Factoring Arrangement (Details Narrative) - USD ($) |
Aug. 23, 2019 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
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Due to factor | $ 469,000 | |||
Factoring Agreement [Member] | Capital Finance Corp [Member] | ||||
Factoring facility maximum credit | $ 3,000,000 | |||
Undisputed receivables purchase percentage | 90.00% | |||
Facility fee percentage | 1.00% | |||
Facility description | Factoring Agreement and a factoring fee of 0.75% of the face value of purchased receivables for 1st 30-days such receivables are outstanding after purchase and 0.35% for each 15-days. | |||
Factoring fees and financing fees percentage | 0.50% | |||
Termination fee percentage | 0.50% | |||
Due to factor | $ 0 | $ 382,000 | ||
Factoring Agreement [Member] | Floor [Member] | Capital Finance Corp [Member] | ||||
Floating rate | 8.00% | |||
Factoring Agreement [Member] | Prime [Member] | Capital Finance Corp [Member] | ||||
Floating rate | 2.00% |
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- Definition Carrying amount as of the balance sheet date of obligations due factoring. No definition available.
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- Definition Factoring facility maximum credit. No definition available.
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- Definition Factoring fees and financing fees percentage. No definition available.
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- Definition Floating rate per annum. No definition available.
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- Definition Termination fee percentage. No definition available.
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- Definition Undisputed receivables purchase percentage. No definition available.
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- Definition The fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used. No definition available.
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- Definition Description of the terms of a credit facility arrangement. Terms typically include interest rate, collateral required, guarantees required, repayment requirements, and restrictions on use of assets and activities of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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