Notes Payable

6 Months Ended

Mar. 31, 2013

Note 11 –Notes Payable

Long-term debt consists of the following at March 31, 2013 and September 30, 2012:

	March 31, 2013		September 30, 2012
Note payable to a bank, bearing interest at prime plus 3%, repayment of the loan in sixty (60) equal and consecutive installments of 2,413.12 starting January 20, 2012, secured by equipment, due January 20, 2016.	$	104,821	$	123,197
Loan Canada Economic Development, no interest, repayment of the contribution in sixteen (16) equal and consecutive quarterly installment starting twelve (12) month after the project completion date.		64,450		76,782
Long-term debt	$	169,271	$	199,979

Future scheduled principal payments under note agreements are as follows:

Year ended

March31, 2014		51,442
March 31, 2015		51,442
March 31, 2016		51,442
March 31, 2016		14,945
	$	169,271

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details