DEBT

12 Months Ended

Sep. 28, 2019

Debt Disclosure [Abstract]

DEBT

NOTE 12. DEBT

Long-Term Debt

	2019		2018
Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at BBA LIBOR – 1 Month +2.25%, (4.339% at September 28, 2019), but with $2,297,000 of the principal amount fixed at 4.51% pursuant to a swap agreement, amortized over 20 years, payable in monthly installments of principal and interest of approximately $29,000, and our current monthly payment of principal and interest as to that portion of the principal amount not fixed by the interest rate swap agreement, ($459,000), is payable at BBA LIBOR – 1 Month + 2.25% interest rate, (4.339% as of September 28, 2019).  The entire principal balance and all accrued but unpaid interest matured on November 30, 2019 and was re-financed on November 27, 2019. See Note 17, Subsequent Events on page 35.	$	2,756,000	$	2,981,000
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 7½%, amortized over 20 years, payable in monthly installments of principal and interest of approximately $15,700, with a balloon payment of approximately $1,331,000 in December, 2022.		1,586,000		1,653,000
Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at BBA LIBOR – 1 Month +2.25%, (4.296% at September 28, 2019), but with the interest fixed at 4.35% pursuant to a swap agreement, amortized over 20 years, payable in monthly installments of principal and interest of approximately $8,775, with a balloon payment of approximately $858,000 on January 22, 2023.		1,062,000		1,120,000
Revolving credit line/term loan payable to 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%, (4.390% at September 28, 2019).  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 (4.390% at September 28, 2019) 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.		3,575,000		4,675,000

Mortgage payable to 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 $6,384, with a final payment on December 28, 2031.	712,000	754,000
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 5%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $5,700, with a balloon payment of approximately $457,000 due in March, 2021.	523,000	564,000
Re-financed mortgage in the original principal amount of $840,000, payable to 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 $6,519, with a final payment on December 28, 2031.	727,000	770,000
Mortgage payable to 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 5%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $4,900, with a balloon payment of approximately $391,000 in May, 2021.	451,000	486,000
Financed insurance premiums, secured by all insurance policies, bearing interest at 3.85% payable in monthly installments of principal and interest in the aggregate amount of $132,000 a month through October 30, 2019.	208,000	211,000
Mortgage payable to 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 5%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $6,000, with a balloon payment of approximately $476,000 due in April, 2021.	545,000	589,000

Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 7½%, amortized over 20 years, payable in monthly installments of principal and interest of approximately $7,300, with a final payment due in March, 2033.		768,000			796,000
Mortgage payable to related third party, in the original principal amount of $250,000, secured by first mortgage on real property and improvements, bearing interest at 4%, amortized over 8 years, payable in monthly installments of principal and interest of approximately $3,000, with a final payment due in November, 2026.		228,000			—
Other		75,000			146,000
Less unamortized loan costs		(136,000	)		(169,000	)
		13,080,000			14,576,000
Less current portion		1,983,000			1,963,000
	$	11,097,000		$	12,613,000

Long-term debt at September 28, 2019 matures as follows:

2020	$	1,983,000
2021		3,064,000
2022		1,689,000
2023		2,964,000
2024		467,000
Thereafter		3,049,000
	$	13,216,000
Less unamortized loan costs		(136,000	)
	$	13,080,000

As of September 28, 2019, we are in compliance with the covenants of all loans with our lender.