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INVESTMENT IN REAL PROPERTY FINANCED BY DEBT	6 Months Ended
Mar. 29, 2014
Property, Plant and Equipment [Abstract]
INVESTMENT IN REAL PROPERTY FINANCED BY DEBT	(4) INVESTMENT IN REAL PROPERTY FINANCED BY DEBT: *Fort Lauderdale, Florida* During the second quarter of our fiscal year 2014, we closed on the purchase from an unrelated third party of the real property and improvements, (“Property”) where our franchised restaurant located at 1479 East Commercial Boulevard, Fort Lauderdale, Florida, (Store #15) operates. A corporation, owned by one of our board members, who is also the brother of our Chairman of the Board, acts as sole general partner of this limited partnership which has owned and operated this franchised restaurant since April 1, 1997. We acquired the Property subject to a 10 1/2 year lease, including renewal options, in favor of our franchisee. We paid $1,250,000 for the Property, $900,000 of which was financed by the seller pursuant to a purchase money mortgage (the “$900K Mortgage Loan”). Our repayment obligations under the $900K Mortgage Loan are secured by a first mortgage on the Property. The $900K Mortgage Loan bears interest at the rate of 7.5% annually and is amortized over twenty (20) years, with our monthly payment of principal and interest totaling $7,250. In the event we elect to pre-pay the $900K Mortgage Loan during the first seven (7) years, we will incur a pre-payment penalty equal to six (6) monthly payments of principal and interest or $43,500.

INVESTMENT IN REAL PROPERTY FINANCED BY DEBT

6 Months Ended

Mar. 29, 2014

Property, Plant and Equipment [Abstract]

INVESTMENT IN REAL PROPERTY FINANCED BY DEBT

(4) INVESTMENT IN REAL PROPERTY FINANCED BY DEBT:

Fort Lauderdale, Florida

During the second quarter of our fiscal year 2014, we closed on the purchase from an unrelated third party of the real property and improvements, (“Property”) where our franchised restaurant located at 1479 East Commercial Boulevard, Fort Lauderdale, Florida, (Store #15) operates. A corporation, owned by one of our board members, who is also the brother of our Chairman of the Board, acts as sole general partner of this limited partnership which has owned and operated this franchised restaurant since April 1, 1997. We acquired the Property subject to a 10 1/2 year lease, including renewal options, in favor of our franchisee. We paid $1,250,000 for the Property, $900,000 of which was financed by the seller pursuant to a purchase money mortgage (the “$900K Mortgage Loan”). Our repayment obligations under the $900K Mortgage Loan are secured by a first mortgage on the Property. The $900K Mortgage Loan bears interest at the rate of 7.5% annually and is amortized over twenty (20) years, with our monthly payment of principal and interest totaling $7,250. In the event we elect to pre-pay the $900K Mortgage Loan during the first seven (7) years, we will incur a pre-payment penalty equal to six (6) monthly payments of principal and interest or $43,500.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details