v3.25.1
DEBT (Tables)
 6 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
SCHEDULE OF CLASSIFICATIONS OF NON-REVOLVING LINE OF CREDIT

  

   Net Carrying Value  

Unpaid

Principal

  

 Contractual

Interest

  

Contractual

Maturity

  Warrants 
Related party lines of credit:  Current   Long Term  

Balance

  

Rates

  

Date

  issued 
                        
$2,500,000 revolving line of credit, December 14, 2023  $—   $1,930,043   $2,500,000    10%  12 months prior written notice   3,125,000 
$2,500,000 revolving line of credit, December 14, 2023  $—   $1,930,043   $2,500,000    10%  12 months prior written notice   3,125,000 
$1,000,000 non-revolving line of credit, March 28, 2024   —    —    —    12%  Paid Off   — 
Total related party lines of credit, net  $—   $1,930,043   $2,500,000              
                             
Related party convertible debt:                            
$3,000,000 convertible promissory note, November 27, 2024  $3,000,000   $—   $3,000,000    20%  11/26/2025   — 
Total related party convertible debt, net  $3,000,000   $—   $3,000,000              
                             
Lines of credit:                            
$2,200,000 non-revolving line of credit, May 13, 2022  $—   $—   $—    12%  —   314,286 
$6,000,000 revolving line of credit, July 29, 2022   —    —    —    Greater of 4% or Prime    —   — 
$4,000,000 non-revolving line of credit, May 10, 2023   762,546    —    800,000    12%  05/10/2025   83,142 
$2,000,000 revolving line of credit, February 3, 2025   —    875,595    938,451    15%  02/02/2028   — 
Total lines of credit, net  $762,546   $875,595   $1,738,451              
                             
Convertible debt:                            
$2,000,000 convertible promissory note, October 18, 2024  $2,000,000   $—   $2,000,000    30%  10/18/2025   — 
Total convertible debt, net  $2,000,000   $—   $2,000,000              
                             
Other debt:                            
$700,000 other debt, August 26, 2024   218,227    —    220,108    38%  06/06/2025   — 
$525,000 other debt, August 26, 2024   —    —    —    44%  Paid Off   — 
$388,500 other debt, October 14, 2024   —    —    —    44%  Paid Off   — 
$660,000 other debt, December 27, 2024   429,284    —    447,702    39%  07/29/2025   — 
$138,000 other debt, October 11, 2024   45,872    —    69,767    10%  08/15/2025   — 
$49,200 other debt, October 11, 2024   44,373    —    49,200    12%  08/15/2025   — 
$31,200 other debt, December 17, 2024   17,895    —    21,840    10%  10/15/2025   — 
$96,000 other debt, December 17, 2024   82,636    —    96,000    12%  10/15/2025   — 
$800,000 other debt, March 25, 2025   761,315    —    800,000    39%  10/23/2025     
Total other debt, net  $1,599,602   $—   $1,704,617              
                             
Total debt, net  $7,362,148   $2,805,638   $10,943,068              

 

 

Lines of Credit, Convertible Debt and Other Debt as of September 30, 2024:

 

   Net Carrying Value  

Unpaid

Principal

  

Contractual

Interest

  

Contractual

Maturity

  Warrants 
Related party lines of credit:  Current   Long Term 

Balance

  

Rates

  

Date

 

issued

 
$2,500,000 revolving line of credit, December 14, 2023  $—   $1,762,831   $2,500,000    10%  12 months prior written notice   3,125,000 
$1,000,000 non-revolving line of credit, March 28, 2024   1,000,000    —    1,000,000    12%  09/24/2025   — 
Total related party lines of credit, net  $1,000,000   $1,762,831   $3,500,000              
                             
Lines of credit:                            
$2,200,000 non-revolving line of credit, May 13, 2022  $440,000   $—   $440,000    12%  01/13/2025   314,286 
$6,000,000 revolving line of credit, July 29, 2022   2,837,479    —    2,887,479    

Greater of

4% or Prime

   07/29/2025   — 
$4,000,000 non-revolving line of credit, May 10, 2023   650,190    —    800,000    12%  05/10/2025   83,142 
$700,000 non-revolving line of credit, August 26, 2024   641,825    —    648,814    7%  06/06/2025   — 
$525,000 non-revolving line of credit, August 22, 2024   449,945    —    471,820    12%  03/10/2025   — 
Total lines of credit, net  $5,019,439   $—   $5,248,113              
                             
Total debt, net  $6,019,439   $1,762,831   $8,748,113              
SCHEDULE OF INTEREST EXPENSE RELATED TO THE CONTRACTUAL INTEREST COUPON AND THE AMORTIZATION OF DEBT DISCOUNTS

The following table presents the interest expense related to the contractual interest coupon and the amortization of debt discounts on the lines of credit:

  

   2025   2024   2025   2024 
  

Three Months Ended

March 31,

  

Six Months Ended

March 31,

 
   2025   2024   2025   2024 
Interest expense  $750,005   $194,922   $1,515,855   $513,444 
Amortization of debt discounts   210,770    528,168    459,001    1,200,041 
Total  $960,775   $723,090   $1,974,856   $1,713,485 
SCHEDULE OF MATURITY ANALYSIS UNDER LINE OF CREDIT AGREEMENTS

Maturity analysis under the line of credit agreements for the fiscal years ended September 30,

  

      
2025  $3,586,777 
2026   6,417,840 
2027   938,451 
2028   — 
2029   — 
2030   — 
Lines of credit, related and non-related party   10,943,068 
Less: Debt discount on lines of credit payable   (775,282)
Total Lines of credit payable, related and non-related party, net  $10,167,786 
SCHEDULE OF EQUIPMENT LEASE AND SOFTWARE FINANCING

Equipment Leases and Software Financings 

  

       Contractual   Contractual

Equipment Leases and Software Financings

as of March 31, 2025:

 

Unpaid Principal

Balance

  

Interest

Rates

  

Maturity

Date

$112,379 equipment financing, March 14, 2024  $79,382    12.250%  03/14/2027
$248,456 equipment lease financing, April 10, 2024   181,645    11.870%  04/10/2027
$45,000 equipment financing, May 23, 2024   29,751    15.754%  05/23/2026
$33,178 software financing, August 2, 2024   27,810    14.670%  08/02/2027
$89,519 software financing, August 19, 2024   74,960    14.270%  08/19/2027
$65,000 equipment financing, August 15, 2024   44,787    10.228%  08/15/2026
$60,228 equipment lease financing, September 12, 2024   51,914    14.548%  09/12/2027
$99,972 equipment lease financing, October 9, 2024   92,243    25.690%  11/04/2027
$99,972 equipment lease financing, October 9, 2024   92,243    25.690%  11/04/2027
$300,000 equipment lease financing, January 7, 2025   277,643    11.990%  01/07/2027
$87,561 equipment lease financing, January 6, 2025   81,574    13.940%  12/30/2027
$142,363 equipment lease financing, February 21, 2025   139,170    14.238%  02/21/2025
$108,000 equipment lease financing, February 13, 2025   105,572    14.083%  02/13/2028
$30,900 equipment lease financing, February 5, 2025   30,219    15.270%  02/05/2028
Total financing  $1,308,913