Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Insurance Premium Financing

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Note 5 - Insurance Premium Financing
3 Months Ended
Dec. 31, 2022
Insurance Premium Financing [Member]  
Notes to Financial Statements  
Short-Term Debt [Text Block]

5. INSURANCE PREMIUM FINANCING

 

In July 2022, the Company entered into a finance agreement with First Insurance Funding in order to fund a portion of its insurance policies. The amount financed is approximately $354,000 and incurs interest at a rate of 2.99%. The Company is required to make monthly payments of approximately $35,000 through April 2023. The outstanding balance as of December 31, 2022 and September 30, 2022 was approximately $142,000 and $248,000, respectively.