Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 25, 2017
Mar. 26, 2016
Assets:    
Cash and cash-equivalents $ 1,421,000 $ 1,331,000
Trade accounts receivable, net of allowance of $45, respectively 954,000 2,129,000
Inventories, net 4,811,000 5,694,000
Prepaid expenses and other current assets 452,000 318,000
Total current assets 7,638,000 9,472,000
Property and equipment, net 528,000 837,000
Other long term assets 175,000 8,000
Capitalized software development costs, net 733,000 876,000
Total assets 9,074,000 11,193,000
Liabilities and shareholders' equity    
Line of credit 582,000 800,000
Current portion of long term debt, net of discount 370,000
Accounts payable 1,107,000 1,924,000
Accrued payroll and benefits 583,000 647,000
Deferred revenue 3,614,000 2,804,000
Deferred rent 110,000
Capital lease obligations 50,000 44,000
Deferred Liability related to asset sale 375,000 375,000
Other current liabilities 707,000 621,000
Total current liabilities 7,018,000 7,695,000
Warrant liability, at estimated fair value 222,000 353,000
Long term obligations - capital lease 114,000 165,000
Total liabilities 7,354,000 8,213,000
Commitments and contingencies
Shareholders' equity:    
Common stock of no par value; Authorized - 40,000,000 shares; 9,594,203 shares at March 25, 2017 and 9,549,703 at March 26, 2016 issued and outstanding 24,390,000 24,104,000
Accumulated deficit (25,581,000) (24,035,000)
Total shareholders' equity 1,720,000 2,980,000
Total liabilities and shareholders' equity 9,074,000 11,193,000
Series A Preferred Stock [Member]    
Shareholders' equity:    
Preferred stock
Series B, C, and D Preferred Stock [Member]    
Shareholders' equity:    
Preferred stock $ 2,911,000 $ 2,911,000