principal Accounting Officer of Pharmagreen Biotech Inc.
(4)	Dr. Afreen has been an officer of WFS Pharmagreen Inc., wholly owned subsidiary of Pharmagreen Biotech Inc., since January 1, 2018. Dr. Afreen is employed by Botanical Research In Motion Inc., a British Columbia corporation owned by Peter Wojcik. Because of Dr. Afreen’s close association with Mr. Wojcik and her work at Botanical Research In Motion Inc., she volunteers a limited amount of time to act as COO of Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.

(1) Peter Wojcik and Terry Kwan, two Company’s officers and sole director currently devote approximately 45-55 hours per week to manage the affairs of the Company, including, but not limited to the upkeep of Pharmagreen Biotech Inc., and its subsidiaries.

39(2) ~~Table~~Mr. Wojcik is the President, CEO, Secretary, Treasurer and a sole Director of ~~Contents~~Pharmagreen Biotech Inc., he is the CEO, Director of the subsidiary WFS Pharmagreen Inc. and CEO, Director of the subsidiary 1155907 B.C. Ltd.

(3) Mr. Kwan is the CFO and was a Director (July 22, 2015 – May 1, 2022) of the WFS Pharmagreen Inc., wholly owned subsidiary of Pharmagreen Biotech Inc., since July 22, 2015. Mr Kwan is the Principal Accounting Officer of Pharmagreen Biotech Inc.

(4) Dr. Afreen has been an officer of WFS Pharmagreen Inc., wholly owned subsidiary of Pharmagreen Biotech Inc., since January 1, 2018. Dr. Afreen is employed by Botanical Research In Motion Inc., a British Columbia corporation owned by Peter Wojcik. Because of Dr. Afreen’s close association with Mr. Wojcik and her work at Botanical Research In Motion Inc., she volunteers a limited amount of time to act as COO of Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.

Table of Contents

Narrative Disclosure to Summary Compensation Table

There are no compensatory plans or arrangements, including payments to be received from the Company with respect to any executive officer, that would result in payments to such person because of his or her resignation, retirement or other termination of employment with the Company, or its subsidiaries, any change in control, or a change in the person’s responsibilities following a change in control of the Company.

Outstanding Equity Awards at Fiscal Year-End

No executive officer received any equity awards, or holds exercisable or un-exercisable options, as of the year ended September 30, ~~2021~~2022.

Stock Awards Plan

The company has not adopted a Stock Awards Plan, but may do so in the future. The terms of any such plan have not been determined.

Compensation Committee

The Company currently does not have a compensation committee of the Board of Directors. The Board of Directors as a whole determines executive compensation.

There have never been any grants of stock options to our officers or directors.

Our directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until their successors are elected or appointed. Our officers are appointed by our board of directors and serve at the discretion of the board.

We believe Mr. Wojcik is qualified to act as director based upon his knowledge of business practices and, in particular, the regulations relating to public companies.

Mr. Wojcik is not independent as that term is defined in Section 803 of the NYSE MKT Company Guide.

We do not have a financial expert as that term is defined by the Securities and Exchange Commission.

Our Board of Directors does not have standing audit, nominating, or compensation committees, committees performing similar functions, or charters for such committees. Instead, the functions that might be delegated to such committees are carried out by our Directors, to the extent required. Our Directors believe that the cost of associated with such committees, has not been justified under our current circumstances.

Compensation of Directors

During the years ended September 30, ~~2021~~2022, and ~~2020~~2021, we did not compensate any person for serving as a director.

There have never been any grants of stock options to our officers or directors.

