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Long Term Debt | 6 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Long Term Debt |
Note 5: | Long Term Debt
Long-term debt as of March 31, 2021 and September 30, 2020 consisted of the following:
|  | March 31, 2021 |  |  | September 30, 2020 |
Bank of America Revolver Loan |  | $ | — |  |  | $ | — |
Encina Business Credit Revolver Loan |  |  | 12,227 |  |  |  | 14,886 |
Texas Capital Bank Revolver Loan |  |  | 5,486 |  |  |  | 7,115 |
Crossroads Financial Revolver Loan |  |  | 618 |  |  |  | 883 |
Encina Business Credit Term Loan |  |  | 1,491 |  |  |  | 1,663 |
Note Payable Comvest Term Loan |  |  | — |  |  |  | 5,554 |
Note Payable to the Sellers of Vintage Stock |  |  | 8,000 |  |  |  | 10,000 |
Note #1 Payable to Banc of America Leasing & Capital LLC |  |  | 803 |  |  |  | 1,229 |
Note #3 Payable to Banc of America Leasing & Capital LLC |  |  | 1,594 |  |  |  | 1,862 |
Note #4 Payable to Banc of America Leasing & Capital LLC |  |  | 490 |  |  |  | 572 |
Note #5 Payable to Banc of America Leasing & Capital LLC |  |  | 2,264 |  |  |  | 2,538 |
Note #6 Payable to Banc of America Leasing & Capital LLC |  |  | 689 |  |  |  | 758 |
Note #7 Payable to Banc of America Leasing & Capital LLC |  |  | 4,403 |  |  |  | 4,681 |
Note #8 Payable to Banc of America Leasing & Capital LLC |  |  | 3,158 |  |  |  | 3,091 |
Note Payable to Extruded Fibers |  |  | 1,300 |  |  |  | 2,900 |
Note Payable to JCM Holdings |  |  | 1,918 |  |  |  | — |
Note Payable to the Sellers of Precision Marshall |  |  | 2,500 |  |  |  | 2,500 |
Note Payable to Store Capital Acquisitions, LLC |  |  | 9,226 |  |  |  | 9,243 |
Payroll Protection Program |  |  | 4,768 |  |  |  | 6,151 |
JanOne Inc. (Note 11) |  |  | — |  |  |  | — |
Isaac Capital Group |  |  | 2,000 |  |  |  | 2,000 |
Spriggs Investments, LLC |  |  | 2,000 |  |  |  | 2,000 |
Sellers of Lonesome Oak |  |  | 1,254 |  |  |  | 1,297 |
Note payable to individuals, interest at 10-11% per annum, payable on a 90 day written notice, unsecured |  |  | 707 |  |  |  | 707 |
Note payable to individuals, interest at 7% per annum, unsecured |  |  | 259 |  |  |  | — |
Note payable to individual, noninterest bearing, monthly payments of $19 through March 2023 |  |  | 633 |  |  |  | 810 |
Total notes payable |  |  | 67,788 |  |  |  | 82,440 |
Less unamortized debt issuance costs |  |  | (931 | ) |  |  | (1,767 | )
Net amount |  |  | 66,857 |  |  |  | 80,673 |
Less current portion |  |  | (9,878 | ) |  |  | (13,283 | )
Long-term portion |  | $ | 56,979 |  |  | $ | 67,390 |
Future maturities of long-term debt at March 31, 2021, are as follows which does not include related party debt separately stated:
Twelve months ending March 31, |  |  |  |
2022 |  | $ | 9,878 |
2023 |  |  | 15,762 |
2024 |  |  | 24,251 |
2025 |  |  | 2,091 |
2026 |  |  | 3,472 |
Thereafter |  |  | 12,334 |
Total |  | $ | 67,788 |
Bank of America Revolver Loan On July 6, 2015 (as amended), Marquis entered into a $25,000 revolving credit agreement (“BofA Revolver”) with Bank of America Corporation (“BofA”). The BofA Revolver is an asset-based facility that matures on January 31, 2025 and is secured by substantially all of Marquis’ assets. Availability under the BofA Revolver is subject to a monthly borrowing base calculation. Marquis’ ability to borrow under the BofA Revolver is subject to the satisfaction of certain conditions, including satisfying all loan covenants under the credit agreement with BofA. The following tables summarize the BofA Revolver for the six months ended March 31, 2021 and 2020 and as of March 31, 2021 and September 30, 2020:
|  | During the six months ended March 31, |
|  | 2021 |  |  | 2020 |
Cumulative borrowing during the period |  | $ | 62,263 |  |  | $ | 60,479 |
Cumulative repayment during the period |  |  | 66,973 |  |  |  | 55,035 |
Maximum borrowed during the period |  |  | — |  |  |  | 11,347 |
Weighted average interest for the period |  |  | 0.00 | % |  |  | 3.52 | %
|  | March 31, 2021 |  |  | September 30, 2020 |
Total availability |  | $ | 29,207 |  |  | $ | 21,732 |
Total outstanding |  |  | — |  |  |  | — |
