Fair Value of Financial Instruments

9 Months Ended

Dec. 25, 2011

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note  4. Fair Value of Financial Instruments

The Company complies with the FASB standard regarding fair value measurement and disclosure requirements for assets and liabilities carried at fair value.  Accordingly, assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

· Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

· Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, and quoted prices for identical or similar assets or liabilities in markets that are not active.

· Level 3: Unobservable inputs for the asset or liability that reflect the reporting entity's own assumptions about the inputs used in pricing the asset or liability.

The Company has no assets and liabilities recorded at fair value as of December 25, 2011.

The carrying amounts of cash and cash equivalents, trade accounts receivable, product inventory, trade accounts payable, accrued expenses and other current liabilities approximate their fair values as of December 25, 2011 and March 27, 2011 due to their short term nature.

Fair value of long-term debt, calculated using current interest rates and future principal payments, as of December 25, 2011 and March 27, 2011 is estimated as follows:

	December 25, 2011				March 27, 2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Note payable to a bank	$	2,831,300	$	2,551,800	$	3,000,000	$	2,979,600
Note payable to the Maryland Economic Development Corporation	$	--	$	--	$	110,400	$	109,400
Note payable to Baltimore County	$	188,100	$	169,600	$	207,800	$	185,400