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Short-Term Liabilities
12 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Short-Term Liabilities

NOTE 14 – SHORT-TERM LIABILITIES

 

The Company has an authorized $3,500,000 line of credit with Fulton Bank. The line of credit bears interest at one-month LIBOR plus 200 basis points (4.14% as of September 30, 2019). Borrowings on this line of credit amounted to $572,046 and $1,355,411 as of September 30, 2019 and 2018, respectively, which includes bank overdrafts on the cash management agreement of $146,234 and $60,897 as of September 30, 2019 and 2018, respectively. This line of credit carries loan covenants which the Company was in compliance with as of September 30, 2019.

 

On September 21, 2018, the Company’s subsidiary, Vicon, entered into a $5,600,000 Term Loan Agreement with NIL Funding Corporation. This note carries interest of 8.95% and has a maturity date of March 30, 2020. As of September 30, 2019, $5,425,000 of this note remains outstanding. This loan carries loan covenants which the Company was in compliance with as of September 30, 2019.

 

On January 31, 2019 the Company entered into a loan agreement with an independent third party for $1,072,000. This note bears interest of 20% and matures in October of 2019. As of September 30, 2019, the balance on this note was $21,170, net of unamortized discount of $36,710. This debt was settled in October 2019.

 

As of September 30, 2019, there were $968,270 in current portion of long-term liabilities.