Note P - Subsequent Events

12 Months Ended

Mar. 29, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE P - SUBSEQUENT EVENTS

In

March 2020,

the World Health Organization declared the novel strain of coronavirus (“COVID-

19”

) a global pandemic. This contagious virus has adversely affected workforces, customers, economics, and financial markets globally, leading to an economic downturn. It has also disrupted the normal operations of many business, including ours. As of the date of this filing, certain Company-owned restaurants, franchise restaurants and Branded Menu Program locations are closed or only offering food through take-out and delivery services. Our Branded Product Program has been negatively impacted as many of our customers operate in venues that are currently closed and

may

be slow to re-open, such as professional sports venues, amusement parks, shopping malls and movie theatres. While it is

not

possible for us to predict the duration or magnitude of the adverse results of the outbreak of COVID-

19

and its effects on our business or results of operations at this time, we do anticipate that it will have an adverse effect on our revenue and profitability in fiscal year

2021.

On

April 21, 2020,

the Company was granted a loan (the “PPP Loan”) from a lender in the aggregate amount of

$1,225

pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security Act.

The Company applied for the PPP Loan and received the amount of the PPP Loan prior to the issuance of guidance from the United States Treasury Department and U.S. Small Business Administration on

April 23, 2020 (

the “New Guidance”). In light of the New Guidance, the Company determined to repay the PPP Loan to the lender. The PPP Loan was repaid in full on

April 29, 2020.