0001174947-18-001407.txt : 20181127 0001174947-18-001407.hdr.sgml : 20181127 20181127152218 ACCESSION NUMBER: 0001174947-18-001407 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20180928 FILED AS OF DATE: 20181127 DATE AS OF CHANGE: 20181127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IEH Corp CENTRAL INDEX KEY: 0000050292 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC CONNECTORS [3678] IRS NUMBER: 135549345 STATE OF INCORPORATION: NY FISCAL YEAR END: 0329 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-05278 FILM NUMBER: 181203012 BUSINESS ADDRESS: STREET 1: 140 58TH ST BLDG B UNIT 8E CITY: BROOKLYN STATE: NY ZIP: 11220 BUSINESS PHONE: 7184924440 MAIL ADDRESS: STREET 1: 369 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: IEH CORPORATION DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: INDUSTRIAL ELECTRONIC HARDWARE CORP DATE OF NAME CHANGE: 19890123 FORMER COMPANY: FORMER CONFORMED NAME: INDUSTRIAL HEAT TREATING CO INC DATE OF NAME CHANGE: 19670926 10-Q/A 1 form10qa-21105_iehc.htm 10-Q/A

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

 

FORM 10-Q/A

(Amendment No. 1) 

 

þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 28, 2018

 

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________________ to _______________

 

Commission File No. 0-5278

 

IEH CORPORATION

(Exact name of registrant as specified in its charter)

 

New York 13-5549348
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)

 

 

140 58th Street, Suite 8E, Brooklyn, New York 11220

(Address of principal executive office)

 

Registrant's telephone number, including area code: (718) 492-4440

 

____________________________________________

Former name, former address and former fiscal year,

if changed since last report.

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes þ                   No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes þ                   No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

     
 Large accelerated filer  o   Accelerated filer o 
     
Non-accelerated filer  o
(Do not check if a smaller reporting company)
  Smaller Reporting Company þ

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES  o NO þ

 

2,323,468 shares of Common Shares, par value $.01 per share, were issued and outstanding as of November 16, 2018.

 -1-

 

 

EXPLANATORY NOTE

 

We are filing this Amendment No. 1 to Form 10-Q (Amendment No. 1) on Form 10-Q/A to our Quarterly Report on Form 10-Q for the quarter ended September 28, 2018 (“Original 2Q 2018 Form 10-Q”) which amends and restates the Original 2Q 2018 Form 10-Q as filed with the Securities and Exchange Commission (“SEC”) on November 16, 2018. The primary reason for filing this Amendment No. 1 to the Original 2Q 2018 Form 10-Q is to clarify the accounting rule basis for the computation of “Fully Diluted Earnings Per Share” and “Weighted Average Number of Common Shares Outstanding – Fully Diluted” in the Statement of Operations for the six-month period and three-month period ended September 28, 2018, respectively. Such clarification, based on FASB ASC Topic 260, is reflected in an amendment to the subparagraph entitled “Net Income Per Share” in Note 2 of the Financial Statements – Summary of Significant Accounting Policies on page 12. Secondly, this Amendment No. 1 to the Original 2Q 2018 Form 10-Q corrects an error in the computation of Fully Diluted Earnings Per Share” and “Weighted Average Number of Common Shares Outstanding – Fully Diluted” in the Statement of Operations for the six-month period and three-month period ended September 28, 2018, respectively.

 

The Company is filing this Form 10-Q/A together with the final version of the XBRL Report on Exhibit 101.1

 

Except as described above, no other changes have been made to the Original 2Q 2018 Form 10-Q, including, without limitation, no changes to the Company’s unaudited consolidated financial statements and accompanying notes for the quarter ended September 28, 2018, as set forth in Part I, Item 1 of the Original 2Q 2018 Form 10-Q.

With this Amendment No. 1 on Form 10-Q/A, the principal executive officer and principal financial officer of the Company have reissued their certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, respectively, including in Part II, Item 6 and attached as Exhibits 31.1, 31.2 and 32.1 to the Amendment No. 1 on Form 10-Q/A.

2 

 

 

IEH CORPORATION

 

TABLE OF CONTENTS

 

    Page
    Number
     
PART I - FINANCIAL INFORMATION  
     
ITEM 1- FINANCIAL STATEMENTS  
     
  Balance Sheets as of September 28, 2018 (Unaudited) and March 30, 2018 (Audited) 5
     
  Statements of Operations (Unaudited) for the three months and six months ended September 28, 2018 and September 29, 2017 7
     
  Statements of Cash Flows (Unaudited) for the six months ended September 28, 2018 and September 29, 2017 8
     
  Notes to Financial Statements (Unaudited) 10
     
     
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24
     
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 36
     
ITEM 4 – CONTROLS AND PROCEDURES 37
     
PART II – OTHER INFORMATION  
     
ITEM 1 LEGAL PROCEEDINGS 40
     
ITEM 1A – RISK FACTORS 40
     
ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 41
     
ITEM 3 – DEFAULTS UPON SENIOR SECURITIES 41
     
ITEM 4 –  MINE SAFETY DISCLOSURE 41
     
ITEM 5 – OTHER INFORMATION 42
     
ITEM 6 – EXHIBITS 42
     
     
SIGNATURES 44
     

 

 -3-

 

 

 

 

Exhibits    
     
     
Exhibit 31.1 Certification Pursuant to 17CFR240.13a-14(a) or 17CFR240.15d-14(a) 45
     
Exhibit 31.2 Certification Pursuant to 17CFR240.13a-14(a) or 17CFR240.15d-14(a) 46
     
Exhibit 32.1 Certification Pursuant to 17CFR240.13a-14(b) or 17CFR240.15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code 47
     
Exhibit 101 Instance Document  
     
Exhibit 101 Schema Document  
     
Exhibit 101 Calculation Linkbase Document  
     
Exhibit 101 Labels Linkbase Document  
     
Exhibit 101 Presentation Linkbase Document  
     
Exhibit 101 Definition Linkbase Document  

 

 

 

 -4-

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

 

IEH CORPORATION

 

BALANCE SHEETS

 

As of September 28, 2018 and March 30, 2018

 

 

   September 28,   March 30, 
   2018   2018 
   (Unaudited)   (Audited) 
         
ASSETS        
           
CURRENT ASSETS:          
Cash  $4,087,248   $1,407,013 
Accounts receivable, less allowances for doubtful accounts of $0 at September 28, 2018 and
$11,562 at March 30, 2018 (Note 13)
   4,407,017    4,429,267 
Inventories (Note 3)   11,577,700    10,751,498 
Excess payments to Commercial finance company (Note 6)   448,930    154,960 
Prepaid expenses and other current assets (Note 4)   296,633    489,594 
           
          Total Current Assets   20,817,528    17,232,332 
           
           
PROPERTY, PLANT AND EQUIPMENT, less accumulated
    depreciation and amortization of $9,602,961 at September 28, 2018 and
    $9,377,361 at March 30, 2018 (Note 5)
   2,166,449    2,066,155 
    2,166,449    2,066,155 
           
OTHER ASSETS:          
  Other assets   54,489    54,489 
    54,489    54,489 
           
Total Assets  $23,038,466   $19,352,976 
           

 

 

The accompanying notes should be read in conjunction with the financial statements.

 -5-

IEH CORPORATION

 

BALANCE SHEETS (Continued)

 

As of September 28, 2018 and March 30, 2018

 

 

   September 28,   March 30, 
   2018   2018 
   (Unaudited)   (Audited) 
         
LIABILITIES AND SHAREHOLDERS’ EQUITY     
         
CURRENT LIABILITIES:          
Accounts payable  $155,518   $576,629 
Accrued corporate income taxes   1,764,260    935,762 
Other current liabilities (Note 7)   835,287    768,369 
          Total Current Liabilities   2,755,065    2,280,760 
           
          Total Liabilities   2,755,065    2,280,760 
           
SHAREHOLDERS’ EQUITY:          
Common stock, $.01 par value; 10,000,000 shares authorized;
2,323,468 shares issued and outstanding at September 28, 2018 and 2,303,468 issued
and outstanding at March 30, 2018 (Note 9)
   23,235    23,035 
Capital in excess of par value   3,773,004    3,767,608 
Retained earnings (Note 9)   16,487,162    13,281,573 
           
          Total Shareholders’ Equity   20,283,401    17,072,216 
           
          Total Liabilities and Shareholders’ Equity  $23,038,466   $19,352,976 

 

 

 

The accompanying notes should be read in conjunction with the financial statements.

 -6-

IEH CORPORATION

 

STATEMENTS OF OPERATIONS

(Unaudited)

 

For the Six and Three Months Ended September 28, 2018 and September 29, 2017

 

 

   Six Months Ended   Three Months Ended 
  

Sept. 28,

2018

   Sept. 29,
2017
  

Sept. 28,

2018

   Sept. 29,
2017
 
       (Restated)       (Restated) 
                 
REVENUE, net sales  $15,641,182   $11,051,240   $6,597,876   $6,058,261 
                     
COSTS AND EXPENSES                    
                     
Cost of products sold   8,626,465    6,977,485    4,041,230    3,622,433 
Selling, general and administrative   2,077,479    2,052,224    1,042,532    1,113,213 
Interest expense   15,552    16,639    5,304    8,101 
Depreciation   225,600    212,600    84,000    105,300 
    10,945,096    9,258,948    5,173,066    4,849,047 
                     
OPERATING INCOME   4,696,086    1,792,292    1,424,810    1,209,214 
                     
OTHER INCOME   3,162    1,326    1,955    382 
                     
INCOME BEFORE INCOME TAXES   4,699,248    1,793,618    1,426,765    1,209,596 
                     
PROVISION FOR INCOME TAXES   1,493,659    923,336    480,461    644,936 
                     
NET INCOME  $3,205,589   $870,282   $946,304   $564,660 
                     
BASIC EARNINGS PER SHARE (Note 2)  $1.38   $.38   $.41   $.25 
                     
FULLY DILUTED EARNINGS PER SHARE  $1.34   $.38   $.39   $.24 
                     
WEIGHTED AVERAGE NUMBER OF
   COMMON SHARES OUTSTANDING
   (in thousands)
   2,319    2,303    2,323    2,303 
                     
WEIGHTED AVERAGE NUMBER OF
   COMMON SHARES OUTSTANDING –
   FULLY DILUTED
   (in thousands)
   2,397    2,312    2,411    2,316 

 

 

 

 

 

The accompanying notes should be read in conjunction with the financial statements.

 -7-

IEH CORPORATION

 

STATEMENTS OF CASH FLOWS

(Unaudited)

 

For the Six Months Ended September 28, 2018 and September 29, 2017

 

 

   Six Months Ended 
   September 28,   September 29, 
   2018   2017 
       (Restated) 
         
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income  $3,205,589   $870,282 
           
Adjustments to reconcile net income to net cash provided by
operating activities:
          
           
Depreciation   225,600    212,600 
Recognition of stock compensation expense   5,596    22,384 
           
Changes in assets and liabilities:          
(Increase) decrease in accounts receivable   22,250    (22,234)
(Increase) in inventories   (826,202)   (749,508)
(Increase) in excess payments to commercial finance company   (293,970)   (412,904)
 Decrease in prepaid expenses and other current assets   192,961    598,082 
 Increase (decrease) in accounts payable   (421,111)   192,583 
 Increase (decrease) in other current liabilities   66,918    (85,104)
 Increase in accrued corporate taxes   828,498    278,639 
           
          Total adjustments   (199,460)   34,538 
           
NET CASH PROVIDED BY OPERATING ACTIVITIES   3,006,129    904,820 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Acquisition of property, plant and equipment   (325,894)   (232,900)
           
NET CASH (USED) BY INVESTING ACTIVITIES   (325,894)  $(232,900)

 

 

The accompanying notes should be read in conjunction with the financial statements.

 -8-

IEH CORPORATION

 

STATEMENTS OF CASH FLOWS (continued)

(Unaudited)

 

For the Six Months Ended September 28, 2018 and September 29, 2017

 

 

   Six Months Ended 
   September 28,   September 29, 
   2018   2017 
       (Restated) 
         
CASH FLOWS FROM FINANCING ACTIVITIES:          
Payment of special cash dividend  $   $(575,867)
           
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES  $    (575,867)
           
  INCREASE (DECREASE) IN CASH   2,680,235    96,053 
           
CASH, beginning of period   1,407,013    1,210,761 
           
CASH, end of period  $4,087,248    1,306,814 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the six months for:
          
     Interest  $14,052    15,138 
           
     Income Taxes  $504,662    51,147 
           
Increase in issued and outstanding shares  $200   $ 

 

 

The accompanying notes should be read in conjunction with the financial statements.

 -9-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 1-  INTERIM RESULTS AND BASIS OF PRESENTATION: 

 

The accompanying unaudited financial statements as of September 28, 2018 and September 29, 2017 and for the six months then ended have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of September 28, 2018 and September 29, 2017 and the results of operations and cash flows for the six months then ended. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the six months ended September 28, 2018, are not necessarily indicative of the results to be expected for any subsequent quarter or the entire fiscal year. The balance sheet at March 30, 2018 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes, however, that the disclosures in this report are adequate to make the information presented not misleading in any material respect. The accompanying financial statements should be read in conjunction with the audited financial statements and notes thereto of IEH Corporation for the fiscal year ended March 30, 2018 included in the Company’s Annual Report on Form 10-K as filed with the SEC and the attached Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

 

Note 2-  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 

 

Description of Business:

 

The Company designs, develops and manufactures printed circuit connectors for high performance applications. We have also developed a high-performance plastic circular connector line. All of our products utilize the HYPERBOLOID contact design, a rugged high-reliability contact system ideally suited for high-stress environments. We are the only independent producer of HYPERBOLOID in the United States.

 

Our customers consist of OEM’s (Original Equipment Manufacturers), companies manufacturing medical equipment, and distributors who resell our products to OEMs. We sell our products directly and through regional representatives located in all regions of the United States, Canada, Israel, India, various Pacific Rim countries, South Korea and the European Union (EU).

 

The customers of the Company services are in the following markets: Government, Military, Aerospace, Medical, Automotive, Industrial, Test Equipment and Commercial Aerospace. The Company appears on the Military Qualified Product Listing “QPL” to MIL-DTL-55302 and supply customer requested modifications to this specification. Sales to the Commercial Aerospace and Military markets were 35% and 45%, respectively, of the Company’s net sales for the year ended March 30, 2018. The balance of the Company’s sales is principally in the following markets: Space (10%), Oil and Gas Exploration (5%), and Medical, Industrial and Testing Equipment (5%). The Company’s offering of “QPL” items has recently been expanded to include additional products.

 -10-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 2-  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (continued)

 

Description of Business: (continued)

 

In order to remain competitive, the Company has an internal program to upgrade, add and maintain machinery, review material costs and increase labor force productivity. During the fiscal year ended March 30, 2018, the Company purchased several machines to increase the productivity of certain processes. This will help the Company meet this goal.

 

Business New Product Development:

 

The Company is sought after by many of its customers to design and manufacture custom connectors. This has created many new products that are innovative designs and employ new technologies. The Company continues to be successful because of its ability to assist its customers and create a new design, including engineering drawing packages, in a relatively short period of time. The Company will continue to support its customers to the best of its ability.

 

The circular product line of connectors introduced several years ago for the medical industry continues to be very rewarding for the Company. The line has been expanded to include connector cable assemblies utilizing the circular connectors.

 

A new product line featuring high density connectors is being added to the Company’s product offering. This offering should be available within the next few months. The Company expects the new product line to bring additional revenue.

 

The standard printed circuit board connectors we produce are continually being expanded and utilized in many of the military programs being built today. We have recently received approval for additional products that the Company can offer under the Military Qualified Product Listing “QPL.”

 

Accounting Period:

 

The Company maintains an accounting period based upon a 52-53 week year, which ends on the nearest Friday in business days to March 31. The year ended March 30, 2018 was comprised of 52 weeks. The current fiscal year, ending on March 29, 2019, will be comprised of 52 weeks.

 

Revenue Recognition:

 

Sales are recognized when revenue is realized or realizable and has been earned. Revenue transactions represent sales of inventory. The Company has historically adopted shipping terms that title to merchandise passes to the customer at the shipping point (FOB Shipping Point).

 

 -11-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Note 2-  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (continued)

 

Revenue Recognition: (continued)

 

Revenue is realized or realizable and earned when all of the following criteria are met:

·Persuasive evidence of an arrangement exits
·Shipment has occurred
·The Company’s selling price for its products are fixed and determinable
·Collectability is reasonable assured

 

The Company does not offer any discounts, credits or other sales incentives. Historically, the Company believes that it has no collection issues with its customer base.

 

The Company’s policy with respect to customer returns and allowances as well as product warranty is as follows:

 

The Company will accept a return of defective product within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will either offer an allowance against payment or will reimburse the customer for the total cost of product. The cost of defective products is immaterial at this time.

 

The Company provides engineering services as part of the relationship with its customers in developing the custom product. The Company is not obligated to provide such engineering service to its customers. The Company does not invoice its customers separately for these services.

