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DEBT (Tables)
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6 Months Ended |
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Mar. 31, 2015
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| Debt Disclosure [Abstract] |
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| Schedule Of Debt Related Party Affiliate Lenders |
The following officers, directors and 5% shareholders of the Company participated as Lenders in the Loan and Security Agreement: | | | | | Amount Funded as of | | Aggregate Number | | Warrants Issued as of | | | Name | | Commitment | | March 31, 2015 | | of Warrants Issuable | | March 31, 2015 | | | The Estate of Gene Mulvihill(1) | | $ | 500,000 | | $ | 500,000 | | | 232,561 | | | 232,561 | | | Sunset Marathon Partners LLC(2) | | $ | 250,000 | | $ | 250,000 | | | 116,281 | | | 116,281 | | | MRP Holdings LLC(3) | | $ | 400,000 | | $ | 240,000 | | | 186,047 | | | 116,628 | | | Burton I. Koffman and David Koffman(4) | | $ | 750,000 | | $ | 750,000 | | | 348,838 | | | 348,838 | | | Anthony P. Miele III(5) | | $ | 25,000 | | $ | 25,000 | | | 11,631 | | | 11,631 | | | Alexandria Equities, LLC(6) | | $ | 700,000 | | $ | 420,000 | | | 325,582 | | | 195,349 | | | Albert Behler(7) | | $ | 400,000 | | $ | 240,000 | | | 186,047 | | | 116,628 | | | Fox Hunt Wine Collectors, LLC(8) | | $ | 1,000,000 | | $ | 600,000 | | | 465,117 | | | 279,070 | | | James Gelly(9) | | $ | 400,000 | | $ | 240,000 | | | 186,047 | | | 116,628 | | | | (1) | Gail Mulvihill and Andrew Mulvihill, the co-administrators of the estate, exercise voting and investment power over the shares issuable upon exercise of the Warrants. Gail Mulvihill is a principal stockholder of the Company and mother of Christopher, the Company’s President and a principal stockholder of the Company. Andrew Mulvihill is a brother of Christopher Mulvihill. | | | (2) | James Mulvihill, was a principal stockholder of the Company at the time we entered into the Loan and Security Agreement, has voting and investment power over the shares issuable upon exercise of the Warrants and is a brother of Christopher Mulvihill. | | | (3) | MRP Holdings LLC is owned by Mark Patterson, the Chairman of the Board of Directors, a principal stockholder and the former Chief Executive Officer of the Company. | | | (4) | Directly and indirectly through entities they control and by members of their families and entities they control, Burton Koffman and David Koffman are principal stockholders of the Company. In addition, David Koffman is a director of the Company. | | | (5) | Anthony P. Miele, III is a director of the Company. | | | (6) | Alexandria Equities, LLC was a principal stockholder of the Company at the time we entered into the Loan and Security Agreement. | | | (7) | Albert Behler is a principal stockholder of the Company. | | | (8) | Fox Hunt Wine Collectors, LLC, is managed by Peter Mulvihill, brother of Christopher Mulvihill. | | | (9) | James Gelly is the Chief Executive Officer and a director of the Company. | |
| Schedule of Debt |
Long-Term Note – Related Party In March, 2015, Boomerang and SB&G Properties, LC, restructured the $573,982 due to related party for deferred rent through the issuance of a promissory note in the amount of $500,000. The note accrues interest at a rate of four percent (4%) annually on the outstanding principal with all accrued principal and interest due on or before February 28, 2020. Accordingly, the Company reclassified the debt from a current liability to a non-current liability on its balance sheet for the period ending March 31, 2015. | | | Principal | | | | | | | | As of | | | | | | | | 3/31/2015 | | 9/30/2014 | | Maturity Date | Interest Rate | | Secured | | | | | (unaudited) | | | | | | | | | | Current Debt- Third Party: | | | | | | | | | | | | | | | | Loan Payable- Third Party | | $ | 80,538 | | $ | 80,538 | | Upon Demand | | | 10 | % | No | | | Equipment Note Payable (current portion) | | | - | | | 9,024 | | 1/15/2015 | | | 6 | % | Yes | | | Total Current Debt- Third Party | | $ | 80,538 | | $ | 89,562 | | | | | | | | | | | | | | | | | | | | | | | | | | Long-Term Debt – Third Party: | | | | | | | | | | | | | | | | Long-Term Notes – June 2013 Loan Agreement | | $ | 7,205,300 | | $ | 4,729,866 | | 5/31/2016 | | | 15 | % | Yes | | | Convertible Notes – 2011 Offering | | | - | | | 3,665,763 | | 11/1/2016 | | | 6 | % | No | | | Convertible Notes – 2011 Offering | | | 200,000 | | | 1,250,000 | | 11/18/2016 | | | 6 | % | No | | | Convertible Notes – 2011 Offering | | | - | | | 925,000 | | 12/9/2016 | | | 6 | % | No | | | Convertible Notes – 2012 Offering | | | 200,000 | | | 4,065,000 | | 6/14/2017 | | | 6 | % | No | | | Convertible Notes – Dec 2012 Offering | | | - | | | 1,230,000 | | 12/28/2017 | | | 6 | % | No | | | Discount on Notes | | | (2,098,261) | | | (10,073,448) | | | | | | | | | | Amortization of Discount | | | 1,041,172 | | | 5,077,137 | | | | | | | | | | Total Long-Term Debt – Third Party | | $ | 6,548,211 | | $ | 10,869,318 | | | | | | | | | | | | | | | | | | | | | | | | | | Long-Term Debt- Related Party: | | | | | | | | | | | | | | | | Long-Term Notes – June 2013 Loan Agreement | | $ | 2,844,700 | | $ | 1,755,674 | | 5/31/2016 | | | 15 | % | Yes | | | Convertible Notes – 2011 Offering | | | - | | | 5,683,757 | | 11/1/2016 | | | 6 | % | No | | | Convertible Notes – 2011 Offering | | | - | | | 100,000 | | 11/18/2016 | | | 6 | % | No | | | Convertible Notes – 2012 Offering | | | - | | | 2,135,000 | | 6/14/2017 | | | 6 | % | No | | | Convertible Notes – Dec 2012 Offering | | | - | | | 1,845,000 | | 12/28/2017 | | | 6 | % | No | | | Long-Term Note - Related Party | | | 500,000 | | | - | | 2/28/2020 | | | 4 | % | No | | | Discount on Notes | | | (743,764) | | | (8,329,964) | | | | | | | | | | Amortization of Discount | | | 359,310 | | | 4,335,717 | | | | | | | | | | Total Long-Term Debt- Related Party | | $ | 2,960,246 | | $ | 7,525,184 | | | | | | | | | |
| Schedule of Maturities of Long-term Debt |
The aggregate maturities of our long-term debt are as follows: | Twelve months ended | | | | | | March 31, 2017 | | $ | 10,250,000 | | | March 31, 2018 | | | 200,000 | | | March 31, 2019 | | | - | | | March 31, 2020 | | | 500,000 | | | Total | | $ | 10,950,000 | | |