2011 EQUITY INCENTIVE

6 Months Ended

Sep. 23, 2011

2011 EQUITY INCENTIVE [Abstract]

2011 EQUITY INCENTIVE

Note 10-	2011 EQUITY INCENTIVE PLAN:
	On August 31, 2011, the Company's shareholders approved the adoption of the Company's 2011 Equity Incentive Plan (“2011 Plan”) to provide for the grant of stock options and restricted stock awards to purchase up to 750,000 shares of the Company's common stock to all employees, consultants and other eligible participants including senior management and members of the Board of Directors of the Company.  The 2011 Plan replaced the prior 2002 Employee Stock Option Plan which had expired in accordance with its terms.
	Options granted to employees under the 2011 Plan may be designated as options which qualify for incentive stock option treatment under Section 422A of the Internal Revenue Code, or options which do not qualify (non-qualified stock options).
	Under the 2011 Plan, the exercise price of an option designated as an incentive stock option shall not be less than the fair market value of the Company's common stock on the day the option is granted. In the event an option designated as an incentive stock option is granted to a ten percent (10%) or greater shareholder, such exercise price shall be at least 110 percent (110%) of the fair market value of the Company's common stock and the option must not be exercisable after the expiration of five years from the day of the grant. The 2011 Plan also provides that holders of options that wish to pay for the exercise price of their options with shares of the Company's common stock must have beneficially owned such stock for at least six months prior to the exercise date.
	Exercise prices of non-incentive stock options may be less than the fair market value of the Company's common stock.
	The aggregate fair market value of shares subject to options granted to a participant(s), which are designated as incentive stock options, and which become exercisable in any calendar year, shall not exceed $100,000. As of September 23, 2011, no options or restricted stock awards had been granted under the 2011 Plan.