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Note 12 - Treasury Stock Transactions | 6 Months Ended
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Jun. 27, 2020
Notes to Financial Statements |
Treasury Stock [Text Block] |
12. | Treasury Stock Transactions
On June 2, 2020, the Company entered into a stock purchase agreement with certain stockholders of the Company, whereby the Company purchased an aggregate of 1,858,139 shares of the Company's common stock for a negotiated purchase price of $1.20 per share or $2.2 million in total. The negotiated price of $1.20 per share was less than the lowest trading price of the stock on the day of the repurchase. The consideration paid by the Company consisted entirely of an unsecured subordinated promissory note for $2.2 million. The note accrues interest at an annual rate of 9.0%, compounded annually, payable quarterly in arrears commencing on September 1, 2020 and continuing on each December 1, March 1, June 1 and September 1 thereafter, and has a maturity date of August 10, 2023 . Subject to the applicable provisions of the subordination agreement among the Company, Citizens Bank and the selling stockholders, the note becomes immediately due and payable in the event of a default by the Company. The shares repurchased on June 2, 2020 were not purchased under a stock repurchase plan. The Company, at this time, does not have an open repurchase plan. The Company did not repurchase any shares in the comparable prior year period.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2208821 + Details
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