Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 30, 2018 | May 01, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | LEARNING TREE INTERNATIONAL, INC. | |
Entity Central Index Key | 1,002,037 | |
Trading Symbol | ltre | |
Current Fiscal Year End Date | --09-28 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 13,224,349 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 30, 2018 | Sep. 29, 2017 |
Total assets: | ||
Cash and cash equivalents | $ 3,951 | $ 5,080 |
Trade accounts receivable, net | 7,981 | 9,725 |
Income tax receivable | 286 | 129 |
Prepaid expenses | 1,793 | 1,399 |
Lease deposits | 0 | 1,174 |
Other current assets | 1,494 | 1,333 |
Total current assets | 15,505 | 18,840 |
Education and office equipment | 29,287 | 29,288 |
Transportation equipment | 22 | 44 |
Property and leasehold improvements | 8,178 | 8,107 |
37,487 | 37,439 | |
Less: accumulated depreciation and amortization | (33,291) | (32,909) |
4,196 | 4,530 | |
Restricted interest-bearing investments | 1,504 | 1,477 |
Deferred income taxes | 549 | 505 |
Other assets | 834 | 911 |
Total assets | 22,588 | 26,263 |
Current Liabilities: | ||
Trade accounts payable | 6,561 | 6,245 |
Deferred revenues | 16,880 | 18,383 |
Accrued payroll, benefits and related taxes | 2,113 | 2,207 |
Other accrued liabilities | 678 | 743 |
Income taxes payable | 115 | 54 |
Current portion of deferred facilities rent and loan payable | 1,675 | 1,560 |
Total current liabilities | 28,022 | 29,192 |
Loan payable | 391 | 365 |
Asset retirement obligations | 957 | 1,143 |
Deferred income taxes | 54 | 118 |
Deferred facilities rent and other | 4,907 | 5,415 |
Noncurrent tax liabilities | 1,923 | 1,852 |
Total liabilities | 36,254 | 38,085 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Preferred stock, $.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock, $.0001 par value; 75,000,000 shares authorized; 13,224,349 shares issued and outstanding | 1 | 1 |
Additional paid-in capital | 6,538 | 6,487 |
Accumulated other comprehensive loss | (707) | (877) |
Accumulated deficit | (19,498) | (17,433) |
Total stockholders' deficit | (13,666) | (11,822) |
Total liabilities and stockholders' deficit | $ 22,588 | $ 26,263 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 30, 2018 | Sep. 29, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 13,224,349 | 13,224,349 |
Common stock, shares outstanding (in shares) | 13,224,349 | 13,224,349 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | |
Revenues | $ 13,595 | $ 16,071 | $ 30,791 | $ 34,623 |
Cost of revenues | 8,309 | 9,630 | 17,405 | 20,218 |
Gross profit | 5,286 | 6,441 | 13,386 | 14,405 |
Operating expenses: | ||||
Course development | 629 | 752 | 1,336 | 1,521 |
Sales and marketing | 3,283 | 3,485 | 6,531 | 7,062 |
General and administrative | 3,705 | 3,880 | 7,267 | 8,002 |
Restructuring charge | 0 | 386 | 264 | 386 |
Operating expenses | 7,617 | 8,503 | 15,398 | 16,971 |
Loss from operations | (2,331) | (2,062) | (2,012) | (2,566) |
Other income (expense): | ||||
Interest expense, net | (27) | (16) | (36) | (1) |
Foreign exchange (loss) gains | (30) | (84) | (49) | 108 |
Other, net | 5 | (11) | 6 | (17) |
(52) | (111) | (79) | 90 | |
Loss from operations before provision for income taxes (benefit) | (2,383) | (2,173) | (2,091) | (2,476) |
Provision for income taxes (benefit) | 37 | 176 | (26) | 252 |
Net loss | $ (2,420) | $ (2,349) | $ (2,065) | $ (2,728) |
Loss per share basic and diluted: | ||||
Basic and diluted loss per share (in dollars per share) | $ (0.18) | $ (0.18) | $ (0.16) | $ (0.21) |
Weighted average shares - basic and diluted (in shares) | 13,224 | 13,224 | 13,224 | 13,224 |
Comprehensive loss: | ||||
Net loss | $ (2,420) | $ (2,349) | $ (2,065) | $ (2,728) |
Foreign currency translation adjustments | 82 | 129 | 170 | (298) |
Comprehensive loss | $ (2,338) | $ (2,220) | $ (1,895) | $ (3,026) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Cash flows - operating activities: | ||
