Annual report pursuant to Section 13 and 15(d)

6. Notes Payable (Tables)

v3.6.0.2
6. Notes Payable (Tables)
12 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Fixed coverage ratio table

Level Fixed Charge Coverage Ratio Base Rate Revolver LIBOR Revolver Base Rate Term LIBOR Term Loans
I >2.00 to 1.00 0.50% 1.50% 0.75% 1.75%
II <2.00 to 1.00 but >1.50 to 1.00 0.75% 1.75% 1.00% 2.00%
III <1.50 to 1.00 but >1.20 to 1.00 1.00% 2.00% 1.25% 2.25%
IV <1.2 to 1.00 1.25% 2.25% 1.50% 2.50%

Schedule of credit line debt
    September 30,
2016
    September 30,
2015
 
       
Base Rate Revolver Loan- interest rate based on prime rate adjusted for fixed coverage ratio (table below), maturity date July 6, 2020   $ 222,590     $ 7,225,745  
Base Rate Term Loan- interest rate based on prime rate adjusted for fixed coverage ratio (table below) fixed coverage ratio, maturity date July 6, 2020     –       7,628,438  
Note Payable to Bank, due September 24, 2021. 59 monthly payments of $84,273 with a final payment in the amount of $584,273, interest at 3.8905%, secured by Equipment     4,931,937       –  
Note payable to STORE Capital Acquisitions, LLC, due June 13, 2056, monthly principal and interest payments of $73,970, interest at 9.25% per annum, secured by land and buildings     9,351,796       –  
Note Payable to Bank, due December 31, 2017, with interest at 6.25%     198,569       –  
Note Payable to Bank, due December 31, 2017, with interest at 5%     249,765       –  
Credit line due January 1, 2024, with interest rate of 2.75%     –       669,351  
Note payable to individual, payable on demand, interest at 10.0% per annum, unsecured     –       92,441  
Acquisition note payable, due September 6, 2016, as amended, non-interest bearing     –       395,251  
Note payable to individual, payable within 90 days of a written demand notice, interest at 11% per annum, unsecured     206,529       –  
Note payable to individual, payable within 90 days of a written demand notice, interest at 10% per annum, unsecured     500,000       –  
Note payable to individual, payable within 120 days of a written demand notice, interest at 8.25% per annum, unsecured     225,000       –  
Total debt     15,886,186       16,011,226  
Less unamortized debt issuance costs     (414,025 )     –  
Net amount     15,472,161       16,011,226  
Less current portion     (1,789,289 )     (1,443,036 )
Long-term portion   $ 13,682,872     $ 14,568,190  
Future maturities of debt

2017   $ 1,789,289  
2018     1,341,409  
2019     929,918  
2020     1,190,954  
2021     1,425,828  
Thereafter     9,208,788