SHORT-TERM AND LONG-TERM DEBT

12 Months Ended

Sep. 30, 2021

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT

12. SHORT-TERM AND LONG-TERM DEBT

A summary of short-term and long-term debt as of September 30, 2021 and 2020 is as follows:

	2021		2020
Line of credit payable to bank, monthly interest at 4.99%, final payment due by June 28, 2022, guaranteed by certain directors of the Company.	$	4,500,000	$	—
Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853 interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company.		3,183,549		—
Notes payable to finance companies, due in monthly installments  totaling $70,062 at September 30, 2021 and $44,781 at September 30, 2020, including interest ranging from 0.00% to 6.03%, final payments due October 2021 through August 2026, secured by equipment.		1,066,580		1,334,566
Note payable to finance company for insurance premiums financed, due in monthly installments  totaling $272,000 in FY 2021 and $254,922 in FY 2020, including interest rate at 3.50%, final payment made November 2020.		540,250		509,843
Notes payable to bank, due in monthly installments totaling  $7,799, including interest at 4.82%, final  payment due November 2034 secured by  building and property.		919,017		967,665
Notes payable to bank, due in monthly installments totaling  $11,602, including interest at 4.25%, final  payment due November 2025 secured by  building and property, guaranteed by certain directors of the Company.		530,750		644,172
Notes payable to bank for $9.8 million in Paycheck Protection Program ("PPP") loan funds. Forgiven in FY 2021.		—		9,839,100
Notes payable to bank, due in monthly installments totaling  $98,865, including interest at 4.99%, final  payment due September 2022 secured by  equipment, guaranteed by certain directors of the Company.		872,452		1,983,911
Notes payable to bank, due in monthly installments totaling  $46,482, including interest at 5.00%, final  payment made September 2021 secured by  equipment, guaranteed by certain directors of the Company.		—		493,191
Notes payable to David Bolton and Daniel Bolton, $3.0 million discounted by $150,000, due in annual installments totaling $500,000, including interest at 3.25% on the $3.0 million note which equates to 5.35% on the carrying value of the note, final payment due December 31, 2026, unsecured		2,850,000		—
Notes payable to bank, interest at 4.25% of outstanding balance due in monthly installments between January 2021 and January 2022. Note payments due in monthly installments totaling  $68,073, including interest at 4.25%, beginning February 2022 with final  payment due September 2026, secured by  equipment, guaranteed by certain directors of the Company.		3,000,000		—
Total debt		17,462,598		15,772,448
Less current maturities		8,441,824		4,538,743
Total long term debt	$	9,020,774	$	11,233,705

During fiscal year 2021, the Company received notice that the Small Business Administration (“SBA”) had granted forgiveness of the $9.8 million of PPP borrowings and the SBA repaid the lending institution in full. The forgiveness was recorded as “other non-operating income” for the fiscal year ended September 30, 2021.

At September 30, 2021, future expected payments due on short-term and long-term debt are as follows:

2022	$	8,441,824
2023		2,152,652
2024		2,215,516
2025		2,278,581
2026		1,739,495
Thereafter		634,530
	$	17,462,598