NOTES PAYABLE |
9 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2015 | ||||
| Debt Disclosure [Abstract] | ||||
| Debt Disclosure [Text Block] |
On November 15, 2014, the Company entered into a six-year note payable in the amount of $29,780 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $498 for 70 months. The note has an effective interest rate of approximately 5.5% per annum. As of June 30, 2015, the loan balance was $27,191. On November 15, 2014, the Company entered into a six-year note payable in the amount of $28,695 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $470 for 70 months. The note has an effective interest rate of approximately 5.5% per annum. As of June 30, 2015, the loan balance was $26,268. On November 21, 2014, the Company entered into a three-year note payable in the amount of $58,594 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $2,324 for 36 months. The note has an effective interest rate of approximately 26.4% per annum. As of June 30, 2015, $49,439 was outstanding under the loan. On December 4, 2014, the Company entered into a three-year note payable in the amount of $58,594 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $1,738 for 36 months. The note has an effective interest rate of approximately 41% per annum. As of June 30, 2015, $31,701 was outstanding under the loan. On December 8, 2014, the Company entered into two (2) six-year notes payable in the amount of $28,612 each to purchase certain equipment. Pursuant to the terms of the notes, the Company is required to make monthly payments on each note in the amount of $465 for 70 months. Each of the notes has an effective interest rate of approximately 5.0% per annum. As of June 30, 2015, an aggregate $52,978 was outstanding under these loans. On April 1, 2015, the Company entered into a four-year note payable in the amount of $62,706 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $1,808 for 48 months. The note has an effective interest rate of approximately 18.0% per annum. As of June 30, 2015, the loan balance was $59,958. On April 28, 2015, the Company entered into a six-year note payable in the amount of $37,024 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $607 for 72 months. The note has an effective interest rate of approximately 5.5% per annum. As of June 30, 2015, the loan balance was $36,587. On April 28, 2015, the Company entered into a six-year note payable in the amount of $35,061 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $573 for 72 months. The note has an effective interest rate of approximately 5.5% per annum. As of June 30, 2015, the loan balance was $34,648. On April 29, 2015, the Company entered into a six-year note payable in the amount of $37,840 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $621 for 72 months. The note has an effective interest rate of approximately 5.6% per annum. As of June 30, 2015, the loan balance was $36,950. On April 29, 2015, the Company entered into a six-year note payable in the amount of $40,350 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $662 for 72 months. The note has an effective interest rate of approximately 5.6% per annum. As of June 30, 2015, the loan balance was $39,400. On June 29, 2015, the Company entered into a six-year note payable in the amount of $24,523 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $487 for 72 months. The note has an effective interest rate of approximately 12.5% per annum. As of June 30, 2015, the loan balance was $24,523. On June 29, 2015, the Company entered into a six-year note payable in the amount of $17,049 to purchase certain equipment. Pursuant to the terms of the note, the Company is required to make monthly payments in the amount of $327 for 72 months. The note has an effective interest rate of approximately 12.0% per annum. As of June 30, 2015, the loan balance was $17,049. On June 29, 2015, the Company entered into two (2) six-year notes payable in the amount of $36,950 each to purchase certain equipment. Pursuant to the terms of the notes, the Company is required to make monthly payments on each note in the amount of $684 for 72 months. Each note has an effective interest rate of approximately 10.0% per annum. As of June 30, 2015, the aggregate loan balance on the notes was $73,900. The Company has suspended payments on several of its unsecured notes payable, pending completion of an anticipated refinancing. The holders of the Senior Secured Notes have agreed to forbear collection pending the outcome of such refinancing. The Company is current on payments on money purchase loans secured directly by the equipment purchased, which has a value which approximates the loan amount
|