Quarterly report pursuant to Section 13 or 15(d)

7. Note Payable, Related Party

7. Note Payable, Related Party
3 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Note Payable, Related Party

In connection with the purchase of Marquis by the Company, Marquis entered into a mezzanine loan in the amount of up to $7,000,000 with Isaac Capital Fund, a private lender whose managing member is Jon Isaac, the Chief Executive Officer of the Company.


The Isaac Capital Fund mezzanine loan bears interest at 12.5% with payment obligations of interest each month and all principal due in January 2021. As of December 31, 2016 and September 30, 2016, there was $2,000,000 outstanding on this mezzanine loan.