LINE OF CREDIT

6 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

LINE OF CREDIT

NOTE 10 LINE OF CREDIT

The Company, specifically IPS, has a $1,300,000 revolving line of credit which was renewed in February 2022. The line of credit has a maturity date of May 31, 2023, is guaranteed by the Company and is secured by all of IPS’ assets. The interest rate on the line of credit is 0.75% above The Wall Street Journal prime rate. The effective interest rate was 4.25% and 4.0% at March 31, 2022 and September 30, 2021, respectively. At March 31, 2022, the Company had $1,300,000 available under the line of credit. The Company is subject to certain debt-service ratio requirements which are measured annually. At September 30, 2021, the Company was in compliance with such covenants.