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Note Payable - Seller
3 Months Ended
Dec. 31, 2019
Notes Payable - Seller [Abstract]  
NOTE PAYABLE - SELLER

NOTE 7 - NOTE PAYABLE – SELLER

 

In connection with the acquisition of Howco in September 2016, the Company issued a note payable in the amount of $900,000 to the sellers of Howco. The note matured on September 9, 2017 and bears interest at 5.50% per annum. The note requires payment of unpaid principal and interest upon maturity. The note is secured by all assets of Howco Distribution Co. and subordinated to the Senior Secured Credit Facility discussed below. The note is currently in default and the default interest rate is 8% per annum. At December 31, 2019 and September 30, 2019, accrued interest on this note amounted to $215,633 and $197,485, respectively.