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LINE OF CREDIT
9 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
LINE OF CREDIT

NOTE 10     LINE OF CREDIT

 

The Company, specifically IPS, has a $1,300,000 revolving line of credit with a bank which was renewed in February 2022. The line of credit has a maturity date of May 31, 2023, is guaranteed by the Company and is secured by all of IPS’ assets. The interest rate on the line of credit is 0.75% above The Wall Street Journal prime rate. The effective interest rate was 5.5% and 4.0% at June 30, 2022 and September 30, 2021, respectively. At June 30, 2022, the Company had $1,300,000 available under the line of credit. The Company is subject to certain debt-service ratio requirements which are measured annually. At September 30, 2021, the Company was in compliance with such covenants.