XML 53 R36.htm IDEA: XBRL DOCUMENT
v3.23.1

LINES OF CREDIT AND LONG-TERM LIABILITIES (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
SCHEDULE OF LINES OF CREDIT AND LIABILITIES | The following table outlines the Company’s lines of credit and secured liabilities. SCHEDULE OF LINES OF CREDIT AND LIABILITIES
|  |  |  |  |  |  | March 31, |  |  | September 30, |
|  | Interest Rate |  |  | Maturity |  | 2023 |  |  | 2022 |
Fulton Bank line of credit $3,500,000 - The terms of this line of credit are subject to the bank’s review annually on February 1. |  |  | Secured Overnight Financing Rate (“SOFR”) plus 2.37% (7.24% as of March 31, 2023 and 5.35% as of September 30, 2022) |  |  | N/A |  | $ | - |  |  | $ | - |
Fulton Bank loan $5,250,000 for the purchase of AIS $5,000,000 of the proceeds went to the direct purchase of AIS. The Company was in compliance with loan covenants as of March 31, 2023. This loan is secured by certain assets of the Company. |  |  | SOFR plus 2.37%(7.24% as of March 31, 2023 and 5.35% as of September 30, 2022) |  |  | 12/15/2022 |  |  | - |  |  |  | 247,284 |
Fulton Bank loan $400,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2023. This loan is secured by certain assets of the Company. |  |  | SOFR plus 2.37% (7.24% as of March 31, 2023 and 5.35% as of September 30, 2022) |  |  | 5/1/2023 |  |  | 16,070 |  |  |  | 63,280 |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2023. This loan is secured by certain assets of the Company. |  |  | SOFR plus 2.37% (7.24% as of March 31, 2023 and 5.35% as of September 30, 2022). |  |  | 5/1/2023 |  |  | 146,915 |  |  |  | 183,839 |
Fulton Bank mortgage $2,476,000. The Company was in compliance with loan covenants as of March 31, 2023. |  |  | SOFR plus 2.62% (7.49% as of March 31, 2023 and 5.6% as of September 30, 2022). |  |  | 1/28/2040 |  |  | 2,211,359 |  |  |  | 2,245,664 |
Note payable - $439,774. For the purchase of VDI. Payable in two installments on October 26, 2021, and October 26, 2022. |  |  | 5 | % |  | 10/26/2022 |  |  | - |  |  |  | 219,370 |
Note payable - $5,755,000 - Less original issue discount $750,000 and legal fees $5,000, net cash received $5,000,000 Unamortized original issue discount balance of $0 and $250,000, as of March 31, 2023 and September 30, 2022 respectively. |  |  | 8 | % |  | 6/30/2024 |  |  | 5,171,271 |  |  |  | 4,943,929 |
Note payable - $9,205,000. Less original issue discount $1,200,000 and legal fees $5,000,net cash received $8,000,000. 28,572 shares of common stock valued at $700,400 recognized as additional original issue discount. Unamortized original issue discount balance of $422,311 and $1,064,778 as of March 31, 2023 and September 30, 2022 respectivly. |  |  | 8 | % |  | 8/23/2023 |  |  | 10,601,904 |  |  |  | 9,738,632 |
Term Loan Agreement with NIL Funding Corporation (“NIL”) - $5,600,000 The Company was in compliance with loan covenants as of March 31, 2023. |  |  | 11.50 | % |  | 12/31/2024 |  |  | 2,479,743 |  |  |  | 2,804,743 |
Paycheck Protection Program loan - $121,400 - The issuing bank determined that this loan qualifies for loan forgiveness; however the Company is awaiting final approval from the Small Business Administration. |  |  | 1 | % |  | 5/5/2025 |  |  | 111,367 |  |  |  | 121,400 |
Total lines of credit and secured liabilities |  |  |  |  |  |  |  | $ | 20,738,629 |  |  | $ | 20,568,141 |
Less: Current maturities |  |  |  |  |  |  |  |  | (16,441,488 | ) |  |  | (16,894,743 | )
Less: Unamortized original issue discount |  |  |  |  |  |  |  |  | (422,311 | ) |  |  | (1,305,778 | )
Lines of credit and secured liabilities, Long Term |  |  |  |  |  |  |  | $ | 3,874,830 |  |  | $ | 2,367,620 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration