NOTE 3. LONG-TERM DEBT

6 Months Ended

Mar. 29, 2020

Notes

NOTE 3. LONG-TERM DEBT

NOTE 3. LONG-TERM DEBT

On July 11, 2018, the Company, through its wholly owned subsidiary Wild Animal – Georgia, completed a refinancing transaction (the “2018 Refinancing”) with Synovus Bank (“Synovus”). The 2018 Refinancing included a term loan in the original principal amount of $1,600,000 (the “2018 Term Loan”). The 2018 Term Loan bears interest at a rate of 5.0% per annum and is payable in monthly payments of approximately $22,672, based on a seven year amortization period. The 2018 Term Loan has a maturity date of June 11, 2021, with an option to renew at 5.0% per annum for an additional 49 month term. The 2018 Term Loan is secured by a security deed on the assets of Wild Animal – Georgia. The Company paid a total of approximately $15,680 in fees and expenses in connection with the 2018 Refinancing.

Interest expense of $17,191 and $19,223 for the three months ended March 29, 2020 and March 31, 2019, respectively, includes $560 of amortization of debt closing costs in each period. Interest expense of $34,912 and $38,821 for the six months ended March 29, 2020 and March 31, 2019, respectively, includes $1,120 of amortization of debt closing costs in each period.

	As of
	March 29, 2020		September 29, 2019
Term Loan principal outstanding	$	1,268,821	$	1,371,248
Less: unamortized debt closing costs		(11,760)		(12,880)
Gross long-term debt		1,257,061		1,358,368
Less current portion of long-term debt,
net of unamortized debt closing costs		(209,673)		(204,355)
Long-term debt	$	1,047,388	$	1,154,013

As of March 29, 2020, the scheduled future principal maturities by fiscal year are as follows:

2020	$	104,369
2021		217,446
2022		228,856
2023		240,864
2024		253,503
thereafter		223,783
Total	$	1,268,821