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Long-Term Debt
9 Months Ended
Jun. 30, 2017
Long-term Debt, Unclassified [Abstract]  
Long-Term Debt
Long-Term Debt and Subsequent Event

As of June 30, 2017, the Company had a revolving term loan, with a bank, available for up to $11,000,000. The Company paid interest on the unpaid balance at a variable interest rate (adjusted on a weekly basis) based upon the one-month LIBOR index rate plus 3.15%. The Company also paid a commitment fee on the average daily unused portion of the loan at the rate of .50% per annum, payable monthly. There were outstanding borrowings of $5,400,000 and $2,500,000, respectively, on the revolving term loan at June 30, 2017 and September 30, 2016.

Subsequent to the end of the quarter ended June 30, 2017, the Company amended the revolving credit loan. Under the amendment, the revolving credit loan has maximum borrowings of $18,000,000 which will be reduced by $3,600,000 every year starting July 1, 2019 until July 1, 2022 when the loan expires. The Company will pay interest monthly on the unpaid balance at a variable rate (adjusted on a weekly basis) based upon the one-month LIBOR rate plus 3.15%, with a .50% commitment fee. The loan is secured by substantially all assets of the Company and subject to certain financial and nonfinancial covenants as defined in the master credit agreement.