Quarterly report pursuant to Section 13 or 15(d)

8. Long Term Debt (Tables)

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8. Long Term Debt (Tables)
 3 Months Ended
Dec. 31, 2017
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,  
    2017     2017  
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   $ 1,597,832     $ 4,850,815  
                 
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     10,701,451       12,520,437  
                 
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     27,417,505       28,310,505  
                 
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       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     3,884,108       4,097,764  
                 
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     1,888,137       1,969,954  
                 
Note #3 Payable to Banc of America Leasing & Capital LLC - interest at 4.7985% per annum with interest and principal payable monthly in the amount of $51,658 for 84 months, beginning January 30, 2017, secured by equipment.     3,226,294       3,341,642  
                 
Note #4 Payable to Banc of America Leasing & Capital LLC - interest at 4.8907% per annum, with interest and principal payable monthly in the amount of $15,901 for 81 months, beginning April 30, 2017, secured by equipment.     990,476       1,025,782  
                 
Note #5 Payable to Banc of America Leasing & Capital LLC - interest at 4.67% per annum, with interest and principal payable monthly in the amount of $54,943 for 84 months, beginning January 28, 2018, secured by equipment.     3,931,591       –  
                 
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     9,321,966       9,328,208  
                 
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 2.50%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets     –       174,757  
                 
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     –       249,766  
                 
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 notes payable     73,890,889       76,801,159  
Less unamortized debt issuance costs     (1,294,840 )     (1,353,352 )
Net amount     72,596,049       75,447,807  
Less current portion     (42,994,795 )     (48,877,536 )
Long-term portion   $ 29,601,254     $ 26,570,271  
Future maturities of debt
Years ending December 31,      
2018   $ 42,994,795  
2019     2,453,414  
2020     2,565,333  
2021     3,292,214  
2022     11,376,961  
Thereafter     11,208,172  
Total   $ 73,890,889