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7. Long Term Debt (Tables) | 6 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Fixed coverage ratio table |
Level | Fixed Charge Coverage Ratio | Base Rate Revolver | LIBOR Revolver | Base Rate Term | 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% | 2.50%
Schedule of debt |
|  | March 31, |  |  | September 30, |
|  | 2017 |  |  | 2016 |
|  | (Restated) |  |  |  |
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 |  | $ | 2,707,694 |  |  | $ | 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 |  |  | 12,670,638 |  |  |  | – |
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 |  |  | 28,923,526 |  |  |  | – |
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 |  |  | 4,518,901 |  |  |  | 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 |  |  | 2,130,778 |  |  |  | – |
Note #3 Payable to Banc of America Leasing & Capital LLC - interest at 4.7985% per annum with interest and principal payable monthly in the amount of $51,658 for 84 months, beginning January 30, 2017, secured by equipment. |  |  | 3,568,236 |  |  |  | – |
Note #4 Payable to Banc of America Leasing & Capital LLC - interest at 4.8907% per annum, with interest and principal payable monthly in the amount of $15,901 for 81 months, beginning April 30, 2017, secured by equipment. |  |  | 1,095,113 |  |  |  | – |
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 |  |  | 9,340,275 |  |  |  | 9,351,796 |
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 2.50%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets |  |  | 185,622 |  |  |  | 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 |  |  | 249,766 |  |  |  | 249,766 |
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 notes payable |  |  | 76,322,078 |  |  |  | 15,886,187 |
Less unamortized debt issuance costs |  |  | (1,470,378 | ) |  |  | (414,025 | )
Net amount |  |  | 74,851,700 |  |  |  | 15,472,162 |
Less current portion |  |  | (21,210,899 | ) |  |  | (2,011,880 | )
Long-term portion |  | $ | 53,640,801 |  |  | $ | 13,460,282 |
Future maturities of debt |
Years ending March 31, |  |  |
2018 |  | $ | 21,444,943 |
2019 |  |  | 4,780,675 |
2020 |  |  | 4,865,404 |
2021 |  |  | 4,951,952 |
2022 |  |  | 19,732,283 |
Thereafter |  |  | 20,546,821 |
Total |  | $ | 76,322,078 |

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