CORRECTION OF AN ERROR

3 Months Ended

Jun. 29, 2018

Accounting Changes and Error Corrections [Abstract]

CORRECTION OF AN ERROR

Note 8-  CORRECTION OF AN ERROR: 

On July 1, 2015, the Company granted 245,000 options to purchase shares of the Company’s common stock under the 2011 Equity Incentive Plan.

The Company did account for these grants as statutory stock options but did not report these grants as additional compensation expense during the fiscal year ended March 25, 2016. Upon subsequent review, it was determined that these grants should have been reported as compensation expense using a Black Scholes Method of valuation for the fiscal year ended March 25, 2016.

The Company is reporting additional stock option compensation expense of $995,055 as an adjustment of the opening component balances of stockholders’ equity as of March 31, 2017.

The following table shows the effect of this correction:

	Capital in
	Excess of		Retained
	Par value		earnings
Balances at March 25, 2016	$	2,744,573	$	10,812,960
Correction of an error: recognition of stock option compensation expense		995,055		(995,055	)
Restated balances at March 26, 2016	$	3,739,628	$	9,817,905