Long-Term Debt (Tables)
|
9 Months Ended |
Jun. 30, 2020 |
|---|
| 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
|
%
|
|
| Schedule of Long-term Debt |
Long-term debt as of June 30, 2020 and September 30, 2019 consisted of the following:
|
|
|
June 30, 2020
|
|
|
September 30, 2019
|
|
|
Bank of America Revolver Loan
|
|
$
|
—
|
|
|
$
|
13
|
|
|
Texas Capital Bank Revolver Loan
|
|
|
6,319
|
|
|
|
10,590
|
|
|
Note Payable Comvest Term Loan
|
|
|
8,845
|
|
|
|
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
|
|
|
1,439
|
|
|
|
2,057
|
|
|
Note #3 Payable to Banc of America Leasing & Capital LLC
|
|
|
1,994
|
|
|
|
2,379
|
|
|
Note #4 Payable to Banc of America Leasing & Capital LLC
|
|
|
613
|
|
|
|
731
|
|
|
Note #5 Payable to Banc of America Leasing & Capital LLC
|
|
|
2,672
|
|
|
|
3,065
|
|
|
Note #6 Payable to Banc of America Leasing & Capital LLC
|
|
|
792
|
|
|
|
891
|
|
|
Note #7 Payable to Banc of America Leasing & Capital LLC
|
|
|
4,819
|
|
|
|
—
|
|
|
Lonesome Oak equipment loans
|
|
|
3,200
|
|
|
|
—
|
|
|
Note payable to the Sellers of Lonesome Oak
|
|
|
2,344
|
|
|
|
—
|
|
|
Note Payable to Store Capital Acquisitions, LLC
|
|
|
9,251
|
|
|
|
9,274
|
|
|
Paycheck Protection Program
|
|
|
4,768
|
|
|
|
—
|
|
|
Note payable to individual, noninterest bearing, monthly payments of $19 through March 2023
|
|
|
657
|
|
|
|
—
|
|
|
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
|
|
|
58,420
|
|
|
|
57,100
|
|
|
Less unamortized debt issuance costs
|
|
|
(1,095
|
)
|
|
|
(1,384
|
)
|
|
Net amount
|
|
|
57,325
|
|
|
|
55,716
|
|
|
Less current portion
|
|
|
(18,075
|
)
|
|
|
(7,897
|
)
|
|
Long-term portion
|
|
$
|
39,250
|
|
|
$
|
47,819
|
|
|
| Schedule of Future Maturities of Long-term Debt |
Future maturities of long-term debt as of June 30, 2020, are as follows which does not include related party debt separately stated:
|
Twelve months ending June 30,
|
|
|
|
|
|
2021
|
|
$
|
18,075
|
|
|
2022
|
|
|
8,988
|
|
|
2023
|
|
|
7,410
|
|
|
2024
|
|
|
11,844
|
|
|
2025
|
|
|
1,202
|
|
|
Thereafter
|
|
|
10,901
|
|
|
Total
|
|
$
|
58,420
|
|
|
| Bank of America Revolver Loan |
|
| Summary of Bank Revolver |
The following tables summarize the BofA Revolver for the nine months ended June 30, 2020 and 2019 and as of June 30, 2020 and September 30, 2019:
|
|
|
During the nine months ended June 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Cumulative borrowing during the period
|
|
$
|
85,563
|
|
|
$
|
63,942
|
|
|
Cumulative repayment during the period
|
|
|
87,919
|
|
|
|
71,542
|
|
|
Maximum borrowed during the period
|
|
|
11,347
|
|
|
|
8,071
|
|
|
Weighted average interest for the period
|
|
|
2.87
|
%
|
|
|
4.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020
|
|
|
September 30, 2019
|
|
|
Total availability
|
|
$
|
22,455
|
|
|
$
|
14,914
|
|
|
Total outstanding
|
|
|
—
|
|
|
|
13
|
|
|
| Texas Capital Bank Revolver Loan |
|
| Summary of Bank Revolver |
The following tables summarize the TCB Revolver for the nine months ended June 30, 2020 and 2019 and as of June 30, 2020 and September 30, 2019:
|
|
|
During the nine months ended June 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Cumulative borrowing during the period
|
|
$
|
46,792
|
|
|
$
|
57,653
|
|
|
Cumulative repayment during the period
|
|
|
51,063
|
|
|
|
58,351
|
|
|
Maximum borrowed during the period
|
|
|
11,798
|
|
|
|
11,932
|
|
|
Weighted average interest for the period
|
|
|
3.59
|
%
|
|
|
4.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020
|
|
|
September 30, 2019
|
|
|
Total availability
|
|
$
|
5,681
|
|
|
$
|
1,410
|
|
|
Total outstanding
|
|
|
6,319
|
|
|
|
10,590
|
|
|