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Equipment Notes Payable and Financial Arrangements

3 Months Ended

Jan. 22, 2021

Debt Disclosure [Abstract]

Equipment Notes Payable and Financial Arrangements

Note 6 – Equipment Notes Payable and Financial Arrangements:

The Company maintains a line of credit with Wells Fargo Bank, N.A. that extends through March 1, 2022. Under the terms of this line of credit, we may borrow up to $7,500 at an interest rate equal to the bank’s prime rate or LIBOR plus 1.5%. On February 15, 2021, the line of credit was extended to $15,000 with an unused commitment fee of 0.25% of the available loan amount. We borrowed $2,000 under this line of credit on December 2, 2020 which remains outstanding as of January 22, 2021. The line of credit is presented under the current portion of non-current liabilities in the Condensed Consolidated Balance Sheets. The line of credit contains various covenants, the more significant of which require us to maintain a minimum tangible net worth, a minimum quick ratio and a fixed charge coverage ratio. The Company was in compliance with all covenants as of January 22, 2021.

On December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A. (the “Original Wells Fargo Loan Agreement”) for up to $15,000 in equipment financing which was amended and expanded as detailed below. Pursuant to the Wells Fargo Loan Agreement, we borrowed the following amounts.

Type and Number (1)		Date Funds Received		Rate				Original Principal Amount				Monthly Principal Payment Amount and Payment Start Date
Equipment Loan No. 01		12/26/18			4.13	%		$	7,500			$	103				01/31/19
Equipment Loan No. 02		04/23/19			3.98	%			7,500				102				05/31/19
Equipment Loan No. 03		12/23/19			3.70	%			3,750				54				02/03/20
Equipment Loan No. 04		03/06/20			3.29	%			7,500				100				03/13/20
Equipment Loan No. 05		04/17/20			3.68	%			7,200				97				05/15/20
Total								$	33,450			$	456

(1) Term: 7 years for 84 installment payments.

		(unaudited)				(unaudited)
		January 22, 2021				October 30, 2020
Secured equipment notes payable to Wells Fargo Bank, N.A. collateralized by equipment for the new Chicago processing facility.		$	28,029			$	29,122
Less current portion of notes payable			(4,471	)			(4,430	)
Total long-term notes payable - equipment		$	23,558			$	24,692

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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