Net loss | $ (2,065) | $ (2,728) |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||
Depreciation and amortization | 653 | 825 |
Share-based compensation | 51 | 51 |
Deferred income taxes | (93) | (16) |
Provision for doubtful accounts | 34 | 239 |
Accretion on asset retirement obligations | 26 | 32 |
Restructuring charge | 264 | 386 |
(Gain) loss on disposal of equipment, property and leasehold improvements | (4) | 60 |
Unrealized foreign exchange loss (gains) | 28 | (322) |
Settlement of asset retirement obligation | (254) | 0 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 1,784 | 1,923 |
Prepaid expenses and other assets | 747 | (227) |
Income tax receivable / payable | (32) | 197 |
Trade accounts payable | 286 | (15) |
Deferred revenues | (1,566) | (3,009) |
Deferred facilities rent and other | (370) | (393) |
Other accrued liabilities | (518) | (41) |
Net cash used in operating activities | (1,029) | (3,038) |
Cash flows - investing activities: | ||
Purchases of equipment, property and leasehold improvements | (104) | (13) |
Proceeds from sale of equipment, property and leasehold improvements | 6 | 0 |
Net cash used in investing activities | (98) | (13) |
Cash flows - financing activities: | ||
Payments on capital lease | (42) | (39) |
Payments on long term debt | (111) | 0 |
Net cash used in financing activities | (153) | (39) |
Effects of exchange rate changes on cash and cash equivalents | 151 | (123) |
Net decrease in cash and cash equivalents | (1,129) | (3,213) |
Cash and cash equivalents at the beginning of the period | 5,080 | 8,540 |
Cash and cash equivalents at the end of the period | 3,951 | 5,327 |
Supplemental non-cash disclosures: | ||
Non-cash loan payable | 166 | 0 |
Leasehold Improvements [Member] | ||
Supplemental non-cash disclosures: | ||
Non-cash leasehold improvements | $ 166 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1—BASIS The accompanying unaudited interim condensed consolidated financial statements of Learning Tree International, Inc. and our subsidiaries (collectively, “Learning Tree,” “Company,” “we,” “our” or “us”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10 second 2017 The financial statements have been prepared assuming that the Company will continue as a going concern, but due to the Company’s future liquidity needs, history of net annual losses, and negative cash flows from operations, there is substantial doubt about the Company’s ability to continue as a going concern as more fully described in our Annual Report on Form 10 September 29, 2017. 10 September 29, 2017. not As of and for the second 2018, March 30, 2018, $19.5 first six 2018, five March 30, 2018, $4.0 Revenue declined $2.7 second 2018 second 2017 13.3% 2.4% second 2018 second 2018 third 2017. 13.7% 10.4% second 2018, second 2017. second 2017 $0.4 no second 2018. $2.3 second 2018 $2.1 second 2017. To further address our liquidity needs, on January 12, 2017, $3.0 85% not may, 12 We are also continuing to evaluate potential additional sources of financing and other strategic alternatives. There is no On January 17, 2018, 13D 13D 13D may third 13D Based on their Schedule 13D 56.7% may may may third 12 The stabilization of revenues and reduction in cost of revenues and operating expenses are integral to our goal of achieving a break-even operating income line and positive cash flow from operations. We cannot provide assurances that our plans will not not We use the 52/53 second March 30, 2018 13 second March 31, 2017 13 In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, that are only of a normal recurring nature, considered necessary to present fairly our financial position as of March 30, 2018, three six March 30, 2018 March 31, 2017, six March 30, 2018 March 31, 2017. |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 2—STOCK Stock-based compensation expense related to grants of employee stock options was less than $0.1 three six March 30, 2018 March 31, 2017 |
Note 3 - Asset Retirement Oblig
