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Related Party Transaction
9 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transaction

14. Related Party Transaction

 

On May 1, 2017, the Company raised $5.4 million through the issuance of 12% unsecured promissory notes to certain investors (“Investors”), which notes mature on May 1, 2020. The notes pay interest-only in equal monthly installments, with a lump sum principal payment at maturity. See Note 7. The notes were issued to several creditors, which include a Company employee with a share of $200,000. The terms of the employee note are uniform with all the other Investors’ terms.

 

Presently, our Chairman and President, Eric Langan, personally guarantees all of the commercial bank indebtedness of the Company. Mr. Langan receives no compensation or other direct financial benefit for any of the guarantees.