Loans Payable |
6 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt Disclosure [Text Block] | Note 7 – Loans Payable
On June 24, 2020, Fuse Processing received $105,400 from the Economic Injury Disaster Loan (“EIDL loan”) from the SBA after deducting $100 Uniform Commercial Code (“UCC”) handling charge and filing fee. This is a low-interest federal disaster loan for working capital to small businesses and non-profit organizations of any size suffering substantial economic injury as a result of the Coronavirus (COVID-19), to help the businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. This loan has annual interest of 3.75% and is not forgivable. The maturity of the loan is 30 years, installment payments including principal and interest of $515 monthly will begin 12 months from the date of loan approval date. On February 26, 2026, the EIDL loan was paid off. For the six months ended March 31, 2026 and 2025, the Company recorded $1,647 and $573 interest expense for the EIDL loan, respectively. For the three months ended March 31, 2026 and 2025, the Company recorded $833 and $ interest expense for the EIDL loan, respectively. For the six months ended March 31, 2026 and 2025, the Company made $99,100 and $3,089 (including principal and interest) repayment of the EIDL loan, respectively.
During the six months ended March 31, 2026, Processing received total loans of $63,941 from two individuals, $10,000 from Jiaming Dong and $53,941 from Ling Zhang. As of March 31, 2026, the carrying amount of the loan payable to Jiaming Dong is $34,483 and to Ling Zhang is $53,941. The loans are non-interest bearing with no stated maturity dates. |