| Schedule of credit line debt |
| |
|
December 31, |
|
|
September 30, |
|
| |
|
2018 |
|
|
2018 |
|
| 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 |
|
$ |
2,310,533 |
|
|
$ |
7,600,605 |
|
| 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 |
|
|
9,836,123 |
|
|
|
11,892,595 |
|
| 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 |
|
|
21,750,000 |
|
|
|
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 6, 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 |
|
|
2,648,246 |
|
|
|
3,230,555 |
|
| 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 |
|
| 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. |
|
|
2,750,844 |
|
|
|
2,871,849 |
|
| 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. |
|
|
844,866 |
|
|
|
881,937 |
|
| 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. |
|
|
3,445,197 |
|
|
|
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 |
|
|
9,295,499 |
|
|
|
9,302,346 |
|
| 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 |
|
|
63,812,837 |
|
|
|
74,417,281 |
|
| Less unamortized debt issuance costs |
|
|
(1,556,160 |
) |
|
|
(1,653,458 |
) |
| Net amount |
|
|
62,256,677 |
|
|
|
72,763,823 |
|
| Less current portion |
|
|
(8,356,925 |
) |
|
|
(13,958,355 |
) |
| Long-term portion |
|
$ |
53,899,752 |
|
|
$ |
58,805,468 |
|
|