Note 3 - Asset Retirement Obligations | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 3—ASSET The following table presents the activity for the asset retirement obligations (“ARO”) liabilities, which are primarily related to the restoration of classroom facilities in our Learning Tree Education Centers: Six Months Ended March 30, 2018 Twelve Months Ended September 29, 2017 ARO balance, beginning of period $ 1,143 $ 1,369 Accretion expense 26 66 Settlement of ARO liability (254 ) (310 ) Foreign currency translation 42 18 ARO balance, end of period $ 957 $ 1,143 |
Note 4 - Loss Per Share
Note 4 - Loss Per Share | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4—LOSS Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted loss per share is computed similarly to basic loss per share, however, when there is a year-to-date loss, potential common shares are not 650,000 three six March 30, 2018 March 31, 2017, Three months ended Six months ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Numerator: Net loss $ (2,420 ) $ (2,349 ) $ (2,065 ) $ (2,728 ) Denominator: Weighted average shares outstanding Diluted 13,224 13,224 13,224 13,224 Loss per common share - basic and diluted: Basic and diluted loss per share $ (0.18 ) $ (0.18 ) $ (0.16 ) $ (0.21 ) |
Note 5 - Income Taxes
Note 5 - Income Taxes | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5—INCOME Our income tax provision in our second 2018 $0.1 $0.2 second 2017. second 2018 six March 30, 2018, $0.1 $0.3 six March 31, 2017. 2018 2017 2017 first 2012 second 2018, Tax Cuts and Jobs Act of 2017 On December 22, 2017, 2017 “2017 2017 one Pursuant to U.S. GAAP, changes in tax rates and tax laws are accounted for in the period of enactment, and the resulting effects are recorded as discrete components of the income tax provision related to continuing operations in the same period. The changes in the tax law have been accounted for in our income tax provision for the first 2018. 2017 one 965 no |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6—COMMITMENTS Contingencies Currently, and from time to time, we are involved in litigation incidental to the conduct of our business. We are not |
Note 7 - Segment Reporting
Note 7 - Segment Reporting | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 7—SEGMENT Our worldwide operations involve the design and delivery of instructor-led classroom training courses and related services to multinational companies and government entities. The training and education we offer is presented in a similar manner in every country in which we operate. Our instructors present our courses in virtually identical fashion worldwide, regardless of whether presented in leased classroom space or external facilities, the content of the class being taught or the location or method of distribution. No one 10% three six March 30, 2018 March 31, 2017. We conduct and manage our business globally and have reportable segments that operate in five Summarized financial information by country for the three six March 30, 2018 March 31, 2017 Three months ended Six months ended March 30, March 31, March 30, March 31, 2018 2017 2018 2017 Revenues: United States $ 7,184 $ 9,447 $ 16,934 $ 20,147 Canada 2,022 2,235 3,847 4,146 North America 9,206 11,682 20,781 24,293 United Kingdom 3,444 3,358 7,562 7,664 Sweden 453 633 1,400 1,658 Japan 492 398 1,048 1,008 Total $ 13,595 $ 16,071 $ 30,791 $ 34,623 Gross profit: United States $ 2,547 $ 3,914 $ 7,094 $ 8,562 Canada 1,013 1,051 1,938 1,845 North America 3,560 4,965 9,032 10,407 United Kingdom 1,192 913 2,882 2,399 Sweden 201 294 752 890 Japan 333 269 720 709 Total $ 5,286 $ 6,441 $ 13,386 $ 14,405 March 30, September 29 2018 2017 Total assets: United States 10,629 13,239 Canada 2,153 2,349 North America 12,782 15,588 United Kingdom 6,893 6,944 Sweden 1,746 2,169 Japan 1,167 1,562 Total $ 22,588 $ 26,263 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8—FAIR Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The fair value is measured using assumptions that market participants would use, including assumptions about nonperformance risk and credit risk. Accounting Standards Codification (“ASC”) 820, Fair Value Measurement and Disclosures Level 1—Quoted Level 2—Observable not Level 3—Unobservable Non-Financial Liabilities Measured at Fair Value on a Nonrecurring Basis We measure our ARO liabilities at fair value on a nonrecurring basis when we believe there has been an indication the fair value has changed. The Company periodically re-assesses its obligations and has concluded that no three six March 30, 2018 March 31, 2017. |
