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SHORT-TERM AND LONG-TERM DEBT (Tables)
6 Months Ended
Mar. 31, 2024
SHORT-TERM AND LONG-TERM DEBT  
Schedule of line of credit is limited to a borrowing base

    

March 31, 2024

    

September 30, 2023

 

Eligible borrowing base

$

21,267,302

$

23,942,868

Borrowed on line of credit

 

12,300,000

 

8,712,915

Line of credit balance available

$

8,967,302

$

15,229,953

Interest rate

 

8.5

%

 

8.5

%

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