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SHORT-TERM AND LONG-TERM DEBT (Tables)
9 Months Ended
Jun. 30, 2022
SHORT-TERM AND LONG-TERM DEBT  
Schedule of summary of short-term and long-term debt

June 30, 

September 30, 

    

2022

    

2021

Line of credit payable to bank, monthly interest at 4.99%, expiring on June 28, 2022 (extended to June 30, 2023), guaranteed by certain directors of the Company.

$

2,100,000

$

4,500,000

 

 

Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853 interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company.

 

2,695,331

 

3,183,549

 

 

Notes payable to finance companies, due in monthly installments totaling $75,000 at June 30, 2022 and $70,062 at September 30, 2021, including interest ranging from 0.00% to 6.03%, final payments due July 2022 through August 2026, secured by equipment.

 

1,081,899

 

1,066,580

 

 

Note payable to finance company for insurance premiums financed, due in monthly installments totaling $279,000 in FY 2022 and $272,000 in FY 2021, including interest rate at 3.50%, final payment November 2022.

 

1,408,341

 

540,250

 

 

Notes payable to bank, due in monthly installments totaling $7,799, including interest at 4.82%, final payment due November 2034 secured by building and property.

 

880,522

 

919,017

 

 

Notes payable to bank, due in monthly installments totaling $11,602, including interest at 4.25%, final payment due November 2025 secured by building and property, guaranteed by certain directors of the Company.

 

442,198

 

530,750

 

 

Notes payable to bank, due in monthly installments totaling $98,865, including interest at 4.99%, final payment due July 2022 secured by equipment, guaranteed by certain directors of the Company.

 

 

872,452

 

 

Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including interest at 3.25%, final payment due December 31, 2026, unsecured

 

2,372,500

 

2,850,000

 

  

 

Notes payable to bank, interest at 4.25% of outstanding balance due monthly between August 2021 and January 2022. Note payments due in monthly installments totaling $68,073, including interest at 4.25%, beginning February 2022 with final payment due January 2026, secured by equipment, guaranteed by certain directors of the Company.

2,713,375

3,000,000

Term note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $140,000 including interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company.

7,293,787

Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including interest at 3.50%, final payment due April 29, 2026, unsecured

938,667

Operating lease liability payable to third party, $129,198, due in monthly installments totaling $5,537, final payment due May 31, 2024, unsecured

124,041

Operating lease liability payable to Corns Enterprises, $236,201, due in monthly installments totaling $7,000, final payment due April 29, 2025, unsecured

218,747

Total debt

$

22,269,408

$

17,462,598

 

 

Less current maturities

 

7,839,649

 

8,441,824

 

 

Total long term debt

$

14,429,759

$

9,020,774