What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2023-01-18 compared with 2022-01-14 · 28 added, 28 removed, 25 unchanged (69% of the section changed)

8 unchanged sentences

At October 1, 2022, we had two

variable rate debt instruments outstanding that are impacted by changes in interest rates.

The interest rate of both variable rate debt

instruments is equal to the lender’s LIBOR Rate plus two and one-quarter percent (2.25%) per annum.

The debt instruments further

provide that the “LIBOR Rate” is a rate of interest equal to the British Bankers Association LIBOR Rate or successor thereto

approved by the lender if the British Bankers Association is no longer making a LIBOR rate available.

In January 2013, we refinanced the

mortgage loan encumbering the property where our combination package liquor store and restaurant located at 4 N.

Federal Highway, Hallandale,

Florida, (Store #31) operates, which mortgage loan is held by an unaffiliated third party lender (the “$1.405M Loan”).

December 2016, we closed on a secured revolving line of credit which entitled us to borrow, from time to time through December 28, 2017,

up to $5,500,000 (the “Credit Line”), which on December 28, 2017 converted to a term loan (the “Term Loan”).

variable rate instruments outstanding that are impacted by changes in interest rates.

The interest rate of the first variable rate debt

instrument is equal to the lender’s LIBOR Rate plus two and one-quarter percent (2.25%) per annum and the second variable rate debt

instrument is equal to the lender’s BSBY Screen Rate plus one and one-half percent (1.50%) per annum.

The debt instrument further

provides that the “LIBOR Rate” is a rate of interest equal to the British Bankers Association LIBOR Rate or successor thereto

approved by the lender if the British Bankers Association is no longer making a LIBOR rate available and the “BSBY Screen Rate is

a rate of interest equal to the Bloomberg Short-Term Bank Yield Interest Rate or successor thereto approved by the lender.

2016, we closed on a secured revolving line of credit which entitled us to borrow, from time to time through December 28, 2017, up to

$5,500,000 (the “Credit Line”), which on December 28, 2017 converted to a term loan (the “Term Loan”).

to the end of our fiscal year 2022 (December 28, 2022), we paid the balance of the Term Loan in full.

In September 2022, we refinanced

the mortgage loan encumbering the property where our combination package liquor store and restaurant located at 4 N.

Federal Highway,

Hallandale Beach, Florida, (Store #31) operates, which mortgage loan is held by an unaffiliated third party lender (the “$8.90M

As a means of managing our interest

2 unchanged sentences

We are currently party to the following two (2) interest rate swap agreements:

first interest rate swap agreement entered into in January 2013 relates to the $1.405M Loan (the “$1.405M Term Loan Swap”).

The $1.405M Term Loan Swap requires us to pay interest for a twenty (20) year period at a fixed rate of 4.35% on an initial amortizing

notional principal amount of $1,405,000, while receiving interest for the same period at LIBOR – 1 Month, plus 2.25%, on the same

amortizing notional principal amount.

We determined that at October 2, 2021, the interest rate swap agreement is an effective hedging

agreement and the fair value was not material;

The second interest rate swap agreement entered into in December 2016 and became effective December 28, 2017, relates to the Term Loan

The first interest rate swap agreement entered into in December 2016 and became effective December 28, 2017, relates to the Term Loan

(the “Term Loan Swap”).

4 unchanged sentences

is an effective hedging agreement and the fair value was not material.

Pursuant to our institutional

lender, beginning January 1, 2022 it will no longer originated, renew or modify loans at LIBOR, except in limited situations which include

transactions which reduce or hedge LIBOR exposure on contracts entered into before January 1, 2022.

LIBOR rates will be published until

June 30, 2023 and all principal and interest of the $1.405M Loan will be due in full on January 23, 2023 and all principal and interest

of the Term Loan will be fully amortized and paid in full as of December 28, 2022 so the discontinuance of LIBOR rates will have no impact

Subsequent to the end of our fiscal year 2022 (December 28, 2022)

we paid the balance of the Term Loan in full, which was the same date the swap agreement matured;

second interest rate swap agreement entered into in September 2022 relates to the $8.90M Loan (the “$8.90M Term Loan Swap”).

The $8.90M Term Loan Swap requires us to pay interest for a fifteen (15) year period at a fixed rate of 4.90% on an initial amortizing

notional principal amount of $8,900,000, while receiving interest for the same period at BSBY Screen Rate – 1 Month, plus 1.50%,

on the same amortizing notional principal amount.

We determined that at October 1, 2022, the interest rate swap agreement is an effective

hedging agreement and the fair value was not material.

At October 1, 2022, our cash resources

earn interest at variable rates.

Accordingly, our return on these funds is affected by fluctuations in interest rates.

offset our bank charges and any excess cash resources earn interest at variable rates.

Accordingly, our return on these funds is affected

by fluctuations in interest rates.

There is no assurance that interest

2 unchanged sentences

Our Consolidated Financial Statements

and supplementary data are on pages F-1 through F-6.

are on pages F-1 through F-31.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk