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DEBT (Tables) | 12 Months Ended
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Sep. 30, 2023
Debt [Abstract] |
Schedule of Long Term Debt | Debt consists of the following as of September 30, 2023 and October 1, 2022:
|  |  | 2023 |  |  |  | 2022 |
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 $43,400, with a balloon payment of approximately $5,373,000 due on November 27, 2026. As of September 30, 2023, the net book value of the collateral securing this mortgage was $5,571,000 |  |  | 6,295 |  |  |  | 6,563 |
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 $31,100, with a final payment on July 1, 2036. As of September 30, 2023, the net book value of the collateral securing this mortgage was $11,149,000. |  |  | 3,815 |  |  |  | 4,044 |
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 $16,000, with a final payment on March 2, 2036. As of September 30, 2023, the net book value of the collateral securing this mortgage was $7,601,000 |  |  | 1,913 |  |  |  | 2,031 |
Mortgage payable to institutional lender, secured by a first mortgage on real property and improvements, bearing interest at BSBY Screen Rate – 1 Month +1.50%, (5.38% at September 30, 2023), but with the interest fixed at 4.90% pursuant to a swap agreement, amortized over fifteen (15) years, payable in monthly installments of principal and interest of approximately $33,000. From the re-financing of this mortgage, we withdrew $8,012,000 during our fiscal year ended October 1, 2022. As of September 30, 2023, the net book value of the collateral securing this mortgage was $3,458,000. |  |  | 8,505 |  |  |  | 8,900 |  |
Revolving credit line/term loan payable to institutional 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%. 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 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. On December 28, 2022, we paid the outstanding principal balance ($367,000) and accrued interest ($-0-) in full. |  |  | — |  |  |  | 550 |
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 $6,400, with a final payment on December 28, 2031. As of September 30, 2023, the net book value of the collateral securing this mortgage was $1,033,000. |  |  | 535 |  |  |  | 585 |
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 6%, amortized over fifteen (15) years, payable in monthly installments of principal and interest of approximately $9,300, with a balloon payment of approximately $487,000 on August 1, 2032. As of September 30, 2023, the net book value of the collateral securing this mortgage was $1,873,000. |  |  | 1,049 |  |  |  | 1,096 |
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 $6,500, with a final payment on December 28, 2031. As of September 30, 2023, the net book value of the collateral securing this mortgage was $988,000. |  |  | 547 |  |  |  | 598 |
Financed insurance premiums, secured by all insurance policies, bearing interest at 2.55% payable in monthly installments of principal and interest in the aggregate amount of $215,000 a month through November 30, 2022. |  |  | — |  |  |  | 507 |
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 7.5%, amortized over twenty (20) years, payable in monthly installments of principal and interest of approximately $7,300, with a final payment on March 1, 2034. As of September 30, 2023, the net book value of the collateral securing this mortgage was $1,066,000. |  |  | 641 |  |  |  | 678 |
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 on November 1, 2026. As of September 30, 2023, the net book value of the collateral securing this mortgage was $559,000. |  |  | 109 |  |  |  | 140 |
Other |  |  | 29 |  |  |  | 44 |
Less unamortized loan costs |  |  | (310 | ) |  |  | (347 | )
|  |  | 23,128 |  |  |  | 25,389 |
Less current portion |  |  | 1,295 |  |  |  | 2,299 |
|  | $ | 21,833 |  |  | $ | 23,090 |
Schedule of Long Term Debt Maturities | Long-term debt at September 30, 2023 matures as follows:
2024 |  |  | 1,295 |
2025 |  |  | 1,357 |
2026 |  |  | 1,413 |
2027 |  |  | 6,555 |
2028 |  |  | 1,180 |
Thereafter |  |  | 11,638 |
|  |  | 23,438 |
Less unamortized loan costs |  |  | (310 | )
|  | $ | 23,128 |

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