| Schedule of Long-term Debt |
Long-term debt as of September 30, 2024 and 2023 consisted of the following (in $000’s):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2024 |
|
September 30,
2023 |
| Revolver loans |
$ |
60,199 |
|
|
$ |
56,779 |
|
| Equipment loans |
13,346 |
|
|
15,486 |
|
| Term loans |
10,465 |
|
|
14,290 |
|
Other long-term debt |
15,227 |
|
|
15,789 |
|
Total long-term debt |
99,237 |
|
|
102,344 |
|
| Less: unamortized debt issuance costs |
(427) |
|
|
(557) |
|
| Net amount |
98,810 |
|
|
101,787 |
|
| Less: current portion |
(43,816) |
|
|
(23,077) |
|
Total long-term debt, net of current portion |
$ |
54,994 |
|
|
$ |
78,710 |
|
Seller notes as of September 30, 2024 and 2023 consisted of the following (in $000’s):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2024 |
|
September 30,
2023 |
Seller of Flooring Liquidators, 8.24% interest rate, matures January 2028 |
$ |
34,000 |
|
|
$ |
34,000 |
|
Seller of PMW, 8.0% interest rate, matures July 2028 |
2,500 |
|
|
2,500 |
|
Seller of Kinetic, 7.0% interest rate, matures September 2027 |
3,000 |
|
|
3,000 |
|
Seller of Central Steel, 8.0% interest rate, matures May 2029 |
1,100 |
|
|
— |
|
| Total Seller notes payable - related parties |
40,600 |
|
|
39,500 |
|
| Unamortized debt premium (discount) |
2,261 |
|
|
(502) |
|
| Net amount |
42,861 |
|
|
38,998 |
|
| Less current portion |
(2,500) |
|
|
— |
|
| Long-term portion of Seller notes - related parties |
$ |
40,361 |
|
|
$ |
38,998 |
|
|
| Schedule of Future Maturities of Long-term Debt |
Future maturities of long-term debt at September 30, 2024 are as follows excluding related party debt (in $000’s):
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|
|
|
|
|
| Years ending September 30, |
|
| 2025 |
$ |
43,816 |
|
| 2026 |
15,012 |
|
| 2027 |
28,122 |
|
| 2028 |
1,362 |
|
| 2029 |
1,229 |
|
| Thereafter |
9,269 |
|
| Total |
$ |
98,810 |
|
Future maturities of seller notes at September 30, 2024 are as follows (in $000’s):
|
|
|
|
|
|
| Years ending September 30, |
|
| 2025 |
$ |
2,500 |
|
|
|
| 2027 |
3,000 |
|
| 2028 |
36,261 |
|
| 2029 |
1,100 |
|
|
|
| Total |
$ |
42,861 |
|
|
| Schedule of Bank Revolver |
The following tables summarize the BofA Revolver for the years ended and as of September 30, 2024 and 2023, respectively (in $000’s):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2024 |
|
2023 |
| Cumulative borrowing during the period |
$ |
140,810 |
|
|
$ |
118,865 |
|
| Cumulative repayment during the period |
129,298 |
|
|
122,907 |
|
| Maximum borrowed during the period |
18,776 |
|
|
12,648 |
|
| Weighted average interest for the period |
7.87 |
% |
|
6.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2024 |
|
2023 |
| Total availability |
$ |
7,298 |
|
|
$ |
14,904 |
|
| Total outstanding |
17,614 |
|
|
6,101 |
|
The following tables summarize the Precision Marshall Fifth Third Bank Revolver Loan as of and for the years ended September 30, 2024 and 2023 (in $000’s):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2024 |
|
2023 |
| Cumulative borrowing during the period |
$ |
66,134 |
|
|
$ |
72,336 |
|
| Cumulative repayment during the period |
71,017 |
|
|
69,707 |
|
| Maximum borrowed during the period |
1,700 |
|
|
1,700 |
|
| Weighted average interest for the period |
8.46 |
% |
|
7.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2024 |
|
2023 |
| Total availability |
$ |
6,508 |
|
|
$ |
5,959 |
|
| Total outstanding |
21,319 |
|
|
26,202 |
|
The following tables summarize the TCB Revolver as of and for the years ended September 30, 2024 and 2023 (in $000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2024 |
|
2023 |
| Cumulative borrowing during the period |
$ |
4,889 |
|
|
$ |
73,074 |
|
| Cumulative repayment during the period |
10,159 |
|
|
77,195 |
|
| Maximum borrowed during the period |
9,048 |
|
|
11,146 |
|
| Weighted average interest for the period |
7.57 |
% |
|
7.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2024 |
|
2023 |
| Total availability |
$ |
— |
|
|
$ |
6,526 |
|
| Total outstanding |
— |
|
|
5,270 |
|
The following tables summarize the Eclipse Revolver as of and for the years ended September 30, 2024 and 2023 (in $000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2024 |
|
2023 |
| Cumulative borrowing during the period |
$ |
138,632 |
|
|
$ |
41,545 |
|
| Cumulative repayment during the period |
137,587 |
|
|
46,710 |
|
| Maximum borrowed during the period |
10,700 |
|
|
13,396 |
|
| Weighted average interest for the period |
11.72 |
% |
|
9.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2024 |
|
2023 |
| Total availability |
$ |
960 |
|
|
$ |
1,558 |
|
| Total outstanding |
9,276 |
|
|
8,230 |
|
The following tables summarize the PMW Fifth-Third Bank Revolver as of and for the years ended September 30, 2024 and 2023 (in $000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2024 |
|
2023 |
| Cumulative borrowing during the period |
$ |
72,501 |
|
|
$ |
16,294 |
|
| Cumulative repayment during the period |
73,364 |
|
|
14,258 |
|
| Maximum borrowed during the period |
13,318 |
|
|
13,327 |
|
| Weighted average interest for the period |
8.50 |
% |
|
8.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2024 |
|
2023 |
| Total availability |
$ |
1,078 |
|
|
$ |
3,818 |
|
| Total outstanding |
10,112 |
|
|
10,975 |
|
The following tables summarize the Bank Midwest Revolver as of and for the years ended September 30, 2024 and 2023 (in $000's):
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|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2024 |
|
2023 |
| Cumulative borrowing during the period |
$ |
32,560 |
|
|
$ |
— |
|
| Cumulative repayment during the period |
$ |
30,682 |
|
|
$ |
— |
|
| Maximum borrowed during the period |
$ |
9,778 |
|
|
$ |
— |
|
| Weighted average interest for the period |
7.70 |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2024 |
|
2023 |
| Total availability |
$ |
10,423 |
|
|
$ |
— |
|
| Total outstanding |
$ |
1,878 |
|
|
$ |
— |
|
|