Name	Year	Fees earned or paid in cash0($)		Stock awards($)	~~Stock~~Option awards($)		Non-equity incentive plancompensation($)	~~Option~~Nonqualified ~~awards~~deferredcompensation earnings($)		All other compensation($)	~~Non-equity incentive plancompensation~~Total($)		~~Nonqualified deferredcompensation earnings($)~~		~~All other compensation($)~~		~~Total($)~~
Peter Wojcik	~~2021~~2022	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~		~~-0-~~		~~-0-~~		~~-0-~~
	2020		-0-			-0-			-0-			-0-		-0-		-0-		-0-
	2021	-0-		-0-	-0-		-0-	-0-		-0-	-0-
Terry Kwan	~~2021~~2022	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~		~~-0-~~		~~-0-~~		~~-0-~~
	2020		-0-			-0-			-0-			-0-		-0-		-0-		-0-
	2021	-0-		-0-	-0-		-0-	-0-		-0-	-0-
Fawzia Afreen	~~2021~~2022	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~	-0-	-0-	~~-0-~~		~~-0-~~		~~-0-~~		~~-0-~~
	2020		-0-			-0-			-0-			-0-		-0-		-0-		-0-
	2021	-0-		-0-	-0-		-0-	-0-		-0-	-0-

Table of Contents

Director Independence

The Board of Directors is currently composed of one member. Peter Wojcik does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of the Company’s employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, the board of directors has not made a subjective determination as to each director that no relationships exist which, in the opinion of the board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had the board of directors made these determinations, the board of directors would have reviewed and discussed information provided by the directors and the Company with regard to each director’s business and personal activities and relationships as they may relate to the Company and its management.

Item 12. Security Ownership of Certain Beneficial Ownership and Management and Related Stockholder Matters.

The following table sets forth certain information at September 30, ~~2021~~2022, with respect to the beneficial ownership of shares of Common Stock by (i) each person known to the Company who owns beneficially more than 5% of the outstanding shares of Common Stock (based upon reports which have been filed and other information known to the Company), (ii) each of the Directors, (iii) each of the Executive Officers and (iv) all of the Executive Officers and Directors as a group. Unless otherwise indicated, each stockholder has sole voting and investment power with respect to the shares shown. As of September 30, ~~2021~~2022, the Company had ~~381~~442,~~171~~260,~~269~~969 shares of common stock and 10,000 Series A Super Voting preferred stock issued and outstanding.

BeneficialName ofOwner (1)	Number of Series A Preferred Stock		Percentage of Ownership as at September 30, 2021			Number of CommonShares After Offering		Percentage of Ownership as at September 30, 2021
BeneficialName ofOwner	Number of Series A Preferred Stock		Percentage of Ownership as at September 30, 2022			Number of CommonShares After Offering		Percentage of Ownership as at September 30, 2022
Peter Wojcik(2)(7)		10,000		100	%		35,077,500		97.2093	%
Terry Kwan(3)		-		-			5,000,000		1.3113	%
Fawzia Afreen(4)		-		-			2,000,000		0.5245	%
All Officers andDirectors as a Group(5)		10,000		100	%		42,077,500		119.0351	%
Harry Larochelle		-		-			19,926,786		5.22	%
Harvey Larochelle		-		-			29,926,786		6.67	%
Wlaydyslaw Wojcik(6)		-		-			12,730,000		32.3388	%

(1) Under Rule 13d-3 promulgated under the Exchange Act, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights.

(2) Peter Wojcik has 31,077,500 shares in his name and his group includes, Jordan Wojcik, son of Peter Wojcik, residing at same residence who has 1,000,000 shares, Jessica Wojcik, daughter of Peter Wojcik, residing at same residence, who has 1,000,000 shares and Leonna Wojcik, wife of Peter Wojcik, residing at same residence, who has 2,000,000, who collectively hold 35,077,500 shares. The residence is located at 2987 Blackbear Court, Coquitlam, B.C., Canada, V3E 3A2.

(3) Terry Kwan is the current officer and director of WFS Pharmagreen Inc., the wholly owned subsidiary of Pharmagreen Biotech Inc. The 5,000,000 shares are held in TK Investments Ltd., and he may be deemed to have voting and investment power over the shares held thereby.

(4) Fawzia Afreen is the current Chief Operating Officer of WFS Pharmagreen Inc., the wholly owned subsidiary of Pharmagreen Biotech Inc.

