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DEBT (Tables) | 12 Months Ended
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Sep. 28, 2024
Debt [Abstract] |
Schedule of Long-Term Debt | Debt consists of the following as of September 28, 2024 and September 30, 2023:
|  |  | 2024 |  |  |  | 2023 |
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 28 2024, the net book value of the collateral securing this mortgage was $5,501,000. |  |  | 6,016 |  |  |  | 6,295 |
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 28, 2024, the net book value of the collateral securing this mortgage was $10,910,000. |  |  | 3,579 |  |  |  | 3,815 |
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 28, 2024, the net book value of the collateral securing this mortgage was $7,787,000. |  |  | 1,790 |  |  |  | 1,913 |
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%, (5.32% at September 28, 2024), but with the interest fixed at 4.90% pursuant to a swap agreement, amortized over fifteen (15) years, payable in monthly installments of principal of approximately $36,700, with a final payment on September 28, 2037. As of September 28, 2024, the net book value of the collateral securing this mortgage was $3,438,000. Additionally, effective November 15, 2024, the publication of BSBY was terminated and as of such date, the variable rate of interest under our debt instrument is equal to the lender’s 1 Month CME Term Secured Overnight Financing Rate (“SOFR”), plus 10 basis points, as an equivalent alternative approved by the lender. |  |  | 8,124 |  |  |  | 8,505 |
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 28, 2024, the net book value of the collateral securing this mortgage was $1,021,000. |  |  | 487 |  |  |  | 535 |
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 28,2024, the net book value of the collateral securing this mortgage was $2,040,000. |  |  | 1,000 |  |  |  | 1,049 |
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 28, 2024, the net book value of the collateral securing this mortgage was $1,002,000. |  |  | 498 |  |  |  | 547 |
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 28, 2024, the net book value of the collateral securing this mortgage was $1,046,000. |  |  | 600 |  |  |  | 641 |
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 28, 2024, the net book value of the collateral securing this mortgage was $549,000. |  |  | 76 |  |  |  | 109 |
Other |  |  | 17 |  |  |  | 29 |
Less unamortized loan costs |  |  | (275 | ) |  |  | (310 | )
|  |  | 21,912 |  |  |  | 23,128 |
Less current portion |  |  | (1,400 | ) |  |  | (1,295) |
|  | $ | 20,512 |  |  | $ | 21,833 |
Schedule of Long-Term Debt Maturities | Long-term debt at September 28, 2024 matures as follows:
2025 |  |  | 1,400 |
2026 |  |  | 1,413 |
2027 |  |  | 6,555 |
2028 |  |  | 1,180 |
2029 |  |  | 1,239 |
Thereafter |  |  | 10,400 |
|  |  | 22,187 |
Less unamortized loan costs |  |  | (275 | )
|  | $ | 21,912 |

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