Long-Term Debt (Tables)
|
3 Months Ended |
Dec. 31, 2019 |
|---|
| Schedule of Fixed Coverage Ratio |
The BofA Revolver Loan bears interest at a variable rate based on a base rate plus a margin. The current base rate is the greater of (i) Bank of America prime rate, (ii) the current federal funds rate plus 0.50%, or (iii) 30-day LIBOR plus 1.00% plus the margin, which varies, depending on the fixed coverage ratio table below. Levels I – V determine the interest rate to be charged Marquis which is based on the fixed charge coverage ratio achieved. The Level V interest rate is adjusted up or down on a quarterly basis going forward based upon the above fixed coverage ratio achieved by Marquis.
|
Level
|
|
Fixed Charge Coverage Ratio
|
|
Base Rate
Revolver
|
|
|
LIBOR
Revolver
|
|
|
I
|
|
<1.20 to 1.00
|
|
|
1.25
|
%
|
|
|
2.25
|
%
|
|
II
|
|
>1.20 to 1.00 but <1.50 to 1.00
|
|
|
1.00
|
%
|
|
|
2.00
|
%
|
|
III
|
|
>1.50 to 1.00 but <1.75 to 1.00
|
|
|
0.75
|
%
|
|
|
1.75
|
%
|
|
IV
|
|
>1.75 to 1.00 but >2.00 to 1.00
|
|
|
0.50
|
%
|
|
|
1.50
|
%
|
|
V
|
|
>2.00 to 1.00
|
|
|
0.25
|
%
|
|
|
1.25
|
%
|
|
| Summary of Maximum Senior Leverage Ratio Required to Maintain for Vintage Stock |
Vintage Stock is required to maintain a declining maximum senior leverage ratio on a trailing twelve-month basis as follows:
|
December 31, 2018
|
|
2.65 : 1.00
|
|
March 31, 2019
|
|
2.60 : 1.00
|
|
June 30, 2019
|
|
2.40 : 1.00
|
|
September 30, 2019
|
|
2.40 : 1.00
|
|
December 31, 2019
|
|
2.40 : 1.00
|
|
March 31, 2020
|
|
2.20 : 1.00
|
|
June 30, 2020
|
|
2.10 : 1.00
|
|
September 30, 2020
|
|
2.05 : 1.00
|
|
December 31, 2020
|
|
1.85 : 1.00
|
|
March 31, 2021
|
|
1.60 : 1.00
|
|
June 30, 2021 and thereafter
|
|
1.55 : 1.00
|
|
| Summary of Minimum Fixed Charge Ratio Required to Maintain for Vintage Stock |
Vintage Stock is required to maintain on a trailing twelve-month basis a minimum fixed charge ratio of no less than the following:
|
June 30, 2018
|
|
1.30 : 1.00
|
|
September 30, 2018
|
|
1.30 : 1.00
|
|
December 31, 2018
|
|
1.30 : 1.00
|
|
March 31, 2019
|
|
1.10 : 1.00
|
|
June 30, 2019
|
|
1.30 : 1.00
|
|
September 30, 2019
|
|
1.30 : 1.00
|
|
December 31, 2019
|
|
1.30 : 1.00
|
|
March 31, 2020 and thereafter
|
|
1.40 : 1.00
|
|
| Schedule of Long-term Debt |
Long-term debt as of December 31, 2019 and September 30, 2019 consisted of the following:
|
|
|
December 31,
2019
|
|
|
September 30,
2019
|
|
|
Bank of America Revolver Loan
|
|
$
|
541
|
|
|
$
|
13
|
|
|
Texas Capital Bank Revolver Loan
|
|
|
9,507
|
|
|
|
10,590
|
|
|
Note Payable Comvest Term Loan
|
|
|
13,909
|
|
|
|
15,412
|
|
|
Note Payable to the Sellers of Vintage Stock
|
|
|
10,000
|
|
|
|
10,000
|
|
|
Crossroads Financial Revolver Loan
|
|
|
—
|
|
|
|
1,981
|
|
|
Note #1 Payable to Banc of America Leasing & Capital LLC
|
|
|
1,853
|
|
|
|
2,057
|
|
|
Note #3 Payable to Banc of America Leasing & Capital LLC
