Note Payable – Seller

9 Months Ended

Jun. 30, 2024

Note Payable – Seller [Abstract]

NOTE PAYABLE – SELLER

NOTE 6 - NOTE PAYABLE – SELLER

In connection with the acquisition of Howco in September 2016, the Company issued a note payable in the amount of $900,000 to the sellers of Howco. The note matured on September 9, 2017 and bears interest at 5.50% per annum. The note requires payment of unpaid principal and interest upon maturity. The note is secured by all assets of Howco and subordinated to the Senior Secured Credit Facility (see Note 8). The note is currently in default and the default interest rate is 8% per annum. At June 30, 2024 and September 30, 2023, the principal and accrued interest on this note amounted to $834,000, $525,850 and $834,000, $477,093, respectively.