Quarterly report pursuant to Section 13 or 15(d)

8. Long-Term Debt (Tables)

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8. Long-Term Debt (Tables)
6 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of credit line debt

Long-term debt as of March 31, 2019 and September 30, 2018 consisted of the following:

 

    March 31,     September 30,  
    2019     2018  
Bank of America Revolver Loan - variable interest rate based upon a base rate plus a margin, interest payable monthly, maturity date July 2020, secured by substantially all Marquis assets   $ 4,220,827     $ 7,600,605  
Texas Capital Bank Revolver Loan - variable interest rate based upon the one-month LIBOR rate plus a margin, interest payable monthly, maturity date November 2020, secured by substantially all Vintage Stock assets and common stock     10,641,326       11,892,595  
Crossroads Financial Revolver Loan - variable interest rate based upon the three-month LIBOR rate plus a margin, interest payable monthly, maturity date March 2021, secured by substantially all ApplianceSmart assets     2,115,050        
Note Payable Comvest Term Loan - variable interest rate based upon LIBOR rate plus a margin, interest payable monthly in cash, principal due quarterly March 31, June 30, September 30, December 31, subject to a variable amortization of principal, maturity date May 26, 2023 note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets     18,763,031       22,500,000  
Note Payable to the Sellers of Vintage Stock, interest at 8% per annum, with interest payable monthly, amended maturity date of September 6, 2023, note subordinate to both Texas Capital Bank Revolver and Capitala Term Loan, secured by Vintage Stock Assets     10,000,000       10,000,000  
Note #1 Payable to Banc of America Leasing & Capital LLC - interest at 3.8905% per annum, with interest and principal payable monthly in the amount of $84,273 for 59 months, beginning September 23,  2016, with a final payment due in the amount of $584,273, maturity date September 2021, secured by equipment     2,458,846       3,230,555  
Note #2 Payable to Banc of America Leasing & Capital LLC - interest at 4.63% per annum, with interest and principal payable monthly  in the amount of $34,768 for 59 months, beginning January 30, 2017, with a final payment due in the amount of $476,729, maturity date January 2022, secured by equipment           1,636,940  
Note #3 Payable to Banc of America Leasing & Capital LLC - interest at 4.7985% per annum with interest and principal payable monthly  in the amount of $51,658 for 84 months, beginning January 30, 2017, secured by equipment.     2,628,379       2,871,849  
Note #4 Payable to Banc of America Leasing & Capital LLC - interest at 4.8907% per annum, with interest and principal payable monthly in the amount of $15,901 for 81 months, beginning April 30, 2017, secured by equipment.     807,339       881,937  
Note #5 Payable to Banc of America Leasing & Capital LLC - interest at 4.67% per annum, with interest and principal payable monthly in the amount of $54,943 for 84 months, beginning January 28, 2018, secured by equipment.     3,320,022       3,568,925  
Note Payable to Store Capital Acquisitions, LLC, - interest at 9.25% per annum, with interest and principal payable monthly in the amount of $73,970 for 480 months, beginning July 1, 2016, maturity date of June 2056, secured by Marquis land and buildings     9,288,493       9,302,346  
Note payable to individual, interest at 11% per annum, payable on a 90 day written notice, unsecured     206,529       206,529  
Note payable to individual, interest at 10% per annum, payable on a 90 day written notice, unsecured     500,000       500,000  
Note payable to individual, interest at 8.5% per annum, payable on a 120 day written demand notice, unsecured     225,000       225,000  
Total notes payable     65,174,842       74,417,281  
Less unamortized debt issuance costs     (1,578,627 )     (1,653,458 )
Net amount     63,596,215       72,763,823  
Less current portion     (12,284,002 )     (13,958,355 )
Long-term portion   $ 51,312,213     $ 58,805,468  

Future maturities of debt

Future maturities of long-term debt at March 31, 2019 are as follows which does not include related party debt separately stated:

 

Years ending March 31,        
  2020     $ 12,284,002  
  2021       15,749,991  
  2022       5,130,673  
  2023       4,393,814  
  2024       18,022,902  
  Thereafter       9,593,460  
  Total     $ 65,174,842