Note 15 - Commitments and Contingencies

12 Months Ended

Mar. 28, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

15 Commitments and Contingencies

Operating leases

Building

–

On

January 5, 2017,

the Company entered into a

seventy-seven

-month commercial building lease agreement for a

23,873

square feet facility in Dublin, California which began on

April 1, 2017.

The Company’s principal executive offices along with our marketing, sales, and engineering offices and manufacturing operations are located in the Dublin facility.

In

December 2018,

the Company entered into a lease agreement for an additional

1,200

square foot facility for certain engineering personnel located in Nashua, New Hampshire, which began on

February 1, 2019

and expires on

January 31, 2022.

Effective

March 1, 2020,

we amended and replaced in its entirety the original Nashua lease agreement to increase the facility size to

2,400

square feet and extend its expiration to

February 28, 2023.

Per the terms of the Company’s lease agreements, the Company does

not

have any residual value guarantees. In calculating the present value of the lease payments, the Company has elected to utilize its incremental borrowing rate. The Company has elected for facility operating leases to

not

separate each lease component from its associated non-lease components. The building lease includes variable payments (i.e. common area maintenance) which are charged and paid separately from rent based on actual costs incurred and therefore are

not

included in the right-of-use asset and liability but reflected in operating expense in the period incurred.

Lease costs

For the fiscal year ended (in thousands):

		March 28,
	Classification	2020
Operating lease costs	Operating expenses	$	518
Finance lease:
Amortization of lease asset	Depreciation and amortization		34
Interest on lease liability	Interest expense		5
Total lease costs		$	557

Other information (in thousands except weighted average amounts):          

For the fiscal year ended March 28, 2020	Operating leases			Finance leases
Operating cash used for leases	$	572			—
Financing cash used for leases		—		$	46
Weighted-average remaining lease term		3.39			0.46
Weighted average discount rate		6.50	%		12.00	%

Future lease payments as of

March 28, 2020

were as follows (in thousands):

	Operating leases			Finance leases			Total
2021	$	488		$	11		$	499
2022		503			20			523
2023		515			—			515
2024		209			—			209
Thereafter		—			—			—
Total future minimum lease payments		1,715			31			1,746
Less: imputed interest		(174	)		(11	)		(185	)
Present value of lease liabilities	$	1,541		$	20		$	1,561