PURCHASE OF LEASEHOLD / SUB-LEASEHOLD INTERESTS

3 Months Ended

Dec. 30, 2023

Purchase of LeaseHold / Sub-Leasehold Interests [Abstract]

PURCHASE OF LEASEHOLD / SUB-LEASEHOLD INTERESTS

(5) PURCHASE OF LEASEHOLD / SUB-LEASEHOLD INTERESTS:

In 1974, we sold the underlying ground lease to the real property located at 8600 Biscayne Boulevard, El Portal, Florida to related and unrelated third parties and simultaneously subleased it back. We operate our retail package liquor store (Store #47) and warehouse from this location. In the first quarter of our fiscal year 2024, we re-purchased a 4% interest in the underlying ground lease, as well as the sublease agreement from an unrelated third party for $31,000 and currently own 56% of each lease. As a result, we now only pay 44% of the rent due under the sublease agreement.