Long-Term Debt (Tables)
|
12 Months Ended |
Sep. 30, 2021 |
|---|
| Schedule of Long-term Debt |
Notes Payable as of September 30, 2021 and 2020 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
September 30,
2021 |
|
|
September 30,
2020 |
|
Encina Business Credit Revolver Loan |
|
|
12,735 |
|
|
|
14,886 |
|
Texas Capital Bank Revolver Loan |
|
|
8,794 |
|
|
|
7,115 |
|
Crossroads Financial Revolver Loan |
|
|
— |
|
|
|
883 |
|
Encina Business Credit Term Loan |
|
|
1,319 |
|
|
|
1,663 |
|
Note Payable Comvest Term Loan |
|
|
— |
|
|
|
5,554 |
|
Note Payable to the Sellers of Vintage Stock |
|
|
4,200 |
|
|
|
10,000 |
|
Note #1 Payable to Banc of America Leasing & Capital LLC |
|
|
— |
|
|
|
1,229 |
|
Note #3 Payable to Banc of America Leasing & Capital LLC |
|
|
1,320 |
|
|
|
1,862 |
|
Note #4 Payable to Banc of America Leasing & Capital LLC |
|
|
406 |
|
|
|
572 |
|
Note #5 Payable to Banc of America Leasing & Capital LLC |
|
|
1,985 |
|
|
|
2,538 |
|
Note #6 Payable to Banc of America Leasing & Capital LLC |
|
|
618 |
|
|
|
758 |
|
Note #7 Payable to Banc of America Leasing & Capital LLC |
|
|
4,121 |
|
|
|
4,681 |
|
Note #8 Payable to Banc of America Leasing & Capital LLC |
|
|
2,943 |
|
|
|
3,091 |
|
Equipment loans |
|
|
700 |
|
|
|
2,900 |
|
Note payable to the Sellers of Precision Marshall |
|
|
2,500 |
|
|
|
2,500 |
|
Note Payable to Store Capital Acquisitions, LLC |
|
|
9,209 |
|
|
|
9,243 |
|
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 |
|
|
472 |
|
|
|
810 |
|
Note payable to individual, interest at 7% per annum, five-year notes, unsecured |
|
|
198 |
|
|
|
— |
|
Note payable RSSI/(VSSS) |
|
|
130 |
|
|
|
— |
|
Notes payable JCM Holdings |
|
|
1,833 |
|
|
|
— |
|
Total notes payable |
|
|
54,190 |
|
|
|
77,143 |
|
Less unamortized debt issuance costs |
|
|
(576 |
) |
|
|
(1,767 |
) |
Net amount |
|
|
53,614 |
|
|
|
75,376 |
|
Less current portion |
|
|
(16,055 |
) |
|
|
(11,986 |
) |
Long-term portion |
|
$ |
37,559 |
|
|
$ |
63,390 |
|
|
| Schedule of Future Maturities of Long-term Debt |
Future maturities of long-term debt at September 30, 2021 are as follows excluding related party debt:
|
|
|
|
|
Years ending September 30, |
|
|
|
2022 |
|
$ |
16,055 |
|
2023 |
|
|
21,006 |
|
2024 |
|
|
2,495 |
|
2025 |
|
|
1,607 |
|
2026 |
|
|
1,457 |
|
Thereafter |
|
|
11,570 |
|
Total |
|
$ |
54,190 |
|
|
| Schedule of Fixed Coverage Ratio |
The BofA Revolver bears interest at a variable rate based on a base rate plus a margin. The current base rate is the greatest 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 and is based on the fixed charge coverage ratio achieved. The 30-day LIBOR rate has been extended by regulators for use through June 30, 2023. 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.
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|
|
|
|
|
|
|
|
|
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, 2021 and 2020, respectively (in 000's):
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
Cumulative borrowing during the period |
|
$ |
135,035 |
|
|
$ |
121,924 |
|
Cumulative repayment during the period |
|
|
134,843 |
|
|
|
123,073 |
|
Maximum borrowed during the period |
|
|
— |
|
|
|
11,347 |
|
Weighted average interest for the period |
|
|
0.00 |
% |
|
|
3.14 |
% |
|
|
|
|
|
|
|
|
|
As of September 30, |
|
|
|
2021 |
|
|
2020 |
|
Total availability |
|
$ |
23,321 |
|
|
$ |
21,732 |
|
Total outstanding |
|
|
— |
|
|
|
— |
|
|
| Encina Revolver Loans |
|
| Summary of Bank Revolver |
The following tables summarize the Encina Revolver Loans as of and for the year ended September 30, 2021 (in 000's):
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
Cumulative borrowing during the period |
|
$ |
47,008 |
|
|
$ |
22,008 |
|
Cumulative repayment during the period |
|
|
49,159 |
|
|
|
7,203 |
|
Maximum borrowed during the period |
|
|
1,400 |
|
|
|
14,920 |
|
Weighted average interest for the period |
|
|
6.50 |
% |
|
|
6.50 |
% |
|
|
|
|
|
|
|
|
|
As of September 30, |
|
|
|
2021 |
|
|
2020 |
|
Total availability |
|
$ |
3,590 |
|
|
$ |
421 |
|
Total outstanding |
|
|
12,735 |
|
|
|
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, 2021 and September 30, 2020 (in 000's):
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
Cumulative borrowing during the period |
|
$ |
90,650 |
|
|
$ |
66,362 |
|
Cumulative repayment during the period |
|
|
88,971 |
|
|
|
69,837 |
|
Maximum borrowed during the period |
|
|
8,930 |
|
|
|
11,799 |
|
Weighted average interest for the period |
|
|
2.43 |
% |
|
|
3.29 |
% |
|
|
|
|
|
|
|
|
|
As of September 30, |
|
|
|
2021 |
|
|
2020 |
|
Total availability |
|
$ |
3,206 |
|
|
$ |
5,520 |
|
Total outstanding |
|
|
8,794 |
|
|
|
7,115 |
|
|