Einstein Bros 2002 Annual Report Download - page 72

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http://www.sec.gov/Archives/edgar/data/949373/000104746903027186/a2116520z10-ka.htm[9/11/2014 10:14:22 AM]
January 1, 2002 and December 31, 2000 balance sheets as the Company did not obtain waivers for such violations, which results in
the entire balance being due and payable at the discretion of the holder. As of March 26, 2003, the holder has not expressed any
intent to call the loan prior to its stated maturity date.
i. In June 1996, the Company issued a promissory note for $770,000 in connection with the acquisition of three Coopers Coffee Bar
locations. The note is payable over four years in equal installments and bears interest at 6%, which represented a below-market
interest rate at the time of the acquisition. The note was discounted using an interest rate of 10%, a more appropriate market rate at
issuance. The note is secured by certain store assets purchased pursuant to the acquisition. This note was repaid in full during 2001.
j. The Company is obligated under a mortgage payable of $208,000 on its plant in South Carolina. The mortgage bears interest at
prime plus 1.25% and matures in March 2010. The mortgage is secured by the associated real estate.
Scheduled maturities of long-term debt are as follows:
December 31,
2002
2003 $ 150,872
2004 915
2005 40
2006 40
2007 16
Thereafter 10,000
$ 161,883
F-39
9. Accrued Expenses
Accrued expenses consist of the following:
As Restated
December 31,
2002
January 1,
2002
December 31,
2000
(amounts in thousands)
Accrued payroll and related bonuses $ 13,949 $ 13,472 $ 876
Accrued reorganization 2,768 2,936 236
Acquisition financing expenses — 968 —
Accrued vendor contracts — 2,714 —
Accrued taxes 2,310 2,100 —
Accrued interest 4,342 2,332 528
Gift certificate liability 1,789 1,224 —
Accrued utilities 1,115 1,190 —
Other 4,715 2,545 1,310
Total $ 30,988 $ 29,481 $ 2,950