CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Oct. 03, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Following are the required disclosures associated with the Company’s consolidated VIEs:


	October 3, 2020		September 28, 2019
	(in thousands)
Cash and cash equivalents	$	567	$	170
Accounts receivable	162		219
Inventories	27		41
Prepaid and refundable income taxes	274		254
Prepaid expenses and other current assets	13		12
Due from Ark Restaurants Corp. and affiliates (1)	419		392
Fixed assets - net	241		236
Operating lease right-of-use assets - net	2,658		—
Other assets	82		82
Total assets	$	4,443	$	1,406

Accounts payable - trade	$	119	$	65
Accrued expenses and other current liabilities	331		440
Current portion of operating lease liabilities	226		—
Operating lease deferred credit	—		(30)
Operating lease liabilities, less current portion	2,442		—
Notes payable, less current portion	723		—
Total liabilities	3,841		475
Equity of variable interest entities	602		931
Total liabilities and equity	$	4,443	$	1,406

(1)Amounts due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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