~~(5)~~40 ~~All~~Table ~~officers and directors as a group includes the officer and director~~ of ~~Pharmagreen Biotech Inc. and its wholly owned subsidiary WFS Pharmagreen Inc.~~Contents

(65) ~~Wladyslaw~~All ~~Wojcik~~officers ~~has~~and ~~5,830,000~~directors ~~shares~~as ina ~~his~~group ~~name~~includes ~~that~~the heofficer ~~controls~~ and hedirector ~~also~~of ~~has~~Pharmagreen ~~6,900,000~~Biotech ~~in W~~Inc. ~~Wojcik~~and ~~Medical~~its ~~Professional~~wholly ~~Corporation,~~owned ~~which~~subsidiary heWFS ~~controls~~Pharmagreen Inc.

(76) ~~The~~Wladyslaw ~~shares~~Wojcik ofhas ~~Series~~5,830,000 Ashares ~~Super~~in ~~Voting~~his ~~Preferred~~name ~~Stock have 20 times~~ that ~~number~~he ofcontrols ~~votes~~and onhe ~~all~~also ~~matters~~has ~~submitted~~6,900,000 toin ~~the shareholders that each shareholder of our common stock is entitled to vote at each meeting of shareholders~~W. ~~The shares of Series A Super Voting Preferred Stock vote together with the holders of the Company’s common stock as a single class. Peter~~ Wojcik, ~~our~~Medical ~~sole~~Professional ~~officer and director~~Corporation, ~~holds~~which ~~100%~~he ~~of the Series A Super Voting Preferred Stock~~controls.

40(7) ~~Table~~The shares of ~~Contents~~Series A Super Voting Preferred Stock have 20 times that number of votes on all matters submitted to the shareholders that each shareholder of our common stock is entitled to vote at each meeting of shareholders. The shares of Series A Super Voting Preferred Stock vote together with the holders of the Company’s common stock as a single class. Peter Wojcik, our sole officer and director, holds 100% of the Series A Super Voting Preferred Stock.

· As at September 30, ~~2021~~2022, the Company owed $~~547~~588,~~079~~165 (Cdn$~~693~~804,~~998~~285) (~~2020~~2021 - $~~453~~547,~~697~~079 (Cdn$~~604~~693,~~366~~998)) to the President of the Company, which is non-interest bearing, unsecured, and due on demand. During the year ended September 30, ~~2021~~2022, the Company incurred consulting fees of $9493,~~980~~964 (~~2020~~2021 - $9394,~~000~~980) to the President of the Company. · As at September 30, ~~2021~~2022, the Company owed $5753,~~940~~750 (Cdn$73,500) (~~2020~~2021 - $5557,~~177~~940 (Cdn$73,500)) to the father of the President of the Company, which is non-interest bearing, unsecured, and due on demand. · As at September 30, ~~2021~~2022, the Company owed $2625,~~960~~010 (Cdn$34,200) (~~2020~~2021 -– $~~nil~~26,960 (Cdn$34,200)) to a ~~Company~~company owned by the father of the President of the Company, which is included in accounts payable and accrued liabilities. The amount due is non-interest bearing, unsecured, and due on demand. · As at September 30, ~~2021~~2022, the Company owed $~~445~~509,~~591~~610 (Cdn$~~565~~696,~~256~~866) (~~2020~~2021 – $~~347~~445,~~229~~591 (Cdn$~~462~~565,~~540~~256)) to a company controlled by the Chief Financial Officer of WFS, which is included in accounts payable and accrued liabilities. The amount due is non-interest bearing, unsecured, and due on demand. During the year ended September 30, ~~2021~~2022, the Company incurred consulting fees of $9493,~~980~~964 (~~2020~~2021 - $9394,~~000~~980) to the company controlled by the Chief Financial Officer of WFS. · On June 1, 2022, the Company entered into a loan agreement with the father of the President of the Company with a principal of $50,000, which bears interest at 10% per annum, is unsecured and due on June 1, 2026. · On June 1, 2022, the Company entered into a loan agreement with the father of the President of the Company with a principal of $40,221 (Cdn$55,000), which bears interest at 10% per annum, is unsecured and due on June 1, 2026.

