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Long-term debt (Tables) | 12 Months Ended
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Mar. 25, 2023
Debt Disclosure [Abstract] |
Summary of Long-Term Debt |
(a) | Long-term debt consists of the following:
|  | As of |
|  | March 25, 2023 |  |  | March 26, 2022 |
|  | (In thousands) |
Term loan from SLR Credit Solutions, bearing interest at an annual rate of CDOR plus 7.75%, repayable at maturity in December 2026, secured by the assets of the Company (net of deferred financing costs of $247,000 and $314,000, respectively). Refer to Note 6 for additional information. |  |  | 12,253 |  |  |  | 12,186 |
$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 $8,000 and $20,000, respectively). |  |  | 6,825 |  |  |  | 8,816 |
$0.4 million term loan from Business Development Bank of Canada, bearing bearing interest at an annual rate of 8.3% repayable in 72 monthly payments beginning in May 2021. |  |  | 303 |  |  |  | 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 with holding taxes (Note 14(c)) |  |  | 2,064 |  |  |  | 1,875 |
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. |  |  | 175 |  |  |  | 249 |
Eligible borrowing amount of up to $4.3 million loan from Investissement Québec, bearing interest at an annual rate of 1.41%, repayable in 60 equal payments beginning in June 2027 (net of deferred financing costs of $56,000) |  |  | 2,690 |  |  |  | — |
|  |  | 24,313 |  |  |  | 23,500 |
Current portion of long-term debt |  |  | 2,133 |  |  |  | 2,129 |
|  | $ | 22,180 |  |  | $ | 21,371 |
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: |  |  |
2024 |  | $ | 62 |
2025 |  |  | 64 |
2026 |  |  | 52 |
2027 |  |  | — |
2028 |  |  | — |
|  |  | 178 |
Less imputed interest |  |  | 3 |
|  | $ | 175 |
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: |  |  |
2024 |  | $ | 2,133 |
2025 |  |  | 2,135 |
2026 |  |  | 2,123 |
2027 |  |  | 13,093 |
2028 |  |  | 475 |
Thereafter |  |  | 4,354 |
|  | $ | 24,313 |

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