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Long-Term Debt | 12 Months Ended
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Jun. 26, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 8 — LONG-TERM DEBT Long-term debt consists of the following:
|  | June 26, 2025 |  |  | June 27, 2024 |
Selma, Texas facility financing obligation to related parties, due in monthly installments of $114 including interest at 9.25% through September 1, 2026 |  |  | 6,365 |  |  |  | 7,102 |
Equipment Loan financing obligation to Wells Fargo Bank, N.A due in monthly installments (a) |  |  | 9,265 |  |  |  | — |
Unamortized debt issuance costs |  |  | (125 | ) |  |  | — |
|  |  | 15,505 |  |  |  | 7,102 |
Less: Current maturities, net of unamortized debt issuance costs |  |  | (941 | ) |  |  | (737 | )
Total long-term debt, net of unamortized debt issuance costs |  | $ | 14,564 |  |  | $ | 6,365 |
(a) Equipment Loan funds will be disbursed by the lender in variable installments. The payback period will begin upon disbursement of the final loan proceeds expected to occur in the fourth quarter of our fiscal 2026. The fixed interest rate will be calculated at that point in time as well. Selma Properties In September 2006, we sold our Selma, Texas properties (the “Selma 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. 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. Equipment Loan On June 16, 2025, the Company entered into a financing agreement with Wells Fargo Bank, N.A. which allows the Company to finance up to $50,000 for the purchase of equipment to further expand our production capabilities, increase our efficiency and further enhance our product offerings to our customers (the “Equipment Loan”). The Equipment Loan is provided under a master loan agreement and related equipment schedule(s), and is secured under a Security Agreement which provides for a first priority lien on all equipment and a second priority lien on our accounts receivable and inventory. The Company will be required to make sixty equal monthly payments comprised of principal and interest starting upon distribution of the final loan proceeds which is expected to occur in the fourth quarter of fiscal 2026. The fixed interest rate (SOFR plus an applicable margin of 1.49%) will be calculated at that point in time as well. Any change in the SOFR rate from what has been estimated in the table above will have an insignificant impact on the schedule. The Equipment Loan contains a graded prepayment penalty if the loan is paid off within 36 months of commencement. The Company will make monthly interest-only payments of SOFR plus an applicable margin of 1.60% prior to the delivery and acceptance of the equipment and distribution of the final loan proceeds which will be capitalized as part of the equipment acquisition cost. Aggregate maturities of long-term debt are as follows:
Fiscal Year Ending |  |  |
June 25, 2026 |  |  | 943 |
June 24, 2027 |  |  | 2,547 |
June 29, 2028 |  |  | 2,728 |
June 28, 2029 |  |  | 2,922 |
June 27, 2030 |  |  | 3,131 |
Thereafter |  |  | 3,359 |
|  | $ | 15,630 |

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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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