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v3.25.1

Debt | 6 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt On November 26, 2024, the Company converted a bank loan secured on October 10, 2022 to purchase real property into a construction loan with the same bank lender. The old loan had a remaining principal balance of $2.4 million. The new construction loan has maximum principal limit of $6.3 million and has a term of 204 months. The loan bears an interest rate of 6.99% per annum for the first five years after which will adjust annually to a new rate equal to the then-current Wall Street Journal Prime Rate plus 0.25% per annum, with a floor of 6.99% per annum. The loan is payable interest-only during the first 24 months, then payable for the next 36 months in equal installments of $60,162 in principal and interest, after which will be payable based on the adjusted interest rate for the next 143 months, with the remaining principal and accrued interest payable at maturity. There are certain financial covenants with which the Company is to be in compliance related to this loan. On January 21, 2025, in relation to a club acquisition (see Note 13), the Company executed a promissory note for $5.0 million with the seller. The 8% promissory note is payable 59 monthly installments of $67,718 in principal and interest, with the balance of principal and accrued interest payable at maturity. On February 26, 2025, the Company extended its line-of-credit facility with a lender bank for a maximum availability of $5.0 million to mature on June 7, 2025. All other terms and conditions in the original line-of-credit remain unchanged. Future maturities of debt obligations as of March 31, 2025, are as follows (in thousands):
| Regular Amortization |  | Balloon Payments |  | Total Payments
April 2025 - March 2026 | $ | 15,841 |  |  | $ | 4,400 |  |  | $ | 20,241 |
April 2026 - March 2027 | 15,049 |  |  | 11,376 |  |  | 26,425 |
April 2027 - March 2028 | 15,551 |  |  | 8,556 |  |  | 24,107 |
April 2028 - March 2029 | 15,938 |  |  | 2,651 |  |  | 18,589 |
April 2029 - March 2030 | 14,865 |  |  | 2,524 |  |  | 17,389 |
Thereafter | 52,013 |  |  | 85,365 |  |  | 137,378 |
| $ | 129,257 |  |  | $ | 114,872 |  |  | $ | 244,129 |
On April 7, 2025, in relation to a club acquisition (see Note 13), the Company executed a seller-financed promissory note for $2.5 million bearing an interest of 7% per annum. The promissory note matures in five years and is payable in equal monthly installments of $49,503 in principal and interest.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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