Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 29, 2018 | Aug. 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 | Jun. 29, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Total assets: | ||
Cash and cash equivalents | $ 4,772 | $ 5,080 |
Trade accounts receivable, net | 9,790 | 9,725 |
Income tax receivable | 123 | 129 |
Prepaid expenses | 2,035 | 1,399 |
Lease deposits | 0 | 1,174 |
Other current assets | 1,589 | 1,333 |
Total current assets | 18,309 | 18,840 |
Education and office equipment | 28,815 | 29,288 |
Transportation equipment | 21 | 44 |
Property and leasehold improvements | 8,089 | 8,107 |
36,925 | 37,439 | |
Less: accumulated depreciation and amortization | (33,050) | (32,909) |
3,875 | 4,530 | |
Restricted interest-bearing investments | 1,447 | 1,477 |
Deferred income taxes | 528 | 505 |
Other assets | 761 | 911 |
Total assets | 24,920 | 26,263 |
Current Liabilities: | ||
Trade accounts payable | 7,370 | 6,245 |
Deferred revenues | 17,478 | 18,383 |
Accrued payroll, benefits and related taxes | 2,380 | 2,207 |
Other accrued liabilities | 468 | 743 |
Income taxes payable | 127 | 54 |
Current portion of deferred facilities rent and loan payable | 1,684 | 1,560 |
Total current liabilities | 29,507 | 29,192 |
Loan payable | 2,107 | 365 |
Asset retirement obligations | 916 | 1,143 |
Deferred income taxes | 50 | 118 |
Deferred facilities rent and other | 4,586 | 5,415 |
Noncurrent tax liabilities | 1,907 | 1,852 |
Total liabilities | 39,073 | 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 | 6,561 | 6,487 |
Accumulated other comprehensive loss | (923) | (877) |
Accumulated deficit | (19,792) | (17,433) |
Total stockholders' deficit | (14,153) | (11,822) |
Total liabilities and stockholders' deficit | $ 24,920 | $ 26,263 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 29, 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 Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Revenues | $ 16,203 | $ 16,404 | $ 46,994 | $ 51,027 |
Cost of revenues | 9,657 | 9,572 | 27,062 | 29,790 |
Gross profit | 6,546 | 6,832 | 19,932 | 21,237 |
Operating expenses: | ||||
Course development | 727 | 663 | 2,063 | 2,184 |
Sales and marketing | 3,231 | 3,199 | 9,762 | 10,261 |
General and administrative | 2,996 | 3,509 | 10,263 | 11,511 |
Restructuring charge | 0 | 0 | 264 | 386 |
Operating expenses | 6,954 | 7,371 | 22,352 | 24,342 |
Loss from operations | (408) | (539) | (2,420) | (3,105) |
Other income (expense): | ||||
Interest expense, net | (20) | (45) | (56) | (46) |
Foreign exchange gain (loss) | 224 | (213) | 175 | (105) |
Other, net | 1 | (1) | 7 | (18) |
205 | (259) | 126 | (169) | |
Loss from operations before provision for income taxes | (203) | (798) | (2,294) | (3,274) |
Provision for income taxes | 91 | 79 | 65 | 331 |
Net loss | $ (294) | $ (877) | $ (2,359) | $ (3,605) |
Loss per share basic and diluted: | ||||
Basic and diluted loss per share (in dollars per share) | $ (0.02) | $ (0.07) | $ (0.18) | $ (0.27) |
Weighted average shares - basic and diluted (in shares) | 13,224 | 13,224 | 13,224 | 13,224 |
Comprehensive loss: | ||||
Net loss | $ (294) | $ (877) | $ (2,359) | $ (3,605) |
Foreign currency translation adjustments | (216) | 195 | (46) | (103) |
Comprehensive loss | $ (510) | $ (682) | $ (2,405) | $ (3,708) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 29, 2018 | Jun. 30, 2017 | |
Cash flows - operating activities: | ||
Net loss | $ (2,359) | $ (3,605) |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||
Depreciation and amortization | 1,034 | 1,212 |
Share-based compensation | 74 | 75 |
Deferred income taxes | (95) | (69) |
Provision for doubtful accounts | 21 | 253 |
Accretion on asset retirement obligations | 40 | 49 |
Restructuring charge | 264 | 386 |
(Gain) loss on disposal of equipment, property and leasehold improvements | (5) | 60 |