 

Inventories:

 

Inventories are stated at an average cost on a first-in, first-out basis, which does not exceed market value.

 

The Company manufactures products pursuant to specific technical and contractual requirements.

 

The Company historically purchases material in excess of its requirements to avail itself of favorable pricing as well as the possibility of receiving additional orders from customers. This excess may result in material not being used in subsequent periods, which may result in this material being deemed obsolete.

 

The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company based upon historical experience has determined that if a part has not been used and purchased or an item of finished goods has not been sold in six years, it is deemed to be obsolete. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience, is made to inventory in recognition of this impairment.

 

 -12-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Note 2-  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (continued

 

Concentration of Credit Risk:

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable.

 

Under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation (FDIC) will permanently insure all accounts maintained with each financial institution up to $250,000 in the aggregate.

 

As of September 28, 2018 and March 30, 2018, the Company had funds on deposit in the amount of $4,300,136 and $1,887,682, in one financial institution comprised of the following:

 

   September 28, 2018   March 30, 2018 
         
Non-interest-bearing accounts  $1,806,250   $746,958 
Interest bearing account   2,493,886    1,140,724 
   $4,300,136   $1,887,682 
           

 

The Company has not experienced any losses in such accounts and believes its cash balances are not exposed to any significant risk.

 

Property, Plant and Equipment:

 

Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization using the Double Declining Balance method over the estimated useful lives (5-7 years) of the related assets.

 

Maintenance and repair expenditures are charged to operations, and renewals and betterments are capitalized. Items of property, plant and equipment, which are sold, retired or otherwise disposed of, are removed from the asset and accumulated depreciation or amortization accounts. Any gain or loss thereon is either credited or charged to operations.

 

Net Income Per Share:

 

The Company has adopted the provisions of Financial Accounting Standards Board (“FASB”) ASC Topic 260, Earnings Per Share, which includes the provisions of SFAS No. 128, “Earnings Per Share,” which requires the disclosure of “basic” and “diluted” earnings (loss) per share. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Fully diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding on a fully diluted basis during each period.

Under the requirements of ASC Topic 260, during this period the Company is required to use the Treasury Stock method in computing fully diluted earnings per share and the weighted average number of common shares outstanding on a fully diluted basis because the options previously granted by the Company are considered to be “in the money” (i.e., when the option grant price is lower than the prevailing market price of the Company’s common stock). The weighted average number of common shares outstanding has been increased to reflect the dilutive effect of potential shares, such as those issuable upon the exercise of the stock options as if they had been issued.

 -13-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 2-  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (continued

  

Fair Value of Financial Instruments:

 

The carrying value of the Company’s financial instruments, consisting of accounts receivable, accounts payable, and borrowings, approximate their fair value due to the relatively short maturity (six months) of these instruments.

  

Use of Estimates:

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts could differ from those estimates.

 

Impairment of Long-Lived Assets:

 

There were no long-lived asset impairments recognized by the Company for the six months ended September 28, 2018 and September 29, 2017, respectively, and currently all assets are being utilized.

 

Stock-Based Compensation Plan:

Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant.

 

 

 -14-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Note 2-  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (continued) 

 

Recent Accounting Pronouncements:

 

The Financial Accounting Standards Board (“FASB”) has issued certain accounting standards updates as of September 28, 2018 that will become effective in subsequent periods. The Company believes that none of those updates would have significantly affected the Company’s financial accounting measures or disclosures had they been in effect during the six months ended September 28, 2018 and September 29, 2017, respectively, and it does not believe that any of those pronouncements will have a significant impact on the Company’s financial statements at the time that they become effective.

 

Note 3-  INVENTORIES: 

 

Inventories are stated at average cost, on a first in first out basis, which does not exceed market value.

 

The Company manufactures products pursuant to specific technical and contractual requirements. The Company historically purchases material in excess of its requirements to avail itself of favorable pricing as well as the possibility of receiving additional orders from customers. This excess may result in material not being used in subsequent periods, which may result in this material being deemed obsolete.

 

The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company based upon historical experience has determined that if a part has not been used and purchased or an item of finished goods has not been sold in six years, it is deemed to be obsolete.

 

The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience, is made to inventory in recognition of this impairment.

 

Inventories were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Raw materials  $7,155,030   $6,644,436 
Work in progress   2,463,946    2,288,115 
Finished goods   1,958,724    1,818,947 
   $11,577,700   $10,751,498 

 

 -15-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 4-  PREPAID EXPENSES AND OTHER CURRENT ASSETS: 

 

Prepaid expenses and other current assets were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Prepaid insurance  $56,285   $16,256 
Prepaid corporate taxes   156,912    467,606 
Other current assets   83,436    5,732 
   $296,633   $489,594 

 

Note 5-  PROPERTY, PLANT AND EQUIPMENT: 

 

Property, plant and equipment were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Computers  $496,489   $496,489 
Leasehold improvements   894,988    888,488 
Machinery and equipment   6,346,130    6,189,340 
Tools and dies   3,842,946    3,681,077 
Furniture and fixture   179,072    179,072 
Website development cost   9,785    9,050 
    11,769,410    11,443,516 
Less: accumulated depreciation and amortization   (9,602,961)   (9,377,361)
   $2,166,449   $2,066,155 

 

 

Note 6-  ACCOUNTS RECEIVABLE FINANCING: 

 

The Company entered into an accounts receivable financing agreement with a commercial finance company, whereby it can borrow up to 80 percent of its eligible receivables (as defined in the financing agreement) at an interest rate of 2.5% above JP Morgan Chase’s publicly announced rate with a minimum rate of 6% per annum.

 

The financing agreement has an initial term of one year and will automatically renew for successive one-year terms, unless terminated by the Company or the commercial finance company upon receiving 60 days’ prior notice. Funds advanced by the commercial finance company are secured by IEH’s accounts receivable and inventories.

 

As of September 28, 2018 and March 30, 2018, the Company had reported excess payments to the commercial finance company of $448,930 and $154,960, respectively. These excess payments are reported in the accompanying financial statements as of September 28, 2018 and March 30, 2018 as “Excess payments to commercial finance company.”

 -16-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 7-  OTHER CURRENT LIABILITIES: 

 

Other current liabilities were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Payroll and vacation accruals  $733,089   $569,043 
Sales commissions   63,450    104,791 
Other   38,748    94,535 
   $835,287   $768,369 

 

 

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 
       
Net income for the year ended March 31, 2017   —      1,473,976 
           
Balances at March 31, 2017  $3,739,628   $11,291,881 
           

  

 -17-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 8-  CORRECTION OF AN ERROR: (continued)

 

    Capital in     
   Excess of   Retained 
   Par value   earnings 
         
    Balances at March 31, 2017 (from page 16)  $3,739,628   $11,291,881 
           
   Stock compensation recognized for the year ended March 25, 2016   16,788     
           
         Dividend distribution paid on June 17, 2017       (575,867)
           
   Stock compensation recognized for the quarter ended June 30, 2017   2,798     
           
   Restated net income for the quarter ended June 30, 2017       305,622 
           
   Balances at June 30, 2017   3,759,214    11,021,636 
           
   Stock compensation recognized for the quarter ended September 29, 2017   2,798     
           
   Restated net income for the quarter ended September 29, 2017        564,660 
           
   Balances at September 29, 2017  $3,762,012   $11,586,296 

 

The financial statements for the three and six months periods ended September 29, 2017 have been restated to include the recognition of quarterly stock compensation as follows:

 

   Quarter ended   Six months ended 
   Sep 29, 2017   Sep 29, 2017 
   (in thousands)
(restated)
   (in thousands)
(restated)
 
IEH employees  $   $ 
Non-employee directors   3    22 
Total stock compensation expense  $3   $22 

 

 

Note 9-  CHANGES IN SHAREHOLDERS’ EQUITY: 

 

The accumulated retained earnings increased by $3,205,589, which represents the net income for the six months ended September 28, 2018.

 

On May 9, 2018, the Estate of Michael Offerman, the late Chief Executive Officer of the Company, exercised all of the options (75,000) that had been awarded to him under the 2011 Equity Incentive Plan. As a result of such exercise, the aggregate issued and outstanding shares of common stock of the Company increased to 2,323,468 shares.

 

 

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) that are designated as incentive stock options, and which become exercisable in any calendar year, shall not exceed $100,000.

 

On July 1, 2015, our Board of Directors granted 245,000 options to purchase shares of the Company’s common stock under the 2011 Plan as follows: (i) Michael Offerman, our then Chief Executive Officer, was granted 75,000 options; (ii) Robert Knoth, our Chief Financial Officer, was granted 50,000 options; (iii) four non-executive officer key employees were granted 110,000 options; and (iv) each of our non-management directors, Allen Gottlieb and Gerald Chafetz, was granted 5,000 options. The stock options: (i) have a ten-year term; (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant; and (iii) were all immediately vested. The options granted to Michael Offerman had an exercise price equal to 110% of such fair market value because he owned ten percent (10%) or greater of the Company’s outstanding common stock. In the event of the termination of each recipient’s employment by, or association with, the Company (as applicable), the options will remain exercisable in accordance with the terms of the 2011 Plan.

 -18-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 10-  2011 EQUITY INCENTIVE PLAN: (continued) 

 

Effective July 15, 2016, the Board of Directors of the Company unanimously voted to increase the number of directors from three to six directors and elected David Offerman as a Class II director and Dr. Sonia Marciano and Eric C. Hugel as Class I Directors.

 

Effective August 15, 2016, the Board of Directors also approved the granting of stock options to purchase shares of the Company’s common stock under the 2011 Plan to each of Dr. Marciano and Mr. Hugel as follows: Each of the new non-management directors will receive a grant of options totalling 5,000 shares each subject to the following vesting schedule: (i) 1,000 shares vested immediately (August 15, 2016); (ii) 2,000 shares vested on August 15, 2017; and (iii) 2,000 shares will vest on August 15, 2018. The stock options: (i) have a ten-year term; and (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant. In the event of the termination of each recipient’s association with the Company, the options will remain exercisable in accordance with the terms of the 2011 Plan.

 

On September 7, 2018, the Board of Directors elected Michael E. Rosenfeld to the Board of Directors to fill the vacancy of a Class I Director of the Company created by the death of the Company’s then President and Chief Executive Officer, Michael Offerman. Such appointment will become effective on October 26, 2018.

 

At the same time, the Board of Directors also approved the granting of stock options to purchase shares of the Company’s common stock under the 2011 Plan to Mr. Rosenfeld as follows: He will receive a grant of options totalling 5,000 shares each subject to the following vesting schedule: (i) 1,000 shares will vest on October 26, 2018; (ii) 2,000 shares will vest on October 26, 2019; and (iii) 2,000 shares will vest on October 26, 2020. The stock options: (i) have a ten-year term; and (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant. In the event of the termination of each recipient’s association with the Company, the options will remain exercisable in accordance with the terms of the 2011 Plan.

The table below summarizes the option awards for the named executive officers and non-management directors:

 

Name  Stock Option Grants 
David Offerman   50,000 
Robert Knoth   50,000 
Allen Gottlieb   5,000 
Gerald Chafetz   5,000 
Sonia Marciano   5,000 
Eric Hugel   5,000 
Michael E. Rosenfeld   5,000*

 -19-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Note 10-  2011 EQUITY INCENTIVE PLAN: (continued) 

 

*Options for 1,000 shares vested on October 26, 2018, Options for 1,000 shares have not yet vested. 2,000 shares shall vest on October 26, 2019 and 2,000 shares shall vest on October 26, 2020.

 

The following table shows the option activity for the fiscal year ended March 30, 2018 and the current six months ended September 28, 2018.

 

Stock-based compensation expense, shown in the table below, is recorded in general and administrative expenses included in our statement of operations:

 

                     
       Six months
ended
   Six months
Ended
   Quarter ended   Quarter ended
Sept. 29, 2017
 
   Ref   Sept. 28, 2018
(in thousands)
   Sept. 29,2017
(in thousands)
   Sept. 28, 2018
(in thousands)
   (in thousands)
(restated)
 
IEH employees       $   $   $   $ 
Non-employee directors        6    22    3    3 
Total stock compensation expense   (a)   $6   $22   $3   $3 

 

(a):The Company reported compensation expense of $2,798 during the quarter ended September 28, 2018 and $2,798 during the quarter ended September 29, 2017 resulting from stock options granted on August 15, 2016.

 

Unrecognized stock-based compensation expense:

 

           Quarter ended 
       Quarter ended   September 29, 2017 
   Ref   September 28, 2018
(in thousands)
   (in thousands)
(restated)
 
Unrecognized expense for IEH employees       $   $ 
Unrecognized expense for Non-employee directors        8    19 
Total unrecognized expense      (b)   $8   $19 
                
(b):Unrecognized stock-based compensation expense related to prior years’ equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year.

 

Note: Stock option grants to IEH officers, directors and key employees in the fiscal years ended March 30, 2018 and March 31, 2017 were valued using a Black-Scholes model, under the following criteria:

 

   March 30, 2018   March 31, 2017 
Risk free interest rate   2.09%    1.88% 
Contractual term    10 years     10 years 
Dividend yield        
Expected lives   10 years     10 years 
Expected volatility   64%    56% 
Fair value per option  $5.85   $6.00 

 -20-

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Note 10- 2011 EQUITY INCENTIVE PLAN: (continued)

 

The following table shows the activity for the fiscal years ended March 30, 2018 and March 31, 2017. 

 

           Weighted Avg.   Remaining   Aggregate 
           Exercise   Contractual   Intrinsic Value 
       Shares   Price   Term (Years)   (in thousands) 
Outstanding at the Beginning of the Year   3/25/2016    245,000   $6.18    9.27   $ 
            Granted   8/15/2016    10,000   $5.30    10.00     
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Year   3/31/2017    255,000   $6.15    8.82   $87 
            Fully Vested        247,000   $6.05           
            Exercisable at the End of the Year                         
            March 31 2017        247,000                
Outstanding at the Beginning of the Year   3/31/2017    255,000   $6.15    8.82   $87 
            Granted        0                
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Year   3/30/2018    255,000   $6.15    8.07   $702 
            Fully Vested        251,000   $6.02           
            Exercisable at the End of the Year
March 30, 2018
        251,000                
                          
Outstanding at the Beginning of the Year   3/30/2018    255,000   $6.15    8.07   $702 
            Granted        0                
            Exercised        (75,000)               
            Forfeited or Expired        0                
Outstanding at the End of the Quarter   6/29/2018    180,000   $6.04    7.57   $666 
            Fully Vested        176,000   $5.94           
            Exercisable at the End of the Year
            September 28, 2018
        176,000                
                          
Outstanding at the Beginning of the Quarter   6/29/2018    180,000   $6.04    7.57   $666 
            Granted        0                
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Quarter   9/28/2018    180,000   $6.04    7.32   $1,393 
            Fully Vested        180,000   $5.94           
            Exercisable at the End of the Quarter
            September 28, 2018
        180,000                

 -21-

 

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 10 -  2011 EQUITY INCENTIVE PLAN: (continued)

 

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their in-the-money options on those dates. This amount will change based on the fair market value of the Company’s common stock.

 

 

 

Note 11-  CASH BONUS PLAN: 

 

In 1987, the Company adopted a cash bonus plan (“Cash Bonus Plan”) for non-union, management and administrative staff. Contributions to the Cash Bonus Plan are made by the Company only when the Company is profitable for the fiscal year. The Company accrued a contribution provision of $162,000 for the six months ended September 28, 2018. For the fiscal year ended March 30, 2018, the Company’s contribution was $324,000.

 

Note 12-  COMMITMENTS AND CONTINGENCIES: 

 

The Company leases space for its corporate offices (including its manufacturing facility) at 140 58th Street, Suite 8E, Brooklyn, New York. The lease term runs from December 1, 2010 through November 30, 2020. The basic minimum annual rentals are as follows:

 

Fiscal year ending March:     
      
2019  $92,760 
2020   189,200 
2021   128,640 
   $410,600 

 

The rental expense for the six months ended September 28, 2018 was $90,960 and $88,290 for the six months ended September 29, 2017.

 

The Company has a collective bargaining multi-employer pension plan (“Multi-Employer Plan”) with the United Auto Workers of America, Local 259 (“UAW”). Contributions are made by the Company in accordance with a negotiated labor contract and are based on the number of covered employees employed per month. With the passage of the Multi-Employer Pension Plan Amendment Act of 1990 (the “1990 Act”), the Company may become subject to liabilities in excess of contributions made under the collective bargaining agreement. Generally, these are contingent upon termination, withdrawal, or partial withdrawal from the Multi-Employer Plan.

