| Notes payable of Modern Everyday, Inc. |
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2015 |
|
|
2014 |
|
| Base Rate Revolver
Loan- interest rate based on prime rate adjusted for fixed coverage ratio (table above), maturity date July 6, 2020. |
|
$ |
7,225,745 |
|
|
$ |
– |
|
| Base Rate Term Loan- interest
rate based on prime rate adjusted for fixed coverage ratio (table above), maturity date July 6, 2020. |
|
|
7,628,438 |
|
|
|
– |
|
| Note payable to individual,
payable on demand, interest at 10.0% per annum, unsecured |
|
|
92,441 |
|
|
|
90,168 |
|
| Convertible note payable
to individual, due February 27, 2015, interest at 6.0% per annum, unsecured |
|
|
– |
|
|
|
335,245 |
|
| Convertible note payable
to ICG, due January 23, 2015, interest at 8.0% per annum, unsecured |
|
|
– |
|
|
|
527,889 |
|
| Acquisition note payable,
$200,000 due February 28, 2015 and $400,000 due February 28, 2016, non-interest bearing with interest imputed at 2.87%
per annum |
|
|
395,251 |
|
|
|
581,707 |
|
| Credit line due January 1, 2024, with interest rate of 2.75% |
|
|
669,351 |
|
|
|
240,204 |
|
| Less Debt Discount |
|
|
– |
|
|
|
(215,884 |
) |
| Total Debt |
|
|
16,011,226 |
|
|
|
1,559,329 |
|
| Current portion |
|
|
1,443,036 |
|
|
|
920,360 |
|
| Long-term portion |
|
$ |
14,568,190 |
|
|
$ |
638,969 |
|
|
| Future maturities of debt |
| Years ending September 30, |
|
|
|
|
| 2016 |
|
|
$ |
1,443,036 |
|
| 2017 |
|
|
|
955,344 |
|
| 2018 |
|
|
|
955,344 |
|
| 2019 |
|
|
|
955,344 |
|
| 2020 |
|
|
|
11,032,807 |
|
| Thereafter |
|
|
|
669,351 |
|
| |
|
|
|
$ |
16,011,226 |
|
|