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DEBT | 12 Months Ended
--- | ---
Sep. 29, 2018
Debt Disclosure [Abstract] |
DEBT | NOTE 10. DEBT Long-Term Debt
|  | 2018 |  |  | 2017 |
Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at BBA LIBOR – 1 Month +2.25%, (4.506% at September 29, 2018), but with $2,672,000 of the principal amount fixed at 4.51% pursuant to a swap agreement, amortized over 20 years, payable in monthly installments of principal and interest of approximately $23,700, and our current monthly payment of principal and interest as to that portion of the principal amount not fixed by the interest rate swap agreement, ($534,000), is payable at BBA LIBOR – 1 Month + 2.25% interest rate, (4.506% as of September 29, 2018). The entire principal balance and all accrued but unpaid interest is due on November 30, 2019. |  | $ | 2,981,000 |  |  | $ | 3,206,000 |
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 7½%, amortized over 20 years, payable in monthly installments of principal and interest of approximately $15,700, with a balloon payment of approximately $1,331,000 in December, 2022. |  |  | 1,653,000 |  |  |  | 1,715,000 |
Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at BBA LIBOR – 1 Month +2.25%, (4.506% at September 29, 2018), but with the interest fixed at 4.35% pursuant to a swap agreement, amortized over 20 years, payable in monthly installments of principal and interest of approximately $8,775, with a balloon payment of approximately $858,000 on January 22, 2023. |  |  | 1,120,000 |  |  |  | 1,176,000 |
Revolving credit line/term loan payable to lender, which entitled the Company to borrow, from time to time through December 28, 2017, up to $5,500,000, (the “Credit Line”), secured by a blanket lien on all Company assets, bearing interest through December 28, 2017 at LIBOR – Daily Floating Rate + 2.25%, (4.506% at September 29, 2018). Effective December 28, 2017, an interest rate swap agreement requires us to pay interest for a five (5) year period at a fixed rate of 4.61% on an initial amortizing notional principal amount of $5,500,000, while receiving interest for the same period at LIBOR, Daily Floating Rate, plus 2.25%, per annum (4.506% at September 29, 2018) on the same notional principal amount, with a final payment on December 28, 2022. On December 21, 2017, we borrowed the remaining $3,500,000 and on December 28, 2017 the entire principal balance under the Credit Line ($5,500,000) converted to the Term Loan. |  |  | 4,675,000 |  |  |  | 2,000,000 |
Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at the fixed rate of 4.65% per annum, fully amortized over fifteen (15) years, payable in monthly installments of principal and interest of approximately $6,384, with a final payment on December 28, 2031. |  |  | 754,000 |  |  |  | 794,000 |
Mortgage payable to a related party, an entity the owners of which include persons who are either our officers, directors or their family members, secured by first mortgage on real property and improvements, bearing interest at 5%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $5,700, with a balloon payment of approximately $457,000 due in March, 2021. |  |  | 564,000 |  |  |  | 603,000 |
Re-financed mortgage in the original principal amount of $840,000, payable to lender, secured by a first mortgage on real property and improvements, bearing interest at the fixed rate of 4.65% per annum, fully amortized over fifteen (15) years, payable in monthly installments of principal and interest of approximately $6,519, with a final payment on December 28, 2031. |  |  | 770,000 |  |  |  | 811,000 |
Mortgage payable to related party, an entity the owners of which include persons who are either our officers, directors or their family members, secured by first mortgage on real property and improvements, bearing interest at 5%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $4,900, with a balloon payment of approximately $391,000 in May, 2021. |  |  | 486,000 |  |  |  | 520,000 |
Financed insurance premiums, secured by all insurance policies, bearing interest at 3.15% payable in monthly installments of principal and interest in the aggregate amount of $134,000 a month through October 30, 2018. |  |  | 211,000 |  |  |  | 192,000 |
Mortgage payable to related party, an entity the owners of which include persons who are either our officers, directors or their family members, secured by first mortgage on real property and improvements, bearing interest at 5%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $6,000, with a balloon payment of approximately $476,000 due in April, 2021. |  |  | 589,000 |  |  |  | 630,000 |
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 7½%, amortized over 20 years, payable in monthly installments of principal and interest of approximately $7,300, with a final payment due in March, 2034. |  |  | 796,000 |  |  |  | 822,000 |
Other |  |  | 146,000 |  |  |  | 138,000 |
Less unamortized loan costs |  |  | (169,000 | ) |  |  | (209,000 | )
|  |  | 14,576,000 |  |  |  | 12,398,000 |
Less current portion |  |  | 1,963,000 |  |  |  | 1,076,000 |
|  | $ | 12,613,000 |  |  | $ | 11,322,000 |
Long-term debt at September 29, 2018 matures as follows:
2019 |  | $ | 1,963,000 |
2020 |  |  | 4,258,000 |
2021 |  |  | 2,779,000 |
2022 |  |  | 1,392,000 |
2023 |  |  | 2,667,000 |
Thereafter |  |  | 1,686,000 |
|  | $ | 14,745,000 |
|  |  | (169,000 | )
Less unamortized loan costs |  | $ | 14,576,000 |
As of September 29, 2018, we are in compliance with the financial covenants of all loans with our lender.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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