Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Reverse Stock Split

v3.20.4
Note 8 - Reverse Stock Split
9 Months Ended
Dec. 26, 2020
Notes to Financial Statements  
Reverse Stock Split [Text Block]
(
8
)
     
Reverse Stock Split
 
On
December 12, 2019,
the Company amended its Articles of Incorporation to implement a
1
-for-
15
reverse split of its common stock.
 
The reverse stock split reduced the number of shares of common stock outstanding from
37,154,730
to
2,476,982
shares on
December 12, 2019.
The number of authorized shares of the Company's common stock was reduced in the same proportion to
13,333,333
shares of common stock.
 
As a result of the reverse stock split, each of the Company's holders of common stock received
one
share of common stock for every
15
shares of common stock held immediately prior to the reverse stock split.
No
fractional shares were issued in connection with the reverse stock split and cash was paid in lieu of any fractional shares. The reverse stock split also reduced the number of shares of common stock issuable upon the conversion of the Company's outstanding shares of preferred stock and the exercise of its outstanding stock options and warrants in proportion to the ratio of the reverse stock split and caused a proportionate increase in the conversion and exercise prices of such preferred stock, stock options and warrants.
 
All share and per share amounts included in the financial statements have been adjusted to reflect the effect of the reverse stock split.