Annual report pursuant to Section 13 and 15(d)

Restatements (Tables)

v3.6.0.2
Restatements (Tables)
12 Months Ended
Oct. 02, 2016
Accounting Changes and Error Corrections [Abstract]  
Shedule of corrections to the financial statement

The corrections to the financial statement accounts as a result of the misstatement errors are summarized in the table below.

 

    Thousands  
       
    For the twelve months ending October 2, 2016  
Adjustments   Warrant
Liability
    Additional Paid
in Capital
    Accumulated
Deficit(*)
 
Initial fair value of warrants issued in August 26, 2016 public offering   $ 3,857     $ (3,857 )   $ -  
Gain on change in fair value of warrants as of October 2, 2016 recognized as other income(*)     (739 )     -       739  
Fees on public offering associated with warrant liability recognized as operating expense(*)     -       711       (711 )
Beneficial conversion feature recognized as dividend/premium on Series C preferred shares (*)     -       442       (442 )
Total Adjustments to period ending October 2, 2016   $ 3,118     $ (2,704 )   $ (414 )

 

* These adjustements are reflected in both the Consolidated Balance Sheet Accumulated Deficit account balances as well as the Consolidated Statement of Operations account balances

Schedule of restatement
Condensed Consolidated Balance Sheet
Thousands
                   
    Period ended October 2, 2016  
Restatement Account*   As Reported     Adjustments     As Restated  
                   
Liabilities                        
                         
Warrant Liability   $ -     $ 3,118     $ 3,118  
                         
Total Liabilities     2,403       3,118       5,521  
                         
Stockholders' Equity                        
Additional Paid in Capital     29,583       (2,704 )     26,879  
Accumulated Deficit     (19,233 )     (414 )     (19,647 )
                         
Total Stockholders’ Equity     10,358       (3,118 )     7,240  
                         
Total Liabilities and Stockholders' Equity   $ 12,761     $ -     $ 12,761  

 

* The table above reflects only the amounts for selective Balance Sheet accounts and their respective account class subtotals and grand totals which were affected by the error. Balance Sheet accounts not listed above were not affected by the errors and as such have not changed from the originally reported balances.

 

Condensed Consolidated Statement of Operations
Thousands
                   
    Twelve months ending October 2, 2016  
Restatement Accounts*   As Reported     Adjustments     As Restated  
                   
General and Administrative Expense   $ 3,251     $ 711     $ 3,962  
                         
Operating Income (Loss)     (200 )     (711 )     (911 )
                         
Gain on Change in Fair Value of Warrant Liability     -       739       739  
                         
Income (Loss) Before Taxes     (236 )     28       (208 )
                         
Net Income (Loss) After Taxes     (236 )     28       (208 )
                         
Preferred Stock Dividend/Premium     (761 )     (442 )     (1,203 )
                         
Net loss applicable to common shareholders   $ (997 )   $ (414 )   $ (1,411 )
                         
Basic and diluted loss per share (1)   $ (0.64 )   $ (0.27 )   $ (0.91 )

 

* The table above reflects only the amounts for selective Statement of Operations accounts and their respective account class subtotals and grand totals which were affected by the error. Statement of Operations accounts not listed above are not affected by the errors and as such have not changed from the originally reported balances.

(1) There is no impact to diluted earnings per share as the "As Reported" and "As Restated" earnings per share as are both in a net loss position and the resulting calculations are antidilutive.

  

Consolidated Statement of Cash Flows
Thousands
                   
    Twelve months ending October 2, 2016  
Restatement Accounts*   As Reported     Adjustments     As Restated  
                   
 Net (loss) income   $ (236 )   $ 28     $ (208 )
                         
Gain on change in fair value of warrant liability     -       739       (739 )
Increase (decrease) in accounts payable and accrued expenses (1)     129       1       130  
                         
Total Adjustments     407       (738 )     (331 )
Net Cash provided by (used in) operating activities     171       (710 )     (539 )
                         
Proceeds from sale of common stock     4,247       503       4,750  
Deferred public offering cost     (252 )     207       (45 )
                         
Net cash provided by financing activities   $ 1,744     $ 710     $ 2,454  
                         
Supplemental cash flow information                        
Beneficial conversion feature on preferred stock   $ 761     $ 442     $ 1,203  
Fair value of warrants issued for underwriter expenses in public offering   $ -     $ 156     $ 156  

 

* The table above reflects only the amounts for selective Statement of Cash Flows accounts and their respective account class subtotals and grand totals which were affected by the error. Statement Cash Flows accounts not listed above were not affected by the errors and as such have not changed from the originally reported balances.

(1) The increase in accounts payable and accrued expenses is a rounding adjustment to balance the financial statement accounts