| Schedule of credit line debt |
| |
|
June 30, |
|
|
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
| Base Rate Revolver Loan- interest rate based on prime
rate adjusted for fixed coverage ratio (table below), maturity date July 6, 2020 |
|
$ |
4,955,962 |
|
|
$ |
7,225,745 |
|
| Base Rate Term Loan- interest rate based on prime rate adjusted
for fixed coverage ratio (table below) fixed coverage ratio, maturity date July 6, 2020 |
|
|
3,580,617 |
|
|
|
7,628,438 |
|
| Note payable to individual, payable on demand, interest at 10.0%
per annum, unsecured |
|
|
90,148 |
|
|
|
92,441 |
|
| Acquisition note payable, due
September 6, 2016, as amended, non-interest bearing |
|
|
50,000 |
|
|
|
395,251 |
|
| Note payable to Store Capital Acquisitions, LLC, due June 13, 2056,
monthly principal and interest payments of $73,970, interest at 9.25% per annum, secured by land and buildings |
|
|
9,355,521 |
|
|
|
– |
|
| Note payable to individual, payable within 90 days of a written
demand notice, interest at 10.0% per annum, unsecured |
|
|
495,000 |
|
|
|
– |
|
| Note payable to individual, payable within 90 days of a written
demand notice, interest at 10.0% per annum, unsecured |
|
|
200,000 |
|
|
|
– |
|
| Credit line due January 1, 2024, with interest
rate of 2.75% |
|
|
453,588 |
|
|
|
669,351 |
|
| Total debt |
|
|
19,180,836 |
|
|
|
16,011,226 |
|
| Less debt discount |
|
|
(415,757 |
) |
|
|
– |
|
| Net amount |
|
|
18,765,079 |
|
|
|
16,011,226 |
|
| Current portion |
|
|
1,811,701 |
|
|
|
1,443,036 |
|
| Long-term portion |
|
$ |
16,953,378 |
|
|
$ |
14,568,190 |
|
|