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Long-term debt (Tables)

12 Months Ended

Mar. 26, 2022

Debt Disclosure [Abstract]

Summary of Long-Term Debt

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

		As of
		March 26, 2022				March 27, 2021
		(In thousands)
Term loan from SLR Credit Solutions, bearing interest at an annual rate of CDOR plus 7.75% (CDOR plus 8.25% in fiscal 2021), repayable at maturity in December 2026, secured by the assets of the Company (net of deferred financing costs of $314,000 and $167,000, respectively). Refer to note 6 for additional information.			12,186				12,333
$10 million term loan from Investissement Québec, bearing interest at an annual rate of 3.14%, repayable in 60 equal payments beginning in July 2021 (net of deferred financing costs of $20,000 and $44,000, respectively).			8,816				9,956
$0.4 million term loan from Business Development Bank of Canada, bearing interest at an annual rate of 8.3% repayable in 72 monthly payments beginning in May 2021.			374				—
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 14(c))			1,875				1,887
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 14(c)). Repayable in August 2021.			—				1,573
Obligations under finance leases, at annual interest rates between 2.2% and 3.9%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to June 2025.			249				273
			23,500				26,022
Current portion of long-term debt			2,129				2,960
		$	21,371			$	23,062

Summary of Future Minimum Lease Payments for Finance Leases

(d) Future minimum lease payments for finance leases required in the following five years are as follows (in thousands):

Year ending March:
2023		$	75
2024			69
2025			67
2025			54
2026			—
			265
Less imputed interest			16
		$	249

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

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

Year ending March:
2023		$	2,146
2024			2,141
2025			2,139
2026			1,794
2027			13,387
Thereafter			1,893
		$	23,500

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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