 -22-

 

IEH CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Note 12-  COMMITMENTS AND CONTINGENCIES: (continued)

 

The Company has not taken any action to terminate, withdraw or partially withdraw from the Multi-Employer Plan, nor does it intend to do so in the future. Under the 1990 Act, liabilities would be based upon the Company’s proportional share of the Multi-Employer Plan’s unfunded vested benefits, which is currently not available. The Plan’s information and data for the year ending December 31, 2018 is not yet available. As of the date hereof, the Company expects that its proportional share of the 2018 liability will also be fully funded. The amount of accumulated benefits and net assets of such Plan is also not currently available to the Company. The total contributions charged to operations under the provisions of the Multi-Employer Plan were $37,048 and $58,652 for the six months ended September 28, 2018 and September 29, 2017, respectively.

Note 13- ALLOWANCE FOR DOUBTFUL ACCOUNTS:

 

The Company historically had maintained an allowance for uncollectable accounts receivables. The Company did determine that over the past five years, no customer account balances were determined to be uncollectable and charged off to operations. A review of accounts receivable at September 28, 2018 indicated that none were either deemed to be delinquent or uncollectable. Accordingly, The Company has determined that collectability is not an issue and it that there is no longer a need to maintain this allowance.

 

 

Note 14- SUBSEQUENT EVENTS:

 

The Company has evaluated all subsequent events through November 16, 2018, the date the financial statements were available to be issued. Based on this evaluation, except as set forth below, the Company has determined that no subsequent events have occurred which require disclosure through the date that these financial statements were available to be issued.

 

 -23-

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Forward-Looking Statements

 

This report contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and Section 27A of the Securities Act of 1933 (the “Securities Act”). Statements contained in this report which are not statements of historical facts may be considered forward-looking information with respect to plans, projections, or future performance of the Company as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. The words “anticipate”, “believe”, “estimate”, “expect”, “objective”, and “think” or similar expressions used herein are intended to identify forward-looking statements. The forward-looking statements are based on the Company’s current views and assumptions and involve risks and uncertainties that include, among other things, the effects of the Company’s business, actions of competitors, changes in laws and regulations, including accounting standards, employee relations, customer demand, prices of purchased raw material and parts, domestic economic conditions, including housing starts and changes in consumer disposable income, and foreign economic conditions, including currency rate fluctuations. Some or all of the facts are beyond the Company’s control.

 

Except as may be required by applicable law, we do not undertake or intend to update or revise our forward-looking statements, and we assume no obligation to update any forward-looking statements contained in this report as a result of new information or future events or developments. Thus, you should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. You should carefully review and consider the various disclosures we make in this report and our other reports filed with the SEC that attempt to advise interested parties of the risks, uncertainties and other factors that may affect our business. The following discussion and analysis should be read in conjunction with the financial statements and related footnotes included elsewhere in this quarterly report which provide additional information concerning the Company’s financial activities and condition.

 

Critical Accounting Policies

 

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could differ from those estimates. The Company believes the following are the critical accounting policies, which could have the most significant effect on the Company's reported results and require the most difficult, subjective or complex judgments by management.

 

Impairment of Long-Lived Assets: 

The Company reviews its long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. The Company makes estimates of its future cash flows related to assets subject to impairment review.

-24

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Critical Accounting Policies (continued)

 

Inventory Valuation: 

Raw materials and supplies are stated at average cost on a first in first out basis, which does not exceed market value. Finished goods and work in process are valued at the lower of actual cost, determined on a specific identification basis, or market. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost, and adjusts their inventory value accordingly. Future periods could include either income or expense items if estimates change and for differences between the estimated and actual amount realized from the sale of inventory.

 

Income Taxes: 

The Company records a liability for potential tax assessments based on its estimate of the potential exposure. Due to the subjectivity and complex nature of the underlying issues, actual payments or assessments may differ from estimates. Income tax expense in future periods could be adjusted for the difference between actual payments and the Company's recorded liability based on its assessments and estimates.

 

Revenue Recognition: 

Sales are recognized when revenue is realized or realizable and has been earned. Revenue transactions represent sales of inventory. The Company has historically adopted shipping terms that title to merchandise passes to the customer at the shipping point (FOB Shipping Point).

 

Revenue is realized or realizable and earned when all of the following criteria are met:

·Persuasive evidence of an arrangement exits
·Shipment has occurred
·The Company’s selling price for its products are fixed and determinable
·Collectability is reasonable assured

 

The Company does not offer any discounts, credits or other sales incentives. Historically, the Company believes that it has no collection issues with its customer base.

 

The Company’s policy with respect to customer returns and allowances as well as product warranty is as follows:

 

The Company will accept a return of defective product within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will either offer an allowance against payment or will reimburse the customer for the total cost of product. The cost of defective products is immaterial at this time.

 

The Company provides engineering services as part of the relationship with its customers in developing the custom product. The Company is not obligated to provide such engineering service to its customers. The Company does not invoice its customers separately for these services.

 

 

-25

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Critical Accounting Policies (continued)

 

The Company did not expend any funds on, nor receiving any revenues related to, customer sponsored research and development activities, relating to the development of new designs, techniques and the improvement of existing designs, for the six months ended September 28, 2018 and September 29, 2017, respectively, relating to the development of new designs, techniques and the improvement of existing designs.

 

Stock-Based Compensation Plan:

Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant.

 

Comparative Analysis-Six Months Ended September 28, 2018 and September 29, 2017

 

Results of Operations

 

The following table sets forth for the periods indicated, percentages for certain items reflected in the financial data as such items relate to the revenues of the Company: 

 

     
Relationship to Total Revenues  September 28,   September 29, 
   2018   2017 
         
Operating Revenues (in thousands)  $15,641   $11,051 
           
Operating Expenses:          
  (as a percentage of Operating Revenues)          
           
            Costs of Products Sold   55.15%    63.14% 
            Selling, General and Administrative   13.28%    18.37% 
            Interest Expense   .10%    .15% 
            Depreciation and amortization   1.44%    1.92% 
           
                   TOTAL COSTS AND EXPENSES   69.97%    83.58% 
           
Operating Income   30.03%    16.42% 
           
Other Income   .02%    .01% 
           
Income before Income Taxes   30.05%    16.43% 
           
Income Taxes   (9.55%)   (8.36%)
           
Net Income   20.50%    8.07% 
           

-26

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Comparative Analysis-Six Months Ended September 28, 2018 and September 29, 2017 (continued)

 

Results of Operations (continued)

 

Operating revenues for the six months ended September 28, 2018 amounted to $15,641,182 reflecting an 41.53% increase versus $11,051,240 for the six months ended September 29, 2017. The increase in revenues of $4,589,942 can be attributed to increased marketing efforts and sales management support along with successful penetration into new markets and continued cultivation of our existing customer base.

 

The results of this six month period ending September 28, 2018 reflect the completion of a large customer contract which was fulfilled by the end of the first fiscal quarter. Our reasonable expectation at this time is that this customer’s business will not be repetitive and accordingly there can be no assurance that the operating revenues in future fiscal quarters will equal or exceed the results of the first fiscal quarter.

 

Cost of products sold were $8,626,465 for the six months ended September 28, 2018 or 55.15% of operating revenues. This reflected an increase of $1,648,980 or 23.63% in the cost of products sold from $6,977,485 or 63.14% of operating revenues for the six months ended September 29, 2017. The increase in cost of products sold can be attributed to increased production costs necessary to support the increase in sales.

 

Selling, general and administrative expenses were $2,077,479 or 13.28% of operating revenues for the six months ended September 28, 2018 compared to $2,052,224 or 18.37% of operating revenues. This comparative increase of $25,255 can be attributed to the Company’s efforts to better control expenses.

 

Interest expense was $15,552 for the six months ended September 28, 2018 or .10% of operating revenues. For the six months ended September 29, 2017, interest expense was $16,639 or .15% of operating revenues. The decrease can be attributed to a reduction in borrowing from our commercial financial company during the current six-month period.

 

Depreciation and amortization of $225,600 or 1.44% of operating revenues was reported for the six months ended September 28, 2018 as compared to $212,600 or 1.92% of operating revenues for the six months ended September 29, 2017.

 

The Company reported net income of $3,205,589 for the six months ended September 28, 2018 as compared to net income of $870,282 for the six months ended September 29, 2017. The increase in net income for the current six-month period can be attributed primarily to the increase in operating revenues for the current six-month period.

 

-27

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Comparative Analysis-Three Months Ended September 28, 2018 and September 29, 2017

 

Results of Operations

 

The following table sets forth for the periods indicated, percentages for certain items reflected in the financial data as such items relate to the revenues of the Company:

 

     
Relationship to Total Revenues  September 28,   September 29, 
   2018   2017 
         
Operating Revenues (in thousands)  $6,598   $6,058 
           
Operating Expenses:          
  (as a percentage of Operating Revenues)          
           
            Costs of Products Sold   61.25%    59.79% 
            Selling, General and Administrative   15.80%    18.33% 
            Interest Expense   0.08%    0.13% 
            Depreciation and amortization   1.27%    1.74% 
           
                   TOTAL COSTS AND EXPENSES   78.40%    79.99% 
           
Operating Income   21.60%    20.01% 
           
Other Income   0.03%    0.01% 
           
Income before Income Taxes   21.63%    20.02% 
           
Income Taxes   (7.28%)   (10.65%)
           
Net Income   14.35%    9.37% 

 

Operating revenues for the three months ended September 28, 2018 amounted to $6,597,876 reflecting an 8.91% increase versus $6,058,261 for the three months ended September 29, 2017. The increase in revenues of $539,615 can be attributed to increased marketing efforts and sales management support along with successful penetration into new markets and continued cultivation of our existing customer base.

 

Cost of products sold were $4,041,230 for the three months ended September 28, 2018 or 61.25% of operating revenues. This reflected an increase of $418,797 or 11.56% in the cost of products sold from $3,622,433 or 59.79% of operating revenues for the three months ended September 29, 2017. The increase in cost of products sold can be attributed to increased production costs necessary to support the increase in sales.

 

-28

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Comparative Analysis-Three Months Ended September 28, 2018 and September 29, 2017 (continued)

 

Results of Operations (continued)

 

Selling, general and administrative expenses were $1,042,532 or 15.80% of operating revenues for the three months ended September 28, 2018 compared to $1,113,213 or 18.33% of operating revenues. This comparative decrease of $70,681 can be attributed to the Company’s efforts to better control expenses.

 

Interest expense was $5,304 for the three months ended September 28, 2018 or 0.08% of operating revenues. For the three months ended September 29, 2017, interest expense was $8,101 or 0.13% of operating revenues. The decrease can be attributed to a reduction in borrowing from our commercial financial company during the current three-month period.

 

Depreciation and amortization of $84,000 or 1.27% of operating revenues was reported for the three months ended September 28, 2018 as compared to $105,300 or 1.74% of operating revenues for the three months ended September 29, 2017.

 

The Company reported net income of $946,304 for the three months ended September 28, 2018 as compared to net income of $564,660 for the three months ended September 29, 2017. The increase in net income for the current three-month period can be attributed primarily to the increase in operating revenues for the current period.

 

 

-29

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Liquidity and Capital Resources

 

The Company reported working capital of $18,062,463 as of September 28, 2018, compared to a working capital of $14,951,572 as of March 30, 2018. The increase in working capital of $3,110,891 was attributable to the following items:

 

Net income  $3,205,589 
Depreciation and amortization   225,600 
Capital expenditures   (325,894)
Recognition of stock compensation expense   5,596 
   $3,110,891 

 

As a result of the above, the current ratio (current assets to current liabilities) was 7.56 to 1 at September 28, 2018 as compared to 7.56 to 1 at March 30, 2018. Current liabilities at September 28, 2018 were $2,755,065 compared to $2,280,760 at March 30, 2018.

 

For the six months ended September 28, 2018, the Company reported $325,894 in capital expenditures and depreciation and amortization of $225,600.

 

The net income of $3,205,589 for the six months ended September 28, 2018 resulted in an increase in total shareholders’ equity to $20,283,401.

 

The Company has an accounts receivable financing agreement with a commercial finance company whereby it can borrow up to 80 percent of its eligible receivables (as defined in the financing agreement) at an interest rate of 2.5% above JP Morgan Chase’s publicly announced prime rate with a minimum rate of 6% per annum.

 

The financing agreement has an initial term of one year and will automatically renew for successive one-year terms, unless terminated by the Company or its lender upon receiving 60 days’ prior notice.

 

As of September 28, 2018 and March 30, 2018, the Company had reported excess payments to the commercial finance company of $448,930 and $154,960, respectively. These excess payments are reported in the accompanying financial statements as of September 28, 2018 and March 30, 2018 as “Excess payments to commercial finance company.”

 

In the past two fiscal years, management has been reviewing its collection practices and policies for outstanding receivables and has revised its collection procedures to a more aggressive collection policy. As a consequence of this new policy the Company’s experience is that its customers have been remitting payments on a more consistent and timely basis. The Company reviews the collectability of all accounts receivable on a monthly basis. The reserve that was less than 2% of average gross accounts receivable was no longer considered necessary as the company has no uncollectible account.

-30

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Liquidity and Capital Resources (continued)

The Company has the Multi-Employer Plan with the UAW. Contributions are made by the Company in accordance with a negotiated labor contract and are based on the number of covered employees employed per month. Generally, these liabilities are contingent upon the termination, withdrawal, or partial withdrawal from the Multi-Employer Plan. The Company has not taken any action to terminate, withdraw or partially withdraw from the Multi-Employer Plan, nor does it intend to do so in the future. Under the 1990 Act, liabilities would be based upon the Company’s proportional share of the Multi-Employer Plan’s unfunded vested benefits. Based upon the Plan’s information and data as of December 31, 2016 furnished to the Company (including, without limitation, unfunded vested benefits, accumulated benefits and net assets), the Plan is fully funded. Based thereupon, the Company’s proportional share of the liability through December 31, 2016 is fully funded. The Plan’s information and data for the year ending December 31, 2017 is not yet available. As of the date hereof, the Company expects that its proportional share of the 2017 liability will also be fully funded. The total contributions charged to operations under the provisions of the Multi-Employer Plan were $37,048 and $58,562 for the six months ended September 28, 2018 and September 29, 2017, respectively.

Stock Option 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 on 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.

 

-31

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Liquidity and Capital Resources (continued)

 

Stock Option Plan (continued)

 

On July 1, 2015, our Board of Directors granted 245,000 options to purchase shares of the Company’s common stock under the 2011 Plan as follows: (i) Michael Offerman, our then Chief Executive Officer, was granted 75,000 options; (ii) Robert Knoth, our Chief Financial Officer, was granted 50,000 options; (iii) four non-executive officer key employees were granted 110,000 options; and (iv) each of our non-management directors, Allen Gottlieb and Gerald Chafetz, were granted 5,000 options. The stock options: (i) have a ten-year term; (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant; and (iii) were all immediately vested. The options granted to Michael Offerman has an exercise price equal to 110% of such value because he owned ten percent (10%) or greater of the Company’s outstanding common stock. In the event of the termination of each recipient’s employment by, or association with, the Company (as applicable), the options will remain exercisable in accordance with the terms of the 2011 Plan.

 

Effective July 15, 2016, the Board of Directors of the Company unanimously voted to increase the number of directors from three to six directors and elected David Offerman as a Class II director and Dr. Sonia Marciano and Eric C. Hugel as Class I Directors.

 

Effective August 15, 2016, the Board of Directors also approved the granting of stock options to purchase shares of the Company’s common stock under the 2011 Plan to each of Dr. Marciano and Mr. Hugel as follows: Each of the new non-management directors will receive a grant of options totalling 5,000 shares each subject to the following vesting schedule: (i) 1,000 shares vested immediately (August 15, 2016); (ii) 2,000 shares vested on August 15, 2017; and (iii) 2,000 shares will vest on August 15, 2018. The stock options (i) have a ten-year term; and (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant. In the event of the termination of each recipient’s association with the Company, the options will remain exercisable in accordance with the terms of the 2011 Plan.

 

On September 7, 2018, the Board of Directors elected Michael E. Rosenfeld to the Board of Directors to fill the vacancy of a Class I Director of the Company created by the death of the Company’s then President and Chief Executive Officer, Michael Offerman. Such appointment will become effective on October 26, 2018.

 

At the same time, the Board of Directors also approved the granting of stock options to purchase shares of the Company’s common stock under the 2011 Plan to Mr. Rosenfeld as follows: He will receive a grant of options totalling 5,000 shares each subject to the following vesting schedule: (i) 1,000 shares will vest on October 26, 2018; (ii) 2,000 shares will vest on October 26, 2019; and (iii) 2,000 shares will vest on October 26, 2020. The stock options: (i) have a ten-year term; and (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant. In the event of the termination of each recipient’s association with the Company, the options will remain exercisable in accordance with the terms of the 2011 Plan.

-32

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Liquidity and Capital Resources (continued)

 

Stock Option Plan (continued)

 

Name  Stock Option Grants* 
David Offerman   50,000 
Robert Knoth   50,000 
Allen Gottlieb   5,000 
Gerald Chafetz   5,000 
Sonia Marciano   5,000 
Eric Hugel   5,000 
Michael E. Rosenfeld   5,000*

 

*Options for 1,000 shares were vested on October 26, 2018 and options for 4,000 shares have not yet vested. 2,000 shares shall vest on October 26, 2019 and 2,000 shares shall vest on October 26, 2020.

