Note H - Assets Held for Sale

3 Months Ended

Jun. 24, 2018

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE H – ASSETS HELD FOR SALE

Prior to the end of fiscal

2018,

we entered into an agreement to sell a Company-owned restaurant located in Bay Ridge, Brooklyn, NY for

$12,250,000.

At

June 24, 2018,

we have received a

$1,201,000

non-refundable deposit toward the sale of this restaurant which was included in accrued expenses and other current liabilities in the accompanying Consolidated Balance Sheet. The sale was expected to close during the

second

quarter of fiscal

2019.

Effective

July 15, 2018,

we amended the Agreement of Sale to extend the closing date until

October 2018

and received an additional down-payment of

$1,000,000

and a

$175,000

extension fee.Property and equipment of

$601,000

and

$610,000

related to this sale has been classified as Assets held for sale in our Consolidated Balance Sheets at

June 24, 2018

and

March 25, 2018,

respectively.

Effective

June 15, 2018,

we entered into an agreement to sell the Company-owned regional office building located in Fort Lauderdale, FL for

$1,450,000.

Our escrow agent has received deposits of

$145,000

and it is anticipated that the transaction will close during the

second

quarter of fiscal

2019.

Property and equipment of

$1,009,000

related to this sale has been classified as Assets held for sale in our Consolidated Balance Sheet at

June 24, 2018.