NOTES PAYABLE |
9 Months Ended | ||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
| NOTES PAYABLE |
NOTE 5 – NOTES PAYABLE
The Company’s notes payable consisted of the following as of September 30, 2020 and June 30, 2021.
PPP Loan
On April 16, 2020, GulfSlope Energy, Inc. entered into a promissory note (the “Note”) evidencing an unsecured $100,300 loan under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration. The PPP Loan was made through Zions Bancorporation, N.A. dba Amegy Bank (the “Lender”). On December 17, 2020, the PPP Loan plus accrued interest of approximately $600 was formally forgiven in full by the U.S. Small Business Administration. The forgiven loan balance and related interest totaling approximately $100,900 was accounted for as a gain on debt extinguishment in the Condensed Statements of Operations for the nine months ended June 30, 2021.
Insurance Note Payable
In November 2019, the Company purchased an insurance policy for approximately $241,000 and financed $220,629 of the premium by executing a note payable at an interest rate of 5.6%. The note was paid in full in October 2020. The balance of the note payable was nil and approximately $21,000 on June 30, 2021 and September 30, 2020, respectively. This note is included in the Notes Payable balance in the Condensed Balance Sheet. |
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