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EXCEL - IDEA: XBRL DOCUMENT - GOOD TIMES RESTAURANTS INCFinancial_Report.xls
10-K - GOOD TIMES RESTAURANTS INCf10kfinal1.htm
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EX-1 - GOOD TIMES RESTAURANTS INCconsent1212.htm
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v2.4.0.6
Debt and Capital Leases
12 Months Ended
Sep. 30, 2012
Debt and Capital Leases

3.

Debt and Capital Leases:

Note payable with PFGI II, LLC with monthly payments of principal and interest (8.65%, with a 25 year amortization) and a balloon payment of all unpaid principal due on January 31, 2013.  The loan is collateralized by one Real Property Deed of Trust, three Leasehold Deeds of Trust and Security Agreements and Assignment of Rents and Fixture Filings and two Security Agreements and Assignment of Rents and Fixture Filings related to those five corporate restaurants.  The promissory note constitutes a line of credit which may be repaid but not re-advanced, at any time. This note was reduced by $765,000 on November 30, 2012.

$

1,319,000 

Note payable with Wells Fargo Bank, NA with scheduled payments of principal and interest (prime rate less .5%) due monthly, and the final payment due in January 2014.  The loan is collateralized by Security Agreements related to the furniture, fixtures and equipment of the eight corporate restaurants. This note was repaid in full on October 2, 2012.

232,000 

Capital signage leases with Yesco, LLC with payments of principal and interest (8%) due monthly.

129,000 

Notes payable with Ally Financial with payments of principal and interest (1.9% to 3.9%) due monthly. The loans are secured by vehicles.

52,000 

Unamortized note discount related to warrants issued in connection with the above note payable with PFGI II, LLC.

(7,000)

 

1,725,000 

Less current portion

(1,586,000)

Long term portion

$

139,000 

In conjunction with the Wells Fargo Bank term loan, the Company entered into a variable to fixed interest rate swap agreement with Wells Fargo Bank effective May 9, 2007, with a notional amount of $1,100,000, a pay rate of 7.77% and a receive rate based on the bank prime rate less .50%. The swap agreement has an eight-year term and has the effect of normalizing the effective interest rate at 7.77%. As of September 30, 2012, the fair value of the contract was a liability of $7,000. The liability has been recorded in other accrued liabilities.







As of September 30, 2012, principal payments on debt become due as follows:

Years Ending

September 30,

 

2013

$

1,586,000

2014

45,000

2015

46,000

2016

37,000

2017

11,000

 

$

1,725,000