Long-Term Debt (Tables)

9 Months Ended

Jul. 31, 2013

Long-Term Debt [Abstract]

Schedule of long-term debt

Long-term debt consisted of the following:

		July 31,	October 31,
	2013		2012
Installment notes payable to banks and Lessor, due in monthly installments plus interest at rates approximating the bank’s prime rate or the prime rate subject to various floors maturing in various periods ranging from November 2012 - July 2015, collateralized by equipment and vehicles (0% interest on Lessor note) (see Note 10)	$	366,205	$	677,167
Notes payable to shareholders. The shareholder note of $2.5 million plus all accrued interest is due in one balloon payment in September 2014. Interest is at the prime rate (3.25% at July 31, 2013 and October 31, 2012)		2,500,000		2,500,000
Term loan A with a syndicate of banks, due in monthly installments of $238,000 plus interest payments equal to      LIBOR plus the applicable margin (currently 8%) maturing September 30, 2013, collateralized by substantially all of the assets of the Company.		8,407,288		19,762,000
Term loan B with a syndicate of banks, due September 30, 2013, interest (deferred fee) at a rate of 16%, with aggregate unpaid deferred fee itself bearing interest collateralized by substantially all of the assets of the Company		6,277,744		6,277,744
Bullet loan A with a syndicate of Banks, due in installments of $1.9 million on or before December 31, 2012 and $2.1 million on or before March 31, 2013 with interest at LIBOR plus the applicable margin (currently 8%), collateralized by substantially all of the assets of the Company.		-		3,350,000
Revolving line of credit loan facility with a syndicate of banks, interest payments based on LIBOR plus the applicable margin (currently 6%) maturing September 30, 2013, collateralized by substantially all of the assets of the Company.		6,231,830		8,425,496

Accrued Deferred fee (interest) Term loan B, Due September 30, 2013		826,575		31,171
Capital lease obligation for printing equipment at an imputed interest rate of 6.02% per annum		59,707		65,719
Unamortized debt discount		-		(1,287,527	)
		24,669,349		39,801,770
Less current portion revolving line of credit		6,231,830		8,425,496
Less current portion long-term debt		15,780,054		29,998,791
Less current portion obligation under capital lease		13,612		13,014
Less debt discount		-		(1,287,527	)
Long-term debt, net of current portion and revolving line of credit, capital lease obligation and notes payable to related party	$	2,643,853	$	2,651,996
Continuing operations:
Long-term debt, net of current portion and revolving line credit	$	97,758	$	99,291
Long-term capital lease obligation		46,095		52,705
Current portion of long-term debt and revolving line of credit		21,563,322		25,602,082
Long-term notes payable to related party		2,500,000		2,500,000
Current portion of capital lease obligation		13,612		13,014
Debt Discount		-		(1,287,527	)
Total debt from continuing operations		24,220,787		26,979,565
Liabilities held for sale/discontinued operations - debt		448,562		12,822,205
Total indebtedness	$	24,669,349	$	39,801,770

Maturities of Long-term Debt and Revolving Line of Credit

Maturities of long-term debt, capital lease obligations and revolving line of credit from continuing and discontinued operations for each of the next five years beginning August 1, 2013:

2013	$	22,025,496
2014		2,612,209
2015		15,343
2016		16,301
2017		-
	$	24,669,349