Unrealized foreign exchange gains | (216) | (105) |
Settlement of asset retirement obligation | (254) | 0 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (179) | 1,467 |
Prepaid expenses and other assets | 293 | 246 |
Income tax receivable / payable | 127 | 195 |
Trade accounts payable | 1,181 | (534) |
Deferred revenues | (721) | (2,169) |
Deferred facilities rent and other | (576) | (792) |
Other accrued liabilities | (514) | 16 |
Net cash used in operating activities | (1,885) | (3,315) |
Cash flows - investing activities: | ||
Purchases of equipment, property and leasehold improvements | (169) | (20) |
Proceeds from sale of equipment, property and leasehold improvements | 7 | 0 |
Net cash used in investing activities | (162) | (20) |
Cash flows - financing activities: | ||
Payments on capital lease | (64) | (58) |
Proceeds from issuance of term debt | 2,000 | 0 |
Payments for debt issuance cost | (204) | 0 |
Payments on long term debt | (159) | 0 |
Net cash provided by (used in) financing activities | 1,573 | (58) |
Effects of exchange rate changes on cash and cash equivalents | 166 | (43) |
Net decrease in cash and cash equivalents | (308) | (3,436) |
Cash and cash equivalents at the beginning of the period | 5,080 | 8,540 |
Cash and cash equivalents at the end of the period | 4,772 | 5,104 |
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 | 9 Months Ended |
Jun. 29, 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 We use the 52/53 third June 29, 2018 13 third June 30, 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 June 29, 2018, three nine June 29, 2018 June 30, 2017, nine June 29, 2018 June 30, 2017. Company Going Concern 10 September 29, 2017. 10 September 29, 2017. not During the third 2018, June 29, 2018 ( $5.0 June 29, 2018, $2.0 ten 10 2018 13 As of the third 2018, June 29, 2018, $19.8 $17.4 2017. nine June 29, 2018, five nine June 29, 2018, $1.9 $3.3 nine June 30, 2017. June 29, 2018, $4.8 $5.1 September 29, 2017. 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 |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 9 Months Ended |
Jun. 29, 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 nine June 29, 2018 June 30, 2017 On April 17, 2018, 2018 “2018 2018 |
Note 3 - Asset Retirement Oblig
Note 3 - Asset Retirement Obligations | 9 Months Ended |
Jun. 29, 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: Nine Months Ended June 29, 2018 Twelve Months Ended September 29, 2017 ARO balance, beginning of period $ 1,143 $ 1,369 Accretion expense 40 66 Settlement of ARO liability (254 ) (310 ) Foreign currency translation (13 ) 18 ARO balance, end of period $ 916 $ 1,143 |
Note 4 - Loss Per Share
Note 4 - Loss Per Share | 9 Months Ended |
Jun. 29, 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 775,000 three nine June 29, 2018, 650,000 three nine June 30, 2017, Three months ended Nine months ended June 29, 2018 June 30, 2017 June 29, 2018 June 30, 2017 Numerator: Net loss $ (294 ) $ (877 ) $ (2,359 ) $ (3,605 ) Denominator: Weighted average shares outstanding Basic 13,224 13,224 13,224 13,224 Effect of dilutive securities 0 0 0 0 Diluted 13,224 13,224 13,224 13,224 Loss per common share - basic and diluted: Basic and diluted loss per share $ (0.02 ) $ (0.07 ) $ (0.18 ) $ (0.27 ) |
Note 5 - Income Taxes
Note 5 - Income Taxes | 9 Months Ended |
Jun. 29, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5—INCOME Our income tax provision in our third 2018 $0.1 third 2017. third 2018 nine June 29, 2018, $0.1 $0.3 nine June 30, 2017. 2018 2017 2017 first 2012 third 2018, Tax Cuts and Jobs Act of 2017 On December 22, 2017, 2017 “2017 2017 one Under ASC 740, No. 118, first 2018. Accordingly, the Company has released the valuation allowance on the minimum tax credit carryforward as it can now be refunded as a result of the 2017 one 965 no one not one |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 9 Months Ended |
