| Schedule of Long-term Debt |
Long-term debt as of September 30, 2025 and 2024 consisted of the following (in $000’s):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2025 |
|
September 30,
2024 |
| Revolver loans |
$ |
48,713 |
|
|
$ |
60,199 |
|
| Equipment loans |
9,617 |
|
|
13,346 |
|
| Term loans |
8,749 |
|
|
10,465 |
|
Other long-term debt |
11,509 |
|
|
15,227 |
|
Total long-term debt |
78,588 |
|
|
99,237 |
|
| Less: unamortized debt issuance costs |
(426) |
|
|
(427) |
|
| Net amount |
78,162 |
|
|
98,810 |
|
| Less: current portion |
(36,282) |
|
|
(43,816) |
|
Total long-term debt, net of current portion |
$ |
41,880 |
|
|
$ |
54,994 |
|
Seller notes as of September 30, 2025 and 2024 consisted of the following (in $000’s):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2025 |
|
September 30,
2024 |
Seller of PMW, 8.0% interest rate, matures July 2028 |
$ |
— |
|
|
$ |
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 |
1,031 |
|
|
1,100 |
|
Seller of Flooring Liquidators, 8.24% interest rate, matures January 2028 |
— |
|
|
34,000 |
|
Seller of Flooring Liquidators, 8.24% interest rate, matures February 2028 |
15,000 |
|
|
— |
|
| Total Seller notes payable - related parties |
19,031 |
|
|
40,600 |
|
| Unamortized debt premium (discount) |
(811) |
|
|
2,261 |
|
| Net amount |
18,220 |
|
|
42,861 |
|
| Less current portion |
(275) |
|
|
(2,500) |
|
| Long-term portion of Seller notes - related parties |
$ |
17,945 |
|
|
$ |
40,361 |
|
|
| Schedule of Future Maturities of Long-term Debt |
Future maturities of long-term debt at September 30, 2025 are as follows excluding related party debt (in $000’s):
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|
|
|
|
|
| Years ending September 30, |
|
| 2026 |
$ |
36,282 |
|
| 2027 |
30,147 |
|
| 2028 |
1,179 |
|
| 2029 |
1,214 |
|
| 2030 |
1,061 |
|
| Thereafter |
8,279 |
|
| Total |
$ |
78,162 |
|
Future maturities of seller notes at September 30, 2025 are as follows (in $000’s):
|
|
|
|
|
|
| Years ending September 30, |
|
| 2026 |
$ |
275 |
|
| 2027 |
3,275 |
|
| 2028 |
14,464 |
|
| 2029 |
206 |
|
|
|
|
|
| Total |
$ |
18,220 |
|
|
| Schedule of Bank Revolver |
The following tables summarize the BofA Revolver for the years ended and as of September 30, 2025 and 2024, respectively (in $000’s):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2025 |
|
2024 |
| Cumulative borrowing during the period |
$ |
119,175 |
|
|
$ |
140,810 |
|
| Cumulative repayment during the period |
124,980 |
|
|
129,298 |
|
| Maximum borrowed during the period |
22,869 |
|
|
18,776 |
|
| Weighted average interest for the period |
6.87 |
% |
|
7.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2025 |
|
2024 |
| Total availability |
$ |
11,052 |
|
|
$ |
7,298 |
|
| Total outstanding |
11,809 |
|
|
17,614 |
|
The following tables summarize the Precision Marshall Fifth Third Bank Revolver Loan as of and for the years ended September 30, 2025 and 2024 (in $000’s):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2025 |
|
2024 |
| Cumulative borrowing during the period |
$ |
85,621 |
|
|
$ |
66,134 |
|
| Cumulative repayment during the period |
83,954 |
|
|
71,017 |
|
| Maximum borrowed during the period |
1,200 |
|
|
1,700 |
|
| Weighted average interest for the period |
7.37 |
% |
|
8.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2025 |
|
2024 |
| Total availability |
$ |
6,767 |
|
|
$ |
6,508 |
|
| Total outstanding |
22,986 |
|
|
21,319 |
|
The following tables summarize the Eclipse Revolver as of and for the years ended September 30, 2025 and 2024 (in $000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2025 |
|
2024 |
| Cumulative borrowing during the period |
$ |
130,564 |
|
|
$ |
138,632 |
|
| Cumulative repayment during the period |
133,141 |
|
|
137,587 |
|
| Maximum borrowed during the period |
10,656 |
|
|
10,700 |
|
| Weighted average interest for the period |
10.67 |
% |
|
11.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2025 |
|
2024 |
| Total availability |
$ |
1,178 |
|
|
$ |
960 |
|
| Total outstanding |
6,700 |
|
|
9,276 |
|
The following tables summarize the PMW Fifth-Third Bank Revolver as of and for the years ended September 30, 2025 and 2024 (in $000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2025 |
|
2024 |
| Cumulative borrowing during the period |
$ |
52,999 |
|
|
$ |
72,501 |
|
| Cumulative repayment during the period |
55,891 |
|
|
73,364 |
|
| Maximum borrowed during the period |
11,164 |
|
|
13,318 |
|
| Weighted average interest for the period |
7.75 |
% |
|
8.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2025 |
|
2024 |
| Total availability |
$ |
728 |
|
|
$ |
1,078 |
|
| Total outstanding |
7,220 |
|
|
10,112 |
|
The following tables summarize the Bank Midwest Revolver as of and for the years ended September 30, 2025 and 2024 (in $000's):
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|
|
|
|
|
|
|
|
|
|
|
|
During the year ended September 30, |
|
2025 |
|
2024 |
| Cumulative borrowing during the period |
$ |
6,846 |
|
|
$ |
32,560 |
|
| Cumulative repayment during the period |
$ |
8,724 |
|
|
$ |
30,682 |
|
| Maximum borrowed during the period |
$ |
4,106 |
|
|
$ |
9,778 |
|
| Weighted average interest for the period |
6.77 |
% |
|
7.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
2025 |
|
2024 |
| Total availability |
$ |
9,186 |
|
|
$ |
10,423 |
|
| Total outstanding |
$ |
— |
|
|
$ |
1,878 |
|
|