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Long-Term Debt
12 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Long-Term Debt

12. Long-Term Debt

The Company had no long-term debt outstanding at September 30, 2018 and 2017.

On March 2, 2011, the Company entered into a credit agreement with Frost Bank (the “Original Credit Agreement”).  The Original Credit Agreement has been amended periodically since 2011 (as so amended, the “Credit Agreement”).  Under the Credit Agreement, which expires on April 30, 2019, the Company can borrow up to $30.0 million with amounts available for borrowing determined by a borrowing base.  The borrowing base is determined based upon certain of the Company’s assets which include (i) 80% of certain accounts receivable plus (ii) 50% of certain notes receivable (such result not to exceed $10 million) plus (iii) 25% of certain inventories (such result not to exceed $20 million) and requires the Company to maintain unencumbered liquid assets of $10 million. Subject to the borrowing base calculation, as of September 30, 2018, the amount available for borrowing was $21.5 million after consideration of $0.3 million of outstanding letters of credit.  The Company’s domestic subsidiaries have guaranteed the obligations of the Company under the Credit Agreement and such subsidiaries have secured their obligations under such guarantees by the pledge of substantially all of the assets of such subsidiaries, except real property assets.  The Company is required to make monthly interest payments on borrowed funds.  The Credit Agreement limits the incurrence of additional indebtedness and contains other covenants customary in agreements of this type.  The interest rate for borrowings under the Credit Agreement is based on the Wall Street Journal prime rate, which was 5.25% at September 30, 2018.  At September 30, 2018, the Company was in compliance with all covenants under the Credit Agreement.  On November 8, 2018, the Company further amended the Credit Agreement to extend its expiration date to April 30, 2020.