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RE-FINANCING OF EXISTING DEBT | 12 Months Ended
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Sep. 27, 2014
RE-FINANCING OF EXISTING DEBT [Abstract] |
RE-FINANCING OF EXISTING DEBT | NOTE 6. RE-FINANCING OF EXISTING DEBT Satisfaction and/or Modification of Existing Mortgages During the third quarter of our fiscal year 2014 and in lieu of re-financing outstanding mortgage notes that were or becoming due, we paid the following amounts in connection with the satisfaction and/or modification of the outstanding mortgage notes: (i) We delivered to an entity owned and controlled by a member of our Board of Directors, approximately $425,000 to satisfy in full our obligations under a mortgage note in the original principal amount of $450,000 (the “$450,000 Note”). Our repayment obligations under the $450,000 Note were secured by a second mortgage on the real property and improvements where our restaurant located at 2505 N. University Drive, Hollywood, Florida operates. The $450,000 Note bore interest at 10.0% per annum and was payable in monthly installments of principal and interest of approximately $4,000, with a final payment of approximately $413,000 due in May, 2017; (ii) We delivered to an entity owned and controlled by a member of our Board of Directors, $75,000, which amount was credited against our obligations under a mortgage note in the original principal amount of $850,000 (the “$850,000 Note”). Our repayment obligations under the $850,000 Note are secured by a first mortgage on the real property and improvements where our restaurant located at 2505 N. University Drive. Hollywood, Florida operates. As of September 27, 2014, the principal amount outstanding under the $850,000 Note is approximately $612,000. In connection with the $75,000 payment, the terms of the $850,000 Note were modified resulting in the $850,000 Mortgage Note bearing interest at 5% annually (decreased from 8½% annually) with monthly payment obligations being reduced to approximately $4,900 (decreased from approximately $8,400 monthly) and a final balloon payment due in April 2021 of approximately $392,000; (iii) We delivered to an entity controlled by a member of our Board of Directors, approximately $440,000, which amount was credited against our obligations under a mortgage note in the original principal amount of $1,000,000 (the “$1,000,000 Note”). Our repayment obligations under the $1,000,000 Note are secured by a first mortgage on the real property and improvements where our restaurant located at 2600 West Davie Boulevard, Fort Lauderdale, Florida operates. As of the end of the third quarter of our fiscal year 2014, the principal amount outstanding under the $1,000,000 Note was approximately $436,000. In connection with the $440,000 payment, the terms of the $1,000,000 Note were modified resulting in the $1,000,000 Mortgage Note bearing interest at 5% annually (decreased from 10% annually) with monthly payment obligations being reduced to approximately $3,500 (decreased from approximately $10,800 monthly) and a final balloon payment due in April 2021 of approximately $277,000; During the fourth quarter of our fiscal year 2014, we requested and received an advance of $280,000 from the payee of the $1,000,000 Note, an entity controlled by a member of our Board of Directors, resulting in a principal amount outstanding thereunder of approximately $720,000 as of July 1, 2014. The terms of the $1,000,000 Note are that it continues to bear interest at 5% annually, is amortizable over 14 years, 9 months with monthly installments of principal and interest of approximately $5,700 required to be made and a balloon payment of approximately $458,000 required to be made in April, 2021. As of September 27, 2014, the principal amount outstanding under the $1,000,000 Note is approximately $709,000. Our repayment obligations under the $1,000,000 Note continue to be secured by a first mortgage on the real property and improvements where our restaurant located at 2600 West Davie Boulevard, Fort Lauderdale, Florida operates; and (iv) We modified the terms of the mortgage note payable to an entity controlled by a member of our Board of Directors, which mortgage had an original principal amount of $850,000 and a principal balance of approximately $756,000. As a result of the modification, the mortgage note bears interest at 5% annually (decreased from 10% annually), with monthly payment obligations being reduced to approximately $6,000 (decreased from approximately $9,100 monthly) and a final balloon payment due in April 2021 of approximately $476,000. As of September 27, 2014, the principal amount outstanding under this mortgage is approximately $742,000. Our repayment obligations under this mortgage note are secured by a first mortgage on real property and improvements where our restaurant located at 13205 Biscayne Boulevard, North Miami, Florida operates.

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