Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Sale of Common Stock

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Note 7 - Sale of Common Stock
9 Months Ended
Dec. 26, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
 
(
7
)
    
Sale of Common Stock
 
On
November 8, 2019,
the Company completed an underwritten public offering of
699,333
shares of its common stock at
$3.75
per share. The net proceeds from the offering after deducting underwriting discounts and commissions and offering expenses were approximately
$2.1
million. The Company's use of the net proceeds was for general corporate purposes, which included the repayment of debt. In connection with the offering, the Company granted the underwriter a warrant to purchase
20,980
shares of common stock at the price of
$4.50
per share. The warrant is immediately exercisable and has a
five
-year term.
 
In addition, on
November 8, 2019,
the Company completed a private exchange offer in which it issued an aggregate of
896,636
shares of common stock in exchange for
88,600
shares of its Series E preferred shares and the dividends thereon. As a result,
9,200
shares of Series E preferred stock with an aggregate liquidation preference of
$345,000
remained outstanding as of
December 26, 2020
and
March 28, 2020.
 
On
March 11, 2020,
the Company entered into Securities Purchase Agreements with
two
private investors for the sale of a total of
146,668
common shares at the price of
$3.75
per share, for aggregate gross proceeds of
$550,004.
Net proceeds to the Company after fees and expenses of this private placement were
$510,000.