Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.20.4
Long-Term Debt (Tables)
12 Months Ended
Sep. 30, 2020
Schedule of Long-term Debt

Notes Payable as of September 30, 2020 and 2019 consisted of the following:

 

 

 

September 30,

2020

 

 

September 30,

2019

 

Bank of America Revolver Loan

 

$

 

 

$

13

 

Encina Business Credit Revolver Loan

 

 

14,886

 

 

 

 

Texas Capital Bank Revolver Loan

 

 

7,115

 

 

 

10,590

 

Crossroads Financial Revolver Loan

 

 

883

 

 

 

1,981

 

Encina Business Credit Term Loan

 

 

1,663

 

 

 

 

Note Payable Comvest Term Loan

 

 

5,554

 

 

 

15,412

 

Note Payable to the Sellers of Vintage Stock

 

 

10,000

 

 

 

10,000

 

Note #1 Payable to Banc of America Leasing & Capital LLC

 

 

1,229

 

 

 

2,057

 

Note #3 Payable to Banc of America Leasing & Capital LLC

 

 

1,862

 

 

 

2,379

 

Note #4 Payable to Banc of America Leasing & Capital LLC

 

 

572

 

 

 

731

 

Note #5 Payable to Banc of America Leasing & Capital LLC

 

 

2,538

 

 

 

3,065

 

Note #6 Payable to Banc of America Leasing & Capital LLC

 

 

758

 

 

 

891

 

Note #7 Payable to Banc of America Leasing & Capital LLC

 

 

4,681

 

 

 

 

Note #8 Payable to Banc of America Leasing & Capital LLC

 

 

3,091

 

 

 

 

Equipment loans

 

 

2,900

 

 

 

 

Note payable to the Sellers of Precision Marshall

 

 

2,500

 

 

 

 

Note Payable to Store Capital Acquisitions, LLC

 

 

9,243

 

 

 

9,274

 

Payroll Protection Program

 

 

6,151

 

 

 

 

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

 

Note payable to individual, noninterest bearing, monthly payments of $19 through March 2023, unsecured

 

 

810

 

 

 

 

Total notes payable

 

 

77,143

 

 

 

57,100

 

Less unamortized debt issuance costs

 

 

(1,767

)

 

 

(1,384

)

Net amount

 

 

75,376

 

 

 

55,716

 

Less current portion

 

 

(11,986

)

 

 

(7,897

)

Long-term portion

 

$

63,390

 

 

$

47,819

 

 

Schedule of Future Maturities of Long-term Debt

Future maturities of long-term debt at September 30, 2020 are as follows excluding related party debt:

 

Years ending September 30,

 

 

 

 

2021

 

$

11,986

 

2022

 

 

13,678

 

2023

 

 

36,218

 

2024

 

 

2,256

 

2025

 

 

1,308

 

Thereafter

 

 

11,697

 

Total

 

$

77,143

 

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

%

 

Bank of America Revolver Loan  
Summary of Bank Revolver

The following tables summarize the BofA Revolver for the years ended and as of September 30, 2020 and 2019:

 

 

 

During the year ended September 30,

 

 

 

2020

 

 

2019

 

Cumulative borrowing during the period

 

$

121,924

 

 

$

87,771

 

Cumulative repayment during the period

 

 

123,073

 

 

 

95,358

 

Maximum borrowed during the period

 

 

11,347

 

 

 

8,071

 

Weighted average interest for the period

 

 

3.14

%

 

 

4.20

%

 

 

 

 

 

 

 

 

 

 

 

As of September 30,

 

 

 

2020

 

 

2019

 

Total availability

 

$

21,732

 

 

$

14,914

 

Total outstanding

 

 

 

 

 

13

 

Encina Revolver Loans  
Summary of Bank Revolver

The following tables summarize the Encina Revolver Loans for the period of July 14, 2020 to September 30, 2020 and as of September 30, 2020:

 

During the period of July 14, 2020 through September 30, 2020

 

 

 

 

Cumulative borrowing during the period

 

$

22,088

 

Cumulative repayment during the period

 

 

7,203

 

Maximum borrowed during the period

 

 

14,920

 

Weighted average interest for the period

 

 

6.50

%

 

 

 

 

 

 

 

 

 

 

As of September 30, 2020

 

 

 

 

Total availability

 

$

421

 

Total outstanding

 

 

14,886

 

Texas Capital Bank Revolver Loan  
Summary of Bank Revolver

The following tables summarize the TCB Revolver for the years ended and as of  September 30, 2020 and September 30, 2019:

 

 

 

During the year ended September 30,

 

 

 

2020

 

 

2019

 

Cumulative borrowing during the period

 

$

66,362

 

 

$

74,356

 

Cumulative repayment during the period

 

 

69,837

 

 

 

75,648

 

Maximum borrowed during the period

 

 

11,799

 

 

 

11,932

 

Weighted average interest for the period

 

 

3.29

%

 

 

4.55

%

 

 

 

 

 

 

 

 

 

 

 

As of September 30,

 

 

 

2020

 

 

2019

 

Total availability

 

$

5,520

 

 

$

1,410

 

Total outstanding

 

 

7,115

 

 

 

10,590