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Subsequent Events:
6 Months Ended
Apr. 15, 2022
Subsequent Events [Abstract]  
Subsequent Events:

Note 7 – Subsequent Events:

 

On May 16, 2022, the Company received a $575 payment of income tax receivable from the IRS.

 

On June 1, 2022, Bridgford Food Processing Corporation, a California corporation and a wholly-owned subsidiary of the Company (“BFPC”), and CRG Acquisition, LLC (“CRG”), completed the real estate transaction (the “Sale Transaction”) set forth in the Purchase and Sale Agreement dated March 16, 2020 (as amended to date, the “CRG Purchase Agreement”). Pursuant to the terms of the CRG Purchase Agreement, CRG acquired a parcel of land from BFPC including an approximate 156,000 square foot four-story industrial food processing building located at 170 N. Green Street in Chicago, Illinois. The purchase price for the Sale Transaction was $60,000, less $2,100 previously received by BFPC as non-refundable earnest money, and subject to certain closing adjustments as set forth in the CRG Purchase Agreement. In connection with the closing of the Sale Transaction, BFPC paid an aggregate of $1,200 in broker commissions, including $300 to KR6, Inc., an entity controlled by Keith Ross (a member of the Company’s Board of Directors). BFPC used approximately $19,000 of the Sale Transaction proceeds to repay and terminate the bridge loan commitment note dated August 30, 2021 with Wells Fargo Bank, N.A. and plans to use approximately $18,000 of such proceeds to repay the outstanding balance under our revolving credit facility with Wells Fargo Bank, N.A., which revolver line continues in effect per its terms to March 1, 2023.