Annual report pursuant to Section 13 and 15(d)

Note 18 - Private Placement Offering

Note 18 - Private Placement Offering
12 Months Ended
Mar. 25, 2017
Notes to Financial Statements  
Private Placement Offering [Text Block]
Private Placement Offering
January 19, 2016,
the Company entered into a Securities Purchase Agreement for the sale of
Units, each consisting of
share of common stock and a warrant to purchase
shares of common stock, to approximately
private investors. The purchase price for each Unit was
Gross proceeds were approximately
million. Net proceeds to the Company after fees was approximately
million. The portion of the purchase price attributable to the common shares included in each Unit was
the consolidated closing bid price for the Company’s common stock on
January 15, 2016.
The warrant price was
per Unit (equivalent to
per whole warrant share), with an exercise price of
per share. The term of the warrants is
years from the date of completion of the transaction. Emerging Growth Equities, Ltd also received warrants to purchase
shares of common stock at an exercise price of
per share as part of its consideration for serving as placement agent in connection with the private placement.