 

The following table shows the option activity for the fiscal year ended March 30, 2018 and the current six months ended September 28, 2018.

 

Stock-based compensation expense:

 

Stock-based compensation expense, shown in the table below, is recorded in general and administrative expenses included in our statement of operations:

 

                     
       Six months
ended
   Six months
Ended
   Quarter ended   Quarter ended
Sep 29, 2017
 
   Ref   Sep 28, 2018
(in thousands)
   Sep 29,2017
(in thousands)
   Sep 28, 2018
(in thousands)
   (in thousands)
(restated)
 
IEH employees       $   $   $   $ 
Non-employee directors        6    22    3    3 
Total stock compensation expense   (a)   $6   $22   $3   $3 

 

  (a): The Company reported compensation expense of $2,798 during the quarter ended September 28, 2018 and $2,798 during the quarter ended September 29, 2017 resulting from stock options granted on August 15, 2016.

 

-33

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Liquidity and Capital Resources (continued)

 

Stock Option Plan (continued)

 

Unrecognized stock-based compensation expense:

 

           Quarter ended 
       Quarter ended   September 29, 2017 
   Ref   September 28, 2018
(in thousands)
   (in thousands)
(restated)
 
Unrecognized expense for IEH employees       $   $ 
Unrecognized expense for Non-employee directors        8    19 
Total unrecognized expense      (b)   $8   $19 
                

  

  (b): Unrecognized stock-based compensation expense related to prior years’ equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year.

 

Note: Stock option grants to IEH officers, directors and key employees in the fiscal years ended March 30, 2018 and March 31, 2017 were valued using a Black-Scholes model, under the following criteria:

 

 

   March 30, 2018   March 31, 2017 
Risk free interest rate   2.09%    1.88% 
Contractual term    10 years     10 years 
Dividend yield        
Expected lives   10 years     10 years 
Expected volatility   64%    56% 
Fair value per option  $5.85   $6.00 

 

 

-34

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Liquidity and Capital Resources (continued)

 

Stock Option Plan (continued)

 

The following table shows the activity for the fiscal years ended March 30, 2018 and March 31, 2017 and through September 28, 2018.

 

           Weighted Avg.   Remaining   Aggregate 
           Exercise   Contractual   Intrinsic Value 
       Shares   Price   Term (Years)   (in thousands) 
Outstanding at the Beginning of the Year   3/25/2016    245,000   $6.18    9.27   $ 
            Granted   8/15/2016    10,000   $5.30    10.00     
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Year   3/31/2017    255,000   $6.15    8.82   $87 
            Fully Vested        247,000   $6.05           
            Exercisable at the End of the Year                         
            March 31 2017        247,000                
Outstanding at the Beginning of the Year   3/31/2017    255,000   $6.15    8.82   $87 
            Granted        0                
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Year   3/30/2018    255,000   $6.15    8.07   $702 
            Fully Vested        251,000   $6.02           
            Exercisable at the End of the Year
March 30, 2018
        251,000                
                          
Outstanding at the Beginning of the Year   3/30/2018    255,000   $6.15    8.07   $702 
            Granted        0                
            Exercised        (75,000)               
            Forfeited or Expired        0                
Outstanding at the End of the Quarter   6/29/2018    180,000   $6.04    7.57   $666 
            Fully Vested        176,000   $5.94           
            Exercisable at the End of the Year
            September 28, 2018
        176,000                
                          
Outstanding at the Beginning of the Quarter   6/29/2018    180,000   $6.04    7.57   $666 
            Granted        0                
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Quarter   9/28/2018    180,000   $6.04    7.32   $1,393 
            Fully Vested        180,000   $5.94           
            Exercisable at the End of the Quarter
            September 28, 2018
        180,000                

 

-35

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Liquidity and Capital Resources (continued)

 

Stock Option Plan (continued)

 

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their in-the-money options on those dates. This amount will change based on the fair market value of the Company’s common stock.

 

The Company intends to provide additional information regarding the compensation awarded to the named executive officers and non-management directors in respect of and during the fiscal year ended March 30, 2018, in the proxy statement for the Company’s 2018 annual meeting of shareholders.

 

Cash Bonus Plan

 

In 1987, the Company adopted the Cash Bonus Plan for non-union, management and administrative staff. Contributions to the Cash Bonus Plan are made by the Company only when the Company is profitable for the fiscal year. The Company accrued a contribution provision of $162,000 for the six months ended September 28, 2018. For the fiscal year ended March 30, 2018, the Company’s contribution was $324,000.

 

Item 3.Quantitative and Qualitative Disclosures About Market Risk

 

We are a “smaller reporting company” as defined by Regulation S-K and as such, are not required to provide this information contained in this item pursuant to Regulation S-K.

 

We do not believe that any of our financial instruments have significant risk associated with market sensitivity. For more information on these investments see Note 2 to our financial statements included in this Form 10-Q/A. We are not exposed to significant financial market risks from changes in foreign currency exchange rates and are only minimally impacted by changes in interest rates. We have not used, and currently do not contemplate

using, any derivative financial instruments.

 

Interest Rate Risk

 

At any time, fluctuations in interest rates could affect interest earnings on our cash and marketable securities. We believe that the effect, if any, of reasonably possible near-term changes in interest rates on our financial position, results of operations, and cash flows would not be material. Currently, we do not hedge these interest rate exposures. The primary objective of our investment activities is to preserve capital. We have not used derivative financial instruments in our investment portfolio.

 

-36

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 3.Quantitative and Qualitative Disclosures About Market Risk (continued)

 

Interest Rate Risk (continued)

 

As of September 28, 2018, our unrestricted cash per the Company’s books was $4,087,248 of which $2,493,886 was in an interest-bearing money market account with and the balance of $1,593,362 was maintained in non-interest-bearing checking accounts used to pay operating expenses. As of March 30, 2018, our unrestricted cash per the Company’s books was $1,407,013 of which $1,140,724 was maintained in an interest-bearing money market account and the balance of $266,289 was maintained in non-interest-bearing checking accounts to pay operating expenses.

 

Item 4.Controls and Procedures

 

Evaluations of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management including the Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15e and 15d-15e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q/A. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures throughout the period covered by this report were not effective. They determined that deficiencies included how the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and (ii) accumulated and communicated to our management to allow for timely decisions regarding disclosure. The deficiencies in our internal controls over financial reporting and disclosure controls related to the expertise of recording complex accounting issues with respect to stock-based compensation expense.

 

A controls system cannot provide absolute assurance, however, that the objectives of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

 

Management has determined that as of March 30, 2018, there were material weaknesses in both the design and effectiveness of our internal controls over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Specifically, these weaknesses related to the analysis and reporting of stock-based compensation expense. Stock compensation was properly reported for the three and six month periods ended September 28, 2018.

 

Additionally, the Corporation did not report fully diluted earnings per share for the year ended March 30, 2018. The Corporation commenced reporting fully diluted earnings per share for the quarters ended September 28, 2018 and September 29, 2017 using the treasury method. Stock compensation was properly reported for the three and six months periods ended September 28, 2018.

 

Management has undertaken steps to correct this past deficiencies in its system of internal controls over financial reporting and has implemented procedures to closely monitor its system of internal controls in the future. In addition, management is recommending to the Board of Directors to form an audit committee of the Board which will be responsible to review: (i) all financial reports of the Company including, without limitation, the audited and unaudited financial statements of the Company, as applicable; and (ii) periodically review our disclosure controls and internal controls over financial reporting. The audit committee will also be authorized to investigate and make recommendations to the Board to implement any necessary system of internal controls over financial reporting to prevent any future deficiency in the internal controls over financial reporting. The audit committee will be comprised of at least three independent directors of the Company. Management believes that these changes are reasonably likely to affect materially and positively our internal controls over financial reporting.

-37

 

IEH CORPORATION

 

PART I: FINANCIAL INFORMATION

 

Item 4.Controls and Procedures (continued)

 

Management’s Report on Internal Control over Financial Reporting

 

Our management, under the supervision of our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our internal controls over financial reporting is a process designed by, or under the supervision of our principal executive officer and principal financial officer, or persons performing similar functions, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company’s internal controls over financial reporting includes those policies and procedures that:

 

(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; and

 

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the Company; and

 

(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

 

Management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 28, 2018. In making this evaluation, management used the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). As stated above, based on our evaluation under the framework in Internal Control—Integrated Framework, our management has concluded that our internal controls over financial reporting were not effective as of March 30, 2018 and September 28, 2018. Management has now undertaken steps to correct these deficiencies in the internal controls over financial reporting.

 

This Quarterly Report on Form 10-Q/A does not include an attestation report of our independent registered public accounting firm regarding our internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management’s report in this Annual Report.

Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

-38

IEH CORPORATION

PART I: FINANCIAL INFORMATION

Item 4.Controls and Procedures (continued)

Changes in Internal Control over Financial Reporting

As stated above, management has now undertaken steps to correct the deficiencies in our system of internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act).

Inherent Limitations on Effectiveness of Controls

We do not expect that internal controls over financial reporting will prevent all errors or all instances of fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within its company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and any design may not succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitation of a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Other Information Related to Internal Controls

 

Historically, the Company has relied upon the entire Board of Directors in appointing the Company’s independent auditors and reviewing the financial condition and statements of the Company. However, in light of the aforementioned deficiencies in our internal controls over financial reporting described above, management is recommending to the Board of Directors to form an audit committee of the Board which will be responsible to review: (i) all financial reports of the Company including, without limitation, the audited and unaudited financial statements of the Company, as applicable; and (ii) periodically review our disclosure controls and internal controls over financial reporting. The audit committee will also be authorized to investigate and make recommendations to the Board to implement any necessary system of internal controls over financial reporting to prevent any future deficiency in the internal controls over financial reporting. The audit committee will be comprised of at least three independent directors of the Company.

 

Additionally, in response to the passage of the Sarbanes-Oxley Act of 2002, our Board of Directors and management have adopted a Code of Ethics and have instituted a periodic review by members of our management team to assist and guide the disclosure process. The Board has also determined to periodically review and develop policies and procedures to enhance our disclosure controls and procedures as well as with reviewing our periodic reports and other public disclosures.

-39

IEH CORPORATION

 

PART II: OTHER INFORMATION

 

Item 1. Legal Proceedings

 

The Company is not a party to or aware of any pending or threatened legal proceedings which, in the opinion of the Company’s management, would result in any material adverse effect on its results of operations or its financial condition.

 

Item 1a. Risk Factors

 

You should carefully consider the risks described below, together with all of following risk factors and the other information included in this report, in considering our business herein as well as the information included in other reports and prospects. The risks and uncertainties described below are not the only ones facing our Company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations, financial condition and/or operating results. If any of the matters or events described in the following risks actually occurs, our business, financial condition or results of operations could be harmed. In such case, the trading price of our common stock could decline, and you may lose all or part of your investment due to any of these risks.

 

Risks Related to Our Business

 

Failure to increase our revenue and keep our expenses consistent with revenues could prevent us from achieving and maintaining profitability.

 

We have generated net income of $2,565,559, $1,473,976 and $1,690,110, respectively, for the fiscal years ended March 30, 2018, March 31, 2017 and March 25, 2016 and $3,205,589 for the six months ended September 28, 2018. The results of this six month period ending September 28, 2018 reflect the completion of a large customer contract which was fulfilled by the end of the first fiscal quarter. Our reasonable expectation at this time is that this customer’s business will not be repetitive and accordingly there can be no assurance that the operating revenues in future fiscal quarters will equal or exceed the results of the first fiscal quarter. We have expended, and will continue to be required to expend, substantial funds to pursue product development projects, enhance our marketing and sales efforts and to effectively maintain business operations. Therefore, we will need to generate higher revenues to achieve and maintain profitability and cannot assure you that we will be profitable in any future period.

 

Our capital requirements are significant and we have historically partially funded our operations through the financing of our accounts receivable.

 

We have an existing accounts receivable financing agreement with a commercial finance company whereby we can borrow up to 80 percent of our eligible receivables at an interest rate of 2.5% above JP Morgan Chase’s publicly announced prime rate with a minimum rate of 6% per annum. No assurances can be given that this financing agreement will continue into the future. If we are unable to continue with this agreement, our cash flow might adversely be affected.

 

Our success is dependent on the performance of our management and the cooperation, performance and retention of our executive officers and key employees.

 

Our business and operations are substantially dependent on the performance of our senior management team and executive officers. If our management team is unable to perform it may adversely impact our results of operations and financial condition. We do not maintain “key person” life insurance on any of our executive officers. The loss of one or several key employees could seriously harm our business. Any reorganization or reduction in the size of our employee base could harm our ability to attract and retain other valuable employees critical to the success of our business.

-40

IEH CORPORATION

 

PART II: OTHER INFORMATION

 

Item 1a. Risk Factors (continued)

 

Risks Related to Our Business (continued)

 

If we lose key personnel or fail to integrate replacement personnel successfully, our ability to manage our business could be impaired.

 

Our future success depends upon the continued service of our key management, technical, sales, finance, and other critical personnel. We cannot assure you that we will be able to retain them. Key personnel have left our Company in the past and there likely will be additional departures of key personnel from time to time in the future. The loss of any key employee could result in significant disruptions to our operations, including adversely affecting the timeliness of product releases, the successful implementation and completion of Company initiatives, the effectiveness of our disclosure controls and procedures and our internal control over financial reporting, and the results of our operations. In addition, hiring, training, and successfully integrating replacement sales and other personnel could be time consuming, may cause additional disruptions to our operations, and may be unsuccessful, which could negatively impact future revenues.

 

Our reported financial results could be adversely affected by changes in financial accounting standards or by the application of existing or future accounting standards to our business as it evolves.

 

As a result of the enactment of the Sarbanes-Oxley Act and the review of accounting policies by the SEC and national and international accounting standards bodies, the frequency of accounting policy changes may accelerate. Possible future changes to accounting standards, could adversely affect our reported results of operations.

  

Risks Related to Our Common Stock

 

Our stock price is volatile and could decline; we have a very limited trading market.

 

The price of our common stock has been, and is likely to continue to be, volatile. For example, our stock price during the fiscal year ended March 30, 2018 traded as low as $6.12 per share and as high as $8.89 per share. During the six-month period ended September 28, 2018, our common stock traded in the range of $7.30 per share to $22.00 per share. We cannot assure you that your initial investment in our common stock will not decline.

  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Not applicable

 

Item 3. Defaults Upon Senior Securities

 

None

 

Item 4. Mine Safety Disclosure

 

None

-41

 IEH CORPORATION

 

PART II: OTHER INFORMATION

 

Item 5. Other Information

 

None

 

Item 6. Exhibits

 

(a) Exhibits

 

Exhibit 31.1  Certification Pursuant to 17CFR240.13a-14(a) or 17CFR240.15d-14(a)* 

 

Exhibit 31.2 Certification Pursuant to 17CFR240.13a-14(a) or 17CFR240.15d-14(a)* 

 

Exhibit 32.1  Certification Pursuant to 17CFR240.13a-14(b) or 17CFR240.15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code* 

 

Exhibit 101.INS  XBRL Instance Document* 

 

Exhibit 101.SCH  XBRL Taxonomy Extension Schema* 

 

Exhibit 101.CAL  XBRL Taxonomy Extension Calculation Linkbase Document* 

 

 

-42

 

IEH CORPORATION

 

PART II: OTHER INFORMATION (continued)

 

 

Item 6. Exhibits (continued)

 

Exhibit 101.LAB  XBRL Taxonomy Extension Label Linkbase Document* 
   
Exhibit 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document*

 

Exhibit 101.DEF  XBRL Taxonomy Extension Definition Label Document* 

*Submitted electronically herewith

 

Attached as Exhibit 101 to this Quarterly Report on Form 10-Q/A are the following formatted in XBRL (Extensible Business Reporting Language): (i) Statement of Operations for the six months ended September 28, 2018 and September 29, 2017; (ii) Balance Sheets as of September 28, 2018 and March 30, 2018; (iii) Statement of Cash Flows for the six months ended September 28, 2018 and September 29, 2017; and (iv) Notes to Financial Statements for the six months ended September 28, 2018.

 

In accordance with Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to the Quarterly Report on Form 10-Q/A shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section and shall not be part of any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

(b) Reports on Form 8-K during Quarter.

 

(i)Form 8-K, dated July 9, 2018

 

(ii)Form 8-K dated August 13, 2018

 

-43

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report on Form 10-Q/A to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  IEH CORPORATION
  (Registrant)
   
   
November 27, 2018 /s/ David Offerman
  David Offerman
 

President and Chief Executive Officer

(Principal Executive Officer)

   
   
November 27, 2018 /s/ Robert Knoth
  Robert Knoth
  Chief Financial Officer (Principal Accounting Officer)
   
   

 

 

 

-44

 

EX-31.1 2 ex31-1.htm EX-31.1

Exhibit 31.1

 

CERTIFICATION

 

 

I, David Offerman, certify that:

 

1.           I have reviewed this quarterly report of Form 10-Q/A of IEH Corporation for the quarter ended

September 28, 2018.

