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Long-term Debt | 12 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt In January 2015, the Company acquired $7.2 million of long-term debt as part of the BTU acquisition. The debt acquired is a mortgage note secured by its real property in Billerica, Massachusetts, and has a remaining balance of $6.9 million as of September 30, 2015. The debt acquired has an interest rate of 4.4% through September 26, 2018, at which time the interest rate will be adjusted to a per annum fixed rate equal to the aggregate of the Federal Home Loan Board Five Year Classic Advance Rate plus two hundred forty basis points. The loan agreement requires compliance with certain covenants. One covenant requires that the outstanding principal plus accrued interest and fees thereon is not greater than 80% of the appraised value of the mortgaged premises. The company was not in compliance with this covenant as of September 30, 2015. As of the date hereof, we have not received any notice of acceleration from the lender, nor have we received a waiver. Due to non-compliance, we have reclassified $0.2 million to current liabilities. The maturity date of the debt acquired is September 26, 2023. In December 2014, the Company acquired long term debt as part of the SoLayTec acquisition. Subsequent to the acquisition, there were additional borrowings of $0.7 million. As of September 30, 2015 the debt has a remaining balance of $2.4 million. The debt acquired has interest rates ranging from 5.95% to 10% and maturity dates ranging from fiscal 2017 to fiscal 2021. Annual maturities relating to the Company's long-term debt as of September 30, 2015 are as follows:
| Annual Maturities
| (in thousands)
2016 | 919 |
2017 | 1,122 |
2018 | 576 |
2019 | 453 |
2020 | 473 |
Thereafter | 5,824 |
Total | $ | 9,367 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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