XML 54 R42.htm IDEA: XBRL DOCUMENT v3.22.2
Notes Payable and Long-Term Debt (Details)
9 Months Ended
Jun. 28, 2022
USD ($)
Notes Payable and Long-Term Debt (Details) [Line Items]  
Interest rate 0.25%
Description of interest at a variable rate As of June 28, 2022, any borrowings under the Cadence Credit Facility, as amended, bear interest at a variable rate based upon the Company’s election of (i) 2.5% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence Bank publicly announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.250% floor, plus 3.5%.
Description of cadence credit facility the Cadence Credit Facility contains certain affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including financial covenants setting a maximum leverage ratio of 5.15:1, a minimum pre-distribution fixed charge coverage ratio of 1.25:1, a minimum post-distribution fixed charge coverage ratio of 1.10:1 and minimum liquidity of $2.0 million. As of June 28, 2022, the Company was in compliance with all of these financial covenants under the Cadence Credit Facility.
Cadence Credit Facility [Member]  
Notes Payable and Long-Term Debt (Details) [Line Items]  
Maturity date The Company maintains a credit agreement with Cadence Bank (“Cadence”) pursuant to which, as amended, Cadence has agreed to loan the Company up to $8,000,000 with a maturity date of January 31, 2023 (as amended, the “Cadence Credit Facility”).
Cadence agreed loan $ 8,000,000
Professional fees $ 308,500