Annual report pursuant to Section 13 and 15(d)

8. Long-Term Debt (Tables)

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8. Long-Term Debt (Tables)
 12 Months Ended
Sep. 30, 2018
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,     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   $ 7,600,605     $ 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 and common stock     11,892,595       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     –       28,310,505  
                 
Note Payable Comvest Term Loan - variable interest rate based upon LIBOR rate plus a margin, interest payable monthly in cash, principal due quarterly March 31, June 30, September 30, December 31, subject to a variable amortization of principal, maturity date May 26, 2023 note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets     22,500,000       –  
                 
Note Payable to the Sellers of Vintage Stock, interest at 8% per annum, with interest payable monthly, amended maturity date of September 23, 2023, 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     3,230,555       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     1,636,940       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.     2,871,849       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. Matures January 30, 2024.     881,937       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. Matures January 28, 2025.     3,568,925       –  
                 
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     9,302,346       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 8.5% per annum, payable on a 120 day written demand notice, unsecured     225,000       225,000  
                 
Total notes payable     74,417,281       76,801,159  
Less unamortized debt issuance costs     (1,653,458 )     (1,353,352 )
Net amount     72,763,823       75,447,807  
Less current portion     (13,958,355 )     (48,877,536 )
Long-term portion   $ 58,805,468     $ 26,570,271  
Future maturities of debt
Years ending September 30,      
2019   $ 13,958,355  
2020     5,536,873  
2021     17,962,625  
2022     4,900,705  
2023     21,928,156  
Thereafter     10,130,567  
Total   $ 74,417,281