XML 59 R39.htm IDEA: XBRL DOCUMENT v3.25.2
Income taxes (Tables)
12 Months Ended
Mar. 29, 2025
Income Tax Disclosure [Abstract]  
Summary of Net Deferred Tax Assets Related to Continuing Operations
The significant items comprising the Company’s net deferred tax assets at March 29, 2025 and March 30, 2024 are as follows:
 
 
  
Fiscal Year Ended
 
 
  
March 29, 2025
 
  
March 30, 2024
 
 
  
(In thousands)
 
Deferred tax assets:
  
Loss and tax credit carry forwards
   $ 15,436      $ 14,481  
Difference between book and tax basis of property and equipment and intangible assets
     9,164        7,228  
Operating lease liabilities net of right-of-use assets
     2,656        3,536  
Other reserves not currently deductible
     1,296        1,196  
Interest and financing expenses not currently deductible
     2,076        —   
Investment in joint venture
     (842      (531
Other
     (561 )      239
  
 
 
    
 
 
 
Net deferred tax asset before valuation allowance
     29,225        26,149  
Valuation allowance
     (29,225 )      (26,149
  
 
 
    
 
 
 
Net deferred tax asset
   $ —       $ —   
  
 
 
    
 
 
 
Components of Income Tax Expense (Benefit) from Continuing Operations
The Company’s income tax expense (benefit) consists of the following components:
 
 
  
Fiscal Year Ended
 
 
  
March 29, 2025
 
  
March 30, 2024
 
  
March 25, 2023
 
 
  
 
 
  
(In thousands)
 
  
 
 
Income tax expense (benefit):
  
  
  
 
Current
   $ —       $ —       $ —   
Deferred
     (3,076      (1,329      (1,860
Valuation allowance
     3,076        1,329        1,860  
Income tax expense
   $ —       $ —       $ —   
  
 
 
 
  
 
 
 
  
 
 
 
Schedule of Effective Income Tax Rate Reconciliation
The Company’s provision for income taxes varies from the amount computed by applying the statutory income tax rates for the reasons summarized below:
 
 
  
Fiscal Year Ended
 
  
March 29, 2025
 
 
March 30, 2024
 
 
March 25, 2023
 
Canadian statutory rate
     25.7     25.7     25.9
Utilization of unrecognized losses and other tax attributes
     (27.1 %)      (28.6 %)      (25.0 %) 
Non-deductible equity in earnings joint venture
     2.4     6.0     4.0
Permanent differences and other
     (1.0 %)      (3.1 %)      (4.9 %) 
  
 
 
   
 
 
   
 
 
 
Total
     0.0     0.0     0.0