XML 55 R44.htm IDEA: XBRL DOCUMENT v3.20.4
Bank Financing (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 16, 2020
Jun. 01, 2020
Sep. 30, 2019
Jun. 22, 2017
Apr. 30, 2020
Aug. 30, 2019
Dec. 31, 2019
Mar. 31, 2020
Mar. 31, 2020
Mar. 31, 2019
Jun. 18, 2019
Line of Credit Facility [Line Items]                      
Inventory               $ 7,601,277 $ 7,601,277 $ 6,024,311  
First priority security ownership interest percentage               100.00% 100.00%    
Line of credit facility, collateral amount               $ 803,000 $ 803,000    
Amortization of deferred financing costs                 13,333 13,334  
Interest expenses                 240,709 244,593  
Current liability               9,502,409 9,502,409 3,675,491  
Term Note [Member]                      
Line of Credit Facility [Line Items]                      
Notes payable               0 0 100,000  
Interest expenses                 0 22,000  
Subordinated Debt [Member]                      
Line of Credit Facility [Line Items]                      
Line of credit facility, maximum amount outstanding during period                 $ 815,000    
Revolving line of credit   $ 803,000                  
Line of credit facility, interest rate during period   6.00%             6.00%    
Incurred interest expense   $ 72,000       $ 12,500          
Notes payable           12,500   123,000 $ 123,000    
Repayments of lines of credit                 815,000    
Line of credit facility, periodic payment                 123,000    
Payment of debt           $ 25,000          
Interest expense, related party                 74,000 21,000  
Current liability               815,000 $ 815,000    
Two-Year Loan and Security Agreement [Member]                      
Line of Credit Facility [Line Items]                      
Line of credit facility, expiration date                 Jun. 15, 2022    
Financing Arrangement [Member] | Installment Notes Payable [Member] | Dimension Funding, LLC [Member]                      
Line of Credit Facility [Line Items]                      
Revolving line of credit                     $ 400,000
Notes payable               300,000 $ 300,000    
Debt description                 The installment notes have 60 month terms with interest rates of 7.58% and 9.25%.    
Quarterly installment payments                 $ 300,000    
Interest expenses                 23,000    
Accrued interest               $ 5,785 $ 5,785    
Subsequent Event [Member] | Term Note [Member]                      
Line of Credit Facility [Line Items]                      
Notes payable $ 1,000,000                    
Interest rate 1.75%                    
Debt description The Term Note bore interest at 1.75% per annum over PNC's announced prime rate or 1, 2, or 3 month PNC LIBOR Rate plus 3.75%.                    
Quarterly installment payments $ 125,000                    
Subsequent Event [Member] | Two-Year Loan and Security Agreement [Member]                      
Line of Credit Facility [Line Items]                      
Inventory $ 2,500,000                    
Subsequent Event [Member] | Financing Arrangement [Member] | Installment Notes Payable [Member] | Dimension Funding, LLC [Member]                      
Line of Credit Facility [Line Items]                      
Notes payable         $ 100,000            
Interest rate         8.55%            
Debt description         The third installment has 60 month payment terms and bears interest at 8.55%            
Quarterly installment payments         $ 1,674            
Maximum [Member]                      
Line of Credit Facility [Line Items]                      
First priority lien percentage               65.00% 65.00%    
Prior 30 Days [Member] | Subordinated Debt [Member]                      
Line of Credit Facility [Line Items]                      
Line of credit facility, maximum amount outstanding during period                 $ 1,000,000    
Revolving Credit Facility [Member]                      
Line of Credit Facility [Line Items]                      
Debt instrument, term       3 years              
Line of credit facility, expiration date       Jun. 16, 2020              
Line of credit facility, description                 Up to 70% of the Company's eligible domestic and Canadian accounts receivable aged less than 90 days past due as defined plus Up to the lesser of (a) 60% of the cost of eligible inventory or (b) 85% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus Applicable reserves including a dilution reserve equal to 100% of the Company's co-op promotion expense and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable.    