Jun. 29, 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 | 9 Months Ended |
Jun. 29, 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 workforce development services to multinational companies and government entities. The training and workforce development services we offer are 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 nine June 29, 2018 June 30, 2017. We conduct and manage our business globally and have reportable segments that operate in five Summarized financial information by country for the three nine June 29, 2018 June 30, 2017 Three months ended Nine months ended June 29, June 30, June 29, June 30, 2018 2017 2018 2017 Revenues: United States $ 10,123 $ 10,849 $ 27,057 $ 30,995 Canada 1,309 1,012 5,156 5,159 North America 11,432 11,861 32,213 36,154 United Kingdom 3,510 3,201 11,072 10,864 Sweden 647 732 2,047 2,390 Japan 614 610 1,662 1,619 Total $ 16,203 $ 16,404 $ 46,994 $ 51,027 Gross profit: United States $ 4,086 $ 5,032 $ 11,180 $ 13,594 Canada 550 357 2,488 2,202 North America 4,636 5,389 13,668 15,796 United Kingdom 1,134 629 4,016 3,028 Sweden 348 389 1,100 1,279 Japan 428 425 1,148 1,134 Total $ 6,546 $ 6,832 $ 19,932 $ 21,237 June 29, September 29 2018 2017 Total assets: United States 14,464 13,239 Canada 1,524 2,349 North America 15,988 15,588 United Kingdom 6,410 6,944 Sweden 1,262 2,169 Japan 1,260 1,562 Total $ 24,920 $ 26,263 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 9 Months Ended |
Jun. 29, 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 nine June 29, 2018 June 30, 2017. |
Note 9 - Deferred Facilities Re
Note 9 - Deferred Facilities Rent and Other | 9 Months Ended |
Jun. 29, 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 Loan Payable June 29, September 29 2018 2017 Reston lease liability $ 938 $ 895 Deferred rent and other 434 412 Current portion of loan payable 220 167 Capital lease obligations 92 86 $ 1,684 $ 1,560 Deferred Facilities Rent and Other June 29, September 29 2018 2017 Deferred rent and other $ 3,158 $ 3,434 Reston lease liability 1,204 1,687 Capital lease obligations 224 294 $ 4,586 $ 5,415 |
Note 10 - Recent Accounting Pro
Note 10 - Recent Accounting Pronouncements | 9 Months Ended |
Jun. 29, 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 29, 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 29, 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 29, 2018 not 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 - Related Party Transac
Note 11 - Related Party Transactions | 9 Months Ended |
Jun. 29, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 11—RELATED TRANSACTIONS On January 17, 2018, first 13D June 29, 2018, 1997 1997 No. 97 1, 7,495,332 $0.0001 $7,495,332 $1.00 no In consideration of the Company’s time, expense and effort in connection with the Collins sale process, including the Company’s limited participation in the Purchase Agreement and for fees and expenses in connection with the Purchase Agreement and the Credit Agreement, Dr. and Mrs. Collins entered into an agreement, dated May 10, 2018, June 29, 2018 ( $402,186. As more fully described in Note 13, $5.0 |
Note 12 - Restructuring Activit
Note 12 - Restructuring Activity | 9 Months Ended |
Jun. 29, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 2 —RESTRUCTURING ACTIVITY In September 2016, 81% no $1.9 420, Exit or Disposal Cost Obligation, March 2017, $0.4 second 2017. first 2018, $0.1 June 29, 2018, 40% On December 21, 2017, March 6, 2000, March 31, 2018. $0.2 first 2018. There were no third 2018. June 29, 2018 September 29, 2017. June 29, 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 146 175 410 561 Reductions: Payment on Toronto surrender agreement (160 ) 0 Rent payments net of deferred rent (690 ) (1,139 ) (850 ) (1,139 ) Balance at end of period $ 2,142 $ 2,582 June 29, September 29, 2018 2017 Current $ 938 $ 895 Long Term 1,204 1,687 $ 2,142 $ 2,582 |
