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v3.23.1

Loans Payable (Details Narrative) - USD ($) |  | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended |  |
--- | --- | --- | --- | --- | --- | --- | ---
May 11, 2022 | Sep. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | May 09, 2023 | Feb. 26, 2019
Term loan description |  |  |  |  |  |  |  |  | Fourth Amendment, monthly payments, including principal and interest, decreased to $75,000 beginning March 1, 2023, but shall increase to $100,000 on January 1, 2024 |  |  |
Interest expense |  |  |  | $ 77,094 | $ 81,241 | $ 54,984 | $ 50,331 | $ 96,080 | $ 228,705 | $ 151,064 |  |
BankUnited [Member] |  |  |  |  |  |  |  |  |  |  |  |
Revolving Line Maximum Credit Limit |  |  |  |  |  |  |  |  |  |  |  | $ 2,000,000
Term Loan |  |  |  |  |  |  |  |  |  |  |  | 5,813,500
Non Revolving Maximum Credit Limit |  |  |  |  |  |  |  |  |  |  |  | $ 10,000,000
Letter Agreement [Member] |  |  |  |  |  |  |  |  |  |  |  |
Fee paid to BankUnited |  |  |  |  |  |  |  |  |  | 100,000 |  |
Monthly payment |  |  |  |  |  |  |  |  | $ 100,000 |  |  |
November 5, 2021 [Member] | Second Letter Agreement [Member] |  |  |  |  |  |  |  |  |  |  |  |
Fee Percentage |  |  |  |  |  |  |  |  | 4.00% |  |  |
Fees Payable |  |  |  |  |  |  |  |  |  | 50,000 |  |
May 11, 2022 [Member] | Third Agreement [Member] |  |  |  |  |  |  |  |  |  |  |  |
Cash collateral amount |  |  |  |  |  |  |  |  |  |  | $ 2,457,151 |
Amendment Descriptions | (i) an amended maturity date of April 15, 2024 with respect to the Term Loan (as defined in the Amended Loan Agreement); and (ii) an amended exit fee equal to (a) 2% of the outstanding principal balance of the Term Loan on September 30, 2022, (b) 1% of the outstanding principal balance on December 31, 2022, (c) 1% of the outstanding principal balance on March 31, 2023, and (d) 4% of the outstanding principal balance on April 15, 2024 (to the extent the Term Loan is still outstanding on the respective dates and has not been refinanced with another lender) |  |  |  |  |  |  |  |  |  |  |
May 8, 2023 [Member] | Fifth Agreement [Member] |  |  |  |  |  |  |  |  |  |  |  |
Amendment Descriptions |  |  |  |  |  |  |  |  | (i) BankUnited agreed to release its security interest in the collateral securing the BankUnited Loans other than a cash collateral account maintained at BankUnited in the amount of $2,457,151, with a portion of such cash collateral to be released on a quarterly basis equal to 110% of the principal reductions effected during that quarter, and (ii) certain other requirements and restrictions of the Loan Agreement were removed, including, among others, financial covenants, restrictions on acquisitions, and limitations on other financing sources. |  |  |
Equipment Loan |  |  |  |  |  |  |  |  |  |  |  |
Installment Term |  | 52 months | 60 months |  |  |  |  |  |  |  |  |
Advances |  | $ 267,000 | $ 275,000 |  |  |  |  |  |  |  |  |
Fourth Amendement Loan Agreement February 26, 2019 | Twenty Eight February Twenty Twenty Three Member |  |  |  |  |  |  |  |  |  |  |  |
Principal reduction payment |  |  |  |  |  |  |  |  | $ 1,000,000 |  |  |
Fourth Amendement Loan Agreement February 26, 2019 | December Thirt First Twenty Twenty Four Member |  |  |  |  |  |  |  |  |  |  |  |
Monthly loan amount payable |  |  |  |  |  |  |  |  | 75,000 |  |  |
BankUnited Term Loan |  |  |  |  |  |  |  |  |  |  |  |
Term Loan |  |  |  | $ 5,813,500 |  |  |  |  | $ 5,813,500 |  |  |
Interest Rate On Borrowing |  |  |  | 3.30% |  |  |  |  | 3.30% |  |  |
Term Loan Tenure |  |  |  |  |  |  |  |  | 5 years |  |  |
Equal Monthly Principal Payment |  |  |  |  |  |  |  |  | $ 48,446 |  |  |
Prime rate of interest |  |  |  | 7.75% |  |  |  |  | 7.75% |  |  |
Increase in monthly payment |  |  |  | $ 100,000 |  |  |  |  | $ 100,000 |  |  |
Fixed Charge Coverage Ratio |  |  |  |  |  |  |  |  | fixed charge coverage ratio of 1.25 to 1.00 and a total leverage ratio of 4.00 to 1.00 |  |  |
Interest expense |  |  |  |  |  |  |  |  | $ 55,700 | $ 33,400 |  |

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