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EXCEL - IDEA: XBRL DOCUMENT - MEDICAL INTERNATIONAL TECHNOLOGY INCFinancial_Report.xls
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v2.4.0.6
Notes Payable
12 Months Ended
Sep. 30, 2012
Notes Payable [Abstract]  
Notes Payable
Note 12 –  Notes Payable
 
Long-term debt consists of the following at September 30, 2012 and September 30, 2011:
 
   
September 30,
2012
   
September 30,
2011
 
Note payable to a bank, bearing interest at prime plus 3%, secured by equipment, due June 21, 2016.
 
$
123,197
   
$
82,227
 
Loan Canada Economic Development, no interest, repayment of the contribution in sixteen (16)
Equal and consecutive quarterly installment starting twelve (12) month after the project completion date.
   
76,782
     
                95,020
 
                 
Current portion of long-term debt
   
-
     
-
 
                 
Long-term debt
 
$
199,979
   
$
177,247
 
 
Future scheduled principal payments under note agreements are as follows:
 
Year ended
     
         
September 30, 2013
   
23,736
 
September 30, 2014
   
51,442
 
September 30, 2015
   
51,442
 
September 30, 2016
   
51,442
 
September 30, 2017
   
21,917
 
   
$
199,979