Note 13 - Debt
Note 13 - Debt | 9 Months Ended |
Jun. 29, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 1 3 —DEBT The Trust Line of Credit Agreement On June 29, 2018, $5.0 10 5% pari passu The principal amount of sums that are borrowed by the Company under the Credit Agreement may $1.00 $1.00 Immediately after the execution of the Credit Agreement, the Company borrowed an initial advance under the Credit Agreement in the amount of $2.0 may may $250,000 $1.0 not $1.0 no During the term of the Credit Agreement, the Company agreed to comply with certain covenants that relate to its financial performance and the conduct of the Company’s and its subsidiaries’ businesses. The covenant relating to the Company’s financial performance requires the Company to have EBITDA (as defined in the Credit Agreement) that is not $1.0 x may may The terms of the Credit Agreement provide for acceleration of the principal and accrued interest in an Event of Default, as defined in the Credit Agreement, which includes events such as (i) failure to timely pay the quarterly interest due; (ii) failure to timely pay a material liability where such default would reasonably be expected to have a material adverse effect on the Company; (iii) any acceleration of the Action Capital Line of Credit or any other default on any other indebtedness by the Company in excess of $500,000; not $500,000. June 29, 2018, The foregoing description of the Credit Agreement does not Exhibit 10.2 Euston House Financing 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 Under the terms of the Euston 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 Euston Financing Agreement from and against losses, damage, claims and demands that a lender may June 29, September 29, 2018 2017 Balance at beginning of period $ 532 $ 0 Additions: Euston House financing agreements 166 536 Convertible debt 2,000 0 Unamortized debt issuance cost (204 ) 0 1,962 536 Payments: Euston House financing agreements (159 ) (4 ) (159 ) (4 ) Foreign currency translation (8 ) 0 Balance at end of period $ 2,327 $ 532 June 29, September 29, 2018 2017 Current $ 220 $ 167 Long Term 2,107 365 $ 2,327 $ 532 Action Capital Financing Agreement 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 June 29, 2018, not |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Jun. 29, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 4 —SUBSEQUENT EVENTS We have evaluated all events subsequent to the balance sheet date of June 29, 2018 no |
Note 3 - Asset Retirement Obl20
Note 3 - Asset Retirement Obligations (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Nine Months Ended June 29, 2018 Twelve Months Ended September 29, 2017 ARO balance, beginning of period $ 1,143 $ 1,369 Accretion expense 40 66 Settlement of ARO liability (254 ) (310 ) Foreign currency translation (13 ) 18 ARO balance, end of period $ 916 $ 1,143 |
Note 4 - Loss Per Share (Tables
Note 4 - Loss Per Share (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Nine months ended June 29, 2018 June 30, 2017 June 29, 2018 June 30, 2017 Numerator: Net loss $ (294 ) $ (877 ) $ (2,359 ) $ (3,605 ) Denominator: Weighted average shares outstanding Basic 13,224 13,224 13,224 13,224 Effect of dilutive securities 0 0 0 0 Diluted 13,224 13,224 13,224 13,224 Loss per common share - basic and diluted: Basic and diluted loss per share $ (0.02 ) $ (0.07 ) $ (0.18 ) $ (0.27 ) |
Note 7 - Segment Reporting (Tab
