Note H - Sale of Property and Equipment

9 Months Ended

Dec. 23, 2018

Notes to Financial Statements

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

NOTE H – SALE OF PROPERTY AND EQUIPMENT

On

October 23, 2018,

the Company completed the sale of its Company-owned restaurant located in Bay Ridge, Brooklyn, New York for proceeds of

$11,445,000,

net of direct expenses, and recorded a gain of

$10,821,000,

which represented the excess of the proceeds, less costs to sell of

$33,000,

over the carrying value on that date. The Company continued operating the restaurant under a Surrender Agreement with the purchaser until

January 6, 2019

and surrendered the property to the purchaser on

January 22, 2019.

On

August 9, 2018,

the Company completed the sale of its regional office building located in Fort Lauderdale, Florida for proceeds of

$1,330,000,

net of direct expenses, and recorded a gain of

$306,000,

which represented the excess of the proceeds, less costs to sell of

$17,000,

over the carrying value on that date.