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Long-term debt (Tables)

12 Months Ended

Mar. 30, 2019

Debt Disclosure [Abstract]

Summary of Long-Term Debt

(a) Long-term debt consists of the following:

		As of
		March 30, 2019				March 31, 2018*
		(In thousands)
Term loan from Crystal Financial LLC, bearing interest at an annual rate of CDOR plus 8.25%, repayable at maturity in October 2022, secured by the assets of the Company (net of deferred financing costs of $378,000). Refer to note 6 for additional information			12,122				—
USD $1.5 million cash advance owing to the Company’s controlling shareholder, Montel, bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c))			2,005				1,934
USD $2.5 million loan owing to the Company’s controlling shareholder, Montel, bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c))			1,670				3,223
$5 million term loan from Investissement Quebec, bearing interest at an annual rate of Canadian prime plus 7.0% and secured by the assets of the Company. The outstanding balance as at March 30, 2019 has been repaid on June 5, 2019, and as such has been presented as short-term liabilities within current portion of long-term debt on the Company’s balance sheet.			578				1,553
$2 million term loan from Investissement Québec, bearing interest at an annual rate of Canadian prime plus 10% and secured by the assets of the Company. The outstanding balance as at March 30, 2019 has been repaid on June 5, 2019, and as such has been presented as short-term liabilities within current portion of long-term debt on the Company’s balance sheet.			253				755
Obligations under capital leases, at annual interest rates between 3.6% and 25.8%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to March 2023.			476				745
			17,104				8,210
Current portion of long-term debt			993				3,372
		$	16,111			$	4,838

(*) Recast (refer to note 1)

Summary of Future Minimum Lease Payments for Capital Leases

(b) Future minimum lease payments for capital leases required in the following five years and thereafter are as follows (in thousands):

Year ending March:
2020		$	202
2021			158
2022			137
2023			78
Thereafter			-
			575
Less imputed interest			99
		$	476

Summary of Principal Payment on Long Term Debt Including Obligation Under Capital Lease

(c) Principal payments on long-term debt required in the following five years and thereafter, including obligations under capital leases, are as follows (in thousands): 

Year ending March:
2020		$	993
2021			1,421
2022			118
2023			12,567
Thereafter			2,005
		$	17,104

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737

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