Note 7 - Segment Reporting (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended Nine months ended June 29, June 30, June 29, June 30, 2018 2017 2018 2017 Revenues: United States $ 10,123 $ 10,849 $ 27,057 $ 30,995 Canada 1,309 1,012 5,156 5,159 North America 11,432 11,861 32,213 36,154 United Kingdom 3,510 3,201 11,072 10,864 Sweden 647 732 2,047 2,390 Japan 614 610 1,662 1,619 Total $ 16,203 $ 16,404 $ 46,994 $ 51,027 Gross profit: United States $ 4,086 $ 5,032 $ 11,180 $ 13,594 Canada 550 357 2,488 2,202 North America 4,636 5,389 13,668 15,796 United Kingdom 1,134 629 4,016 3,028 Sweden 348 389 1,100 1,279 Japan 428 425 1,148 1,134 Total $ 6,546 $ 6,832 $ 19,932 $ 21,237 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 29, September 29 2018 2017 Total assets: United States 14,464 13,239 Canada 1,524 2,349 North America 15,988 15,588 United Kingdom 6,410 6,944 Sweden 1,262 2,169 Japan 1,260 1,562 Total $ 24,920 $ 26,263 |
Note 9 - Deferred Facilities 23
Note 9 - Deferred Facilities Rent and Other (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Notes Tables | |
Schedule of Current Portion of Deferred Facilities Rent and Other [Table Text Block] | June 29, September 29 2018 2017 Reston lease liability $ 938 $ 895 Deferred rent and other 434 412 Current portion of loan payable 220 167 Capital lease obligations 92 86 $ 1,684 $ 1,560 |
Schedule of Long Term Portion of Deferred Facilities Rent and Other [Table Text Block] | June 29, September 29 2018 2017 Deferred rent and other $ 3,158 $ 3,434 Reston lease liability 1,204 1,687 Capital lease obligations 224 294 $ 4,586 $ 5,415 |
Note 12 - Restructuring Activ24
Note 12 - Restructuring Activity (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | June 29, 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 146 175 410 561 Reductions: Payment on Toronto surrender agreement (160 ) 0 Rent payments net of deferred rent (690 ) (1,139 ) (850 ) (1,139 ) Balance at end of period $ 2,142 $ 2,582 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | June 29, September 29, 2018 2017 Current $ 938 $ 895 Long Term 1,204 1,687 $ 2,142 $ 2,582 |
Note 13 - Debt (Tables)
Note 13 - Debt (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 29, September 29, 2018 2017 Balance at beginning of period $ 532 $ 0 Additions: Euston House financing agreements 166 536 Convertible debt 2,000 0 Unamortized debt issuance cost (204 ) 0 1,962 536 Payments: Euston House financing agreements (159 ) (4 ) (159 ) (4 ) Foreign currency translation (8 ) 0 Balance at end of period $ 2,327 $ 532 June 29, September 29, 2018 2017 Current $ 220 $ 167 Long Term 2,107 365 $ 2,327 $ 532 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | Jun. 29, 2018 | Jun. 29, 2018 | Jun. 30, 2017 | Sep. 29, 2017 | Sep. 30, 2016 |
Proceeds from Long-term Lines of Credit | $ 2,000 | $ 0 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (19,792) | (19,792) | $ (17,433) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (1,885) | (3,315) | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 4,772 | 4,772 | $ 5,104 | $ 5,080 | $ 8,540 |
The Kevin Ross Gruneich Legacy Trust [Member] | Line of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | $ 5,000 | |||
Proceeds from Long-term Lines of Credit | $ 2,000 |
Note 2 - Stock-based Compensa27
Note 2 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Allocated Share-based Compensation Expense, Total | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Note 3 - Asset Retirement Obl28
Note 3 - Asset Retirement Obligations - Liabilities Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jun. 29, 2018 | Jun. 30, 2017 | Sep. 29, 2017 | |
ARO balance, beginning of period | $ 1,143 | $ 1,369 | $ 1,369 |
Accretion expense | 40 | $ 49 | 66 |
Settlement of ARO liability | (254) | (310) | |
Foreign currency translation | (13) | 18 | |
ARO balance, end of period | $ 916 | $ 1,143 |
Note 4 - Loss Per Share (Detail
Note 4 - Loss Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 775,000 | 650,000 | 775,000 | 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 | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net loss | $ (294) | $ (877) | $ (2,359) | $ (3,605) |
Denominator: | ||||
Basic (in shares) | 13,224 | 13,224 | 13,224 | 13,224 |
