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SUBSEQUENT EVENT
9 Months Ended
Jul. 02, 2016
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

13. SUBSEQUENT EVENTS


On July 5, 2016, the Board of Directors authorized a share repurchase program authorizing management to purchase up to 500,000 shares of the Company’s common stock during the next twelve months. Any repurchase under the program will be effected in compliance with Rule 10b-18 “Purchases of Certain Equity Securities by the Issuer and Others”, funded using the Company’s working capital and be based on management’s evaluation of market conditions and other factors.


On July 13, 2016, the Company made an additional loan to Meadowlands Newmark LLC in the amount of $200,000. Such amount is subject to the same terms and conditions as the original loan as discussed in Note 5.


Two subsidiaries of the Company (“the Ark Subsidiaries”), which operate food courts on Federally protected Indian land, have been involved in litigation with the state in which they operate, whereby the state has attempted to collect commercial rent tax from the Ark Subsidiaries. The Company had continued to accrue such taxes as the litigation has worked its way through the courts. During July 2016, the state agreed to the entry of consent judgments in favor of the Ark Subsidiaries holding that the state is constitutionally prohibited from taxing rentals of Indian land. In connection with this agreement, the Company has reversed the accrual of these liabilities in the amount of $945,205 as of July 2, 2016. Such reversal is included in the Consolidated Condensed Statements of Income for the 13 and 39-weeks ended July 2, 2016 as a reduction of Occupancy Expenses with corresponding adjustments to Net Income Attributable to Non-controlling Interests and Tax Expense in the amounts of $336,622 and $158,840, respectively.