Schedule of short-term and long-term debt |
| | | | | | | | | March 31, 2024 | | September 30, 2023 | Line of credit payable to bank, monthly interest with variable rate of 8.5% at March 31, 2024, final payment due by June 28, 2024, guaranteed by certain directors of the Company. | | $ | 12,300,000 | | $ | 8,712,915 | | | | | | | | Note payable to bank, due in monthly installments totaling $202,000, including fixed interest at 7.25%, final payment due June 2028, secured by equipment, guaranteed by certain directors of the Company. | | | 8,712,104 | | | 8,487,085 | | | | | | | | Paycheck Protection Program loans from Small Business Administration, 1.0% simple interest, initially forgiven in the fiscal year ended September 30, 2021. Final forgiveness decision has not been determined. | | | 10,234,492 | | | 10,184,320 | | | | | | | | Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853 with fixed interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company. | | | 1,494,290 | | | 1,790,051 | | | | | | | | Notes payable to finance companies, due in monthly installments totaling $76,600 at March 31, 2024 and $50,000 at September 30, 2023, including interest ranging from 0.00% to 6.0%, final payments due April 2024 through August 2026, secured by equipment. | | | 1,893,373 | | | 1,290,148 | | | | | | | | Note payable to finance company for insurance premiums financed, due in monthly installments totaling $327,000 in calendar year 2023 and $282,000 in calendar year 2022, including interest rate at 6.70%, final payment due December 2023. | | | — | | | 950,235 | | | | | | | | Notes payable to bank, due in monthly installments totaling $7,848, including interest at 4.82%, final payment due November 2034 secured by building and property. | | | 787,329 | | | 813,242 | | | | | | | | Notes payable to bank, due in monthly installments totaling $12,580, including variable interest of 9.5% at March 31, 2024, final payment due November 2025 secured by building and property, guaranteed by certain directors of the Company. | | | 232,166 | | | 294,761 | | | | | | | | Notes payable to bank, due in monthly installments totaling $59,932, including fixed interest at 6.0%, final payment due October 2027 secured by receivables and equipment, guaranteed by certain directors of the Company. | | | 2,317,125 | | | 2,601,404 | | | | | | | | Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including fixed interest at 3.25%, final payment due December 31, 2026, unsecured. | | | 925,000 | | | 1,660,000 | | | | | | | | Notes payable to bank, due in monthly installments totaling $68,150, including variable interest of 9.5% at March 31, 2024, with final payment due September 2026, secured by equipment, guaranteed by certain directors of the Company. | | | 1,548,929 | | | 1,873,831 | | | | | | | | Term note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, fixed interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company. | | | 5,036,626 | | | 5,698,761 | | | | | | | | Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including fixed interest at 3.50%, final payment due April 29, 2026, unsecured. | | | 233,709 | | | 468,523 | | | | | | | | Total debt | | $ | 45,715,143 | | $ | 44,825,276 | | | | | | | | Less current maturities | | | 29,627,170 | | | 25,954,747 | | | | | | | | Total long term debt, less current maturities | | $ | 16,087,973 | | $ | 18,870,529 |
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