Effect of dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Diluted (in shares) | 13,224 | 13,224 | 13,224 | 13,224 |
Basic and diluted loss per share (in dollars per share) | $ (0.02) | $ (0.07) | $ (0.18) | $ (0.27) |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Income Tax Expense (Benefit), Total | $ 91 | $ 79 | $ 65 | $ 331 |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 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 | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Revenues | $ 16,203 | $ 16,404 | $ 46,994 | $ 51,027 |
Gross profit: | ||||
Gross Profit | 6,546 | 6,832 | 19,932 | 21,237 |
UNITED STATES | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 10,123 | 10,849 | 27,057 | 30,995 |
Gross profit: | ||||
Gross Profit | 4,086 | 5,032 | 11,180 | 13,594 |
CANADA | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 1,309 | 1,012 | 5,156 | 5,159 |
Gross profit: | ||||
Gross Profit | 550 | 357 | 2,488 | 2,202 |
North America [Member] | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 11,432 | 11,861 | 32,213 | 36,154 |
Gross profit: | ||||
Gross Profit | 4,636 | 5,389 | 13,668 | 15,796 |
UNITED KINGDOM | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 3,510 | 3,201 | 11,072 | 10,864 |
Gross profit: | ||||
Gross Profit | 1,134 | 629 | 4,016 | 3,028 |
SWEDEN | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 647 | 732 | 2,047 | 2,390 |
Gross profit: | ||||
Gross Profit | 348 | 389 | 1,100 | 1,279 |
JAPAN | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 614 | 610 | 1,662 | 1,619 |
Gross profit: | ||||
Gross Profit | $ 428 | $ 425 | $ 1,148 | $ 1,134 |
Note 7 - Segment Reporting - 34
Note 7 - Segment Reporting - Financial Information by Reportable Segment, Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Total assets: | ||
Assets | $ 24,920 | $ 26,263 |
UNITED STATES | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 14,464 | 13,239 |
CANADA | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 1,524 | 2,349 |
North America [Member] | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 15,988 | 15,588 |
UNITED KINGDOM | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 6,410 | 6,944 |
SWEDEN | Continuing Operations [Member] | ||
Total assets: | ||
Assets | 1,262 | 2,169 |
JAPAN | Continuing Operations [Member] | ||
Total assets: | ||
Assets | $ 1,260 | $ 1,562 |
Note 9 - Deferred Facilities 35
Note 9 - Deferred Facilities Rent and Other - Current Portion of Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Reston lease liability | $ 938 | $ 895 |
Deferred rent and other | 434 | 412 |
Current portion of loan payable | 220 | 167 |
Capital lease obligations | 92 | 86 |
Current portion | $ 1,684 | $ 1,560 |
Note 9 - Deferred Facilities 36
Note 9 - Deferred Facilities Rent and Other - Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Deferred rent and other | $ 3,158 | $ 3,434 |
Capital lease obligations | 224 | 294 |
Deferred | 4,586 | 5,415 |
Reston [Member] | ||
Reston lease liability | $ 1,204 | $ 1,687 |
Note 11 - Related Party Trans37
Note 11 - Related Party Transactions (Details Textual) - USD ($) | Jun. 29, 2018 | Jan. 17, 2018 | Sep. 29, 2017 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 |
The Kevin Ross Gruneich Legacy Trust [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||
Dr. David C. Collins and Mrs. Mary C. Collins [Member] | Purchase Agreement [Member] | |||
Related Party Transaction, Number of Shares Sold | 7,495,332 | ||
Related Party Transaction, Amounts of Transaction | $ 7,495,332 | ||
Related Party Transaction, Sale of Stock, Price per Share | $ 1 | ||
Dr. David C. Collins and Mrs. Mary C. Collins [Member] | Reimbursement Agreement [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 402,186 |
Note 12 - Restructuring Activ38
