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Debt and Capital Leases | 12 Months Ended
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Sep. 26, 2017
Debt and Capital Lease Obligations [Abstract] |
Debt and Capital Leases |
3. | Debt and Capital Leases:
|  | 2017 |  |  | 2016 |
Cadence Bank credit facility |  |  | 5,300 |  |  |  | 0 |
Capital signage leases with Yesco, LLC with payments of principal and interest (8%) due monthly. |  |  | 0 |  |  |  | 11 |
Notes payable with Ally Financial with payments of principal and interest (3.9% to 5%) due monthly. The loans are secured by vehicles. |  |  | 56 |  |  |  | 27 |
|  |  | 5,356 |  |  |  | 38 |
Less current portion |  |  | (17 | ) |  |  | (19 | )
Long term portion |  | $ | 5,339 |  |  | $ | 19 |
Cadence Credit Facility On September 8, 2016, the Company entered into a credit agreement with Cadence Bank (“Cadence”) pursuant to which Cadence agreed to loan the Company up to $9,000,000 (the “Cadence Credit Facility”). On September 11, 2017, the Cadence Credit Facility was amended to increase the loan maximum to $12,000,000 and extend the maturity date to December 31, 2020. The Cadence Credit Facility accrues commitment fees on the daily unused balance of the facility at a rate of 0.25%. All borrowings under the Cadence Credit Facility bear interest at a variable rate based upon the Company’s election of (i) 3.0% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.125% floor, plus 4.0%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it selects to pay interest based on LIBOR. As of September 26, 2017, the weighted average interest rate applicable to borrowings under the Cadence Credit Facility was 5.2375%. The Cadence Credit Facility contains certain affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum leverage ratio of 5.35:1 and a minimum fixed charge coverage ratio of 1.25:1. As of September 27, 2016, the Company was in compliance with its covenants. As a result of entering into the Cadence Credit Facility and the amendment, the Company paid loan origination costs including professional fees of approximately $197,000 and will amortize these costs over the term of the credit agreement. The obligations under the Cadence Credit Facility are collateralized by a first priority lien on substantially all of the Company’s assets. As of September 26, 2017, the outstanding balance on the facility was $5,300,000. As of September 27, 2016, principal payments on debt become due as follows:
Periods Ending September, |  |  |  |
2018 |  | $ | 17 |
2019 |  |  | 17 |
2020 |  |  | 11 |
2021 |  |  | 5,310 |
2022 |  |  | 1 |
|  | $ | 5,356 |
Total interest expense on notes payable and capital leases was $191,000 and $126,000 for fiscal 2017 and fiscal 2016, respectively.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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