Line of credit facility sub limits description                 The Revolving Credit Facility included the following sub-limits: Letters of Credit to be issued limited to $3.0 million. Inventory availability limited to $5.0 million. $0.5 million eligible in-transit inventory sublimit within the $5.0 million total inventory. Mandatory pay-down to $1.0 million (excluding letters of credit) for any 30 consecutive days between February 1 and April 30.    
Revolving line of credit               $ 3,000,000 $ 3,000,000    
Inventory               5,000,000 5,000,000    
In-transit inventory               5,000,000 5,000,000    
Mandatory pay-down                 1,000,000    
Capital expenditures                 400,000    
Loan availability block     $ 1,000,000                
Line of credit facility, hurdles expenses             $ 400,000 $ 0 $ (83,000)    
Line of credit facility, increase interest rate                 0.50%    
Line of credit facility, interest rate during period                 0.75%    
Line of credit facility, LIBOR Rate plus rate               2.75% 2.75%    
Line of credit facility default rate                 2.00%    
Line of credit facility, unused capacity, commitment fee percentage                 0.375%    
Incurred interest expense                 $ 100,000 200,000  
Incurred unused facility fee amount                 46,000 30,000  
Cost associated with Revolving credit facility deferred                 40,000    
Amortization of deferred financing costs                 13,000 $ 13,000  
Revolving Credit Facility [Member] | Peak Selling Season Between August 1 and December 31 [Member]                      
Line of Credit Facility [Line Items]                      
Line of credit facility, maximum amount outstanding during period                 15,000,000    
Revolving Credit Facility [Member] | Peak Selling Season Between January 1 and July 31 [Member]                      
Line of Credit Facility [Line Items]                      
Line of credit facility, maximum amount outstanding during period                 $ 7,500,000    
Intercreditor Revolving Credit Facility [Member] | Subsequent Event [Member]                      
Line of Credit Facility [Line Items]                      
Line of credit facility, expiration date Jun. 15, 2022                    
Line of credit facility, description Advance rate shall not exceed 70% of Eligible Accounts Receivable aged less than 90 days from invoice date. Crestmark shall maintain a base dilution reserve of 1% for each 1% of dilution over 15%. Crestmark will implement an availability block of 20% of amounts due on Iron Horse Intercreditor Revolving Line of Credit. Mandatory pay-down of the loan to zero in January and February each year.                    
Line of credit facility sub limits description The Crestmark Intercreditor Revolving Credit Facility bears interest at the Wall Street Journal Prime Rate plus 5.50% with a floor of 8.75%. Interest and Maintenance Fees shall be calculated on the higher of the actual average monthly loan balance from the prior month or a minimum average loan balance of $2,000,000. The Crestmark Intercreditor Revolving Credit Facility expires on June 15, 2022.                    
Revolving line of credit $ 10,000,000                    
Reduction of line of credit 5,000,000                    
Loan balance $ 2,000,000                    
Iron Horse Intercreditor Revolving Credit [Member] | Subsequent Event [Member]                      
Line of Credit Facility [Line Items]                      
Line of credit facility, expiration date Jun. 15, 2022                    
Line of credit facility, description Advance rate shall not exceed the lower of (a) 70% of the inventory cost or (b) 85% of Net Orderly Liquidation Value (NOLV) as determined by an independent third-party appraiser engaged by Iron Horse. The Company must maintain a fixed charge coverage ratio test of 1:1 times measured on a rolling 12-month basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness. This financial covenant has been waived for the first six months of the Intercreditor Revolving Credit Line.                    
Line of credit facility sub limits description The Iron Horse Intercreditor Revolving Credit Facility bears interest at 1.292% per month or 15.51% annually. Interest shall be calculated on the higher of the actual average monthly loan balance from the prior month or a minimum average loan balance of $1,000,000. The Iron Horse Intercreditor Revolving Credit Facility expires on June 15, 2022.                    
Loan balance $ 1,000,000