SUBSEQUENT EVENTS

3 Months Ended

Apr. 01, 2018

Subsequent Events [Abstract]

Subsequent Events Disclosure [Text Block]

(14)        Subsequent Events

The Company evaluated for the occurrence of subsequent events through the issuance date of the Company’s financial statements. No other recognized or non-recognized subsequent events occurred that require recognition or disclosure in the consolidated financial statements, except as noted below.

Rights Offering

On April 16, 2018, the Company, through a rights offering, sold 1,581,831 shares of common stock at $3.50 per share, which resulted in total gross proceeds to the Company of approximately $5.5 million. The Company used a portion of the proceeds from the rights offering to repay $1.0 million of the outstanding balance on its Term Loan on April 23, 2018.

Virginia Commons

On May 8, 2018, the Company effected the sale of a vacant property in Richmond, Virginia for a contract purchase price of $720,000.