Common Stock

Year ended September 30, ~~2021~~2022

· InOn ~~December~~October ~~2020~~21, 2021, the Company issued 54,~~400,~~000 ~~units at $0.005 per unit for proceeds of $27~~,000 inshares ~~a private placement. Each unit is comprised~~ of ~~one share of~~ common stock ~~and one share purchase warrant exercisable into an additional share of common stock~~ at ~~an exercise price of~~ $0.05025 per share for aproceeds ~~period~~ of ~~24 months~~$100,000. ·In ~~Between~~connection ~~January~~with 11the ~~to February 16~~financing, ~~2021,~~ the Company ~~issued~~incurred ~~16,800,000~~commission ~~units~~fees ~~at $0.005 per unit for proceeds~~ of $848,000 ~~in a private placement~~. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months. · On ~~March~~January 119, ~~2021~~2022, the Company issued ~~611~~650,~~250~~000 units at $0.01 per unit for proceeds of $6,~~112 in a private placement~~500. Each unit is comprised of one share of common stock and one share purchase warrant exercisable ~~into an additional share of common stock~~ at ~~an exercise price of~~ $0.05 per share ~~for a period~~ of ~~24 months. · During the year ended September 30, 2021, the Company issued 133,226,100 shares of~~ common stock ~~upon~~expiring ~~the~~24 ~~conversion~~months offrom ~~$417,719 of~~ the ~~convertible~~date ~~note and $11,000~~ of ~~conversion fees (Note 6(b))~~issuance. · ~~During~~On ~~the~~January ~~year ended September 30~~19, ~~2021~~2022, the Company issued 7800,~~730,486~~000 shares of common stock ~~upon~~at ~~the conversion of~~ $~~126,000~~0.025 ofper ~~the~~share ~~convertible~~for ~~note~~proceeds ~~and~~of $320,~~150 of accrued interest (Note 6(c))~~000. · ~~During~~On ~~the~~January ~~year ended September 30~~19, ~~2021~~2022, the Company issued 166,~~994~~800,~~905~~000 shares of common stock ~~upon~~with ~~the~~a ~~conversion~~fair value of $~~106~~136,000 offor ~~the~~consultation ~~convertible~~communication ~~note~~ and ~~$2,650~~media ~~of accrued interest (Note 6(d))~~services. · ~~During~~On ~~the~~January ~~year ended September 30~~19, ~~2021~~2022, the Company issued 21,~~600~~800,000 shares of common stock ~~upon~~with ~~the~~a ~~conversion~~fair value of $1836,~~923~~000 offor ~~the~~strategic ~~convertible note~~ and ~~$4,500~~business ofdevelopment ~~conversion~~advisory ~~fees (Note 6(e))~~services. · ~~During~~On ~~the~~January ~~year ended September 30~~21, ~~2021~~2022, the Company issued 31,~~601~~000,~~718~~000 shares ofwith ~~common~~a ~~stock~~fair ~~upon~~value ~~the conversion~~ of $4619,~~000~~700 offor ~~the~~management ~~convertible~~consulting ~~note, $5,586 of accrued interest~~ and ~~$500~~strategic ofbusiness ~~conversion~~advisory ~~fees (Note 6(f))~~services.

