Note 7 –Notes Payable
Notes payable consists of the following at March
31, 2025 and September 30, 2024, respectively:
Schedule of Notes Payable
| | |
March 31,
2024 | | |
September 30,
2024 | |
| | |
| | |
| |
| On October 15, 2024, the Company entered into a secured credit facility with a third party. Under the facility, the Company is able to borrow up to $200,000 which will incur interest at a rate of 12%, and is payable upon the earlier of February 28, 2025, or the date which the Company receives the escrow amount from the sale of the assets of Digipath Labs. As of the date of this Quarterly Report on Form 10-Q, the Company has borrowed $20,000 against the facility. On February 10, 2025, the facility holder agreed to extend the maturity date of the facility to July 31, 2025 in exchange for a deferred payment of $400. | |
$ | 65,600 | | |
$ | - | |
| | |
| | | |
| | |
| Total notes payable | |
| 65,600 | | |
| - | |
| Less: current maturities | |
| (65,600 | ) | |
| - | |
| Notes payable | |
$ | - | | |
$ | - | |
The Company recorded interest expense pursuant
to the stated interest rate and closing costs on the notes payable in the amount of $1,266 and $18,588 during the three months ended March
31, 2025 and 2024, respectively, and the notes payable in the amount of $1,773 and $36,614 during six months ended March 31, 2025 and
2024, respectively.
|