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8. Long Term Debt (Tables) | 6 Months Ended
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Mar. 31, 2018
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, |
|  | 2018 |  |  | 2017 |
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 |  | $ | 5,128,936 |  |  | $ | 4,850,815 |
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 |  |  | 11,466,648 |  |  |  | 12,520,437 |
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 |  |  | 25,924,457 |  |  |  | 28,310,505 |
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 |  |  |  | 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. |  |  | 3,668,368 |  |  |  | 4,097,764 |
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. |  |  | 1,805,370 |  |  |  | 1,969,954 |
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. |  |  | 3,109,559 |  |  |  | 3,341,642 |
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. |  |  | 954,736 |  |  |  | 1,025,782 |
Note #5 Payable to Banc of America Leasing & Capital LLC - interest at 4.67% per annum, with interest and principal payable monthly in the amount of $54,943 for 84 months, beginning January 28, 2018, secured by equipment. |  |  | 3,812,105 |  |  |  | – |
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 |  |  | 9,315,576 |  |  |  | 9,328,208 |
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 |  |  | – |  |  |  | 174,757 |
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 |
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 |  |  | 76,117,284 |  |  |  | 76,801,159 |
Less unamortized debt issuance costs |  |  | (1,236,328 | ) |  |  | (1,353,352 | )
Net amount |  |  | 74,880,956 |  |  |  | 75,447,807 |
Less current portion |  |  | (45,824,329 | ) |  |  | (48,877,536 | )
Long-term portion |  | $ | 29,056,627 |  |  | $ | 26,570,271 |
Future maturities of debt |
Years ending March 31, |  |  |  |
2018 |  | $ | 45,824,329 |
2019 |  |  | 2,480,917 |
2020 |  |  | 2,594,120 |
2021 |  |  | 2,970,772 |
2022 |  |  | 11,393,814 |
Thereafter |  |  | 10,853,332 |
Total |  | $ | 76,117,284 |

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