Table of Contents

· During the year ended September 30, 2021, the Company issued 17,557,925 shares of common stock upon the conversion of $82,500 of the convertible note, $7,693 of accrued interest and $3,000 of conversion fees (Note 6(g)). · During the year ended September 30, 2021, the Company issued 4,431,963 shares of common stock upon the conversion of $66,150 of the convertible note, $3,907 of accrued interest (Note 6(h)). · During the year ended September 30, 2021, the Company issued 41,017,383 shares of common stock upon the conversion of $75,825 of the convertible note, $2,154 of accrued interest and $18,750 of fees (Note 6(j)). · On ~~October~~February 2010, ~~2020~~2022, the Company issued 21,000,000 shares of common stock with a fair value of $~~180~~17,000 pursuant to the conversion of $30,750 of a convertible note (see Note 6(j)), which was included in common stock issuable at September 30, 2020. · On November 1, 2020, the Company issued 22,500 shares of common stock with a fair value of $405 for ~~management~~market ~~consulting~~awareness ~~and strategic business advisory~~ services. · On ~~November~~May 263, ~~2020~~2022, the Company issued 457,000 ~~shares of common stock with a fair value of $720 for management consulting and strategic business advisory services. · On December 11~~, ~~2020, the Company issued 22,500 shares of common stock with a fair value of $225 for management consulting and strategic business advisory services. · On February 2, 2021, the Company issued 150,~~000 shares of common stock with a fair value of $284,700 for ~~management~~market ~~consulting~~awareness ~~and strategic business advisory~~ services. · On ~~March~~June 298, ~~2021~~2022, the Company issued ~~150~~20,200,000 ~~shares of common stock with a fair value of $4,650 for management consulting and strategic business advisory services. · On May 14, 2021, the Company issued 6,961,250~~ units at $0.010025 per unit for proceeds of $6968,~~613~~500. Each unit is comprised of one share of common stock and one ~~share~~ purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance. · On ~~July~~August 1322, ~~2021~~2022, the Company issued ~~702~~9,000,000 shares of common stock with a fair value of $1781,~~550~~000 for ~~management~~public ~~consulting~~relations and ~~strategic~~communications ~~business advisory~~ services. · On ~~August~~September 2513, ~~2021~~2022, the Company issued ~~150~~9,500,000 shares of common stock with a fair value of $385,~~300~~500 for ~~management~~corporate ~~consulting and strategic business advisory services. · On August 25~~development, ~~2021~~investor, ~~the Company issued 6~~media,~~100,000~~ ~~units~~and atpublic ~~$0.01 per unit for proceeds of $61~~relations,~~000.~~ ~~Each unit is comprised of one share of common stock~~ and ~~one~~marketing ~~share purchase warrant exercisable at $0~~services.05 ~~per share of common stock expiring 24 months from the date of issuance.~~ · On September 2220, ~~2021~~2022, the Company ~~issued~~received ~~2,000,000 units at $0.01 per unit for proceeds of $20,000. Each unit is comprised of one share of common stock~~ and ~~one~~cancelled ~~share purchase warrant exercisable at $0.05 per share of common stock expiring 24 months from the date of issuance. · On September 22~~660,300 ~~2021, the Company issued 6,750,000 shares of common stock~~ with a fair value of $~~236~~4,~~250~~606 ~~pursuant~~due to ana ~~infomercial~~court ~~production~~judgement ~~and~~ordering ~~broadcasting agreement (Note 12(d)). · On September 22, 2021,~~ the ~~Company~~lender ~~issued~~to ~~6,000,000~~surrender ~~shares~~all of common stock ~~with a fair value~~ of ~~$210,000 pursuant to an infomercial production and broadcasting agreement (Note 12(f)). · On September 22, 2021,~~ the Company ~~issued~~for ~~4,340,000~~cancellation ~~shares~~and ofsurrender ~~common~~conversion ~~stock~~rights ~~with a fair value of $151,900~~ for ~~marketing~~all ~~consulting~~remaining ~~services~~convertible ~~(Note 12(g))~~notes.

42 Table of Contents

	Year ended September 30, 2021

	·	In December 2020, the Company issued 5,400,000 units at $0.005 per unit for proceeds of $27,000 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months.

	·	Between January 11 to February 16, 2021, the Company issued 16,800,000 units at $0.005 per unit for proceeds of $84,000 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months.

	·	On March 1, 2021, the Company issued 611,250 units at $0.01 per unit for proceeds of $6,112 in a private placement. Each unit is comprised of one share of common stock and one share purchase warrant exercisable into an additional share of common stock at an exercise price of $0.05 per share for a period of 24 months.

	·	During the year ended September 30, 2021, the Company issued 133,226,100 shares of common stock upon the conversion of $417,719 of the convertible note and $11,000 of conversion fees.

	·	During the year ended September 30, 2021, the Company issued 7,730,486 shares of common stock upon the conversion of $126,000 of the convertible note and $3,150 of accrued interest.

	·	During the year ended September 30, 2021, the Company issued 16,994,905 shares of common stock upon the conversion of $106,000 of the convertible note and $2,650 of accrued interest.

	·	During the year ended September 30, 2021, the Company issued 2,600,000 shares of common stock upon the conversion of $18,923 of the convertible note and $4,500 of conversion fees.

