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Long-Term Debt | 12 Months Ended
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Jun. 29, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 8 — LONG-TERM DEBT Long-term debt consists of the following:
|  | June 29, 2023 |  |  | June 30, 2022 |
Mortgage Facility (“Tranche A”), collateralized by real property, due in monthly installments of $230 including interest at 4.25% per annum with a final payment due March 1, 2023 |  | $ | — |  |  | $ | 2,031 |
Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly installments of $57 including interest at 4.25% per annum with a final payment due March 1, 2023 |  |  | — |  |  |  | 508 |
Selma, Texas facility financing obligation to related parties, due in monthly installments of $114 including interest at 9.25% through September 1, 2026 |  |  | 7,774 |  |  |  | 8,388 |
Unamortized debt issuance costs |  |  | — |  |  |  | (4 | )
|  |  | 7,774 |  |  |  | 10,923 |
Less: Current maturities, net of unamortized debt issuance costs |  |  | (672 | ) |  |  | (3,149 | )
Total long-term debt, net of unamortized debt issuance costs |  | $ | 7,102 |  |  | $ | 7,774 |
On February 7, 2008, we entered into a Loan Agreement with an insurance company (the “Mortgage Lender”) providing us with two term loans, one in the amount of $36,000 (“Tranche A”) and the other in the amount of $9,000 (“Tranche B”), for an aggregate amount of $45,000 (the “Mortgage Facility”). The Mortgage Facility was secured by mortgages on essentially all of our owned real property located in Elgin, Illinois and Gustine, California (the “Encumbered Properties”). The Mortgage Facility was repaid in full in the third quarter of fiscal 2023 and the related mortgages on our owned real property located in Elgin, Illinois and Gustine, California have been released. In September 2006, we sold our Selma, Texas properties to two related party partnerships for $14,300 and are leasing them back. The selling price was determined by an independent appraiser to be the fair market value which also approximated our carrying value. The lease for the Selma, Texas properties had an initial ten-year term at a fair market value rent with three five-year renewal options. In September 2015, we signed a lease renewal which exercised two five-year renewal options and extended the term of our Selma lease to September 18, 2026. The lease extension also reduced the base monthly lease amount to $103, beginning in September 2016. At the end of each five-year renewal option, the base monthly lease amounts are reassessed, and the monthly payments increased to $114 beginning in September 2021. One five-year renewal option remains. Also, we currently have the option to purchase the properties from the lessor at 95% (100% in certain circumstances) of the then fair market value, but not to be less than the $14,300 purchase price. The financing obligation is being accounted for similar to the accounting for a capital lease, whereby the purchase price was recorded as a debt obligation, as the provisions of the arrangement are not eligible for sale-leaseback accounting. The balance of the debt obligation outstanding at June 29, 2023 was $7,774. Aggregate maturities of long-term debt are as follows:
Fiscal Year Ending |  |  |
June 27, 2024 |  | $ | 672 |
June 26, 2025 |  |  | 737 |
June 25, 2026 |  |  | 809 |
June 24, 2027 |  |  | 887 |
June 29, 2028 |  |  | 972 |
Thereafter |  |  | 3,697 |
|  | $ | 7,774 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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