Quarterly report pursuant to Section 13 or 15(d)

9. Notes payable, related parties (Tables)

v3.19.1
9. Notes payable, related parties (Tables)
6 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term debt, related parties

Notes payable, related parties as of March 31, 2019 and September 30, 2018 consisted of the following:

 

    March 31,     September 30,  
    2019     2018  
             
Note Payable and revolving line of credit to the Sellers of ApplianceSmart, Inc., interest rate is 5% per annum, with interest payable monthly, maturity date April 1, 2021, accrued interest and principal all due at maturity. ApplianceSmart may reborrow funds up to the Original Principal amount during the term of the note.   $ 3,721,507     $ 3,821,507  
                 
Note Payable to Isaac Capital Fund, interest rate is 12.5% per annum, with interest payable monthly, maturity date January 2021.     2,000,000       2,000,000  
Total notes payable - related parties     5,721,507       5,821,507  
Less unamortized debt issuance costs            
Net amount     5,721,507       5,821,507  
Less current portion           (391,949 )
Long-term portion   $ 5,721,507     $ 5,429,558  
Future maturities of long term debt related party

Future maturities of notes payable, related parties at March 31, 2019 are as follows:

 

Years ending March 31,        
  2020     $  
  2021       2,000,000  
  2022       3,721,507  
  2023        
  2024        
  Thereafter        
  Total     $ 5,721,507