NOTES PAYABLE

9 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

NOTES PAYABLE

7. NOTES PAYABLE

On April 19, 2019, the Company entered into an unsecured Promissory Note Payable with Charles O’Banon, a customer, in the amount of $32,205 and was scheduled to mature in April 2022. The balance of the note as of June 30, 2022 was $11,230. As of April 15, 2022 payments on the remaining balance of $14,048 were reset at $500 (principal and interest), with a balloon payment of the outstanding balance due in April 2023. The interest rate is 6% per annum.

On August 31, 2021, the Company entered into an agreement with John DuPriest (“DuPriest”), a former officer of Forta, in settlement pursuant to employment termination. The parties entered into an unsecured promissory note to DuPriest in the amount of $52,000, bearing interest of 5%, payable over 26 months beginning on January 15, 2021 through February 15, 2023. The balance is $38,548 and $38,548 as of June 30, 2022 and September 30 2021, respectively. DuPriest has agreed to a moratorium on payment on the note.

On February 2, 2021, Forta received a PPP loan in the amount of $422,900. This PPP loan bears a fixed interest rate of 1% over a five-year term, is guaranteed by the federal government, and does not require collateral. The SBA has informed Forta that $339,070 of the outstanding principal is forgiven.

The Company’s maturities of debt subsequent to June 30, 2022 are as follows:

2022	$	49,778
2023		–
2024		–
2025		–
2026		83,830
Total Debt maturities	$	133,608