XML 48 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900
Debt (Tables)
12 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Debt at September 30, 2015 and 2014 is summarized as follows:
 
 
 
2015
 
2014
 
Note payable to Middlesex Savings Bank for revolving line of credit. The note expires May, 2017 at which time all outstanding principal and unpaid interest shall become due and payable. The interest rate is equal to the Prime Rate, but in no event less than 3.25%. The rate at September 30, 2015 was 3.25% and the note is secured by an interest in substantially all of the Company's personal property and sixty-five percent of the Company's equity interests in its UK subsidiary, Hilger Crystals, Ltd.
 
$
1,455,000
 
$
2,122,000
 
 
 
 
 
 
 
 
 
Note payable to Town of Ayer Industrial Development Finance Authority (Ayer) for an equipment line of credit made with Dynasil subsidiary Optometrics. The note payable to Ayer is in monthly installments of $16,000 per year and will be amortized over ten years with a balloon payment at five years from the date of the note. The interest rate is 5.00%. The note is secured by an interest in the equipment purchased with the line.
 
 
175,000
 
 
191,000
 
 
 
 
 
 
 
 
 
Note payable to Massachusetts Development Finance Agency (MBDC) for promissory note made with Dynasil subsidiary Optometrics. The note payable to MBDC is in monthly installments of $6,000 for principal and interest through March, 2019. The interest rate is 5.25%. The note is secured by an interest in substantially all of Optometric's personal property.
 
 
237,000
 
 
298,000
 
 
 
 
 
 
 
 
 
Convertible notes issued by Xcede, a 90% owned subsidiary, payable on demand after June 30, 2016. The interest rate is 5.00%. The notes are convertible into equity in Xcede upon completion of an equity financing raising $3,000,000, inclusive of the convertible notes and interest.
 
 
2,123,000
 
 
1,433,000
 
 
 
 
 
 
 
 
 
Subordinated note payable to Masschusetts Capital Resource Corporation in monthly installments of $5,000 through August, 2016 for interest only, followed by monthly payments of interest and principal through July 2018. The interest rate is fixed at 6.00% for the life of the loan.
 
 
1,000,000
 
 
3,000,000
 
Total Debt
 
$
4,990,000
 
$
7,044,000
 
Less current portion
 
 
(1,577,000)
 
 
(2,329,000)
 
Less convertible notes
 
 
(2,123,000)
 
 
(1,433,000)
 
Long term portion
 
$
1,290,000
 
$
3,282,000
 
Schedule of Maturities of Long-term Debt [Table Text Block]
The aggregate maturities of debt based on the payment terms of the agreement are as follows:
 
For the years ending on September 30:
 
 
 
 
 
2016
 
 
$
3,700,000
 
2017
 
 
 
607,000
 
2018
 
 
 
524,000
 
2019
 
 
 
56,000
 
2020
 
 
 
21,000
 
Thereafter
 
 
 
82,000
 
 
 
 
$
4,990,000