| Schedule of debt |
| |
|
March 31, |
|
|
September 30, |
|
| |
|
2018 |
|
|
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 |
|
$ |
5,128,936 |
|
|
$ |
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 |
|
|
11,466,648 |
|
|
|
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 |
|
|
25,924,457 |
|
|
|
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. |
|
|
3,668,368 |
|
|
|
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. |
|
|
1,805,370 |
|
|
|
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. |
|
|
3,109,559 |
|
|
|
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. |
|
|
954,736 |
|
|
|
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. |
|
|
3,812,105 |
|
|
|
– |
|
| 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 |
|
|
9,315,576 |
|
|
|
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 |
|
|
76,117,284 |
|
|
|
76,801,159 |
|
| Less unamortized debt issuance costs |
|
|
(1,236,328 |
) |
|
|
(1,353,352 |
) |
| Net amount |
|
|
74,880,956 |
|
|
|
75,447,807 |
|
| Less current portion |
|
|
(45,824,329 |
) |
|
|
(48,877,536 |
) |
| Long-term portion |
|
$ |
29,056,627 |
|
|
$ |
26,570,271 |
|
|