Quarterly report pursuant to Section 13 or 15(d)

Notes Payable, Related Parties

v3.23.1
Notes Payable, Related Parties
6 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Notes Payable, Related Parties

Note 11: Notes Payable, Related Parties

Long-term debt, related parties as of March 31, 2023 and September 30, 2022 consisted of the following (in $000's):

 

 

 

March 31, 2023

 

 

September 30, 2022

 

Isaac Capital Group, LLC, 12.5% interest rate, matures May 2025

 

$

2,000

 

 

$

2,000

 

Spriggs Investments, LLC, 10% interest rate, matures July 2024

 

 

2,000

 

 

 

2,000

 

Spriggs Investments, LLC for Flooring Liquidators, 12% interest rate, matures July 2024

 

 

1,000

 

 

 

 

Isaac Capital Group, LLC revolver, 12% interest rate, matures April 2024

 

 

1,000

 

 

 

 

Isaac Capital Group, LLC for Flooring Liquidators, 12% interest rate, matures January 2028

 

 

5,000

 

 

 

 

Seller of Flooring Liquidators, 8.24% interest rate, matures January 2028

 

 

34,000

 

 

 

 

Seller of Kinetic, 7.% interest rate, matures September 2027

 

 

3,000

 

 

 

3,000

 

Total notes payable - related parties

 

 

48,000

 

 

 

7,000

 

Less: unamortized debt issuance costs

 

 

(2,325

)

 

 

 

Net amount

 

 

45,675

 

 

 

7,000

 

Less: current portion

 

 

 

 

 

(2,000

)

Total long-term portion, related parties

 

$

45,675

 

 

$

5,000

 

 

 

Twelve months ending March 31,

 

 

 

2023

 

$

 

2024

 

 

4,000

 

2025

 

 

2,000

 

2026

 

 

 

2027

 

 

3,000

 

Thereafter

 

 

39,000

 

Total future maturities of long-term debt, related parties

 

$

48,000