Annual report pursuant to Section 13 and 15(d)

9. Long-Term Debt (Tables)

v3.8.0.1
9. Long-Term Debt (Tables)
12 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Fixed coverage ratio table
Level Fixed Charge Coverage Ratio Base Rate Revolver LIBOR Revolver Base Rate Term LIBOR Term Loans
I >2.00 to 1.00 0.50% 1.50% 0.75% 1.75%
II <2.00 to 1.00 but >1.50 to 1.00 0.75% 1.75% 1.00% 2.00%
III <1.50 to 1.00 but >1.20 to 1.00 1.00% 2.00% 1.25% 2.25%
IV <1.2 to 1.00 1.25% 2.25% 1.50% 2.50%
Schedule of credit line debt
          AS RESTATED  
    September 30,     September 30,  
    2017     2016  
Bank of America Revolver Loan - variable interest rate based upon a base rate plus a margin, interest payable monthly, maturity date July 2020, secured by substantially all Marquis assets   $ 4,850,815     $ 222,590  
Texas Capital Bank Revolver Loan - variable interest rate based upon the one-month LIBOR ate plus a margin, interest payable monthly, maturity date November 2020, secured by substantially all Vintage Stock assets     12,520,437        
Note Payable Capitala Term Loan - variable interest rate based upon a base rate plus a margin, 3% per annum interest payable in kind, with the balance of interest payable monthly in cash, principal due quarterly in the amount of $725,000, maturity date November 2021, note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets     28,310,505        
Note Payable to the Sellers of Vintage Stock, interest at 8% per annum, with interest payable monthly, maturity date May 2022, note subordinate to both Texas Capital Bank Revolver and Capitala Term Loan, secured by Vintage Stock Assets     10,000,000        
Note #1 Payable to Banc of America Leasing & Capital LLC - interest at 3.8905% per annum,with interest and principal payable monthly in the amount of $84,273 for 59 months,  beginning September 23, 2016, with a final payment due in the amount of $584,273, maturity date September 2021, secured by equipment     4,097,764       4,931,937  
Note #2 Payable to Banc of America Leasing & Capital LLC - interest at 4.63% per annum, with interest and principal payable monthly in the amount of $34,768 for 59 months, beginning January 30, 2017, with a final payment due in the amount of $476,729, maturity date January 2022, secured by equipment              1,969,954                   –     
Note #3 Payable to Banc of America Leasing & Capital LLC - interest at 4.7985% per annum with interest and principal payable monthly in the amount of $51,658 for 84 months, beginning January 30, 2017, secured by equipment.     3,341,642        
Note #4 Payable to Banc of America Leasing & Capital LLC - interest at 4.8907% per annum, with interest and principal payable monthly  in the amount of $15,901 for 81 months, beginning April 30, 2017, secured by equipment.     1,025,782        
Note Payable to Store Capital Acquisitions, LLC, - interest at 9.25% per annum, with interest and principal payable monthly in the amount of $73,970 for 480 months, beginning July 1, 2016, maturity date of June 2056, secured by Marquis land and buildings     9,328,208       9,351,796  
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 2.50%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets     174,757       198,569  
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 1.50%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets     249,766       249,766  
Note payable to individual, interest at 11% per annum,payable on a 90 day written notice, unsecured     206,529       206,529  
Note payable to individual, interest at 10% per annum, payable on a 90 day written notice, unsecured     500,000       500,000  
Note payable to individual, interest at 8.25% per annum, payable on a 120 day written demand notice, unsecured     225,000       225,000  
Total notes payable     76,801,159       15,886,187  
Less unamortized debt issuance costs     (1,353,352 )     (414,025 )
Net amount     75,447,807       15,472,162  
Less current portion     (48,877,536 )     (2,011,880 )
Long-term portion   $ 26,570,271     $ 13,460,282  
Future maturities of debt
Years ending September 30,      
2018   $ 48,877,536  
2019     1,922,560  
2020     2,009,230  
2021     2,093,635  
2022     1,745,247  
Thereafter     20,152,951  
Total   $ 76,801,159