	·	During the year ended September 30, 2021, the Company issued 3,601,718 shares of common stock upon the conversion of $46,000 of the convertible note, $5,586 of accrued interest and $500 of conversion fees.

	·	During the year ended September 30, 2021, the Company issued 17,557,925 shares of common stock upon the conversion of $82,500 of the convertible note, $7,693 of accrued interest and $3,000 of conversion fees.

	·	During the year ended September 30, 2021, the Company issued 4,431,963 shares of common stock upon the conversion of $66,150 of the convertible note, $3,907 of accrued interest.

	·	During the year ended September 30, 2021, the Company issued 41,017,383 shares of common stock upon the conversion of $75,825 of the convertible note, $2,154 of accrued interest and $18,750 of fees.

	·	On October 20, 2020, the Company issued 2,000,000 shares of common stock with a fair value of $180,000 pursuant to the conversion of $30,750 of a convertible note, which was included in common stock issuable at September 30, 2020.

	·	On November 1, 2020, the Company issued 22,500 shares of common stock with a fair value of $405 for management consulting and strategic business advisory services.

~~Year~~42 ~~ended~~Table ~~September~~of ~~30, 2020~~Contents

· On ~~March~~November 2426, 2020, the Company issued 7845,~~064~~000 shares of common stock with a fair value of $~~21,077~~720 ~~pursuant~~for tomanagement ~~the~~consulting ~~conversion~~and ofstrategic ~~$10,000~~business ofadvisory ~~a convertible note~~services. · On ~~April~~December 111, 2020, the Company issued 622,~~000,000~~500 shares of common stock ~~pursuant~~with toa ~~the~~fair ~~conversion~~value of $~~600~~225 offor amanagement ~~convertible~~consulting ~~note~~and strategic business advisory services. · On ~~April~~February 2, ~~2020~~2021, the Company issued ~~136~~150,~~612~~000 shares of common stock with a fair value of $202,~~492~~700 ~~pursuant~~for tomanagement ~~the~~consulting ~~conversion~~and ofstrategic ~~$10,000~~business ofadvisory ~~a convertible note~~services. · On ~~April~~March 1629, ~~2020~~2021, the Company issued ~~351~~150,~~288~~000 shares of common stock with a fair value of $384,~~642~~650 ~~pursuant~~for tomanagement ~~the~~consulting ~~conversion~~and ofstrategic ~~$15,000~~business ofadvisory ~~a convertible note~~services. · On ~~April~~May 3014, ~~2020~~2021, the Company issued ~~423~~6,~~729~~961,250 ~~shares~~units ofat ~~common~~$0.01 ~~stock~~per ~~with~~unit afor ~~fair~~proceeds ~~value~~ of $4769,~~881~~613. ~~pursuant~~Each tounit ~~the~~is ~~conversion~~comprised of ~~$15,000~~one share of acommon ~~convertible~~stock ~~note.~~and ·one Onshare ~~May~~purchase 4,warrant ~~2020,~~exercisable ~~the~~at ~~Company~~$0.05 ~~issued~~per ~~508,475~~share ~~shares~~ of common stock ~~with~~expiring a24 ~~fair~~months ~~value~~from ~~of $33,915 pursuant to~~ the ~~conversion~~date of ~~$18,000 of a convertible note~~issuance. · On ~~June~~July 3013, ~~2020~~2021, the Company issued 8702,000~~,000~~ shares of common stock ~~pursuant~~with toa ~~the~~fair ~~conversion~~value of $~~800~~17,550 offor amanagement ~~convertible~~consulting ~~note~~and strategic business advisory services. · On ~~July~~August 925, ~~2020~~2021, the Company issued 22150,000 shares of common stock with a fair value of $103,~~780~~300 for management consulting and strategic business advisory services. · On ~~July~~August 3125, ~~2020~~2021, the Company issued 46,~~525~~100,000 ~~shares~~units ofat ~~common~~$0.01 ~~stock~~per ~~pursuant~~unit tofor ~~the~~proceeds ~~conversions~~of $61,000. Each unit is comprised of anone ~~aggregate~~share of common stock and one share purchase warrant exercisable at $~~453~~0.05 per share of acommon ~~convertible~~stock ~~note~~expiring 24 months from the date of issuance. · On ~~July~~September 3122, ~~2020~~2021, the Company issued ~~114~~2,~~286~~000,000 units at $0.3501 per unit for proceeds of $4020,000. Each unit ~~consisted~~is comprised of one share of common stock and one ~~common~~ share purchase warrant exercisable at $0.5505 per share ~~until~~of ~~July~~common ~~16,~~stock ~~2022~~expiring 24 months from the date of issuance. · AsOn at September 3022, ~~2020~~2021, the Company ~~received~~issued 6,750,000 shares of common stock with a ~~conversion~~fair ~~notice~~value ~~for~~of 2$236,250 pursuant to an infomercial production and broadcasting agreement. · On September 22, 2021, the Company issued 6,000,000 shares of common stock with a fair value of $~~180~~210,000 pursuant to an infomercial production and broadcasting agreement. · On September 22, 2021, the ~~conversion~~Company ofissued ~~$30~~4,~~750~~340,000 shares of common stock with a ~~convertible~~fair ~~note~~value of $151,900 for marketing consulting services.

