Note 12 - Commitments
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Mar. 29, 2014
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] |
12 Commitments The Company leases a 47,300 square foot facility located in San Ramon, California that expires in December 31, 2016. The Company leased a 33,400 square foot facility located in Santa Rosa, California, under a lease that expired May 31, 2013. The Company did not extend the Santa Rosa lease and vacated the facility on May 31, 2013. All of the Company’s operations are in the San Ramon facility as of March 29, 2014. The Company also leases other equipment under operating leases. Total future minimum lease payments under these leases amount to approximately $1,975,000 and are as follows.
The aggregate rental expense was $630,000 and $1,009,000 in fiscal 2014 and 2013, respectively. The Company leases equipment under capital leases that expire through September 2018. Capital leases with costs totaling $456,000 and $201,000 are reported net of accumulated depreciation of $91,000 and $34,000 at March 29, 2014 and March 30, 2013, respectively. Total future minimum lease payments under these leases amount to approximately $245,000 and are as follows.
The Company is committed to repay the PFG loan with a maturity date of March 2017. The future payments under this loan, consisting of $1.0 million in principal and $175,000 in interest, are as follows as of March 29, 2014.
The future payments reflected in the table above do not include the $500,000 borrowed by the Company on June 16, 2014 that is discussed Note 20, Subsequent Events, and is due in March 2017. The Company is committed to purchase certain inventory under non-cancelable purchase orders. As of March 29, 2014, total non–cancelable purchase orders were approximately $2,118,000 through fiscal 2015 and are scheduled to be delivered to the Company at various dates through March 2015. |