Debt	6 Months Ended
Feb. 28, 2013
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 3. Debt The Company has a $10,000,000 line of credit agreement with Community Bank. Borrowings under this agreement bear interest at either the 30, 60, or 90 day London Inter-Bank Offered Rate (“LIBOR”) (0.29% and 0.43% for the 90 day LIBOR at February 28, 2013 and August 31, 2012, respectively) plus 1.75% and/or the bank’s reference rate (3.25% at February 28, 2013 and August 31, 2012). Borrowings are secured by substantially all assets of Bisco and are guaranteed by the Company’s Chief Executive Officer, Chairman of the Board and majority shareholder, Glen F. Ceiley. The agreement expires on March 1, 2014. The amounts outstanding under this line of credit as of February 28, 2013 and August 31, 2012 were approximately $8,184,000 and $7,450,000, respectively. Availability under the line of credit was approximately $1,816,000 and $2,550,000 at February 28, 2013 and August 31, 2012, respectively. The line of credit agreement contains nonfinancial and financial covenants, including the maintenance of certain financial ratios. As of February 28, 2013 and August 31, 2012, the Company was in compliance with all such covenants. On March 10, 2011, the Company entered into a $1,000,000 term loan agreement with Community Bank. The proceeds of the loan were used to pay down the Company’s line of credit. The term loan is for two years and bears interest at the bank’s reference rate (3.25% at February 28, 2013 and August 31, 2012). As of February 28, 2013, the outstanding balance of the term loan was approximately $43,000. The outstanding balance on this loan was repaid in full in March 2013. In October 2002, the Company refinanced and entered into a loan agreement with GE Capital for one restaurant property owned by the Company in Orange Park, Florida (the “Orange Park Property”). The loan requires monthly principal and interest payments totaling $10,400. Interest is at the thirty-day LIBOR rate plus 3.75% (minimum interest rate of 7.34%). The loan is due December 2016. As of February 28, 2013, the outstanding balance due under the Company’s loan with GE Capital was approximately $406,000. Such loan was reclassified as liabilities of assets held for sale on the accompanying consolidated balance sheets as of February 28, 2013 and August 31, 2012 (See Note 7). On November 9, 2007, the Company completed the refinance of the Sylmar Properties in exchange for a note in the amount of $5,875,000 from Community Bank. The loan requires monthly principal and interest payments totaling $39,658. Interest is fixed at 6% per annum. As of February 28, 2013, the outstanding balance due on the loan to Community Bank was approximately $5,183,000. During 2008, the Company purchased and financed the restaurant property in Brooksville, Florida (the “Brooksville Property”) with Zion’s Bank receiving cash of approximately $1,200,000 and a mortgage for that amount. The mortgage is for 20 years at an interest rate of 6.65% per annum and requires monthly principal and interest payments totaling $8,402. The outstanding balance of the loan at February 28, 2013 was approximately $1,102,000. Such loan was reclassified as liabilities of assets held for sale on the accompanying consolidated balance sheets as of February 28, 2013 and August 31, 2012 (See Note 7).

Debt

6 Months Ended

Feb. 28, 2013

Note 3. Debt

The Company has a $10,000,000 line of credit agreement with Community Bank. Borrowings under this agreement bear interest at either the 30, 60, or 90 day London Inter-Bank Offered Rate (“LIBOR”) (0.29% and 0.43% for the 90 day LIBOR at February 28, 2013 and August 31, 2012, respectively) plus 1.75% and/or the bank’s reference rate (3.25% at February 28, 2013 and August 31, 2012). Borrowings are secured by substantially all assets of Bisco and are guaranteed by the Company’s Chief Executive Officer, Chairman of the Board and majority shareholder, Glen F. Ceiley. The agreement expires on March 1, 2014. The amounts outstanding under this line of credit as of February 28, 2013 and August 31, 2012 were approximately $8,184,000 and $7,450,000, respectively. Availability under the line of credit was approximately $1,816,000 and $2,550,000 at February 28, 2013 and August 31, 2012, respectively. The line of credit agreement contains nonfinancial and financial covenants, including the maintenance of certain financial ratios. As of February 28, 2013 and August 31, 2012, the Company was in compliance with all such covenants.

On March 10, 2011, the Company entered into a $1,000,000 term loan agreement with Community Bank. The proceeds of the loan were used to pay down the Company’s line of credit. The term loan is for two years and bears interest at the bank’s reference rate (3.25% at February 28, 2013 and August 31, 2012). As of February 28, 2013, the outstanding balance of the term loan was approximately $43,000. The outstanding balance on this loan was repaid in full in March 2013.

In October 2002, the Company refinanced and entered into a loan agreement with GE Capital for one restaurant property owned by the Company in Orange Park, Florida (the “Orange Park Property”). The loan requires monthly principal and interest payments totaling $10,400. Interest is at the thirty-day LIBOR rate plus 3.75% (minimum interest rate of 7.34%). The loan is due December 2016. As of February 28, 2013, the outstanding balance due under the Company’s loan with GE Capital was approximately $406,000. Such loan was reclassified as liabilities of assets held for sale on the accompanying consolidated balance sheets as of February 28, 2013 and August 31, 2012 (See Note 7).

On November 9, 2007, the Company completed the refinance of the Sylmar Properties in exchange for a note in the amount of $5,875,000 from Community Bank. The loan requires monthly principal and interest payments totaling $39,658. Interest is fixed at 6% per annum. As of February 28, 2013, the outstanding balance due on the loan to Community Bank was approximately $5,183,000.

During 2008, the Company purchased and financed the restaurant property in Brooksville, Florida (the “Brooksville Property”) with Zion’s Bank receiving cash of approximately $1,200,000 and a mortgage for that amount. The mortgage is for 20 years at an interest rate of 6.65% per annum and requires monthly principal and interest payments totaling $8,402. The outstanding balance of the loan at February 28, 2013 was approximately $1,102,000. Such loan was reclassified as liabilities of assets held for sale on the accompanying consolidated balance sheets as of February 28, 2013 and August 31, 2012 (See Note 7).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details