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6. Notes Payable (Tables) | 12 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Fixed coverage ratio table |
Level | Fixed Charge Coverage Ratio | Base Rate Revolver Loan | LIBOR Revolver Loans | Base Rate Term Loans | 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% | 2.5%
Notes payable of Modern Everyday, Inc. |
|  | September 30, |  |  | September 30, |
|  | 2015 |  |  | 2014 |
Base Rate Revolver Loan- interest rate based on prime rate adjusted for fixed coverage ratio (table above), maturity date July 6, 2020. |  | $ | 7,225,745 |  |  | $ | – |
Base Rate Term Loan- interest rate based on prime rate adjusted for fixed coverage ratio (table above), maturity date July 6, 2020. |  |  | 7,628,438 |  |  |  | – |
Note payable to individual, payable on demand, interest at 10.0% per annum, unsecured |  |  | 92,441 |  |  |  | 90,168 |
Convertible note payable to individual, due February 27, 2015, interest at 6.0% per annum, unsecured |  |  | – |  |  |  | 335,245 |
Convertible note payable to ICG, due January 23, 2015, interest at 8.0% per annum, unsecured |  |  | – |  |  |  | 527,889 |
Acquisition note payable, $200,000 due February 28, 2015 and $400,000 due February 28, 2016, non-interest bearing with interest imputed at 2.87% per annum |  |  | 395,251 |  |  |  | 581,707 |
Credit line due January 1, 2024, with interest rate of 2.75% |  |  | 669,351 |  |  |  | 240,204 |
Less Debt Discount |  |  | – |  |  |  | (215,884 | )
Total Debt |  |  | 16,011,226 |  |  |  | 1,559,329 |
Current portion |  |  | 1,443,036 |  |  |  | 920,360 |
Long-term portion |  | $ | 14,568,190 |  |  | $ | 638,969 |
Future maturities of debt |
Years ending September 30, |  |  |  |
2016 |  |  | $ | 1,443,036 |
2017 |  |  |  | 955,344 |
2018 |  |  |  | 955,344 |
2019 |  |  |  | 955,344 |
2020 |  |  |  | 11,032,807 |
Thereafter |  |  |  | 669,351 |
|  |  |  | $ | 16,011,226 |

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