XML 31 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUBSEQUENT EVENTS
9 Months Ended
Jun. 28, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(10) SUBSEQUENT EVENTS:

 

Subsequent to the end of the third quarter of our fiscal year 2014, we requested and received an advance of $280,000 from the payee of the $1,000,000 Note, (See Note 5) 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. 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.

 

Subsequent to the end of the third quarter of our fiscal year 2014, we acquired four (4) five (5) year renewal options to our lease for the restaurant we own located at 2405 10th Avenue North, Lake Worth, Florida (Store #12) when our lease expires of November 15, 2018. The amendment to the lease for the four (4) renewal five (5) year renewal options is under the same terms and conditions, including but not limited to a 2% fixed rental increase annually and requires us, at our expense to (i) repave, re-seal, re-curb and re-stripe the parking lot in front of our restaurant; and (ii) install double lighting fixtures on all of the lighting poles in the parking lot in front of the restaurant and install LED lights to all lighting fixtures in the shopping center, at an aggregate estimated cost of approximately $113,000.

 

Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued. No additional events required disclosure, other than the items mentioned above.