Item 14. Principal Accounting Fees and Services.

~~During~~Our ~~the fiscal year ended September 30, 2021, we incurred $33,500 in fees to our principal~~ independent ~~accountants~~registered ~~for~~public ~~professional~~accounting ~~services~~firm ~~rendered~~is ~~in connection with the audit of financial statements for the fiscal year ended September 30~~Sadler, ~~2021,~~Gibb ~~and~~& ~~reviews of our financial statements for the quarters ended December 30~~Associates, ~~2020~~LLC, ~~March 31~~Draper, ~~2021~~Utah, ~~and~~PCAOB ~~June~~ID ~~30,~~No. ~~2021 and $1,850 in other fees relating to prospectus filings~~3627.

During the fiscal year ended September 30, ~~2020~~2022, we incurred $2329,~~250~~515 in fees to our principal independent accountants for professional services rendered in connection with the audit of financial statements for the fiscal year ended September 30, ~~2020~~2022, and reviews of our financial statements for the quarters ended December 30, ~~2019~~2021, March 31, ~~2020~~2022, and June 30, ~~2020~~2022.

During the fiscal ~~years~~year ended September 30, 2021, ~~and~~we ~~2020~~incurred $33,500 wein ~~did~~fees ~~not~~to ~~incur~~our ~~any~~principal ~~other~~independent ~~fees~~accountants for professional services rendered byin ~~our~~connection ~~principal~~with ~~independent~~the ~~accountants~~audit of financial statements for ~~all~~the ~~other~~fiscal ~~non-audit~~year ~~services~~ended ~~which~~September ~~may~~30, ~~include~~2021, ~~but~~and ~~not~~reviews ~~limited~~of toour financial statements for the quarters ended December 30, ~~tax~~2020, ~~related~~March ~~services~~31, ~~actuarial~~2021, ~~services~~and orJune ~~valuation~~30, ~~services~~2021 and $1,850 in other fees relating to prospectus filings.

43During ~~Table~~the offiscal ~~Contents~~years ended September 30, 2022, and 2021, we did not incur any other fees for professional services rendered by our principal independent accountants for all other non-audit services which may include, but not limited to, tax related services, actuarial services or valuation services.

~~PART~~43 IVTable of Contents

~~Item~~PART ~~15. Exhibits, Financial Statement Schedules.~~IV

~~The~~Item ~~following~~15. ~~exhibits~~Exhibits, ~~are~~Financial ~~incorporated~~Statement ~~into this Form 10-K Annual Report:~~Schedules.

