Line of Credit – Related Party |
3 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Related Party Transactions [Abstract] | |
| LINE OF CREDIT – RELATED PARTY | NOTE 3 – LINE OF CREDIT – RELATED PARTY
During the three months ending December 31, 2022, the Company amended the revolving promissory note agreement with its related party to extend the maturity date to December 31, 2023 and increased the maximum principal amount to $75,000. The revolving promissory note bears interest at the rate of 3.5%. The Company received proceeds under the line of credit of $13,946 during the three months ended December 31, 2022, resulting in balances of $65,989 and $52,043, with accrued interest of $2,448 and $1,909, at December 31, 2022 and September 30, 2022, respectively.
Also, during the three months ended December 31, 2022, the Company amended the revolving promissory note agreement with another principal stockholder increasing the maximum principal indebtedness to $9,750 and extending the maturity date to December 31, 2023. The note bears interest at the rate of 3.5% per annum. The balance on this line of credit was $8,726 and $8,726 on December 31, 2022, and September 30, 2022, respectively, with accrued interest of $255 and $179. |