ACCOUNTS RECEIVABLE FINANCING

12 Months Ended

Mar. 28, 2014

Receivables [Abstract]

ACCOUNTS RECEIVABLE FINANCING

Note 5 - ACCOUNTS RECEIVABLE FINANCING:

The Company has an accounts receivable financing agreement with a non-bank lending institution (“Factor”) whereby it can borrow up to 80 percent of its eligible receivables (as defined in such financing agreement) at an interest rate of 2 ½% above JP Morgan Chase’s publicly announced rate with a minimum rate of 12% per annum.

The financing agreement has an initial term of one year and automatically renews for successive one-year terms, unless terminated by the Company or its lender upon receiving 60 days prior notice. Funds advanced by the Factor are secured by the Company’s accounts receivable and inventories. As of March 28, 2014 the Company reported in the accompanying financial statements, excess payments to the Factor of $630,059 compared to March 29, 2013, when the Company had reported excess payments to the Factor of $36,916.