Note 9 - Deferred Facilities Re
Note 9 - Deferred Facilities Rent and Other | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Deferred Facilities Rent and Other [Text Block] | NOTE 9—DEFERRED Deferred Facilities Rent and Other The following tables show details of the following line items in our consolidated balance sheets. Current Portion of Deferred Facilities Rent and Other March 30, September 29, 2018 2017 Reston lease liability $ 935 $ 895 Deferred rent and other 437 412 Current portion of loan payable 213 167 Capital lease obligations 90 86 $ 1,675 $ 1,560 Deferred Facilities Rent and Other March 30, Spetember 29, 2018 2017 Deferred rent and other $ 3,268 $ 3,434 Reston lease liability 1,391 1,687 Capital lease obligations 248 294 $ 4,907 $ 5,415 |
Note 10 - Recent Accounting Pro
Note 10 - Recent Accounting Pronouncements | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE 10—RECENT In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 ) 2014 09” 2014 09 five August 2015, No. 2015 14 Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date 2015 14” 2014 09 one December 15, 2017. December 15, 2016. September 30, 2018. In August 2014, No. 2014 15, “Presentation of Financial Statements - Going Concern (Subtopic 205 - 40 ): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” 2014 15” one 2014 15 December 15, 2016, 2014 15 September 30, 2017. one In February 2016, No. 2016 02, Leases (Topic 842 ) 2016 02” twelve December 15, 2018, September 28, 2019. In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 ): Classification of Certain Cash Receipts and Cash Payments 2016 15” December 15, 2017, September 30, 2018 not In November 2016, No. 2016 18, Statement of Cash Flows (Topic 230 ): Restricted Cash - a consensus of the FASB Emerging Issues Task Force 2016 18” December 15, 2017, September 30, 2018 Other recent accounting pronouncements issued by the FASB (including the Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, not, |
Note 11 - Restructuring Activit
Note 11 - Restructuring Activity | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 11—RESTRUCTURING In September 2016, 81% no $1.9 420, Exit or Disposal Cost Obligation, March 2017, $0.4 second 2017. first 2018, $0.1 March 30, 2018, 40% On December 21, 2017, March 6, 2000, March 31, 2018. $0.2 first 2018. There were no second 2018. March 30, September 29, 2018 2017 Balance at beginning of period $ 2,582 $ 3,160 Additions: RTC cease-use charge 104 386 Toronto surrender agreement 160 0 Accretion expense 97 175 361 561 Reductions: Payment on Toronto surrender agreement (101 ) 0 Rent payments net of deferred rent (457 ) (1,139 ) (558 ) (1,139 ) Balance at end of period $ 2,385 $ 2,582 |
Note 12 - Debt
Note 12 - Debt | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12—DEBT In connection with a lease assignment agreement entered into on August 15, 2017 two £0.5 $0.7 third 36 7.5%. may 36 one may one may 1 2 3 4 5 6 Under the terms of the Financing Agreements, the equipment and other materials for the Euston House Renovation were purchased from suppliers with financing received by Learning Tree Limited from the lenders with such lenders retaining ownership of the purchased equipment and materials financed. Learning Tree Limited provides each lender with indemnification in each Financing Agreement from and against losses, damage, claims and demands that a lender may March 30, September 29, 2018 2017 Balance at beginning of period $ 532 $ 0 Additions: Euston House financing agreements 166 536 Reductions: Payments on Euston House debt (111 ) (4 ) Foreign currency translation 31 0 Balance at end of period $ 618 $ 532 On January 12, 2017, $3.0 85% Under the AC Financing Agreement, the Company is required to pay Action Capital (i) interest on the outstanding advances at a rate equal to the prime rate of Wells Fargo Bank, N.A. in effect on the last business day of the prior month plus 1.75%, 0.70% 0.25% 90 March 30, 2018, not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Mar. