INSURANCE PREMIUM FINANCING |
12 Months Ended |
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Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
INSURANCE PREMIUM FINANCING |
4. INSURANCE PREMIUM FINANCING
During July 2023 and 2022, the Company entered into a financing agreement with First Insurance Funding to fund a portion of its insurance policies. As part of the agreement, First Insurance Funding agreed to finance the insurance policies of the Company of approximately $395,000 and $354,000, respectively and with an average interest rate per annum of 8.7% and 2.99%, respectively. The Company is required to make monthly payments of approximately $35,000 through April 2024.
The outstanding balance as of September 30, 2023 and 2022 was $243,285 and $247,933, respectively.
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