Term-loan (Details Narrative) $ in Thousands |
3 Months Ended | 9 Months Ended |
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Jun. 30, 2017
USD ($)
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Jun. 30, 2017
USD ($)
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Borrowing amount | $ 56,226,316 | $ 56,226,316 |
Interest rate credit agreement | 11.30% | |
2017 | 66 | $ 66 |
2018 | 1,224 | 1,224 |
2019 | 0 | 0 |
2020 | 1,000 | 1,000 |
2021 | 0 | 0 |
Discount fee Payable | 901,300 | 901,300 |
Finder’s fee | 1,597 | 1,597 |
Loan fees paid | 3,073,300 | 3,073,300 |
Debt discount | $ 192 | $ 192 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Interest rate credit agreement | 10.00% | |
PNC [Member] | ||
Interest rate credit agreement | 10.00% | |
Floating Base Rate [Member] | ||
Interest rate credit agreement | 9.00% | |
Revolving Credit Facility [Member] | ||
Interest rate credit agreement | 11.30% | 13.25% |
Credit agreement [Member] | Revolving Credit Facility [Member] | ||
Borrowing amount | $ 7,476,316 | $ 7,476,316 |
Closing fee | 500 | 500 |
Credit agreement [Member] | term-loans [Member] | ||
Borrowing amount | 48,750 | 48,750 |
2017 | 609 | 609 |
2018 | 5,789 | 5,789 |
2019 | 6,094 | 6,094 |
2020 | 6,398 | 6,398 |
2021 | 29,860 | 29,860 |
Closing fee | 75 | 75 |
Credit agreement [Member] | Short-term Debt [Member] | ||
Borrowing amount | $ 73,750 | 73,750 |
Principal amount | $ 48,750 | |
Revolving loans, Description |
revolving loans in a maximum amount up to the lesser of (i) $25,000,000 or (ii) an amount determined pursuant to a borrowing base that is calculated based on the outstanding amount of the Companys eligible accounts receivable, as described in the Credit Agreement. The loans under the Credit Agreement mature on March 31, 2021.
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Borrowing loan term | 4 years | |
Credit agreement [Member] | Fixed Charge Coverage Ratio [Member] | ||
Covenant ratio description |
The Company shall cause to be maintained as of the last day of each fiscal quarter, a Fixed Charge Coverage Ratio for itself and its subsidiaries on a Consolidated Basis of not less the amount set forth in the Credit Agreement, which ranges from 1.10 to 1.0 to 1.40 to 1.0. |
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Credit agreement [Member] | Senior Leverage Ratio [Member] | ||
Covenant ratio description |
The Company shall cause to be maintained as of the last day of each fiscal quarter, a Senior Leverage Ratio for itself and its subsidiaries on a Consolidated Basis of not greater than the amount set forth in the Credit Agreement for each fiscal quarter, in each case, measured on a trailing four (4) quarter basis as set in the agreement, which ranges from 4.50 to 1.0 to 1.5 to 1.0 over the term of the Credit Agreement. |
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Credit agreement [Member] | Minimum [Member] | ||
EBITDA | $ 13,000 | |
Credit agreement [Member] | Maximum [Member] | ||
EBITDA | $ 24,000 |
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- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Description of minimum financial levels (for example, tangible net worth and working capital) and achievement of certain financial ratios (for example, working capital ratio and debt service coverage ratio), and adherence to certain clauses which generally require or restrict certain actions (for example, entering into a debt arrangement with equal or greater seniority, and selling or discontinuing a certain business segment or material subsidiary) to be in compliance with the covenant clauses of the debt agreement. May also include a discussion of the adverse consequences that would result if the entity violates or fails to satisfy the covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average effective interest rate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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- Definition Amount of the total principal payments made during the annual reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Description of the terms of a credit facility arrangement. Terms typically include interest rate, collateral required, guarantees required, repayment requirements, and restrictions on use of assets and activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the current portion of a long-term real estate loan to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project (generally one to seven years), usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Carrying amount of the unpaid portion of the fee payable to the managing member or general partner for management of the fund or trust. No definition available.
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