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v3.20.2

Long-Term Debt (Tables) | 6 Months Ended
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Mar. 31, 2020
Schedule of Fixed Coverage Ratio | The BofA Revolver Loan bears interest at a variable rate based on a base rate plus a margin. The current base rate is the greater of (i) Bank of America prime rate, (ii) the current federal funds rate plus 0.50%, or (iii) 30-day LIBOR plus 1.00% plus the margin, which varies, depending on the fixed coverage ratio table below. Levels I – V determine the interest rate to be charged Marquis which is based on the fixed charge coverage ratio achieved. The Level V interest rate is adjusted up or down on a quarterly basis going forward based upon the above fixed coverage ratio achieved by Marquis.
Level |  | Fixed Charge Coverage Ratio |  | Base Rate Revolver |  |  | LIBOR Revolver |
I |  | <1.20 to 1.00 |  |  | 1.25 | % |  |  | 2.25 | %
II |  | >1.20 to 1.00 but <1.50 to 1.00 |  |  | 1.00 | % |  |  | 2.00 | %
III |  | >1.50 to 1.00 but <1.75 to 1.00 |  |  | 0.75 | % |  |  | 1.75 | %
IV |  | >1.75 to 1.00 but >2.00 to 1.00 |  |  | 0.50 | % |  |  | 1.50 | %
V |  | >2.00 to 1.00 |  |  | 0.25 | % |  |  | 1.25 | %
Summary of Maximum Senior Leverage Ratio Required to Maintain for Vintage Stock | Vintage Stock is required to maintain a declining maximum senior leverage ratio on a trailing twelve-month basis as follows:
March 31, 2020 |  | 2.20 : 1.00
June 30, 2020 |  | 2.10 : 1.00
September 30, 2020 |  | 2.05 : 1.00
December 31, 2020 |  | 1.85 : 1.00
March 31, 2021 |  | 1.60 : 1.00
June 30, 2021 and thereafter |  | 1.55 : 1.00
Schedule of Long-term Debt | Long-term debt as of March 31, 2020 and September 30, 2019 consisted of the following:
|  | March 31, 2020 |  |  | September 30, 2019 |
Bank of America Revolver Loan |  | $ | 5,457 |  |  | $ | 13 |
Texas Capital Bank Revolver Loan |  |  | 8,567 |  |  |  | 10,590 |
Note Payable Comvest Term Loan |  |  | 11,504 |  |  |  | 15,412 |
Note Payable to the Sellers of Vintage Stock |  |  | 10,000 |  |  |  | 10,000 |
Crossroads Financial Revolver Loan |  |  | — |  |  |  | 1,981 |
Note #1 Payable to Banc of America Leasing & Capital LLC |  |  | 1,647 |  |  |  | 2,057 |
Note #3 Payable to Banc of America Leasing & Capital LLC |  |  | 2,123 |  |  |  | 2,379 |
Note #4 Payable to Banc of America Leasing & Capital LLC |  |  | 653 |  |  |  | 731 |
Note #5 Payable to Banc of America Leasing & Capital LLC |  |  | 2,804 |  |  |  | 3,065 |
Note #6 Payable to Banc of America Leasing & Capital LLC |  |  | 825 |  |  |  | 891 |
Note #7 Payable to Banc of America Leasing & Capital LLC |  |  | 4,403 |  |  |  | — |
Lonesome Oak equipment loans |  |  | 3,500 |  |  |  | — |
Note payable to the Sellers of Lonesome Oak |  |  | 2,366 |  |  |  | — |
Note Payable to Store Capital Acquisitions, LLC |  |  | 9,259 |  |  |  | 9,274 |
Note payable to individual, noninterest bearing, monthly payments of $19 through March 2023 |  |  | 657 |  |  |  | — |
Note payable to individual, interest at 11% per annum, payable on a 90 day written notice, unsecured |  |  | 207 |  |  |  | 207 |
Note payable to individual, interest at 10% per annum, payable on a 90 day written notice, unsecured |  |  | 500 |  |  |  | 500 |
Total notes payable |  |  | 64,472 |  |  |  | 57,100 |
Less unamortized debt issuance costs |  |  | (1,139 | ) |  |  | (1,384 | )
Net amount |  |  | 63,333 |  |  |  | 55,716 |
Less current portion |  |  | (20,940 | ) |  |  | (7,897 | )
Long-term portion |  | $ | 42,393 |  |  | $ | 47,819 |
Schedule of Future Maturities of Long-term Debt | Future maturities of long-term debt at March 31, 2020, are as follows which does not include related party debt separately stated:
Twelve months ending March 31, |  |  |  |
2021 |  | $ | 20,940 |
2022 |  |  | 7,732 |
2023 |  |  | 8,037 |
2024 |  |  | 13,844 |
2025 |  |  | 1,396 |
Thereafter |  |  | 12,522 |
Total |  | $ | 64,472 |
Bank of America Revolver Loan |
Summary of Bank Revolver | The following tables summarize the BofA Revolver for the six months ended March 31, 2020 and 2019 and as of March 31, 2020 and September 30, 2019:
|  | During the six months ended March 31, |
|  | 2020 |  |  | 2019 |
Cumulative borrowing during the period |  | $ | 60,479 |  |  | $ | 44,740 |
Cumulative repayment during the period |  |  | 55,035 |  |  |  | 48,120 |
Maximum borrowed during the period |  |  | 11,347 |  |  |  | 8,071 |
Weighted average interest for the period |  |  | 3.52 | % |  |  | 4.19 | %
|  | March 31, 2020 |  |  | September 30, 2019 |
Total availability |  | $ | 17,725 |  |  | $ | 14,914 |
Total outstanding |  |  | 5,457 |  |  |  | 13 |
Texas Capital Bank Revolver Loan |
Summary of Bank Revolver | The following tables summarize the TCB Revolver for the six months ended March 31, 2020 and 2019 and as of March 31, 2020 and September 30, 2019:
|  | During the six months ended March 31, |
|  | 2020 |  |  | 2019 |
Cumulative borrowing during the period |  | $ | 35,808 |  |  | $ | 39,644 |
Cumulative repayment during the period |  |  | 37,831 |  |  |  | 40,895 |
Maximum borrowed during the period |  |  | 11,798 |  |  |  | 11,932 |
Weighted average interest for the period |  |  | 4.02 | % |  |  | 4.70 | %
|  | March 31, 2020 |  |  | September 30, 2019 |
Total availability |  | $ | 3,433 |  |  | $ | 1,410 |
Total outstanding |  |  | 8,567 |  |  |  | 10,590 |

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