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RE-FINANCING OF EXISTING DEBT; LINE OF CREDIT | 12 Months Ended
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Sep. 28, 2013
Re-Financing Of Existing Debt Line Of Credit |
RE-FINANCING OF EXISTING DEBT; LINE OF CREDIT | NOTE 6. RE-FINANCING OF EXISTING DEBT; LINE OF CREDIT Re-Financing of Existing Mortgage During the second quarter of our fiscal year 2013, in order to refinance our third party debt secured by our real property located at 4 N. Federal Highway, Hallandale, Florida where our combination package liquor store and restaurant (Store #31) operates, we (i) re-financed with a non-affiliated third party lender, the mortgage loan encumbering the property which mortgage loan was held by another non-affiliated third party lender (the “$1.405M Loan”); and (ii) borrowed $1,595,000 from a non-affiliated third party lender, (the “$1.595M Term Loan”). The $1.405M Loan bears interest at a variable rate equal to the BBA LIBOR – 1 Month plus 2.25%, (2.43% September 28, 2013). We entered into an interest rate swap agreement to hedge the interest rate risk, which fixed the interest rate on the $1.405M Loan at 4.35% per annum throughout its term. The $1.405M Loan is amortized over twenty (20) years, with our current monthly payment of principal and interest totaling $8,415, with the entire principal balance and all accrued but unpaid interest due January 31, 2023. The $1.595M Term Loan bears interest at a variable interest rate equal to the BBA LIBOR – 1 Month plus 3.25% (3.43% as of September 28, 2013). We entered into an interest rate swap agreement to hedge the interest rate risk, which fixed the interest rate on the $1.595M Term Loan at 4.00% per annum throughout its term. The $1.595M Term Loan is fully amortized over forty two (42) months, with our monthly payment of principal and interest, totaling $41,000. We granted our lender a security interest in substantially all of our assets as collateral to secure our repayment obligations under the $1.595M Term Loan. As a part of the refinancing, we prepaid the outstanding balance, ($325,000), on an existing term loan with the lender, including a $1,600 pre-payment penalty. Line of Credit During the second quarter of our fiscal year 2013, we obtained a $500,000 line of credit from a non affiliated third party lender, (the “Line of Credit”). The Line of Credit earned interest at the floating rate of prime plus 1.5%. The entire principal balance and all accrued but unpaid interest under the Line of Credit was due April 30, 2013. We granted the lender a security interest in substantially all of our assets as collateral to secure our repayment obligations under the Line of Credit. No amounts were drawn on the line of credit by us, so there were no amounts outstanding under the Line of Credit when it terminated during the third quarter of our fiscal year 2013.

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