|
|
|
2,252
|
|
|
|
2,379
|
|
|
Note #4 Payable to Banc of America Leasing & Capital LLC
|
|
|
692
|
|
|
|
731
|
|
|
Note #5 Payable to Banc of America Leasing & Capital LLC
|
|
|
2,936
|
|
|
|
3,065
|
|
|
Note #6 Payable to Banc of America Leasing & Capital LLC
|
|
|
859
|
|
|
|
891
|
|
|
Note Payable to Store Capital Acquisitions, LLC
|
|
|
9,266
|
|
|
|
9,274
|
|
|
Note payable to individual, interest at 11% per annum, payable on a 90 day written notice,
unsecured
|
|
|
207
|
|
|
|
207
|
|
|
Note payable to individual, interest at 10% per annum, payable on a 90 day written notice,
unsecured
|
|
|
500
|
|
|
|
500
|
|
|
Total notes payable
|
|
|
52,522
|
|
|
|
57,100
|
|
|
Less unamortized debt issuance costs
|
|
|
(1,263
|
)
|
|
|
(1,384
|
)
|
|
Net amount
|
|
|
51,259
|
|
|
|
55,716
|
|
|
Less current portion
|
|
|
(15,989
|
)
|
|
|
(7,897
|
)
|
|
Long-term portion
|
|
$
|
35,270
|
|
|
$
|
47,819
|
|
|
| Schedule of Future Maturities of Long-term Debt |
Future maturities of long-term debt at December 31, 2019, are as follows which does not include related party debt separately stated:
|
Twelve months ending December 31,
|
|
|
|
|
|
2020
|
|
$
|
15,989
|
|
|
2021
|
|
|
5,831
|
|
|
2022
|
|
|
4,862
|
|
|
2023
|
|
|
15,800
|
|
|
2024
|
|
|
966
|
|
|
Thereafter
|
|
|
9,074
|
|
|
Total
|
|
$
|
52,522
|
|
|
| Bank of America Revolver Loan |
|
| Summary of Bank Revolver |
The following tables summarize the BofA Revolver for the three months ended December 31, 2019 and 2018 and as of December 31, 2019 and September 30, 2019:
|
|
|
During the three months ended December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Cumulative borrowing during the period
|
|
$
|
24,344
|
|
|
$
|
22,723
|
|
|
Cumulative repayment during the period
|
|
|
23,817
|
|
|
|
28,013
|
|
|
Maximum borrowed during the period
|
|
|
2,083
|
|
|
|
8,071
|
|
|
Weighted average interest for the period
|
|
|
3.66
|
%
|
|
|
4.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019
|
|
|
September 30, 2019
|
|
|
Total availability
|
|
$
|
14,387
|
|
|
$
|
14,914
|
|
|
Total outstanding
|
|
|
541
|
|
|
|
13
|
|
|
| Texas Capital Bank Revolver Loan |
|
| Summary of Bank Revolver |
The following tables summarize the TCB Revolver for the three months ended December 31, 2019 and 2018 and as of December 31, 2019 and September 30, 2019:
|
|
|
During the three months ended December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Cumulative borrowing during the period
|
|
$
|
18,626
|
|
|
$
|
19,320
|
|
|
Cumulative repayment during the period
|
|
|
19,709
|
|
|
|
21,376
|
|
|
Maximum borrowed during the period
|
|
|
11,798
|
|
|
|
16,078
|
|
|
Weighted average interest for the period
|
|
|
4.13
|
%
|
|
|
4.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019
|
|
|
September 30, 2019
|
|
|
Total availability
|
|
$
|
2,493
|
|
|
$
|
1,410
|
|
|
Total outstanding
|
|
|
9,507
|
|
|
|
10,590
|
|
|