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 13—SUBSEQUENT On April 17, 2018, 2018 “2018 2018 We have evaluated all events subsequent to the balance sheet date of March 30, 2018 no |
Note 3 - Asset Retirement Obl19
Note 3 - Asset Retirement Obligations (Tables) | 6 Months Ended |
Mar. 30, 2018 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Six Months Ended March 30, 2018 Twelve Months Ended September 29, 2017 ARO balance, beginning of period $ 1,143 $ 1,369 Accretion expense 26 66 Settlement of ARO liability (254 ) (310 ) Foreign currency translation 42 18 ARO balance, end of period $ 957 $ 1,143 |
Note 4 - Loss Per Share (Tables
Note 4 - Loss Per Share (Tables) | 6 Months Ended |
Mar. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Numerator: Net loss $ (2,420 ) $ (2,349 ) $ (2,065 ) $ (2,728 ) Denominator: Weighted average shares outstanding Diluted 13,224 13,224 13,224 13,224 Loss per common share - basic and diluted: Basic and diluted loss per share $ (0.18 ) $ (0.18 ) $ (0.16 ) $ (0.21 ) |
Note 7 - Segment Reporting (Tab
Note 7 - Segment Reporting (Tables) | 6 Months Ended |
Mar. 30, 2018 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended Six months ended March 30, March 31, March 30, March 31, 2018 2017 2018 2017 Revenues: United States $ 7,184 $ 9,447 $ 16,934 $ 20,147 Canada 2,022 2,235 3,847 4,146 North America 9,206 11,682 20,781 24,293 United Kingdom 3,444 3,358 7,562 7,664 Sweden 453 633 1,400 1,658 Japan 492 398 1,048 1,008 Total $ 13,595 $ 16,071 $ 30,791 $ 34,623 Gross profit: United States $ 2,547 $ 3,914 $ 7,094 $ 8,562 Canada 1,013 1,051 1,938 1,845 North America 3,560 4,965 9,032 10,407 United Kingdom 1,192 913 2,882 2,399 Sweden 201 294 752 890 Japan 333 269 720 709 Total $ 5,286 $ 6,441 $ 13,386 $ 14,405 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 30, September 29 2018 2017 Total assets: United States 10,629 13,239 Canada 2,153 2,349 North America 12,782 15,588 United Kingdom 6,893 6,944 Sweden 1,746 2,169 Japan 1,167 1,562 Total $ 22,588 $ 26,263 |
Note 9 - Deferred Facilities 22
Note 9 - Deferred Facilities Rent and Other (Tables) | 6 Months Ended |
Mar. 30, 2018 | |
Notes Tables | |
Schedule of Current Portion of Deferred Facilities Rent and Other [Table Text Block] | March 30, September 29, 2018 2017 Reston lease liability $ 935 $ 895 Deferred rent and other 437 412 Current portion of loan payable 213 167 Capital lease obligations 90 86 $ 1,675 $ 1,560 |
Schedule of Long Term Portion of Deferred Facilities Rent and Other [Table Text Block] | March 30, Spetember 29, 2018 2017 Deferred rent and other $ 3,268 $ 3,434 Reston lease liability 1,391 1,687 Capital lease obligations 248 294 $ 4,907 $ 5,415 |
Note 11 - Restructuring Activ23
Note 11 - Restructuring Activity (Tables) | 6 Months Ended |
Mar. 30, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | March 30, September 29, 2018 2017 Balance at beginning of period $ 2,582 $ 3,160 Additions: RTC cease-use charge 104 386 Toronto surrender agreement 160 0 Accretion expense 97 175 361 561 Reductions: Payment on Toronto surrender agreement (101 ) 0 Rent payments net of deferred rent (457 ) (1,139 ) (558 ) (1,139 ) Balance at end of period $ 2,385 $ 2,582 |
Note 12 - Debt (Tables)
Note 12 - Debt (Tables) | 6 Months Ended |
