Long-term Debt and Line of Credit (Tables)

12 Months Ended

Sep. 30, 2021

Long-term Debt and Line of Credit [Abstract]

Long-term Debt and Line of Credit

Long-term debt consisted of the following at:

($ in thousands)	September 30, 2021			September 30, 2020
Term note payable to Truist Bank, secured and bearing interest at 2.75% at September 30, 2021 and 3.0% at September 30, 2020. The note requires quarterly principal payments commencing on March 31, 2021 and maturing with a full repayment on July 22, 2025	$	105,875		$	80,000
Revolving note payable for an amount up to $30.0 million to Truist Bank		-			-
Note payable to commercial vehicle lenders secured by the value of the vehicles bearing interest at rates ranging from 0.0% to 8.9% per annum. The note requires monthly installment payments of principal and interest ranging from $100 to $5,600 through July 2028		3,248			2,454
Note payable to Central Marine Services, Inc., unsecured and bearing interest at 5.5% per annum. The note requires monthly interest payments, with a balloon payment of principal due on February 1, 2022		2,164			2,164
Note payable to Tom George Yacht Group, unsecured and bearing interest at 5.5% per annum. The note requires monthly interest payments, with a balloon payment of principal due on December 1, 2023		2,056			-
Note payable to Ocean Blue Yacht Sales, unsecured and bearing interest at 5.0% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on February 1, 2022		1,920			1,920
Note payable to Lab Marine, Inc., unsecured and bearing interest at 6.0% per annum. The note was repaid in full on March 1, 2021		-			1,500
Note payable to Slalom Shop, LLC, unsecured and bearing interest at 5.0% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on December 1, 2021		1,271			1,271
Note payable to Bosun’s Marine, Inc., unsecured and bearing interest at 4.5% per annum. The note was repaid in full on June 1, 2021		-			1,227
Note payable to Rebo, Inc., unsecured and bearing interest at 5.5% per annum. The note was repaid in full on April 1, 2021		-			1,000
Total debt outstanding		116,534			91,536
Less current portion (net of current debt issuance costs)		(11,366	)		(7,419	)
Less unamortized portion of debt issuance costs		(2,094	)		(2,140	)
Long-term debt, net of current portion and unamortized debt issuance costs	$	103,074		$	81,977

Principal Repayments of Long-term Debt

Principal repayment requirements of long-term debt at September 30, 2021 are as follows (in thousands):

Year ending September 30,
2022	$	11,893
2023		8,500
2024		13,073
2025		82,902
2026		127
Thereafter		39
Total principal payments	$	116,534