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DEBT (Tables) | 12 Months Ended
--- | ---
Oct. 02, 2021
Debt Disclosure [Abstract] |
Long term debt | Long-Term Debt
|  |  | 2021 |  |  |  | 2020 |
Mortgage payable to institutional lender, secured by a first mortgage on real property and improvements, bearing interest at 3.86%, amortized over twenty (20) years, payable in monthly installments of principal and interest of approximately $43,000, with a balloon payment of approximately $5,373,000 due on November 27, 2026. As of October 2, 2021, the net book value of the collateral securing this mortgage was $5,535,000. |  |  | 6,821,000 |  |  |  | 7,070,000 |
Mortgage payable to institutional lender, secured by first mortgage on real property and improvements, bearing interest at the fixed rate of 3.63% per annum, fully amortized over fifteen (15) years, payable in monthly installments of principal and interest of approximately $31,000, with a final payment of July 1, 2036. As of October 2, 2021, the net book value of the collateral securing this mortgage was $11,563,000. |  |  | 4,246,000 |  |  |  | -- |
Mortgage payable to institutional lender, secured by first mortgage on real property and improvements, bearing interest at the fixed rate of 3.65% per annum, fully amortized over fifteen (15) years, payable in monthly installments of principal and interest of approximately $15,950, with a final payment of March 2, 2036. As of October 2, 2021, the net book value of the collateral securing this mortgage was $4,542,000. |  |  | 2,145,000 |  |  |  | -- |
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 7½%, amortized over twenty (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. The principal balance and all accrued interest was paid in full on July 1, 2021. |  |  | -- |  |  |  | 1,508,000 |
Mortgage payable to institutional lender, secured by a first mortgage on real property and improvements, bearing interest at BBA LIBOR – 1 Month +2.25%, (2.33% at October 2, 2021), but with the interest fixed at 4.35% pursuant to a swap agreement, amortized over twenty (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. As of October 2, 2021, the net book value of the collateral securing this mortgage was $3,497,000. |  |  | 954,000 |  |  |  | 1,017,000 |
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%, (2.33% at October 2, 2021). 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 (2.33% at October 2, 2021) 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. |  |  | 1,650,000 |  |  |  | 2,750,000 |
F-26 Table of Contents NOTE 15. DEBT (Continued)
Mortgage payable to institutional 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. As of October 2, 2021, the net book value of the collateral securing this mortgage was $827,000. |  |  | 633,000 |  |  |  | 679,000 |
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 fifteen (15) years, payable in monthly installments of principal and interest of approximately $5,700, with a balloon payment of approximately $302,000 due in July, 2024. As of October 2, 2021, the net book value of the collateral securing this mortgage was $1,534,000. |  |  | 442,000 |  |  |  | 483,000 |
Mortgage payable to institutional 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. As of October 2, 2021, the net book value of the collateral securing this mortgage was $981,000. |  |  | 647,000 |  |  |  | 693,000 |
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 fifteen (15) years, payable in monthly installments of principal and interest of approximately $4,900, with a balloon payment of approximately $398,000 in May, 2021. The principal balance and all accrued interest was paid in full on April, 2021. |  |  | -- |  |  |  | 423,000 |
Financed insurance premiums, secured by all insurance policies, bearing interest at 2.45% payable in monthly installments of principal and interest in the aggregate amount of $164,000 a month through November 30, 2021. |  |  | 409,000 |  |  |  | 365,000 |
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 fifteen (15) years, payable in monthly installments of principal and interest of approximately $6,000, with a balloon payment of approximately $484,000 due in April, 2021. The principal balance and all accrued interest was paid in full on April, 2021. |  |  | -- |  |  |  | 511,000 |
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 7½%, amortized over twenty (20) years, payable in monthly installments of principal and interest of approximately $7,300, with a final payment due in March, 2034. As of October 2, 2021, the net book value of the collateral securing this mortgage was $1,104,000. |  |  | 713,000 |  |  |  | 743,000 |
F-27 Table of Contents NOTE 15. DEBT (Continued)
Mortgage payable to related third party, secured by first mortgage on real property and improvements, bearing interest at 4%, amortized over eight (8) years, payable in monthly installments of principal and interest of approximately $3,000, with a final payment due in November, 2026. As of October 2, 2021, the net book value of the collateral securing this mortgage was $511,000. |  |  | 171,000 |  |  |  | 197,000 |
Loans from an unrelated third party lender pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) enacted March 27, 2020, in the aggregate principal amount of approximately $10.0 million, (the “PPP Loans”), of which approximately $5.9 million was loaned to us and $4.1 million was loaned to 8 of the limited partnerships. The PPP Loans, which are in the form of Notes issued by each of the Borrowers, mature five years from the date of funding (dates ranging from May 5, 2025to May 11, 2025) and bear interest at a rate of 1.00% per annum, payable monthly commencing approximately six months from the date of issuance of the Notes (issuance dates ranging from April 30, 2020 to May 6, 2020). |  |  | --- |  |  |  | 10,036,000 |
Loans from an unrelated third party lender pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) enacted March 27, 2020, in the aggregate principal amount of approximately $3.46 million, (the “2nd PPP Loans”), which was loaned to 6 of the limited partnerships. The 2nd PPP Loans, which are in the form of Notes issued by each of the Borrowers, mature five years from the date of funding (March 23, 2021) and bear interest at a rate of 1.00% per annum, payable monthly commencing after the U.S. Small Business Administration makes a determination of the forgiveness of 2nd PPP Loans). Subsequent to the end of our fiscal year 2021, the principal balance and all accrued interest due on the 2nd PPP Loans was forgiven in full. |  |  | 3,464,000 |  |  |  | --- |
Other |  |  | 74,000 |  |  |  | 45,000 |
Less unamortized loan costs |  |  | (254,000 | ) |  |  | (197,000 | )
|  |  | 22,115,000 |  |  |  | 26,323,000 |
Less current portion |  |  | 2,555,000 |  |  |  | 5,094,000 |
|  | $ | 19,560,000 |  |  | $ | 21,229,000 |
Long term debt maturities | Long-term debt at October 2, 2021 matures as follows:
2022 |  | $ | 2,555,000 |
2023 |  |  | 2,970,000 |
2024 |  |  | 1,862,000 |
2025 |  |  | 1,559,000 |
2026 |  |  | 1,595,000 |
Thereafter |  |  | 11,828,000 |
|  | $ | 22,369,000 |
Less unamortized loan costs |  |  | (254,000 | )
|  | $ | 22,115,000 |

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