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Line of Credit - Bank
9 Months Ended
Jun. 30, 2024
Line of Credit - Bank [Abstract]  
LINE OF CREDIT - BANK

NOTE 5 - LINE OF CREDIT - BANK

 

The Company has a revolving line of credit with a financial institution, which balance is due on demand and principal payments are due monthly at 1/60th of the outstanding principal balance. This revolving line of credit is in the amount of $50,000 and is personally guaranteed by the Company’s Chief Executive Officer (“CEO”). The line bears interest at a fluctuating rate equal to the prime rate plus 4.25%, which at June 30, 2024 and September 30, 2023 was 12.75% for both periods. As of June 30, 2024 and September 30, 2023, respectively, the balance of the line of credit was $50,000 and $35,000, with $0 available at June 30, 2024.