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14. NOTE PAYABLE | 12 Months Ended
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Sep. 30, 2020
Notes Payable [Abstract] |
NOTE PAYABLE | In July 2019, we entered into a loan arrangement for $249,100 for a line of equipment (“Equipment Loan 1”), of which $147,317 and $194,466 are a long term note payable at September 30, 2020 and 2019, respectively, and is included in Long term liabilities on the Consolidated Balance Sheets. Payments are for 60 months and have a financing rate of 7.01 %, which requires a monthly payment of $4,905. In January 2020, we entered into a loan arrangement for $35,660 for equipment (Equipment Loan 2”), of which $21,138 is a long term note payable at September 30, 2020 and is included in Long term liabilities on the Consolidated Balance Sheets. Payments are for 48 months and have a financing rate of 6.2%, which requires a monthly payment of $841. Future Loan payment schedule:
Note Payable |  | Total Loan Balance |  |  | Fiscal 2021 |  |  | Fiscal 2022 |  |  | Fiscal 2023 |  |  | Fiscal 2024 |
Equipment Loan 1 |  | $ | 194,438 |  |  | $ | 47,148 |  |  | $ | 50,437 |  |  | $ | 53,956 |  |  | $ | 42,897 |
Equipment Loan 2 |  | $ | 29,624 |  |  | $ | 8,491 |  |  | $ | 9,032 |  |  | $ | 9,609 |  |  | $ | 2,492 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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- References No definition available. + Details
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