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v2.4.1.9

Note 7 - Debt (Tables) | 9 Months Ended
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Mar. 01, 2015
Notes Tables |
Schedule of Long-term Debt Instruments [Table Text Block] |
|  | March 1, 2015 |  |  | May 25, 2014 |
Real estate loan agreement with General Electric Capital Corporation (“GE Capital”); due in monthly principal and interest payments of $133,060 through May 1, 2022 with interest based on a fixed rate of 4.02% per annum |  | $ | 15,417 |  |  | $ | 16,137 |
Capital equipment loan with GE Capital; due in monthly principal and interest payments of $175,356 through May 1, 2019 with interest based on a fixed rate of 4.39% per annum |  |  | 8,145 |  |  |  | 9,430 |
Capital equipment loan with GE Capital; due in monthly principal and interest payments of $95,120 through September 1, 2019 with interest based on a fixed rate of 3.68% per annum |  |  | 6,702 |  |  |  | — |
Capital equipment loan with GE Capital; due in monthly principal and interest payments of $55,828 through December 1, 2019 with interest based on a fixed rate of 3.74% per annum |  |  | 4,038 |  |  |  | — |
Term note with BMO Harris Bank N.A. (“BMO Harris”); due in monthly payments of $250,000 through May 23, 2016 with interest payable monthly at LIBOR plus 2% per annum |  |  | 3,750 |  |  |  | 6,000 |
Industrial revenue bonds (“IRBs”) issued by Lifecore; due in annual payments through 2020 with interest at a variable rate set weekly by the bond remarketing agent (0.22% and 0.28% at March 1, 2015 and May 25, 2014, respectively) |  |  | 2,440 |  |  |  | 2,805 |
Total |  |  | 40,492 |  |  |  | 34,372 |
Less current portion |  |  | (7,591 | ) |  |  | (6,055 | )
Long-term portion |  | $ | 32,901 |  |  | $ | 28,317 |

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