Subsequent Events

12 Months Ended

Sep. 30, 2019

Subsequent Events

Subsequent Events

Note 17 – Subsequent Events

On December 23, 2019, the Company and Middlesex entered in an agreement to extend the terms of the existing term loan and line of credit from May 2020 to April 2022, at which time all outstanding principal and unpaid interest will be due and payable. The new agreement includes a modification of the terms of the line of credit's interest rate to add, at the Company's election, the option of the LIBOR Benchmark Rate, plus two and one-half of one (2.50%) percent per annum, in addition to the existing rate of the Lender's Prime Rate, but in no event less than three and one-quarter of one (3.25%) percent. Additionally, the $750,000 availability under the existing equipment line of credit has been extended through December 2020.

The Company has evaluated subsequent events through the date the financial statements were released.