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NOTE PAYABLE | 9 Months Ended
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Jun. 30, 2021
NOTE PAYABLE |
Note - 12 NOTE PAYABLE | NOTE 12 – NOTE PAYABLE In July 2019, the Company entered into a loan arrangement in the amount of $249,100 for a line of equipment, of which $109,810 a long term note payable at June 30, 2021.Payments are for 60 months and have a financing rate of 7.01 %, which requires a monthly payment of $4,905. In January 2020, the Company entered into a loan arrangement for $35,660 for equipment, of which $14,416 is a long term note payable at June 30, 2021. Payments are for 48 months and have a financing rate of 6.2%, which requires a monthly payment of $841.

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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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