 

2.           Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report.

 

3.           Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report.

 

4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and we have:

 

a)       designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to me by others within those entities, particularly during the period in which this quarterly report is being prepared; and

 

b)       designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

 

c)       evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based upon such evaluation; and

 

d)       disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

 

a)       all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information, as set forth in Item 4 – Controls and Procedures; and

 

b)       any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 27, 2018

 

/s/ David Offerman

David Offerman

President and Chief Executive Officer (Principal Executive Officer)

-45

 

EX-31.2 3 ex31-2.htm EX-31.2

Exhibit 31.2

 

CERTIFICATION

 

 

I, Robert Knoth, certify that:

 

1.           I have reviewed this quarterly report of Form 10-Q/A of IEH Corporation for the quarter ended

September 28, 2018.

 

2.           Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report.

 

3.           Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report.

 

4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

 

a)       designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this quarterly report is being prepared; and

 

b)       designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

 

c)       evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based upon such evaluation; and

 

d)       disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

 

a)       all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information, as set forth in Item 4 – Controls and Procedures; and

 

b)       any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 27, 2018

 

/s/ Robert Knoth

Robert Knoth

Chief Financial Officer (Principal Accounting Officer)

-46

 

EX-32.1 4 ex32-1.htm EX-32.1

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2004

 

 

In connection with the Quarterly Report of IEH Corporation (the “Company”) on Form 10-Q/A for the quarter ending September 28, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), David Offerman, President and Chief Executive Office (Principal Executive Officer) and Robert Knoth, Chief Financial Officer (Principal Accounting Officer) of the Company, respectfully certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2004, that:

 

1.  The Report fully complies with the requirements of the Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and 

 

2.  The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. 

 

 

/s/ David Offerman /s/ Robert Knoth
David Offerman Robert Knoth
President and Chief Executive Officer Chief Financial Officer
(Principal Executive Officer) (Principal Accounting Officer)

 

Dated: November 27, 2018

 

This Certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Report, irrespective of any general incorporation language contained in such filing. A signed original of this written statement required by Section 906 has been provided to IEH Corporation and will be retained by IEH Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

-47

 

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FULLY DILUTED (in thousands) Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Recognition of stock compensation expense Changes in assets and liabilities: (Increase) decrease in accounts receivable (Increase) in inventories (Increase) in excess payments to commercial finance company Decrease in prepaid expenses and other current assets Increase (decrease) in accounts payable Increase (decrease) in other current liabilities Increase in accrued corporate taxes Total adjustments NET CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of property, plant and equipment NET CASH (USED) BY INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES: Net activity on accounts receivable financing Payment of special cash dividend NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES INCREASE (DECREASE) IN CASH CASH, beginning of period CASH, end of period SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the six months for: Interest Income Taxes Increase in issued and outstanding shares Organization, Consolidation and Presentation of Financial Statements [Abstract] INTERIM RESULTS AND BASIS OF PRESENTATION Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventory Disclosure [Abstract] INVENTORIES Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] PREPAID EXPENSES AND OTHER CURRENT ASSETS Property, Plant and Equipment [Abstract] PROPERTY, PLANT AND EQUIPMENT Receivables [Abstract] ACCOUNTS RECEIVABLE FINANCING Other Liabilities Disclosure [Abstract] OTHER CURRENT LIABILITIES Accounting Changes and Error Corrections [Abstract] CORRECTION OF AN ERROR Equity [Abstract] CHANGES IN SHAREHOLDERS' EQUITY Disclosure of Compensation Related Costs, Share-based Payments [Abstract] 2011 EQUITY INCENTIVE PLAN Compensation Related Costs [Abstract] CASH BONUS PLAN Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES ALLOWANCE FOR DOUBTFUL ACCOUNTS Subsequent Events [Abstract] SUBSEQUENT EVENTS Description of Business Business New Product Development Accounting Period Revenue Recognition Inventories Concentration of Credit Risk Property, Plant and Equipment Income Taxes Net Income Per Share Fair Value of Financial Instruments Use of Estimates Impairment of Long-Lived Assets Stock-Based Compensation Plan Recent Accounting Pronouncements Schedule of funds on deposit Schedule of inventories Schedule of prepaid expenses and other current assets Schedule of property, plant and equipment Schedule of other current liabilities Schedule of Effect From Correction of Error Schedule of Financial Statements Schedule of Options Awarded to Officers and Directors Schedule of Stock-Based Compensation Expense Schedule of Unrecognized Stock-Based Compensation Expense Schedule of Stock Option Grants Schedule of Option Activity Schedule of basic minimum annual rental payments Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Number of days in fiscal period FDIC coverage of deposits Useful lives of property plant and equipment Percentage of sales Schedule of Cash and Cash Equivalents [Table] Cash and Cash Equivalents [Line Items] Funds on deposit Raw materials Work in progress Finished goods Inventories Prepaid insurance Prepaid corporate taxes Other current assets Prepaid expenses and other current assets Property, Plant and Equipment, Gross Less: accumulated depreciation and amortization Property, Plant and Equipment, Net Schedule of Short-term Debt [Table] Short-term Debt [Line Items] Financing agreement - percentage of eligible receivables that may be borrowed Interest rate above JPMC rate, ceiling Interest rate floor Financing agreement term (years) Financing agreement notice (days) Due to commercial finance company Excess payments to the Factor Payroll and vacation accruals Sales commissions Other Total other current liabilities Statement [Table] Statement [Line Items] Options granted Schedule of Error Corrections and Prior Period Adjustment Restatement [Table] Error Corrections and Prior Period Adjustments Restatement [Line Items] Balances at Begining Correction of an error: recognition of stock option compensation expense Restated Dividend distribution paid Balances at Ending Total stock compensation expense Option exercise Number of Stock Options and Restricted Stock Awards authorized under 2011 Equity Incentive Plan Incentive stock options, granted to shareholder holdings (percent) Incentive stock options, exercise price as compared to fair market value (percent) to majority shareholder Expiration period from grant date FMV of shares subject to options granted to participants and designated as incentive stock options, maximum amount Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Options granted in period Option vested Option yet to vest Compensation expense Total unrecognized expense Risk free interest rate Contractual term Dividend yield Expected lives Expected volatility Fair value per option Shares Outstanding at the Beginning of the Year Granted Exercised Forfeited or Expired Outstanding at the End of the Year Fully Vested Exercisable at the End of the Year Weighted Avg. Exercise Price Outstanding at the Beginning of the Year Granted Outstanding at the End of the Year Fully Vested Remaining Contractual Term (Years) Outstanding at the Beginning of the Year Granted Aggregate Intrinsic Value Outstanding at the Beginning of the Year Granted Outstanding at the End of the Year Cash Bonus Plan, threshold of pre-tax operating profits Cash Bonus Plan, contribution tier 1 Cash Bonus Plan, contribution tier 2 Cash Bonus Plan, contribution Rental expense Pension plan contributions Future Minimum Rental Payments Operating Leases, Future Minimum Payments Due, Next Twelve Months 2019 2020 2021 2022 Thereafter Total Accounts receivable financing agreement with the Factor. The percentage of the company's eleigible receivables that may be factored (borrowed from a non-bank lending institution). Liability reported to commercial finance company for amounts owed under accounts receivable financing agreement. Contributions to the cash bonus plan, once meeting threshold expectations, will be made as either 10% of the excess pre-tax operating profits above $150,000 or 25% of pre-tax operating profits, whichever is greater. Contributions to the cash bonus plan, once meeting threshold expectations, will be made as either 10% of the excess pre-tax operating profits above $150,000 or 25% of pre-tax operating profits, whichever is greater. The threshold amount of pre-tax operating profits for which the company will make contributions to the cash bonus plan. Interest rate floor. Director Four [Member] Director One [Member] Director Three [Member] Second person serving on the board of directors (who collectively have responsibility for governing the entity). The number of days notice the company or lender must tender in order to terminate the financing agreement. Major customer one member. Major customer two member. Sector of the economy consisting of military agencies and authorities. Cash on deposit with financial institutions that earns no interest. For any 10% or greater shareholders, the minimum exercise price, as compared to fair market value of the company's common stock on grant date. The threshold shareholder size (as a percentage of shares outstanding) that requires special treatment when stock options designated as incentive stock options are granted. Per the company''s 2011 Equity Incentive Plan, the maximum aggregate fair market value of shares subject to options granted and designated as incentive stock options, and which become exercisable in any calendar year. Weighted average remaining contractual term for option awards granted, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. 2011 Equity Incentive Plan [Member] Restated balance outstanding during the period. Officers, directors and key employees [Member] Expected contractual term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. IEH employees [Member] Non-employee directors [Member] Amount by which the current fair value of the underlying stock exceeds the exercise price of options granted. Increase in issued and outstanding shares. Space [Member] Medical, Industrial and Testing Equipment [Member] Michael E. Rosenfeld [Member] Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Costs and Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Depreciation [Default Label] Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Accounts Receivable from Securitization Increase (Decrease) in Prepaid Expense and Other Assets Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Payments of Dividends Net Cash Provided by (Used in) Financing Activities Cash, Period Increase (Decrease) Inventory Disclosure [Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Other Prepaid Expense, Current Stockholders' Equity Attributable to Parent Share Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermGranted Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue Operating Leases, Future Minimum Payments Due EX-101.PRE 10 iehc-20180928_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
6 Months Ended
Sep. 28, 2018
Nov. 13, 2018
Document And Entity Information    
Entity Registrant Name IEH Corp  
Entity Central Index Key 0000050292  
Document Type 10-Q/A  
Document Period End Date Sep. 28, 2018  
Amendment Flag true  
Amendment description <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>EXPLANATORY NOTE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are filing this Amendment No. 1 to Form 10-Q (Amendment No. 1) on Form 10-Q/A to our Quarterly Report on Form 10-Q for the quarter ended September 28, 2018 (“Original 2Q 2018 Form 10-Q”) which amends and restates the Original 2Q 2018 Form 10-Q as filed with the Securities and Exchange Commission (“SEC”) on November 16, 2018. The primary reason for filing this Amendment No. 1 to the Original 2Q 2018 Form 10-Q is to clarify the accounting rule basis for the computation of “Fully Diluted Earnings Per Share” and “Weighted Average Number of Common Shares Outstanding – Fully Diluted” in the Statement of Operations for the six-month period and three-month period ended September 28, 2018, respectively. Such clarification, based on FASB ASC Topic 260, is reflected in an amendment to the subparagraph entitled “Net Income Per Share” in Note 2 of the Financial Statements – Summary of Significant Accounting Policies on page 12. Secondly, this Amendment No. 1 to the Original 2Q 2018 Form 10-Q corrects an error in the computation of Fully Diluted Earnings Per Share” and “Weighted Average Number of Common Shares Outstanding – Fully Diluted” in the Statement of Operations for the six-month period and three-month period ended September 28, 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is filing this Form 10-Q/A together with the final version of the XBRL Report on Exhibit 101.1</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Except as described above, no other changes have been made to the Original 2Q 2018 Form 10-Q, including, without limitation, no changes to the Company’s unaudited consolidated financial statements and accompanying notes for the quarter ended September 28, 2018, as set forth in Part I, Item 1 of the Original 2Q 2018 Form 10-Q.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">With this Amendment No. 1 on Form 10-Q/A, the principal executive officer and principal financial officer of the Company have reissued their certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, respectively, including in Part II, Item 6 and attached as Exhibits 31.1, 31.2 and 32.1 to the Amendment No. 1 on Form 10-Q/A.</p>  
Current Fiscal Year End Date --03-29  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   2,323,468
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2019  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
BALANCE SHEETS - USD ($)
Sep. 28, 2018
Mar. 30, 2018
CURRENT ASSETS:    
Cash $ 4,087,248 $ 1,407,013
Accounts receivable, less allowances for doubtful accounts of $0 at September 28, 2018 and $11,562 at March 30, 2018 (Note 13) 4,407,017 4,429,267
Inventories (Note 3) 11,577,700 10,751,498
Excess payments to Commercial finance company (Note 6) 448,930 154,960
Prepaid expenses and other current assets (Note 4) 296,633 489,594
Total Current Assets 20,817,528 17,232,332
PROPERTY, PLANT AND EQUIPMENT, less accumulated depreciation and amortization of $9,602,961 at September 28, 2018 and $9,377,361 at March 30, 2018 (Note 5) 2,166,449 2,066,155
OTHER ASSETS:    
Other assets 54,489 54,489
Total Assets 23,038,466 19,352,976
CURRENT LIABILITIES:    
Accounts payable 155,518 576,629
Accrued corporate income taxes 1,764,260 935,762
Other current liabilities (Note 7) 835,287 768,369
Total Current Liabilities 2,755,065 2,280,760
Total Liabilities 2,755,065 2,280,760
SHAREHOLDERS' EQUITY:    
Common stock, $.01 par value; 10,000,000 shares authorized; 2,323,468 shares issued and outstanding at September 28, 2018 and 2,303,468 issued and outstanding at March 30, 2018 (Note 9) 23,235 23,035
Capital in excess of par value 3,773,004 3,767,608
Retained earnings (Note 9) 16,487,162 13,281,573
Total Shareholders' Equity 20,283,401 17,072,216
Total Liabilities and Shareholders' Equity $ 23,038,466 $ 19,352,976
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
BALANCE SHEETS (Parenthetical) - USD ($)
Sep. 28, 2018
Mar. 30, 2018
Statement of Financial Position [Abstract]    
Allowances for doubtful accounts $ 0 $ 11,562
Accumulated depreciation and amortization $ 9,602,961 $ 9,377,361
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 10,000,000 10,000,000
Common stock, shares issued 2,323,468 2,303,468
Common stock, shares outstanding 2,323,468 2,303,468
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Sep. 28, 2018
Sep. 29, 2017
Sep. 28, 2018
Sep. 29, 2017
Income Statement [Abstract]        
REVENUE, net sales $ 6,597,876 $ 6,058,261 $ 15,641,182 $ 11,051,240
COSTS AND EXPENSES        
Cost of products sold 4,041,230 3,622,433 8,626,465 6,977,485
Selling, general and administrative 1,042,532 1,113,213 2,077,479 2,052,224
Interest expense 5,304 8,101 15,552 16,639
Depreciation 84,000 105,300 225,600 212,600
Total Costs and Expenses 5,173,066 4,849,047 10,945,096 9,258,948
OPERATING INCOME 1,424,810 1,209,214 4,696,086 1,792,292
OTHER INCOME 1,955 382 3,162 1,326
INCOME BEFORE INCOME TAXES 1,426,765 1,209,596 4,699,248 1,793,618
PROVISION FOR INCOME TAXES 480,461 644,936 1,493,659 923,336
NET INCOME $ 946,304 $ 564,660 $ 3,205,589 $ 870,282
BASIC EARNINGS PER SHARE (Note 2) $ 0.41 $ 0.25 $ 1.38 $ 0.38
FULLY DILUTED EARNINGS PER SHARE $ 0.39 $ 0.24 $ 1.34 $ 0.38
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in thousands) 2,323 2,303 2,319 2,303
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - FULLY DILUTED (in thousands) 2,411 2,316 2,397 2,312
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Sep. 28, 2018
Sep. 29, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,205,589 $ 870,282
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 225,600 212,600
Recognition of stock compensation expense 5,596 22,384
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable 22,250 (22,234)
(Increase) in inventories (826,202) (749,508)
(Increase) in excess payments to commercial finance company (293,970) (412,904)
Decrease in prepaid expenses and other current assets 192,961 598,082
Increase (decrease) in accounts payable (421,111) 192,583
Increase (decrease) in other current liabilities 66,918 (85,104)
Increase in accrued corporate taxes 828,498 278,639
Total adjustments (199,460) 34,538
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,006,129 904,820
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of property, plant and equipment (325,894) (232,900)
NET CASH (USED) BY INVESTING ACTIVITIES (325,894) (232,900)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of special cash dividend (575,867)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (575,867)
INCREASE (DECREASE) IN CASH 2,680,235 96,053
CASH, beginning of period 1,407,013 1,210,761
CASH, end of period 4,087,248 1,306,814
Cash paid during the six months for:    
Interest 14,052 15,138
Income Taxes 504,662 51,147
Increase in issued and outstanding shares $ 200
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTERIM RESULTS AND BASIS OF PRESENTATION
6 Months Ended
Sep. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
INTERIM RESULTS AND BASIS OF PRESENTATION
Note 1-  INTERIM RESULTS AND BASIS OF PRESENTATION: 

 

The accompanying unaudited financial statements as of September 28, 2018 and September 29, 2017 and for the six months then ended have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of September 28, 2018 and September 29, 2017 and the results of operations and cash flows for the six months then ended. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the six months ended September 28, 2018, are not necessarily indicative of the results to be expected for any subsequent quarter or the entire fiscal year. The balance sheet at March 30, 2018 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes, however, that the disclosures in this report are adequate to make the information presented not misleading in any material respect. The accompanying financial statements should be read in conjunction with the audited financial statements and notes thereto of IEH Corporation for the fiscal year ended March 30, 2018 included in the Company’s Annual Report on Form 10-K as filed with the SEC and the attached Management’s Discussion and Analysis of Financial Condition and Results of Operations.

