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Long-Term Debt (Tables) | 12 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt as of September 30, 2024 and 2023 consisted of the following (in $000’s):
| September 30, 2024 |  | September 30, 2023
Revolver loans | $ | 60,199 |  |  | $ | 56,779 |
Equipment loans | 13,346 |  |  | 15,486 |
Term loans | 10,465 |  |  | 14,290 |
Other long-term debt | 15,227 |  |  | 15,789 |
Total long-term debt | 99,237 |  |  | 102,344 |
Less: unamortized debt issuance costs | (427) |  |  | (557) |
Net amount | 98,810 |  |  | 101,787 |
Less: current portion | (43,816) |  |  | (23,077) |
Total long-term debt, net of current portion | $ | 54,994 |  |  | $ | 78,710 |
Seller notes as of September 30, 2024 and 2023 consisted of the following (in $000’s):
| September 30, 2024 |  | September 30, 2023
Seller of Flooring Liquidators, 8.24% interest rate, matures January 2028 | $ | 34,000 |  |  | $ | 34,000 |
Seller of PMW, 8.0% interest rate, matures July 2028 | 2,500 |  |  | 2,500 |
Seller of Kinetic, 7.0% interest rate, matures September 2027 | 3,000 |  |  | 3,000 |
Seller of Central Steel, 8.0% interest rate, matures May 2029 | 1,100 |  |  | — |
Total Seller notes payable - related parties | 40,600 |  |  | 39,500 |
Unamortized debt premium (discount) | 2,261 |  |  | (502) |
Net amount | 42,861 |  |  | 38,998 |
Less current portion | (2,500) |  |  | — |
Long-term portion of Seller notes - related parties | $ | 40,361 |  |  | $ | 38,998 |
Schedule of Future Maturities of Long-term Debt | Future maturities of long-term debt at September 30, 2024 are as follows excluding related party debt (in $000’s):
Years ending September 30, |
2025 | $ | 43,816 |
2026 | 15,012 |
2027 | 28,122 |
2028 | 1,362 |
2029 | 1,229 |
Thereafter | 9,269 |
Total | $ | 98,810 |
Future maturities of seller notes at September 30, 2024 are as follows (in $000’s):
Years ending September 30, |
2025 | $ | 2,500 |
2027 | 3,000 |
2028 | 36,261 |
2029 | 1,100 |
Total | $ | 42,861 |
Schedule of Fixed Coverage Ratio |
Level |  | Fixed Charge Coverage Ratio |  | Term SOFR Revolver Loan |  | Base Rate Revolver Loan
I |  | <1.20 to 1.00 |  | 2.50% |  | 1.50%
II |  | >1.20 to 1.00 but <1.50 to 1.00 |  | 2.25% |  | 1.25%
III |  | >1.50 to 1.00 but <1.75 to 1.00 |  | 2.00% |  | 1.00%
IV |  | >1.75 to 1.00 |  | 1.75% |  | 0.75%
Schedule of Bank Revolver | The following tables summarize the BofA Revolver for the years ended and as of September 30, 2024 and 2023, respectively (in $000’s):
| During the year ended September 30,
| 2024 |  | 2023
Cumulative borrowing during the period | $ | 140,810 |  |  | $ | 118,865 |
Cumulative repayment during the period | 129,298 |  |  | 122,907 |
Maximum borrowed during the period | 18,776 |  |  | 12,648 |
Weighted average interest for the period | 7.87 | % |  | 6.87 | %
| As of September 30,
| 2024 |  | 2023
Total availability | $ | 7,298 |  |  | $ | 14,904 |
Total outstanding | 17,614 |  |  | 6,101 |
The following tables summarize the Precision Marshall Fifth Third Bank Revolver Loan as of and for the years ended September 30, 2024 and 2023 (in $000’s):
| During the year ended September 30,
| 2024 |  | 2023
Cumulative borrowing during the period | $ | 66,134 |  |  | $ | 72,336 |
Cumulative repayment during the period | 71,017 |  |  | 69,707 |
Maximum borrowed during the period | 1,700 |  |  | 1,700 |
Weighted average interest for the period | 8.46 | % |  | 7.85 | %
| As of September 30,
| 2024 |  | 2023
Total availability | $ | 6,508 |  |  | $ | 5,959 |
Total outstanding | 21,319 |  |  | 26,202 |
The following tables summarize the TCB Revolver as of and for the years ended September 30, 2024 and 2023 (in $000's):
| During the year ended September 30,
| 2024 |  | 2023
Cumulative borrowing during the period | $ | 4,889 |  |  | $ | 73,074 |
Cumulative repayment during the period | 10,159 |  |  | 77,195 |
Maximum borrowed during the period | 9,048 |  |  | 11,146 |
Weighted average interest for the period | 7.57 | % |  | 7.50 | %
| As of September 30,
| 2024 |  | 2023
Total availability | $ | — |  |  | $ | 6,526 |
Total outstanding | — |  |  | 5,270 |
The following tables summarize the Eclipse Revolver as of and for the years ended September 30, 2024 and 2023 (in $000's):
| During the year ended September 30,
| 2024 |  | 2023
Cumulative borrowing during the period | $ | 138,632 |  |  | $ | 41,545 |
Cumulative repayment during the period | 137,587 |  |  | 46,710 |
Maximum borrowed during the period | 10,700 |  |  | 13,396 |
Weighted average interest for the period | 11.72 | % |  | 9.80 | %
| As of September 30,
| 2024 |  | 2023
Total availability | $ | 960 |  |  | $ | 1,558 |
Total outstanding | 9,276 |  |  | 8,230 |
The following tables summarize the PMW Fifth-Third Bank Revolver as of and for the years ended September 30, 2024 and 2023 (in $000's):
| During the year ended September 30,
| 2024 |  | 2023
Cumulative borrowing during the period | $ | 72,501 |  |  | $ | 16,294 |
Cumulative repayment during the period | 73,364 |  |  | 14,258 |
Maximum borrowed during the period | 13,318 |  |  | 13,327 |
Weighted average interest for the period | 8.50 | % |  | 8.46 | %
| As of September 30,
| 2024 |  | 2023
Total availability | $ | 1,078 |  |  | $ | 3,818 |
Total outstanding | 10,112 |  |  | 10,975 |
The following tables summarize the Bank Midwest Revolver as of and for the years ended September 30, 2024 and 2023 (in $000's):
| During the year ended September 30,
| 2024 |  | 2023
Cumulative borrowing during the period | $ | 32,560 |  |  | $ | — |
Cumulative repayment during the period | $ | 30,682 |  |  | $ | — |
Maximum borrowed during the period | $ | 9,778 |  |  | $ | — |
Weighted average interest for the period | 7.70 | % |  | — | %
| As of September 30,
| 2024 |  | 2023
Total availability | $ | 10,423 |  |  | $ | — |
Total outstanding | $ | 1,878 |  |  | $ | — |

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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