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SUBSEQUENT EVENTS
3 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(7) SUBSEQUENT EVENTS:

 

Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued and no events required disclosure, except as follows:

 

(a) Conversion of Revolving Credit Line/Term Loan to Fixed Rate of Interest:

 

Subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement with a third party unaffiliated with the Company, which causes the variable interest rate under our Credit Line to become fixed at 4.65% per annum on December 28, 2017, the date the Credit Line converts to a term loan.

 

(b) Termination of SWAP Agreement:

 

Subsequent to the end of the first quarter of our fiscal year 2017, we terminated the interest rate swap agreement we entered into July, 2010 which related to the re-financed mortgage loan encumbering our corporate offices located at 5059 N.E. 18th Avenue, Fort Lauderdale, Florida 33334. The interest rate swap agreement required us to pay interest for a seven (7) year period at a fixed rate of 5.11% on an initial amortizing notional principal amount of $935,000, while receiving interest for the same period at LIBOR, Daily Floating Rate, plus 2.25%, on the same amortizing notional principal amount. We paid an $8,500 pre-payment penalty to the lender in connection with the termination of the interest rate swap agreement.