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SUBSEQUENT EVENTS
6 Months Ended
Mar. 29, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(10) SUBSEQUENT EVENTS:

 

Subsequent to the end of the second quarter of our fiscal year 2014, we modified and/or satisfied the following mortgages held by related mortgagees:

 

(i)           We satisfied our mortgage payable to a related third party, (formerly an unrelated third party), which mortgage was originally in the principal amount of $450,000 and secured by a first mortgage on real property and improvements, bearing interest at 10.0%; amortized over 30 years, payable in monthly installments of principal and interest of approximately $4,000, with a final payment of $425,494, including the principal balance and accrued interest;

 

(ii)           We partially prepaid the principal balance on our mortgage payable to a related third party, (formerly an unrelated third party), which mortgage had an original principal amount of $850,000, with a payment of $74,000, thereby reducing its current principal balance to $622,107 and modified its terms to bear interest at 5% annually, amortized over 15 years, payable in monthly installments of principal and interest of approximately $4,920, with a balloon payment of approximately $391,882 in April, 2021. The mortgage is still secured by first mortgage on real property and improvements;

 

(iii)          We partially prepaid the principal balance on our mortgage payable to a related third party with a payment of $440,000, which mortgage had an original principal amount of $1,000,000, thereby reducing its current principal balance to $440,000 and modified its terms to bear interest at 5% annually, amortized over 15 years, payable in monthly installments of principal and interest of approximately $3,479, with a balloon payment of approximately $277,168 in April, 2021. The mortgage is still secured by first mortgage on real property and improvements; and

 

(iv)          We modified the terms on our mortgage payable to a related third party, which mortgage had an original principal amount of $850,000 and current principal balance of $755,950, to bear interest at 5% annually, amortized over 15 years, payable in monthly installments of principal and interest of approximately $5,978, with a balloon payment of approximately $476,193 in April, 2021. The mortgage is still secured by first mortgage on real property and improvements.

 

Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued. Except as disclosed above, no events required disclosure.