XML 37 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
8. Subsequent Events
6 Months Ended
Jan. 25, 2014
Notes  
8. Subsequent Events

 

8. SUBSEQUENT EVENTS

 

At January 25, 2014, the Company had a $23,219 note receivable due from Wakefern earning a fixed rate of 7%. Wakefern prepaid the note on February 15, 2014.  The Company invested the proceeds received and additional funds previously invested in demand deposits at Wakefern in variable rate notes receivable from Wakefern of $40,000 on February 15, 2014.  Half of these notes earn interest at the prime rate plus .25% and mature in 3.5 years and half earn interest at the prime rate plus 1.25% and mature in 5 years.  Wakefern has the right to prepay these notes at any time. Under certain conditions, the Company can require Wakefern to prepay the notes.  However, interest earned since inception would be reduced as if it was earned based on overnight money market rates as paid by Wakefern on demand deposits.