| Schedule of debt |
| |
|
December 31, |
|
|
September 30, |
|
| |
|
2016 |
|
|
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 |
|
$ |
2,791,005 |
|
|
$ |
222,590 |
|
| Texas Capital Bank Revolver
Loan - variable interest rate based upon the one-month LIBOR rate plus a margin, interest payable monthly, maturity date November
2020, secured by substantially all Vintage Stock assets |
|
|
11,487,684 |
|
|
|
– |
|
| 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 |
|
|
29,427,451 |
|
|
|
– |
|
| 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 |
|
|
4,726,422 |
|
|
|
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 |
|
|
2,209,807 |
|
|
|
– |
|
| Note Payable to Banc of
America Leasing & Capital LLC - variable interest rate, based upon a base rate plus a margin, interest payable monthly,
note is funded but not executed as of December 31, 2016 |
|
|
3,679,514 |
|
|
|
– |
|
| 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 |
|
|
9,346,102 |
|
|
|
9,351,796 |
|
| Note Payable to Cathay Bank,
variable interest rate, Prime Rate plus 2.25%, with interest payable monthly, maturity date December 2017, secured by substantially
all Modern Everyday assets |
|
|
193,134 |
|
|
|
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 |
|
|
249,765 |
|
|
|
249,765 |
|
| 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 debt |
|
|
75,042,413 |
|
|
|
15,886,186 |
|
| Less
unamortized debt issuance costs |
|
|
(1,528,889 |
) |
|
|
(414,025 |
) |
| Net amount |
|
|
73,513,524 |
|
|
|
15,472,161 |
|
| Less
current portion |
|
|
(6,226,454 |
) |
|
|
(1,789,289 |
) |
| Long-term
portion |
|
$ |
67,287,070 |
|
|
$ |
13,682,872 |
|
|