Loans with Encina Business Credit, LLC On July 14, 2020, Precision entered into a Loan and Security Agreement (the “Loan Agreement”) with Encina Business Credit, LLC, as Agent (the “Agent”). The Loan Agreement provides for secured revolving loans (the “Encina Revolver Loans”) in a principal amount not to exceed the lesser of (i) $23,500 and (ii) a borrowing base equal to the sum of Precision’s (a) 85% of eligible accounts receivable, plus (b) 85% of eligible inventory, subject to an eligible inventory sublimit that begins at $14,000 and declines to $12,000 during the term of the Loan Agreement, minus (c) customary reserves. The following tables summarize the Encina Revolver Loans for the for the six months ended March 31, 2021 and 2020 and as of March 31, 2021 and September 30, 2020:
|  | During the six months ended March 31, |
|  | 2021 |  |  | 2020 |
Cumulative borrowing during the period |  | $ | 19,525 |  |  | $ | — |
Cumulative repayment during the period |  |  | 22,185 |  |  |  | — |
Maximum borrowed during the period |  |  | 1,100 |  |  |  | — |
Weighted average interest for the period |  |  | 6.50 | % |  |  | 0.00 | %
|  | March 31, 2021 |  |  | September 30, 2020 |
Total availability |  | $ | 1,606 |  |  | $ | 421 |
Total outstanding |  |  | 12,227 |  |  |  | 14,886 |
Texas Capital Bank Revolver Loan On November 3, 2016, Vintage Stock entered into a $12,000 credit agreement (as amended on January 23, 2017, amended on September 20, 2017, June 7, 2018, September 24, 2019 and September 30, 2020) with Texas Capital Bank (“TCB Revolver”). The TCB Revolver is a five-year, asset-based facility that is secured by substantially all of Vintage Stock’s assets. Availability under the TCB Revolver is subject to a monthly borrowing base calculation. The TCB Revolver matures November 3, 2023. The following tables summarize the TCB Revolver for the six months ended March 31, 2021 and 2020 and as of March 31, 2021 and September 30, 2020:
|  | During the six months ended March 31, |
|  | 2021 |  |  | 2020 |
Cumulative borrowing during the period |  | $ | 44,915 |  |  | $ | 35,808 |
Cumulative repayment during the period |  |  | 46,544 |  |  |  | 37,831 |
Maximum borrowed during the period |  |  | 8,930 |  |  |  | 11,798 |
Weighted average interest for the period |  |  | 2.38 | % |  |  | 4.02 | %
|  | March 31, 2021 |  |  | September 30, 2020 |
Total availability |  | $ | 6,514 |  |  | $ | 5,520 |
Total outstanding |  |  | 5,486 |  |  |  | 7,115 |
Crossroads Revolver On March 15, 2019, ApplianceSmart, Inc. (the “Borrower”), entered into a Loan and Security Agreement (the “Crossroads Revolver”) with Crossroads Financing, LLC (“Crossroads”), providing for a $4,000 revolving credit facility, subject to a borrowing base limitation (the “ABL Facility”). The borrowing base for the ABL Facility at any time equals the lower of (i) up to 75% of inventory cost or (ii) up to 85% of net orderly liquidation value, in each case as further described in the Loan Agreement. On March 3, 2020, the Company executed a guaranty agreement to Crossroads to induce Crossroads to continue to extend financial accommodations and consent to use of cash collateral to ApplianceSmart. The amount of the guaranty is $1,200. The guaranty terminates at such time as ApplianceSmart has paid in full all amounts owed by it to Crossroads. The Company expects the guaranty to continue in effect until August 2021. In addition, certain executive officers of the Borrower have agreed to provide validity guarantees. On December 9, 2019, ApplianceSmart filed a voluntary petition in the United States Bankruptcy Court for the Southern District of New York seeking relief under Chapter 11 of Title 11 of the United States Code. See Note 11 for a complete discussion. Note payable to JCM Holdings During October 2020, Marquis purchased a manufacturing facility for $2,500. Marquis had previously been leasing this facility. Additionally, Marquis entered into a $2,000 loan agreement with the seller of the facility, which is secured by the facility, in order to complete the purchase of the facility. The loan bears interest at 6% due monthly and matures January 2030. Comvest Loan During January 2021, the Company paid the Comvest loan in full and, as a result, the loan agreement and the related instruments, documents, and agreements, were terminated. Precision PPP Loan During February 2021, Precision received notice that its $1,382 payroll protection program loan has been forgiven and no amounts are owed. Loan Covenant Compliance We were in compliance as of March 31, 2021 with all covenants under our existing revolving and other loan agreements, with the exception of covenants related to the Crossroads Revolver.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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