Related Party Transaction

9 Months Ended

Mar. 26, 2020

Note 13 – Related Party Transaction

In connection with the Acquisition in the second quarter of fiscal 2018, we incurred $11,500 of unsecured debt (the “Promissory Note”) to the principal owner and seller of the Squirrel Brand business, who was subsequently appointed as an executive officer of the Company and was considered a related party. Late in the second quarter of fiscal 2020, the employment of this executive officer with the Company ceased. He is no longer considered a related party, and therefore the outstanding balance on the Promissory Note is not reflected as related party debt on our Consolidated Balance Sheet as of March 26, 2020 and there was no related party interest paid to this former executive officer during the current third quarter. Interest paid on the Promissory Note for the thirty-nine weeks ended March 26, 2020 while the executive officer was a related party was $127 and is reflected as related party interest on our Consolidated Statements of Comprehensive Income.