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SUBSEQUENT EVENTS
3 Months Ended
Jan. 02, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(10) SUBSEQUENT EVENTS:

 

Extension of Lease for Existing Location

 

Pinecrest, Florida

 

Subsequent to the end of the first quarter of our fiscal year 2021, the lease with an unrelated third party for the restaurant owned by our limited partnership and located at 11415 S. Dixie Highway, Pinecrest, Florida (Store #13) was extended through January 31, 2031 with one (1) five (5) year renewal option. The fixed annual rental was reduced by 7½% and the fixed annual rental increases were reduced to 2% from 3% for the first seven (7) years, otherwise the extended lease is on the same terms and conditions, including fixed annual rental increases and continued percentage rent.

 

Construction Contracts

 

Miramar, Florida (“Flanigan’s Seafood Bar and Grill”)

 

During fourth quarter of our fiscal year 2019, we entered into a Lease Agreement with a non-affiliated third party for the lease of a restaurant location in a shopping center at 11225 Miramar Parkway, #250, Miramar, Florida 33024 (Store #25). The shopping center is currently in the developmental stage and the Lease Agreement is still contingent upon our receipt of delivery of the leased premises by August 28, 2021. Subsequent to the end of the first quarter of our fiscal year 2021, we entered into an Architectural Professional Services Agreement with a third-party unaffiliated architect for design and development services for this new location (Store #25) for a total contract price of $73,850, of which $44,300 has been paid subsequent to the end of the first quarter of our fiscal year 2021.

 

Miramar, Florida (“Big Daddy’s Wine and Liquors”)

 

During fourth quarter of our fiscal year 2019, we entered into a Lease Agreement with a non-affiliated third party for the lease of a retail package liquor store location in a shopping center at 11225 Miramar Parkway, #245, Miramar, Florida 33024 (Store #24). The shopping center is currently in the developmental stage and the Lease Agreement is still contingent upon our receipt of delivery of the leased premises by August 28, 2021. Subsequent to the end of the first quarter of our fiscal year 2021, we entered into an Architectural Professional Services Agreement with a third-party unaffiliated architect for design and development services for this new location (Store #24) for a total contract price of $18,650, of which $11,190 has been paid subsequent to the end of the first quarter of our fiscal year 2021.

 

Subsequent events have been evaluated through the date these consolidated financial statements were issued and except as disclosed herein, no other events required disclosure.