ACCOUNTS RECEIVABLE FINANCING:

12 Months Ended

Mar. 29, 2019

Receivables [Abstract]

ACCOUNTS RECEIVABLE FINANCING

Note 5 ACCOUNTS RECEIVABLE FINANCING:

The Company has an accounts receivable financing agreement with a non-bank lending institution (“Financing Company”) whereby it can borrow up to 80 percent of its eligible receivables (as defined in such financing agreement) at an interest rate of 2 ½% above JP Morgan Chase’s publicly announced rate with a minimum rate of 6% per annum.

The financing agreement has an initial term of one year and automatically renews for successive one-year terms, unless terminated by the Company or its lender upon receiving 60 days prior notice. Funds advanced by the Financing Company are secured by the Company’s accounts receivable and inventories. As of March 29, 2019, the Company reported in the accompanying Financial Statements, a liability to the Financing Company of $334,306 compared to March 30, 2018, when the Company had reported excess payments to the Financing Company of $154,960. These excess payments are reported in the accompanying Financial Statements as “Excess payments to accounts receivable financing company.”