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Long Term Debt | 3 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Long Term Debt | Note 8: Long Term Debt Long-term debt as of December 31, 2021 and September 30, 2021 consisted of the following (in 000's):
|  | December 31, 2021 |  |  | September 30, 2021 |
Bank of America Revolver Loan |  | $ | 1,490 |  |  | $ | — |
Encina Business Credit Revolver Loan |  |  | 13,938 |  |  |  | 12,735 |
Texas Capital Bank Revolver Loan |  |  | 8,142 |  |  |  | 8,794 |
Encina Business Credit Term Loan |  |  | 1,233 |  |  |  | 1,319 |
Note Payable to the Sellers of Vintage Stock |  |  | 2,000 |  |  |  | 4,200 |
Note #3 Payable to Banc of America Leasing & Capital LLC |  |  | 1,180 |  |  |  | 1,320 |
Note #4 Payable to Banc of America Leasing & Capital LLC |  |  | 363 |  |  |  | 406 |
Note #5 Payable to Banc of America Leasing & Capital LLC |  |  | 1,843 |  |  |  | 1,985 |
Note #6 Payable to Banc of America Leasing & Capital LLC |  |  | 582 |  |  |  | 618 |
Note #7 Payable to Banc of America Leasing & Capital LLC |  |  | 3,978 |  |  |  | 4,121 |
Note #8 Payable to Banc of America Leasing & Capital LLC |  |  | 2,834 |  |  |  | 2,943 |
Note #9 Payable to Banc of America Leasing & Capital LLC |  |  | 5,500 |  |  |  | — |
Note Payable to Extruded Fibers |  |  | 400 |  |  |  | 700 |
Note Payable to the Sellers of Precision Marshall |  |  | 2,500 |  |  |  | 2,500 |
Note Payable to Store Capital Acquisitions, LLC |  |  | 9,200 |  |  |  | 9,209 |
Note payable to individuals, interest at 10-11% 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 |
Note payable to individual, noninterest bearing, monthly payments of $19 through March 2023 |  |  | 391 |  |  |  | 472 |
Note payable to individuals, interest at 7% per annum, unsecured |  |  | 198 |  |  |  | 198 |
Note payable RSSI/(VSSS) |  |  | 130 |  |  |  | 130 |
Note Payable to JCM Holdings |  |  | 1,790 |  |  |  | 1,833 |
Total notes payable |  |  | 58,399 |  |  |  | 54,190 |
Less unamortized debt issuance costs |  |  | (541 | ) |  |  | (576 | )
Net amount |  |  | 57,858 |  |  |  | 53,614 |
Less current portion |  |  | (17,553 | ) |  |  | (16,055 | )
Total long-term debt |  | $ | 40,305 |  |  | $ | 37,559 |
Future maturities of long-term debt at December 31, 2021, are as follows which does not include related party debt separately stated:
Twelve months ending December 31, |  |  |
2022 |  | $ | 17,553 |
2023 |  |  | 20,827 |
2024 |  |  | 3,264 |
2025 |  |  | 2,483 |
2026 |  |  | 3,087 |
Thereafter |  |  | 11,185 |
Total future maturities of long-term debt |  | $ | 58,399 |
Bank of America Revolver Loan On January 31, 2020, Marquis entered into an amended $25.0 million revolving credit agreement (“BofA Revolver”) with Bank of America Corporation (“BofA”). The BofA Revolver is a five-year, asset-based facility that 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 meeting all loan covenants under the credit agreement with BofA. As of December 31, 2021, the outstanding balance was approximately $1.5 million. Loans with Encina Business Credit, LLC On July 14, 2020, Precision Marshall 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) $23.5 million and (ii) a borrowing base equal to the sum of (a) 85% of Precision's eligible accounts receivable, plus (b) 85% of Precision's eligible inventory, subject to an eligible inventory sublimit that begins at $14.0 million and declines to $12.0 million during the term of the Loan Agreement, minus (c) customary reserves. The Encina Revolver Loans mature on July 14, 2023. As of December 31, 2021 , the balance outstanding was approximately $13.9 million. On January 20, 2022, the Company refinanced these loans, and the balance outstanding was repaid. The refinanced credit facility, totaling $29 million, is comprised of $23.0 million in revolving credit, $3.5 million in machinery and equipment (“M&E”) lending, and $2.5 million for capital expenditure (“Capex”) lending. Texas Capital Bank Revolver Loan On November 3, 2016, Vintage Stock entered into an amended $12.0 million credit agreement 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. As of December 31, 2021, the balance outstanding was approximately $8.1 million. Note payable to JCM Holdings During October 2020, Marquis purchased a manufacturing facility for $2.5 million. Marquis had previously been leasing this facility. Additionally, Marquis entered into a $2.0 million note in favor of the seller of the facility for the balance of the purchase price, which note is secured by the facility. The note bears interest at 6%, and principal and interest payments are due monthly. The note is fully amortized and matures January 2030. As of December 31, 2021, the remaining principal balance was approximately $1.8 million. Equipment Loans On June 20, 2016 and August 5, 2016, Marquis entered into a transaction that provided for a master agreement and separate loan schedules (the “Equipment Loans”) with Banc of America Leasing & Capital, LLC that provided for the following during the three months ended December 31, 2021: Note #9 is for approximately $5.5 million, secured by equipment, is due December 2026, and is payable in 60 monthly payments of $92,000 beginning January 2022, bearing interest at 3.75%. Loan Covenant Compliance As of December 31, 2021, the Company was in compliance with all covenants under its existing revolving and other loan agreements.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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