Note 12 - Restructuring Activity (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Dec. 29, 2017 | Sep. 30, 2016 | Jun. 29, 2018 | Mar. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Restructuring Charges, Total | $ 0 | $ 0 | $ 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 12 - Restructuring Activ39
Note 12 - Restructuring Activity - Restructuring Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 29, 2018 | Sep. 29, 2017 | |
Balance at beginning of period | $ 2,582 | $ 3,160 |
Additions: | ||
Additions to restructuring reserve | 410 | 561 |
Reductions: | ||
Reductions to restructuring reserve | (850) | (1,139) |
Balance at end of period | 2,142 | 2,582 |
RTC Cease-Use Charge [Member] | Facility Closing [Member] | ||
Additions: | ||
Additions to restructuring reserve | 104 | 386 |
Lease Amending Agreement Surrender Agreement [Member] | Contract Termination [Member] | ||
Additions: | ||
Additions to restructuring reserve | 160 | 0 |
Reductions: | ||
Reductions to restructuring reserve | (160) | 0 |
Accretion Expense 1 [Member] | Facility Closing [Member] | ||
Additions: | ||
Additions to restructuring reserve | 146 | 175 |
Rent Payments [Member] | Facility Closing [Member] | ||
Reductions: | ||
Reductions to restructuring reserve | $ (690) | $ (1,139) |
Note 12 - Restructuring Activ40
Note 12 - Restructuring Activity - Restructuring Liability (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
Current | $ 938 | $ 895 | |
Long Term | 1,204 | 1,687 | |
$ 2,142 | $ 2,582 | $ 3,160 |
Note 13 - Debt (Details Textual
Note 13 - Debt (Details Textual) $ / shares in Units, € in Millions | Jun. 29, 2018USD ($)$ / shares | Jan. 12, 2017USD ($) | Jun. 29, 2018USD ($)$ / shares | Jun. 29, 2018EUR (€) | Jun. 30, 2017USD ($) |
Proceeds from Long-term Lines of Credit | $ 2,000,000 | $ 0 | |||
Renovation Cost | $ 700,000 | € 0.5 | |||
Financing Agreement [Member] | |||||
Debt Instrument, Term | 3 years | 3 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | |||
The Kevin Ross Gruneich Legacy Trust [Member] | Line of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 5,000,000 | |||
Debt Instrument, Term | 10 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1 | $ 1 | |||
Proceeds from Long-term Lines of Credit | $ 2,000,000 | ||||
Line of Credit Facility, Borrowing Increment | 250,000 | $ 250,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity per Quarter | 1,000,000 | 1,000,000 | |||
Debt Covenant, Minimum EBITDA | (1,000,000) | (1,000,000) | |||
Line of Credit Facility, Threshold of Default on Other Debt that Would Result in Default | 500,000 | ||||
Line of Credit Facility, Threshold of Unfavorable Judgement Order that Would Result in Default | 500,000 | ||||
Action Capital [Member] | Line of Credit [Member] | Financing Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | ||||
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 | $ 0 | |||
Action Capital [Member] | Line of Credit [Member] | Financing Agreement [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 13 - Debt - Schedule of De
Note 13 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Jun. 29, 2018 | Jun. 30, 2017 | Sep. 29, 2017 | Jun. 29, 2018 | Sep. 29, 2017 | |
Additions, debt issuance costs | $ (204) | $ 0 | |||
Payments | (159) | 0 | |||
Financing Agreement and Kevin Ross Gruneich Legacy Trust Facility [Member] | |||||
Balance at beginning of period | 532 | 0 | $ 0 | ||
Additions, total | 1,962 | 536 | |||
Payments | (159) | (4) | |||
Foreign currency translation | (8) | 0 | |||
Balance at end of period | 2,327 | 532 | |||
Current | $ 220 | $ 167 | |||
Long Term | 2,107 | 365 | |||
532 | $ 0 | 532 | $ 2,327 | $ 532 | |
Financing Agreement [Member] | |||||
Additions, proceeds from debt | 166 | 536 | |||
Payments | (159) | (4) | |||
The Kevin Ross Gruneich Legacy Trust Facility [Member] | |||||
Additions, proceeds from debt | 2,000 | 0 | |||
Additions, debt issuance costs | $ (204) | $ 0 |