Note 6 - Notes Payable - Related Parties

12 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

6.

NOTES PAYABLE - RELATED PARTIES

Notes payable - related parties is a result of the acquisition of Federal Hose Manufacturing LLC (see footnote

16

) and consists of the following:

	Current Portion 2016		Total September 30, 2016		Total September 30, 2015
In connection with the acquisition of Federal Hose Manufacturing LLC, the Company entered into a promissory note on July 1, 2016 for $2,000,000 loan due to First Francis Company, payable in quarterly installments of $60,911 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company.	$	159,274	$	2,000,000	$	-
In connection with the acquisition of Federal Hose Manufacturing LLC, the Company entered into a promissory note on July 1, 2016 for $2,768,662 loan due to First Francis Company, payable in quarterly installments of $84,321 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company.		220,487		2,768,662		-
	$	379,761		4,768,662		-
Less current portion				379,761		-
			$	4,388,901	$	-

	Total Principal Payments
Year Ending, September 30:
2017	$	379,761
2018		411,495
2019		428,203
2020		445,590
2021		463,683
Thereafter		2,639,930
	$	4,768,662