XML 17 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Sep. 28, 2018
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Note 2-  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 

 

Description of Business:

 

The Company designs, develops and manufactures printed circuit connectors for high performance applications. We have also developed a high-performance plastic circular connector line. All of our products utilize the HYPERBOLOID contact design, a rugged high-reliability contact system ideally suited for high-stress environments. We are the only independent producer of HYPERBOLOID in the United States.

 

Our customers consist of OEM’s (Original Equipment Manufacturers), companies manufacturing medical equipment, and distributors who resell our products to OEMs. We sell our products directly and through regional representatives located in all regions of the United States, Canada, Israel, India, various Pacific Rim countries, South Korea and the European Union (EU).

 

The customers of the Company services are in the following markets: Government, Military, Aerospace, Medical, Automotive, Industrial, Test Equipment and Commercial Aerospace. The Company appears on the Military Qualified Product Listing “QPL” to MIL-DTL-55302 and supply customer requested modifications to this specification. Sales to the Commercial Aerospace and Military markets were 35% and 45%, respectively, of the Company’s net sales for the year ended March 30, 2018. The balance of the Company’s sales is principally in the following markets: Space (10%), Oil and Gas Exploration (5%), and Medical, Industrial and Testing Equipment (5%). The Company’s offering of “QPL” items has recently been expanded to include additional products.

 

In order to remain competitive, the Company has an internal program to upgrade, add and maintain machinery, review material costs and increase labor force productivity. During the fiscal year ended March 30, 2018, the Company purchased several machines to increase the productivity of certain processes. This will help the Company meet this goal.

 

Business New Product Development:

 

The Company is sought after by many of its customers to design and manufacture custom connectors. This has created many new products that are innovative designs and employ new technologies. The Company continues to be successful because of its ability to assist its customers and create a new design, including engineering drawing packages, in a relatively short period of time. The Company will continue to support its customers to the best of its ability.

 

The circular product line of connectors introduced several years ago for the medical industry continues to be very rewarding for the Company. The line has been expanded to include connector cable assemblies utilizing the circular connectors.

 

A new product line featuring high density connectors is being added to the Company’s product offering. This offering should be available within the next few months. The Company expects the new product line to bring additional revenue.

 

The standard printed circuit board connectors we produce are continually being expanded and utilized in many of the military programs being built today. We have recently received approval for additional products that the Company can offer under the Military Qualified Product Listing “QPL.”

 

Accounting Period:

 

The Company maintains an accounting period based upon a 52-53 week year, which ends on the nearest Friday in business days to March 31. The year ended March 30, 2018 was comprised of 52 weeks. The current fiscal year, ending on March 29, 2019, will be comprised of 52 weeks.

 

Revenue Recognition:

 

Sales are recognized when revenue is realized or realizable and has been earned. Revenue transactions represent sales of inventory. The Company has historically adopted shipping terms that title to merchandise passes to the customer at the shipping point (FOB Shipping Point).

 

Revenue is realized or realizable and earned when all of the following criteria are met:

·Persuasive evidence of an arrangement exits
·Shipment has occurred
·The Company’s selling price for its products are fixed and determinable
·Collectability is reasonable assured

 

The Company does not offer any discounts, credits or other sales incentives. Historically, the Company believes that it has no collection issues with its customer base.

 

The Company’s policy with respect to customer returns and allowances as well as product warranty is as follows:

 

The Company will accept a return of defective product within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will either offer an allowance against payment or will reimburse the customer for the total cost of product. The cost of defective products is immaterial at this time.

 

The Company provides engineering services as part of the relationship with its customers in developing the custom product. The Company is not obligated to provide such engineering service to its customers. The Company does not invoice its customers separately for these services.

 

Inventories:

 

Inventories are stated at an average cost on a first-in, first-out basis, which does not exceed market value.

 

The Company manufactures products pursuant to specific technical and contractual requirements.

 

The Company historically purchases material in excess of its requirements to avail itself of favorable pricing as well as the possibility of receiving additional orders from customers. This excess may result in material not being used in subsequent periods, which may result in this material being deemed obsolete.

 

The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company based upon historical experience has determined that if a part has not been used and purchased or an item of finished goods has not been sold in six years, it is deemed to be obsolete. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience, is made to inventory in recognition of this impairment.

 

Concentration of Credit Risk:

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable.

 

Under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation (FDIC) will permanently insure all accounts maintained with each financial institution up to $250,000 in the aggregate.

 

As of September 28, 2018 and March 30, 2018, the Company had funds on deposit in the amount of $4,300,136 and $1,887,682, in one financial institution comprised of the following:

 

   September 28, 2018   March 30, 2018 
         
Non-interest-bearing accounts  $1,806,250   $746,958 
Interest bearing account   2,493,886    1,140,724 
   $4,300,136   $1,887,682 
           

 

The Company has not experienced any losses in such accounts and believes its cash balances are not exposed to any significant risk.

 

Property, Plant and Equipment:

 

Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization using the Double Declining Balance method over the estimated useful lives (5-7 years) of the related assets.

 

Maintenance and repair expenditures are charged to operations, and renewals and betterments are capitalized. Items of property, plant and equipment, which are sold, retired or otherwise disposed of, are removed from the asset and accumulated depreciation or amortization accounts. Any gain or loss thereon is either credited or charged to operations.

 

Net Income Per Share:

 

The Company has adopted the provisions of Financial Accounting Standards Board (“FASB”) ASC Topic 260, Earnings Per Share, which includes the provisions of SFAS No. 128, “Earnings Per Share,” which requires the disclosure of “basic” and “diluted” earnings (loss) per share. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Fully diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding on a fully diluted basis during each period.

Under the requirements of ASC Topic 260, during this period the Company is required to use the Treasury Stock method in computing fully diluted earnings per share and the weighted average number of common shares outstanding on a fully diluted basis because the options previously granted by the Company are considered to be “in the money” (i.e., when the option grant price is lower than the prevailing market price of the Company’s common stock). The weighted average number of common shares outstanding has been increased to reflect the dilutive effect of potential shares, such as those issuable upon the exercise of the stock options as if they had been issued.

 

Fair Value of Financial Instruments:

 

The carrying value of the Company’s financial instruments, consisting of accounts receivable, accounts payable, and borrowings, approximate their fair value due to the relatively short maturity (six months) of these instruments.

  

Use of Estimates:

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts could differ from those estimates.

 

Impairment of Long-Lived Assets:

 

There were no long-lived asset impairments recognized by the Company for the six months ended September 28, 2018 and September 29, 2017, respectively, and currently all assets are being utilized.

 

Stock-Based Compensation Plan:

Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant.

 

Recent Accounting Pronouncements:

 

The Financial Accounting Standards Board (“FASB”) has issued certain accounting standards updates as of September 28, 2018 that will become effective in subsequent periods. The Company believes that none of those updates would have significantly affected the Company’s financial accounting measures or disclosures had they been in effect during the six months ended September 28, 2018 and September 29, 2017, respectively, and it does not believe that any of those pronouncements will have a significant impact on the Company’s financial statements at the time that they become effective.

 

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES
6 Months Ended
Sep. 28, 2018
Inventory Disclosure [Abstract]  
INVENTORIES
Note 3-  INVENTORIES: 

 

Inventories are stated at average cost, on a first in first out basis, which does not exceed market value.

 

The Company manufactures products pursuant to specific technical and contractual requirements. The Company historically purchases material in excess of its requirements to avail itself of favorable pricing as well as the possibility of receiving additional orders from customers. This excess may result in material not being used in subsequent periods, which may result in this material being deemed obsolete.

 

The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company based upon historical experience has determined that if a part has not been used and purchased or an item of finished goods has not been sold in six years, it is deemed to be obsolete.

 

The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience, is made to inventory in recognition of this impairment.

 

Inventories were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Raw materials  $7,155,030   $6,644,436 
Work in progress   2,463,946    2,288,115 
Finished goods   1,958,724    1,818,947 
   $11,577,700   $10,751,498 

 

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
6 Months Ended
Sep. 28, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Note 4-  PREPAID EXPENSES AND OTHER CURRENT ASSETS: 

 

Prepaid expenses and other current assets were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Prepaid insurance  $56,285   $16,256 
Prepaid corporate taxes   156,912    467,606 
Other current assets   83,436    5,732 
   $296,633   $489,594 

 

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY, PLANT AND EQUIPMENT
6 Months Ended
Sep. 28, 2018
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
Note 5-  PROPERTY, PLANT AND EQUIPMENT: 

 

Property, plant and equipment were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Computers  $496,489   $496,489 
Leasehold improvements   894,988    888,488 
Machinery and equipment   6,346,130    6,189,340 
Tools and dies   3,842,946    3,681,077 
Furniture and fixture   179,072    179,072 
Website development cost   9,785    9,050 
    11,769,410    11,443,516 
Less: accumulated depreciation and amortization   (9,602,961)   (9,377,361)
   $2,166,449   $2,066,155 

 

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCOUNTS RECEIVABLE FINANCING
6 Months Ended
Sep. 28, 2018
Receivables [Abstract]  
ACCOUNTS RECEIVABLE FINANCING
Note 6-  ACCOUNTS RECEIVABLE FINANCING: 

 

The Company entered into an accounts receivable financing agreement with a commercial finance company, whereby it can borrow up to 80 percent of its eligible receivables (as defined in the financing agreement) at an interest rate of 2.5% above JP Morgan Chase’s publicly announced rate with a minimum rate of 6% per annum.

 

The financing agreement has an initial term of one year and will automatically renew for successive one-year terms, unless terminated by the Company or the commercial finance company upon receiving 60 days’ prior notice. Funds advanced by the commercial finance company are secured by IEH’s accounts receivable and inventories.

 

As of September 28, 2018 and March 30, 2018, the Company had reported excess payments to the commercial finance company of $448,930 and $154,960, respectively. These excess payments are reported in the accompanying financial statements as of September 28, 2018 and March 30, 2018 as “Excess payments to commercial finance company.”

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
OTHER CURRENT LIABILITIES
6 Months Ended
Sep. 28, 2018
Other Liabilities Disclosure [Abstract]  
OTHER CURRENT LIABILITIES
Note 7-  OTHER CURRENT LIABILITIES: 

 

Other current liabilities were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Payroll and vacation accruals  $733,089   $569,043 
Sales commissions   63,450    104,791 
Other   38,748    94,535 
   $835,287   $768,369 

 

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
CORRECTION OF AN ERROR
6 Months Ended
Sep. 28, 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 
       
Net income for the year ended March 31, 2017   —      1,473,976 
           
Balances at March 31, 2017  $3,739,628   $11,291,881 
           
   Stock compensation recognized for the year ended March 25, 2016   16,788     
           
         Dividend distribution paid on June 17, 2017       (575,867)
           
   Stock compensation recognized for the quarter ended June 30, 2017   2,798     
           
   Restated net income for the quarter ended June 30, 2017       305,622 
           
   Balances at June 30, 2017   3,759,214    11,021,636 
           
   Stock compensation recognized for the quarter ended September 29, 2017   2,798     
           
   Restated net income for the quarter ended September 29, 2017        564,660 
           
   Balances at September 29, 2017  $3,762,012   $11,586,296 

 

The financial statements for the three and six months periods ended September 29, 2017 have been restated to include the recognition of quarterly stock compensation as follows:

 

   Quarter ended   Six months ended 
   Sep 29, 2017   Sep 29, 2017 
   (in thousands)
(restated)
   (in thousands)
(restated)
 
IEH employees  $   $ 
Non-employee directors   3    22 
Total stock compensation expense  $3   $22 
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
CHANGES IN SHAREHOLDERS' EQUITY
6 Months Ended
Sep. 28, 2018
Equity [Abstract]  
CHANGES IN SHAREHOLDERS' EQUITY
Note 9-  CHANGES IN SHAREHOLDERS’ EQUITY: 

 

 

The accumulated retained earnings increased by $3,205,589, which represents the net income for the six months ended September 28, 2018.

 

On May 9, 2018, the Estate of Michael Offerman, the late Chief Executive Officer of the Company, exercised all of the options (75,000) that had been awarded to him under the 2011 Equity Incentive Plan. As a result of such exercise, the aggregate issued and outstanding shares of common stock of the Company increased to 2,323,468 shares.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
2011 EQUITY INCENTIVE PLAN
6 Months Ended
Sep. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
2011 EQUITY INCENTIVE PLAN

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) that are designated as incentive stock options, and which become exercisable in any calendar year, shall not exceed $100,000.

 

On July 1, 2015, our Board of Directors granted 245,000 options to purchase shares of the Company’s common stock under the 2011 Plan as follows: (i) Michael Offerman, our then Chief Executive Officer, was granted 75,000 options; (ii) Robert Knoth, our Chief Financial Officer, was granted 50,000 options; (iii) four non-executive officer key employees were granted 110,000 options; and (iv) each of our non-management directors, Allen Gottlieb and Gerald Chafetz, was granted 5,000 options. The stock options: (i) have a ten-year term; (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant; and (iii) were all immediately vested. The options granted to Michael Offerman had an exercise price equal to 110% of such fair market value because he owned ten percent (10%) or greater of the Company’s outstanding common stock. In the event of the termination of each recipient’s employment by, or association with, the Company (as applicable), the options will remain exercisable in accordance with the terms of the 2011 Plan.

 

Effective July 15, 2016, the Board of Directors of the Company unanimously voted to increase the number of directors from three to six directors and elected David Offerman as a Class II director and Dr. Sonia Marciano and Eric C. Hugel as Class I Directors.

 

Effective August 15, 2016, the Board of Directors also approved the granting of stock options to purchase shares of the Company’s common stock under the 2011 Plan to each of Dr. Marciano and Mr. Hugel as follows: Each of the new non-management directors will receive a grant of options totalling 5,000 shares each subject to the following vesting schedule: (i) 1,000 shares vested immediately (August 15, 2016); (ii) 2,000 shares vested on August 15, 2017; and (iii) 2,000 shares will vest on August 15, 2018. The stock options: (i) have a ten-year term; and (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant. In the event of the termination of each recipient’s association with the Company, the options will remain exercisable in accordance with the terms of the 2011 Plan.

 

On September 7, 2018, the Board of Directors elected Michael E. Rosenfeld to the Board of Directors to fill the vacancy of a Class I Director of the Company created by the death of the Company’s then President and Chief Executive Officer, Michael Offerman. Such appointment will become effective on October 26, 2018.

 

At the same time, the Board of Directors also approved the granting of stock options to purchase shares of the Company’s common stock under the 2011 Plan to Mr. Rosenfeld as follows: He will receive a grant of options totalling 5,000 shares each subject to the following vesting schedule: (i) 1,000 shares will vest on October 26, 2018; (ii) 2,000 shares will vest on October 26, 2019; and (iii) 2,000 shares will vest on October 26, 2020. The stock options: (i) have a ten-year term; and (ii) have an exercise price equal to the value of the Company’s common stock on the date of grant. In the event of the termination of each recipient’s association with the Company, the options will remain exercisable in accordance with the terms of the 2011 Plan.

The table below summarizes the option awards for the named executive officers and non-management directors:

 

Name  Stock Option Grants 
David Offerman   50,000 
Robert Knoth   50,000 
Allen Gottlieb   5,000 
Gerald Chafetz   5,000 
Sonia Marciano   5,000 
Eric Hugel   5,000 
Michael E. Rosenfeld   5,000*

 

*Options for 1,000 shares vested on October 26, 2018, Options for 1,000 shares have not yet vested. 2,000 shares shall vest on October 26, 2019 and 2,000 shares shall vest on October 26, 2020.

 

The following table shows the option activity for the fiscal year ended March 30, 2018 and the current six months ended September 28, 2018.

 

Stock-based compensation expense, shown in the table below, is recorded in general and administrative expenses included in our statement of operations:

 

                     
       Six months
ended
   Six months
Ended
   Quarter ended   Quarter ended
Sep 29, 2017
 
   Ref   Sep 28, 2018
(in thousands)
   Sep 29,2017
(in thousands)
   Sep 28, 2018
(in thousands)
   (in thousands)
(restated)
 
IEH employees       $   $   $   $ 
Non-employee directors        6    22    3    3 
Total stock compensation expense   (a)   $6   $22   $3   $3 

 

(a):The Company reported compensation expense of $2,798 during the quarter ended September 28, 2018 and $2,798 during the quarter ended September 29, 2017 resulting from stock options granted on August 15, 2016.

