INCOME TAXES:

12 Months Ended

Mar. 30, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

Note 8 - INCOME TAXES:

The Company accounts for income taxes under the provisions of ASC Topic 740, Income Taxes which includes the provisions of SFAS No. 109 (“SFAS 109”). Under SFAS 109, deferred income tax assets or liabilities are computed based upon the temporary differences between the Financial Statements and income tax bases of assets and liabilities using the currently enacted marginal income tax rates. Deferred income tax expenses or credits are based on the changes in the deferred income tax assets or liabilities from period to period.

The provision for income taxes consists of the following:

	March 30,		March 31,
	2018		2017
Current:
Federal	$	449,123	$	532,892
State and local		222,982		429,785
Total current tax provision		672,105		962,677
Deferred:
Federal		561,920		262,469
State and local		556,453		81,864
Total deferred tax benefit		1,118,373		344,333
Total provision (benefit)	$	1,790,478	$	1,307,010

With the enactment of the Tax Cuts and Jobs Act (TCJA), Federal corporate income tax rates were reduced from 35 percent to 21 percent. As the Company reports on a fiscal year basis ending on

March 30, 2018, the federal income tax rate for the year ended March 30, 2018 is a blended rate.

The foregoing amounts are management’s estimates and the actual results could differ from those estimates. Future profitability in this competitive industry depends on continually obtaining and fulfilling net profitable contracts or the failure of the Company’s engineering development efforts could reduce estimates of future profitability, which could affect the Company’s ability to realize the deferred tax assets.

A reconciliation of the income tax benefit at the statutory Federal tax rate to the income tax benefit recognized in the financial statements is as follows:

	March 30,		March 31,
	2018		2017
Income tax expense (benefit) – nine months		35%		—
Income tax expense (benefit) – three months		21%		—
Income tax expense (benefit)		—		34%
Income tax expenses – state and local, net of federal benefit		12%		12%