Note 9 - Commitments and Contingencies

6 Months Ended

Jul. 01, 2011

Commitments and Contingencies Disclosure [Text Block]

9. Commitments and Contingencies

Contractual Obligations

On April 4, 2011, the Company entered into a one-year sports business advisory consulting agreement with Legend7 Sports, LLC and Dennis M. Mannion, with an effective date of March 31, 2011. The consulting agreement provides for a fee of $83,333 per month or $1.0 million over a one-year term, unless terminated prior to the end of the term upon a material breach by Legend7 Sports, LLC or Mr. Mannion.

The Company completed the sale of its headquarters building on June 1, 2011 for net cash proceeds of $6.3 million. Concurrently, the Company began leasing a 3,581 square foot portion of the building from the new owner for approximately $4,300 per month. This space is leased through December 31, 2011.

Legal Proceedings

The information set forth under Part II, Item 1 contained in the “Legal Proceedings” is incorporated herein by reference.