 

Unrecognized stock-based compensation expense:

 

           Quarter ended 
       Quarter ended   September 29, 2017 
   Ref   September 28, 2018
(in thousands)
   (in thousands)
(restated)
 
Unrecognized expense for IEH employees       $   $ 
Unrecognized expense for Non-employee directors        8    19 
Total unrecognized expense      (b)   $8   $19 
                
(b):Unrecognized stock-based compensation expense related to prior years’ equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year.

 

Note: Stock option grants to IEH officers, directors and key employees in the fiscal years ended March 30, 2018 and March 31, 2017 were valued using a Black-Scholes model, under the following criteria:

 

   March 30, 2018   March 31, 2017 
Risk free interest rate   2.09%    1.88% 
Contractual term    10 years     10 years 
Dividend yield        
Expected lives   10 years     10 years 
Expected volatility   64%    56% 
Fair value per option  $5.85   $6.00 

 

The following table shows the activity for the fiscal years ended March 30, 2018 and March 31, 2017. 

 

           Weighted Avg.   Remaining   Aggregate 
           Exercise   Contractual   Intrinsic Value 
       Shares   Price   Term (Years)   (in thousands) 
Outstanding at the Beginning of the Year   3/25/2016    245,000   $6.18    9.27   $ 
            Granted   8/15/2016    10,000   $5.30    10.00     
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Year   3/31/2017    255,000   $6.15    8.82   $87 
            Fully Vested        247,000   $6.05           
            Exercisable at the End of the Year                         
            March 31 2017        247,000                
Outstanding at the Beginning of the Year   3/31/2017    255,000   $6.15    8.82   $87 
            Granted        0                
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Year   3/30/2018    255,000   $6.15    8.07   $702 
            Fully Vested        251,000   $6.02           
            Exercisable at the End of the Year
March 30, 2018
        251,000                
                          
Outstanding at the Beginning of the Year   3/30/2018    255,000   $6.15    8.07   $702 
            Granted        0                
            Exercised        (75,000)               
            Forfeited or Expired        0                
Outstanding at the End of the Quarter   6/29/2018    180,000   $6.04    7.57   $666 
            Fully Vested        176,000   $5.94           
            Exercisable at the End of the Year
            September 28, 2018
        176,000                
                          
Outstanding at the Beginning of the Quarter   6/29/2018    180,000   $6.04    7.57   $666 
            Granted        0                
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Quarter   9/28/2018    180,000   $6.04    7.32   $1,393 
            Fully Vested        180,000   $5.94           
            Exercisable at the End of the Quarter
            September 28, 2018
        180,000                

 

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their in-the-money options on those dates. This amount will change based on the fair market value of the Company’s common stock.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
CASH BONUS PLAN
6 Months Ended
Sep. 28, 2018
Compensation Related Costs [Abstract]  
CASH BONUS PLAN
Note 11-  CASH BONUS PLAN: 

 

In 1987, the Company adopted a cash bonus plan (“Cash Bonus Plan”) for non-union, management and administrative staff. Contributions to the Cash Bonus Plan are made by the Company only when the Company is profitable for the fiscal year. The Company accrued a contribution provision of $162,000 for the six months ended September 28, 2018. For the fiscal year ended March 30, 2018, the Company’s contribution was $324,000.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Sep. 28, 2018
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
Note 12-  COMMITMENTS AND CONTINGENCIES: 

 

The Company leases space for its corporate offices (including its manufacturing facility) at 140 58th Street, Suite 8E, Brooklyn, New York. The lease term runs from December 1, 2010 through November 30, 2020. The basic minimum annual rentals are as follows:

 

Fiscal year ending March:     
      
2019  $92,760 
2020   189,200 
2021   128,640 
   $410,600 

 

The rental expense for the six months ended September 28, 2018 was $90,960 and $88,290 for the six months ended September 29, 2017.

 

The Company has a collective bargaining multi-employer pension plan (“Multi-Employer Plan”) with the United Auto Workers of America, Local 259 (“UAW”). Contributions are made by the Company in accordance with a negotiated labor contract and are based on the number of covered employees employed per month. With the passage of the Multi-Employer Pension Plan Amendment Act of 1990 (the “1990 Act”), the Company may become subject to liabilities in excess of contributions made under the collective bargaining agreement. Generally, these are contingent upon termination, withdrawal, or partial withdrawal from the Multi-Employer Plan.

 

The Company has not taken any action to terminate, withdraw or partially withdraw from the Multi-Employer Plan, nor does it intend to do so in the future. Under the 1990 Act, liabilities would be based upon the Company’s proportional share of the Multi-Employer Plan’s unfunded vested benefits, which is currently not available. The Plan’s information and data for the year ending December 31, 2018 is not yet available. As of the date hereof, the Company expects that its proportional share of the 2018 liability will also be fully funded. The amount of accumulated benefits and net assets of such Plan is also not currently available to the Company. The total contributions charged to operations under the provisions of the Multi-Employer Plan were $37,048 and $58,652 for the six months ended September 28, 2018 and September 29, 2017, respectively.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
ALLOWANCE FOR DOUBTFUL ACCOUNTS
6 Months Ended
Sep. 28, 2018
Receivables [Abstract]  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Note 13- ALLOWANCE FOR DOUBTFUL ACCOUNTS:

 

The Company historically had maintained an allowance for uncollectable accounts receivables. The Company did determine that over the past five years, no customer account balances were determined to be uncollectable and charged off to operations. A review of accounts receivable at September 28, 2018 indicated that none were either deemed to be delinquent or uncollectable. Accordingly, The Company has determined that collectability is not an issue and it that there is no longer a need to maintain this allowance.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
6 Months Ended
Sep. 28, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
Note 14- SUBSEQUENT EVENTS:

 

The Company has evaluated all subsequent events through November 13, 2018, the date the financial statements were available to be issued. Based on this evaluation, except as set forth below, the Company has determined that no subsequent events have occurred which require disclosure through the date that these financial statements were available to be issued.

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Sep. 28, 2018
Accounting Policies [Abstract]  
Description of Business

Description of Business:

 

The Company designs, develops and manufactures printed circuit connectors for high performance applications. We have also developed a high-performance plastic circular connector line. All of our products utilize the HYPERBOLOID contact design, a rugged high-reliability contact system ideally suited for high-stress environments. We are the only independent producer of HYPERBOLOID in the United States.

 

Our customers consist of OEM’s (Original Equipment Manufacturers), companies manufacturing medical equipment, and distributors who resell our products to OEMs. We sell our products directly and through regional representatives located in all regions of the United States, Canada, Israel, India, various Pacific Rim countries, South Korea and the European Union (EU).

 

The customers of the Company services are in the following markets: Government, Military, Aerospace, Medical, Automotive, Industrial, Test Equipment and Commercial Aerospace. The Company appears on the Military Qualified Product Listing “QPL” to MIL-DTL-55302 and supply customer requested modifications to this specification. Sales to the Commercial Aerospace and Military markets were 35% and 45%, respectively, of the Company’s net sales for the year ended March 30, 2018. The balance of the Company’s sales is principally in the following markets: Space (10%), Oil and Gas Exploration (5%), and Medical, Industrial and Testing Equipment (5%). The Company’s offering of “QPL” items has recently been expanded to include additional products.

 

In order to remain competitive, the Company has an internal program to upgrade, add and maintain machinery, review material costs and increase labor force productivity. During the fiscal year ended March 30, 2018, the Company purchased several machines to increase the productivity of certain processes. This will help the Company meet this goal.

Business New Product Development

Business New Product Development:

 

The Company is sought after by many of its customers to design and manufacture custom connectors. This has created many new products that are innovative designs and employ new technologies. The Company continues to be successful because of its ability to assist its customers and create a new design, including engineering drawing packages, in a relatively short period of time. The Company will continue to support its customers to the best of its ability.

 

The circular product line of connectors introduced several years ago for the medical industry continues to be very rewarding for the Company. The line has been expanded to include connector cable assemblies utilizing the circular connectors.

 

A new product line featuring high density connectors is being added to the Company’s product offering. This offering should be available within the next few months. The Company expects the new product line to bring additional revenue.

 

The standard printed circuit board connectors we produce are continually being expanded and utilized in many of the military programs being built today. We have recently received approval for additional products that the Company can offer under the Military Qualified Product Listing “QPL.”

Accounting Period

Accounting Period:

 

The Company maintains an accounting period based upon a 52-53 week year, which ends on the nearest Friday in business days to March 31. The year ended March 30, 2018 was comprised of 52 weeks. The current fiscal year, ending on March 29, 2019, will be comprised of 52 weeks.

Revenue Recognition

Revenue Recognition:

 

Sales are recognized when revenue is realized or realizable and has been earned. Revenue transactions represent sales of inventory. The Company has historically adopted shipping terms that title to merchandise passes to the customer at the shipping point (FOB Shipping Point).

 

Revenue is realized or realizable and earned when all of the following criteria are met:

·Persuasive evidence of an arrangement exits
·Shipment has occurred
·The Company’s selling price for its products are fixed and determinable
·Collectability is reasonable assured

 

The Company does not offer any discounts, credits or other sales incentives. Historically, the Company believes that it has no collection issues with its customer base.

 

The Company’s policy with respect to customer returns and allowances as well as product warranty is as follows:

 

The Company will accept a return of defective product within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will either offer an allowance against payment or will reimburse the customer for the total cost of product. The cost of defective products is immaterial at this time.

 

The Company provides engineering services as part of the relationship with its customers in developing the custom product. The Company is not obligated to provide such engineering service to its customers. The Company does not invoice its customers separately for these services.

Inventories

Inventories:

 

Inventories are stated at an average cost on a first-in, first-out basis, which does not exceed market value.

 

The Company manufactures products pursuant to specific technical and contractual requirements.

 

The Company historically purchases material in excess of its requirements to avail itself of favorable pricing as well as the possibility of receiving additional orders from customers. This excess may result in material not being used in subsequent periods, which may result in this material being deemed obsolete.

 

The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company based upon historical experience has determined that if a part has not been used and purchased or an item of finished goods has not been sold in six years, it is deemed to be obsolete. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience, is made to inventory in recognition of this impairment.

Concentration of Credit Risk

Concentration of Credit Risk:

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable.

 

Under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation (FDIC) will permanently insure all accounts maintained with each financial institution up to $250,000 in the aggregate.

 

As of September 28, 2018 and March 30, 2018, the Company had funds on deposit in the amount of $4,300,136 and $1,887,682, in one financial institution comprised of the following:

 

   September 28, 2018   March 30, 2018 
         
Non-interest-bearing accounts  $1,806,250   $746,958 
Interest bearing account   2,493,886    1,140,724 
   $4,300,136   $1,887,682 
           

 

The Company has not experienced any losses in such accounts and believes its cash balances are not exposed to any significant risk.

Property, Plant and Equipment

Property, Plant and Equipment:

 

Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization using the Double Declining Balance method over the estimated useful lives (5-7 years) of the related assets.

 

Maintenance and repair expenditures are charged to operations, and renewals and betterments are capitalized. Items of property, plant and equipment, which are sold, retired or otherwise disposed of, are removed from the asset and accumulated depreciation or amortization accounts. Any gain or loss thereon is either credited or charged to operations.

Net Income Per Share

Net Income Per Share:

 

The Company has adopted the provisions of Financial Accounting Standards Board (“FASB”) ASC Topic 260, Earnings Per Share, which includes the provisions of SFAS No. 128, “Earnings Per Share,” which requires the disclosure of “basic” and “diluted” earnings (loss) per share. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Fully diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding on a fully diluted basis during each period.

Under the requirements of ASC Topic 260, during this period the Company is required to use the Treasury Stock method in computing fully diluted earnings per share and the weighted average number of common shares outstanding on a fully diluted basis because the options previously granted by the Company are considered to be “in the money” (i.e., when the option grant price is lower than the prevailing market price of the Company’s common stock). The weighted average number of common shares outstanding has been increased to reflect the dilutive effect of potential shares, such as those issuable upon the exercise of the stock options as if they had been issued.

 

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

 

The carrying value of the Company’s financial instruments, consisting of accounts receivable, accounts payable, and borrowings, approximate their fair value due to the relatively short maturity (six months) of these instruments.

Use of Estimates

Use of Estimates:

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts could differ from those estimates.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets:

 

The Company has adopted the provisions of ASC Topic, 360, Property, Plant and Equipment-Impairment or Disposal of Long-Lived Assets which includes the provisions of SFAS No. 144, “Accounting for The Impairment or Disposal of Long-Lived Assets,” and requires that long-lived assets and certain identifiable intangibles to be held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company has adopted SFAS No. 144. There were no long-lived asset impairments recognized by the Company for the six months ended September 28, 2018 and September 29, 2017, respectively, and currently all assets are being utilized.

Stock-Based Compensation Plan

Stock-Based Compensation Plan:

Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant.

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

 

The Financial Accounting Standards Board (“FASB”) has issued certain accounting standards updates as of September 28, 2018 that will become effective in subsequent periods. The Company believes that none of those updates would have significantly affected the Company’s financial accounting measures or disclosures had they been in effect during the six months ended September 28, 2018 and September 29, 2017, respectively, and it does not believe that any of those pronouncements will have a significant impact on the Company’s financial statements at the time that they become effective.

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Sep. 28, 2018
Accounting Policies [Abstract]  
Schedule of funds on deposit

As of September 28, 2018 and March 30, 2018, the Company had funds on deposit in the amount of $4,300,136 and $1,887,682, in one financial institution comprised of the following:

 

   September 28, 2018   March 30, 2018 
         
Non-interest-bearing accounts  $1,806,250   $746,958 
Interest bearing account   2,493,886    1,140,724 
   $4,300,136   $1,887,682 
           

 

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES (Tables)
6 Months Ended
Sep. 28, 2018
Inventory Disclosure [Abstract]  
Schedule of inventories

Inventories were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Raw materials  $7,155,030   $6,644,436 
Work in progress   2,463,946    2,288,115 
Finished goods   1,958,724    1,818,947 
   $11,577,700   $10,751,498 

 

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
6 Months Ended
Sep. 28, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Prepaid insurance  $56,285   $16,256 
Prepaid corporate taxes   156,912    467,606 
Other current assets   83,436    5,732 
   $296,633   $489,594 

 

XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
6 Months Ended
Sep. 28, 2018
Property, Plant and Equipment [Abstract]  
Schedule of property, plant and equipment

Property, plant and equipment were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Computers  $496,489   $496,489 
Leasehold improvements   894,988    888,488 
Machinery and equipment   6,346,130    6,189,340 
Tools and dies   3,842,946    3,681,077 
Furniture and fixture   179,072    179,072 
Website development cost   9,785    9,050 
    11,769,410    11,443,516 
Less: accumulated depreciation and amortization   (9,602,961)   (9,377,361)
   $2,166,449   $2,066,155 

 

XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
OTHER CURRENT LIABILITIES (Tables)
6 Months Ended
Sep. 28, 2018
Other Liabilities Disclosure [Abstract]  
Schedule of other current liabilities

Other current liabilities were comprised of the following:

 

   September 28,   March 30, 
   2018   2018 
         
Payroll and vacation accruals  $733,089   $569,043 
Sales commissions   63,450    104,791 
Other   38,748    94,535 
   $835,287   $768,369 

 

XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
CORRECTION OF AN ERROR (Tables)
6 Months Ended
Sep. 28, 2018
Accounting Changes and Error Corrections [Abstract]  
Schedule of Effect From Correction of Error

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 
       
Net income for the year ended March 31, 2017   —      1,473,976 
           
Balances at March 31, 2017  $3,739,628   $11,291,881 
           
   Stock compensation recognized for the year ended March 25, 2016   16,788     
           
         Dividend distribution paid on June 17, 2017       (575,867)
           
   Stock compensation recognized for the quarter ended June 30, 2017   2,798     
           
   Restated net income for the quarter ended June 30, 2017       305,622 
           
   Balances at June 30, 2017   3,759,214    11,021,636 
           
   Stock compensation recognized for the quarter ended September 29, 2017   2,798     
           
   Restated net income for the quarter ended September 29, 2017        564,660 
           
   Balances at September 29, 2017  $3,762,012   $11,586,296 
Schedule of Financial Statements

The financial statements for the three and six months periods ended September 29, 2017 have been restated to include the recognition of quarterly stock compensation as follows:

 

   Quarter ended   Six months ended 
   Sep 29, 2017   Sep 29, 2017 
   (in thousands)
(restated)
   (in thousands)
(restated)
 
IEH employees  $   $ 
Non-employee directors   3    22 
Total stock compensation expense  $3   $22 
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
2011 EQUITY INCENTIVE PLAN: (Tables)
6 Months Ended
Sep. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Options Awarded to Officers and Directors

The table below summarizes the option awards for the named executive officers and non-management directors:

 

Name  Stock Option Grants 
David Offerman   50,000 
Robert Knoth   50,000 
Allen Gottlieb   5,000 
Gerald Chafetz   5,000 
Sonia Marciano   5,000 
Eric Hugel   5,000 
Michael E. Rosenfeld   5,000*

 

*Options for 1,000 shares vested on October 26, 2018, Options for 1,000 shares have not yet vested. 2,000 shares shall vest on October 26, 2019 and 2,000 shares shall vest on October 26, 2020.