ExhibitNumber		Description
(3)		Articles of Incorporation; and (ii) Bylaws
3.1		Articles of Incorporation and Bylaws dated November 26, 2007, as previously filed with the SEC on March 20, 2019.
3.2		Articles of Merger dated, October 30, 2008 (Azure International, Inc./ Air Transport Group Holding, Inc. as previously filed with the SEC on March 20, 2019.
3.3		Securities Exchange Agreement dated April 12, 2018, by and among Air Transport Group Holdings Inc. and WFS Pharmagreen Inc., as previously filed with the SEC on March 20, 2019.
3.4		Articles of Incorporation and Bylaws dated December 19, 2013 for WFS Pharmagreen Inc. as previously filed with the SEC on March 20, 2019.
3.5		Articles of Incorporation and Bylaws dated March 2, 2018 for BC1155097 as previously filed with the SEC on March 20, 2019.
3.6		Articles of Incorporation and Bylaws dated August 2, 2018 for BC1174505 as previously filed with the SEC on March 20, 2019.
(10)		Material Contracts
10.1		Option Agreement with Alliance Growers January 25, 2019 as previously filed with the SEC on March 20, 2019.
10.2		Equity Purchase Agreement with Oscaleta Partners LLC as previously filed with the SEC on December 2, 2019.
10.3		Registration Rights Agreement with Oscaleta Partners LLC as previously filed with the SEC on December 2, 2019.
(31)		Rule 13a-14(a)/15d-14(a) Certifications
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a–14(a) or 15d-14(a) of the Securities Exchange Act of 1934.
31.2		Certification of Principle Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.*
(32)		Section 1350 Certifications
32.1		Certification of Chief Executive Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Principle Financial Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101		Interactive data files pursuant to Rule 405 of Regulation S-T.
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

The following documents are filed as a part of this report or are incorporated by reference to previous filings, if so indicated:

* Included in Exhibit 31.1

Exhibit Number		Description

(3)		Articles of Incorporation; and (ii) Bylaws

3.1		Articles of Incorporation and Bylaws dated November 26, 2007, as previously filed with the SEC on March 20, 2019.

3.2		Articles of Merger dated, October 30, 2008 (Azure International, Inc./ Air Transport Group Holding, Inc. as previously filed with the SEC on March 20, 2019.

3.3		Securities Exchange Agreement dated April 12, 2018, by and among Air Transport Group Holdings Inc. and WFS Pharmagreen Inc., as previously filed with the SEC on March 20, 2019.

3.4		Articles of Incorporation and Bylaws dated December 19, 2013 for WFS Pharmagreen Inc. as previously filed with the SEC on March 20, 2019.

3.5		Articles of Incorporation and Bylaws dated March 2, 2018 for BC1155097 as previously filed with the SEC on March 20, 2019.

3.6		Articles of Incorporation and Bylaws dated August 2, 2018 for BC1174505 as previously filed with the SEC on March 20, 2019.

(10)		Material Contracts

10.1		Option Agreement with Alliance Growers January 25, 2019 as previously filed with the SEC on March 20, 2019.

10.2		Equity Purchase Agreement with Oscaleta Partners LLC as previously filed with the SEC on December 2, 2019.

10.3		Registration Rights Agreement with Oscaleta Partners LLC as previously filed with the SEC on December 2, 2019.

(31)		Rule 13a-14(a)/15d-14(a) Certifications

31.1		Certification of Chief Executive Officer Pursuant to Rule 13a–14(a) or 15d-14(a) of the Securities Exchange Act of 1934.

31.2		Certification of Principle Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.*

(32)		Section 1350 Certifications

32.1		Certification of Chief Executive Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Principle Financial Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document).

101.SCH		Inline XBRL Taxonomy Extension Schema Document.

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

** Included in Exhibit 3231.1

44** ~~Table~~Included ofin ~~Contents~~Exhibit 32.1

~~SIGNATURES~~44 Table of Contents

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.SIGNATURES*

Pharmagreen Biotech Inc
BY:	/s/ Peter Wojcik
	Peter Wojcik
	President and DirectorPrincipal Executive Officer
	/s/ Terry Kwan
	Terry Kwan
	Principle Accounting Officer
Dated: December 29, 2021

	Pharmagreen Biotech Inc.

Dated January 16, 2023	By:	/s/ Peter Wojcik
		Peter Wojcik
		President and Director Principal Executive Officer

	By:	/s/ Terry Kwan
		Terry Kwan
		Principal Accounting Officer

Filing Compare · Pharmagreen Biotech Inc.