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SUBSEQUENT EVENTS
6 Months Ended
Apr. 03, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(11)       SUBSEQUENT EVENTS:

Extension of Lease for Existing Location

 

Miami, Florida

 

Subsequent to the end of the second quarter of our fiscal year 2021, the lease with an unrelated third party for the restaurant owned by our limited partnership and located at 9857 SW 40th Street, Miami, Florida (Store #90) was amended to add approximately 2,100 square feet to the business premises and extend the term of the lease through March 31, 2031, with one (1) five (5) year renewal option. The fixed annual rental was increased by $5,000 monthly, with fixed annual rental increases. Otherwise, the extended lease is on substantially the same terms and conditions as existed before the extension.

 

Menu Price Increases

 

Subsequent to the end of the second quarter of our fiscal year 2021, we increased menu prices for our food offerings (effective April 11, 2021) to target an increase to our food revenues of approximately 4.60% annually to offset higher food costs and higher overall expenses.

Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued and except as disclosed herein, no further events required disclosure.