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense, shown in the table below, is recorded in general and administrative expenses included in our statement of operations:

 

                     
       Six months
ended
   Six months
Ended
   Quarter ended   Quarter ended
Sep 29, 2017
 
   Ref   Sep 28, 2018
(in thousands)
   Sep 29,2017
(in thousands)
   Sep 28, 2018
(in thousands)
   (in thousands)
(restated)
 
IEH employees       $   $   $   $ 
Non-employee directors        6    22    3    3 
Total stock compensation expense   (a)   $6   $22   $3   $3 

 

(a):The Company reported compensation expense of $2,798 during the quarter ended September 28, 2018 and $2,798 during the quarter ended September 29, 2017 resulting from stock options granted on August 15, 2016.
Schedule of Unrecognized Stock-Based Compensation Expense

Unrecognized stock-based compensation expense:

 

           Quarter ended 
       Quarter ended   September 29, 2017 
   Ref   September 28, 2018
(in thousands)
   (in thousands)
(restated)
 
Unrecognized expense for IEH employees       $   $ 
Unrecognized expense for Non-employee directors        8    19 
Total unrecognized expense      (b)   $8   $19 
                
(b):Unrecognized stock-based compensation expense related to prior years’ equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year.
Schedule of Stock Option Grants

Note: Stock option grants to IEH officers, directors and key employees in the fiscal years ended March 30, 2018 and March 31, 2017 were valued using a Black-Scholes model, under the following criteria:

 

   March 30, 2018   March 31, 2017 
Risk free interest rate   2.09%    1.88% 
Contractual term    10 years     10 years 
Dividend yield        
Expected lives   10 years     10 years 
Expected volatility   64%    56% 
Fair value per option  $5.85   $6.00 

 

Schedule of Option Activity

The following table shows the activity for the fiscal years ended March 30, 2018 and March 31, 2017. 

 

           Weighted Avg.   Remaining   Aggregate 
           Exercise   Contractual   Intrinsic Value 
       Shares   Price   Term (Years)   (in thousands) 
Outstanding at the Beginning of the Year   3/25/2016    245,000   $6.18    9.27   $ 
            Granted   8/15/2016    10,000   $5.30    10.00     
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Year   3/31/2017    255,000   $6.15    8.82   $87 
            Fully Vested        247,000   $6.05           
            Exercisable at the End of the Year                         
            March 31 2017        247,000                
Outstanding at the Beginning of the Year   3/31/2017    255,000   $6.15    8.82   $87 
            Granted        0                
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Year   3/30/2018    255,000   $6.15    8.07   $702 
            Fully Vested        251,000   $6.02           
            Exercisable at the End of the Year
March 30, 2018
        251,000                
                          
Outstanding at the Beginning of the Year   3/30/2018    255,000   $6.15    8.07   $702 
            Granted        0                
            Exercised        (75,000)               
            Forfeited or Expired        0                
Outstanding at the End of the Quarter   6/29/2018    180,000   $6.04    7.57   $666 
            Fully Vested        176,000   $5.94           
            Exercisable at the End of the Year
            September 28, 2018
        176,000                
                          
Outstanding at the Beginning of the Quarter   6/29/2018    180,000   $6.04    7.57   $666 
            Granted        0                
            Exercised        0                
            Forfeited or Expired        0                
Outstanding at the End of the Quarter   9/28/2018    180,000   $6.04    7.32   $1,393 
            Fully Vested        180,000   $5.94           
            Exercisable at the End of the Quarter
            September 28, 2018
        180,000                

 

XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
6 Months Ended
Sep. 28, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of basic minimum annual rental payments

The basic minimum annual rentals are as follows:

 

Fiscal year ending March:     
      
2019  $92,760 
2020   189,200 
2021   128,640 
   $410,600 

 

XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)
6 Months Ended 12 Months Ended
Sep. 28, 2018
Mar. 30, 2018
Property, Plant and Equipment [Line Items]    
Number of days in fiscal period 364 days 371 days
FDIC coverage of deposits $ 250,000  
Property, Plant and Equipment Other Types [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Useful lives of property plant and equipment 5 years  
Property, Plant and Equipment Other Types [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Useful lives of property plant and equipment 7 years  
Sales Revenue, Net [Member] | Space [Member]    
Property, Plant and Equipment [Line Items]    
Percentage of sales   10.00%
Sales Revenue, Net [Member] | Oil and Gas Exploration [Member]    
Property, Plant and Equipment [Line Items]    
Percentage of sales   5.00%
Sales Revenue, Net [Member] | Medical, Industrial and Testing Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Percentage of sales   5.00%
Commercial Aerospace Markets [Member] | Sales Revenue, Net [Member]    
Property, Plant and Equipment [Line Items]    
Percentage of sales   35.00%
Military Markets [Member] | Sales Revenue, Net [Member]    
Property, Plant and Equipment [Line Items]    
Percentage of sales   45.00%
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Funds on Deposit) (Details) - USD ($)
Sep. 28, 2018
Mar. 30, 2018
Cash and Cash Equivalents [Line Items]    
Funds on deposit $ 4,300,136 $ 1,887,682
Non-interest-bearing accounts [Member]    
Cash and Cash Equivalents [Line Items]    
Funds on deposit 1,806,250 746,958
Interest bearing account [Member]    
Cash and Cash Equivalents [Line Items]    
Funds on deposit $ 2,493,886 $ 1,140,724
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES (Details) - USD ($)
Sep. 28, 2018
Mar. 30, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 7,155,030 $ 6,644,436
Work in progress 2,463,946 2,288,115
Finished goods 1,958,724 1,818,947
Inventories $ 11,577,700 $ 10,751,498
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
Sep. 28, 2018
Mar. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid insurance $ 56,285 $ 16,256
Prepaid corporate taxes 156,912 467,606
Other current assets 83,436 5,732
Prepaid expenses and other current assets $ 296,633 $ 489,594
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
Sep. 28, 2018
Mar. 30, 2018
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 11,769,410 $ 11,443,516
Less: accumulated depreciation and amortization (9,602,961) (9,377,361)
Property, Plant and Equipment, Net 2,166,449 2,066,155
Computers [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 496,489 496,489
Leasehold improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 894,988 888,488
Machinery and equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 6,346,130 6,189,340
Tools and dies [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 3,842,946 3,681,077
Furniture and fixture [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 179,072 179,072
Website development cost [Member]    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 9,785 $ 9,050
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCOUNTS RECEIVABLE FINANCING (Narrative) (Details) - USD ($)
6 Months Ended
Sep. 28, 2018
Mar. 30, 2018
Short-term Debt [Line Items]    
Excess payments to the Factor $ 448,930 $ 154,960
Accounts Receivable Financing Agreement [Member]    
Short-term Debt [Line Items]    
Financing agreement - percentage of eligible receivables that may be borrowed 80.00%  
Interest rate above JPMC rate, ceiling 2.50%  
Interest rate floor 6.00%  
Financing agreement term (years) 1 year  
Financing agreement notice (days) 60 days  
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
OTHER CURRENT LIABILITIES (Details) - USD ($)
Sep. 28, 2018
Mar. 30, 2018
Other Liabilities Disclosure [Abstract]    
Payroll and vacation accruals $ 733,089 $ 569,043
Sales commissions 63,450 104,791
Other 38,748 94,535
Total other current liabilities $ 835,287 $ 768,369
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
CORRECTION OF AN ERROR (Narrative) (Details) - shares
3 Months Ended 6 Months Ended 12 Months Ended
Jul. 01, 2015
Sep. 28, 2018
Sep. 28, 2018
Mar. 30, 2018
Mar. 31, 2017
Options granted 245,000 0 0 0 10,000
2011 Equity Incentive Plan [Member]          
Options granted 245,000        
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
CORRECTION OF AN ERROR (Schedule of Effect of Correction) (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Mar. 25, 2016
Sep. 28, 2018
Sep. 29, 2017
Jun. 30, 2017
Sep. 28, 2018
Sep. 29, 2017
Mar. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]              
Correction of an error: recognition of stock option compensation expense         $ 5,596 $ 22,384  
Net income   $ 946,304 $ 564,660   $ 3,205,589 870,282  
Capital in Excess of Par Value [Member]              
Error Corrections and Prior Period Adjustments Restatement [Line Items]              
Balances at Begining $ 2,744,573   3,759,214 $ 3,739,628   3,739,628 $ 2,744,573
Correction of an error: recognition of stock option compensation expense 16,788   2,798 2,798     995,055
Restated           3,739,628
Net income            
Dividend distribution paid            
Balances at Ending 2,744,573   3,762,012 3,759,214   3,762,012 3,739,628
Retained Earnings [Member]              
Error Corrections and Prior Period Adjustments Restatement [Line Items]              
Balances at Begining 10,812,960   11,021,636 11,291,881   11,291,881 10,812,960
Correction of an error: recognition of stock option compensation expense       (995,055)
Restated     564,660 305,622     9,817,905
Net income             1,473,976
Dividend distribution paid       (575,867)      
Balances at Ending $ 10,812,960   $ 11,586,296 $ 11,021,636   $ 11,586,296 $ 11,291,881
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
CORRECTION OF AN ERROR (Schedule of Financial Statements) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 28, 2018
Sep. 29, 2017
Sep. 28, 2018
Sep. 29, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Total stock compensation expense [1] $ 3 $ 3 $ 6 $ 22
IEH employees [Member]        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Total stock compensation expense
Non-employee directors [Member]        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Total stock compensation expense $ 3 $ 3 $ 6 $ 22
[1] The Company reported compensation expense of $2,798 during the quarter ended September 28, 2018 and $2,798 during the quarter ended September 29, 2017 resulting from stock options granted on August 15, 2016.
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
CHANGES IN SHAREHOLDERS' EQUITY (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
May 09, 2018
Sep. 28, 2018
Sep. 29, 2017
Sep. 28, 2018
Sep. 29, 2017
Mar. 30, 2018
Mar. 31, 2017
Net income   $ 946,304 $ 564,660 $ 3,205,589 $ 870,282    
Option exercise   0   75,000   0 0
Common stock, shares issued   2,323,468   2,323,468   2,303,468  
Common stock, shares outstanding   2,323,468   2,323,468   2,303,468  
Michael Offerman [Member] | 2011 Equity Incentive Plan [Member]              
Option exercise 75,000            
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
2011 EQUITY INCENTIVE PLAN (Narrative) (Details) - USD ($)
6 Months Ended
Jul. 01, 2015
Sep. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Number of Stock Options and Restricted Stock Awards authorized under 2011 Equity Incentive Plan   750,000
Incentive stock options, granted to shareholder holdings (percent)   10.00%
Incentive stock options, exercise price as compared to fair market value (percent) to majority shareholder   110.00%
Expiration period from grant date 5 years 5 years
FMV of shares subject to options granted to participants and designated as incentive stock options, maximum amount   $ 100,000
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
2011 EQUITY INCENTIVE PLAN (Grants Under Plan) (Details) - shares
3 Months Ended 6 Months Ended 12 Months Ended
Oct. 26, 2018
Sep. 07, 2018
Aug. 15, 2016
Jul. 15, 2016
Jul. 01, 2015
Sep. 28, 2018
Sep. 28, 2018
Mar. 30, 2018
Mar. 31, 2017
Oct. 26, 2020
Oct. 26, 2019
Aug. 15, 2018
Aug. 15, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period         245,000 0 0 0 10,000        
Expiration period from grant date         5 years   5 years            
Incentive stock options, exercise price as compared to fair market value (percent) to majority shareholder           110.00% 110.00%            
Incentive stock options, granted to shareholder holdings (percent)           10.00% 10.00%            
Option yet to vest           180,000 180,000 251,000 247,000        
Michael Offerman [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period         75,000                
Expiration period from grant date         10 years                
Incentive stock options, exercise price as compared to fair market value (percent) to majority shareholder         110.00%                
Incentive stock options, granted to shareholder holdings (percent)         10.00%                
Four non-executive officer key employees [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period         110,000                
Expiration period from grant date         10 years                
Robert Knoth [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period         50,000                
Expiration period from grant date         10 years                
Allen Gottlieb [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period         5,000                
Expiration period from grant date         10 years                
Gerald Chafetz [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period         5,000                
Expiration period from grant date         10 years                
David Offerman [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period       50,000                  
Expiration period from grant date       10 years                  
Sonia Marciano [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period       5,000                  
Expiration period from grant date       10 years                  
Option vested 1,000   1,000                    
Option yet to vest                       2,000 2,000
Sonia Marciano [Member] | Subsequent Event [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Option yet to vest                   2,000 2,000    
Eric Hugel [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period       5,000                  
Expiration period from grant date       10 years                  
Option vested 1,000   1,000                    
Option yet to vest                       2,000 2,000
Eric Hugel [Member] | Subsequent Event [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Option yet to vest                   2,000 2,000    
Michael E. Rosenfeld [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Options granted in period [1]   5,000                      
Expiration period from grant date   10 years                      
Option vested 1,000                        
Michael E. Rosenfeld [Member] | Subsequent Event [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Option yet to vest                   2,000 2,000    
[1] Options for 1,000 shares vested on October 26, 2018, Options for 1,000 shares have not yet vested. 2,000 shares shall vest on October 26, 2019 and 2,000 shares shall vest on October 26, 2020.
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2011 EQUITY INCENTIVE PLAN (Schedule of Stock-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 28, 2018
Sep. 29, 2017
Sep. 28, 2018
Sep. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock compensation expense [1] $ 3 $ 3 $ 6 $ 22
Compensation expense 2,798 2,798    
IEH employees [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock compensation expense
Non-employee directors [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock compensation expense $ 3 $ 3 $ 6 $ 22
[1] The Company reported compensation expense of $2,798 during the quarter ended September 28, 2018 and $2,798 during the quarter ended September 29, 2017 resulting from stock options granted on August 15, 2016.
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2011 EQUITY INCENTIVE PLAN (Schedule of Unrecognized Stock-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
6 Months Ended
Sep. 28, 2018
Sep. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total unrecognized expense [1] $ 8 $ 19
IEH employees [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total unrecognized expense
Non-employee directors [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total unrecognized expense $ 8 $ 19
[1] Unrecognized stock-based compensation expense related to prior years' equity grants of stock options to non-employee directors, that had not vested as of the end of the applicable fiscal year.
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
2011 EQUITY INCENTIVE PLAN (Schedule of Stock Option Grants) (Details) - Officers, directors and key employees [Member] - $ / shares
12 Months Ended
Mar. 30, 2018
Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk free interest rate 2.09% 1.88%
Contractual term 10 years 10 years
Dividend yield
Expected lives 10 years 10 years
Expected volatility 64.00% 56.00%
Fair value per option $ 5.85 $ 6.00
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
2011 EQUITY INCENTIVE PLAN (Option Activity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jul. 01, 2015
Sep. 28, 2018
Sep. 28, 2018
Mar. 30, 2018
Mar. 31, 2017
Mar. 25, 2016
Shares            
Outstanding at the Beginning of the Year   180,000 255,000 255,000 245,000  
Granted 245,000 0 0 0 10,000  
Exercised   0 (75,000) 0 0  
Forfeited or Expired   0 0 0 0  
Outstanding at the End of the Year   180,000 180,000 255,000 255,000 245,000
Fully Vested   180,000 180,000 251,000 247,000  
Exercisable at the End of the Year   180,000 180,000 251,000 247,000  
Weighted Avg. Exercise Price            
Outstanding at the Beginning of the Year   $ 6.04 $ 6.15 $ 6.15 $ 6.18  
Granted         5.30  
Outstanding at the End of the Year   6.04 6.04 6.15 6.15 $ 6.18
Fully Vested   $ 5.94 $ 5.94 $ 6.02 $ 6.05  
Remaining Contractual Term (Years)            
Outstanding at the Beginning of the Year   7 years 3 months 26 days 8 years 26 days 8 years 26 days 8 years 9 months 25 days 9 years 3 months 8 days
Granted         10 years  
Aggregate Intrinsic Value            
Outstanding at the Beginning of the Year   $ 666 $ 702 $ 87  
Granted          
Outstanding at the End of the Year   $ 1,393 $ 1,393 $ 702 $ 87
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
CASH BONUS PLAN (Narrative) (Details) - USD ($)
6 Months Ended 12 Months Ended
Sep. 28, 2018
Mar. 30, 2018
Compensation Related Costs [Abstract]    
Cash Bonus Plan, contribution $ 162,000 $ 324,000
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)
6 Months Ended
Sep. 28, 2018
Sep. 29, 2017
Commitments and Contingencies Disclosure [Abstract]    
Rental expense $ 90,960 $ 88,290
Pension plan contributions $ 37,048 $ 58,652
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Basic Minimum Annual Rentals) (Details)
Sep. 28, 2018
USD ($)
Future Minimum Rental Payments  
2019 $ 92,760
2020 189,200
2021 128,640
Total $ 410,600
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