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NOTES PAYABLE | 9 Months Ended
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Jun. 28, 2025
Debt Disclosure [Abstract] |
NOTES PAYABLE | NOTES PAYABLE Notes payable consist of the following:
| June 28, 2025 |  | September 28, 2024
| (In thousands)
Promissory Note - Rustic Inn purchase | $ | 2,403 |  |  | $ | 2,617 |
Promissory Note - JB's on the Beach purchase | 1,000 |  |  | 1,750 |
Promissory Note - Sequoia renovation | 456 |  |  | 800 |
Promissory Note - Blue Moon Fish Company | — |  |  | 68 |
| 3,859 |  |  | 5,235 |
Less: Current maturities | (1,742) |  |  | (5,193) |
Less: Unamortized deferred financing costs | (102) |  |  | (42) |
Long-term portion | $ | 2,015 |  |  | $ | — |
Credit Facility On March 30, 2023, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”), with its lender, Bank Hapoalim B.M. (“BHBM”) which originally matured on June 1, 2025. On May 29, 2025, the Company entered into an Omnibus Amendment to the Credit Agreement which: (i) extended the maturity date of the Credit Agreement to June 1, 2028, (ii) amended the terms of the outstanding promissory notes as discussed below, (iii) reduced the maximum permitted obligations outstanding under the Credit Agreement from $30,000,000 to $20,000,000 (including the outstanding promissory notes), (iv) increased the minimum tangible net worth covenant from $22,000,000 to $28,000,000, and (v) removed the annual net income covenant. Advances and loans under the Credit Agreement bear interest, at the Company's election at the time of the advance, at either BHBM's prime rate of interest plus a 0.45% spread or SOFR plus a 3.65% spread. In addition, there is a 0.30% per annum fee for any unused portion of the facility. As of June 28, 2025, no advances were outstanding under the Credit Agreement. As of June 28, 2025, the weighted average interest on the outstanding BHBM indebtedness was approximately 8.0%. The Credit Agreement also requires, among other things, that the Company meet minimum quarterly tangible net worth amounts and maintain a minimum fixed charge coverage ratio. The Credit Agreement contains customary representations, warranties and affirmative covenants as well as customary negative covenants, subject to negotiated exceptions on liens, relating to other indebtedness, capital expenditures, liens, affiliate transactions, disposal of assets and certain changes in ownership. Borrowings and all other obligations under the Credit Agreement (including amounts outstanding under the existing term notes (discussed below) are secured by all tangible and intangible personal property (including accounts receivable, inventory, equipment, general intangibles, documents, chattel paper, instruments, letter-of-credit rights, investment property, intellectual property and deposit accounts) and fixtures of the Company. The terms of outstanding promissory notes, as amended, are as follows as of June 28, 2025: •Promissory Note – Rustic Inn purchase – in the original principal amount of $4,400,000, which is secured by a mortgage on the Rustic Inn real estate, is payable in equal quarterly installments of $71,333, with a balloon payment of $1,618,000 on June 1, 2028, and bears interest at SOFR plus 3.65% per annum. •Promissory Note – JB's on the Beach purchase – in the original principal amount of $7,000,000 and is payable in equal quarterly installments of $250,000 through June 1, 2026 with interest at SOFR plus 3.65% per annum. •Promissory Note – Sequoia renovation – in the original principal amount of $3,200,000 and is payable in equal quarterly installments of $114,286 through June 1, 2026 with interest at SOFR plus 3.65% per annum. Promissory Note - Blue Moon Fish Company On December 1, 2020, the Company acquired a restaurant and bar named Blue Moon Fish Company located in Lauderdale-by-the-Sea, FL. In connection with the purchase the Company entered into a four-year note held by the sellers in the amount of $1,000,000 payable in monthly installments of $23,029 including interest at 5%. This note was paid off in November 2024. Deferred Financing Costs Deferred financing costs incurred in the amount of $409,000 (including $105,000 incurred in connection with the above amendment) are being amortized over the life of the agreements using the effective interest rate method and included in interest expense. Amortization expense of approximately $18,000 and $13,000 is included in interest expense for the 13 weeks ended June 28, 2025 and June 29, 2024, respectively, and $45,000 and $40,000 for the 39 weeks ended June 28, 2025 and June 29, 2024, respectively.

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