Quarterly report pursuant to Section 13 or 15(d)

7. Long Term Debt (Tables)

v3.8.0.1
7. Long Term Debt (Tables)
3 Months Ended
Dec. 31, 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 debt
    December 31,     September 30,  
    2016     2016  
    (Restated)          
Bank of America Revolver Loan - variable interest rate based upon a base rate plus a margin,interest payable monthly, maturity date July 2020, secured by substantially all Marquis assets    2,791,005        222,590    
Texas Capital Bank Revolver Loan - variable interest rate based upon the one-month LIBOR rate plus a margin, interest payable monthly, maturity date November 2020, secured by substantially all Vintage Stock assets         11,487,684               –      
Note Payable Capitala Term Loan - variable interest rate based upon a base rate plus a margin, 3% per annum interest payable in kind, with the balance of interest payable monthly in cash, principal due quarterly in the amount of $725,000, maturity date November 2021, note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets           29,427,451                   –        
Note Payable to the Sellers of Vintage Stock, interest at 8% per annum, with interest payable monthly, maturity date May 2022, note subordinate to both Texas Capital Bank Revolver and Capitala Term Loan, secured by Vintage Stock Assets         10,000,000               –      
Note #1 Payable to Banc of America Leasing & Capital LLC - interest at 3.8905% per annum, with interest and principal payable monthly in the amount of $84,273 for 59 months, beginning September 23, 2016, with a final payment due in the amount of $584,273, maturity date September 2021, secured by equipment           4,726,422                   4,931,937        
Note #2 Payable to Banc of America Leasing & Capital LLC - interest at 4.63% per annum, with interest and principal payable monthly in the amount of $34,768 for 59 months, beginning January 30, 2017, with a final payment due in the amount of $476,729, maturity date January 2022, secured by equipment           2,209,807                   –        
Note Payable to Banc of America Leasing & Capital LLC - variable interest rate, based upon a base rate plus a margin, interest payable monthly, note is funded but not executed as of December 31, 2016         3,679,514               –      
Note Payable to Store Capital Acquisitions, LLC, - interest at 9.25% per annum, with interest and principal payable monthly in the amount of $73,970 for 480 months, beginning July 1, 2016, maturity date of June 2056, secured by Marquis land and buildings         9,346,102               9,351,796      
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 2.25%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets         193,134               198,569      
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 1.50%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets         249,765               249,765      
Note payable to individual, interest at 11% per annum, payable on a 90 day written notice, unsecured       206,529           206,529    
Note payable to individual, interest at 10% per annum, payable on a 90 day written notice, unsecured       500,000           500,000    
Note payable to individual, interest at 8.25% per annum, payable on a 120 day written demand notice, unsecured       225,000           225,000    
Total debt     75,042,413       15,886,186  
Less unamortized debt issuance costs     (1,528,889 )     (414,024 )
Net amount     73,513,524       15,472,162  
Less current portion     (20,505,143 )     (2,011,880 )
Long-term portion   $ 53,008,381     $ 13,460,282  
Future maturities of debt
2017   $ 20,505,143  
2018     4,932,015  
2019     5,015,359  
2020     5,102,205  
2021     20,287,931  
Thereafter     19,199,760  
    $ 75,042,413