Mar. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 30, September 29, 2018 2017 Balance at beginning of period $ 532 $ 0 Additions: Euston House financing agreements 166 536 Reductions: Payments on Euston House debt (111 ) (4 ) Foreign currency translation 31 0 Balance at end of period $ 618 $ 532 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | Jan. 17, 2018 | Sep. 29, 2017 | Jan. 12, 2017 | Sep. 30, 2016 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (19,498) | $ (19,498) | $ (17,433) | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 3,951 | $ 5,327 | 3,951 | $ 5,327 | $ 5,080 | $ 8,540 | ||
Decrease in Revenues | $ 2,700 | |||||||
Decrease in Number of Plan Participants, Percent | 13.30% | |||||||
Decrease in Average Revenue Per Participant, Percent | 2.40% | |||||||
Reduction in Cost of Revenues, Percentage | 13.70% | |||||||
Reduction in Operating Expenses, Percentage | 10.40% | |||||||
Restructuring Charges, Total | $ 0 | 386 | 264 | 386 | ||||
Operating Income (Loss), Total | $ (2,331) | $ (2,062) | $ (2,012) | $ (2,566) | ||||
Dr. David C. Collins and Mrs. Mary C. Collins [Member] | ||||||||
Percentage of Ownership | 56.70% | |||||||
Action Capital [Member] | Line of Credit [Member] | Financing Agreement [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |||||||
Percentage of Net Amount of Certain Customer Accounts Receivable | 85.00% |
Note 2 - Stock-based Compensa26
Note 2 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | |
Allocated Share-based Compensation Expense, Total | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Note 3 - Asset Retirement Obl27
Note 3 - Asset Retirement Obligations - Liabilities Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | Sep. 29, 2017 | |
ARO balance, beginning of period | $ 1,143 | $ 1,369 | $ 1,369 |
Accretion expense | 26 | $ 32 | 66 |
Settlement of ARO liability | (254) | (310) | |
Foreign currency translation | 42 | 18 | |
ARO balance, end of period | $ 957 | $ 1,143 |
Note 4 - Loss Per Share (Detail
Note 4 - Loss Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 650,000 | 650,000 | 650,000 | 650,000 |
Note 4 - Loss Per Share - Basic
Note 4 - Loss Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | |
Numerator: | ||||
Net loss | $ (2,420) | $ (2,349) | $ (2,065) | $ (2,728) |
Denominator: | ||||
Diluted (in shares) | 13,224 | 13,224 | 13,224 | 13,224 |
Basic and diluted loss per share (in dollars per share) | $ (0.18) | $ (0.18) | $ (0.16) | $ (0.21) |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | |
Income Tax Expense (Benefit), Total | $ 37 | $ 176 | $ (26) | $ 252 |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | |
Number of Countries in which Entity Operates | 5 | 5 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Number of Major Customers | 0 | 0 | 0 | 0 |
Note 7 - Segment Reporting - Fi
Note 7 - Segment Reporting - Financial Information by Reportable Segment, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | |
Revenues: | ||||
Revenues | $ 13,595 | $ 16,071 | $ 30,791 | $ 34,623 |
Gross profit: | ||||
Gross Profit | 5,286 | 6,441 | 13,386 | 14,405 |
UNITED STATES | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 7,184 | 9,447 | 16,934 | 20,147 |
Gross profit: | ||||
Gross Profit | 2,547 | 3,914 | 7,094 | 8,562 |
CANADA | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 2,022 | 2,235 | 3,847 | 4,146 |
Gross profit: | ||||
Gross Profit | 1,013 | 1,051 | 1,938 | 1,845 |
North America [Member] | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 9,206 | 11,682 | 20,781 | 24,293 |
Gross profit: | ||||
Gross Profit | 3,560 | 4,965 | 9,032 | 10,407 |
UNITED KINGDOM | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 3,444 | 3,358 | 7,562 | 7,664 |
Gross profit: | ||||
Gross Profit | 1,192 | 913 | 2,882 | 2,399 |
SWEDEN | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 453 | 633 | 1,400 | 1,658 |
Gross profit: | ||||
Gross Profit | 201 | 294 | 752 | 890 |
JAPAN | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 492 | 398 | 1,048 | 1,008 |
Gross profit: | ||||
Gross Profit | $ 333 | $ 269 | $ 720 | $ 709 |
Note 7 - Segment Reporting - 33
Note 7 - Segment Reporting - Financial Information by Reportable Segment, Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Sep. 29, 2017 |
