v3.25.2
DEBT (Tables)
 9 Months Ended
Jun. 30, 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  $—   $2,013,648   $2,500,000    10%  12 months prior written notice   3,125,000 
$2,500,000 revolving line of credit, December 14, 2023  $—   $2,013,648   $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  $—    2,013,648   $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   700,000    —    700,000    12%  05/10/2025   83,142 
$2,000,000 revolving line of credit, February 3, 2025   —    1,927,047    1,985,018    15%  02/02/2028   — 
Total lines of credit, net  $700,000   $1,927,047   $2,685,018              
                             
Convertible debt:                            
$2,000,000 convertible promissory note, October 18, 2024  $2,000,000   $—   $2,000,000    30%  10/18/2025   — 
$165,000 promissory note, May 13, 2025   152,668         165,900    10%  02/28/2026   — 
Total convertible debt, net  $2,152,668   $—   $2,165,900              
                             
Other debt:                            
$700,000 other debt, August 26, 2024   —    —    —    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   216,965    —    221,416    39%  07/29/2025   — 
$138,000 other debt, October 11, 2024   3,003    —    7,474    10%  08/15/2025   — 
$49,200 other debt, October 11, 2024   10,664    —    12,595    12%  08/15/2025   — 
$31,200 other debt, December 17, 2024   10,225    —    12,480    10%  10/15/2025   — 
$96,000 other debt, December 17, 2024   41,516    —    49,152    12%  10/15/2025   — 
$800,000 other debt, March 25, 2025   568,918    —    590,514    39%  10/23/2025     
Total other debt, net  $851,291   $—   $893,631              
                             
Total debt, net  $6,703,959   $3,940,695   $11,244,549              

 

 

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

June 30,

  

Nine Months Ended

June 30,

 
   2025   2024   2025   2024 
Interest expense  $875,086   $225,329   $2,390,940   $738,773 
Amortization of debt discounts   192,012    435,177    651,014    1,635,218 
Total  $1,067,098   $660,506   $3,041,954   $2,373,991 
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  $2,941,485 
2026   6,318,046 
2027   1,985,018 
2028   — 
2029   — 
2030   — 
Lines of credit, related and non-related party   11,244,549 
Less: Debt discount on lines of credit payable   (599,895)
Total Lines of credit payable, related and non-related party, net  $10,644,654 
SCHEDULE OF EQUIPMENT LEASE AND SOFTWARE FINANCING

Equipment Leases and Software Financings

  

   Unpaid   Contractual   Contractual

Equipment Leases and Software Financings as of June 30, 2025:

 

Principal

Balance

  

Interest

Rates

  

Maturity

Date

$112,379 equipment financing, March 14, 2024  $70,485    12.250%  03/14/2027
$112,379 equipment financing, February 27, 2024  $70,485    12.250%  03/14/2027
$248,456 equipment lease financing, April 10, 2024   162,133    11.870%  04/10/2027
$45,000 equipment financing, May 23, 2024   24,257    15.754%  05/23/2026
$33,178 software financing, August 2, 2024   25,366    14.670%  08/02/2027
$89,519 software financing, August 19, 2024   68,342    14.270%  08/19/2027
$65,000 equipment financing, August 15, 2024   39,515    10.228%  08/15/2026
$68,223 equipment lease financing, September 12, 2024   47,526    14.548%  09/12/2027
$99,972 equipment lease financing, October 9, 2024   88,126    25.690%  11/04/2027
$99,972 equipment lease financing, October 9, 2024   88126    25.690%  11/04/2027
$300,000 equipment lease financing, January 7, 2025   243,264    11.990%  01/07/2027
$87,561 equipment lease financing, January 6, 2025   75,375    13.940%  12/30/2027
$142,363 equipment lease financing, February 21, 2025   129,362    14.238%  02/21/2025
$108,000 equipment lease financing, February 13, 2025   98,115    14.083%  02/13/2028
$30,900 equipment lease financing, February 5, 2025   28,119    15.270%  02/05/2028
$74,079 equipment lease financing, April 4, 2025   69,028    14.135%  04/04/2028
$165,000 equipment lease financing, May 15, 2025   157,537    14.083%  05/15/2028
Total financing  $1,414,676