2 unchanged sentences
we are exposed to interest rate fluctuations on our borrowings.
−Removed: As more fully described in Note 15 “Fair Value Measurements of Financial
−Removed: Instruments” to the Consolidated Financial Statements included in “Item 8.
−Removed: Financial Statements and Supplementary Data”
−Removed: of this Annual Report on Form 10-K for our fiscal year ended September 30, 2023, we use interest rate swap agreements to manage these
−Removed: These instruments are not used for speculative purposes but are used to modify variable rate obligations into fixed rate obligations.
−Removed: At September 30, 2023, we had
−Removed: one variable rate instrument outstanding that is impacted by changes in interest rates.
−Removed: The interest rate of our variable rate debt instrument
−Removed: is equal to the lender’s BSBY Screen Rate plus one and one-half percent (1.50%) per annum.
−Removed: The debt instrument further provides
−Removed: that the “BSBY Screen Rate is a rate of interest equal to the Bloomberg Short-Term Bank Yield Interest Rate or successor thereto
−Removed: approved by the lender.
−Removed: In September 2022, we refinanced the mortgage loan encumbering the property where our combination package liquor
−Removed: store and restaurant located at 4 N.
−Removed: Federal Highway, Hallandale Beach, Florida, (Store #31) operates, which mortgage loan is held by
−Removed: an unaffiliated third-party lender (the “$8.90M Loan”).
−Removed: As a means of managing our interest
−Removed: rate risk on this debt instrument, we entered into an interest rate swap agreement with our unrelated third-party lender to convert this
−Removed: variable rate debt obligation to a fixed rate.
−Removed: We are currently party to the following interest rate swap agreement:
−Removed: (i) The interest rate swap agreement
−Removed: entered into in September 2022 relates to the $8.90M Loan (the “$8.90M Term Loan Swap”).
−Removed: The $8.90M Term Loan Swap requires
−Removed: 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,
−Removed: while receiving interest for the same period at BSBY Screen Rate – 1 Month, plus 1.50%, on the same amortizing notional principal
−Removed: As of September 30, 2023 the fair value of the swap agreement is now reflected on the balance sheet in other assets and accumulated
−Removed: other comprehensive income.
−Removed: We determined that the interest rate swap agreement is an effective hedging agreement and that changes in
−Removed: fair value will be adjusted quarterly based on the valuation statement.
−Removed: During our fiscal year 2023, we
−Removed: invested the aggregate sum of $900,000 in 90-day certificates of deposit, fully government guaranteed and at an average fixed annual interest
−Removed: rate of 4.87%.
−Removed: Otherwise, as on September 30, 2023, our cash resources offset our bank charges and any excess cash resources earn interest
+Added: As described in Note 13 “Fair Value Measurements of Financial Instruments”
+Added: to the Consolidated Financial Statements included in “Item 8.
+Added: Financial Statements and Supplementary Data” of this Annual
+Added: Report on Form 10-K for our fiscal year ended September 28, 2024, we use interest rate swap agreements to manage these risks.
+Added: These instruments
+Added: are not used for speculative purposes but are used to modify variable rate obligations into fixed rate obligations.
+Added: At the end of our fiscal year
+Added: 2024, we had approximately $1,449,000 in 90-day certificates of deposit, government guaranteed and at fixed annual interest rates between
+Added: Otherwise, as of September 28, 2024, our cash resources offset our bank charges and any excess cash resources earn interest
at variable rates.
7 unchanged sentences
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.