Total assets: | ||
Assets | $ 22,588 | $ 26,263 |
UNITED STATES | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 10,629 | 13,239 |
CANADA | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 2,153 | 2,349 |
North America [Member] | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 12,782 | 15,588 |
UNITED KINGDOM | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 6,893 | 6,944 |
SWEDEN | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 1,746 | 2,169 |
JAPAN | Continuing Operations [Member] | ||
Total assets: | ||
Assets | $ 1,167 | $ 1,562 |
Note 9 - Deferred Facilities 34
Note 9 - Deferred Facilities Rent and Other - Current Portion of Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Sep. 29, 2017 |
Reston lease liability | $ 935 | $ 895 |
Deferred rent and other | 437 | 412 |
Current portion of loan payable | 213 | 167 |
Capital lease obligations | 90 | 86 |
Current portion | $ 1,675 | $ 1,560 |
Note 9 - Deferred Facilities 35
Note 9 - Deferred Facilities Rent and Other - Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Sep. 29, 2017 |
Deferred rent and other | $ 3,268 | $ 3,434 |
Capital lease obligations | 248 | 294 |
Deferred | 4,907 | 5,415 |
Reston [Member] | ||
Reston lease liability | $ 1,391 | $ 1,687 |
Note 11 - Restructuring Activ36
Note 11 - Restructuring Activity (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 29, 2017 | Sep. 30, 2016 | Mar. 30, 2018 | Mar. 31, 2017 | Mar. 30, 2018 | Mar. 31, 2017 | |
Restructuring Charges, Total | $ 0 | $ 386 | $ 264 | $ 386 | ||
Contract Termination [Member] | Lease Amending Agreement Surrender Agreement [Member] | ||||||
Restructuring Charges, Total | $ 200 | |||||
Reston Town Center Facility [Member] | ||||||
Restructuring and Related Activities, Renewed Sublease Surplus Space | 81.00% | |||||
Restructuring Charges, Total | $ 100 | $ 1,900 | $ 400 | |||
Subleased Surplus Space, Percentage | 40.00% | 40.00% |
Note 11 - Restructuring Activ37
Note 11 - Restructuring Activity - Restructuring Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 30, 2018 | Sep. 29, 2017 | |
Balance at beginning of period | $ 2,582 | $ 3,160 |
Additions to restructuring reserve | 361 | 561 |
Reductions to restructuring reserve | (558) | (1,139) |
Balance at end of period | 2,385 | 2,582 |
RTC Cease-Use Charge [Member] | Facility Closing [Member] | ||
Additions to restructuring reserve | 104 | 386 |
Lease Amending Agreement Surrender Agreement [Member] | Contract Termination [Member] | ||
Additions to restructuring reserve | 160 | 0 |
Reductions to restructuring reserve | (101) | 0 |
Accretion Expense 1 [Member] | Facility Closing [Member] | ||
Additions to restructuring reserve | 97 | 175 |
Rent Payments [Member] | Facility Closing [Member] | ||
Reductions to restructuring reserve | $ (457) | $ (1,139) |
Note 12 - Debt (Details Textual
Note 12 - Debt (Details Textual) $ in Thousands, € in Millions | Jan. 12, 2017USD ($) | Mar. 30, 2018USD ($) | Mar. 30, 2018EUR (€) |
Renovation Cost | $ 700 | € 0.5 | |
Financing Agreement [Member] | |||
Debt Instrument, Term | 3 years | 3 years | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Financing Agreement [Member] | Action Capital [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||
Percentage of Net Amount of Certain Customer Accounts Receivable | 85.00% | ||
Debt Instrument, Monthly Fee, Percentage of Outstanding Advances | 0.70% | ||
Debt Instrument, Fee, Percentage of Maximum Aggregate Principle Amount | 0.25% | ||
Long-term Line of Credit, Total | $ 0 | ||
Financing Agreement [Member] | Action Capital [Member] | Line of Credit [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 12 - Debt - Financing Agre
Note 12 - Debt - Financing Agreement Activities (Details) - Financing Agreement [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 30, 2018 | Sep. 29, 2017 | |
Balance at beginning of period | $ 532 | $ 0 |
Additions | 166 | 536 |
Reduction | (111) | (4) |
Foreign currency translation | 31 | 0 |
Balance at end of period | $ 618 | $ 532 |