| Schedule of Long-term debt, related parties |
Notes payable, related parties as of June
30, 2019 and September 30, 2018 consisted of the following:
| |
|
June 30, |
|
|
September 30, |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
| Note Payable and revolving line of credit to the Sellers of ApplianceSmart, Inc., interest rate is 5% per annum, with interest payable monthly, maturity date April 1, 2021, accrued interest and principal all due at maturity. ApplianceSmart may reborrow funds up to the Original Principal amount during the term of the note. |
|
$ |
2,752,632 |
|
|
$ |
3,821,507 |
|
| Note Payable to Isaac Capital Fund, interest rate is 12.5% per annum, with interest payable monthly, maturity date January 2021. |
|
|
2,000,000 |
|
|
|
2,000,000 |
|
| Total notes payable - related parties |
|
|
4,752,632 |
|
|
|
5,821,507 |
|
| Less unamortized debt issuance costs |
|
|
– |
|
|
|
– |
|
| Net amount |
|
|
4,752,632 |
|
|
|
5,821,507 |
|
| Less current portion |
|
|
– |
|
|
|
(391,949 |
) |
| Long-term portion |
|
$ |
4,752,632 |
|
|
$ |
5,429,558 |
|
|
| Future maturities of long term debt related party |
Future maturities of notes payable, related parties at June
30, 2019 are as follows:
| Years ending June 30, |
|
|
|
| 2020 |
|
$ |
– |
|
| 2021 |
|
|
4,752,632 |
|
| 2022 |
|
|
– |
|
| 2023 |
|
|
– |
|
| 2024 |
|
|
– |
|
| Thereafter |
|
|
– |
|
| Total |
|
$ |
4,752,632 |
|
|