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RE-FINANCING OF EXISTING DEBT | 12 Months Ended
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Oct. 03, 2015
RE-FINANCING OF EXISTING DEBT [Abstract] |
RE-FINANCING OF EXISTING DEBT | NOTE 8. RE-FINANCING OF EXISTING DEBT Financed Insurance Premiums During our fiscal year 2015, we financed the following three (3) property and general liability insurance policies, totaling approximately $1.2 million: (i) For the policy year beginning December 30, 2014, our general liability insurance, excluding limited partnerships, is a one (1) year policy with our insurance carriers, including automobile and excess liability coverage. The one (1) year general liability insurance premiums, including automobile and excess liability coverage, total, in the aggregate $424,000, of which $389,000 is financed through the unaffiliated third party lender (the “Third Party Lender”). The finance agreement obligates us to repay the amounts financed together with interest at the rate of 2.99% per annum, over 11 months, with monthly payments of principal and interest, each in the amount of $36,000. The finance agreement is secured by a security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof. (ii) For the policy year beginning December 30, 2014, our general liability insurance for our limited partnerships is a one (1) year policy with our insurance carriers, including excess liability coverage. The one (1) year general liability insurance premiums, including excess liability coverage, total, in the aggregate $450,000, of which $413,000 is financed through the Third Party Lender. The finance agreement obligates us to repay the amounts financed, together with interest at the rate of 2.99% per annum, over 11 months, with monthly payments of principal and interest, each in the amount of $38,000. The finance agreement is secured by a security agreement in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof. (iii) For the policy year beginning March 12, 2015, our property insurance is a one (1) year policy with our insurance carrier. The one (1) year property insurance premium is in the amount of $482,000, of which $416,000 is financed through an unaffiliated third party lender. The finance agreement provides that we are obligated to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 8 months, with monthly payments of principal and interest, each in the amount of approximately $52,000. The finance agreement is secured by a security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof. As of October 3, 2015, the aggregate principal balance owed from the financing of our property and general liability insurance policies is $252,000.

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