SUBSEQUENT EVENTS

3 Months Ended

Jan. 02, 2021

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

During January 2021, the Company applied for forgiveness of PPP Loans in the aggregate amount of $4,097,000. Such applications are still in process as of the date of this filing.

On January 26, 2021, the Company exercised its right-of-first refusal to acquire the land, building and parking lot associated with JB’s on the Beach for $11,000,000. The agreement required the Company to fund a $3,000,000 deposit on February 12, 2021 and close by March 22, 2021. In connection with this transaction, the Company contributed it’s rights and interest in its right-of-first-refusal to a new entity whose managing member funded the $3,000,000 deposit and will fund the remaining $8,000,000 of the

purchase price at closing. In exchange, the Company will receive an equity interest in any future real estate development of the sites. In addition, all rights and privileges under the current lease will be assigned to this new entity, as landlord and the lease terms will remain unchanged. In the event the transaction does not close, the Company is obligated to reimburse this partner the $3,000,000 deposit plus expenses. On January 29, 2021, New York State Governor Andrew Cuomo announced that New York City restaurants can seat customers indoors at 25% maximum capacity starting on February 12, 2021.